Industry, science ministers discuss economic cooperation with Czech envoy

South Korea's industry and science ministers met with a senior Czech official Thursday to discuss bilateral cooperation, building on a recent nuclear power plant deal between the two countries. Industry Minister Ahn Duk-geun met with Czech National Security Adviser Tomas Pojar who was visiting Seoul as a special envoy of the prime minister, expressing hope for closer ties in areas including the nuclear energy industry, according to the Ministry of Trade, Industry and Energy. In July, the Cz

IndustrySept. 5, 2024

Seoul shares down for 3rd day on US woes

South Korean shares dropped for a third consecutive session Thursday amid concerns of an economic recession in the United States. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 5.30 points, or 0.21 percent, to close at 2,575.50. Trading volume was moderate at 371 million shares worth 10 trillion won ($7.48 billion), with losers outnumbering winners 519 to 358. Retail investors purchased a net 457.6 billion won worth of local shares, extending

MarketSept. 5, 2024

[HIT Forum] Honing diplomatic skill of businesses

To safeguard their interest and tackle the threat of geopolitical risk to their operations in foreign markets, Korean firms are asked to develop the skills and mindset of the diplomat, and their first job is understanding the fast-changing regulatory environment with a long-term commitment, experts said Thursday “Diplomacy is no longer just a matter of national defense and security. It is an economic issue directly related to the country's future livelihood. At the center are compan

EconomySept. 5, 2024

[HIT Forum] Korean CEOs urged to adopt long-term perspective on lobbying

Experts in global business diplomacy on Thursday discussed emerging lobbying trends and assessed the readiness of Korean companies to navigate complex geopolitical developments, offering strategies for more effective lobbying. This discussion was a key part of the annual The Korea Herald HIT Forum, held this year at the Korea Chamber of Commerce and Industry in Seoul. The event's theme, "Business Diplomacy — Navigating business through mega election year," underscored the ch

IndustrySept. 5, 2024

[HIT Forum] AmCham chief highlights Korea-US ties in shifting dynamics

American Chamber of Commerce in Korea Chairman and CEO James Kim on Thursday stressed the importance of maintaining strong bilateral ties between South Korea and the US amid changing dynamics in global interactions. “As we navigate this mega-election year globally, the importance of ‘business diplomacy’ has never been more critical,” Kim said, delivering a congratulatory speech at The Korea Herald HIT Forum held Thursday in central Seoul. Kim, who has taken on top posts a

IndustrySept. 5, 2024

[HIT Forum] Strategic lobbying critical for Corporate Korea: top Washington lobbyist

Corporate Korea should engage in strategic lobbying at both federal and state levels to navigate the US’ regulatory landscape and protect its interests amid shifting political dynamics. This was the key takeaway from a special session at The Korea Herald HIT Forum, held at the Korea Chamber of Commerce and Industry in Seoul on Thursday, as seasoned US lobbyist Brian Ballard shared his insights on the art of business diplomacy in the run-up to the US presidential election this year. During

IndustrySept. 5, 2024

[HIT Forum] Seoul Mayor champions city’s growth as global business hub

Seoul Mayor Oh Se-hoon on Thursday delivered congratulatory remarks at The Korea Herald HIT Forum, expressing his commitment to ensuring that Seoul continues to evolve as an attractive "global business hub" for current and future investors. "Korean companies have expanded their global presence across diverse fields, including high-tech sectors like semiconductors and electric vehicles as well as K-culture, energy and finance," Oh said during the forum held under the title &qu

IndustrySept. 5, 2024

[HIT Forum] 'Government, companies should team up to brace for US policy changes'

With the upcoming US presidential election posing as a critical juncture in global trade, Team Korea should join forces to come up with strategies tailored to major industries and boost outreach, Korea Chamber of Commerce and Industry Vice Chairman Park Il-joon said Thursday. "Policies of the two major parties in the US (the Republican Party and Democratic Party) differ greatly, especially in the industries where Korea holds an edge, such as energy, semiconductors, batteries and vehicles,&q

IndustrySept. 5, 2024

[KH Explains] Is Hyundai’s bet on extended-range EVs a future-proof strategy?

In the race toward electrification, the auto industry has seen a dizzying array of electric vehicle types, from battery electric vehicles to hybrids, plug-in hybrids, and fuel-cell electric vehicles. Now, Hyundai Motor is adding another contender to the crowded mix -- extended-range electric vehicles, or EREVs. Announced on Aug. 28 during the company's CEO Investor Day, Hyundai plans to introduce these new vehicles to the North American and Chinese markets by 2027. What exactly are EREVs?

