Hyundai Elevator expands R&D with 250m test tower

Hyundai Elevator, Korea’s largest elevator manufacturer, announced Wednesday the completion of its new research and development center in Chungju, North Chungcheong Province, expanding its innovation capabilities. The Hyundai Asan Tower, which integrates laboratories and a 250-meter-tall test facility, consolidates all the company's previously scattered research functions into a single location near its headquarters. A completion ceremony was held at the headquarters on Wednesday, attended by Hy

May 21, 2025

[Contribution] Why enterprises can’t afford to ignore cloud optimization in 2025

By Peter Chambers Enterprise cloud demands have evolved beyond the early drivers of adoption. Now, more than ever, businesses must be prepared to scale at a moment’s notice. Meeting unexpected user demand while maintaining service levels is an ongoing challenge. At the same time, cloud workloads are becoming increasingly specialised, requiring optimized computing solutions across central processing units, data processing units and artificial intelligence accelerators to fully harness cloud-nativ

May 20, 2025

Czech utility appeals court order blocking $18b nuclear deal with KHNP

The Czech utility overseeing a major nuclear power project has filed an appeal to overturn a court order blocking the signing of an $18 billion contract with Korea Hydro & Nuclear Power, seeking to resolve a legal dispute that has delayed the agreement. On Monday in the Czech Republic, Elektrarna Dukovany II, a subsidiary of state-owned energy group CEZ, filed an appeal with the Czech Supreme Administrative Court to overturn the preliminary injunction issued by the Brno Regional Court on May 6 i

May 20, 2025

Apple may split iPhone launch, reshaping Korean supply chain

Apple is reportedly considering releasing new models twice annually, with significant impacts expected for the production and shipment schedules of Korean display and component suppliers closely tied to the US tech giant. According to industry sources Tuesday, Apple is likely to adopt a staggered launch timeline for the iPhone 18 series in 2026. Breaking from its long-standing tradition of unveiling all models simultaneously in September, the new approach would see lower-end models released in t

May 20, 2025

South Korean business leaders meet Macron to deepen bilateral ties

South Korean business leaders met with French President Emmanuel Macron in Versailles, France, on Monday to explore opportunities for deepening bilateral economic cooperation, the Federation of Korean Industries said. The meeting was held during the “Choose France Summit,” President Macron’s flagship initiative to attract foreign investment, at the Chateau de Versailles near Paris. Now in its eighth year, the summit brought together more than 100 global business leaders at Macron’s invitation to

May 20, 2025

Auto exports inch down in April on US tariff impact

South Korea's automobile exports declined slightly in April from a year earlier, largely due to a sharp drop in shipments to the United States following Washington's imposition of steep tariffs on foreign-made cars, government data showed Tuesday. The value of outbound shipments of automobiles came to $6.53 billion last month, down 3.8 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy. By region, exports to North America tumbled 17.8 percent on-year t

May 20, 2025

Hanwha’s new ice cream brand Benson debuts in Apgujeong

Betterscoop Creamery, the ice cream business subsidiary of Hanwha Galleria, held a press conference ahead of Friday's official opening for premium ice cream brand Benson’s first store, Benson Creamery Seoul, on Monday. Located a one-minute walk from Apgujeong Rodeo Station Exit No. 5, the store is surrounded by popular restaurants and select shops, including the Hanwha-introduced Five Guys US burger franchise, and sees high traffic of young people and tourists. “Just like our slogan ‘Freeze the

May 19, 2025

From satellites to smart farms: Korea’s agriculture minister reimagines rural sustainability

South Korea’s Ministry of Agriculture, Food and Rural Affairs is taking meaningful steps to modernize the country’s agricultural sector and ensure its long-term sustainability. Led by its first female minister, Song Mi-ryung, the ministry has been focusing on three key transitions: digital innovation, generational change and the transformation of rural spaces. “Food and livelihood are essential pillars of any society," Song said during an interview with The Korea Herald at the Agriculture Minist

May 19, 2025

MBK chief barred from leaving Korea in Homeplus fraud case

South Korean prosecutors have imposed a foreign travel ban on Michael Byung-ju Kim, chairman of Seoul-based private equity giant MBK Partners, as part of an investigation into fraud allegations related to the short-term debt issuance by supermarket chain Homeplus. The Seoul Central District Prosecutors' Office reportedly requested the Justice Ministry to place an exit ban on Kim. Prosecutors sought the travel restriction out of concern that Kim might not cooperate with the ongoing probe if allow

May 19, 2025

Samsung boosts leadership with global hires

Samsung Electronics has strengthened its leadership team by bringing in professionals from leading global companies, including Apple, Siemens, Qualcomm and General Motors, the company revealed in its first-quarter earnings report on Monday. The move reflects a broader push by Samsung Electronics Chairman Lee Jae-yong, who has emphasized the need to secure world-class talent across key business divisions. Among the high-profile appointments is Vice President Choi Jae-in, a former director at Appl

May 19, 2025

Korean shipbuilders urged to target US vessel demand of up to 448 ships by 2037

Korea’s shipbuilding industry needs to undertake strategic moves to capture opportunities in its cooperation with the US, as the country’s demand for ships could reach up to 448 vessels by 2037, according to a report released by one of Korea’s major business lobbies. The Federation of Korean Industries on Sunday released a study conducted by professor Ryu Min-cheol of Korea Maritime & Ocean University. The study explores strategic ways Korea can cooperate with the US, as the country seeks to rel

May 19, 2025

Kakao to complete Daum spin-off next month after 11-year merger

Kakao is set to complete the spin-off of Daum, its in-house operator of the country’s second-largest portal site, as early as June, signaling the end of an 11-year union since the two firms merged in 2014. According to industry sources on Monday, Kakao has entered the final stages of turning Daum into a fully independent entity. As part of the transition, the IT giant has begun gathering consent from employees to either transfer to the new Daum entity or remain with Kakao headquarters. The board

May 19, 2025

Wadiz sets out to export ‘K-funding’ as Asia’s answer to Kickstarter

When Shin Hye-sung left the state-run Korea Development Bank in 2012 to start a crowdfunding platform, he wasn’t chasing unicorns. He was looking out for overlooked potential: early-stage entrepreneurs with good ideas but few backers. That vision became Wadiz, now South Korea’s largest crowdfunding platform, with 6.8 million users and more than 83,000 campaigns raising a combined 1.3 trillion won ($928 million). After more than a decade helping domestic startups raise capital from fans and early

May 19, 2025

Hyosung Heavy Industries secures $60m transformer deal with Scottish Power

Hyosung Heavy Industries, a South Korean company specializing in power and industrial systems and a key affiliate of Hyosung Group, is rapidly expanding its presence in the European power equipment market. The company said Monday that it signed an 85 billion won ($60.8 million) contract with Scotland’s transmission company, Scottish Power, to supply 400 kilovolt, ultra-high voltage transformers. These units will support the transmission of wind-generated electricity from onshore and offshore sit

May 19, 2025

Probe suggests possible leak of SK Telecom users' private info from cyberattack

Servers at SK Telecom Co. containing personal information and universal subscriber identity module data of all subscribers have been compromised in a cyberattack, raising concerns that critical USIM data used in financial transactions may have been leaked, a joint government-private investigation team said Monday. According to the team's interim findings, the breach dates back to June 15, 2022, when unidentified attackers are believed to have planted malware on the company's servers. A total of

May 19, 2025