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The Korea Herald

Market Now

January 11, 2023
Banking groups under pressure to boost dividend payouts

Bank stocks in South Korea have long been regarded as an unappealing option for investors. Against this backdrop, a local activist fund was launched Monday targeting seven large Korean lenders to whet investor appetite by shoring up dividends. Korean banks have strong fundamentals and enough capit...
January 11, 2023
SK to host San Francisco biopharma networking event

SK Inc., the investment arm of SK Group, said Tuesday it will co-host a networking event with the group’s biopharmaceutical affiliates including SK biopharmaceuticals and SK pharmteco to expand its global partnerships in the US, the world’s largest bio and pharmaceutical market. The event, title...
January 11, 2023
Ex-GM Korea CEO found guilty of illegally outsourcing labor

Kazem was sentenced to eight months in prison and a two-year probation, while GM Korea was slapped with a 30 million won ($24,260) fine, according to the Incheon District Court. Four former and current executives of GM Korea and 13 CEOs of subcontractors who illegally outsourced their workers to th...
January 11, 2023
KSOE to develop large-capacity fuel cell systems for ships

Korea Shipbuilding and Offshore Engineering said Tuesday it has signed a memorandum of understanding with two European partners to develop large-capacity fuel cell systems for ships and other power generation. The two partners include Germany’s Fraunhofer IKTS, the largest applied research instit...
January 11, 2023
Posco International to build palm oil refining plant in Indonesia

Posco International, a trading and energy unit of Posco Group, said Tuesday it is building a crude palm oil refining plant in Indonesia, pinning high hopes on the huge potential across industries, including food, cosmetics and bioenergy. The decision comes after its board recently approved $200 mi...
January 11, 2023
Fila becomes first Korean fashion company to get DJSI listing

South Korean sportswear brand Fila Holdings said Tuesday it has become the first Korean fashion company to be included in the Dow Jones Sustainability Indices, an accredited benchmark of a company’s commitment to environment, social and governance matters. Fila Holdings attributed its DJSI listin...
January 11, 2023
Biotech firms flock to JPMorgan Healthcare Conference

Korea Herald correspondent SAN FRANCISCO -- The 41st Annual JPMorgan Healthcare Conference kicked off on Monday in San Francisco. This year, three South Korean companies will give presentations, while many others will hold meetings to attract new partners and investors. Around 550 presenting comp...
January 11, 2023
Ford switches to LG for Turkish battery plant

American carmaker Ford has selected LG Energy Solution as a new partner to build an electric vehicle battery plant in Turkey, scrapping its previous deal with SK On for the battery manufacturing project, according to industry sources here Tuesday. One source on condition of anonymity told The Kore...
January 11, 2023
FSC chief rekindles debate reignited over banks' business hours

Even though the government lifted tough social distancing rules last year, local banks are keeping their adjusted business hours, which were shortened to 9:30 a.m. to 3:30 p.m. in 2021. As this shortened service time has been causing some inconvenience to local banks' clients, South Korea’s top f...
January 10, 2023
SK geo centric inks deal with Plastic Energy to build plastic waste recycling plant

SK geo centric, a subsidiary of SK Innovation, signed a licensing contract with British company Plastic Energy to jointly build a plastic waste recycling plant in Ulsan. Under the deal inked at the CES tradeshow in Las Vegas, the factory will have an expected capacity of 66,000 metric tons of end-...
January 10, 2023
[KH explains] Is Samsung’s robotics ambition taking shape with Rainbow stake?

Samsung Electronics recently purchased a sizeable stake in Rainbow Robotics, a local humanoid robotics company, for 59 billion won ($47 million), offering a glimpse into the South Korean tech giant’s robotics ambitions that are still under wraps. Earlier this month Samsung purchased some 1.94 mil...
January 10, 2023
[CES 2023] S-Oil attends CES seeking new business opportunities

S-Oil President Ryu Yul attended CES 2023 in Las Vegas where the Korean oil refiner announced its transformation into a future clean energy supplier. In the company's booth installed in the world's largest consumer electronics exhibition, S-Oil introduced venture companies that it has directly inv...
January 10, 2023
SK On mulls scrapping plan for Turkey battery plant

South Korean electric vehicle battery maker SK On said Monday it is reconsidering its plan to build a new battery plant in Turkey together with US auto giant Ford Motor, citing prolonged economic woes. “We have held talks (with Ford and Turkish partner Koc Holdings) on the matter, but the process...
January 10, 2023
[Herald Interview] ‘There will be always more demand for chips, displays’

LAS VEGAS – The prolonged economic recession and inflation is drawing a grim outlook for semiconductor and display industries, even for top players such as South Korea’s Samsung and LG. But Merck Electronics CEO Kai Beckmann says that companies will persist, as demand for chips and displays will...
January 10, 2023
[CES 2023] [Herald Interview] Mercedes-Benz’s high-power charger coming to Korea in 2024

Korea Herald correspondent LAS VEGAS -- Mercedes-Benz will look to introduce its newly announced high-power charging network to South Korea by the end of 2024, the global carmaker’s chief technology officer said Thursday. “Korea is a huge market … it’s the fourth largest market for us,” Mark...

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