SK chief underlines power of 'design thinking' amid global uncertainties

SK Group Chairman Chey Tae-won suggested responding to deepening global uncertainties with "design thinking" at the annual Tokyo Forum on Friday. “Most people think design and business are separate disciplines, but both fundamentally share the characteristic of creating new ventures with limited resources,” the chairman said in his opening speech at the event in Tokyo. Chey emphasized the importance of design thinking in the business domain, stating, “CEOs must act

Nov. 22, 2024

Hanjin inks partnership with DHL to boost logistics competitiveness

Hanjin Logistics Corporation said Friday it has signed a strategic partnership agreement with DHL Supply Chain Korea, to strengthen collaboration in logistics operations and expand its network in South Korea. The agreement will focus on key industries, including pharmaceutical, semiconductor, consumer goods, automotive and eco-friendly logistics, the company said. Through the partnership, the two companies plan to jointly target new customers, improve logistics efficiency for existing clients, a

Nov. 22, 2024

Hanwha Ocean drops police complaint against HD Hyundai in destroyer contract bid

Hanwha Ocean said Friday it withdrew its police complaint against rival HD Hyundai concerning the bidding process for the 8 trillion won ($5.7 billion) next-generation Korean destroyer (KDDX) project. In March this year, the shipbuilder filed a complaint requesting an investigation into HD Hyundai executives’ involvement in leaking Hanwha Ocean’s confidential materials related to the KDDX bid, hosted by the Defense Acquisition Program Administration, in 2013. Nine HD Hyundai employee

Nov. 22, 2024

AmCham seminar discusses US-Korea trade outlook for Trump’s 2nd term

The American Chamber of Commerce in Korea hosted a seminar Wednesday in Seoul, partnering with local law firm Kim & Chang to explore key trade and tariff policy changes expected under a second Trump administration. The session, which drew attendance from local companies seeking to navigate the evolving US-Korea economic relationship, focused on anticipated shifts in US trade policy and their implications for Korean businesses. "Given President Trump’s campaign promises and his fir

Nov. 22, 2024

Celltrion’s Prolia, Xgeva biosimilars receive approval in Korea

South Korean biosimilar giant Celltrion announced Friday that its biosimilars, Stoboclo and Osenvelt, have been approved by the Ministry of Food and Drug Safety. The two biosimilars, referencing Amgen’s Prolia and Xgeva, respectively, are the first denosumab biosimilars to be approved in Korea. Prolia is used to treat osteoporosis in postmenopausal women and increase bone density in men, while Xgeva is prescribed to prevent skeletal-related complications in cancer patients with bone metast

Nov. 22, 2024

LG Innotek invests W376b for Vietnam facility

LG Innotek said Friday it would invest 375.9 billion won ($268.3 million) in a facility in Vietnam to respond to new models in the optical solutions business and enhance its competitiveness. The investment period will extend until Dec. 31. of the following year. The new investment is part of the company’s previously announced plan to invest 1.3 trillion won in expanding its production subsidiary in Hai Phong, Vietnam. The Vietnam production facility primarily manufactures camera modules. T

Nov. 22, 2024

S. Korea to enhance cooperation with Mexico to remove biz uncertainties over Trump

South Korean Trade Minister Cheong In-kyo said Friday the government will establish cooperative channels with Mexico in an effort to minimize uncertainties for businesses stemming from expected policy changes by the Donald Trump administration. Cheong made the remarks during a Seoul meeting with companies operating in Mexico, including Kia Corp., Hyundai Mobis Co., and LG Innotek Co., to assess the impact of Trump's return on businesses and the broader economy, according to the Ministry o

Nov. 22, 2024

LG chooses stability in leadership reshuffle amid uncertainties

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad. Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties. Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts. LG Uplus, the telecom uni

Nov. 21, 2024

Paper firms fined W30b for colluding on newsprint prices

South Korea’s antitrust watchdog has fined three paper manufacturers a total of 30.5 billion won ($21.8 million) for colluding to raise newsprint prices. According to the Korea Fair Trade Commission on Thursday, Jeonju Paper, Daehan Paper and Paper Korea engaged in price-fixing by twice raising prices by 60,000 won per ton, in 2021 and 2022. The companies also pressured local newspaper companies that resisted the price hikes by reducing their supply of newsprint. The three companies are do

Nov. 21, 2024

Now is no time to add pressure on businesses: top executives

The top executives of 16 major Korean conglomerates, including Samsung, SK, Hyundai Motor and LG, on Thursday issued a rare joint statement opposing the proposed revision to the Commercial Act, which aims to increase the duties of corporate board members. “The proposed revision will lead to excessive litigation and potential attacks from overseas speculative investors, thereby hindering the normal management activities of board members,” the business leaders said. “This will ob

