[India Forum] Tapping into young, growing population

NEW DELHI, India -- Korea’s leading asset manager Mirae Asset Global Investments has been rapidly expanding its presence in the Indian market, riding on the country’s strong “appetite for Korean businesses.” Recognizing the country’s growth potential, the company was the first of its peers to enter the Indian market, setting up an office in Mumbai in 2006. “When Mirae Asset came to India, it was a 100 percent foreign-owned equity,” Shrinivas Khanolkar, h

Nov. 26, 2024

[India Forum] India, more than a manufacturing hub

NEW DELHI -- The India-Korea Business Partnership Forum 2024 held at the Yashobhoomi convention center in New Delhi on Friday highlighted India’s potential to grow as more than a manufacturing hub. South Korean tech behemoth Samsung Electronics believes Indian talent will drive innovation to take the country a step further on the global stage. “Samsung was one of the first companies to realize India's potential as a manufacturing powerhouse. Each state represents a diverse mic

Nov. 26, 2024

[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'

US President-elect Donald Trump is likely to use tariffs not only as a tool to protect American manufacturers but also as a way to ensure that trade negotiations are fair and expedited, a top Washington lobbyist says. “Trump has several administrative avenues to implement tariffs and his suggestion of a 10 percent universal tariff on all imports is still a possibility,” Brian Ballard, president of the Washington lobbying firm Ballard Partners, told The Korea Herald in a written inter

Nov. 26, 2024

Samsung entangled in legal risks amid calls for drastic reform

As Samsung Electronics is grappling with multiple challenges including poor earnings and technological setbacks, the conglomerate's chaebol chief has publicly acknowledged the struggles for the first time. With chairman Lee Jae-yong pledging to tackle the difficulties, the tech giant is expected to introduce some drastic changes, including a major personnel reshuffle anticipated this week. In the final hearing of a retrial on allegations including stock manipulation related to a controversi

Nov. 26, 2024

[Photo News] Empowering women leaders

Hana Financial Group held the fourth edition of its "Hana Waves" conference on Monday to empower female leaders within the organization. Launched in 2021, the program aims to enhance women's leadership capacities and increase their presence, driving innovation through their actions, voices and emotions. Monday's conference, which marked the conclusion of the program's monthslong journey, was attended by Group Chairman Ham Young-joo. In the photo, Ham (front row, eighth f

Nov. 26, 2024

Kakao Bank eyes W100tr in assets, 50% shareholder returns

South Korean online lender Kakao Bank has committed to enhancing its corporate value and increasing shareholder returns as it strives to become a leading, comprehensive financial platform within the next three years. In a meeting with analysts on Tuesday, CEO Yun Ho-young presented a detailed three-year plan centered on two main goals: "sustainable growth" and "innovative expansion." The plan sets ambitious targets, including 30 million customers, 100 trillion won ($71.6 bill

Nov. 26, 2024

Korea's auto industry braces for Trump’s massive tariffs in Mexico

South Korean automotive and car parts manufacturers are bracing for potential disruptions in their Mexican operations as US President-elect Donald Trump vows to enforce stricter tariffs and cut back on preferential treatment for goods produced in the region. According to industry sources on Tuesday, the Industry of Trade, Industry and Energy recently met with six companies – namely Kia, Hyundai Mobis and LG Innotek – to discuss the impact of Trump’s proposed tariffs. “Mex

Nov. 26, 2024

Prosecutors seek 5-year prison term for Samsung chief in merger retrial

Prosecutors requested five years in prison and a fine of 500 million won ($356,000) for Samsung Electronics Chairman Lee Jae-yong on Monday, in the final hearing of a retrial over suspected stock manipulation related to a high-profile 2015 merger case. The prosecution had appealed in February immediately after a lower court acquitted Lee of all 19 charges it had filed. In the appellate court on Monday, the prosecution kept to their original claims, insisting the chief of the country's large

Nov. 25, 2024

Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push

As US President-elect Donald Trump assembles his energy team with the aim of expanding oil and gas production in his second term, there may be pressure on allies to import US oil. However, South Korean oil companies, heavily reliant on Middle Eastern suppliers, might hesitate to switch to US crude, industry sources said Monday. Over the weekend, Trump tapped Chris Wright, CEO of Liberty Energy, a natural gas fracking company, as the secretary of energy, and North Dakota Gov. Doug Burgum to head

Nov. 25, 2024

[Photo News] Korea-Japan business ties

SK Group Chairman Chey Tae-won (center right, front row), who doubles as chairman of the Korea Chamber of Commerce and Industry; Japan Chamber of Commerce and Industry Chairman Ken Kobayashi (on Chey's right) and other business leaders from both countries pose for a photo during their annual meeting held in Osaka on Monday. The two chambers agreed to strengthen ties in the areas of energy, supply chains and advanced technologies at Monday's meeting. In his opening remarks, Chey stresse

