Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Samsung C&T 2023 net profit up on construction, resort business
Samsung C&T said Wednesday its 2023 net profit gained 6.8 percent from a year earlier, driven by the strong performance of its construction and resort business. The net profit came to 2.71 trillion won ($2 billion) in the three months ended in December, compared with 2.54 trillion won a year ago, the company said in a regulatory filing. Operating profit was 2.87 trillion won, compared with 2.52 trillion from the previous year, and annual sales fell 2.9 percent to 41.89 trillion won. The trad
Jan. 31, 2024
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Integrated labor union of 4 Samsung units to set sail
A labor union comprising workers of four Samsung Group affiliates will officially set sail next month, industry sources said Wednesday. The unionized workers held their first intercompany labor union meeting earlier in the day to make an internal announcement of the union's establishment, according to the sources. The Samsung affiliates are Samsung Electronics's device experience (DX) division, Samsung Fire & Marine Insurance, Samsung Display and Samsung Biologics. The integrated u
Jan. 31, 2024
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Korean Air merger gets green light from Japan
Korean Air said Wednesday that its planned merger with smaller domestic rival Asiana Airlines has gained approval from Japan’s antitrust regulator, with only two crucial decisions left to come from the European Union and the US. According to the airline, the Japan Fair Trade Commission approved the deal worth 1.8 trillion won ($1.34 billion), the process of which has been being delayed for over three years amid monopoly concerns by foreign authorities. The high-profile merger has receive
Jan. 31, 2024
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Posco, ADNOC to produce blue hydrogen in Gwangyang
Posco Group and the United Arab Emirates' Abu Dhabi National Oil Company will collaborate on blue hydrogen production facilities in Gwangyang, South Jeolla Province, Posco International said Wednesday. Posco International, Posco Holdings and ADNOC signed a three-way strategic collaboration agreement at the UAE energy group’s headquarters in Abu Dhabi. Under the agreement, the three companies will build blue hydrogen production facilities at Posco International’s liquefied natura
Jan. 31, 2024
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Posco Future M hits record sales in 2023
Posco Future M said Wednesday it broke the record in revenue last year, driven by large-scale supply deals of electric vehicle battery materials. According to the company’s earnings report, annual sales revenue soared 44.2 percent on-year to 4.76 trillion won ($3.57 billion). In particular, sales of the battery materials business skyrocketed 73.4 percent to 3.36 trillion won, with an increase in the supply of cathode products, largely consisting of premium high-nickel products. Anode bat
Jan. 31, 2024
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[Herald Interview] Almonty to boost security of key mineral supply with Sangdong mine
Almonty Industries, a multinational mining company headquartered in Toronto, expects to reopen the Sangdong Mine in Yeongwol, Gangwon Province, and begin operations before the end of the year to offer an alternative source for tungsten, a critical material, according to the firm’s CEO Lewis Black. "I think now we’ve finally got a clear path to reopen the world’s largest tungsten mine,” Black said in an interview with The Korea Herald at the office of Almonty Korea Tu
Jan. 31, 2024
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Daewoo E&C, Nigerian Petroleum reaffirm joint project goals
Daewoo Engineering & Construction CEO Baek Jung-wan and Nigerian National Petroleum Corporation’s Group General Manager Mele Kolo Kyari reaffirmed their commitment to their ongoing joint oil and gas projects in Nigeria, a sector vital to the African country's economy, during a meeting at Daewoo's Seoul headquarters on Monday. Daewoo E&C Chairman Jung Won-joo and Nigdel Oil Chairman Joseph T. Penawou were also present at the meeting. Daewoo E&C, with a history in Niger
Jan. 31, 2024
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[KH Explains] What’s behind unusual popularity of imported milk in Korea?
