SK Group Chairman Chey Tae-won discussed economic cooperation with high-ranking government officials from Estonia and the Caribbean Community (CARICOM) during their official visits to South Korea earlier last week, according to the Korean conglomerate on Sunday. On Friday, Chey hosted a luncheon meeting with Estonian President Alar Karis, and other high-ranking officials at the SK building in Seorin-dong, Jongno-gu in Seoul, where they agreed upon various collaboration opportunities between the

Industry Oct. 15, 2023

LG Innotek, an electronic component manufacturer under LG Group, said Sunday that it had earned three international patents in the field of electric vehicle charging. “To leap forward as a No. 1 global company, it is essential to systematically manage and secure international patents and intellectual property rights for core technology,” said Kim Jin-hyun, head of the intellectual property division of the company. “Through our continuous R&D efforts in the field of IP, we w

Industry Oct. 15, 2023

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

Industry Oct. 12, 2023

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

Industry Oct. 11, 2023

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

Industry Oct. 10, 2023

Hyundai Motor Group’s decadeslong sponsorship for the Korean archery team has once again stepped into the spotlight as the national team swept up a total of 11 medals across individual and team categories over the past week at the 19th Asian Games in Hangzhou, China. Industry watchers say the Korean auto giant’s systemic support, led by Honorary Chairman Chung Mong-koo and his son and Executive Chair Chung Euisun, has laid the foundation for the national team to demonstrate their f

Industry Oct. 8, 2023

Hyundai Glovis, a logistics affiliate under Hyundai Motor Group, unveiled Thursday its “Net Zero Special Report,” a road map aimed at achieving carbon neutrality by 2045. By setting the target year for 2045, Hyundai Glovis has formulated strategies to decarbonize the shipping sector five years ahead of the regulations set by the International Maritime Organization and the South Korean Maritime Ministry’s carbon neutrality goal. Under the road map, Hyundai Glovis plans to boos

Industry Oct. 5, 2023

SK Telecom said Tuesday that it has forged a business partnership with Japan’s leading pet insurance company Anicom Holdings, as it eyes global expansion with X Caliber, its flagship artificial intelligence-based medical service for pets. The Tokyo-based pet insurance company owns a top market share of 46 percent alongside running various subsidiaries engaged in diverse pet-related businesses, including an electronic chart solution company and an animal hospital operator. Under the agreeme

Industry Oct. 3, 2023

Amid rising inflation, an increasing number of Koreans are opting for more affordable ready-to-eat meals, or meal kit, products over traditional dishes to prepare a table for the Korean Thanksgiving holiday of Chuseok that runs from Sept. 28 through Sept. 30 this year. During Chuseok, setting up a "charye" -- a table full of food offerings including fruits, rice, fish and meat -- is prepared to honor one’s ancestors. However, the cost of preparing a four-person charye is expected

Economy Sept. 28, 2023

The state-run Korea Post said Tuesday that Rep. Cho Hae-keun of the ruling People Power Party has been named president of the national postal service. An expert in administration, Cho studied his undergraduates in the field at Sungkyunkwan University and went on to earn a master’s degree in Public Administration from Syracuse University in the US. After passing the 38th Civil Service Exam, he first embarked on his career in the public sector in 1995 and held several posts at Korea Post,

Industry Sept. 27, 2023

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Korean Ambassador to Saudi Arabia Park Joon-yong and Saad Al-Khalb, CEO of Saudi Export-Import Bank (Saudi EXIM), pose for a photo after signing a partnership deal at the headquarters of Saudi's National Development Fund in Riyadh, Monday. Hana became Korea's first commercial bank to forge business ties with Saudi EXIM. The two institutes aim to expand financial cooperation to explore new global projects in the Middle East an

Industry Sept. 26, 2023

Posco International said Tuesday that it inked a preliminary joint venture agreement with US grain company Bartlett and Co., in a move to enhance its global food supply network. The agreement was signed in Kansas City, US, on Monday with top executives including Posco International Vice Chairman and CEO Jeong Tak, and Bob Knief, CEO of Bartlett and Co., in attendance. The US company owns some 15 grain terminals through which it supplies major grains including corn, wheat and soybeans to the dome

Industry Sept. 26, 2023

South Korea's advanced materials maker SKC said Monday that it had decided on a location in Vietnam’s northeastern city of Hai Phong to establish a manufacturing plant for biodegradable plastics, as it pushes to expand its eco-friendly business. Amid mounting global calls to reduce plastic waste, the international market size for bioplastics is expected to grow at an annual rate of over 20 percent. SKC and its joint venture Ecovance officials and top executives visited Vietnam on Fr

Industry Sept. 25, 2023

Hyundai Engineering on Thursday secured an order from US energy firm GTL Americas to build a plant in the US that will turn natural gas into high-grade diesel, naphtha and jet fuel. Under the project, the gas-to-liquid or GTL facility will be established near the city of Pine Bluff, Jefferson County, Arkansas, to generate some 41,000 barrels of fuel per day, including synthetic diesel or high cetane synthetic fuel, and paraffinic synthetic naphtha. The GTL procedure is a high-tech process that g

Industry Sept. 24, 2023

Khanfilter, a South Korean supplier of high-performance air filters, has seen early success with its air purifier that uses automotive technology to help it remove over 90 percent of odor and particle matter without losing performance in challenging environments. Traditional filters exhibit a sharp decline in performance when exposed to water vapors or oil mist, a common condition in kitchen spaces. However, Khanfilter’s flagship indoor air purifier Khanpure has provided a timely solutio

Industry Sept. 21, 2023