LS Materials to tap deeper into EV, green energy markets

LS Materials, a South Korean energy storage device manufacturer, said on Tuesday the firm will further solidify its presence in sustainable energy and technology markets with the fund it would raise from its upcoming initial public offering slated for next month. As the company prepares to list on the secondary Kosdaq market, it's positioning itself as a pivotal player in emerging green industries, including ultra capacitors and electric vehicles. "We're seeking a third location f

Nov. 28, 2023

China’s AliExpress eyes expansion in Korea

AliExpress, an online direct purchase platform owned by Chinese e-commerce giant Alibaba Group, is considering whether to set up a massive logistics center in South Korea in a sign of business expansion, according to industry sources on Tuesday. “Given the extent of AliExpress’ expansion here, the company would need at least five logistics centers to manage products upon their arrival in Incheon (the nation’s main international gateway),” an industry told The Korea Herald

Nov. 28, 2023

Samsung's Harman acquires audio platform Roon

Harman, Samsung Electronics' audio and automotive component subsidiary, said Tuesday it acquired Roon, a popular music player platform, to strengthen its home audio business. Roon is a music player platform for enthusiasts, featuring a rich interface for browsing and discovering music, compatibility with almost any audio device and a playback engine designed to deliver the best possible sound, according to Samsung. Roon is available on all popular operating systems, and the firm also manu

Nov. 28, 2023

KIPO chief strengthens IP alliances with Middle Eastern counterparts

The Korean Intellectual Property Office has moved to strength relations with authorities in the Middle East to pursue cooperation in intellectual property fields, ranging from manpower training to patent information utilization. According to the KIPO, its commissioner, Lee Insil, held a series of meetings with her Middle Eastern counterparts during an official visit to the United Arab Emirates and Saudi Arabia on Oct. 20-22. Lee and Abdulla Al Saleh, the UAE's undersecretary for the Economy

Nov. 28, 2023

Hyundai Motor to halt Asan factory in Korea for EV factory construction

Hyundai Motor plans to halt its factory in Asan, South Korea, to construct an electric vehicle plant in the period between Dec 31. 2023 to Feb. 13 2024, the South Korean automaker said in a regulatory filing on Monday. Hyundai Motor said it plans to resume operations at the Asan factory on Feb. 14.

Nov. 27, 2023

Posco to start search for new chief

Posco Group will hold a board meeting next month possibly to start its search for its new chairperson, according to industry sources on Monday. It remains to be seen whether Posco Chairman and CEO Choi Jeong-woo will seek a third term. His second term ends in March next year. Under the group’s internal policy, the current CEO should be reviewed first if he wishes to run for another term. But sources say the group is likely to revise the rule amid growing calls for a more transparent CEO se

Nov. 27, 2023

K-water to support rebuilding of Ukraine's Bucha suburb

Korea Water Resources Corp., or K-water, announced Monday it has signed an agreement with Ukraine's war-torn suburb of Bucha to support its recovery and the construction of an industrial complex there. The state-run public water management company on Friday signed a memorandum of understanding with Bucha to cooperate on the area's recovery and the refurbishment of a water facility system. The deal was inked at the agency's Hangang River Basin Management Division in Gwacheon, Gyeon

Nov. 27, 2023

Samsung sets up control tower for new growth drivers

    Samsung Electronics announced the establishment of a new team in charge of exploring future business items, appointing a top-level Samsung veteran as the team's inaugural head in the company's annual leadership reshuffle Monday. No changes were made in the company's two-CEO system, with Han Jong-hee and Kyung Kye-hyun maintaining their respective seats as device and chip business division chiefs. Industry sources say the tech giant has opted for stability rather than seeking a dras

Nov. 27, 2023

KB chief vows to nurture AI talents

KB Financial Group Chairman Yang Jong-hee on Friday stressed his will to nurture young tech talent in the field of artificial intelligence, calling digital finance not an option but a must for the financial giant’s sustainable growth. "IT and digital are no longer means to support the bank, but a core sector that will lead the businesses at the forefront," the chairman said at the group’s AI forum held in Seoul on Friday. "We must shift our perspectives from in-perso

Nov. 27, 2023

SKT secures ifland partnerships in Southeast Asia

SK Telecom, South Korea’s leading telecommunications carrier, on Monday said it has secured new partnerships with three IT companies based in Southeast Asia, aiming to boost the number of global users of its metaverse platform, ifland. Launched in 2021, SKT's ifland is a metaverse platform where users can build their digital avatars to interact in virtual spaces. Eyeing the global market, the South Korean telecom company inked three memoranda of understanding with Celcom Digi, the lar

