Prosecutors raid home of Namyang Dairy's ex-chairperson over alleged embezzlement

Prosecutors on Monday raided the residence of Namyang Dairy Products Co.'s former chairperson and the company's headquarters as part of an ongoing investigation into embezzlement allegations. Investigators from the Seoul Central District Prosecutors Office raided more than 10 locations, including former Chairman Hong Won-sik's home. In August, the company filed a complaint against Hong and three other former company officials, accusing them of allegedly embezzling company funds of

Oct. 7, 2024

Seoul shares rise over 1.5 % on US jobs data; won sharply down

Seoul stocks finished over 1.5 percent higher Monday, bolstered by US employment data, and modest gains in chip and battery shares. The local currency sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index moved up 1.58 percent, or 40.67 points, to 2,610.38. Trading volume was moderate at 336 million shares worth 10.2 trillion won ($7.57 billion), with gainers outpacing losers at 618 to 259. Institutions and foreign investors together bought a net 98 billion won, whi

Oct. 7, 2024

Diverse fitness offerings at Wellness Seoul 2024

Laughter and cheers from parents filled the air during the Balance Bike Race With Yamaha Motor, part of the inaugural Wellness Seoul 2024 held at Sebitseom Banpo along the Han River in southern Seoul on Sunday. The event, designed for children aged 3 to 5, allowed them to race on pedal-less bicycles, helping them develop balance and enjoy the thrill of riding on two wheels before transitioning to traditional bikes. On the other side, teenagers had the opportunity of minibike riding. Big smiles

Oct. 7, 2024

Seoulites celebrate coexistence at Wellness Seoul 2024

In celebration of the health, mindfulness, and well-being of global citizens, Herald Media Group hosted Wellness Seoul 2024 on Sunday, a day-long festival held by the Han River in southern Seoul. Despite the cloudy weather, more than 10,000 participants filled the main venue and surrounding area all day long. Under the shared vision of "Creating A Life Of Wellness," the opening ceremony featured Seoul Mayor Oh Se-hoon, Olympic marathon gold medalist Lee Bong-ju, Daewoo E&C Chairman

Oct. 7, 2024

LS Electric partners with Japan's Kyudenko to expand battery storage market

Korean electrical equipment manufacturer LS Electric announced a partnership with Kyudenko, a Kyushu Electric Power Company subsidiary, to enter Japan’s growing battery energy storage system market. The two companies signed a memorandum of understanding at the Grand InterContinental Seoul Parnas Hotel on Sunday, with LS Electric Chairman Koo Ja-Gyun and Kyudenko Vice President Masaaki Jono in attendance. Kyudenko, based in Fukuoka, is a major player in Japan’s electrical construction

Oct. 7, 2024

Interactive booths highlight wellness, pet care

A diverse range of institutions -- from medical experts and ESG-focused companies to art students and pet care providers -- engaged visitors through interactive booths at Wellness Seoul 2024, offering a blend of health, creativity and eco-friendly initiatives aimed at inspiring a higher quality of life for all. Among the most popular booths was that of the Seoul Korean Medicine Association, a community of Korean medicine doctors based in Seoul. The doctors provided on-site consultations and offe

Oct. 7, 2024

Samsung chief calls for active MLCC response in Philippines

Samsung Electronics Chairman Lee Jae-yong visited the production base of multilayer ceramic capacitors for Samsung Electro-Mechanics, the electronic parts manufacturing affiliate of Samsung Electronics, in Calamba, Philippines, Sunday, according to the tech giant on Monday. The chairman reviewed business strategies and stressed the importance of taking advantage of opportunities arising from expanding markets such as artificial intelligence, robots and electric vehicles. Lee also discussed futur

Oct. 7, 2024

LG Energy Solution pledges to double sales by 2028

LG Energy Solution on Monday vowed to double its annual sales by 2028 based on expanding and diversifying battery businesses outside of electric vehicles while continuing to secure technological leadership in the EV battery sector. “We will not settle at producing and selling batteries anymore, but we will establish a paradigm of subscription economy for batteries based on our battery diagnosis and management technologies,” said Kim Dong-myung, CEO of LG Energy Solution, during the c

Oct. 7, 2024

Samsung Biologics to lure global clients at CPHI 2024

South Korea's leading contract development and manufacturing organization Samsung Biologics said Monday it will participate in Europe’s largest bio conference, the Convention on Pharmaceutical Ingredients Worldwide 2024. The CPHI, one of the biggest bio conferences, is held annually in major European markets. This year, it takes place in Milan from Tuesday to Thursday, with over 2,400 companies from 166 countries and 62,000 attendees expected to join. Samsung has been setting up its e

Oct. 7, 2024

Regulator to begin probe into TikTok over potential violation of personal data law

South Korea's media regulator is set to look into TikTok over a potential violation of the nation's personal data protection law, an official at the regulator said Monday. TikTok is accused of automatically requiring its users to receive advertisements, instead of letting users give their consent to receive such content under the Korean law, according to industry sources. The Korea Communications Commission suspects that TikTok may be violating the Act on Promotion of Information and C

