Korea Zinc goes all in to fend off takeover

The current management of Korea Zinc on Friday decided to up the ante to maintain control over the world’s largest zinc smelter, lifting the tender offer price to 890,000 won ($660) per share, higher than 830,000 won presented by the coalition of MBK Partners and Young Poong. While the current management of Korea Zinc, represented by Chairman Choi Yun-beom, initially targeted securing an additional 15.5 percent of the total issued shares, the target has been raised to 17.5 percent. Adding

Oct. 11, 2024

[Photo News] Dive into K-style

Korean Air said Friday it has launched the "Dive into K-style" program to help its new foreign national crew members enhance their understanding of Korean culture and the company. New employees from Japan and Southeast Asia joined the program in August and October, respectively, with another session set to be held for Chinese employees in December. After a four-year hiatus, the nation's flag carrier resumed recruitment of foreign national crew members this year. A total of 85 ne

Oct. 11, 2024

Merck opens new chip materials R&D center in Korea

German technology firm Merck said Thursday it has opened its latest spin-on-dielectric (SOD) application center in Anseong, Gyeonggi Province in a bid to respond quickly to its customer needs here. The company held the opening ceremony of the latest facility at the production site that same day. Attendees include senior executives of Merck and its key clients, Samsung Electronics and SK hynix. The new facility, the second of its kind in Asia, is equipped with advanced technology for measuring an

Oct. 11, 2024

S. Korea, Laos vow to combat deforestation together

South Korea's forest agency announced Thursday that it has established a cooperative organization with Laos to enhance joint efforts in combating deforestation and promoting sustainable forest management. The organization, the REDD+ Cooperation Center, focuses on reducing emissions from deforestation and forest degradation. It is based on the REDD+ Act, a framework adopted in February under the UN for implementing, monitoring and managing programs aimed at conserving forests and reducing ca

Oct. 10, 2024

Bain's backing could be costly for Korea Zinc: sources

While Korea Zinc has secured the support of US private equity giant Bain Capital amid a battle for management control of the company, market watchers suggest its backing could eventually cost the troubled zinc smelter a hefty amount. To thwart the takeover attempt from the MBK Partners-Young Poong alliance, the current management of Korea Zinc has teamed up with Bain Capital, a big-name investment company with over $185 billion (250 trillion won) in assets under management. Under Chairman Choi Y

Oct. 10, 2024

Toss Securities names new CEO

Toss Securities CEO Kim Seung-yeon resigned abruptly Thursday, six months before the end of his term. The firm's head of product, Kim Gyu-bin, was appointed as his successor during a general shareholders' meeting earlier in the day. Kim Seung-yeon, appointed to serve from April 2023 until April 2025, stepped down for "personal reasons," according to the company, which is the brokerage arm of fintech giant Toss. With his appointment, Kim Gyu-bin, 35, became the first securitie

Oct. 10, 2024

LS Cable & System wins global certification for legal, ethical compliance

LS Cable & System, a leading South Korean cable manufacturer, announced Thursday that it has become the first in the global cable industry to obtain ISO 37301 certification from the British Standards Institution for meeting international compliance and ethical standards. The company said it sought the certification to build trust with global clients and investors, with BSI recognizing its approach to management policies and regulations. LS Cable & System expects the certification to prov

Oct. 10, 2024

LX Pantos expands logistics foothold in Central Asia

Korean logistics company LX Pantos announced Thursday that its CEO Lee Yong-ho met with Marat Karabaev, Kazakhstan’s minister of industry and infrastructure development, in Astana last month, to strengthen logistics networks across Central Asia. According to the company, the consultation centered on enhancing cooperation on cargo transport along the Trans-Caspian International Transport Route. The TITR links Europe and Central Asia via the Caspian Sea, bypassing Russian territorial waters.

Oct. 10, 2024

HD Hyundai unveils world’s 1st high-pressure ammonia engine

HD Hyundai Heavy Industries, the world’s largest shipbuilder affiliated with HD Hyundai, said Thursday that it has developed the world’s first ammonia dual-fuel engine using a high-pressure direct injection system. The company recently passed the “type approval test” for its HiMSEN ammonia dual-fuel engine, which evaluates whether critical apparatuses installed on vessels meet mandatory requirements. The test was conducted at its Ulsan engine center and was attended by ke

Oct. 10, 2024

OCI Holdings boosts cross-cultural ties in Sarawak, Malaysia

South Korean chemical company OCI Holdings has ramped up its localization efforts in Malaysia, hosting a series of community-focused events in Sarawak, where it operates its solar PV polysilicon production, to boost its presence and support sustainable growth, the company announced Thursday. As part of its ESG commitment, the company held a badminton class on Sept. 29, led by Korea’s Olympics badminton champion Lee Yong-dae at Universiti Putra Malaysia’s Bintulu campus. With over 300

Oct. 10, 2024

MBK says not to raise tender offer price for Korea Zinc amid management battle

Private equity firm MBK Partners said Wednesday that it will not further raise the tender offer price for Korea Zinc Inc. amid intensifying competition for management control. MBK and Young Poong Corp. recently raised their tender offer price for Korea Zinc to 830,000 won ($617) and for Young Poong Precision to 30,000 won, as they aim to gain a controlling stake in the world's top zinc smelter. Young Poong Precision holds a 1.85 percent stake in Korea Zinc. "We cannot stand by as the c

Oct. 9, 2024

Will Apple quit smart ring race with Samsung?

