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The Korea Herald

Markets

June 16, 2022
LG Display secures $1b funding in push for growth in smaller OLEDs

LG Display said Wednesday it has secured fresh funding worth $1 billion from multiple global banks with the aim to expand its presence in the smaller OLED market which is dominated by its archrival Samsung Display. LG Display is the world’s largest manufacturer of large OLED panels for TVs, but s...
June 16, 2022
Cargo truckers end strike; damage bill tops W2.5tr

The country’s unionized cargo truckers ended a weeklong strike and returned to work Wednesday after reaching a tentative late-night agreement with the government on the extension of a minimum wage system based on a freight rate. The sit-in protest, which caused a major supply disruption across th...
June 16, 2022
SK On, Posco Holdings ink strategic partnership on EV batteries

SK On and Posco Holdings said Wednesday that they have forged a strategic partnership in a move to secure a stable ecosystem for their burgeoning battery business amid deepening worries over global supply chain disruptions. They plan to create a working-level group to work together on global expan...
June 16, 2022
Samsung chief visits ASML HQ as race for high-end chip intensifies

Samsung Electronics top executives on Tuesday held talks with representatives of chip photolithography equipment maker ASML, including its Chief Executive Officer Peter Wennink, the South Korean tech giant said Wednesday. Representatives of Samsung, including Lee Jae-yong, vice chairman and de fac...
June 16, 2022
Job increase hits 22-year high of 930,000 in May

SEJONG -- The number of people employed in South Korea increased by more than 900,000 in May from a year earlier, which marked the largest job increase in 22 years for that month. But figures showed that men in their 60s or older made up more than 30 percent (32.4 percent) of the total increase, s...
June 16, 2022
Kospi slumps in 7-day losing streak

South Korea’s benchmark Kospi fell 45.59 points, or 1.83 percent, from a day earlier to 2447.38 points Wednesday, marking a seventh straight negative session as investors dramatically raise their bets on a US Fed hike of 75 basis points on Wednesday there, steeper than the 50 basis points it had i...
June 16, 2022
[Market Eye] Samsung at crossroads on whether to join consortium bidding for Arm

Amid growing speculation that the world’s behemoth chipmakers are envisioning a game-changing consortium investing in the United Kingdom-based chip design house Arm, all eyes are on whether South Korean tech giant Samsung Electronics will join the team. Samsung Electronics Vice Chairman Lee Jae-y...
June 16, 2022
Rocket Nuri launch indefinitely postponed due to technical glitch

The launch of homegrown rocket Nuri has been indefinitely postponed due to technical glitches found during the final round of preparations before its planned launch on Thursday. The Ministry of Science and ICT said Wednesday the Korea Aerospace Research Institute found a problem in one of the sens...
June 15, 2022
SK Innovation invests in US ammonia fuel cell firm

SK Innovation said on Tuesday it is investing $30 million in a US ammonia-based fuel cell startup for technological cooperation as it taps into new businesses to establish a “green portfolio.” SK Innovation and Amogy signed a memorandum of understanding on Sunday in San Jose, California, to work...
June 15, 2022
Nuri rocket launch postponed to Thursday due to wind

The launch of homegrown rocket Nuri will be delayed by one day to Thursday due to windy weather at the launch site, the Ministry of Science and ICT said Tuesday, a day before the space rocket was to be launched. It is the second space rocket to be launched after the first blastoff last October fai...
June 15, 2022
LG CNS named top partner for Amazon Web Services

LG Group’s IT solutions unit LG CNS said Tuesday it has been named a “Premier Tier Partner” for US cloud giant Amazon Web Services, a recognition given to the most experienced partners representing their respective markets. AWS offers tiers -- select, advanced and premier -- to recognize its pa...
June 15, 2022
[From the Scene] Korean biotech firms take spotlight at BIO International

SAN DIEGO -- South Korea became one of the countries with the largest number of companies taking part in this year’s BIO International Convention, showing how Asia’s fourth-largest economy has become a rising player in the global biotechnology industry. According to a biotech industry official p...
June 15, 2022
Cargo trucker strike sparks worries over trade competitiveness

The unionized cargo truckers’ continued strike is putting South Korea’s trade competitiveness at risk, business representatives said Tuesday, stressing that not only big companies, but also small firms would face greater burdens. “Followed by auto chip shortages and global shipping issues over...
June 15, 2022
Yoon vows supply-side efforts to tame inflation

President Yoon Suk-yeol pledged Tuesday to make all-out efforts to curb soaring inflation by resolving issues on the “supply side.” “The administration plans to take all possible steps to resolve issues on the supply side as the inflationary pressure is stemming from the supply side,” Yoon tol...
June 15, 2022
Samsung Biologics to build first overseas factory in US

SAN DIEGO -- Samsung Biologics CEO John Rim said Monday the US states of California, North Carolina, Washington and Texas are the strongest candidates the South Korean contract manufacturing organization is considering for its first overseas production facility. Pointing out that some of the US’ ...

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