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The Korea Herald

Companies

January 29, 2020
Korean firms scrambling to minimize fallout from Wuhan virus

Major South Korean companies are scrambling to minimize any possible fallout from the Wuhan coronavirus by pulling their staff out of China and curbing trips there, industry sources said Tuesday. Hyundai Motor Co. and its affiliate Kia Motors Corp. plan to evacuate family members of hundreds of th...
January 22, 2020
Blue Bottle Coffee to open 5th store in Gwanghwamun

California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry sources on Jan. 22. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outle...
January 09, 2020
DuPont to invest $28m in S. Korea to build material production line

US-based chemical firm Dupont on Jan. 9 announced its plan to invest $28 million in South Korea to build a production line for photoresist, which can potentially help Asia’s No. 4 economy reduce its dependence of the key industrial material on Japan amid their trade spat. Under the project, Rohm ...
January 06, 2020
Prosecutors raid Kolon headquarters in probe into alleged listing fraud

Prosecutors on Jan. 6 raided the headquarters of Kolon Group, as part of their investigations into alleged fraud in the listing of an affiliate involved in the development of the group‘s controversial gene therapy drug, Invossa. Prosecutors and investigators from the Seoul Central District Prosec...
January 02, 2020
Hyundai to invest W100tr in future vehicles by 2025

Hyundai Motor Group said Jan. 2 it will invest more than 100 trillion won ($86.6 billion) in the next five years to increase its presence in the future mobility markets. “We are planning to launch 44 electrified vehicles, including 11 all-electric models, by 2025, as we aim to take the lead in...
December 30, 2019
Duty-free sales hit new monthly high in Nov.

Sales at South Korean duty-free stores hit a new monthly high in November, industry data showed Dec. 30. The combined sales of local duty-free shops reached 2.29 trillion won ($1.98 billion) last month, compared with the previous monthly record of 2.24 trillion won in September, according to th...
December 30, 2019
Hyundai, Kia recall over 640,000 vehicles over faulty parts

Hyundai Motor and Kia Motors have begun to voluntarily recall more than 640,000 vehicles to fix faulty components, South Korea’s Transport Ministry said Dec. 30. This is the latest in a series of recalls by Hyundai and Kia, the flagship units of Korean auto giant Hyundai Motor Group. Hyund...
December 23, 2019
Hyundai’s upgraded Grandeur gets more than 50,000 preorders in S. Korea

Hyundai Motor said Dec. 23 its face-lifted Grandeur sedan has received more than 50,000 preorders in just over a month since the vehicle’s launch at home. The carmaker said it received orders for 52,640 new Grandeurs as of last week since the preorders started on Nov. 3. Hyundai said consu...
December 19, 2019
SsangYong Motor workers OK self-rescue measures amid sales slump

Workers at SsangYong Motor on Dec. 19 accepted a cut in bonuses and other cost-saving measures proposed by the company amid declining sales. They have agreed to the company’s proposals that require them to return some of their annual bonuses and performance-based pay, the company said in a sta...
December 19, 2019
Daewoong gets nod for Nabota in UAE, Indonesia

South Korean drugmaker Daewoong Pharmaceutical said Dec. 19 it has won approval from authorities in the United Arab Emirates and Indonesia for the sale of its botulinum toxin product. The Ministry of Health in the UAE and Indonesia’s Badan Pengawas Obat dan Makanan accepted Daewoong Pharmaceut...
December 18, 2019
Jeju Air to acquire Eastar Jet for expansion

Jeju Air, South Korea’s biggest low-cost carrier, said Dec. 18 it has signed a deal to acquire Eastar Jet to cement its leading status in the budget carrier market. The LCC will acquire a 51.17 percent stake in Eastar Jet for 69.5 billion won ($60 million) and sign a share purchase agreement w...
December 17, 2019
Amorepacific partners with US cosmetics brand Milk Makeup

Korean beauty giant Amorepacific announced on Dec. 17 that it has signed a strategic partnership deal with US-based cosmetics company Milk Makeup. Established in 2015, Milk Makeup is known for its “clean-beauty” products, which are cruelty-free and vegan. The products are currently sold at US-ba...
December 15, 2019
LG Uplus to invest 2.6 tln won after takeover of No. 1 cable TV operator

LG Uplus Corp., South Korea‘s No. 3 mobile carrier, on Dec. 15 said that it plans to invest 2.6 trillion won (US$2.2 billion) over the next five years to offer upgraded services after the country’s science ministry approved its acquisition of the country‘s top cable TV operator. The Ministry ...
December 12, 2019
Kia aims to sell 70,000 K5s in S. Korea next year

Kia Motors said Dec. 12 it is targeting to sell 70,000 units of the all-new K5 in the domestic market next year. Its midsize sedan has gone on sale after receiving preorders of 16,000 units in the past month through Wednesday, the company said in a statement. “Sales of sedan models has been o...
December 12, 2019
Japan threatens to overtake S. Korea in China’s cosmetics market

Japan is threatening to overtake South Korea’s No. 1 status in China’s imported cosmetics market this year, industry data showed Dec. 12, mainly on the back of the growing popularity of low- to mid-priced products. Japanese companies accounted for 25.2 percent of China’s imported cosmetic...

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