[KH Explains] K-culture brings tourists in, but K-maps leave them wandering

"No no. Google Maps won’t guide you well here. Oh, you downloaded the English version of Naver Map? Most of the content there is not translated." This is the line Kim Seong-hee, a guide working at the Tourist Information Center (East) in Incheon Airport Terminal 1, repeats almost fifty times a day to tourists confused about whether they can use Google Maps or local map services. Such requests constitute half her inquiries, she said. This problem isn’t new. As of April 2023,

Aug. 14, 2023

Seoul shares down for 3rd day on inflation, Fed woes

South Korean stocks ended lower for the third consecutive day Monday on big-cap tech losses, as investor sentiment remains weak on lingering concerns over inflation and the Federal Reserve's policy path. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.39 points, or 0.79 percent, to close at 2,570.87. Trading volume was moderate at 613.21 million shares worth 9.83 trillion won ($7.38 billion), with losers outpacing gainers 601 to 288. Th

Aug. 14, 2023

Commercial real estate market slump to persist until 2024: Mastern

The global commercial real estate market, hit by high interest rates and a decline in office space demand, is likely to be in a prolonged slowdown until next year, a real investment firm based in Seoul said through a report issued on Monday. While Korean investment firms are suffering from losses in their investments in office properties overseas, Mastern Investment Management said the slump in the market will continue as major economies, including the US Federal Reserve, are yet to drop their a

Aug. 14, 2023

Foreign investment banks lukewarm on Korea’s near-term growth

Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o

Aug. 14, 2023

[Photo News] In commemoration of Aug. 15

Starbucks Korea on Monday unveiled limited edition merchandise, including a coaster and a tumbler inlaid with mother-of-pearl, to celebrate the Liberation Day holiday celebrated on Aug. 15. The specialty coffee chain said all profits from their sales will be spent to support the preservation of cultural heritage and offer scholarships to the descendants of independence fighters. (Starbucks Korea)

Aug. 14, 2023

Hanwha to set up robotics unit in October

Hanwha Group, South Korea’s seventh-largest conglomerate, is looking to bolster its robotics business as it plans to establish a new robotics corporation. Hanwha announced Friday that its robot and automated guided vehicle businesses under the factory automation department at Hanwha Corporation/Momentum would be split off into a new robotics firm named Hanwha Robotics. The company said the split-off is taking place to sharpen each business’ expertise. “Through the establishment

Aug. 14, 2023

Hanmi Global posts record earnings for H1

Hanmi Global said Monday that it posted 205.6 billion won ($154 million) in sales and 13.7 billion won in operating profits in the first half of this year, both record figures for the Korean construction management firm. Compared to a year ago, sales and operating profits surged 25.6 percent and 21.5 percent, respectively. Net profits also jumped 45.8 percent to 12.1 billion won during the same period. The company attributed its upbeat earnings to its global expansion despite a market slowdown a

Aug. 14, 2023

Upstage launches alliance for AI model based in Hangeul

Korean artificial intelligence startup Upstage said Monday that it is launching an industrywide alliance that is devoted to developing a large-scale language model that specializes in Hangeul, or the Korean alphabet. The 1T Club -- meaning "1 trillion token club" -- alliance brings together private firms and various organizations to provide Korean-language data totaling over 100 million words. A token refers to the basic unit of text or code used by an AI-powered language model to proc

Aug. 14, 2023

[Photo News] Farewell to Jamboree Scouts

World Scout Jamboree attendees from the Maldives depart from the LG Electronics Corporate Learning Center in Pyeongtaek, Gyeonggi Province, Sunday. The Korean tech giant invited Scouts from the Maldives and Finland to offer a tour of its business facilities and accommodation. (LG Electronics)

Aug. 14, 2023

S. Korea retakes No. 1 spot in global shipbuilding orders in July

South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months in July, industry data showed Monday. Local shipyards clinched orders totaling 1.46 million compensated gross tons to build 29 ships, accounting for 44 percent of the global total of 3.33 million CGTs, according to London-based Clarkson Research Services Ltd. The world total was up 22 percent from the same month a year earlier. It marks the first time since February for South Korean shipbuilde

Aug. 14, 2023

Hyundai to launch new Santa Fe in S. Korea this week

Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday it will launch the all-new Santa Fe SUV in the domestic market this week, with the goal of selling 28,000 units this year. The fifth-generation Santa Fe, set to go on sale on Wednesday, will be available with a 2.5-liter turbocharged gasoline engine or a 1.6 turbocharged gasoline hybrid engine, the company said in a statement. The 1.6 gasoline hybrid model sells at 40 million-48 million won ($30,000-$36,000) depending o

