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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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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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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Lotte Biologics forges partnership with Merck for raw materials supply
Lotte Biologics, a South Korean contract development and manufacturing organization, and Merck’s process solutions arm signed a letter of intent for a strategic partnership in biopharmaceutical manufacturing and process development, the company said Friday. Under the partnership, Lotte Biologics plans to purchase raw materials and solutions from Merck for its development and production of pharmaceutical products in the future. “Lotte Biologics expects its partnership with Merck will
May 31, 2024
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Toss Bank racks up profits for third quarter in row
Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 billion won recorded in the same period last year. This figure nearly doubled from the 8.6 billion won logged in the third quarter of the previous year, when the online bank first reported a quarterly
May 31, 2024
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S. Korea to build up to 3 new nuclear reactors by 2038
South Korea plans to build up to three new nuclear reactors by 2038 in line with efforts to cut carbon emissions and meet the growing electricity demand, officials said Friday. The plan, which will run from 2024 to 2038, comes under the biennial energy blueprint submitted by a group of experts to the government, which sets a strategy for the supply of electricity and the energy portfolio, according to the Ministry of Trade, Industry and Energy. Under the plan, the portion of carbon-free energy s
May 31, 2024
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Tech influencers discuss AI, robotics, health tech at EmTech Korea
Global tech influencers and professors gathered at this year's EmTech Korea to discuss the impact and potential of breakthrough technologies encompassing artificial intelligence in various sectors including space and robotics, energy and health tech, in Seoul on Thursday. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul, for the first time
May 30, 2024
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Gyeonggi governor urges sweeping changes to survive uncertainties
The Korea Herald on Wednesday hosted its weekly Global Business Forum (GBF) under the theme “Age of Hyper-Uncertainty: Global Business Opportunities and Trends,” with Gyeonggi Governor Kim Dong-yeon and German Ambassador to Korea Georg Schmidt in attendance as the key speakers. In his welcoming speech, Ambassador Schmidt stressed that the world’s advanced economies, including Germany and South Korea, are faced with similar challenges such as trade protectionism, geopolitical te
May 30, 2024
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LX Pantos, Indonesia’s KSA to set up resource logistics JV
Korean logistics company LX Pantos announced Thursday the signing of a contract with Indonesian company KSA to establish a joint venture for resource logistics. LX Pantos CEO Lee Yong-ho, KSA CEO Kartika Hadi and other executives from both companies attended the signing ceremony, held at KSA's headquarters in Jakarta, Indonesia. Through this agreement, LX Pantos is to make its debut in the Indonesian resource logistics market. KSA is Indonesia's largest bulk carrier company specializin
May 30, 2024
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Hanwha Qcells completes major solar project for Meta
Hanwha Qcells said Thursday that it had completed a major solar power and energy storage project in California to supply renewable energy to Meta, Facebook's parent company. Located in Borrego Springs, California, the facility has 50 megawatts of solar modules and a 200-megawatt-hour energy storage system. Meta has been carbon neutral since 2020 and is committed to achieving full supply chain carbon neutrality by 2030. A 50 MW solar capacity situates this project in the mid-range among util
May 30, 2024
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Sales start for Hyundai Hillstate Dujeong Station in Cheonan
Hyundai Engineering & Construction has started sales of Hillstate Dujeong Station, a new residential apartment complex located in Cheonan, South Chungcheong Province. The complex comprises 11 buildings each 29 stories high, offering a total of 997 units. Scheduled for move-in in March next year, the apartments will be the first in the Dujeong-dong area to feature top-floor duplex penthouses. A total of 30 units with large duplex structures ranging from 148 to 170 square meters will be availa
May 30, 2024
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[Herald Interview] Saudi Arabia seeks more ‘boots on the ground’ from Korean game makers
Saudi Arabia is looking for more collaboration with Korean game companies as the Middle Eastern country has been aggressively spending billions of dollars to develop its gaming industry with the ultimate goal of becoming a global esports hub, Riyadh’s top gaming officials said Wednesday. “We're looking to start a conversation to make sure that we can be a good partner and see where we can collaborate and where we can be good partners,” said Prince Faisal bin Bandar bin Sul
May 30, 2024
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[Contribution] Petrochemical business to explore Gen AI potentials
By Marco Moder Partner at McKinsey & Company Korea Once the key growth engine for the nation’s economy. Now a major roadblock in value chain realignment and market road map. This is where South Korea’s petrochemical industry stands as of now. It is undeniable that the industry faces numerous challenges. Over the past few years, the rapid oversupply from China has intensified demand competition, causing profitability to plummet to an unprecedented level. Also, as the business cy
