KT & G to build new tobacco plant in Kazakhstan

KT&G, South Korea's largest tobacco company, said Thursday that the company has started construction of its fourth overseas manufacturing plant in Kazakhstan. The new plant will be built on a 200,000-square-meter site and is scheduled to be completed by 2025. The company did not disclose how much it would invest in the construction of the Kazakhstan plant. “We expect the new Kazakhstan factory to serve as a core global production hub that encompasses the Eurasian market," said KT

Oct. 12, 2023

Korean economy expected to grow by 2.1% in 2024: Hana Institute

South Korea's economy is expected to achieve a growth rate of 2.1 percent in 2024, according to the recent report titled "2024 Economic and Financial Market Outlook" by Hana Bank's research institution, the Hana Institute of Finance. “Considering the base effect of the sharp slowdown in 2023, the growth momentum is not strong,” Oh Hyun-hee, a researcher at the Hana Institute of Finance said. The institute forecasts an annual economic growth rate of 1.3 percent f

Oct. 12, 2023

Igis launches $100m secondary fund for overseas investment

Igis Asset Management, the largest real estate asset manager in South Korea, has launched a secondary fund worth $100 million in an effort to widen its investment portfolio. Igis has recently set up a private equity secondary commingled fund worth $100 million to invest in secondary blind funds managed by a global private equity firm. The name of the UK-based private equity firm was not disclosed. The $100 million investment deal also comes with secondary co-investment opportunities. A private e

Oct. 12, 2023

GS Caltex, Posco team up on biofuel

South Korean oil refiner GS Caltex announced Thursday that it has secured a partnership with Posco International to expand their presence in the biofuel industry, accelerating efforts toward a green transformation. The agreement was signed at the Posco Center in Gangnam, Seoul, Thursday, with top executives including GS Caltex CEO Hur Sae-hong and Posco International Vice Chairman and CEO Jeong Tak in attendance. Through a joint venture, the two will build the new refinery facility in Kalimantan

Oct. 12, 2023

P&G Korea launches premium diaper to combat skin dryness

P&G Korea, the South Korean unit of the global consumer goods maker Proctor & Gamble, said Thursday that its Pampers diaper brand recently launched its latest premium diaper product, in a bid to prevent skin dryness for babies during in-between seasons. Named the "Pampers Touch of Nature Pants," the diaper, launched on Oct. 2, features a premium cotton-layered outer cover to prevent skin irritation. The diaper is also equipped with an absorption layer, which incorporates Pamper

Oct. 12, 2023

HD Hyundai Shipbuilding invests $47m in Estonian fuel cell for green maritime energy

South Korean shipbuilder HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, announced that it has signed a 45 million euro ($47 million) investment deal with an Estonia-based fuel cell manufacturer, Elcogen AS. The signing ceremony was held in Seoul on Wednesday, with top executives, including HD Hyundai’s President Chung Ki-sun and Elcogen CEO Enn Ounpuu and Estonian President Alar Karis in attendance. The central objective of this investment is to upgrade HD Ko

Oct. 12, 2023

LG CNS launches new AI platform for corporate clients

Information technology service provider LG CNS said Thursday that it has launched a generative artificial intelligence-based platform called Data Analytics & AI Platform Generative AI, or DAP GenAI, for its corporate clients. According to LG CNS, the new platform integrates the latest cutting-edge AI-based technologies including prompt engineering and large language model operations (LLMOps). It can be used upon installation on existing infrastructure, such as a company’s private serve

Oct. 12, 2023

[HIT Forum]Space forum sees opportunities beyond our 'pale blue dot'

The vastness awakens us to the smallness of humanity and gratitude for our daily lives, but also presents itself as a new venue for heated competition among countries for national security and economic reasons, experts said Wednesday. “Space is where a sharp conflict of interest occurs among countries from foreign policy to economy and politics,” said Yi Soyeon, Korea’s first and so far only astronaut, at the 2023 Korea Herald Humanity in Tech forum held at the Shilla Seoul, un

Oct. 11, 2023

[HIT Forum] More than 400 attendees explore space at HIT forum

Hundreds of students and industry insiders gathered at the 2023 Korea Herald Humanity In Tech Forum held at the Shilla Seoul to discuss the future of space exploration and its impact on humanity. “My hobby is to write science fiction novels. I was inspired by the talks given by the speakers, especially the part where Yi Soyeon said, ‘Earth is the cradle of humanity, but one cannot live in a cradle forever,’ quoting the Russian rocket scientist Konstatin Tsiolkovsky,” said

Oct. 11, 2023

[HIT Forum] Sci-fi writer on creating compelling space story

Korean science fiction writer Bae Myung-hoon on Wednesday emphasized the importance of bridging the gap between our familiar neighborhoods and space in order to craft compelling space exploration narratives in a Korean setting. He explained that this is difficult, because creators' cognitive range -- the space that creators are familiar with and can describe well -- is limited usually to their surroundings. Korean content consumers also often struggle to simultaneously envision both space