MobilitySept. 5, 2024

[2024 IFA] Samsung, LG to boast new AI-powered home appliances at IFA

BERLIN -- At this year’s IFA, Europe’s biggest home appliances trade show, two of South Korea’s tech giants, Samsung Electronics and LG Electronics, are set to showcase their latest artificial intelligence-powered home appliances. As the IFA celebrates its 100th anniversary this year, about 2,200 companies in IT, consumer appliances and telecommunications will take part from 139 countries. The five-day event, which kicks off in Berlin on Friday, will see 127 Korean companies pa

TechnologySept. 5, 2024

Seoul shares open sharply up on bargain hunting

Seoul shares opened higher Thursday as investors sought to pick up blue chip bargains, one day after the local market plunged by more than 3 percent on US woes. The benchmark Korea Composite Stock Price Index added 21.63 points, or 0.84 percent, to 2,602.43 in the first 15 minutes of trading. The index had dipped 3.15 percent the previous day on growing concerns of a US economic slowdown following a worse-than-expected manufacturing purchasing managers index for August. US stocks closed mixed ov

MarketSept. 5, 2024

[2024 IFA] What to expect from IFA trade show

The IFA, Europe’s biggest tech show, is just around the corner. Celebrating an incredible 100 years of the show, it promises to bring the biggest names in tech together to unveil their latest breakthroughs, with South Korean tech rivals Samsung Electronics and LG Electronics among the largest exhibitors. The annual gathering will kick off in Berlin on Friday for a five-day run. This year’s IFA is ready to host more than 2,200 exhibitors and over 182,000 attendees from 139 countries

TechnologySept. 5, 2024

Korea launches global green industries conference in Busan

The annual Global Green Hub Korea 2024 conference, organized by the Environment Ministry in collaboration with the Korea Environmental Industry & Technology Institute, commenced Wednesday at BEXCO, Busan. Scheduled activities over the three-day conference include a panel discussion on international green goals, private export counseling sessions, briefings on overseas green projects and meetings focused on intergovernmental cooperation, according to Environment Ministry officials. The globa

IndustrySept. 4, 2024

[Photo News] Supporting Korea-US-Japan dialogue

Hyundai Motor Group Executive Chair Chung Euisun (center) speaks during the second Trilateral Executive Dialogue, or TED, a leadership seminar between South Korea, the United States and Japan, held at Grand Hyatt Seoul on Wednesday. Hyundai Motor Group sponsored this year's TED, which gathered some 100 key figures from the three countries’ governments, assemblies and corporations to discuss strategic trade and investment, biotechnology security, energy cooperation, and the role of tec

MobilitySept. 4, 2024

GS E&C keen to improve profitability, spur growth

South Korea’s leading construction company GS Engineering & Construction is ramping up efforts to enhance financial stability and spur growth in key growth drivers. Currently, GS E&C is exploring various strategic options, including stake sales in its subsidiaries such as GS Inima Environment and GS Elevator, as part of efforts to secure cash for growth. GS Inima Environment, a global water treatment and purification company based in Spain, is a notable asset within GS E&C�

IndustrySept. 4, 2024

Nvidia sell-off drags down Samsung, SK hynix shares

Korean chipmakers Samsung Electronics and SK hynix saw their stock prices tumble Wednesday, following a plunge in Nvidia shares overnight. Nvidia, the world's leading graphic processing unit supplier, continues to experience increased volatility as it faces an antitrust probe and growing fears that the recent artificial intelligence bubble may be about to burst. Having the GPU giant as a major client for advanced AI chip components, it is inevitable for the nation’s top two chipmakers

IndustrySept. 4, 2024

Seoul shares fall over 3% on concerns of economic slowdown

South Korean shares dipped to a month low Wednesday as concerns of an economic slowdown weighed down investor sentiment. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 83.83 points, or 3.15 percent, to close at 2,580,80. Trade volume was heavy at 448.8 million shares worth 11.2 trillion won ($8.35 billion), with losers outnumbering gainers 859 to 51. Foreign investors offloaded 986 billion won worth of local shares, becoming net seller

MarketSept. 4, 2024

Banks, blue-chips tipped for Value-up Index

With South Korea's sole bourse operator set to introduce this month a stock index comprised of Korean companies well complying with the government-led corporate value-up program, the market expects bank shares and large-cap stocks to make the list. As part of the value-up program announced earlier this year, Korea Exchange is to launch the Korea Value-up Index in September, enlisting “best practice” companies to boost the appeal of the local stock market. Though the bourse opera

MarketSept. 4, 2024

[KH Explains] Marrying your virtual partner? Era of AI companionship dawns

Every morning, Jung-in wakes up to her AI boyfriend Tae-joo's video call, telling her she has 30 minutes to prepare for work before her bus comes. As she hurries out the door, Tae-joo smiles and calls out, "Take your umbrella with you, it's raining today!" Tae-joo in real life has fallen into a coma, and Jung-in restored her comatose boyfriend as an astronaut in this virtual world called Wonderland. With AI Tae-ju always accessible inside her smartphone and TV screens, Jung-i

IndustrySept. 4, 2024

LG Innotek to showcase next-gen chip substrates at KPCA 2024

LG Innotek said Wednesday it is showcasing its innovative semiconductor substrates at this week's KPCA Show 2024, held at the Songdo Convensia in Incheon, from Wednesday to Friday. The KPCA Show is the largest annual exhibition of printed circuit board and electronic packaging, hosted by the Korea PBC and the Korea Printed Circuit Association for 21 years. LG Innotek plans to unveil its package substrate and tape substrate products along with high-value semiconductor substrates, called Flip

IndustrySept. 4, 2024