Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Doosan’s robot surgery solution sees successful debut
Doosan Robotics, South Korea's leading collaborative robot provider, announced Thursday the successful practice of its robotic-assisted laparoscopic surgery solution, marking the debut of a Korean-made solution in a real surgical environment. The solution was employed for laparoscopic cholecystectomy, a procedure to remove a diseased gallbladder, performed at Koo Hospital in Daegu on Tuesday. Laparoscopic surgery involves treating conditions within the abdomen through tiny incisions. Develo
March 14, 2024
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Taeyoung shares suspended amid debt restructuring
Shares of Taeyoung Engineering & Construction Co., a troubled mid-sized builder, were suspended Wednesday due to its negative net asset balance amid an ongoing debt restructuring, company officials said. Its main creditor, the state-run Korea Development Bank, said it is extending the deliberation period for the restructuring plan by up to one month to allow more time before finalizing plans to normalize the company. Taeyoung, the 16th-largest builder in South Korea in terms of constructio
March 13, 2024
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Samsung Biologics on smooth ride for record orders
Samsung Biologics is off to a promising start this year with two large-scale contract manufacturing deal signings in March alone. According to Samsung Biologics on Wednesday, the company recently inked a contract manufacturing deal with MSD Switzerland, worth some $71 million. The deal, set to expire in December 2032, is a separate deal from the previous 277 billion won ($210 million) deal signed between the two companies in 2022. Samsung Biologics declined to reveal the product details of the n
March 13, 2024
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Trade chief says US chip subsidies coming
The US Commerce Department is expected soon to announce the amount of federal funding it will spend to support Korean chipmakers building facilities on its land, the Korean trade minister said on Tuesday, US time. “The US government is expected to announce the subsidy plan for Korean firms as soon as around the end of March,” Minister for Trade Jeong In-kyo told reporters at Dallas International Airport in Texas, as he was traveling to the country for the first time after having been
March 13, 2024
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Chinese e-commerce platforms to face tighter antitrust scrutiny
With increasing complaints from Korean consumers regarding the quality of products and the prevalence of knock-off items they purchased from Chinese e-commerce platforms, the country’s antitrust regulator vowed to strengthen the monitoring of foreign operators’ unfair business practices and uphold stern punishments for any illegal activities under relevant domestic laws. The Fair Trade Commission on Wednesday rolled out a set of comprehensive measures that aim to better protect local
March 13, 2024
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[Photo News] AI TV era
Samsung Electronics President Yong Seok-woo, who leads the company's visual display business, poses with the company’s new Neo QLED 8K TV, the tech giant's first TV featuring on-device artificial intelligence, in Seoul on Wednesday. Its feature called "AI upscaling" automatically enhances the resolution of content viewers watch and identifies crucial or moving elements to add special effects for an enhanced viewer experience. (Samsung Electronics)
March 13, 2024
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Yanolja launches US office amid IPO push
Korean travel platform operator Yanolja announced the opening of its first US office in Manhattan, New York, on Wednesday. The move aims to accelerate its North American travel solutions business, coinciding with growing anticipation for the company's potential listing on the US stock market this year. Since its inaugural overseas branch opened in Singapore in 2019, Yanolja has rapidly broadened its local presence in key countries. The firm currently operates 50 overseas offices across 27 c
March 13, 2024
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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