Oct. 11, 2023

[HIT Forum] Innospace champions small satellite renaissance

Innospace, the South Korean small satellite and hybrid rocket startup, laid out Wednesday the strides being made in small satellite technology and emphasized the growing role of Innospace in this domain. "The old space era, dominated by large institutions and national objectives, contrasts sharply with the current landscape. Today, startups and medium-sized ventures with market-driven objectives are shaping the 'New Space Era'. Innospace is at the forefront of this shift," sa

Oct. 11, 2023

[HIT Forum] Korea's only astronaut highlights humanity's connection with universe

Korea’s only astronaut, Yi Soyeon, delivered a keynote speech Wednesday at The Korea Herald's Humanity In Tech or HIT Forum, discussing her space journey and how it has broadened her perspective on humanity. “Since I went to space in April 2008, Korea has witnessed great advancements and unprecedented interest in the space sector, making it timely for me to share my experience,” said Yi before some 400 attendees of the HIT Forum at The Shilla Seoul. This year, Yi also pu

Oct. 11, 2023

[HIT Forum] 'We should explore space together in peace'

As humanity goes deeper into space and explores more of the unknown, it is crucial to take responsibility to carry out space missions with peace and solidarity, say Sasha Sagan, daughter of renowned astronomer Carl Sagan, and Yi Soyeon, South Korea's one and only astronaut. “Our track record as a species is questionable at best and especially when we arrive in new places,” said Sagan. “I think that our only hope is to really take the lessons of where we have fallen short i

Oct. 11, 2023

[HIT Forum] Sasha Sagan underscores tolerance for ambiguity in understanding universe

Sasha Sagan, renowned author and daughter of the late American astronomer and cosmologist Carl Sagan, delivered the keynote speech for The 2023 Korea Herald Humanity In Tech on Wednesday, highlighting the need to tolerate ambiguity in rapidly changing times. "Thank you so much to everyone at the Korea Herald for inviting me here today. I have always wanted to visit Seoul and I am truly delighted to be here," said Sagan during the forum, held at The Shilla Seoul. Sagan pointed out durin

Oct. 11, 2023

HIT forum on space to be held in Seoul

The Korea Herald, the nation’s largest English newspaper, will kick off its annual business forum under the theme, “Beyond Earth,” on Wednesday to discuss the ever-evolving and highly dynamic space industry while endeavoring to understand humanity's connection with the universe. The 2023 Korea Herald "Humanity In Tech" or "HIT" forum will shed light on the rising industry and Korea’s recent progress in the field, including the successful launch of

Oct. 10, 2023

Posco Holdings recoups investment in Roy Hill after 13 years

Posco Holdings said on Tuesday the company has received 85 billion won ($62 million) in dividends from the third quarter earnings of Roy Hill Holdings, recouping the investment it has made into the holding company of Australian iron ore miner Roy Hill. With the latest dividend payment, Posco Holdings has received a total of 1.3 trillion won in total in the form of dividends and discounts on iron ore that the company imported from Australia, retrieving 1.3 trillion won of investment it made to ac

Oct. 10, 2023

DB Robotics invents nation's first hybrid electric rollator

DB Robotics, a first-generation robot developer in South Korea, has revealed the nation’s first hybrid electric rollator that also converts into a wheelchair, the company said Tuesday. Compared to a standing walker, the new electric rollator has motors around each of its four wheels, enabling individuals with limited mobility to leave their house freely. Even on an incline, the electric motors accelerate, allowing the wheels to move up the slope without additional effort. In order to preve

Oct. 10, 2023

[Photo News] Wine imports double

Wine for sale in a department store in Seoul, Tuesday. According to data from the Korean Customs Service, alcohol imports to South Korea doubled over four years, to log $1.6 billion in 2022. The numbers record a 54 percent increase from the alcohol imports logged in 2018 ($1 billion). As a result, the balance of the liquor trade in Korea was a deficit of $1.2 billion last year. With the increased amount of wine imports, the trade deficit for alcohol nearly doubled in four years, from the deficit

Oct. 10, 2023

Kakao Bank to acquire 10% stake in Indonesian digital bank

Kakao Bank, the banking arm of Korean mobile giant Kakao, announced Tuesday that it will acquire a 10 percent stake in PT Super Bank Indonesia, aiming to boost its presence in the Southeast Asian market. The acquisition will be Kakao Bank's first investment outside of Korea, and will be done in collaboration with the Singapore-based ride-hailing and food delivery app, Grab. A consortium led by Grab and Singapore-based global telecom company, Singtel, is the largest shareholder of PT Super B

Oct. 10, 2023

Shinhan to bet big on insurance tech startup

Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategic investment fund. According to the financial institution, Habit Factory is a Seoul-based "insurtech" company -- a portmanteau of “insurance” and “technology” that aims to innovate the traditional insurance industry through the use of information technologies

Oct. 10, 2023