Most Popular
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Korea bets big on gas, oil prospects in East Sea
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Girls starting school early could boost fertility rate: state-backed agency report
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[KH Explains] Has South Korea really struck oil?
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S. Korea to fully suspend inter-Korean military pact after NK balloon barrage
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BTS set to return in Hybe's hour of need
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[KH Explains] Hyundai eyes IPO to leverage presence in India
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Man stabs 2 foreign residents 'for no reason'
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Leaders of Korea, Africa agree to open critical minerals dialogue
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Ministry urges doctors to end walkout, mulls processing resignations
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Yoon says summit marks new era of ties with Africa
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[Bio USA] Biotech firms compete to fill void of Chinese rivals at Bio USA
The Korea Biotechnology Industry Organization and Korea Trade-Investment Promotion Agency together with the Trade Ministry opened its Korea Pavilion at the Bio International Convention on Monday to support small to mid-sized firms in attracting new business partners. This year is the largest-ever operation of a Korean pavilion with 26 participating firms and two institutions installed in the pavilion zone. Among some 20,000 industry officials participating globally, over 1,000 are affiliated wit
June 5, 2024
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Owner of US-based geoscience firm headed to S. Korea for discussions on oil exploration project
The owner of US-based geoscience research company Act-Geo said Tuesday he was traveling to South Korea to discuss Seoul's newly envisioned offshore oil and gas exploration project on the east coast. On Monday, President Yoon Suk Yeol said South Korea will push to embark on the project in the East Sea after a study suggested significant oil deposits may be buried in the deep sea off the coast of Yeongil Bay in Pohang, about 260 kilometers southeast of Seoul. The decision came after the gov
June 4, 2024
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Hana’s Travlog currency exchange service hits 5m users
Hana Financial Group announced Tuesday that its mobile currency exchange service, Travlog, has surpassed over 5 million subscribers, with the total amount exchanged exceeding 1.9 trillion won ($1.39 billion). Launched in July 2022, Travlog is a digital service that allows users to exchange currency at any time without time constraints, eliminating the need for physical currency exchange during overseas travel. The service offers a range of benefits, including favorable exchange rates for 41 di
June 4, 2024
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[Bio USA] Samsung Biologics unveils new CDO platform
SAN DIEGO -- Leading contract development and manufacturing organization Samsung Biologics has introduced a new contract development platform with a customized strategy to enhance its competitive edge in the market. At the 2024 Bio International Convention's opening event on Monday, Samsung Biologics introduced S-Tensify, its new platform designed to support the development of high-concentration biopharmaceuticals through advanced culture technology. "Sixth year into the CDO business,
June 4, 2024
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Korean Air CEO expects US to approve Asiana merger by October
Korean Air Chairman and CEO Walter Cho said Sunday that he expects US approval of the planned merger with Asiana Airlines to come by the end of October. “We expect full approval by the end of October this year,” Cho said in an interview with Bloomberg in Dubai, Sunday. He stressed “no further concessions,” saying “We have done everything the US and EU have requested us to do.” His comments come as the US is the last of 14 jurisdictions in which Korean Air need
June 3, 2024
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MBK starts sell-off talks for Homeplus Express
Asia's largest private equity firm MBK Partners is to push for the sale of Homeplus Express, a supermarket unit of Homeplus, according to industry officials Monday. The firm has kicked off the process by selecting Morgan Stanley as the sales manager for the deal. The details of the sales plan have not been released yet. Though the market had projected that the equity house would be eyeing an exit on Homeplus soon, the sales plan has been limited to its unit Homeplus Express for the time bei
June 3, 2024
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Toss Bank outpaces bigger rivals in workers' pay
Internet-only lender Toss Bank led the local banking industry by paying its employees the highest salaries last year, surpassing even the nation's top five commercial banks. According to recent management disclosure reports from the Korea Federation of Banks, Toss Bank, operated by financial technology company Viva Republica, boasted an average annual salary of 126.2 million won ($92,000) for employees in 2023, a notable 11.5 percent increase from the previous year's 113.14 million won
June 3, 2024
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Korea bets big on gas, oil prospects in East Sea
South Korea has approved a large-scale project to carry out exploration drilling of potentially massive gas and oil reserves, which could hold up to 14 billion barrels of gas and oil in the deep sea off the country’s southeastern coast, President Yoon Suk Yeol announced Monday. Yoon highlighted that the maximum amount of buried gas and oil would be enough for the country to use for 29 years and four years, respectively. He said the government entrusted Act-Geo, a top global deep-sea techno
June 3, 2024
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Chey apologizes for 'public concern' after massive divorce settlement
SK Group Chairman Chey Tae-won issued an apology on Monday after his high-profile divorce settlement ruling -- ordering him to pay a record 1.38 trillion won ($1 billion) to his ex-wife -- raised concerns for the company's employees and stakeholders. Taking part in an extraordinary meeting held by the SK Supex Council, the conglomerate's top decision-making body, Chey also vowed to do his best to make sure his personal affairs do not have negative impacts on the company’s busines