Aug. 14, 2023

Seoul shares open lower on tech losses

South Korean stocks opened lower Monday, led by big-cap tech losses, amid uncertainties over the Federal Reserve's policy path and a global economic recovery. The benchmark Korea Composite Stock Price Index shed 7.97 points, or 0.31 percent, to 2,585.29 in the first 15 minutes of trading. On Friday, US stocks closed mixed. The Dow Jones Industrial Average rose 0.3 percent, while the tech-heavy Nasdaq Composite dropped 0.68 percent. Investors expect the Fed to pause its interest rate hikes i

Aug. 14, 2023

Cosmax's cosmetics factory with Yatsen begins operations in China

Cosmax Inc., South Korea's major cosmetics manufacturer, said Sunday its factory jointly built with Yatsen Holdings has begun operations in Guangzhou, China. Cosmax set up a joint venture, Yatsen Biotechnology, with the New York-listed Chinese Yatsen in 2020, and began construction of the 60,593-square-foot factory, Asia's biggest cosmetics factory. Cosmax said the factory is expected to produce 4 billion units of cosmetics a year. Yatsen, founded in 2016, runs cosmetics brands, includ

Aug. 13, 2023

Hyundai Bioscience, US NIH to co-develop broad-spectrum antiviral drug

Hyundai Bioscience said Sunday it will develop a broad-spectrum antiviral drug with the US National Institutes of Health, a federal agency for conducting and supporting medical research. Hyundai Bioscience USA, a wholly owned subsidiary of Hyundai Bioscience, signed a Non-Clinical Evaluation Agreement with the National Institute of Allergy and Infectious Diseases (NIAID) under the NIH. Under the contract, Hyundai Bioscience USA will provide Xafty (CP-COV03), a candidate for COVID-19 antivirals

Aug. 13, 2023

Frozen Iranian funds released

Iranian funds worth an estimated $6 billion, frozen in bank accounts in Korea, have been released, following the US and Iran's tentative agreement to engage in a prisoner swap in exchange for Tehran's access to the blocked funds. All of Iran’s frozen funds in Korea have been unblocked, Central Bank of Iran Gov. Mohammad Reza Farzin said through a post written in Persian on social platform X on Saturday. The central bank chief wrote that $7 billion in Iranian assets in Korea have

Aug. 13, 2023

[Beyond Earth] ‘Halley’s comet could have had a different name’

Halley’s Comet, arguably the most well-known comet in the world, is a short-period comet that comes close enough to the Earth about every 76 years that it can be seen with the naked eye. It was last observed in 1986 and is forecast to return in 2061. The comet is named after English astronomer Edmond Halley, who worked out the pattern by which the comet comes back to the Earth over and over. Although he did not live to see his prediction of the comet’s return in 1758 or 1759 prove tr

Aug. 13, 2023

Korean Air expands in-flight internet services

South Korean national carrier Korean Air has started to provide in-flight Wi-Fi connection on some of its Airbus A321neo aircraft, industry sources said Sunday. The expansion of in-flight Wi-Fi connection is part of the company’s long-term goal to expand the in-flight connection to 100 percent of its international flights. The number of Korean Air’s Airbus A321neo aircraft that provide in-flight Wi-Fi connection is currently six. Those A321neo flights operate on the routes connecting

Aug. 13, 2023

[70th Anniversary] Congratulatory messages from business leaders

Business leaders have sent congratulatory messages to celebrate the 70th anniversary of The Korea Herald. – Ed. Chey Tae-won, Korea Chamber of Commerce and Industry chairman My sincere congratulations to The Korea Herald on its 70th anniversary. The Korea Herald, then The Korea Republic, was first published to introduce Korean society following the Korean War and to solidify international cooperation. The Korea Herald has witnessed the moments of reconstruction, growth and the Miracle

Aug. 13, 2023

[Photo News] Nurturing fintech talent

From left: Future For Youth Foundation Chairman Lee Hoon-kyu, Financial Supervisory Service Gov. Lee Bok-hyun, a student representative, Hana Financial Group Chairman Ham Young-joo and SK Telecom Vice President Um Jong-hwan pose for a picture to kick off fintech talent nurturing program Hana Digital Power On in Seoul, Thursday. Marking its second year, the program, launched by Hana Financial Group, awards teams for developing tech solutions for the financial sector. Other participating companies

Aug. 13, 2023

[Photo News] New Narangd Cider

Employees of Dong-A Otsuka, the nation’s leading beverage maker, celebrate the launch of White Kombucha-flavored Narangd Cider at the company’s headquarters in Seoul, Thursday. Following pineapple and green apple, the new sweet and sour flavor is the latest addition to the company’s zero-calorie, zero-sugar carbonated beverage brand. (Dong-A Otsuka)

Aug. 13, 2023