Korea's space development to hit wall without private sector initiative: report

The private sector should take the initiative in South Korea’s space development, currently led by state-run institutes, and foster the ground equipment and satellite communication service industries for the country to ascend as a space powerhouse, a report suggested Tuesday. The Federation of Korean Industries, a Korean business group, examined the current status of the aerospace industry and suggested development plans through a report commissioned by Kwak Shin-woong, a professor at Kook

Nov. 19, 2024

[Contribution] How can Korean chip giants adapt to shifting global landscape?

By Jang Hye-lim The return of President Donald Trump signals a transformative moment for the global semiconductor industry. Geopolitical tensions, trade restrictions and rapid technological advancements are reshaping this critical sector. South Korea's semiconductor giants, Samsung Electronics and SK hynix, are global leaders in the memory chip market, but maintaining their dominance in this evolving landscape will require strategic adaptability. They face unprecedented challenges as they

Nov. 19, 2024

CJ CheilJedang to divest W6t bio division

South Korean food giant CJ CheilJedang has reportedly decided to sell its industry-leading bio division, which had been a key pillar alongside its food business, signaling a shift in its strategic growth priorities. According to investment banking sources Tuesday, CJ CheilJedang is believed to have appointed Morgan Stanley as the lead manager for the sale and is engaging with potential buyers. The main auction is expected to take place as early as next month, with the division estimated to value

Nov. 19, 2024

Vice foreign minister vows support for Posco Future M’s anode plant

Second Vice Foreign Minister Kang In-sun visited Posco Group’s battery materials subsidiary Posco Future M’s anode manufacturing plant in Sejong, pledging to support the facility in recovering its production levels. While touring the site Monday, Kang said, “Natural graphite and anode materials are critical minerals with high reliance on imports, underscoring the urgent need to diversify the supply chains. The government will actively support companies, including Posco Future M

Nov. 19, 2024

Hanwha Life partners with Stanford HAI for AI technologies

Hanwha Life, a leading Korean insurance company and subsidiary of Hanwha Group, announced Tuesday that its artificial intelligence research unit has been conducting a joint study with Stanford University's AI institute after signing a collaboration agreement. Launched in June, Hanwha Life AI Research Institute aims to keep pace with changes in the market, focusing on four key areas: enhancing investment strategies, developing a “digital persona,” integrating AI into health care

Nov. 19, 2024

Court again rejects arrest warrant for Qoo10 CEO over massive payment delays

A Seoul court again rejected an arrest warrant for Qoo10 CEO Ku Young-bae on Tuesday on fraud and embezzlement charges related to his e-commerce group's large-scale payment delays to vendors. The Seoul Central District Court made the decision following a hearing Monday, saying there was "room for dispute" over whether the allegations constitute a crime and no evidence suggesting Ku attempted to flee or destroy evidence since a previous request for an arrest warrant was rejected la

Nov. 19, 2024

Woori Bank raided over improper loans tied to ex-chairman

South Korean prosecutors raided the headquarters of Woori Bank on Monday as part of an ongoing probe into alleged improper loans linked to family members of former Woori Financial Group Chairman Son Tae-seung. The Seoul Southern District Prosecutors' Office searched offices at Woori Bank’s central Seoul headquarters, including those of the group chairman and the bank’s CEO, seeking internal documents, payment records and transaction logs tied to the alleged 35 billion won ($25 m

Nov. 18, 2024

Hana eyes senior services in Hong Kong expansion

Hana Financial Group Chairman Ham Young-joo pledged to enhance wealth management services tailored to senior generations in Hong Kong, emphasizing the group’s global expertise and commitment to deepening ties between South Korea and the city’s financial sectors. Ham made the remarks during a meeting Thursday with Peter Lam, chairman of the Hong Kong Trade Development Council, following the South Korean financial delegation’s investor relations event in the city. The meeting als

Nov. 18, 2024

Korea, Mongolia target clean energy, health care in deeper collaboration efforts

Korea and Mongolia took significant steps to deepen their partnership at the third Korea-Mongolia Future Strategy Forum, held Friday in Busan, where experts shared insights and challenges in collaborating in the areas of energy and health care. Energy: Tapping into Mongolia’s vast potential The first session focused on energy cooperation, a key area where the two nations can complement each other. Mongolia, with its vast reserves of coal and critical minerals like lithium and cobalt, i

Nov. 18, 2024

Health care joins energy as key focus in Korea-Mongolia ties

The third Korea-Mongolia Future Strategy Forum took place Friday at The Westin Josun Busan, bringing together over 150 prominent leaders to explore opportunities for collaboration in energy, health care and education. Korea and Mongolia first established diplomatic ties in 1990, and their relationship has flourished since. Busan and Ulaanbaatar, as official cooperative cities, have been at the forefront of this bond, promoting exchanges in culture, health care and tourism. Through the forum, lea

