Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Leadership change looms at SK Square
SK Square, the investment arm of SK Group, is preparing for a leadership change as part of a drastic operational restructuring across SK companies, according to industry sources on Wednesday. The company plans to hold a board meeting in the coming weeks to appoint a new CEO following its current chief Park Sung-ha’s pending departure. Han Myung-jin, former chief strategy officer of SK Telecom, is cited as one of the CEO candidates, sources said. Park, who took office in March last year, ha
June 26, 2024
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[Photo News] OB cheers for Korea
Oriental Brewery CEO Ben Verhaert (center, second row), along with former Korean Olympic medalists, cheer for the national team during a special ceremony held at a Seoul hotel on Wednesday, a month ahead of the Paris 2024 Olympics. OB's flagship beer brand Cass plans to carry out marketing activities throughout the Olympics in Korea and abroad. (Oriental Brewery)
June 26, 2024
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Hyundai Movex hits W300b in overseas orders this year
Logistics solution provider Hyundai Movex has secured some 300 billion won ($215 million) in cumulative overseas orders this year, indicating robust future growth prospects through global business. On June 18, Hyundai Movex signed a price-adjustment contract with Australia's Sydney Metro to install platform screen doors and mechanical gap fillers, increasing the total order value to 77.5 billion won from the 35.7 billion won contract signed in December 2022. The company will install 360 scr
June 26, 2024
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New Galaxy foldable phones to debut in Paris on July 10
Samsung Electronics plans to unveil its highly anticipated next-generation Galaxy Z series infusing Galaxy AI at the upcoming event titled "Galaxy Unpacked 2024: Galaxy AI is Here” in Paris on July 10. The Korean tech giant released a teaser trailer through its YouTube channel on Wednesday, offering a tantalizing glimpse into the event that will be broadcast globally. The 15-second clip features iconic imagery of the Eiffel Tower, the Galaxy AI logo and a silhouette of Samsung’s
June 26, 2024
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SK On wins lithium supply deal with ExxonMobil
SK On said Wednesday that it signed a memorandum of understanding with US oil and gas company ExxonMobil to secure lithium supply. The agreement was finalized Monday at the Fastmarkets Conference, the world's largest conference for lithium and battery raw materials, in Las Vegas. SK On is to receive up to 100,000 tons of lithium produced by ExxonMobil using Direct Lithium Extraction technology from a lithium brine in Arkansas. Under the objective to supply lithium for 1 million electric veh
June 26, 2024
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S. Korea to provide W17tr of policy financing for chip industry investment
The finance ministry said Wednesday it will provide low-interest loans of 17 trillion won ($12.22 billion) next month for corporate investment in the semiconductor industry and will push to extend tax benefits for investment in strategic technologies. It is part of execution plans for the comprehensive support package worth 26 trillion won announced by President Yoon Suk Yeol last month and designed to support the key industry amid intensifying global competition. Under the plan, the government
June 26, 2024
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Daewoo E&C extends overseas network to spur growth
Daewoo Engineering & Construction Chairman Jung Won-ju is ramping up efforts to expand the Korean builder’s global network for new business opportunities abroad, the company said Tuesday. According to the company, the chairman has made a total of 19 visits to 15 countries since 2022 when the builder was acquired by Jungheung Group. He also hosted nine meetings with foreign delegates visiting Korea during the same period. Over the past years, Jung visited Nigeria, Vietnam, India and Sin
June 25, 2024
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Samsung steps up CXL development with Red Hat-certified infrastructure
Samsung Electronics, the world’s largest maker of memory chips, announced Tuesday it built the industry’s first certified Compute Express Link infrastructure, a crucial step not just for its product verification, but also for creating an open-source ecosystem. Samsung Memory Research Center, located in Hwaseong, Gyeonggi Province, received the certification from Red Hat, the world’s leading open-source solutions provider, which allows the tech giant to directly verify CXL-relat
June 25, 2024
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Kakao Bank launches Dollar Box forex service
Kakao Bank, the internet banking arm under Korean tech behemoth Kakao, introduced its new Dollar Box feature on Tuesday, in hopes of bringing the US greenback into users' everyday life. “The most sought-after foreign currency in Korea is the US dollar. It is a key currency that is acknowledged as a safe-haven asset to all,” Oh Bo-hyun, who heads the bank’s foreign exchange division, said at a press event held in southern Seoul. “Through Dollar Box, users can use US d
June 25, 2024
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AmCham seminar explores sustainable mobility
The American Chamber of Commerce in Korea hosted the AmCham Automotive Summit 2024 on Tuesday at the Grand Hyatt Seoul to provide insights into the impact of sustainability initiatives on the automotive industry. Partnered with US applied safety science company UL Solutions and automobile manufacturer General Motors, the event brought together key government officials and industry leaders to explore the vast spectrum of changes within the industry. Under the theme, "Future Mobility Technolo
June 25, 2024
