Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Lotte Group CEOs gather for AI conference in digital push
South Korean retail giant Lotte Group Chair Shin Dong-bin is stepping up efforts to increase the group’s artificial intelligence capability. Lotte Group, on Friday, announced that the company held a conference on AI technology at Lotte World Tower on Thursday. Around 110 officials from the group and its affiliates joined the conference, including Lotte Group Chair Shin, his eldest son and executive Vice President Shin Yoo-yeol, and chief executive officers of the group’s key business
March 8, 2024
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Samsung Display CEO named display industry association chief
South Korea will take back its sales lead in the global display market by 2027 with its technological edge, Samsung Display CEO Choi Joo-sun said Thursday upon his appointment as the new head of the Korea Display Industry Association. Choi vowed to boost the Korean industry's standing on the global stage through close collaboration with the government during his three-year term. "The Chinese government is spending a huge sum of money to foster its domestic display panel industry. So I
March 8, 2024
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Vine Group wraps up 2024 winter youth English camps
South Korean education provider Vine Group announced Thursday that its Sollute study abroad program has successfully concluded its 2024 winter vacation youth English camps. The winter vacation English camp, which attracted 141 participants, took place throughout January and February, lasting either three or seven weeks ahead of the new academic term. Its primary objective was to facilitate cross-cultural interactions while enhancing English language skills. Conducted in Canada, New Zealand, and
March 8, 2024
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Shinsegae heir apparent promoted to chairman
Chung Yong-jin, heir apparent of South Korea's Shinsegae Group, has been promoted to chairman to help the retail giant ride out unfavorable business environments and meet rapidly changing customer demands, the group said Friday. Shinsegae Group, which operates the country's biggest discount store chain and second-biggest department store chain, suffered a decline in sales for the first time last year since 1997, when it began to release the figures. "The appointment is aimed at ma
March 8, 2024
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Woori revamps private banking service
Woori Bank, South Korea's fourth-largest commercial lender, is enhancing its private banking services to solidify its reputation as a trustworthy institution for clients. In a press conference Thursday, the bank unveiled its renewed commitment to expanding its presence in the asset management sector amid ongoing trust issues within the banking industry. With this vision, Woori Bank has assembled a team of experts spanning various sectors, such as tax, foreign exchange and real estate. The l
March 7, 2024
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Lotte, LG in talks to sell petrochemicals plants
Korean petrochemicals firms are downsizing their businesses as they are grappling with lower demand and higher supply of products from China, according to industry sources Thursday. Lotte Chemical, South Korea’s leading petrochemicals company, has reportedly embarked on the process of selling its Malaysian unit Lotte Chemical Titan Holdings. In addition, its domestic rival LG Chem is said to be in talks with Kuwait Petroleum Corp. to sell a stake in its naphtha cracking center in Yeosu, So
March 7, 2024
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Seoul court bans former SK hynix chip researcher from working for US rival
In the wake of heated competition for chip supremacy, a Seoul court has stepped in to block a former chip researcher involved in chip design at SK hynix from working for US-based rival Micron Technology, alleging possible technology leaks. According to industry sources on Thursday, Seoul Central District Court granted permission to an injunction request filed by SK hynix late last month to prevent the former researcher from working for another company, and ordered the executive to pay 10 milli
March 7, 2024
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HD Hyundai Heavy Industries opens Manila office to foray into Southeast Asia
South Korean shipbuilding giant HD Hyundai Heavy Industries is seeking to continue its expansion into the burgeoning warship market in Southeast Asia as it opens a regional base in the Philippines. The company said Thursday it recently held the opening ceremony of its engineering office in Bonifacio Global City, Manila. The event was attended by HD HHI’s Naval and Special Ship Business unit chief Joo Won-ho and Philippine Deputy Minister of Undersecretary for Acquisition and Resource Manag
March 7, 2024
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Air Premia, Air Incheon strong contenders for Asiana’s cargo arm
Close competition is predicted among the four domestic low-cost carriers vying for the acquisition of Asiana Airlines' cargo division, with Air Premia and Air Incheon emerging as the prime contenders, according to industry sources on Thursday. Financial services firm UBS, which is overseeing the sale of Asiana Airlines' cargo division, recently selected four LCCs -- Jeju Air, Eastar Jet, Air Premia and Air Incheon -- as shortlisted candidates for the acquisition. The decision follows t
March 7, 2024
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AmCham holds policy talks with FTC chief
Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea. “The Fair Trade Commission will strive to establish a fair market economy system that serves as the basis for economic stability and market innovation,” Han said, citing deepening inflation and high interest rates as continued economic difficu
