[Contribution] Future of agriculture

By Chung Hwang-keun Minister of agriculture, food and rural affairs “Technology changes agriculture and, consequently, the lives of farmers,” said John May, chairman and CEO of John Deere, an American manufacturer of farm machinery and industrial equipment that is drawing the world’s attention for its advanced autonomous farming machines. By implication, he emphasized the necessity of technological innovation in agriculture, going beyond traditional ways of farming, to re

Dec. 6, 2023

Twitch plans to shut down in S. Korea over high network costs

Twitch, a popular U.S.-based live game streaming platform, said Wednesday it plans to shut down its South Korean service in February next year due to high network usage fees in the country. In an announcement posted on its corporate blog, Twitch Interactive Inc. CEO Dan Clancy said the company "made the difficult decision to shut down the Twitch business in Korea on February 27, 2024." Clancy said the cost to operate Twitch in South Korea was "prohibitively expensive" and sai

Dec. 6, 2023

[Korea Quiz] Voluminous traditional Korean porcelain

Find the answer at the bottom. Large, voluminous and round white pottery vessels known as “moon jars” stand as quintessential examples of South Korea’s Joseon-era porcelain art. Originating from the late 17th century, these distinctive porcelain jars maintained their popularity through the late Joseon period, setting themselves apart as unique creations not replicated in China or Japan. The term "moon jar" is a relatively recent invention, created by Korean mode

Dec. 6, 2023

Seoul shares open tad higher on tech, financial gains

South Korean stocks started a tad higher Wednesday led by gains in tech and financial shares. The benchmark Korea Composite Stock Price Index gained 5.65 points, or 0.23 percent, to 2,499.93 in the first 15 minutes of trading. Overnight, U.S. stocks finished mixed, with the Dow Jones Industrial Average retreating 0.2 percent and the tech-heavy Nasdaq Composite edging up 0.3 percent. In Seoul, chipmakers lent support to the positive opening, with No. 1 Samsung Electronics rising 0.84 percent and

Dec. 6, 2023

[Graphic News] Donations from big firms up 25.1% despite weaker earnings

Top companies in South Korea boosted their donations in the first nine months of the year despite overall weaker earnings, a corporate tracker said. CEO Score, which tracks corporate management activities, said 264 out of the country’s top 500 firms by sales donated a combined 1.42 trillion won ($1.09 billion) to charities during the January-September period, up 25.1 percent from a year ago. CEO Score said the increase came despite the overall lackluster corporate performances during the p

Dec. 6, 2023

Korea, Britain finance chiefs discuss economic dialogue, investment ties

The finance ministers of South Korea and Britain on Tuesday discussed the establishment of a bilateral economic dialogue and investment cooperation channels as follow-up measures to last month's summit of their leaders, Seoul's finance ministry said. During a video conference with Britain's Chancellor of the Exchequer Jeremy Richard Streynsham Hunt, South Korea's Finance Minister Choo Kyung-ho voiced expectations for stronger bilateral cooperation on energy, supply chains a

Dec. 5, 2023

'Making economy more dynamic a top priority': finance minister nominee

South Korea's finance minister nominee on Tuesday said strengthening economic stabilization efforts for citizens' livelihoods while continuing the government's drive for reform would be the key priorities under his leadership. Choi Sang-mok, the nominee for the country’s top economic policymaker, made the remark during his first gathering with the local press Tuesday, following his nomination by the presidential office Monday. The former senior presidential secretary for eco

Dec. 5, 2023

McKinsey names 2 new partners at Seoul office

Global consulting firm McKinsey & Co. on Monday said it has promoted two associate partners, Kim Gi-hong and Moon Ho-joon, as partners. Having studied engineering at Seoul National University, Kim joined McKinsey & Co. in 2016 and has pursued a career across energy and infrastructure. Kim's experience involves leading diverse projects on strategic and practical proposals for oil refinery, petrochemical and construction businesses, and proposing management reforms for companies. Ki

Dec. 5, 2023

[KH Explains] China ups OLED ante to take over Korean shares

China’s recent move to ramp up investment in organic light-emitting display panels is stoking fears among Korean display makers that they may face another fierce price war with their Chinese runner-ups, even over the most sophisticated display technology. Last week, China's top display panel maker, BOE Technology, announced a plan to invest 63 billion yuan ($8.84 billion) to build a production facility with 8.6-generation technology for OLED panels for laptops and tablet PCs. The amou

Dec. 5, 2023

Lotte renews online grocery sales race with new mega facility

Lotte Shopping, the retail arm of Lotte Group, said Tuesday it is set to start the construction of a new logistics center in Busan in partnership with UK retail tech firm Ocado. Lotte held a groundbreaking ceremony for the new facility, called the Customer Fulfillment Center, which will be located on a 42,000 square-meter site within an industrial complex. As part of a partnership with Ocado signed in November last year, Lotte plans to adopt the UK firm’s artificial intelligence-based new

