6 in 10 view chaebol favorably: FKI survey

Nearly 60 percent of Koreans expressed a favorable view of the country's chaebol -- large industrial conglomerates run and controlled by families -- indicating an improvement in negative sentiments toward these conglomerates over the past decade, according to a survey conducted by the Federation of Korean Industries. The survey, commissioned by the business organization, which includes over 600 members among Korean companies and industries, was conducted on a total of 1,005 individuals aged

Sept. 12, 2023

[Herald Interview] Crypto platform sees future in IP content

An expansion of the storytelling platform and content for cryptocurrency is the key to broadening the digital asset industry, said Eric Anziani, president and chief operating officer at Singapore-based crypto trading platform Crypto.com. “Our vision is ‘Crypto is more than trading.’ There are many use cases that can empower creators, developers and builders to reach global audiences,” Anziani said in an interview with The Korea Herald held in central Seoul, Wednesday. As

Sept. 12, 2023

Seoul shares fall ahead of US inflation data release

South Korean stocks closed 0.79 percent lower Tuesday, as investors kept a cautious mode ahead of the release of US inflation data that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index retreated 20.30 points to finish at 2,536.58. Trading volume was light at 354.5 million shares worth 8.78 trillion won ($6.61 billion), with decliners outstripping gain

Sept. 12, 2023

Samsung SDS unveils generative AI model for corporate clients

South Korean IT solutions provider Samsung SDS unveiled new services that will allow its clients to easily adopt generative artificial intelligence in their businesses to improve work productivity, with the aim to usher in hyperautomation innovation. “There has been a view that generative AI will fall into a chasm due to the variability of human languages, but large language models (LLMs) have paved the way for a true hyperautomation of office work,” Samsung SDS president and CEO Hwa

Sept. 12, 2023

[From the scene] Why Adidas shop owners in Korea are protesting

The South Korean unit of the global sports brand Adidas has been hit with backlash from its franchisees who claim that they have been subjected to years of repeated abuse of power from their parent corporation -- only to have their business contracts terminated via the head office’s unilateral announcement. The Adidas Franchisee Association -- comprising 76 Adidas Korea franchisees out of some 100 across the country -- said Tuesday it reported Adidas Korea to the Federal Trade Commission f

Sept. 12, 2023

Coupang Play outpaces streaming rivals

Korean streaming platform Coupang Play has showed the fastest year-on-year subscriber growth in the country, outpacing other local and global competitors to reach a milestone 6 million subscribers last month, less three years since its launch, according to a ranking announced by WiseApp on Friday. A total of 6.34 million people were subscribing to Coupang Play as of last month, according to WiseApp, which analyzes user behavior of mobile applications, in its August analysis of the number of subs

Sept. 12, 2023

LG Energy Solution makes big ESS push in US

LG Energy Solution said Tuesday it will expand its footing in the burgeoning energy storage systems market in the US. ESS refers to a device or group of devices assembled to convert the electrical energy from power systems and into energy that can be stored for later use. It can be used in a variety of settings ranging from power grids to commercial buildings and residences. The company has unveiled its latest ESS business vision and technologies at the Re+ 2023, one of the biggest renewable e

Sept. 12, 2023

[Photo News] IDB chief at Naver

Naver Cloud said Tuesday that Ilan Goldfajn (right), president of the Inter-American Development Bank, visited the South Korean tech giant’s new building, Naver 1784, at their headquarters in Bundang, Gyeonggi Province, on Monday. During their visit, IDB officials were briefed on Naver’s hyperscale AI model, Hyper Clova X, and cloud computing technologies. (Naver)

Sept. 12, 2023

[Photo News] Galaxy Flip cruising

A 70-meter ship featuring a light-emitting diode sculpture for Samsung Electronics' Galaxy Z Flip5 cruises down the Huangpu River in Shanghai on Thursday. Samsung launched its latest foldable phones in China last month, and says the phones have been selling better than their predecessors, without elaborating on the exact sales figures. (Samsung Electronics)

Sept. 12, 2023

Applied Materials awarded as one of top employers in Korea

Applied Materials Korea, a subsidiary of the global leader in the materials science and engineering industry, has been named one of South Korea’s Premier Employers by The Ministry of Employment and Labor. This is the third time the company has received this honor, after 2020 and 2022. The ministry made the announcement at an event held on Monday at its regional office in Seongnam, Gyeonggi Province. The Premier Employers Initiative celebrates businesses that provide top-tier job opportunit

Sept. 12, 2023

[Photo News] Hyundai Oilbank gets fresh look in 23 years

HD Hyundai Oilbank's new design featuring its updated corporate identity is displayed at the GRC gas station in Bundang, Gyeonggi Province, Tuesday. The design, renewed for the first time in 23 years, has blue and green lines against a white background as its prominent feature, underscoring simplicity. The two lines on top converge with a gap, creating an eye-catching and yet harmonious aesthetic. The two lines are illuminated brightly on the gas station roof, enhancing visibility at night.

