Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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S. Korean exports grow rapidly amid lagging domestic recovery: KDI
South Korea's exports have grown rapidly, driven by the strong rebound in the semiconductor sector, though private consumption and investment remain weak, a state-run think tank said Sunday. "The Korean economy is experiencing a moderate downturn, buoyed by rapid growth in exports, particularly from the IT sector," the Korea Development Institute (KDI) said in a monthly economic assessment report. "But consumption remains weak, particularly in goods consumption, as financing
IndustryApril 7, 2024
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[Herald Interview] Porsche zeroes in on making more fans with new Panamera
The chief of the Porche's Panamera line said building a bigger local fandom will be the carmaker's most important goal as the sporty sedan's third-generation was rolled out in Korea. “The question is not only ‘how do we get the customers to the brand and how do we get them not only as customers and drivers of our cars' (but also) 'How do we get them as fans of the brand?’” said Thomas Friemuth, the head of Porsche’s Panamera product line at
MobilityApril 7, 2024
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[Hello India] 'The Indian elephant has begun its stampede': Balancehero CEO
South Korean founder and CEO of India-focused mobile finance tech firm Balancehero is seeking to gain further momentum by taking a segmentation approach to India’s vigorous economic run. "My Indian friends often likened India to an elephant: challenging to set in motion, but once spurred into action, its force is thunderous. Now, it seems the elephant has begun its stampede,” said Balancehero CEO Charlie Lee said in a recent interview with The Korea Herald. Lee foresaw such expo
IndustryApril 7, 2024
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[KH Explains] Hyundai Motor’s bet on robot dog befalls murky outlook
Hyundai Motor Group has found itself at a crossroads as Boston Dynamics, a US-based robotics company that the Korean auto conglomerate acquired in 2021, struggles to find a breakthrough amid mounting losses. Over two years have passed since Hyundai Motor Group Executive Chair Chung Euisun appeared on stage with Boston Dynamics’ four-legged, dog-like robot, Spot, at the CES 2022 in Las Vegas. “Robots are getting closer to humans. Just like you are carrying your phone today, in the
MobilityApril 7, 2024
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Shinhan joins race for Korea’s 4th internet-only bank
Shinhan Bank, one of the country's top commercial lenders, has thrown its hat in the ring for a license that would make it the country's fourth internet-only bank, competing in the digital space with K bank, Kakao Bank and Toss Bank. Shinhan has joined a consortium launched by Douzone Bizon, an enterprise resource planning software provider, to win approval to launch an internet-only bank. Online lenders here provide most financial services from savings to loans, operating without a ph
IndustryApril 7, 2024
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HD Korea Shipbuilding opens decarbonization R&D center
Korean shipyard conglomerate HD Korea Shipbuilding & Offshore Engineering said Sunday it has launched a new research and development facility dedicated to comprehensive testing of decarbonizing maritime technologies. The Marine Innovative Decarbonization R&D facility, located at the HD Hyundai Heavy Industries yard in Ulsan, was inaugurated in a ceremony attended by key executives, including HD Korea Shipbuilding & Offshore Engineering CEO Kim Sung-joon and Hyundai Mipo Dockyard CEO
IndustryApril 7, 2024
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Taiwan quake may push up memory chip prices in Q2: analysts
The powerful earthquake that hit semiconductor powerhouse Taiwan last week may push up memory chip prices temporarily, as chipmakers there face operational disruptions, according to market watchers on Sunday. The earthquake, which struck off the east coast of island with a magnitude of 7.4 on Wednesday, put the tech industry on edge, as Taiwan is home to 18 percent of global chip manufacturing capacity and approximately 92 percent of the world's advanced semiconductors are produced there. M
IndustryApril 7, 2024
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Febreze takes aim at smelly bathrooms, wardrobes
P&G Korea has brought out two new air fresheners designed for small spaces such as bathroom and wardrobes. Febreze Small Spaces air freshener is available in two types -- one is tailored for bathrooms and another for shoe cabinets and closets. The bathroom type is engineered to eliminate odors from toilet use, sewers and musty water, while the shoe cabinet-wardrobe version is designed for enclosed spaces, effectively combating odors from sweat and mildew. “Febreze Small Spaces is desig
IndustryApril 7, 2024
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Children, teens using smartphones more: study
South Korean children and teens used smartphones for longer periods of time in 2023 than the year before, a report by a state-run think-tank showed Thursday. Children under the age of 10 used smartphones for an average of 1 hour and 15 minutes a day last year, marking an increase of 17.2 percent or 11 minutes, according to the report by the Korea Information Society Development Institute. The report surveyed 9,757 individuals from 4,077 households across the country. While not as prominent as in
TechnologyApril 6, 2024
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Food delivery platforms compete with free delivery
The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic
IndustryApril 5, 2024
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Trade Ministry teams up with overseas institutes for industrial innovation