After the July launch of Samsung Electronics’ Galaxy Ring, several tech rivals have jumped into the smart ring race. But rumors are rampant that Apple may have scrapped its long-held plan for its own ring possibly to focus on the Apple Watch. According to a recent Bloomberg report, Apple has no plans to release an Apple smart ring despite two decades of research into the product. "Apple isn't actively developing a ring and has no plans to launch one," the report said. &ldq

Oct. 9, 2024

[Herald Interview] Innovation, people key to Korea's energy transition: ABB CCO

As South Korea moves to achieve its renewable energy goals by 2050, strategic partnerships and innovative technologies will be essential in overcoming existing challenges and maximizing the potential of renewable resources, according to Karen Bomber, chief commercial officer of the Energy Industries division of ABB, a Swiss-based multinational tech company specializing in electrification, automation and digitalization solutions. In an interview with The Korea Herald at ABB's Korea office in

Oct. 9, 2024

Paris Baguette expands presence in Southeast Asia

SPC Group's bakery brand Paris Baguette has signed contracts to enter the markets of Thailand, Brunei and Laos, aiming to strengthen its presence in Southeast Asia. On Monday, Paris Baguette finalized a master franchising agreement with Berjaya Food, which has supported its expansion into Malaysia and the Philippines, to newly operate the bakery chain in Thailand and Brunei. As for Laos, a separate master franchising agreement was established with Kolao Group, a prominent local firm in the

Oct. 9, 2024

Yoon visits Hyundai Motor's AI-powered factory in Singapore

SINGAPORE -- President Yoon Suk Yeol on Tuesday visited the highly automated Hyundai Motor Group Innovation Center Singapore, a car manufacturing facility powered by artificial intelligence and robots, on the sidelines of his state visit to the city-state. Yoon inspected the automated car manufacturing line that uses the "cell production" system in which a small team of human employees and robots is responsible for a specific assembly process. The factory operates 27 such cells. Accord

Oct. 8, 2024

[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth

Samsung Electronics Chairman Lee Jae-yong on Monday put an end to the long-standing rumor that the memory chip giant might spin off its lackluster foundry business, saying he is still “hungry” for growth. “We are hungry to grow (our) business, not interested in spinning (it) off,” the Samsung chief told Reuters upon his visit to the Philippines. Regarding the delayed operation of the company's new foundry plant currently under construction in Taylor, Texas, Lee said,

Oct. 8, 2024

[Herald Interview] Dentlink eyes becoming 'next Invisalign’

Dentlink intends to become a household name in the burgeoning dental prosthetic market, matching the fame of Align Technology, the US company behind the Invisalign clear teeth straightener, said Kook Jin-hyeok, founder and CEO of Innovaid. Kook founded Innovaid in 2021 to offer Dentlink, a unique international service connecting Korean lab technicians with overseas dental practices. Through it, dental clinics around the world can order prostheses such as zirconia crowns and implant restorations

Oct. 8, 2024

LG posts record sales in Q3; profits down on rising costs

LG Electronics on Tuesday expected its third-quarter sales to reach an all-time high of 22.17 trillion won ($16.5 billion), outpacing an earlier market consensus of 21.77 trillion won. But its operating profits during the same period were estimated to have plunged nearly 21 percent to 751.1 billion won from a year ago, largely due to rising logistics and marketing costs. The earnings guidance was far lower than market expectations. FnGuide, a local market intelligence firm, projected the compa

Oct. 8, 2024

Samsung's chip head apologizes as Q3 earnings miss estimates

Samsung Electronics predicted Tuesday that its operating profit for the July-September period would miss market expectations due to a slow recovery in memory demand and the lackluster performance of High Bandwidth Memory chips used in artificial intelligence computing. Samsung's third-quarter operating profit is estimated to hit 9.1 trillion won ($6.76 billion), up 274.5 percent from a year ago, according to the company’s earnings guidance. The figure is lower than the 10.77 trillio

Oct. 8, 2024

Yanolja enhances global travel data value chain

Korean travel platform operator Yanolja said Tuesday that it is ramping up global efforts to enhance its artificial intelligence-based travel solutions by securing extensive travel data. Its data solutions affiliate Yanolja Cloud Solution has recently relocated its headquarters to an information technology hub in Surat, India, to recruit local tech talent and advance its travel solutions. The decision comes as the Indian unit plays a key role in collecting travel data from numerous transactions

Oct. 8, 2024