Q3 sees mixed fortunes for Korean tire makers amid higher shipping costs

South Korea’s top three tire manufacturers -- Hankook Tire, Kumho Tire and Nexen Tire -- showed mixed financial performances in the third quarter as they grappled with rising costs and softer demand in the automotive market. While Hankook and Kumho managed to post strong profits, Nexen struggled amid rising shipping expenses and weaker demand in North America. Hankook Tire led the pack, hitting a new record for quarterly sales at 2.44 trillion won ($1.77 billion), up 4.1 percent from last

Nov. 5, 2024

SK chief vows to tackle AI bottleneck along with Nvidia, TSMC

SK Group Chairman Chey Tae-won renewed his commitment to building a robust artificial intelligence ecosystem and vowed to overcome bottlenecks in the process with AI pioneers and key partners Nvidia and TSMC. Speaking at SK AI Summit 2024, held in Seoul on Monday, Chey listed a number of difficulties the burgeoning AI industry faces and reaffirmed his ties with tech leaders, including Nvidia CEO Jensen Huang, TSMC CEO C.C. Wei and Microsoft CEO Satya Nadella. In prerecorded videos, the CEOs deli

Nov. 4, 2024

‘Free delivery’ promotions under antitrust scrutiny

South Korea’s antitrust regulator has opened an investigation into “free delivery” promotions widely used by food ordering and delivery platforms here, according to industry sources on Monday. The Fair Trade Commission will look into whether delivery services have been offered actually free of charge without the costs being shouldered by restaurant owners or consumers. Earlier in the day, Rep. Yoon Hang-hong of the ruling People Power Party revealed documents that Baedal Minjok

Nov. 4, 2024

SK Eternix secures W461b funding for fuel cell projects

South Korean energy company SK Eternix announced Monday that it has partnered with Charmvit Group and KDB Infrastructure Asset Management to fund high-efficiency solid oxide fuel cell power plant projects. Late last month, SK Eternix signed an agreement with multiple financial investors to secure 461 billion won ($336.1 million), marking the largest investment to date in Korea's fuel cell sector. The company anticipates this partnership will cover 85 percent of the total investment cost of

Nov. 4, 2024

Celltrion expands European reach with anti-imflammatory drug

Celltrion has launched Steqeyma, a biosimilar of Stelara (ustekinumab) for autoimmune disease treatment, across Europe, broadening its product portfolio to further strengthen its position in the European biopharmaceutical market. On Friday, Celltrion introduced Steqeyma in Germany, one of Europe’s top five pharmaceutical markets, and in the Netherlands. To expedite the product launch, Celltrion’s German subsidiary completed essential preliminary steps, including drug price listing an

Nov. 4, 2024

ShinWon launches R&D center in New York

South Korean fashion company ShinWon announced Sunday that it has launched an R&D Design Center in New York, to strengthen its presence in global markets. Currently, ShinWon operates seven manufacturing subsidiaries in Guatemala, Nicaragua, Vietnam and Indonesia, all known for their expertise in knit and sweater production. With these production capabilities, the company has maintained long-term collaborations with top global brands like Patagonia, Columbia, GAP, Target and Walmart. &ldquo

Nov. 3, 2024

[From the Scene] Gumi, home to Nongshim’s largest factory, rebrands itself as ‘city of ramyeon'

GUMI, North Gyeongsang Province -- In front of the modest Gumi Station building on Friday, the streets bustled with crowds enjoying ramyeon, despite the rainy weather. Claiming to be "the longest ramyeon restaurant in the world," the 475-meter long strip occupied by the event zone featured 24 booths offering an array of ramyeon-based dishes prepared by chefs from local establishments, including snack bars, bistros, and food trucks. In a seating area accommodating up to 960 people, visi

Nov. 3, 2024

Korean battery makers brace for impact of US election

With the US presidential election just around the corner, Korean battery companies are bracing for change as the result could have significant effects on the industry, particularly if Republican candidate Donald Trump wins. Korea’s leading battery producers -- LG Energy Solution, Samsung SDI and SK On -- have depended on the Advanced Manufacturing Production Credit under the Biden administration’s Inflation Reduction Act for operating profits. According to the quarterly earnings repo

Nov. 3, 2024

Hana opens 100th child care center

Hana Financial Group said Sunday that it has launched the 100th child care center in Bonghwa-gun, North Gyeongsang Province, as part of its 150 billion won ($108.6 billion) project aiming at addressing the nation’s chronically low birth rate. The Korean financial giant launched the project in 2018, with the aim of establishing a total of 100 child care centers nationwide in collaboration with provincial governments. "I am very pleased with this achievement after six years of efforts t

Nov. 3, 2024

Hyosung vice chairman takes helm of 2025 APEC business council

HS Hyosung Vice Chairman Cho Hyun-sang has officially begun his role as the member and incoming chair of the APEC Business Advisory Council (ABAC) for 2025, Hyosung Group announced on Friday. Appointed the ABAC chair in August this year, Cho recently met with Foreign Minister Cho Tae-yul and Second Vice Foreign Minister Kang In-sun. On Thursday, he also met with Trade Minister Jeong In-kyo to discuss the ABAC's role and vision for next year’s APEC meeting, which will primarily take pl

