Starlink services may be available in S. Korea next year: sources

US space firm SpaceX may launch its Starlink satellite internet services in South Korea next year, industry sources said Tuesday. According to the sources, the science ministry had notified the revisions of related regulations for Starlink's internet services. After a six-month period, the science ministry will launch the process for the approval of a deal between SpaceX and its Korean unit, Starlink Korea. The sources said once all required processes are completed, SpaceX will launch the s

TechnologyOct. 15, 2024

LG wins $9.5b battery deal to power over 1m Ford electric vans

LG Energy Solution has landed its biggest deal of the year, partnering with Ford to supply 109 gigawatt-hours of batteries for the automaker's electric commercial vehicles through 2032. Announced on Tuesday, this long-term agreement will see LG providing enough battery power for over a million electric commercial vehicles, all manufactured at the company’s plant in Wroclaw, Poland. The batteries, expected to be a high-performance ternary pouch type, will be delivered over two periods

MobilityOct. 15, 2024

K bank eyes W5tr IPO to spur growth

K bank, South Korea's first internet-only bank, has announced plans for business expansion, seeking to raise over 1 trillion won ($733.6 million) from its upcoming initial public offering. "K bank will drive inclusive and innovative finance by using the IPO funds to advance our three core growth strategies — retail, small- and medium-sized enterprises and platforms — along with risk management and technology," said CEO Choi Woo-hyung during a press conference in Seoul

EconomyOct. 15, 2024

Spike in KAIST dropouts as med school draws talent away

Over the past three years, 182 students from the Korea Advanced Institute of Science and Technology have withdrawn from the university to pursue medical or dental school, with some even abandoning their graduate-level studies to make the switch. According to data provided by Democratic Party Rep. Hwang Jeong-ah, a member of the National Assembly's Science, ICT, Broadcasting, and Communications Committee, these 182 students left KAIST between 2021 and Oct. 4 this year, specifically citing th

EconomyOct. 15, 2024

Samsung Display showcases OLED for AI monitors in Taipei

South Korean display maker Samsung Display showcased its latest organic light-emitting diode panels for monitors and laptops optimized for artificial intelligence applications at the Samsung OLED IT Summit in Taipei, Taiwan, Tuesday. To address growing demand for OLED panels in the IT device market, Samsung Display reorganized its original Samsung OLED Forum as the Samsung OLED IT Summit to emphasize its focus on OLED panels for IT devices, the company said. Some 300 officials from 20 companies,

IndustryOct. 15, 2024

Manpower Korea sees robust growth in RPO service sales

Manpower Korea, the Korean unit of global human resources service company ManpowerGroup, said Tuesday that its recruitment process outsourcing, or RPO, service has seen robust growth since its debut 10 years ago. When the RPO service was first introduced in Korea in the early 2000s, they mainly served multinational companies entering the Korean market. But the service has secured a bigger footing here in recent years as both domestic and global companies struggle to respond effectively to drasti

IndustryOct. 15, 2024

Herald Business Forum envisions future with AI

Herald Media Group hosted the Herald Business Forum on Tuesday, offering insights to help businesses make decisions that enable them to lead the global industrial ecosystem. The theme was “Surviving Technology’s Metamorphosis.” "AI has become a key technology for national economy and security. The government will fully support companies so that they can boldly challenge the global market and achieve success,” said Park Chun-sup, senior presidential secretary for econ

IndustryOct. 15, 2024

[Photo News] Masterpiece on the frame

Samsung Electronics said Tuesday it has forged an exclusive partnership with the Museum of Modern Art in New York to showcase a curated collection of 27 masterpieces, including Piet Mondrian's Trafalgar Square, on The Frame, the company's premium TV. Samsung said users will be able to enjoy iconic artworks of the most distinguished artists in 4K quality directly in their homes via Samsung Art Store, the company’s digital curator service. (Samsung Electronics)

IndustryOct. 15, 2024

[Photo news] Deacon whisky debuts in Korea

Pernod Ricard Korea on Tuesday debuted its premium blended Scotch whisky, The Deacon, in collaboration with Sovereign Brands. The whisky blends peaty Islay and fruity Speyside varieties, offering a smoky yet sweet flavor. "The Deacon captures our innovative style, delivering luxury, uniqueness, complexity and balance, while being easy to enjoy," said Brett Berish, CEO and founder of Sovereign Brands, at a showcase event held in Seoul on Tuesday. (Pernod Ricard Korea)

