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The Korea Herald

Markets

June 29, 2022
Korea to invest W24.7tr in science R&D next year

The South Korean government will invest 24.7 trillion won ($19.2 billion) into the country’s research and development efforts in 2023, a 1.7 percent increase on year, the Ministry of Science and ICT said Tuesday. According to the ministry, the R&D budget is focused on the three pillars of strengt...
June 29, 2022
Hyundai Steel applies AI, big data in ‘Smart Enterprise’

Hyundai Steel has built a so-called Smart Enterprise system, an advanced management program that oversees from production to sales and infrastructure management through AI technology, officials said Tuesday. The new system features AI technology and big data to advance the entire process from manu...
June 29, 2022
KAI to build test version of UAM aircraft in 2 years

Korea Aerospace Industries is venturing into the air taxi business with an aim to develop a small-sized Urban Air Mobility aircraft by 2024 so it can be used as a test model. KAI said it will later develop a full-scale UAM aircraft that can be used as a standardized model for the air taxi business ...
June 29, 2022
Korean Air to bring back flights to half of pre-pandemic level by Sept.

The country’s largest air carrier, Korean Air, is gearing up to restore international flights that had plunged during the last three years due to the outbreak of the COVID-19 pandemic. “We plan to restore international flights to 50 percent of pre-pandemic levels by September,” the company said...
June 29, 2022
Fiscal chief urges businesses to restrain drastic wage hikes

SEJONG -- The nation’s fiscal chief on Tuesday called for employers to refrain from excessively raising wages, stressing that a sharp pay raise could possibly fan consumer price growth. Deputy Prime Minister and Finance Minister Choo Kyung-ho expressed the worries during his meeting with business...
June 29, 2022
Pro golfer Lydia Ko to wed Hyundai Card chief‘s son

Lydia Ko, a Korean-born New Zealand professional golfer, is getting married to Chung Jun, Hyundai Card Vice Chairman Chung Tae-young’s youngest son. According to industry sources, Ko and Chung’s wedding ceremony is set to be held at Myeongdong Cathedral in central Seoul in Dec. 30. The two are ...
June 28, 2022
Hyundai Steel expands presence in EV parts market

South Korean steelmaker Hyundai Steel said Tuesday it has developed multiple technologies to target the materials market for electric vehicle parts. The demand for durable steel parts to protect passengers and batteries have been increasing as a trend in the EV automaking industry, it explained. ...
June 28, 2022
Pulmuone sponsors Korean food documentary by US culinary school

South Korean food giant Pulmuone said Monday it has sponsored a documentary production with the Culinary Institute of America, one of the world’s most prestigious culinary schools, to promote Korean food to a global audience. In partnership with Pulmuone, the CIA plans to document Korea’s plant-...
June 28, 2022
Woori Bank faces probe again over wire transfers

Woori Bank, one of the five largest lenders in South Korea, is under investigation over suspicious money transfers totaling 800 billion won ($623 million) as one of the bank employees is standing a separate trial on charges that he stole 61 billion won in the largest bank theft local lenders have s...
June 28, 2022
Despite brisk earnings, refiners weary of windfall tax

The nation’s four refiners -- SK Innovation, GS Caltex, S-Oil and Hyundai Oil Bank -- are expected to post record earnings in the second quarter this year, with sky-high oil prices boosting their operating margins. But they are under heavy social and political pressure as their thriving business m...
June 28, 2022
GS Inima gears up for seawater desalination project in Oman

A 2.4 trillion won ($1.86 billion) seawater desalination project in Oman overseen by GS Engineering & Construction subsidiary GS Inima has kicked off, officials said Monday. GS Engineering & Construction has signed financing documents for GS Inima’s project to build a Barka 5 Independent Water Pl...
June 28, 2022
Burden from investor debt binge drags down Kospi: analyst

Risks stemming from South Korea’s investor debt binge is a key reason behind the local benchmark stock index’s recent lackluster performance, analysts said Monday. This fueled concerns of a possible market crash as the US Federal Reserve’s aggressive rate hikes have been increasing debt burden o...
June 28, 2022
Korea close to authorizing 1st homemade vaccine

South Korea’s drug regulators are looking to announce the final approval of the country‘s first homegrown COVID-19 vaccine before the end of this week, officials said Monday. According to the Ministry of Food and Drug Safety, the Central Pharmaceutical Affairs Council concluded that SK Bioscienc...
June 28, 2022
Kepco raises electricity rate by 5 won per kWh for Q3

State-run utility Korea Electric Power Corp. said Monday that it would raise the electricity rate by 5 won (0.4 cent) per kWh, the maximum level it can raise, starting July in response to rising fuel costs and record losses. Following the rate hike, both electricity and gas rates will be increased...
June 28, 2022
Korea unveils W1tr spending package for AI chip dominance

The South Korean government on Monday announced a five-year plan to spend a combined 1.02 trillion won ($794.8 million) in semiconductor chip research and development to maintain its competitive edge in the global chip market. The spending package in the country, home to memory chip powerhouses Sa...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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