Nov. 3, 2024

[Photo News] AI-driven growth

SK Group Chairman Chey Tae-won delivers his closing remarks during the 2024 CEO Seminar held at SKMS Research Institute in Icheon, Gyeonggi Province, on Saturday. Some 30 top executives across SK companies participated in the three-day annual event. The SK chief stressed to spur growth centering on artificial intelligence amid the ongoing efforts for portfolio rebalancing and operational improvements. (SK Group)

Nov. 3, 2024

[Herald Interview] Lufthansa bets big on Korea’s growing cultural influence in Europe

Celebrating 40 years of direct flights between Korea and Germany, Lufthansa Group is intensifying its focus on Korea with tech-driven travel solutions and sustainability efforts. Earlier this year, the group launched direct services from Seoul to Zurich with SWISS and is continuing to explore opportunities to increase capacity in the Korean market. In a recent interview with The Korea Herald, Leandro Tonidandel, Lufthansa Group’s general manager for Korea, shared insights into how Korea&

Nov. 3, 2024

[Herald Interview] C&W eyes Seoul's robust demand for overseas commercial properties

Global commercial real estate services provider Cushman & Wakefield is looking to expand its Korean client pool for overseas deals, while riding on the wave of demand for properties in Seoul, according to its Korea and Japan chief. “Seoul is definitely in the tier one bucket, where we want to focus a lot of our investment, growth and make sure we continue to have a larger and a very strong platform,” Todd Olson, executive managing director of North Asia at Cushman & Wakefield

Nov. 2, 2024

Korea’s instant ramyeon exports cross $1b milestone

South Korea’s instant ramyeon exports have officially surpassed the $1 billion mark for the first time this year, reflecting surging global demand. The Ministry of Agriculture, Food and Rural Affairs reported on Friday that instant noodle exports from January to October reached an impressive $1.02 billion (1.4 trillion won), representing a 30 percent increase compared to the same period last year. Last year’s exports totaled $952 million, meaning this year's exports exceeded tha

Nov. 1, 2024

SK Innovation becomes Asia-Pacific's largest energy firm after merger

SK Innovation and SK E&S, both part of South Korea’s SK Group, officially completed their merger Friday, forming the largest privately owned integrated energy company in the Asia-Pacific region, with a combined asset value of 105 trillion won (around $76.1 billion). What does the merger mean for SK Innovation? With SK E&S now folded into SK Innovation, the newly merged company can tap into an expanded portfolio that includes oil, chemicals, liquefied natural gas, power generati

Nov. 1, 2024

Samsung’s Luxembourg-listed DRs to transfer to London Stock Exchange

Samsung Electronics’ depositary receipts listed in Luxembourg Stock Exchange are to transfer to the London Stock Exchange, according to the company’s filing on Friday. A depositary receipt is a financial security that allows investors to own shares in a foreign company without trading on a foreign market. The decision came upon the tech giant’s board of directors' decision to delist the DRs from Luxembourg, the filing showed. Based on Samsung Electronics' preferred sh

Nov. 1, 2024

Presidential office says Czech nuclear power project to proceed as planned

The presidential office said Thursday that a South Korean nuclear power plant project in the Czech Republic will proceed as planned despite a temporary hold placed by the Czech antitrust body. On Wednesday, news reports said the Czech Office for the Protection of Competition had imposed the hold in response to appeals filed by U.S. nuclear energy firm Westinghouse Electric Co. and French energy company Electricite de France. The news came as a South Korean consortium, led by Korea Hydro &

Oct. 31, 2024

Samsung vows to boost AI chip sales after earnings miss

Samsung Electronics said Thursday it will focus on producing high-value chips and is ready to supply the cutting-edge AI chips high in demand after announcing disappointing quarterly earnings. The company also hinted it is making strides to supply its cutting-edge HBM3E chips to Nvidia, which controls some 80 percent of the world's AI chips, and said it aims to mass produce the next HBM4 in the second half of next year. “There was a delay in commercializing HBM3E chips, but we have ma

Oct. 31, 2024

HD Hyundai Oilbank to launch rice lottery

HD Hyundai Oilbank, one of the nation’s top refiners, announced Thursday that its gas and charging stations will offer customers the chance to win instant rice made from freshly harvested grains. Starting Friday, customers who spend over 40,000 won ($29) at gas stations or more than 20,000 won at charging stations can enter a raffle. Only those with a Bonus Card -- a loyalty card that offers points and benefits -- are eligible. Winners will receive a bundle of three instant rice packs, mad

Oct. 31, 2024

LG’s transparent OLED TV makes Time's best inventions list

The world’s first wireless and transparent OLED TV and a premium built-in appliance introduced by LG Electronics have been selected among the 200 best inventions of the year by Time magazine. The transparent OLED TV, dubbed LG Signature OLED T, was included in the consumer electronics criteria, according to industry sources on Thursday. “The TV’s always-on-display feature can display ever-changing artwork, or you can turn it off to simply look like a pane of glass,” the m

Oct. 31, 2024