Sept. 12, 2023

Hanwha to stage largest-ever int'l fireworks festival on Oct. 7

South Korean conglomerate Hanwha Group said Tuesday that it will stage its biggest event yet at the 2023 Seoul International Fireworks Festival at Hangang Park in Yeouido on Oct. 7. The annual event, organized by Hanwha Group as part of its social contribution program, typically draws an audience of one million people every year, with participation from various countries. Under the theme "Lights of Tomorrow," this year's event will feature a total of three teams from Korea, Chin

Sept. 12, 2023

Canadian coffee brand Tim Hortons to open 1st shop in S. Korea

Tim Hortons will open its first store in South Korea this year, officials said Tuesday. On Tuesday, Canada's top coffee chain officially began preparing for the opening of its shop in the Urban Hive building in Seoul's southern Gangnam district later this year, the officials said. The exact date of the opening has yet to be determined. The 335-square-meter store will serve Tim Hortons' popular coffee and donuts, including its signature bite-sized Timbits. "We are very happy t

Sept. 12, 2023

S. Korea to double ceiling on loan program for Latin America

South Korea's finance ministry said Tuesday it has signed an agreement with the Inter-American Development Bank to double the ceiling on its loan program in a bid to support infrastructure development in Latin America. Asia's No. 4 economy plans to raise the ceiling of the cooperative loan program from $500 million to $1 billion starting next year under the letter of intent signed between South Korea's Economic Development Cooperation Fund and the IDB. The signing ceremony took pl

Sept. 12, 2023

Seoul shares open higher ahead of inflation data

South Korean stocks opened slightly higher Tuesday, as investors await US inflation data for August due out later this week that will offer clues as to what direction the Federal Reserve will take in its interest rate hike cycle. The benchmark Korea Composite Stock Price Index rose 2.03 points, or 0.08 percent, to 2,558.91 in the first 15 minutes of trading. The United States is set to release the consumer price index for August on Wednesday, with the reading on producer prices to be released th

Sept. 12, 2023

Hyundai E&C forays into energy brokerage market

Hyundai Engineering and Construction on Monday announced a strategic equity investment in the energy tech startup 60Hertz, marking its foray into the emerging electricity brokerage market, part of the company’s larger strategy to solidify its position in new energy initiatives. Hyundai E&C's partnership with 60Hertz aims to launch Korea's first integrated IT platform for energy trading, fostering an IT-driven ecosystem to automate transactions between electricity producers an

Sept. 11, 2023

Kolmar Korea wins trade secret case against Intercos

Kolmar Korea announced Monday that the company has won a lawsuit against Italian cosmetics manufacturer Intercos’ local office here, which allegedly transferred trade secrets about sun care product technology. According to Kolmar Korea, the Seoul Central District Court has ruled in favor of Kolmar Korea in a civil case, in which Kolmar Korea accused Intercos Korea and its two former employees of stealing confidential technologies related to Kolmar’s sun care products. The court has o

Sept. 11, 2023

Seoul shares snap 4-day losing streak ahead of key economic data

South Korean stocks finished slightly higher Monday ahead of key economic data to be released later this week, ending a four-day losing streak. The local currency gained ground against the US dollar. The benchmark Korea Composite Stock Price Index advanced 9.2 points, or 0.36 percent, to finish at 2,556.88. Trading volume was moderate at 406.6 million shares worth 8.21 trillion won ($6.17 billion), with gainers outpacing decliners 507 to 355. Foreigners and institutions bought a combined net 56.

Sept. 11, 2023

[Herald Interview] OECD competition chief touts Korea's antitrust fight against Google

The Organization for Economic Cooperation and Development's competition chief, Frederic Jenny, lauded South Korea for challenging Google’s monopoly in the fast-evolving digital market, saying that Korean authorities have sent a lot of signals to the US tech giant and beyond. “Google (now) understands that Korea is very serious about maintaining competition and not allowing practices that are anti-competitive,” Jenny, the chair of the OECD Competition Committee, told The Ko

Sept. 11, 2023

[KH Explains] Hyundai Motor feels cost pinch of ‘French IRA’

Hyundai Motor Group, having already spent billions of dollars to respond to the US Inflation Reduction Act, is tackling another protectionist policy looming large in Europe, a crucial market for the carmaker’s extensive EV strategy. The French government recently announced its new EV subsidy policy, which is based on measuring the carbon footprint throughout the whole process of car manufacturing from production to shipping. Carmakers importing EVs to France from their faraway home countri

Sept. 11, 2023