[KH Explains] China ups OLED ante to take over Korean shares

China’s recent move to ramp up investment in organic light-emitting display panels is stoking fears among Korean display makers that they may face another fierce price war with their Chinese runner-ups, even over the most sophisticated display technology. Last week, China's top display panel maker, BOE Technology, announced a plan to invest 63 billion yuan ($8.84 billion) to build a production facility with 8.6-generation technology for OLED panels for laptops and tablet PCs. The amou

Dec. 5, 2023

Korean defense firms head to Egypt defense expo to expand market presence

South Korean defense firms are looking to expand their market presence in Africa and the Middle East as they showcase their latest cutting-edge weapons systems at the Egypt Defense Expo 2023 taking place at the country’s international exhibition center in Cairo this week. According to Korea Aerospace Industries and LIG Nex1 on Tuesday, the two companies participated in the EDEX for the first time this year. Korea Aerospace Industries, also known as the KAI, said it will concentrate on in

Dec. 5, 2023

[Photo News] Winter seaweed harvests

Farmers harvest gim, or dried seaweed, using a unique technique which involves repeating a drying and wetting process in the open sea, in waters near the fishing village of Taean, South Chungcheong Province, Tuesday. Gim is one of South Korea's top export items which has seen growing popularity overseas. Korean gim accounts for almost 70 percent of the global seaweed market. (Yonhap)

Dec. 5, 2023

Korea Herald, Indonesia's Kompas vow to deepen media ties

JAKARTA, Indonesia – The Korea Herald and Indonesia's Kompas Daily have pledged to strengthen media cooperation, solidifying their commitment during the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Established in 1965, the Jakarta-based Kompas Daily enjoys a distinguished reputation in Indonesia's media landscape. The forum itself was a collaborative effort between Herald Corp., publisher of The Korea Herald and Herald Business, and the Indonesian Chamber of Commerce

Dec. 5, 2023

KB unveils video to mark World Soil Day

KB Financial Group on Tuesday unveiled a video titled “Safeguarding Soil, A Source Of Life,” to celebrate World Soil Day, held annually on Dec. 5 to advocate for the sustainable soil management practices. The video first underscores the importance of healthy soil as an essential resource for sustaining life on Earth. It then discusses plastic, the leading cause of soil and water pollution. According to the video, plastic waste can release harmful chemicals into the surrounding soil,

Dec. 5, 2023

Daewoo E&C seeks to join Indonesia's capital relocation

Daewoo Engineering & Construction Chairman Jung Won-ju has recently engaged with industry leaders and officials in Indonesia to broaden the scope of the company's global construction projects, focusing on the extensive development of the Southeast Asian country's new capital that is expected to be inaugurated as early as August next year. Indonesia is actively preparing to relocate its capital from Jakarta to Nusantara, a purpose-built city in the East Kalimantan area. The planned

Dec. 5, 2023

[Photo News] Hana donates to charity

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Chairman Ham Young-joo and Community Chest of Korea Chairman Kim Byong-joon pose for a photo after the financial group donated 15 billion won ($11.43 million) to the charity's headquarters in central Seoul, Tuesday. Hana's 15 affiliates all contributed to the donation for the underprivileged. The group also received a donation certificate for donating a total of over 90 billion won this year. (Hana Financial Group)

Dec. 5, 2023

AmCham seminar explores health care as bigger part of Korea-US alliance

Health care officials from South Korea and the US on Monday gathered in Seoul to discuss the industry’s potential to be a bigger part of the Seoul-Washington alliance during a forum hosted by the American Chamber of Commerce in Korea. The Healthcare Innovation Seminar is one of the major events organized by AmCham, and the largest policy seminar on the health care industry in South Korea. This year's seminar is titled “The Role of the Healthcare Industry in Facing the Next Front

Dec. 4, 2023

Hanwha inks $2.6b deal to ship more K9 howitzers to Poland

Hanwha Aerospace said Monday it has signed a $2.6 billion contract (3.45 trillion won) to ship 152 K9 self-propelled howitzers to Poland through 2027, taking the next step in the arms deal signed between the two sides last year. The South Korean defense firm and the Polish State Armament Agency agreed on a framework to export Hanwha Aerospace’s 672 units of K9 self-propelled howitzers and 288 units of the multi-caliber rocket artillery system, K239 Chunmoo, in July 2022. Later in the sam

Dec. 4, 2023

Generational shift looms in SK leadership

SK Group Chairman Chey Tae-won is expected to carry out a complete reform of the conglomerate’s top leadership this week, seeking a generational shift to handle uncertainties in the fast-changing market. According to industry sources on Monday, Chey asked four chief executives of the group's major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho -- to step down,

Dec. 4, 2023

Kolmar BNH to ramp up production with new plant

Kolmar BNH, the health functional food developer and manufacturer under Kolmar Korea, announced Monday it has completed its third manufacturing plant in the city of Sejong, securing the largest annual production capacity in the industry. The four-story plant, built on a site occupying some 20,024 square meters in Sejong, has a total floor area of 24,871 square meters. The plant is capable of generating 1.8 billion units of solid-type health functional foods (tablets or pills) and 450 million p

