Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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LuluMedic, India’s SVA Solutions team up on insurance plans for overseas workers
South Korean health care tech company LuluMedic said Tuesday that it has partnered with Indian consulting firm SVA Solutions to promote its comprehensive insurance plans tailored for overseas workers. This initiative aims to meet the increasing demand from Korean companies to comply with the Serious Accidents Punishment Act, ensuring the safety and well-being of their employees not just at home but also abroad. The K-medical Assistance for Remote Employees insurance package provides extensive co
March 13, 2024
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An apple a day fritters savings away? Apple price rises to all-time high
The price of apples in South Korea recently skyrocketed to an all-time high as fruit prices in the country continue to soar amid ongoing inflation, data from a state-run agency promoting and supporting agriculture trade showed Wednesday. The wholesale price of 10 kilograms of apples as of Tuesday was 91,700 won ($70), more than double the 41,060 won for same amount at the same time last year, according to the Korea Agro-Fisheries & Food Trade Corporation. The price for 10 kilograms of apples
March 13, 2024
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Hyundai E&C inks power purchase deal with Glennmont
Hyundai Engineering & Construction announced Tuesday that the company has signed a power purchase agreement with Glennmont D&D Solar Holdings to aid in Hyundai Motor Group’s use of renewable energies. Glennmont D&D Solar Holdings is a joint venture between SK Eternix and Glennmont Partners, one of the world’s largest fund managers investing in clean energy, based in the UK. According to Hyundai E&C, the recent deal is a virtual power purchase agreement, which involves
March 12, 2024
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LG invests $60m in Silicon Valley robot startup
LG Electronics is making a strategic investment in Bear Robotics in the US in a move to expedite the advancement of its commercial service robotics, the company said Tuesday. The tech giant said it has executed a stock purchase agreement to acquire a stake in Bear Robotics, a prominent Silicon Valley-based startup specializing in artificial intelligence-driven autonomous service robots, through an investment of $60 million. LG’s strategic investment comes as the company is preparing for a
March 12, 2024
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AI, health care top investor picks for Feb.
Startups in the artificial intelligence and health care sectors have secured the largest portion of investments in February, with Korea seeing a reignited funding market, a research firm said Tuesday. Local startups garnered a total of 93 investments worth 441.75 billion won ($336 million) in February, according to a report released by market intelligence firm Startup Alliance Korea. The investment volume shows a 48.6 percent jump compared to February 2023. Of the total amount, fabless AI chipma
March 12, 2024
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[KH Explains] Tussle over Nexon’s loot box controversy intensifies
The feud over South Korean game developer Nexon's Maplestory, a popular side-scrolling massively multiplayer online role-playing game, or MMORPG, is escalating, with gamers filing a class action suit and Nexon taking the antitrust regulator’s fine assessment to court. As the in-court battle is expected to take a long time to reach any sort of conclusion, gamers are hoping that the case can help spread awareness for protecting their rights, while Nexon looks to vindicate itself. Regard
March 12, 2024
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[KH Explains] Coupang's Farfetch gambit: Was the deal undervalued?
In December last year, South Korean e-commerce giant Coupang made a surprise announcement that it was buying Farfetch, the British luxury shopping platform, in a $500 million deal. The highly-publicized acquisition seemed like a win-win for both: Coupang’s global expansion could be accelerated, backed by Farfetch’s extensive business network, while cash-strapped Farfetch could streamline its operations to elevate its sluggish profits. But a group of Farfetch investors, called the 202
March 12, 2024
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Posco wins massive EV magnet orders from global carmakers
Posco International, the trading and energy arm of Korean steel giant Posco, announced Tuesday that it has recently secured a substantial order for rare earth permanent magnets, an essential part of an electric vehicle drive motor core, through its overseas subsidiaries. The US subsidiary of Posco International plans to procure permanent magnets worth some 900 billion won ($685 million) from 2026 to 2031, for a global automaker in North America. The magnets produced will be utilized in the drive
March 12, 2024
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LX Pantos attains security certification from German automakers
LX Pantos, a Korean logistics company, said Tuesday that it has obtained the Trusted Information Security Assessment Exchange certification from the German Association of the Automotive Industry, in a move to gain an upper hand in delivering cars and automotive parts. TISAX serves as a standardized measure of information security within the automotive sector, focusing on key areas like information security, supply chain security, data protection, and prototype protection. After undergoing a rigo
March 12, 2024
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Hyosung Ventures invests in logistics solution provider
Hyosung Group's corporate venture capital arm Hyosung Ventures said Tuesday that it had decided to invest in Colosseum, a company specializing in logistics center network solutions. Colosseum is a fourth-party logistics provider, offering comprehensive solutions that encompass inventory management, transportation, packaging and logistics consulting. "We are exploring innovative business partners that fit the rapidly changing trends of future industries beyond the logistics system solut
