Articles by Byun Hye-jin
Byun Hye-jin
hyejin2@heraldcorp.com-
S. Korea, Africa seek cooperation to boost sustainable agriculture
SEOGWIPO, Jeju Island -- Researchers and government officials from South Korea and Africa gathered on Wednesday in a bid to discuss cooperative measures aiming to boost sustainable development of agriculture in the second-largest continent based on innovative technology. “Although Africa is one of the regions that show great growth potential for agriculture industry, more than 23.5 million people suffer from food crisis -- those who are forced to skip one or two meals in a day -- due to cl
Industry Nov. 9, 2022
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Jeju holds first-ever expo on future farming machinery
SEOGWIPO, Jeju -- South Korea’s first-ever expo on automotive and self-operating agriculture machinery kicked off Tuesday on Jeju Island, addressing commitment for sustainable agriculture powered by innovative technology. “The country’s agriculture industry is facing great challenges, including climate change and a shrinking agricultural population along with aging farmers. These have become struggles for the agriculture industry here,” said the expo’s committ
Industry Nov. 8, 2022
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Korea to expand funding for venture capitals to invest in startups
The Ministry of SMEs and Startups said Friday that it will expand its funding for venture capitals’ investment in startups to a total of 8 trillion won ($5.6 billion) by 2026 to spur startups’ growth. “Battered by inflation, high interest rates and a strong US dollar, investments into Korean startups are slowing down,” said SMEs and Startups Minister Lee Young. “The country needs a more dynamic ecosystem to boost the startup industry led by the private sector and su
Industry Nov. 4, 2022
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KT&G to buy back shares worth W350b to boost shareholder returns
South Korean tobacco company KT&G said Friday it plans to buy back 350 billion won ($245.1 million) of its own shares in a bid to boost shareholder returns. The firm is also considering increasing dividends per share by more than 200 won compared to last year. It is the second share buyback since last year when the company bought back 350 billion won of its shares and paid dividends of some 576 billion won to shareholders. In November 2021, the company announced it would carry out a shareh
Consumer Nov. 4, 2022
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Seoul to inject W2tr fund to incubate 1,000 tech-focused startups by 2027
The Ministry of SMEs and Startups said Thursday it plans to inject more than 2 trillion won ($1.4 billion) of investment comprised of state and private fund to incubate around 1,000 advanced technology-based startups for the next five years. Categorized as the “deep-tech” sector, the ministry selected 10 industries of growth including system semiconductors, biologics and health care, future mobility, next generation nuclear power plants and quantum technology. It is the largest su
Industry Nov. 3, 2022
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Lotte to inject W1tr to expand online grocery business
Lotte Shopping, the e-commerce arm under retail giant Lotte, said Wednesday it plans to inject some 1 trillion won ($705 million) to boost its online grocery business. In partnership with Ocado, UK’s retail solutions provider, the company will adopt the Ocado Smart Platform, which uses artificial intelligence, big data and machine learning technologies to offer fast delivery service of fresh groceries. The platform operates automated fulfillment centers where hundreds of robots sort and pi
Consumer Nov. 2, 2022
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Luxury resort brand Capella to land in S. Korea
Global resort brand Capella announced its South Korean debut in Yangyang, Gangwon Province, some 107 kilometers from Seoul. Under the 830 billion won ($584 million) project, the luxury beach resort will be constructed near Songjeon beach by the second half of 2025. The company said Capella Yangyang aims to become the largest wellness resort here with a total of 261 rooms. There will be restaurants, convention halls and a total of five swimming pools, a mixture of indoor and outdoor. The resort
Consumer Oct. 31, 2022
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Retailers cancel Halloween-themed events
Retailers called off a series of Halloween-themed marketing events following an overnight crowd surge that killed at least 153 people, among some 100,000 who turned up for Halloween festivities in Itaewon, a popular nightlife district in central Seoul, late Saturday. Many retail companies here had planned to use Halloween to promote their products catering to young consumers, but events have quickly been canceled following the government’s announcement of a national mourning period throu
Consumer Oct. 30, 2022
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Coupang launches cross-border e-commerce service in Taiwan
South Korean e-commerce giant Coupang said Wednesday it has launched a cross-border online shopping service in the burgeoning Taiwanese market, saying it would help small and medium-sized Korean companies expand their businesses overseas. Through the Taiwanese version of Coupang's mobile app, consumers in Taiwan can use the company’s ultrafast Rocket Delivery service. Customers can order millions of groceries, daily necessities and other products from South Korea, and receive them i
Consumer Oct. 26, 2022
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Philip Morris Korea launches new heated tobacco device that needs no cleaning
Philip Morris Korea on Tuesday launched Iqos Iluma, its new flagship heated tobacco product that requires no cleaning process, saying it hopes to enhance customer experience. “Our new heat-not-burn cigarette uses smart core induction technology that doesn’t require heating blades like previous models. Since the tobacco sticks are not inserted into the blades, you don’t have to clean the ashes caught in the blades and there is no risk of damaging them,” said Baek Young-jae
Consumer Oct. 25, 2022
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[Herald Interview] High-end Champagne RSRV lands in Korea
Global wine and spirits company Pernod Ricard’s luxury wine collection Maison Mumm RSRV made its South Korean debut recently to cater to an ever-evolving, pandemic-fueled drinking culture here: drinking less, but better. “During at-home drinking occasions with a small group of people, you don’t have the social pressure of picking alcohol that is suitable for the moment. It was very interesting to see how people switch from drinking soju and beer -- the rule you must follow when
Consumer Oct. 21, 2022
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SPC chairman apologizes over death of young factory worker
Heo Young-in, CEO of South Korean bakery giant SPC Group, bowed deep in apology Friday over a young factory worker killed in an accident at one of the company's bread-making factories last week. “I feel strongly responsible for this accident and accept criticism from the public without any excuses. I also send my deepest apology for not caring for the grief and shock of the employees who worked with the deceased,” Heo said during a press conference. As part of prevention measures, He
Consumer Oct. 21, 2022
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[KH Biz Forum] Virtual human aims to go beyond human: Locus-X CEO
Virtual humans, or digital representations of human beings, have already started to take over human jobs, and are now on their way to strengthen their presence in the virtual world, according to Locus-X CEO Baek Seung-yeop. “In the early stages of virtual humans, they tried to be more ‘human-like.’ But now, they aim to go ‘beyond human’ and show great potential in the virtual world,” said Baek during his speech at The Korea Herald Biz Forum 2022 held at the
Technology Oct. 19, 2022
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Korea's Comeup aims to become world's top startup accelerator program
SMEs and Startups Minister Lee Young said on Tuesday that it plans to nurture Comeup, the ministry's startup accelerator program, as one of the top five startup events globally in five years. “Ramping up engagement from private sectors, we plan to place Comeup as the world’s fifth largest startup event in five years,” said Lee during a press conference at Maru 100 in southern Seoul. Lee added the government will make room for startup companies to enter global markets more
Industry Oct. 18, 2022
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Kakao suffers worst server outage, with no complete recovery in sight
A day has passed since Kakao Corp., the operator of the immensely popular messenger app KakaoTalk, suffered its worst server outage due to a fire at its data center, but there was no complete recovery in sight as of midday Sunday. “The Pangyo data center is our main data facility that operates around 32,000 servers, but only one third of them – 12,000 servers – have been restored,” Yang Hyun-seo, a Kakao vice president, said during a press conference held in the afternoon
Technology Oct. 16, 2022
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