Oct. 7, 2024

Foreign reserves up for 3rd month in Sept. on weak dollar, investment gains

South Korea's foreign reserves increased for the third straight month in September on the back of the increased value of non-US dollar assets and investment gains, central bank data showed Monday. The country's foreign reserves had come to $419.97 billion as of end-September, up $4.05 billion from the previous month, according to the data from the Bank of Korea. The central bank attributed the increase to a rise in the converted value of non-dollar assets amid the weak greenback and in

Oct. 7, 2024

Seoul shares open higher on battery, auto gains

Seoul stocks opened higher Monday led by gains among battery and automotive shares. The benchmark Korea Composite Stock Price Index rose 0.21 percent, or 5.33 points, to 2,575.04 in the first 15 minutes of trading. Battery manufacturers and automakers led the overall gains, with leading battery maker LG Energy Solution jumping 2.85 percent and top automaker Hyundai Motor adding 1.46 percent. Financial firms also gained traction, with KB Financial rising 1.57 percent and Shinhan Financial up 0.55

Oct. 7, 2024

Asiana to increase excess baggage fees on intl. flights in Jan.

Asiana Airlines Inc. announced Sunday it will increase fees for excess baggage on its international flights starting Jan. 2, 2025. Those fees apply to baggage in excess of the airline's free allowance. Fees for baggage exceeding the quantity limit will go up by as much as 40,000 won ($29.66) depending on routes, Asiana said. For short-haul routes within 90 minutes from Korea, the excess baggage fee will rise from 60,000 won per piece to 90,000 won. For flights to Europe, Africa and Oceania,

Oct. 6, 2024

[Herald Interview] Toonsquare aims to open new era for webtoon creation with AI

Fueled by the surge in digital content consumption during the pandemic, the global webcomic market has seen unprecedented growth in recent years, with South Korea, home to a $1.1 billion webtoon market, cementing its position as a leader in this burgeoning industry. Leveraging Korea's unmatched market data and intellectual property, Seoul-based artificial intelligence startup Toonsquare, which provides creative tools for webcomic creators, is now aiming to expand its global presence, with g

Oct. 6, 2024

Money Festa 2024 offers investment tips in uncertain market

Herald Media Group hosted Money Festa 2024 last week, a two-day event offering insights into the latest investment trends spanning from real estate to equity, shedding light on making wise investment decisions to achieve financial freedom. "Everyone dreams of a financially-free life, but the reality is harsh," Choi Jin-young, CEO of Herald Media Group, said in his opening speech at The Platz exhibition hall in Coex, southern Seoul, on Oct 1. "I hope the attendees can find the answ

Oct. 6, 2024

Fight over Korea Zinc becomes game of chicken

The fight for management control of Korea Zinc, the world’s largest zinc smelter, has escalated into a game of chicken worth over 5 trillion won ($3.7 billion). As the bidding war heats up, its would-be controllers are at risk of falling prey to a “winner’s curse.” On Friday, the last day of the initial tender offer period launched by private equity fund MBK Partners and Young Poong, the biggest shareholder of Korea Zinc, the coalition raised its offer to 830,000 won per

Oct. 6, 2024

McDonald’s Korea recognized for enhancing job security for seniors

McDonald's Korea said Sunday that it has received a commendation from the Ministry of Health and Welfare for its ongoing efforts to improve job security for senior citizens. The award ceremony was held Wednesday in Seoul to mark the 28th National Day of Older Persons here. The hamburger chain has established “inclusivity” as one of its core corporate values, aiming to promote diversity and equal opportunities. Since 2011, in particular, the company has developed jobs specificall

Oct. 6, 2024

LG Energy Solution aims high in North America’s ESS market

LG Energy Solution has reaffirmed its commitment to growing its presence in the rapidly expanding North American energy storage system market, aiming to capitalize on the region’s increasing demand for sustainable energy solutions. In a recent interview with UK-based industry publication Energy Storage News, Kim Hyung-sik, vice president and head of the ESS battery division at LG Energy Solution, outlined the company’s strategy for targeting North America. He emphasized the crucial r

Oct. 6, 2024

[KH Explains] Can G-Star level up?

G-Star, Korea’s top annual gaming convention, is getting ready for its 20th edition set to open at the Busan Exhibition & Convention Center, or Bexco, on November 14. The G-Star organizing committee said this year’s event will feature 3,281 booths, slightly more than the previous year, which was the largest event in G-Star's 20-year history and drew nearly 200,000 visitors. “This year’s G-Star marks a very important moment as we welcome the convention's 20th

Oct. 6, 2024

More foreign automakers to share EV battery data with Korea

A growing number of foreign automakers in Korea -- Mercedes-Benz, Volkswagen and Audi among them -- are now cooperating with local authorities to improve EV safety by providing detailed information on their battery management systems in the wake of a serious electric vehicle fire in Incheon this past August. A BMS monitors EV battery safety by tracking key factors like temperature and voltage, preventing malfunctions, and reducing the risk of fires. According to information provided by the Korea

Oct. 6, 2024