Nov. 25, 2024

Posco International completes first gas processing plant in Australia

Posco International, the trading and energy arm of Posco Group, announced Monday that its local subsidiary has completed the first gas processing plant in Queensland, Australia. In April 2022, Posco International acquired Senex Energy together with Hancock Prospecting. It aims to triple Senex's annual natural gas production from 20 petajoules to 60 petajoules, enough to produce approximately 1.2 million metric tons of liquefied natural gas. Senex Energy has initiated commissioning tests for

Nov. 25, 2024

[Photo News] Shinhan-Apollo partnership

Shinhan Life, the life insurance arm of Shinhan Financial Group, has partnered with US-based asset management firm Apollo Global Management. The South Korean insurer announced Monday that the two firms signed a memorandum of understanding to enhance Shinhan Life's asset management capabilities and secure diverse investment opportunities using Apollo's specialized investment platform and advisory services while bolstering Apollo's presence in Korea. The partnership will include a

Nov. 25, 2024

[Contribution] Intellectual property: A safety belt for Korean exporters

By Kim Wan-ki Drivers instinctively reach for their seat belts, whether they’re off to work in the morning or heading out for a weekend picnic. According to a 2023 traffic culture index survey, seat belt usage in South Korea reached approximately 85 percent, which reflects the belief that seat belts are an essential safety device protecting drivers from potential accidents. Then, what is the equivalent of a seat belt for export enterprises? How can they safeguard their innovative technolo

Nov. 25, 2024

Hyundai chief hints at potential collaboration with Toyota on hydrogen mobility

Hyundai Motor Group's chief has mentioned the possibility of collaboration with Japan's Toyota Motor Corp. in areas involving hydrogen-powered mobility. Euisun Chung, executive chair of Hyundai Motor, said, "(Hyundai and Toyota) are discussing hydrogen and trying to collaborate well together." Chung made the remark Sunday while meeting with reporters at the 2024 World Rally Championship (WRC) at Toyota Stadium in Aichi Prefecture, Japan. The remarks followed Chung's meet

Nov. 25, 2024

Nvidia CEO signals Samsung’s imminent shipment of AI chips

Samsung Electronics, the world's largest memory chip maker, is expected to supply its cutting-edge chips to the top graphics processing unit maker Nvidia soon, stepping closer to securing a footing in the lucrative AI chip market. Speaking on the sidelines of a convocation ceremony at Hong Kong University of Science and Technology on Saturday, Nvidia CEO and founder Jensen Huang told Bloomberg Television that the company is "working as fast as it can to certify Samsung's AI memory

Nov. 24, 2024

S. Korea leads world in industrial robot adoption: study

South Korea leads the world in industrial robot adoption, with 1,012 robots per 10,000 employees deployed in 2023, according to a global study. The World Robotics 2024 report, presented by the Frankfurt, Germany-based International Federation of Robotics, reveals that the Asian country’s robot density far surpasses other nations. Singapore ranked second with 770 robots per 10,000 employees, followed by China at 470 robots per 10,000 employees. “Robot density serves as a barometer

Nov. 24, 2024

Woori Bank CEO to step down amid legal turmoil over loan scandal

Woori Bank CEO Cho Byung-kyu is stepping down in disgrace as legal risks surrounding the bank and its parent group intensify. According to industry sources on Sunday, the board of Woori Financial Group, the holding company of Woori Bank, on Friday decided against reappointing Cho following the expiration of his current term at the end of this year. The decision came hours after local prosecutors filed an arrest warrant for former Woori Financial Chairman Son Tae-seung on charges of breach of tru

Nov. 24, 2024

SK chief underlines power of 'design thinking' amid global uncertainties

SK Group Chairman Chey Tae-won suggested responding to deepening global uncertainties with "design thinking" at the annual Tokyo Forum on Friday. “Most people think design and business are separate disciplines, but both fundamentally share the characteristic of creating new ventures with limited resources,” the chairman said in his opening speech at the event in Tokyo. Chey emphasized the importance of design thinking in the business domain, stating, “CEOs must act

Nov. 22, 2024

Hanjin inks partnership with DHL to boost logistics competitiveness

Hanjin Logistics Corporation said Friday it has signed a strategic partnership agreement with DHL Supply Chain Korea, to strengthen collaboration in logistics operations and expand its network in South Korea. The agreement will focus on key industries, including pharmaceutical, semiconductor, consumer goods, automotive and eco-friendly logistics, the company said. Through the partnership, the two companies plan to jointly target new customers, improve logistics efficiency for existing clients, a

Nov. 22, 2024

Hanwha Ocean drops police complaint against HD Hyundai in destroyer contract bid

Hanwha Ocean said Friday it withdrew its police complaint against rival HD Hyundai concerning the bidding process for the 8 trillion won ($5.7 billion) next-generation Korean destroyer (KDDX) project. In March this year, the shipbuilder filed a complaint requesting an investigation into HD Hyundai executives’ involvement in leaking Hanwha Ocean’s confidential materials related to the KDDX bid, hosted by the Defense Acquisition Program Administration, in 2013. Nine HD Hyundai employee

Nov. 22, 2024