Most Popular
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'Keep IU off the grass': Soccer fans oppose K-pop concerts at World Cup Stadium
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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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North Korea sends top envoy to Russia as it girds for friction with Seoul
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Seoul-bound traffic clogged on 4th day of Chuseok holiday
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Kia makes breakthrough in China sales
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High temperatures may worsen mental health conditions: study
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[Special] Ansan aims to become South Korea's multicultural hub, heart of immigration policy
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Samsung chief travels to France to encourage young talents
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N. Korea fires multiple short-range ballistic missiles: JCS
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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
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Paris Baguette hosts inaugural US franchise convention
South Korea's top bakery chain Paris Baguette held its inaugural franchise convention for US franchisees in Las Vegas on Aug. 5-7. Under the theme "Layers of Success," the three-day event brought together 250 executives, current franchisees and prospective partners to foster communication and networking within Paris Baguette's diverse franchise community. Paris Baguette America's executives, led by CEO Darren Tipton, shared the company's strategic vision, marketing
Aug. 8, 2024
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[Contribution] Happy Birthday, "ASEAN"!
By Kim Jae-shin Secretary general of the ASEAN-Korea Centre Today marks the 57th anniversary of the founding of the Association of Southeast Asian Nations, celebrated as ASEAN Day. In the aftermath of World War II, the international political landscape became increasingly unpredictable with the tensions of the Cold War, a phenomenon that did not pass by the Southeast Asian region. In response, five countries -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- issued the ASEA
Aug. 8, 2024
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SK Innovation's unit joins carbon storage project in Australia
SK earthon Co., a South Korean oil exploration and production (E&P) company, said Thursday it has joined a project to build a submarine carbon storage facility in Australia in its business diversification strategy. SK earthon invested in 20 percent of the project, with InCapture, an Australian carbon capture and storage (CCS) company, holding 75 percent and CCS technology consulting firm CarbonCQ holding 5 percent, the company said in a statement. The three companies will explore the G-15-AP
Aug. 8, 2024
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Samsung’s HBM3E chip still under review by Nvidia
Samsung Electronics on Wednesday denied a Reuters report that its fifth-generation HBM3E chip has passed Nvidia's qualification test for use, saying it is "still running tests with major clients." The news outlet reported earlier in the day that Samsung has cleared Nvidia’s qualification test for its HBM3E, the fifth-generation high bandwidth memory chip, creating a buzz that the world's No. 1 memory chipmaker may be starting supplying the chip to the US chip giant soon
Aug. 7, 2024
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Samyang sets up European unit in Netherlands
South Korean food conglomerate Samyang Roundsquare has set up its European subsidiary in the Netherlands, according to industry sources on Wednesday. The company has filed the necessary paperwork and has already begun hiring, insiders told local media. The subsidiary marks Samyang's fifth overseas corporation, following established operations in Japan, China, the United States and Indonesia. "We've established this entity to optimize our supply chain across Europe. The Netherlands
Aug. 7, 2024
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Mirae Asset chief honored with AIB award
Mirae Asset Financial Group Chairman Park Hyeon-joo has been recognized by the Academy of International Business for expanding the financial service provider's scope of business on a global level. Park received the International Executive of the Year Award from the AIB on July 3. He was the first Asian financier to receive the prestigious award. He was the second South Korean entrepreneur to win the award after SK Group's late Chairman Chey Jong-hyun, the father of the current Chairman
Aug. 7, 2024
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SMEs gain ground in procurement market with PPS guide
Small and medium-sized enterprises in South Korea are making significant inroads into the nation’s public procurement market, a sector estimated to be worth a staggering 209 trillion won ($154 billion) as of last year, according to a report by the Public Procurement Service published in May. Aiding this success is the Public Procurement Guide, an initiative launched in March that is drawing attention for its innovative approach to assisting emerging businesses. According to the PPS, the
Aug. 7, 2024