May 30, 2024
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Merck breaks ground for Korean bioprocessing plant
German pharmaceutical company Merck Life Science on Wednesday started the construction of a new bioprocessing production center in Daejeon, in which it will invest around 300 million euros ($325 million) -- the company’s largest investment in the Asia-Pacific region. The new bioprocessing production center will be built on a 43,000-square-meter plot of land within Daejeon’s International Science-Business Belt, some 140 kilometers south of Seoul. Merck Life Science will aim to complet
May 29, 2024
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Korean Air, Asiana outpaced by foreign rivals in April passenger numbers
The number of international flight passengers using foreign airlines exceeded that of those using Korean Air and Asiana Airlines, the nation’s top two air carriers, in April – the first time they have done so without pandemic restrictions in place. According to data released by the Land and Transport Ministry on Wednesday, the number of outbound and inbound travelers using foreign airlines was 2.25 million last month, while there were 1.36 million passengers for Korean Air and 877,47
May 29, 2024
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Corning eyes leadership in glass substrate market for chips
Corning is looking to expand its presence in the burgeoning glass substrate market for semiconductors, using its special proprietary technologies, the company's president in charge of Korea operation said Wednesday. Speaking at his first press conference here after assuming his role as the president of Corning's Korea Region last November, Vaughn Hall also presented the company's new initiative window glasses, introducing the lighter, energy-efficient ATG Glass. "I have high
May 29, 2024
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Samsung Electronics union declares first-ever strike
Unionized workers of Samsung Electronics said Wednesday that they would go on strike next week after failed wage talks with the management -- the first-ever strike in the tech giant’s five decades of history. "We can’t stand persecution against labor unions anymore. We declare a strike due to the management's attitude of disregarding the workers," the Nationwide Samsung Electronics Union, the largest among Samsung's multiple unions, said in a press briefing held i
May 29, 2024
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CJ Logistics extends distribution network for Korean sellers
South Korea's top logistics firm CJ Logistics said Wednesday that it has established cross-border e-commerce partnerships with leading logistics companies in the United States and Japan to strengthen the distribution network for Korean sellers abroad. In the US, CJ Logistics will handle air freight forwarding to Los Angeles International Airport and New York's JFK International Airport, while multiple local partners, including FedEx, will manage final delivery services. Japan's to
May 29, 2024
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Daewoo E&S eyes Czech nuclear project
Daewoo Engineering & Construction announced Wednesday that it hosted the Czechia-Korea Nuclear Engineering & Construction Forum in Prague on Monday, with the aim to secure a new nuclear power plant project in the Czech Republic. The forum saw around 150 attendees, including Czech government officials, local nuclear industry representatives and media personnel. Daewoo E&C President Baek Jung-wan led the sales efforts by signing MOUs with local companies during the event. Daewoo E&
May 29, 2024
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SKT’s veterinary diagnostic service makes debut in Australia
SK Telecom said Wednesday the official launch and promotion of its artificial intelligence-based veterinary diagnostic service, X Caliber, in Australia. The company has been gearing up for global commercialization since partnering with Australia’s largest medical devices provider, ATX Medical Solutions, last year. The service, already used in South Korea, aims to streamline the diagnostic process in veterinary clinics by providing autonomous diagnostic assistance. This marks the first inte
May 29, 2024
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Incheon Airport in final phase of expansion to be world's No. 3 in passenger capacity
INCHEON -- Amid continuous growth in global aviation demand, the Incheon International Airport Corporation unveiled the fourth-phase construction project at the Incheon Airport's Terminal 2 on Tuesday, which can accommodate up to 106 million passengers annually. If successful, the plan will position Incheon Airport among the world's top three in passenger capacity, after Dubai and Istanbul. Initiated in 2017, the project is in its final stage and will begin operation by the end of th
May 29, 2024
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Cheap shot? Soju by the glass gets mixed reactions
South Korea widened the range of drinks that restaurants can sell by the glass Tuesday, as drinkers increasingly prefer to consume alcohol in smaller amounts, rather than by the bottle, according to government officials. Previously, restaurants were restricted from selling most types of alcoholic beverages in individual glasses because this practice was deemed unauthorized processing by law. Although violations such as eateries selling wine by the glass were common, restaurants that broke these
May 28, 2024
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S. Korean biz leaders meet with UAE president
Leaders of major South Korean conglomerates met with United Arab Emirates President Mohamed bin Zayed Al Nahyan on Tuesday in search of ways to deepen business cooperation in defense and energy areas with the oil-rich Middle East state, on the occasion of the UAE leader’s first state visit to Korea. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun, Hanwha Group Vice Chairman Kim Dong-kwan, HD Hyundai Vice Chairman C
May 28, 2024