Imported milk has been enjoying unexpected popularity in Korea recently, with the import volume more than tripling over the past three years alone. According to the Korea Customs Service, imports of pasteurized milk totaled 3.74 metric tons, worth 41.5 billion won ($31.1 million), last year, up 32 percent from a year prior and a threefold surge from 2020. Almost 90 percent of the imports came from Poland, followed by Australia (4.1 percent), Germany (3.9 percent) and France (2.2 percent). Despit
Jan. 31, 2024
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Doosan Bobcat debuts Korea's first hydrogen-powered forklift
Doosan Bobcat, a South Korean compact equipment manufacturer, has commercialized the country's first hydrogen-powered forklift. The development was marked by a first shipment ceremony on Tuesday at the company's Incheon forklift plant. Korea Zinc, which operates the world's largest zinc smelter, is set to be the first customer for the forklift, in alignment with their 2050 decarbonization goals under the RE100 initiative. The 3-ton model hydrogen forklift, equipped with a 20-kW fu
Jan. 31, 2024
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Citibank Korea sponsors climate action conference
Citibank Korea said Wednesday it sponsored the ninth Climate Action Conference, held on the previous day at a hotel in central Seoul. The event was jointly hosted by the Korean chapter of the World Wide Fund for Nature, United Nations Global Compact Network Korea and Korea Sustainability Investing Forum. According to the bank, this year's conference was devoted to providing practical guidance for the local companies trying to engage in the global Science-Based Targets Initiative, while intr
Jan. 31, 2024
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Hanwha showcases defense capabilities to Canadian think tank
Energy-to-defense giant Hanwha Group said Wednesday its shipbuilding and machinery manufacturing affiliates presented their state-of-the-art defense technologies to the head of Canada‘s leading global affairs research group, in the companies' efforts to expand their footing in the North American market. According to Hanwha, Dr. David Perry, the president of Canadian Global Affairs Institute, took an extensive tour of Hanwha Ocean and Hanwha Aerospace's facilities during his visit
Jan. 31, 2024
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GS E&C hits record sales on overseas orders
Korean construction giant GS Engineering & Construction said Wednesday it posted record sales in 2023, largely buoyed by upbeat overseas orders amid a housing market slowdown at home. The company's sales reached 13.43 trillion won ($12.21 billion) last year, up 9.2 percent from a year before. The sales figures were the highest in the builder’s history. Sales at the building and housing business division increased by 9.7 percent to 10.23 trillion won, while the company's infra
Jan. 31, 2024
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SK Networks, US tech tycoon team up for AI investments
SK Networks said Wednesday that it has forged a partnership with US tech tycoon and investor Vivek Ranadive to cooperate on investments in futuristic technologies with a strategic focus on artificial intelligence. The nonbinding agreement was signed in Seoul on Thursday upon the visit of Ranadive, founder and managing director of Silicon Valley-based venture capital firm Bow Capital. He also owns the NBA’s Sacramento Kings. SK Networks President and Chief Operating Officer Choi Sung-hwan h
Jan. 31, 2024
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Korean Air shifts to Q4 net loss on operating costs
Korean Air Co., South Korea's national flag carrier, said Tuesday it had shifted to a net loss in the fourth quarter of 2023 from a year earlier due to increased operating costs. Korean Air swung to an estimated net loss of 234.59 billion won ($176 million) in the three months ended on Dec. 31 from a net profit of 353.98 billion won a year earlier, the company said in a statement. Operating profit likely plunged 65 percent to 183.61 billion won in the October-December period from 520.08 bil
Jan. 30, 2024
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Korean firms should brace for 'Trump risk': KITA
Fears over a future US decoupling from China and protectionist policies are looming large among South Korean companies as former US President Donald Trump emerges as the potential Republican presidential nominee in this year's election. One of the most substantial risks of a possible second term for Trump is his "America-first" policy agenda and the many geopolitical uncertainties rising from it, including the US potentially decoupling from China, according to a report released by
Jan. 30, 2024
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Samsung Biologics stocks extend rally on US bill
Samsung Biologics shares extended a rally Tuesday on upbeat sentiment that the company may be benefiting from US-proposed legislation that aims to restrict Chinese biotech firms from accessing the all-important American market. Last week, members of a bipartisan House Select Committee introduced a bill barring contracts with Beijing Genomics Institute and some Chinese biotech companies for their alleged connection with China’s People’s Liberation Army. The proposed bill specifically
Jan. 30, 2024
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US Chamber criticizes Korea's move to pass platform law
The US Chamber of Commerce has openly opposed a proposed act aimed at preventing unfair market activities by major online platform players, voicing concerns over the country’s apparent rush to pass the law. Charles Freeman, senior vice president for Asia at the US Chamber, issued a statement warning Seoul on the push for the rules on Monday and called for transparency and open dialogue with Korea’s antitrust regulator that “an action of this magnitude requires.” "It
Jan. 30, 2024
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[Herald Interview] Daewoong Pet targets health-conscious pet owners
Daewoong Pet, the pet health care arm of Daewoong Pharmaceutical, seeks to gain growth momentum by launching veterinary drugs and securing patent exclusivity as the need for veterinary care continues to surge amid an aging pet population. The firm's main aim is to develop and introduce drugs with the proper dosage and formulation for pets, with a particular focus on senior pets, which increasingly require health care services, Daewoong Pet co-CEO Lee Hyo-jun said. “Many veterinary hos
Jan. 30, 2024
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Samsung Galaxy S24 hits shelves globally
Samsung Electronics said on Tuesday it is starting sales of its latest flagship smartphone the Galaxy S24 globally, largely buoyed by record preorders made at home over the past week. The new phone, dubbed the world’s first smartphone powered by artificial intelligence, is expected to hit the shelves first in key markets, including the US, Britain, Singapore, France, and India, from Wednesday. Ultimately Samsung aims to launch the phone in some 120 countries. “The launch of the Galax
Jan. 30, 2024
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Govt. disapproves BlackRock's offshore wind plant project
The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs
Jan. 30, 2024