Dec. 4, 2023

Insurance firms' net income jumps over 47% on-year in first nine months of year

The combined net income of insurance companies in South Korea surged nearly 50 percent in the first nine months of the year from a year ago on advances by both life and non-life insurers, data showed Monday. The combined net profit of 22 life insurance firms and 31 non-life insurance companies here came to 11.42 trillion won ($8.74 billion) in the January-September period, up 47.2 percent from the same period last year, according to preliminary data from the Financial Supervisory Service. The ne

Dec. 4, 2023

[Hello Indonesia] Cultural tapestry woven at 'Korea-Indonesia Friendship Night'

JAKARTA, Indonesia -- Amid resounding cheers, South Korean Ambassador to Indonesia Lee Sang-deok raised a spirited toast at the "Korea-Indonesia Friendship Night" event held on Thursday in Jakarta. The event took place following a business forum held to commemorate the 50th anniversary of bilateral diplomatic ties at the Hotel Mulia Senayan earlier in the day. "Closer friendship, stronger partnership," Lee proposed, raising a toast. Following Lee, Indonesian girl group Star

Dec. 3, 2023

[Hello Indonesia] Digital innovation for financial inclusivity

JAKARTA, Indonesia -- In bustling Indonesia, with its youthful population, one might assume that digital prowess would be the answer for financial firms looking to unlock a treasure trove of untapped potential. However, two chiefs heading Indonesian units of Korea's top financial companies -- Mirae Asset Securities and KB Kookmin Bank -- said that mere possession of technology was not enough. “Technology is an enabler, not a solution,” Mirae Asset Sekuritas Indonesia President D

Dec. 3, 2023

[Hello Indonesia] Indonesian developer aims to build self-contained new town

JAKARTA, Indonesia -- Over three decades have passed since South Korea embarked on the construction of "new residential towns" in satellite cities. However, the initial goal of creating self-contained cities seems has been mostly unsuccessful, with most ending up as bedroom communities. Pantai Indah Kapuk 2 (PIK 2), a new town and satellite city in Indonesia, envisions a similar goal to Korea's, having been designed as a hub where people can "work, live and play," accord

Dec. 3, 2023

[Hello Indonesia] Korea, Indonesia’s exchanges highlighted at talk session

JAKARTA, Indonesia -- Lim Jong-soon, secretary general of the Korean Chamber of Commerce and Industry in Indonesia, emphasized the necessity of two-way cultural exchanges between Korea and Indonesia at the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Lim expressed his concern that although Korean culture holds significant sway in Indonesia, Indonesian cultural influence in Korea remains comparatively limited. "Among Koreans, Indonesia is only perceived as a densely populated an

Dec. 3, 2023

[Hello Indonesia] Unlocking potential of EV partnership

JAKARTA, Indonesia -- The combination of Korea’s top battery manufacturing technology and Indonesia’s abundant minerals makes them ideal partners in the burgeoning electric vehicle market. “If Indonesia, the world's largest nickel producer, cooperates with the Korean battery industry, the synergy they could create would be tremendous,” Korea Battery Industry Association Executive Vice President Park Tae-sung said during a collaborative session on EVs and e-waste ma

Dec. 3, 2023

[Hello Indonesia] Green growth cements Korea-Indonesia ties

JAKARTA, Indonesia -- The partnership between South Korea and Indonesia has grown stronger over the decades through collaborative endeavors, common interests and trust, according to speakers at the Korea-Indonesia Economic Cooperation Forum. Korea, a global powerhouse in science and technology, and Indonesia, one of the fastest-growing economies with large mineral reserves, mark half a century of diplomatic relations this year. Key figures at the forum said the two nations' distinctive comp

Dec. 3, 2023

[Photo News] New Hana

Hana Financial Group CEO Ham Young-joo (center), Vice Chairman Lee Eun-hyung (second from left) and some 300 officials celebrate the group’s 18th anniversary at its headquarters in central Seoul, Friday. During the event, the Hana employees boasted the new slogan "New Hana" to steer the financial giant’s future. Hana promised to take a big step forward, putting importance on a customer-first strategy and corporate social responsibility. (Hana Financial Group)

Dec. 3, 2023

Seoul says FEOC guidance reduces uncertainty, will continue close consultation with US

The Seoul government on Saturday welcomed the release of proposed U.S. guidance on U.S. tax credits for electric vehicles (EVs), noting it will help remove uncertainties surrounding the 2022 Inflation Reduction Act (IRA). The U.S. released the guidance on Friday (U.S. time), defining a "foreign entity of concern" (FEOC) whose battery components and critical minerals may disqualify EVs from U.S. incentives. "Our battery makers have been asking for an early release of FEOC requireme

Dec. 2, 2023