Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Actor Yoo Ah-in accused of sexual attack
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Man who let his father die due to financial difficulties to be released on parole
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Daewoong's botulinum toxin Nuceiva hits Spanish market
Daewoong Pharmaceutical, South Korea’s leading drug company, said Wednesday its botulinum toxin product Nabota has been launched in Spain, one of Europe's largest aesthetic toxin injectable markets. According to Daewoong Pharmaceutical, its US partner Evolus, which has the exclusive right to import and sell Daewoong's botulinum toxin Nabota in the US, Europe and Canada, started to sell the botulinum toxin product under the brand name of Nuceiva, starting last week. “Evolus
June 19, 2024
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Calculation error opens path for SK chief's team to challenge ruling
SK Group Chairman Chey Tae-won’s high-profile divorce from his estranged wife Roh Soh-young took an unexpected twist after the Seoul high court made a rare rectification of a mistake in its ruling that ordered the chaebol chief to pay $1 billion in property division to the wife. On Monday, the appellate court corrected numerical errors in its written judgment for the divorce settlement of Chey and Roh, but upheld its overall ruling involving the record-high divorce settlement. Earlier in t
June 19, 2024
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Energy storage tech of LG, Samsung shines at Interbattery Europe
LG Energy Solution and Samsung SDI, two of Korea's leading battery manufacturers, are showcasing their latest energy storage solutions at Interbattery Europe 2024 in Munich, Germany, from Wednesday to Friday this week. The two firms are presenting a range of advanced products designed to meet the growing demand for energy storage systems in Europe and beyond due to the increasing reliance on renewable energy sources. An energy storage system is a large-scale setup designed to store and mana
June 19, 2024
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Hana Financial head pitches to global investors in Hong Kong
Hana Financial Group Chairman and CEO Ham Young-joo met with overseas investors in Hong Kong via a two-day event to promote the banking group's strategies to elevate its corporate and shareholder values, the firm said Wednesday. At the event that took place Monday and Tuesday, Ham stressed how the market value of the financial group has increased since the announcement of the capital management and shareholder return plan in early 2023. It was the first global investor relations event for H
June 19, 2024
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LG, ChargePoint join forces for EV charging biz
LG Electronics said Wednesday it has teamed up with ChargePoint, a leading provider of networked charging solutions for electric vehicles, to leverage their respective strengths for future innovations in EV charging. The two sides recently signed a memorandum of understanding for commercial EV charging in the US. Through the agreement, LG augments its existing client base by securing ChargePoint, which possesses an extensive portfolio of charging solutions, as a customer. ChargePoint has more th
June 19, 2024
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SPC Group cleared of W64.7b antitrust fine
South Korean bakery giant SPC Group has been fully absolved of a 64.7 billion won ($46.8 million) fine, as the Supreme Court upheld a ruling in the company's favor in its lawsuit against the nation's antitrust watchdog for allegedly unfairly supporting its affiliates. The Supreme Court confirmed on Monday a lawsuit filed by five SPC Group affiliates, including SPC Samlip, against the FTC, to cancel the fine. In July 2020, the FTC claimed that SPC funneled a total of 41.4 billion won in
June 19, 2024
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HD Hyundai launches first of two corvettes for Philippine Navy
HD Hyundai Heavy Industries has launched the Miguel Malvar, the first of two corvettes ordered by the Philippine Navy in 2021. A corvette is the smallest type of warship used for coastal patrols, surveillance and escort duties. The Miguel Malvar is scheduled for delivery to the Philippine Navy by 2025 after commissioning and final outfitting. The christening ceremony for the 3,200-ton vessel was held at HD Hyundai Heavy Industries’ Ulsan headquarters on Tuesday. The event saw attendance fr
June 18, 2024
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Samsung’s Galaxy S24 to livestream Paris Olympics’ opening ceremony
As the Paris 2024 Olympics is set to hold its opening ceremony outside the confines of a stadium for the very first time, Samsung Electronics will install its flagship Galaxy S24 Ultra smartphones inside the city to broadcast the iconic event, the tech giant said Tuesday. Samsung, an official partner for the Worldwide Olympic and Paralympic events, announced that it will install more than 200 units of its most up-to-date smartphone at the bow and sides of each of the 85 vessels that will be carr
June 18, 2024
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Air Incheon ascends to No. 2 air cargo carrier with Asiana deal
Korea's sole all-cargo airline Air Incheon has been named the preferred bidder for Asiana Airlines' cargo freighter division, paving the way for it to expand its business routes to the Americas and Europe. The purchase price is estimated to range between 450 billion won and 500 billion won ($325-million-$362 million). Air Incheon is to sign a stock purchase agreement by the end of July after two weeks of due diligence and contract discussions. If the deal closes by the first quarter of
June 18, 2024
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HiteJinro eyes W500b in overseas soju sales by 2030
HiteJinro, the nation’s No. 1 soju maker, has set its goal of hitting 500 billion won ($362 million) in soju sales overseas by 2030, an ambitious three-fold growth from last year. The new growth vision, marking the company’s centennial this year, was unveiled June 12 at a press conference held in Hanoi, Vietnam. Vietnam is also the home to its first overseas soju plant set for completion by 2026. Located on an 82,000-square-meter site within an industrial complex in Thai Binh Provinc
