Most Popular
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BTS, NewJeans fandoms clash over Hybe-Min Hee-jin conflict
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N. Korea launches missiles in latest show of military, nuclear strength
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High temperatures may worsen mental health conditions: study
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Samsung chief travels to France to encourage young talents
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Korean battery makers zero in on global commercial EV market
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Yoon leaves for Prague to cement nuclear energy push
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N. Korea fires multiple short-range ballistic missiles: JCS
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[Off the Pages] German bestseller gets new twist in ‘Snow White Must Die -- Black Out’
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4th case of lumpy skin disease confirmed in S. Korea
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Main opposition to railroad multiple contentious bills after Chuseok
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Fannie Mae extends lease of Igis-owned Midtown Center in DC
After looking to relocate its headquarters from Washington, partially owned by South Korea's Igis Asset Management, US mortgage giant Fannie Mae has reversed course, opting instead to extend its lease under revised terms that will see it occupy a smaller space. Igis Asset Management announced Tuesday that the Federal National Mortgage Association, commonly known as Fannie Mae, has recently signed a new long-term lease at Midtown Center, a downtown DC property the Korean company jointly owns
Aug. 13, 2024
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Korea-ASEAN startups to compete for sustainable development goals
South Korea's Ministry of SMEs and Startups, in partnership with Indonesia's Ministry of Cooperatives and SMEs, is set to co-host the fifth Korea-ASEAN Business Model Competition for SDGs 2024 in October. According to the organizing committee Monday, the annual event, launched in 2020, aims to foster cross-border collaboration to nurture startups and small and medium-sized enterprises from Korea and Southeast Asia. The event will act as a platform for entrepreneurs to present solutions
Aug. 12, 2024
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Samsung, LG to challenge Chinese rivals with 'all-in-one' robot vacuums
Samsung Electronics and LG Electronics are stepping up efforts to carve out a share of the burgeoning robot vacuum market, which has been dominated by China's Roborock, with new machines designed to remove the pain points of existing products. This week, LG Electronics is rolling out its first all-in-one robot vacuum and mop machine in 21 years, since the company introduced its first such device in 2003. Samsung Electronics has also released a robot vacuum and mop combo machine adopting adv
Aug. 12, 2024
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Kyobo Life nurtures future sports stars
Kyobo Life Insurance announced Monday that the Kyobo Life Cup Youth Athletic Competition, a nationwide sports event for young athletes, has completed its 21-day run early this month. The annual event kicked off on June 13, with over 4,000 student-athletes competing in seven sports, including track and field, judo, ice skating, table tennis, gymnastics, tennis and swimming. The insurer said the competition showcased the talents of young athletes with aspirations of representing the country in the
Aug. 12, 2024
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Celltrion gets FDA approval for phase 3 trial of Keytruda biosimilar
South Korean biopharmaceutical firm Celltrion has received US Food and Drug Administration approval to kick off advanced clinical testing for CT-P51, a biosimilar of the breakthrough cancer drug Keytruda, the company announced Monday. CT-P51 replicates the effects of pembrolizumab, marketed under the brand name Keytruda by Merck & Co., known as MSD outside North America. An immunotherapy agent enhancing the body's immune response against cancer cells, pembrolizumab has demonstrated effi
Aug. 12, 2024
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Innocean hires former Mediamonks, DDB exec as European COO
Innocean, the marketing communications arm of Hyundai Motor Group, said Monday that it has named Susanne Plumecke, an automotive marketing specialist, as its new European chief operating officer. Plumecke is an industry veteran with over 20 years of experience in marketing brands, mostly carmakers. Plumecke held leadership positions at global marketing companies, including DDB and Mediamonks. Most recently, she oversaw the branding strategies of BMW and Mini as managing director of Mediamonks. I
Aug. 12, 2024
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Hana Financial, FSS join forces to raise alarm over youth gambling
Hana Financial Group said Sunday that it will inject 10 billion won ($7.32 million) over the next three years to bring awareness to the dangers of illegal gambling for youngsters. The project is co-organized by Hana Financial Group and Korea Center on Gambling Problems, joined by public institutions including the Financial Supervisory Service, National Gambling Control Commission, National Police Agency and Seoul Metropolitan Office of Education. "The Financial Supervisory Service, in charg
Aug. 11, 2024
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[Business Diplomacy] SK’s US control tower revamped to boost negotiating power
Endless guesses are made over who will win the race to the White House between former US President Donald Trump and current Vice President Kamala Harris, but both look likely to bolster the country's protectionist measures to boost the US' domestic industry. Against this backdrop, South Korea's second-largest conglomerate SK Group is beefing up its US offices to elevate negotiating power in the all-important market, where it has been spending heavily to secure a firmer footing for
Aug. 11, 2024
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SK hynix gives boost to chip exports to Taiwan
South Korea’s chip exports to Taiwan have surged on the back of increased SK hynix shipments for Nvidia, data showed Sunday. According to the data compiled by the Ministry of Trade, Industry and Energy and the Korea International Trade Association, Korea’s memory chip exports to Taiwan amounted to $4.26 billion in the January-June period this year, up 225.7 percent from a year ago. During the same period, the nation’s total memory chip exports increased 88.7 percent on-year. In
Aug. 11, 2024