Dec. 5, 2023

Tire tycoon's family feud rekindled

A sibling feud over the management of Hankook & Co., the holding company behind the world’s sixth-largest tiremaker, Hankook Tire & Technology, has been reignited, as the older of the two brothers has joined hands with a major private equity house to shore up his stake. Asia's largest private equity firm MBK Partners announced through a regulatory filing Tuesday that it has launched a public tender for Hankook & Co., offering 20,000 won ($15.23) per share under a goal to

Dec. 5, 2023

Korean defense firms head to Egypt defense expo to expand market presence

South Korean defense firms are looking to expand their market presence in Africa and the Middle East as they showcase their latest cutting-edge weapons systems at the Egypt Defense Expo 2023 taking place at the country’s international exhibition center in Cairo this week. According to Korea Aerospace Industries and LIG Nex1 on Tuesday, the two companies participated in the EDEX for the first time this year. Korea Aerospace Industries, also known as the KAI, said it will concentrate on in

Dec. 5, 2023

[Photo News] Winter seaweed harvests

Farmers harvest gim, or dried seaweed, using a unique technique which involves repeating a drying and wetting process in the open sea, in waters near the fishing village of Taean, South Chungcheong Province, Tuesday. Gim is one of South Korea's top export items which has seen growing popularity overseas. Korean gim accounts for almost 70 percent of the global seaweed market. (Yonhap)

Dec. 5, 2023

Korea Herald, Indonesia's Kompas vow to deepen media ties

JAKARTA, Indonesia – The Korea Herald and Indonesia's Kompas Daily have pledged to strengthen media cooperation, solidifying their commitment during the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Established in 1965, the Jakarta-based Kompas Daily enjoys a distinguished reputation in Indonesia's media landscape. The forum itself was a collaborative effort between Herald Corp., publisher of The Korea Herald and Herald Business, and the Indonesian Chamber of Commerce

Dec. 5, 2023

Hyundai, Kia named top exporters of the year

South Korean carmaker Hyundai and its sibling firm Kia have topped the list of exporters in Korea, posting a record-high of $54.5 billion in total export volume, Hyundai Motor Group said Tuesday. Among 1,700 companies here, Hyundai and Kia ranked first and second place, respectively, the highest record since 2012 when the two recorded $350 billion in exports. From July 2022 to June this year, Hyundai’s exports surged on-year 29.6 percent to $31 billion, while Kia saw a 30.7 percent jump to

Dec. 5, 2023

KB unveils video to mark World Soil Day

KB Financial Group on Tuesday unveiled a video titled “Safeguarding Soil, A Source Of Life,” to celebrate World Soil Day, held annually on Dec. 5 to advocate for the sustainable soil management practices. The video first underscores the importance of healthy soil as an essential resource for sustaining life on Earth. It then discusses plastic, the leading cause of soil and water pollution. According to the video, plastic waste can release harmful chemicals into the surrounding soil,

Dec. 5, 2023

[Photo News] Up in the chair

Hyundai Motor Group said Tuesday that it donated 30 vehicles and 105 electric wheelchairs and electric scooters to encourage mobility for people with disabilities. The South Korean automaker has carried out the corporate social responsibility activity since 2011. According to the firm, the accumulated amount of donations has reached 7.9 billion won ($6 million) so far. The donations have been delivered to various associations and federations that support disabled people across the country. (Hyun

Dec. 5, 2023

Daewoo E&C seeks to join Indonesia's capital relocation

Daewoo Engineering & Construction Chairman Jung Won-ju has recently engaged with industry leaders and officials in Indonesia to broaden the scope of the company's global construction projects, focusing on the extensive development of the Southeast Asian country's new capital that is expected to be inaugurated as early as August next year. Indonesia is actively preparing to relocate its capital from Jakarta to Nusantara, a purpose-built city in the East Kalimantan area. The planned

Dec. 5, 2023

[Photo News] Hana donates to charity

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Chairman Ham Young-joo and Community Chest of Korea Chairman Kim Byong-joon pose for a photo after the financial group donated 15 billion won ($11.43 million) to the charity's headquarters in central Seoul, Tuesday. Hana's 15 affiliates all contributed to the donation for the underprivileged. The group also received a donation certificate for donating a total of over 90 billion won this year. (Hana Financial Group)

Dec. 5, 2023

S. Korea's economy grows 0.6% in Q3, unchanged from earlier estimate

South Korea's economy grew 0.6 percent in the third quarter of the year, matching an earlier estimate, on the back of reviving exports and domestic demand, central bank data showed Tuesday. The country's real gross domestic product -- a key measure of economic growth -- increased 0.6 percent on-quarter in the July-September period, according to data from the Bank of Korea (BOK). The third-quarter expansion compares with the 0.6 percent on-quarter expansion in the second quarter and the

Dec. 5, 2023