Nov. 27, 2023

Korea, Brazil strengthen ties via new trade framework

South Korea’s Industry Ministry on Friday said it launched a new strategic partnership with Brazil, to enhance trade ties and investment cooperation in green energy and digital technology sectors. During the Vice Minister of Development, Industry, Commerce and Services Marcio Elias Rosa’s two-day visit to Seoul, he met with Trade Minister Ahn Duk-geun to sign the “Korea-Brazil Trade and Investment Promotion Framework,” or TIPF, in Seoul, Friday. “We will deepen the

Nov. 26, 2023

LG, UNESCO partner to promote AI ethics

LG AI Research, LG Group's artificial intelligence think tank, said Sunday it has signed a letter of intent with UNESCO in Seoul to jointly foster knowledge and awareness of the ethics of AI. LG highlighted the agreement as the first of its kind, where UNESCO has partnered with a Korean firm to promote the ethical development and use of AI technology. Under the letter of intent, the two sides agreed to advance AI technology that would contribute to both humanity and sustainable development,

Nov. 26, 2023

Posco's charity foundation donates W90b

South Korean steel giant Posco Group marked the 10th anniversary of the Posco 1% Foundation, the group's social outreach body, highlighting the voluntary participation of employees and executives as the key to long-running donations. Established in 2013, Posco 1% Foundation is financed by its employees who make regular donations using 1 percent of their monthly wages. As of 2023, over 98 percent of Posco’s workers are participating in programs to help support underprivileged communi

Nov. 26, 2023

LG infuses year-end reshuffle with younger fresh blood, focuses on performance

LG Group, the country’s fourth-largest conglomerate, announced its year-end executive reshuffle on Friday, seeking to infuse the top brass with younger blood. From Wednesday to Friday, affiliates of LG Group held board meetings to appoint three new chief executive officers and promote 136 executives. Among the 99 to become executives, 97 of them were born after 1970 and five were born in the 1980s, the conglomerate said. “The latest executive reshuffle sought to reform the leadership

Nov. 24, 2023

SK Group chief vows last-ditch effort to support Busan's expo bid

SK Group Chairman Chey Tae-won reinforced his commitment to supporting Busan’s bid to host the 2030 World Expo on Thursday, days before the final voting takes place in Paris to choose the host. Busan, South Korea's second-largest city, is competing against Saudi Arabia’s Riyadh and Italy’s Rome to host the global event. “When we first jumped into this international race, the prospect of Busan winning the expo bid seemed almost impossible," Chey wrote in an Insta

Nov. 24, 2023

Korea Life Insurance Association taps new chairman

The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Bank and World Bank, Kim returned to the Korean government, serving in key position

Nov. 24, 2023

BIS, BOK top officials visit Naver's 2nd headquarters

Top officials from the Bank for International Settlements and the Bank of Korea visited Naver 1784, the tech giant's second headquarters, to discuss ways to integrate artificial intelligence technology in the financial sector, Naver said Friday. BIS General Manager Agustin Carstens and BOK Senior Deputy Gov. Ryoo Sang-dai were among the officials visiting the Naver's second headquarter building in Seongnam, Gyeonggi Province. The officials were greeted by Naver's top executive

Nov. 24, 2023

SK affiliates sign largest renewable energy deal in Korea

SK Group announced on Friday that nine of its affiliates have entered a long-term agreement to procure 537 gigawatt-hours of renewable energy annually from SK E&S, a clean energy provider within the group. The 20-year deal is the largest direct renewable energy purchase agreement, or PPA, ever in Korea, and is expected to cut 5 million metric tons of greenhouse gas emissions over two decades, the group said, equivalent to planting some 20 million pine trees nationwide. The size of the deal

Nov. 24, 2023

[Photo News] Samsung makes final push for Busan Expo in Europe

Samsung Electronics said Friday it is launching an outdoor advertisement campaign in major cities in Europe, including London and Madrid, to ramp up promotional efforts for Busan’s bid to host the 2030 World Expo. The ads feature famous attractions in the South Korean port city. In London, cabs sporting similar wrap-around ads will drive across the city, the company said. The tech giant will run the campaign through Nov. 28, when the host city of the global event is to be determined in a v

Nov. 24, 2023

Top conglomerates to start executive reshuffles

South Korean conglomerates are set to carry out regular reshuffle of executives to gear up for the coming year, starting with LG Group this week. Samsung Electronics, SK Group and Hyundai Motor Group, the top three conglomerates in order, are expected to conduct their regular executive reshuffles as late as early December. On Thursday, LG Display appointed Jeong Cheol-dong, currently LG Innotek president as its new chief executive officer in the regular reshuffle on Thursday. Jeong is an LG vete

Nov. 23, 2023