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HD Hyundai Marine Solution wins first-ever FSU conversion contract
HD Hyundai Marine Solution has secured a $30 million contract with a European maritime firm to develop an LNG floating storage unit, its first such project, the company announced Sunday. The project will convert a 2004-built, 138,000-square-meter Spanish carrier into an FSU capable of gas storage and offloading. HD Hyundai will manage the entire turnkey project from design through delivery. "Carrier-to-FSU conversions are complex projects that demand high-level engineering skills," a c
Aug. 11, 2024
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[Herald Interview] TmaxTibero eyes global expansion with certified DBMS tech
TmaxTibero, a Tmax Group subsidiary specializing in database management systems, or DBMS, is set to make significant strides in the global market and public sector following the recent recognition of its technological capabilities by the Ministry of Science and ICT. Last month, TmaxTibero's research center was named one of the top corporate research facilities in the first half of this year. Kim Tai-kyoung, director of TmaxTibero, shared his pride with The Korea Herald. "We have been d
Aug. 11, 2024
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Starbucks mobile ordering hits 500m orders in Korea
Starbucks Korea announced Sunday that its mobile ordering and payment platform "Siren Order" has exceeded 500 million cumulative orders since its debut here a decade ago. Launched in 2014, Siren Order reached 100 million orders in September 2019 and 300 million in June 2022. Now, more than half the total orders -- 54 percent -- are made with the mobile app. Starbucks Korea attributed the robust growth in mobile orders to its continued service improvements based on customer usage patter
Aug. 11, 2024
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Mercedes-Benz's crisis management capacity questioned amid lax stance on S. Korean EV fire
Questions have been raised over the crisis response capacity of Mercedes-Benz Korea Ltd., as the company remained largely silent for over a week on an electric vehicle fire scare that started from one of its vehicles. Public concerns over EV safety mounted in the country after a spontaneous fire that began in a parked Mercedes-Benz EV ended up obliterating an entire parking garage inside an apartment complex in Incheon, 27 kilometers west of Seoul, either completely destroying or damaging over 1
Aug. 9, 2024
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Qoo10 seeks merger of embattled e-commerce subsidiaries TMON, WeMakePrice
The chief of Qoo10, the Singapore-based parent firm of TMON and WeMakePrice, said Friday it has begun a process to merge the two e-commerce platforms to help resolve the liquidity crisis facing the companies. On Thursday, Qoo10 applied for the establishment of a new business entity named K-Commerce Center for World with an initial capital of 1 billion won ($730,000) to proceed with the merger plan, the company said in a statement. The merger between TMON and WeMakePrice requires approval from th
Aug. 9, 2024
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Customs agency opens probe into Tmon, WeMakePrice
The Korea Customs Service has initiated an investigation into potential damages related to overseas product purchases made through the troubled e-commerce platforms Tmon and WeMakePrice. The probe comes in response to customer reports that items purchased through these platforms cleared customs but were not delivered. "We have launched an internal investigation following reports from customers and media that a courier company moved these items to a different location inside the country upon
Aug. 9, 2024
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Naver's operating profit surges 27% in Q2
South Korean internet giant Naver on Friday reported record-high quarterly revenue of 2.6 trillion won ($1.91 billion) for the April-June period this year, thanks to profit increases in all of its major businesses including the search platform and cloud service. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company will enhance the user experience by launching a “search feed” feature and adopting AI tools in the second half of the year. Choi also said
Aug. 9, 2024
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Meritz Fire joins protracted race for MG Insurance acquisition
A three-way takeover battle for MG Non-Life Insurance began Thursday, with Meritz Fire & Marine Insurance entering the prolonged race as a new contender. According to local reports, three companies submitted letters of intent to participate in the fourth preliminary bidding for MG Insurance on Thursday. The contenders include Meritz Fire & Marine Insurance and private equity firms Dayli Partners and JC Flowers. Meritz Fire, the non-life insurance arm of local financial holding company Me
Aug. 9, 2024
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KT&G profits jump in Q2, led by overseas cigarette sales
South Korea’s leading tobacco manufacturer KT&G on Thursday reported a surge in its earnings in the second quarter of this year, largely driven by the upbeat performance of its overseas business. The company posted 321.5 billion won ($233 million) in operating profits in the April-June period, a 30.6 percent jump from a year ago. Sales also increased 6.6 percent to 1.424 trillion won on-year. Its overseas business, in particular, drove up its earnings overall, the company said. Oversea
Aug. 8, 2024
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Hyundai Elevator, Kakao team up to integrate robotics with elevators
Hyundai Elevator said Thursday that it has signed a memorandum of understanding with Kakao Mobility to integrate Kakao's robotics technology with Hyundai's vertical transportation systems. The signing ceremony took place at Kakao Mobility's headquarters in Seongnam, Gyeonggi Province, on Wednesday, with CEOs from both companies in attendance. The companies agreed to standardize elevator-robot interactions and ramp up strategic cooperation across research, production and marketing.
Aug. 8, 2024
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Kakao hints at drastic revamp in non-core businesses in second half
Kakao Corp., the operator of South Korea’s No. 1 messenger app KakaoTalk, said Thursday that it would swiftly implement a contingency plan in the second half of this year to drastically reform its overall business operations. "We have defined KakaoTalk and AI as the key drivers of our growth," Kakao CEO Chung Shin-a said during the company’s second-quarter earnings conference, indicating the possible sell-off of non-core businesses. Her comments came when she answered a que
Aug. 8, 2024