CompaniesOct. 15, 2024

Hanwha eyes another shipyard takeover in US

Hanwha Group, South Korea’s defense-to-energy conglomerate, is looking to expand its shipbuilding and maritime businesses in the United States as it appears to be contemplating a second American shipyard acquisition. Mike Smith, who was appointed as the CEO of Hanwha Defense USA in August, a US subsidiary of Hanwha Aerospace, said in Washington last week that Hanwha is “not done” when asked whether Hanwha’s purchase of Philly Shipyard was a one-time deal. Hanwha Group ann

CompaniesOct. 15, 2024

LS Electric forays into Vietnam’s smart factory solutions market

LS Electric forged a partnership with Becamex, an industrial development firm in Vietnam, in a bid to enter the booming smart factory solutions market. The companies signed a memorandum of understanding on Monday, outlining ways to advance smart factory businesses in Vietnam’s manufacturing sector to contribute to creating a sustainable industrial ecosystem. LS Electric Chairman Koo Ja-kyun and Becamex Chairman Nguyen Van Hung and other executives attended the signing ceremony held at the

IndustryOct. 15, 2024

[Photo News] Kia turns ocean trash into trunk liner

Kia has launched a special edition trunk liner for its EV3, crafted from recycled plastics gathered from the Great Pacific Garbage Patch. This eco-friendly product, created in partnership with the Dutch nonprofit The Ocean Cleanup, is the first of its kind in the automotive industry. Made from 40 percent marine plastic, the liner features a unique pattern inspired by the nets used to capture plastic debris in turbulent waters. The limited edition accessory will be available in select markets, in

MobilityOct. 15, 2024

Paris Baguette opens 600th overseas store in Canada

The Korean bakery brand Paris Baguette has opened its 600th overseas store, the newest one in Toronto, Canada, just a year after celebrating its 500th store, the brand's company SPC Group announced Tuesday. This new location marks Paris Baguette’s seventh store in Canada. Paris Baguette has been expanding rapidly over the past year, recently securing agreements to enter new markets in Southeast Asia, including Thailand, Brunei and Laos. By the end of this year, the brand plans to open

CompaniesOct. 15, 2024

Hyosung chair meets Vietnamese PM in Hanoi

Hyosung Group Chairman Cho Hyun-joon met with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on Monday, seeking government support for the chemical, textile and construction conglomerate’s new business ventures in Vietnam. The meeting focused on Hyosung’s ongoing investments and potential expansion into environmentally friendly and high-tech sectors, the group said Tuesday. Hyosung executives, including Vice Chairman Lee Sang-woon, and senior Vietnamese officials were also in a

CompaniesOct. 15, 2024

Land ministry delegation to visit Philippines, Thailand for infrastructure cooperation

The Ministry of Land, Infrastructure and Transport said Tuesday it plans to send a delegation to the Philippines and Thailand to explore infrastructure and development-related cooperation with the countries. During the four-day trip beginning Tuesday, the delegation headed by First Vice Land Minister Jin Hyun-hwan plans to meet with Manila's land and transport ministries, as well as the Asian Development Bank officials, to discuss cooperation in related areas. In Thailand, the delegation pl

EconomyOct. 15, 2024

S. Korea-China route container shipping costs on constant rise: data

Container shipping costs from South Korea to China rose for the eighth consecutive month in September, the customs agency said Tuesday. The average shipping cost for a 40-foot container from South Korea to China climbed 17.6 percent on-month to 862,000 won ($634.48) last month, according to the data from the Korea Customs Service. The figure has been on a constant increase since February. But the average shipping costs from South Korea to the European Union shed 14.7 percent, the first fall in f

EconomyOct. 15, 2024

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) added 5.45 points, or 0.21 percent, to 2,628.74 in the first 15 minutes of trading. Overnight, US stocks closed sharply higher ahead of earnings reports. The Dow Jones Industrial Average gained 0.47 percent to close at 43,065.22, breaching the 43,000 mark for the first time, while the S&P 500 also climbed to a record high of 5,859.85. In Seoul, large cap

MarketOct. 15, 2024