South Korea has tentatively chosen some of the top universities and institutions worldwide for technology partnerships, aiming to acquire advanced technologies that can assist domestic companies. The Ministry of Trade Industry and Energy announced six institutes as preferred bidders out of 30 universities and institutes from nine countries that applied for the partnership, on Friday. The six bidders include five US-based institutes and universities -- Massachusetts Institute of Technology, Yale
IndustryApril 5, 2024
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Seoul shares dip 1% on dashed rate-cut hopes
Seoul shares dipped 1 percent Friday as investors were disappointed with hawkish comments by Federal Reserve officials ahead of US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 27.79 points, or 1.01 percent, to close at 2,714.21. The main index has fallen 1.2 percent this week. Trade volume was moderate at 615.09 million shares worth 11.16 trillion won ($8.2 billion), with decliners outpacing gainers 633 to 244. Institutions and foreig
MarketApril 5, 2024
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Samsung's insurance arm ends bancassurance sales over low profitability
Samsung Fire & Marine Insurance, the nation's leading non-life insurer, has ceased selling insurance products through bank channels, commonly known as "bancassurance." As of January, Samsung Fire & Marine Insurance has halted all new sales through banks, following a consistent decline in sales through this channel, according to an official from the company. This decision comes after 21 years since the company first introduced bancassurance in 2003. Bancassurance allows ins
IndustryApril 5, 2024
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Samsung Bioepis begins phase 3 clinical study for its Keytruda biosimilar
Samsung Bioepis, Samsung Group’s biosimilar arm, announced Friday that the company had started a phase 3 clinical study for SB27, a Keytruda biosimilar. Keytruda is an immuno-oncology drug developed by MSD, a US multinational pharmaceutical company. Indications for the drug include non-small cell lung cancer (NSCLC), melanoma and neck cancer. According to MSD's earnings release, global sales of Keytruda in 2022 were estimated at $20.9 billion. Samsung Bioepis will recruit 616 patients
IndustryApril 5, 2024
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SPC chairman arrested over anti-labor allegations
Hur Young-in, the chairman of South Korean bakery giant SPC Group, was arrested on Friday for allegedly forcing workers to quit their labor union. The Seoul Central District Court on Friday issued an arrest warrant for the 74-year-old chairman on suspicion of violating the Trade Union Act, citing concerns that Hur may try to destroy evidence. With the warrant, prosecutors will take the chairman into custody and investigate if Hur was involved in anti-labor practices for a maximum of 20 days. Hur
IndustryApril 5, 2024
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LG Electronics expects Q1 profit to drop 11% despite robust sales
LG Electronics said Friday it expected its first-quarter operating earnings to decline more than 10 percent on-year despite the company strong overall sales of its home appliances. LG estimated that its operating profit for the January-March period came in at 1.33 trillion won ($983.2 million), down 11 percent from a year ago, according to the company’s earnings guidance. But this was still above the consensus of 1.28 trillion won predicted by local analysts, as provided by the market inte
TechnologyApril 5, 2024
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Kia to invest W38tr through 2028 with focus on automation
Kia on Friday unveiled a plan to invest 38 trillion won ($28.1 billion) through 2028 in an investor relations event held at Conrad Seoul, vowing to lead the global auto industry’s automation. According to the Korean automaker, 65 percent of the large-scale investment will be injected into automation, 19 percent will be used for developing purpose-built vehicles, which were redefined as "platform beyond vehicles" at CES in January, 8 percent will be spent on the transition to soft
MobilityApril 5, 2024
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Hanwha Aerospace conducts spinoff to focus on defense industry
Hanwha Aerospace, the defense arm of South Korea’s seventh-largest conglomerate Hanwha Group, said Friday it will segregate its non-military businesses into a newly established corporation, aiming to focus on its defense business operations. According to Hanwha Aerospace’s announcement Friday, Hanwha Aerospace will spin off a new entity, tentatively named Hanwha Industrial Solutions. This new corporation will take over Hanwha Vision, specializing in artificial intelligence solution
IndustryApril 5, 2024
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Samsung Electronics anticipates tenfold profit surge in Q1 amid chip market rebound
Samsung Electronics predicted a more than tenfold increase in its operating profit for the the January-March period, signaling a dramatic resurgence in its semiconductor business on rebounding demand for memory chips. Samsung’s first-quarter operating profit is estimated to hit 6.6 trillion won ($4.89 billion), up 931.3 percent from a year ago, according to its earnings guidance. The amount surpassed the consensus of 5.26 trillion won predicted by local analysts, as provided by the market
TechnologyApril 5, 2024
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[Photo News] Samsung's AI refrigerator takes center stage in Times Square
Samsung Electronics said Friday that it had launched an outdoor advertising campaign in Times Square, New York, featuring a video that creatively highlights the inside features of the new Samsung Bespoke Refrigerator with AI Family Hub. The company unveiled its 2024 line of Bespoke AI products in Seoul, Paris and New York, alongside the launch of video advertising campaigns. Meanwhile, in collaboration with the upcoming Disney and Pixar’s animation "Inside Out 2," Samsung plans
IndustryApril 5, 2024