Posco International completes EV parts plant in Mexico

Posco International said Wednesday it completed a production facility for traction motor cores, or parts responsible for converting electric energy into kinetic energy in electric vehicles, in Mexico, in a bid to accelerate its foray into the North American market. Posco International said it held a ceremony in Ramos Arizpe, Mexico, to commemorate the completion of Posco International Mexico E-Mobility, or PI-MEM. According to Posco International, the completed facility stands on 63,925 square m

Oct. 18, 2023

Samsung Biologics expansion ahead of schedule

In a wide open space just a few minutes away from Samsung Biologics’ first Bio Campus in Songdo, Incheon, the company’s Plant 5 is under construction. Prefabricated concrete-based frames implemented in a neatly controlled construction environment provide a glimpse into the company's new facility, which would further consolidate the firm’s leadership as the world’s largest contract development and manufacturing organization, or CDMO. On Tuesday, Samsung Biologics, the

Oct. 18, 2023

[Herald Interview] New Royal Salute whisky debuts in Korea to tap growing premium market

Pernod Ricard’s Royal Salute 21-Year-Old Richard Quinn Edition 2 has recently made its world debut in South Korea, where young drinkers are increasingly turning their eyes to high-end whiskeys. The second collaboration with UK fashion designer Richard Quinn "features a deeper and more flavorful blend, and the design is bolder and more colorful," said Pernod Ricard Korea CEO Frantz Hotton in a recent interview with The Korea Herald. “The reason why Korea was selected as the

Oct. 18, 2023

SK gears up for largest-ever tech conference on AI

SK Group has opened registrations for its annual tech conference, the SK Tech Summit 2023, which will be held on its largest scale ever, the telecom carrier SK Telecom said on Wednesday. Under the theme of “AI Everywhere for a Better Future,” the SK Tech Summit 2023 is scheduled to take place from Nov. 16 to 17 at Coex in southern Seoul. A total of 17 subsidiaries under the conglomerate, including SK Telecom, will prepare sessions, exhibitions and additional activities featuring

Oct. 18, 2023

Industry minister asks refiners to use fair pricing policy amid Israel-Hamas war

South Korea's industry minister on Wednesday requested local oil refiners use a fair and transparent pricing policy amid the growing volatility of crude prices as the Israel-Hamas war intensifies. "We ask (local oil refiners) to use a transparent and fair oil pricing policy so that the recent rise in oil prices does not unilaterally burden the people," Industry Minister Bang Moon-kyu said during a meeting with business officials. Bang emphasized that stabilizing oil prices is th

Oct. 18, 2023

SK Chemicals partners with Estee Lauder for eco-friendly cosmetics containers

SK Chemicals said Tuesday it has partnered with global cosmetics giant The Estee Lauder Companies, in a bid to provide eco-friendly plastic solutions and accelerate its efforts to popularize cosmetics containers that incorporate recycled materials. SK Chemicals said it signed a letter of intent with Estee Lauder to provide Ecotria CR and Skypet CR to the cosmetics firm. Both materials feature advanced recycling technology that allows the chemical decomposition of plastic into monomers. SK Chemic

Oct. 17, 2023

[KH Explains] Shipbuilders scramble to secure labor force amid booming industry

South Korea’s leading shipbuilders have been scoring massive order after order all this year, welcoming the revival of the shipbuilding industry. Despite the upbeat numbers on paper, they are facing the daunting task of securing a skilled workforce capable of carrying out difficult tasks in the long term. Clarksons Research, a global shipping and shipbuilding analysis firm based in the United Kingdom, measured the Newbuilding Price Index (NPI) at 173 points as of August. The NPI indicates

Oct. 17, 2023

One Store attracts W20b from Krafton

South Korea’s mobile app store operator One Store said Tuesday that it has secured an investment worth 20 billion won ($14.7 million) from Krafton, one of the country’s major game developers. Krafton said it made the investment decision to broaden its understanding of the global game market through One Store's overseas expansion. They did not disclose the size of the stake that Krafton had taken. One Store was jointly developed by Korean telecommunication giants SK Telecom a

Oct. 17, 2023

MBK chairman makes donation to promote Korean art at New York's Met

Seoul-based private equity firm MBK Partners Founder and Chairman Michael Byung-ju Kim has offered a donation to the Metropolitan Museum of Art in New York to promote Korean art in the museum, the firm said Tuesday. The donation is part of the Korean Art Initiatives project, which was devised to honor the 25th anniversary of the Arts of Korea gallery at the museum, along with the Korea Foundation and the Samsung Foundation of Culture. Scholarships and educational programs will help to bolster th

Oct. 17, 2023

Hyundai Rotem to showcase new ground weapons systems at Seoul expo

Hyundai Rotem, a defense solutions and railway vehicles maker affiliated with Hyundai Motor Group, said Tuesday it is showcasing its next-generation defense technologies during the Seoul International Aerospace & Defense Exhibition 2023, which is taking place at Seoul Airport in Seongnam this week. The biennial event is the defense industry's biggest gathering in Korea. This year, a record 550 exhibitors from 35 nations are joining the event. Under the theme of “Shielding Peace wi

