Most Popular
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[KH Explains] No more 'Michael' at Kakao Games
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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Samsung Electronics Q1 operating profit soars; chip biz returns to profit
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Samsung chief bolsters ties with Germany’s Zeiss
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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[Photo News] Samsung Olympic Experience Zone
Samsung Electronics said Monday it has opened the Samsung Olympic Experience Zone ahead of the upcoming Olympics in Paris. The venue, a collaboration with Pritzker Architecture Prize winner Jean Nouvel, will operate from March 3 to Oct. 31 to display diverse Galaxy devices. Samsung has been the official partner of the Olympics and Paralympics for about four decades. (Samsung Electronics)
April 30, 2024
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
Korean retail giant Shinsegae Group's e-commerce unit SSG.com faces mounting pressure from investors to recoup the 1 trillion won ($727 million) investment made between 2019 and 2022 amid its delayed market debut hit by lukewarm sales in recent years. According to industry sources on Tuesday, Shinsegae is in last-minute discussions with Affinity Equity Partners and BlueRun Ventures, the two private equity funds that are reportedly considering exercising a put option to sell back their stake
April 30, 2024
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Ministry launches special team to end dog meat consumption by 2027
The Ministry of Agriculture, Food and Rural Affairs on Tuesday launched a special commission dedicated to ending dog meat consumption in the country by 2027. Earlier on Jan. 22, the ministry had introduced a task force to iron out the details of implementing a government plan to end the practice, with a revision to the related law taking effect Tuesday. The task force has become an official entity under the ministry, comprising 13 members, including officials from the Ministry of Interior and S
April 30, 2024
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GS E&C secures W600b LNG terminal project
South Korean construction giant GS Engineering & Construction announced Tuesday that it has won a contract worth 600 billion won ($435 million) to build a new liquefied natural gas terminal in Yeosu, South Jeolla Province. The Northeast Asia LNG Hub Terminal Project aims to establish a large-scale energy storage facility in the southwestern city of Yeosu. Expected to take about 42 months, the project will involve the construction of two LNG storage tanks, each with a capacity of 200,000 kilo
April 30, 2024
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[Photo News] Stylish revamp
Renault Korea opens a new showroom in Daegu on Monday as part of the carmaker's brand revamp announced earlier this year. The latest showroom is the third of its kind here to embrace the French carmaker's new showroom concept, called "rnlt©." The showroom also features a range of lifestyle products under the brand name, "The Originals." (Renault Korea)
April 30, 2024
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[Photo News] Robot cook at school
Doosan Robotics demonstrates the efficiency of its robotic solution for cooking fried food at a high school in Chuncheon, Gangwon Province, according to the company on Tuesday. The robotic solution is capable of cooking fried dishes for 500 people in two hours by operating six frying baskets at once. (Doosan Robotics)
April 30, 2024
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Celltion’s Zymfentra gets preference in top US formulary
Korean biosimilar giant Celltrion said Monday that its Zymfentra, the world’s first subcutaneous formulation of infliximab called Ramsima SC outside the US, has been included in the preferred formulary of Express Scripts, one of the top three pharmacy benefit managers or PMBs in the US. In the US, PBMs act as negotiating entities in the prescription drug supply chain. Insurers work with PBMs as third-party contractors that manage their prescription drug benefits. PBMs create and update for
April 29, 2024
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China outpaces Korea in smaller OLED shipments for 1st time
China outpaced Korea in the shipment of organic light-emitting display panels for IT gadgets for the first time in the first quarter of this year, stirring concerns that Korean manufacturers could eventually be pushed out of the market by Chinese rivals. According to Chinese market tracker Cinno Research on Monday, China's OLED shipments for IT gadgets including smartphones and tablet PCs accounted for 53.4 percent of the total in the January-March period, ahead of Korea’s 46.6 percen
April 29, 2024
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BNEF names Hyosung Heavy as top ESS supplier
South Korea’s Hyosung Heavy Industries announced Monday that it has been recognized as a tier-1 supplier of energy storage systems by BNEF or Bloomberg New Energy Finance, a market research firm specializing in the renewable energy sector. The firm has now been included in the top-tier list for two consecutive quarters. “It is meaningful that a Korean firm has won the industrial recognition in the global ESS market that is dominated by Chinese rivals,” said a Hyosung Heavy offi
April 29, 2024
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Intel CEO to visit Seoul in June
Intel CEO Pat Gelsinger is planning to visit Korea in early June to attend the company's global conference in Seoul, according to industry sources Monday. The AI Summit event, which is held multiple times a year across countries, typically highlights Intel’s local subsidiaries. It shares knowledge on the intersection between artificial intelligence technology and business models for key players in the industry. Sources predicted the summit will be held on June 5, which will mark the
