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The Korea Herald

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December 05, 2022
LG Chem to supply plant-based plastic first to Mattel

LG Chem, South Korea’s leading chemical firm, said Sunday that it will launch a new acrylonitrile butadiene styrene product using plant-based raw materials, with the first batch being supplied to US toy manufacturer Mattel. ABS is a rigid thermoplastic polymer that boasts higher resistance to hea...
December 05, 2022
Korean delegation departs for US to discuss EV subsidies

A South Korean delegation consisting of government officials and lawmakers departed for Washington on Sunday to meet their US counterparts and discuss ways to minimize the impact of the Inflation Reduction Act against local carmakers. The five-day trip aims to put more pressure on the US Congress ...
December 05, 2022
[Herald Interview] Korea needs to secure ‘irreplaceable technology’

South Korea must work toward securing irreplaceable technologies in critical industries as the country looks to become a tech powerhouse, a top government official at the Ministry of Science and ICT says. “Our country wants to become a strong country, but we are not a big country in terms of the ...
December 05, 2022
How wealthy is 'wealthy' in Korea?

Wealthy Koreans with seed money of 820 million won ($630,000) by the age of 42 was determined as the minimum condition of "being wealthy" here, a report showed Sunday. The 2022 Korean Wealth Report compiled by a think tank under KB Financial Group was based on a study conducted in June and July, i...
December 04, 2022
Hyundai Elevator announces winners of elevator design contest

Hyundai Elevator, South Korea's largest elevator manufacturer, on Wednesday unveiled the six winners of its design contest for the future of elevators. A total of 347 individuals and teams from six different countries joined the contest, the manufacturer said. The six countries were South Korea, C...
December 04, 2022
Delayed supplies caused by truckers' strike amounts to 1.6 tln won: gov't

Over one trillion won worth of financial damage has been caused by the ongoing unionized truckers' strike in the past week, affecting the cement, steel, oil and other industries, the South Korean government on Thursday. The Ministry of Trade, Industry and Energy said shipments delayed due to the w...
December 04, 2022
Antitrust chief warns of strict response to unionized truckers for hindering on-site probe

South Korea's antitrust watchdog said Friday that it would deal sternly with the nation’s unionized cargo truckers for hindering an on-site probe into its head offices as their walkout continues over a week. Investigators of Fair Trade Commission visited the union's headquarters in Seoul and Busa...
December 04, 2022
Hahn & Co. completes $1.2b acquisition of SKC’s industrial film business

Hahn & Company, a South Korean private equity firm, said Friday it acquired the industrial film business of SKC, an affiliate of South Korea’s SK Group, in a deal worth 1.6 trillion won ($1.2 billion). The deal is the largest merger and acquisition transaction closed in the country this year. SKC...
December 04, 2022
Hanwha Aerospace to lead homegrown space rocket project

Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha, has been tapped as the company to lead the project of upgrading the homegrown Nuri rocket and launching it four more times through 2027, the Korea Aerospace Research Institute said Friday. According to Hanwha Aerospace’...
December 04, 2022
Court starts reviewing Wemix delisting injunction

A Seoul court on Friday started reviewing a preliminary injunction requested by game publisher Wemade to withdraw the decision from South Korea’s top five crypto exchanges to delist Wemix, a token issued by the game company's blockchain platform. This petition for a preliminary injunction was fil...
December 04, 2022
Top 10 chaebol groups still reliant on internal trade

South Korea’s top 10 chaebol groups are still reliant on internal transactions -- a frequent target of antitrust scrutiny -- with their combined trade volume making up more than 10 percent of their total sales. According to the Fair Trade Commission on Thursday, transactions among affiliates of t...
December 04, 2022
SK carries out modest reshuffle amid lingering uncertainties

SK Group, the nation’s second-largest conglomerate, appears to be seeking stability rather than drastic changes in the face of economic uncertainty, as it carried out a modest year-end leadership reshuffle across affiliates. SK Supex Council, the group’s top decision-making body, said its Chairm...
December 04, 2022
Korean crypto exchange operators see Q3 earnings shrink

Korean cryptocurrency exchange operators have suffered setbacks in earnings in the third quarter, as investors' appetite for virtual assets fizzled following a string of incidents revealing their risks. According to Dart, the Financial Supervisory Service’s electronic disclosure board, the net pr...
December 04, 2022
Korean won strengthens after Fed hint at smaller rate hike

The South Korean won rose to a four-month high on Thursday, as the US Federal Reserve hinted at a possible slowdown of its aggressive rate hikes. The Korean currency strengthened to 1,299.7 won against the greenback as of closing time, back below 1,300 won for the first time in four months. “The...
December 04, 2022
Posco shares surge after union’s departure from hard-line labor group

One of two unions at Posco cemented its decision to leave the Korean Metal Workers' Union after its ballot indicated as of Wednesday that nearly 70 percent of its members had voted in favor of its withdrawal from the nation's most hard-line labor group. The South Korean steelmaker Posco's result o...

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