Oct. 17, 2023

[Photo News] Diplomats frying chicken

Jose Augusto Saraiva Pinto (center), deputy chief of mission from the Czech Republic, prepares a BBQ Golden Olive chicken at the Global Chicken Camp hosted by Korean chicken giant Genesis BBQ in Icheon, Gyeonggi Province, Friday. Genesis BBQ said Tuesday the company's Chairman Yoon Hong-geun invited officials from embassies of Belarus, Czech Republic, Iraq and Bangladesh to present BBQ's global strategies and offer a tour of its educational center, known as Chicken University. The even

Oct. 17, 2023

SC Bank Korea CEO nominated for fourth term

Park Jong-bok, the CEO of Standard Chartered Bank Korea, has been nominated as the sole final candidate for the bank's top position again, according to the lender on Monday. The bank's executive candidate recommendation committee selected Park as the final candidate for the next CEO during a meeting held last Friday. If appointed, he will be serving his fourth term, which will last for a year starting Jan. 8, 2024, as the CEO of SC Bank Korea. "Since assuming the top position in 2

Oct. 17, 2023

[Graphic News] Smartphone shipments in S. Korean market fell 13.2% in Q2

Smartphone shipments within the domestic market declined over 13 percent on-year in the second quarter, recent data showed, as demand remained sluggish due to the economic downturn with high interest rates and inflation. The total number of smartphones shipped came to approximately 2.8 million units for the April-June period, down 13.2 percent from a year ago, as “demand for smartphones continued to slow down amid economic uncertainties,” the Korea branch of International Data Corpor

Oct. 17, 2023

HiteJinro to produce soju in Vietnam

South Korean liquor giant HiteJinro said Monday it is building the company's first overseas manufacturing plant in Vietnam, riding high on the growing popularity of the nation's distilled spirit abroad. According to HiteJinro Singapore, the company confirmed a sublease agreement with the Green I-Park Industrial Complex in Vietnam's Thai Binh province to establish HiteJinro’s new soju manufacturing plant at the site. HiteJinro Singapore is HiteJinro’s affiliate newly es

Oct. 16, 2023

Celltrion partners with US pharmacy chain for Yuflyma sales

Celltrion Healthcare, Celltrion's distribution unit, said Monday it has signed a deal with US specialty pharmacy chain CarePartners Pharmacy to sell its Humira biosimilar Yuflyma in the US market. CarePartners Pharmacy is a national pharmacy that distributes medications across all 50 states and Washington DC, focusing on several niche programs, including autoimmune therapies. Under the contract, Yuflyma will be distributed to drug stores operated by CarePartners Pharmacy nationwide, startin

Oct. 16, 2023

HD Korea Shipbuilding to build world's first ammonia-powered vessel by 2026

HD Korea Shipbuilding & Offshore Engineering, the shipbuilding unit under HD Hyundai, announced Monday that it is set to construct two of the world’s first ammonia-powered medium-sized vessels, with targeted delivery by 2026. The company said it has decided to adopt a dual-fuel engine using both ammonia and liquefied petroleum gas for two ship orders made by Belgian shipping firm Exmas in March. The ships, slated for construction at the Hyundai Mipo Shipyard in Ulsan, measure 45,000 cu

Oct. 16, 2023

SK to hold CEO meeting in Paris

SK Group will hold its annual CEO meeting – one of the biggest gatherings of its top executives – in Paris this week to discuss its management strategies amid the backdrop of rising global uncertainties, according to industry sources on Monday. About 30 CEOs, together with Chairman Chey Tae-won, Executive Vice Chairman Chey Jae-won and SK Discovery Vice Chairman Chey Chang-won, will participate in this year’s three-day seminar starting later Monday. It marks the first time in 1

Oct. 16, 2023

Posco Future M achieves 100% recycling of refractory waste

South Korean chemical and battery materials manufacturer Posco Future M has achieved 100 percent recycling of refractory waste, gaining a foothold in green transformation, the company said Monday. Usually, in the shape of bricks, refractories are solid materials that can withstand high temperatures, preventing the heat of metal from damaging the steelmaking furnaces. Posco Future M used to bury refractory waste in landfills, as recycling was only limited to refractories made of renewable sources

Oct. 16, 2023

Doosan Robotics to supply chicken-frying robots to Kyochon

Doosan Robotics, South Korea’s largest collaborative robot manufacturer under the conglomerate Doosan Group, said Monday it will supply chicken-frying collaborative robots to fried chicken franchise Kyochon F&B. Under the deal, Doosan will install its first collaborative robot at Kyochon F&B headquarters in Osan, Gyeonggi Province within this month, with plans to do so at other Kyochon franchise stores nationwide. Doosan Robotics co-CEOs Park In-won and Ryu Jung-hoon, Kyochon F&

Oct. 16, 2023

FSC lays out plan to boost pet insurance enrollment

The Financial Services Commission, Korea's top financial regulator, unveiled plans on Monday to increase the pet insurance enrollment rate, currently at approximately just 1 percent in a country with some 8 million pets. "The pet insurance enrollment rate in the US is approximately 2 percent, while in Japan, it exceeds 12 percent. Our goal is to position ourselves between these two countries,” Shin Sang-hoon, head of the insurance department at the FSC, emphasized during a press

Oct. 16, 2023