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The Korea Herald

Markets

August 17, 2022
For Seoul‘s first Formula E, DHL Korea delivers 415 tons of cargo

For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturda...
August 17, 2022
S. Korean Goobne Chicken opens 1st US branch

Goobne Chicken, one of the leading South Korean chicken franchises, said Friday that it has opened its first US branch in LA. The store, located at Korean supermarket Hannam Chain Del Amo in Torrance, LA, will bring various Korean-style chicken flavors to cater to the growing interest in K-food in...
August 17, 2022
On presidential pardon, Lotte chief vows investment in biotech, hydrogen

Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte w...
August 17, 2022
Pardon clears way for Lee to fill Samsung’s leadership void, spur investment

President Yoon Suk-yeol’s decision to grant a special pardon on Samsung heir Lee Jae-yong on Friday is expected to speed up his return to leadership of Korea’s largest family-controlled chaebol and the world’s largest memory chipmaker. Set to be granted on Aug. 15 Liberation Day, the clemency w...
August 17, 2022
Samsung Biologics signs tentative CMO deal with AstraZeneca worth $350m

Samsung Biologics has tentatively signed a deal worth 457 billion won ($350 million) with AstraZeneca on contract manufacturing, the company said in a regulatory filing Friday. The two sides reached the agreement in May last year, but was unveiling it this time as they were renewing the contract t...
August 17, 2022
‘Formula E is all about technology, sustainability’

As DS Techeetah, a racing team by Stellantis’ French auto brand DS Automobiles, aims to win the Formula E season finale championship taking place in Seoul over the weekend, its team racers said the championship is all about technology and sustainability. “I’m sure that Formula E is pushing the ...
August 17, 2022
LG Innotek’s quality control gets recognition from JLR

The electronic parts supplier LG Innotek was awarded with the Jaguar Land Rover Quality Certificate for two consecutive years, the company said Thursday. The certificate, awarded by UK car manufacturer Jaguar Land Rover, evaluates partner companies for their quality of components and compliance wi...
August 17, 2022
[SOFT POWER RISING] From fast chasers to drivers of national brand

The first Samsung product that Richard Craig, a 37-year-old American living in Tianjin, China, owned was a 42-inch flat screen TV he bought in 2009 in the US. Ten years later, the longtime iPhone user switched to a Galaxy smartphone, saying “phones made by Samsung were some of the best Android pho...
August 17, 2022
SK Innovation CEO asks Poland’s support for Korea’s World Expo bid

SK Innovation Vice Chairman and CEO Kim Jun visited Poland to ask the Polish government for its support of South Korea’s bid to host the 2030 World Expo in Busan, the company said Thursday. Kim met with Waldemar Buda, the Polish minister of economic development and technology in Warsaw on Tuesday...
August 17, 2022
Korea to expand food supply to tame prices ahead of Chuseok

SEJONG -- Economic policymakers said Thursday that they would seek to stabilize consumer prices ahead of the Chuseok holiday by greatly expanding supply and issuing discount coupons for agricultural, livestock and fishery products. They also decided to provide support funds worth 42.6 trillion won...
August 17, 2022
[From the Scene] Korea’s 1st homemade COVID-19 vaccine ready to go

By Kan Hyeong-woo ( hwkan@heraldcorp.com )
August 17, 2022
Coupang raises earnings outlook after first profit

South Korean e-commerce giant, Coupang, raised its earnings forecast for the year after posting its first-ever profit for the entire business in the second quarter, as bigger operating cost savings and higher membership fees improved profitability, the company said Thursday. The company is betting...
August 11, 2022
[Newsmaker] Samsung foldables to get chipset upgrade

Samsung Electronics, a chips-to-smartphones company, said Wednesday it plans to roll out its clamshell Galaxy Z Flip 4 and foldable Galaxy Z Fold 4 on Aug. 26 in South Korea, the United States and Europe. Both the Z Flip 4, a more affordable version of the Samsung premium phone that would deploy f...
August 11, 2022
[MARKET EYE] Insurers brace for bumper bill on growing reports of flooded cars

Insurance companies face costly claims for damage coverage for nearly 8,000 flooded cars -- among which at least 2,500 are from luxury brands -- after heavy rain battered Seoul and Gyeonggi Province this week. According to the General Insurance Association of Korea, 12 automobile damage insurance ...
August 11, 2022
FSC starts work on crypto framework

South Korea’s Financial Services Commission said Monday that efforts to set up a framework for digital assets like bitcoin were underway as part of its larger deregulation initiative to help companies start new businesses without having to worry about regulatory uncertainty. At a meeting with Pre...

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