April 29, 2024
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Hanwha Systems breaks ground on satellite center in Jeju
Hanwha Systems, a defense electronics and ICT solutions provider under the Korean conglomerate Hanwha Group, broke ground on a space center in Jeju on Monday. Named the Jeju Hanwha Space Center, the new facility will be capable of developing and manufacturing satellites. Hanwha Systems plans to complete the construction by the end of next year. “The Jeju Hanwha Space Center will create innovative technology and economic value as a birthplace for satellite development and manufacturing,&rdq
April 29, 2024
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Korean franchises eye Japan, riding high on K-food trend
Korean food and beverage companies are increasingly entering the Japanese market in pursuit of broader opportunities, largely driven by a saturated market at home and to capitalize on the rising popularity of Korean cuisine in the neighboring country. As of 2023, Japan saw a total of 19 Korean food franchises operating a combined 133 branches nationwide. According to the state-run Korea Agro-Fisheries & Food Trade Corp. (aT), Japan was the fourth most popular destination for Korean franchise
April 29, 2024
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MBK chief donates $25m to Haverford College
MBK Partners Chairman Michael ByungJu Kim has recently donated $25 million to his undergraduate alma mater, Haverford College, according to the asset manager's announcement on Monday. The $25 million donation, the largest amount in the school's history, was made on April 23. It will fund the establishment of the Institute for Ethical Inquiry & Leadership at the liberal arts college in Haverford, Pennsylvania. “Ethical inquiry is at the core of a Haverford education, and leade
April 29, 2024
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Beloved singer attracts fans, customers to JungKwanJang stores
Korea Ginseng Corp., a global leader in ginseng production, has significantly enhanced its brand positioning and visibility through its marketing strategies that prominently feature Lim Young-woong. Lim, a trot singer with an avid fan base, has recently been named the ginseng brand's brand model. The marketing campaign kicked off with the release of an advertisement featuring Lim on YouTube on Wednesday, which rapidly gained traction by accumulating over 2 million views within 40 hours. The
April 29, 2024
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SK Innovation's Q1 net loss widens on FX losses
SK Innovation Co., South Korea's leading refiner by sales, said Monday its net losses widened in the first quarter from a year earlier due mainly to foreign-exchange losses. Net losses deepened to 97.62 billion won ($71 million) in the first quarter from 51.95 billion won in the year-ago period, the company said in a statement. "A weak won, which drove up import prices of crude oil and decreased equity gains from SK On, weighed on the quarterly bottom line," a company spokesperson
April 29, 2024
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[Herald Interview] Korean banks’ earnings dilemma: More profits, more responsibility
Korean banks may face diminishing profitability due to mounting pressure to take on social responsibilities amid the country's slowing economic growth, a senior official at global credit appraiser Fitch Ratings said. Commercial banks, often criticized for making money from excessively high interest rates, are facing stronger pressure from local authorities to return a portion of profits to the provision of public goods. “From the operating environment side, the pressure to commit to s
April 29, 2024
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KT launches new mobile plans for foreign residents
South Korea's leading telecom carrier, KT Corp., announced Sunday that the company will introduce new 5G mobile plans for foreign national residents starting Monday. “KT decided to introduce new mobile plans as there are not enough plans specifically for foreigners despite the increasing number of foreign residents in the country,” KT said. According to the Ministry of Justice, the number of long-term residents with nationalities other than Korean here grew to 1.9 million as of
April 28, 2024
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[Photo News] Shinhan supports families
Shinhan Financial Group Chairman Jin Ok-dong on Friday cleans up the home of a family with multiple children, as part of the group’s volunteer program to support financially vulnerable groups. Shinhan plans to donate 150 million won ($109,000) to aid financially vulnerable families with multiple children. Following Friday's activity, Jin noted, "Shinhan Financial Group will continue paying attention to families with many children and will spare no effort in addressing the natio
April 28, 2024
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Samsung chief bolsters ties with Germany’s Zeiss
Samsung Electronics Chairman Lee Jae-yong met with top executives of German optics manufacturer Zeiss, a crucial partner for the Korean tech giant's push to lead the burgeoning market for artificial intelligence chips, during his recent trip to Europe. According to Samsung on Sunday, its chief toured the Zeiss headquarters in Oberkochen on Friday and discussed long-term partnerships with Zeiss Group CEO Karl Lamprecht and Zeiss Semiconductor Manufacturing Technology CEO Andreas Pecher. Lee&
April 28, 2024
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Woori Financial jumps in race to take over Lotte Insurance
The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financial Official Lee Sung-wook stated Friday that the company is reviewing the acquisition of the insurer "to fortify our competitiveness in the nonbanking sectors." The remarks came during the company's quarterly conference call. The move represents Woori's effort to reenter
April 28, 2024