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The Korea Herald

Market Now

May 22, 2022
Proptech startup Zigbang to launch global metaverse office

Zigbang, a South Korean proptech startup, said Thursday it will launch a global metaverse office platform that allows closer virtual interaction among staffers working for companies around the world. Soma is named after the ‘South of Market’ neighborhood in San Francisco, the home ground of Twit...
May 22, 2022
[Herald Interview] Korea’s first coloring shampoo seeks breakthrough in overseas markets

Moda Moda, the South Korean producer of the world’s first coloring shampoo using the browning reaction in stale bananas, is seeking a breakthrough in overseas markets to sidestep cumbersome regulations at home. The company is revamping overseas operations to extend its sales network connecting th...
May 22, 2022
S-Oil CEO apologizes for Ulsan refinery explosion

S-Oil Chief Executive Officer Hussain A. Al-Qahtani on Friday apologized over the explosion of its refinery in Ulsan, about 415 kilometers southwest of Seoul, and promised to take all measures possible to prevent such incident from happening again. “I would like to express my deepest condolences ...
May 22, 2022
Taiwan’s Fubon Financial becomes third-largest shareholder in Hyundai Card

Taiwanese banking giant Fubon Financial on Friday raised its stake in South Korea’s Hyundai Card to nearly 20 percent, expanding its clout over management of the card issuer. Fubon Financial is now the card issuer’s third-largest shareholder with 19.98 percent after Hyundai Motor with 36.96 perc...
May 22, 2022
Engineering veteran Roberto Rempel named new CEO of GM Korea

General Motors on Friday named Roberto Rampel, current president of GM Technical Center Korea, as president and CEO of GM Korea. Rempel, an engineering specialist, will start his term on June 1 when his predecessor Kaher Kazem leaves for his new role as executive vice president of SAIC-GM in China...
May 22, 2022
Biden to meet Hyundai Motor chief on new investment plan

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later in the day for his three-da...
May 19, 2022
Posco Energy, CIP to cooperate on offshore wind power, green hydrogen

Posco Energy said it signed a deal with a Danish fund management firm focused on renewable energy infrastructure to work together on offshore wind power and green hydrogen business. The largest private energy producer in South Korea said it will cooperate with Copenhagen Infrastructure Partners on...
May 19, 2022
Justice Minister revives financial fraud team

The Seoul Southern District Prosecutors Office said Wednesday that it has reinstated the joint team on financial and securities fraud that was disbanded by the previous Moon government, a day after the new justice minister called for it at his inauguration. The joint team, which was set up in 2013...
May 19, 2022
Yoon likely to cut corporate tax

SEJONG -- The Yoon Suk-yeol administration is expected to slash the maximum rate in corporate tax, which has been set at 25 percent since the previous Moon Jae-in government, remarks from officials including new Finance Minister Choo Kyung-ho suggested. While some claim cutting down corporate tax ...
May 19, 2022
Experts urge SMEs to build brand identity in platform era

For instance, Trader Joe’s, a US-based grocery chain, only provides 4,000 types of food product specifically targeting those with a higher education background, medium income level and appetite for exotic food. But the company logs almost 3.5 times higher sales revenue than Kroger, one of the bigg...
May 19, 2022
Biden picks Samsung chip complex to start his Seoul visit

US President Joe Biden is expected to start his three-day state visit this week with a tour of Samsung Electronics’ chip complex, according to industry sources on Wednesday. Biden will arrive in Seoul on Friday for summit talks with President Yoon Suk-yeol on Saturday. Upon his arrival at the Osa...
May 19, 2022
Hyundai Motor Group unveils W21tr plan to quadruple EV production, develop tech in Korea

As part of its PBV strategy, Kia said in March that it will produce the 1-liter Ray mini car and the Niro hybrid model for delivery or taxi purposes. The new production lineup in Hwaseong will commercialize a mid-sized vehicle built on PBV platform called eS, instead, in 2025. The construction of...
May 19, 2022
Researchers develop biosensor that can test blood for cancer

By Kan Hyeong-woo ( hwkan@heraldcorp.com )
May 19, 2022
SPC opens 3 more Paris Baguette stores in Indonesia

SPC has opened three more Paris Baguette stores in Indonesia, the South Korean food and bakery company said Wednesday. According to SPC, two of the new stores are located at shopping malls in the country‘s capital Jakarta and the other is in South Tangerang. The latest opening of the bakery cafe...
May 18, 2022
Kakao to offer mobility services in Guam

South Korean IT giant Kakao will provide mobility services in Guam before the end of the third quarter through a partnership with Miki Taxi, one of the largest taxi services on the US island territory, Kakao Mobility said Tuesday. In doing so, the firm will become the country’s first mobility com...

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