Nov. 18, 2024

Hyundai Rotem to supply armored vehicles to Peru

Hyundai Rotem, South Korea’s sole tank manufacturer, announced Monday that it has signed a comprehensive cooperation agreement with Peru to advance plans for exporting armored vehicles to the country. The agreement, signed Saturday between Hyundai Rotem President Lee Yong-bae and Jorge Zapata, CEO of Peru’s Army Weapons and Ammunition Factory, lays the groundwork for exports of K2 tanks and wheeled armored vehicles to Peru, representing a preliminary step toward a formal contract aim

Nov. 18, 2024

[Herald Interview] Busan mayor envisions city as Korea’s southern hub for balanced growth

Busan Mayor Park Heong-joon has called for a shift in South Korea’s development model, warning that the overconcentration of resources in the Seoul metropolitan area has created a national crisis. “The imbalance caused by unipolarity in the Seoul area is deepening South Korea’s critical challenges -- declining growth potential, low birth rates and widening inequality,” Park said in an interview with The Korea Herald in Busan last Friday. “We must move toward balance

Nov. 18, 2024

[From the Scene] Climate change threatens Jeju's mandarin orange business

JEJU ISLAND -- Jeju’s iconic mandarin orange industry is grappling with mounting challenges as climate change disrupts traditional cultivation practices. This year, prolonged tropical nights and rising temperatures delayed harvests and impacted fruit quality, prompting the island to adapt its agricultural practices. “Mandarins develop their yellow color when nighttime temperatures fall below 20 degrees Celsius,” said Hyun Jong-ho, manager at the Namwon Agricultural Product Ce

Nov. 18, 2024

HD Hyundai to step up cooperation with SIMA Peru

HD Hyundai Heavy Industries announced Monday that it signed a memorandum of understanding with state-operated shipyard SIMA Peru in Lima, Peru, last week to jointly develop submarines as part of the Peruvian Navy’s vessel replacement project. Through the partnership, HD Hyundai and SIMA will make joint efforts to win contracts and develop submarines tailored to Peru’s Navy. HD Hyundai also plans to strengthen its partnership with the Peruvian government and navy, supporting the local

Nov. 18, 2024

Naver, Saudi’s National Housing Co. to set up JV

Korean internet giant Naver said Monday that it has agreed to establish a joint venture with Saudi Arabia’s state-owned real estate development and investment company to operate and commercialize digital twin platforms in the 17th largest economy in the world. Naver and National Housing Company signed the deal on the first day of Cityscape Global 2024 held in Riyadh, Saudi Arabia, on Nov. 11. The joint venture, under the umbrella of Naver Arabia, will serve as Naver’s first busines

Nov. 18, 2024

Hana Financial chief vows to boost corporate value in Hong Kong

Hana Financial Group's chief pitched the banking group's strategies to elevate its corporate value to overseas investors at an investor relations event in Hong Kong. Along with the chiefs of other top financial service providers in the country, Hana Financial Chairman Ham Young-joo attended the “Invest K-Finance” event, hosted by South Korea's Financial Supervisory Service. At the event, Ham introduced the group’s plan to boost corporate and shareholder value, ac

Nov. 17, 2024

[Herald Interview] There’s no wrong way to enjoy bourbon: Jefferson's founder

Jefferson’s Bourbon Founder and Chief Strategist Trey Zoeller explores experimenting in Korea by pairing its bourbon with local culinary practices and pursuing partnerships with cultural industries as his brand establishes its foothold here. Ahead of the first anniversary of Kentucky-born Jefferson's Bourbon’s debut in Korea, Zoeller visited Seoul for the first time to introduce and share the allure of the brand to a growing number of bourbon enthusiasts in the country. He said

Nov. 17, 2024

Daewoo E&C makes strides in Central Asia, global urban development

Daewoo E&C is making significant strides in its global expansion efforts, securing major projects across Central and Southeast Asia under the leadership of Chairman Jung Won-ju, the company announced Friday. Celebrating its 51st anniversary this year, Daewoo E&C has reaffirmed its vision of evolving into a company moving into the next century by tapping broader overseas markets and addressing challenges in the sluggish domestic construction industry. A prime example is the Turkmenistan M

Nov. 17, 2024

Hanjin eyes bigger footing in the US fulfillment services market

Hanjin Logistics, an affiliate of South Korean airline-to-logistics conglomerate Hanjin Group, is ramping up efforts to improve its fulfillment services and attract more corporate customers seeking to enter the US market. Earlier this month, CEO Noh Sam-seok and Emily Cho, president and chief marketing officer, traveled to the US for meetings at the company's local headquarters as they plan to expand the logistics firm's fulfillment business on the US east coast, according to the compa

Nov. 15, 2024

ZYX Technology inks partnership with Chonnam University to nurture tech talent

South Korean design software developer Zyx Technology announced Friday that it has signed a memorandum of understanding with Chonnam National University, aiming to foster tech talent and strengthen collaboration. Under the agreement, the company said it will provide academic support, including free access to cutting-edge design software and opportunities for joint research and development of artificial intelligence software. As a member of the Innobiz Association, Zyx Technology has developed a

Nov. 15, 2024