June 3, 2024
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Daesang to ramp up kimchi production in Vietnam
South Korea's food maker Daesang announced Monday the expansion of its manufacturing plant in Vietnam with an investment of approximately 30 billion won ($21.8 million). Vietnam is a key market for Daesang's global business. Fueled by the K-food wave, Daesang’s food and materials sales exceeded 200 billion won last year. In line with this success, Daesang’s subsidiaries, Daesang Vietnam and Daesang Duc Viet, have each completed their second factories in Hai Duong Province a
June 3, 2024
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Korea Ginseng's fermented red ginseng boosts immunity
Korea Ginseng, a ginseng brand of Korean health product and cosmetics retailer DAV International, has introduced red ginseng products to combat exhaustion and weakened immunity due to recent temperature fluctuations. Red ginseng is renowned for its immune-boosting properties, particularly its antioxidant and blood flow benefits. These benefits are largely attributed to saponins, compounds found in ginseng that help defend against external factors such as viral infections. Specifically, ginsenosi
June 3, 2024
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[Contribution] Why Korea-Africa summit matters
By Lee Seong-woo Vice president of the Korea Chamber of Commerce & Industry The 2024 Korea-Africa summit is set to be held this week in Seoul. Korea and Africa have hosted ministerial forums to promote exchanges and cooperation since 2006. The upcoming summit is expected to elevate their ties to the next level. Africa may have struggled to achieve economic development and social stability but the region has also been highlighted as the “continent of the future” for many reasons
June 2, 2024
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[Herald Interview] Korea’s space sector should strive for ‘balanced portfolio’
The Korea AeroSpace Administration, the government’s new space body, officially began operations last week with the hope of vaulting the country into the category of the top five space leaders across the globe. Steve Chien, a longtime artificial intelligence expert at the US National Aeronautics and Space Administration, says the space sector should try to have a “balanced portfolio.” “You have the government. You have big companies. You have small companies. You have uni
June 2, 2024
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Korean biotech firms seek to shine at Bio USA amid China’s boycott
A record number of South Korean pharmaceutical and biotech companies are joining this week’s Bio International Convention to showcase their latest innovations and boost client partnerships amid the absence of their Chinese rivals. The event, also known as Bio USA, will run Monday through Thursday in San Diego. Aligning with this year's theme, "Time for Science to Shine," more than 20,000 biotechnology and pharma leaders have registered for this year's convention. From K
June 2, 2024
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HiteJinro marks centennial with renewed growth push
HiteJinro, the nation's oldest liquor-maker marking its centennial this year, on Wednesday renewed its emphasis on product quality and customer engagement. "We believe the key to maintaining a 40 percent share of some 2,729 manufacturing licenses in Korea today is HiteJinro's exceptional products, marketing and sales skills all combined as teamwork," said Kim Hyun-jin, managing director of HiteJinro's sales division, during a press conference in Seoul. HiteJinro traces
June 2, 2024
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Naver Webtoon eyes $4b Nasdaq listing
Naver Webtoon, also known as Webtoon Entertainment in the US, has kicked off the initial public offering process, as it filed a registration statement with the US Securities Exchange Commission for listing on the Nasdaq market. Despite the unsettled atmosphere within Naver due to recent controversies surrounding its ownership of Line, the messaging app popular in Japan, the webtoon unit aims to complete its Nasdaq stock listing no later this year. Webtoon Entertainment submitted the statement on
June 2, 2024
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HD Korea Shipbuilding unveils safer ammonia-powered ships
HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company for HD Hyundai's shipbuilding and offshore businesses, unveiled its latest advancements in ammonia-fueled vessel technology at the Global Tech Forum on Friday in Athens, Greece. At the forum, which attracted over 100 attendees from the global shipbuilding and maritime industry, the Korean vessel manufacturer introduced its integrated scrubber technology designed to nearly eliminate toxic gas emissions from am
June 2, 2024
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Korea seeks to bolster ties with Tanzania, key supply chain partner
South Korea has been seeking to bolster ties with Africa, with its vibrant economies, young population and abundant natural resources. Tanzania, among others, is emerging as a key partner at a time when countries around the world are competing to secure high-value natural resources amid fast-reshaping supply chains for key industrial sectors. Korea has also been working to elevate economic ties with Tanzania, home to 633 million people – Africa's fifth-largest nation by population. Th
June 2, 2024
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Chubb unites Korean insurance arms under 'Lina' brand
US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary, announced Friday that it will rename its brand from Ace General Insurance to Lina General Insurance starting Saturday, aligning with Chubb Korea's other affiliates -- Lina Life Insurance and Lina One. "The unified 'Lina' brand embodies
May 31, 2024
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How will SK chief's W1.3tr divorce settlement affect his ownership?
The high-profile divorce settlement ruling ordering SK Group Chairman Chey Tae-won to pay his ex-wife a record 1.38 trillion won ($1 billion) has commanded attention for how the chaebol chief will raise the cash as well as the possible impact the ruling could have on the shareholding structure of the nation’s second-largest conglomerate. The Seoul High Court on Thursday ordered Chey to pay 1.38 trillion won in property division and 2 billion won in a one-off alimony payment to his estrange
May 31, 2024