March 7, 2024
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Eximbank, US energy department join hands on supply chain resilience
The state-run Export-Import Bank of Korea said Thursday that it has inked a memorandum of understanding with the US Department of Energy to bolster their partnership in supporting the Korea-US supply chain and sustainable energy projects between the two nations. This marks the first time Eximbank has entered into such a partnership agreement with a US government agency, underscoring the growing ties and shared interests between the two nations in the realms of sustainable development and clean e
March 7, 2024
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Hyundai E&C seeks to join UK SMR project
Hyundai Engineering & Construction announced Wednesday that the company signed business agreements with US energy equipment supplier Holtec International, and with UK construction firms Balfour Beatty and Mott MacDonald, in a bid to join the UK government’s small modular reactor project. The UK government plans to expand nuclear energy capacity to 24 gigawatts by 2050, through building a fleet of SMRs. Holtec is one of the six developers that have been shortlisted to win the project. Holte
March 7, 2024
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NH Bank cracks down on W11b internal failure
A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total amount of the financial products the accused employee had handled at the related department between March 2019 until November last year. According to an official from the bank, a 1.2 billion won d
March 6, 2024
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Korean firms eye chances in net zero, global market: ChatGPT report
The global transition to net zero will be a boon for companies in renewable energy and secondary batteries, while supply chain restructuring will challenge Korean chipmakers, according to data analysis released Wednesday by the Korea Chamber of Commerce and Industry. The business group released a report on opportunities and risk factors that Korean firms expected this year by analyzing 2024 management messages from the top 100 listed companies using ChatGPT. The opportunity factors for Korean
March 6, 2024
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[Contribution] The buck stops with all of us, not women
By Judy Hsu This year, for International Women’s Day, the United Nations has called for countries around the world to “Invest in Women: Accelerate Progress”. This crucial call underlines the need to address the deficit in gender equality measures as economies continue to grow. The call also emphasizes the imperative of prioritizing women’s economic empowerment because a stark reality persists: There continues to be a wide economic disparity between men and women in ma
March 6, 2024
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Samsung may build Google’s next Tensor chip: sources
Samsung Electronics' foundry division is expected to get a boost as Google reportedly plans to build its new Tensor G4 chipset based on Samsung’s latest Exynos 2400 blueprint, according to industry sources on Wednesday. Google's new Pixel 9 smartphone is set to launch in the latter half of this year, and it is highly anticipated to incorporate the upcoming Tensor G4 chipset. SamMobile and other industry sources predict Samsung Foundry to produce Google's new chipset leveragi
March 6, 2024
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[Photo News] Empowering women
From left: American Chamber of Commerce in Korea Chairman and CEO James Kim, US Embassy in Korea deputy chief of mission Joy M. Sakurai, Citibank Korea CEO Yoo Myung-soon, P&G Korea General Manager Lee Chee-young and Christina Ahn, client partner of Korn Ferry, attend a panel discussion during an International Women’s Day luncheon hosted by AmCham Korea in Seoul on Wednesday. During the event, business leaders shared their unique personal career journeys and delved into strategies fo
March 6, 2024
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LG, LS join hands for smart factory leadership
LG Electronics and LS Electric have teamed up to enhance their smart factory leadership and foray into overseas markets together, the companies said Wednesday. Their strategic alliance, formalized through a memorandum of understanding signed Tuesday, aims to leverage the combined technological prowess and market influence of both entities to forge advancements in the smart factory sector, including digital solutions, automation, and energy efficiency. LS Electric is set to contribute its core te
March 6, 2024
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Dong-A Otsuka pledges ‘zero plastic’ on 45th anniversary
Korean beverage maker Dong-A Otsuka on Tuesday announced its “zero plastic” goal, renewing its commitment to sustainable management on the company's 45th anniversary. Under the new goal, the company aims to increase the use of sustainable plastic by 50 percent by 2030 and complete a 100 percent transition to sustainable plastic by 2050. As part of its efforts, the company will start adopting eco-friendly PET (polyethylene terephthalate) this year and reduce the use of plastic ma
March 6, 2024
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[Investor] Cheonsuman Bay region emerges as stronghold of future air mobility industry
Hyundai Motor Group and South Chungcheong Province have joined hands to lead the advanced air mobility (AAM) industry in the province. In a strategic move toward innovating the transportation sector, the province concluded a business agreement with the automotive group to foster the AAM-related industry in Cheonsuman Bay B District in Seosan, provincial government officials said. South Chungcheong Gov. Kim Tae-heum and Hyundai Motor Group executives attended the signing ceremony held at the prov
March 5, 2024