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Nexon's Dungeon & Fighter Mobile tops global game sales
South Korean game developer Nexon's mobile role-playing game "Dungeon & Fighter" has topped global mobile game sales, energized by its popularity in China. According to a report released Tuesday by app market research firm Sensor Tower, Dungeon & Fighter recorded around $270 million in Chinese sales over the past month since its May 21 launch there. This figure exceeds the total revenue it accumulated in Korea over two years and three months. Sensor Tower credited the game
June 25, 2024
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CJ CheilJedang forays into Amazon Germany for European expansion
CJ CheilJedang, a leading South Korean food company, is signaling European expansion with the recent opening of its Bibigo brand store on Amazon Germany, the company said Tuesday. Opened last month, the brand store is featuring 19 products on Germany’s foremost e-commerce platform. The products include: seaweed snacks, dumplings and Korean sauces. Seaweed snacks, in particular, were launched first to meet the demand for more diverse, healthy snack options in the local market. CJ CheilJedan
June 25, 2024
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Kang Sue-jin's ballet meets public procurement in PPS' new promotional video
South Korea’s government procurement agency said Monday that it has unveiled the emotionally evocative promotional video titled “K-Public Procurement, The Next Stage,” starring the nation's famed ballerina Kang Sue-jin. The video, now available on the Public Procurement Service's official YouTube channel, leverages the artistry of the Korean National Ballet to draw parallels between the elegance of ballet and the seamless integration of public procurement processes.
June 24, 2024
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LG Chem CEO to co-chair WEF meeting
LG Chem Vice Chairman and CEO Shin Hak-cheol has been named co-chair of World Economic Forum’s Annual Meetings of New Champions this year, the company said Monday. The World Economic Forum holds the annual meeting in Dalian, China, from Tuesday to Thursday this week, under the title of “Next Frontiers for Growth.” The event will invite over 1,500 high-profile leaders from business, government, civil society and international organizations. Shin, one of the 11 co-chairs of the a
June 24, 2024
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S-Oil completes digitalization for smart factory systems
S-Oil announced Monday that its advanced smart factory system has become fully operational recently following a three-year digital transformation project. To transform its Onsan plant in Ulsan into a smart facility, S-Oil implemented the S-imoms project, its integrated manufacturing operation management system. The S-imoms project required an investment of approximately 25.5 billion won ($18 million) over three years. S-Oil expects to achieve annual economic benefits of over 20 billion won throu
June 24, 2024
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Mirae Asset to launch new covered call ETF for retirees
Mirae Asset Global Investments, Korea’s leading asset management firm, will launch a new covered call exchange-traded fund that generates monthly income to target investors who are seeking steady income to prepare for retirement. The asset manager is to list the Tiger US Nasdaq-100+ 15% Premium Daily Option ETF on the Korea Exchange on Tuesday. The 100 billion won ($72 million) ETF product tracks US large-cap index Nasdaq-100, which consists of the 100 largest nonfinancial companies listed
June 24, 2024
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[Herald Interview] C&W’s new facility management service aims to spur Korean growth
Cushman & Wakefield Korea, the local arm of the global commercial real estate services firm, is launching a more integrated facility management service next month to better meet the growing demand from corporate clients. The service, called Integrated Facilities Management or IFM, ranges from janitorial, cleaning and food management to disaster prevention and data centers. “The IFM service was not available in Korea as many of our clients were foreign companies that were renting small-
June 24, 2024
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LG Innotek eyes W2tr in automotive sensor sales by 2030
LG Innotek on Monday set an ambitious goal of achieving 2 trillion won ($1.44 billion) in automotive sensor sales by 2030. The company said it will speed up efforts to adopt its cutting-edge optical technology to diverse future mobility and automotive sensing solutions. Its strategic focus will be lidar, the light detection and ranging sensors that are crucial for self-driving vehicles. Earlier this month, the company launched a new team solely dedicated to lidar development immediately under th
June 24, 2024
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[Photo News] KT&G Lil Aible revamped
South Korea's leading tobacco maker KT&G said Monday it will start sales of its new heat-not-burn tobacco device Lil Aible 2.0 on Wednesday. The new device comes with a brand-new Pause feature, which allows users to pause the heating process for two minutes. Using its fast charging technology, it takes about 40 minutes to charge up to 50 percent. The preheating time has also been reduced by 20 percent compared to the previous model. (KT&G)
June 24, 2024
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[Business Diplomacy] 'Ample room for business diplomacy with the US'
This article is the second installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. South Korea has ample room to strengthen its business diplomacy with the United States, particularly in trade and pivotal sectors such as clean energy and digital technology, according to James Fatheree, an executive director of The GR Company and
June 24, 2024