June 18, 2024
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[Herald Interview] Georgia promises stability for companies at time of uncertainty
The US state of Georgia can provide stability for businesses when companies face uncertainties with the upcoming US presidential election, Gov. Brian Kemp said Monday in Seoul. “In a time of uncertainty, Georgia has the one certain thing that you will get a constant good business environment,” said Kemp in an interview with a group of reporters on the sidelines of the Georgia Night in Korea, a networking event held at Conrad Seoul on Monday evening. “No ups and downs. That'
June 18, 2024
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[Photo News] Future military rover
Hyundai Rotem, in partnership with Hyundai Motor Group, has unveiled its HR-Sherpa autonomous vehicle, the fourth generation designed for versatile military applications, including surveillance, reconnaissance, combat and logistical support. It is the only vehicle of its kind to have undergone real-world testing with the Korean military, participating in joint drills with the US Army and Korea's Armed Forces Day celebration last year. (Hyundai Rotem)
June 18, 2024
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Naver Webtoon aims for $2.67b valuation via Nasdaq listing
Naver Webtoon, known as Webtoon Entertainment in the US, is seeking to be listed on the Nasdaq market, where it expects to have a corporate value of up to $2.67 billion. Webtoon Entertainment submitted a registration statement to the US Securities and Exchange Commission for its upcoming initial public offering on Monday. The company aims to raise as much as $315 million by issuing 15 million common shares at an expected price range of $18 to $21 per share, the statement showed. Once listed, the
June 18, 2024
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Lufthansa CEO upbeat about Korea's market potential
Lufthansa Group CEO Carsten Spohr visited Seoul earlier this month to renew his commitment to the Korean market, where demand for premium airline services continues to grow. "We see tremendous potential in the Korean market and will strive to offer a premium experience to Korean customers with our vast selection of routes," the CEO said during a press conference held at a Seoul hotel on June 5. He was visiting Korea to attend an executive meeting in the Asia-Pacific region. He especial
June 18, 2024
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SK chief claims 'flagrant error' in divorce settlement ruling
SK Group Chairman Chey Tae-won issued an apology Monday for raising public concerns with his high-profile divorce settlement but made it clear that he will appeal to the Supreme Court because a “flagrant error” was found in the court ruling that now threatens his grip on the telecom-to-chips conglomerate. Last month, the Seoul High Court ruled in favor of Chey's estranged wife Roh Soh-young in their divorce settlement and ordered the SK chief to pay 1.38 trillion won ($1 billion
June 17, 2024
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AliExpress’ Homeplus buyout rumors unnerve Korean rivals
AliExpress, the fast-growing e-commerce platform owned by Chinese tech giant Alibaba Group, is rumored to be considering buying Korean discount store chain Homeplus and its nationwide logistics network, making its Korean rivals nervous about the growing presence of Chinese retailers on their home turf. According to industry sources on Monday, Alibaba Group held a meeting Friday with Kim Kwang-il, vice chairman of MBK Partners, the Seoul-based private equity fund and the current owner of Homeplus
June 17, 2024
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Hanjin to extend logsitics network in Europe
Hanjin Logistics Corp., an affiliate of domestic airline-to-logistics conglomerate Hanjin Group, said Monday it is expanding its logistics network in Europe with plans to launch two new locations, in Hungary and Morocco, this year alone. The new initiative follows an assessment of the market potential by Hanjin Logistics President and CEO Noh Sam-sug and President and Chief Marketing Officer Emily Cho during their recent visits to Germany, the Czech Republic and Norway. The company currently ope
June 17, 2024
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[Photo News] Hanwha's rocket system in Paris
Korean defense giant Hanwha Aerospace and defense electronics provider Hanwha Systems are presenting their latest advancements at Eurosatory 2024, the world’s largest defense exhibition, held in Paris this week. The highlight is Hanwha Aerospace's Chunmoo guided weapon system -- a versatile, self-propelled multiple-launch rocket system that has drawn interest from the Middle East, Europe and Southeast Asia for its ability to fire both guided and unguided rockets, providing versatile f
June 17, 2024
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Hyundai Rotem wins bullet-train export deal from Uzbekistan
For the first time, a Korean high-speed rail vehicle will be deployed internationally, with Uzbekistan as the destination. Hyundai Rotem announced Friday that it has secured a 270 billion won ($194 million) contract to supply and maintain power-distributed high-speed trains for Uzbek Railways in collaboration with the Korea Railroad Corporation. Hyundai Rotem is a Korean rail transport manufacturer that pioneered the nation’s first high-speed rail system, the Korea Train Express, in 2004.
June 16, 2024
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Top 4 conglomerates convene strategy meetings to navigate uncertainties
Top conglomerates in Korea are set to hold their strategic meetings this month to navigate the ongoing economic slowdown and geopolitical uncertainties according to industry sources on Sunday. Samsung Electronics, the country's No. 1 conglomerate in terms of assets, will kick off its series of strategic meetings from Tuesday to Thursday. Top executives are expected to convene to discuss the company’s global strategies in key technology sectors, including artificial intelligence, which touc
June 16, 2024