Nov. 21, 2024

[From the Scene] Gigantic Olive Young store lures young trend-setters in Seongsu

Stepping into Olive Young N Seongsu, just a minute’s walk from Seongsu Station’s Exit 4, visitors are immediately greeted by a vibrant and spacious interior filled with colorful cosmetics. The cheerful atmosphere is enhanced by classic and upbeat music playing softly in the background. “Welcome to our new chapter of the store, Olive Young N Seongsu,” said Kim Soo-ju, Olive Young's cross-functional team leader, during a guided press tour on Thursday. "The speci

Nov. 21, 2024

Korean Air offers special flights for mileage users

Korean Air has introduced a special flight schedule for customers wishing to redeem mileage points for trips to Jeju Island. Mileage users will have preferential booking access for three days: Dec. 28, Dec. 30, and Jan. 1. Reservations open Thursday, and customers can join the event through the airline’s official website or mobile app. The promotion applies exclusively to flights between Gimpo and Jeju Island. The flight from Gimpo Airport will depart at 1:40 PM, arriving at Jeju Airport a

Nov. 21, 2024

LS, Denmark’s CIP join hands for Ulsan wind power project

LS Cable & System, a leading Korean cable manufacturer, is bolstering ties with global infrastructure investors to supply its submarine cables for floating offshore wind power projects in Ulsan. According to the company on Thursday, LS signed a letter of intent with Copenhagen Infrastructure Partners, a global investment firm specializing in the renewable energy sector. CIP’s project company, Haewoori Offshore Wind, plans to develop a large-scale floating wind park with a capacity of 1

Nov. 21, 2024

[Herald Interview] Canada’s Genesis Fertilizers teams up with Korean builder for sustainable agriculture

In a step toward sustainable agriculture, Canadian fertilizer company Genesis Fertilizers has signed a $35 million front-end engineering design, or FEED, contract with South Korea's DL Engineering & Construction to develop a low-carbon nitrogen fertilizer plant in Saskatchewan. Genesis Fertilizers CEO Jason Mann highlighted the plant’s innovative approach, emphasizing its role in global food security. “We capture 95 percent of the CO2 emissions, making this one of the world&

Nov. 21, 2024

LG Uplus taps IT strategist as new CEO

LG Uplus, one of the nation's top three telecom carriers, announced Thursday that it has appointed Hong Bum-shik, head of corporate strategy at LG Corp., LG Group’s holding unit, as its new CEO. Hong, who earned a master’s degree in international affairs at Columbia University, served in strategist roles at SK Telecom and Bain and Company. He then joined LG Corp. in 2019 to oversee the group’s business strategy and nurture new growth drivers. He is also considered a merg

Nov. 21, 2024

Samsung Electronics introduces 2nd-generation AI model, Gauss 2

Samsung Electronics Co. on Thursday unveiled the Samsung Gauss2, the second generation of its generative artificial intelligence model, at an annual tech conference. During a keynote address of the online Samsung Developer Conference Korea 2024, the company highlighted the improved performance, efficiency and various application possibilities of its latest AI model. Samsung Gauss, first introduced last year, is aimed at enhancing the work efficiency of workers by facilitating tasks, such as comp

Nov. 21, 2024

Celltrion to buy back its shares for 5th time this year

South Korean biopharmaceutical firm Celltrion Inc. said Thursday it will spend around 100 billion won ($71.5 million) to buy back its shares for the fifth time this year in a bid to increase its shareholder value. The buyback of a combined 583,431 shares will begin Friday, according to the company. It will mark the fifth share buyback by Celltrion this year, following such moves in March, April, June and October. The accumulative value of the company's share buyback this year is expected to

Nov. 21, 2024

Lotte Group says total assets stand at W139t, shrugging off liquidity concerns

Lotte Group, one of South Korea's largest conglomerates, on Thursday refuted concerns of a liquidity crisis, stating its total assets, including deposits, reached 139 trillion won ($99.4 billion) as of last month. The group's assets include 37.5 trillion won worth of shares, real estate valued at 56 trillion won, and disposable deposits of 15.4 trillion won, according to a statement. The clarification came in response to rumors suggesting Lotte may face a liquidity crisis due to challe

Nov. 21, 2024

EU says T'way Air's commitments in Korean Air-Asiana merger fulfilled; final approval yet pending

South Korea's exports increased 5.8 percent on-year in the first 20 days of this month, driven primarily by strong global demand for semiconductors and ships, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October,

Nov. 21, 2024

[Herald Interview] How Gopizza got big in India

South Korean pizza chain Gopizza is strengthening its foothold in the Indian market by blending food technology with the distinct flavors of Korean cuisine, offering a fresh take on the classic pizza experience. Founded in 2016 as a single-serving pizza concept aimed at making pizza more accessible, Gopizza entered the Indian market in 2019, tailoring its approach to meet the distinct preferences of Indian consumers. "We currently operate 60 stores across southern India and plan to expand

Nov. 20, 2024