March 12, 2024
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LG to develop AI model to treat Alzheimer's, cancer
LG Group said Monday that its artificial intelligence research lab is teaming up with US biomedical institution Jackson Laboratory to develop AI models that can be used to treat Alzheimer's disease and cancer. The new partnership comes after the two entities signed a memorandum of understanding in December last year. Under the new contract, LG Group will use its AI model, EXAONE, to analyze Jackson Laboratory’s research data relating to different types of cancers and Alzheimer's
March 11, 2024
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[Herald Interview] Indiana looks to expand Korean ties in chips, AI
The state of Indiana has risen as one of the hottest investment destinations in the US for South Korean companies as of late, with Samsung SDI leading the pack by committing billions of dollars for joint battery plants there. Indiana is now hoping to expand the scope of collaboration with Korean players in the sectors of semiconductors and artificial intelligence. “There’s a lot of alignment when we talk about semiconductors. Purdue University was one of the first universities to hav
March 11, 2024
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[Herald Interview] Crypto.com eyes expansion into Korea
Cryptocurrency exchange operator Crypto.com hopes to expand its footing here by launching an exchange app for Korea in the first half of this year, said Eric Anziani, president and chief operating officer at the Singapore-based crypto trading platform. After more than two and a half years of working to build a foundation in Korea, Crypto.com is ready for full competition on the market. The company operates in 90 countries around the world and has more than 80 million global users. “We are
March 11, 2024
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Coupang expands overseas direct purchase service to Japan
South Korean e-commerce giant Coupang announced Monday that it will expand its Rocket Jikgu service coverage to Japan, following its fast-delivery service launches for the US, China and Hong Kong. The expansion of Rocket Jikgu, an overseas direct purchase service, will now allow the direct purchase in Korea of products from Japan. The Japanese overseas direct purchase market grew by 11 percent in 2023 compared to the previous year, with major categories including fashion, food and home goods, ac
March 11, 2024
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Daesang launches new K-snack lineup for global palates
South Korean food company Daesang has unveiled its new Korean Street Food product line through its international brand, O'food. According to the company on Monday, the launch signals a strategic push to adapt and expand the company’s offerings to meet the growing global appetite for Korean cuisine. In recent years, O'food's Tteokbokki product has seen a remarkable 4.7-fold sales increase over the previous year, highlighted by strategic placements in major US supermarket chai
March 11, 2024
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Doosan wins W150b supply deal for Saudi power plants
Doosan Enerbility, a leading energy solutions provider in South Korea, announced on Monday that it has signed a contract valued at 150 billion won ($114 million) to supply equipment for Saudi Arabia's largest combined-cycle power plant project. The agreement was reached with China’s SEPCO-3, responsible for the engineering, procurement and construction of the combined-cycle power plants in the Taiba and Qassim regions in the Saudi kingdom. Under the contract, Doosan Enerbility will su
March 11, 2024
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EcoPro to inject W1.2tr in Pohang battery hub
South Korean battery materials maker EcoPro said Sunday it would invest 1.2 trillion won ($910 million) in its Pohang campus in North Gyeongsang Province this year to expand its comprehensive secondary battery supply chain, which covers everything from producing key components to recycling. The company plans to allocate 690 billion won to expanding its precursor plant, with additional funds directed toward increasing production of anode material at 32 billion won, lithium hydroxide production fa
March 10, 2024
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Koreans lose appetite for fruits amid soaring prices
South Korea’s fruit consumption has diminished by almost 20 percent over the past 15 years amid supply shortages and soaring prices, government data found Sunday. According to the Ministry of Agriculture, Food and Rural Affairs, the nation’s per capita fruit consumption declined by 19 percent to 55 kilograms in 2022 after peaking at 67.9 kilograms in 2007. Tangerines and apples topped the per capita consumption with 11.8 kilograms and 11.0 kilograms, respectively, followed by pears (
March 10, 2024
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Samsung’s H1 hiring season starts Monday
Samsung Group, South Korea’s top conglomerate, said Sunday that its official recruitment in the first half of this year will start Monday, with 19 affiliates joining the large-scale hiring of entry-level workers. The key affiliates include Samsung Electronics, Samsung Display, Samsung Biologics, Samsung SDS and Samsung SDI, Samsung C&T, Samsung Life Insurance and The Shilla Hotel. Applicants are required to submit their applications via Samsung’s official recruitment website from
March 10, 2024
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SK Ecoplant, Austria’s Therme to develop luxury resort in Songdo
South Korean energy and environmental solutions provider SK Ecoplant announced Sunday that it has partnered with the global wellness company Therme Group to develop a resort and spa in Incheon, Gyeonggi Province. The collaboration was formalized with a memorandum of understanding signing ceremony at SK Ecoplant's headquarters in Seoul on Friday, attended by SK Ecoplant CEO Park Kyung-il and Therme Group Chair Robert Hanea. The Austria-based Therme Group, famous for its innovative wellness r
March 10, 2024