Busan Mayor Park Heong-joon has called for a shift in South Korea’s development model, warning that the overconcentration of resources in the Seoul metropolitan area has created a national crisis. “The imbalance caused by unipolarity in the Seoul area is deepening South Korea’s critical challenges -- declining growth potential, low birth rates and widening inequality,” Park said in an interview with The Korea Herald in Busan last Friday. “We must move toward balance

JEJU ISLAND -- Jeju’s iconic mandarin orange industry is grappling with mounting challenges as climate change disrupts traditional cultivation practices. This year, prolonged tropical nights and rising temperatures delayed harvests and impacted fruit quality, prompting the island to adapt its agricultural practices. “Mandarins develop their yellow color when nighttime temperatures fall below 20 degrees Celsius,” said Hyun Jong-ho, manager at the Namwon Agricultural Product Ce

HD Hyundai Heavy Industries announced Monday that it signed a memorandum of understanding with state-operated shipyard SIMA Peru in Lima, Peru, last week to jointly develop submarines as part of the Peruvian Navy’s vessel replacement project. Through the partnership, HD Hyundai and SIMA will make joint efforts to win contracts and develop submarines tailored to Peru’s Navy. HD Hyundai also plans to strengthen its partnership with the Peruvian government and navy, supporting the local

Korean internet giant Naver said Monday that it has agreed to establish a joint venture with Saudi Arabia’s state-owned real estate development and investment company to operate and commercialize digital twin platforms in the 17th largest economy in the world. Naver and National Housing Company signed the deal on the first day of Cityscape Global 2024 held in Riyadh, Saudi Arabia, on Nov. 11. The joint venture, under the umbrella of Naver Arabia, will serve as Naver’s first busines

Hyundai Motor on Sunday presented a racing car version of its high-performance sedan, the Avante N, based on its years of experience with the Touring Car Racing World Tour. The Avante N TCR has upgraded auto parts, including a carbon swan-neck spoiler with adjustable angles and 19-inch forged wheels, which are maintain high strength at a likght weight. It also features blue – the symbolic color of the N brand – in the steering wheel and first-row seat belts. Slated for debut in Kor

Hana Financial Group's chief pitched the banking group's strategies to elevate its corporate value to overseas investors at an investor relations event in Hong Kong. Along with the chiefs of other top financial service providers in the country, Hana Financial Chairman Ham Young-joo attended the “Invest K-Finance” event, hosted by South Korea's Financial Supervisory Service. At the event, Ham introduced the group’s plan to boost corporate and shareholder value, ac

Jefferson’s Bourbon Founder and Chief Strategist Trey Zoeller explores experimenting in Korea by pairing its bourbon with local culinary practices and pursuing partnerships with cultural industries as his brand establishes its foothold here. Ahead of the first anniversary of Kentucky-born Jefferson's Bourbon’s debut in Korea, Zoeller visited Seoul for the first time to introduce and share the allure of the brand to a growing number of bourbon enthusiasts in the country. He said

LG Chem is ramping up efforts to strengthen ties with partner companies through a series of new initiatives to promote sustainable development across its supply chain, the firm said Sunday. The South Korean chemicals giant outlined five key strategies under its “Shared Growth Solutions” framework: promoting fair trade, providing financial support, advancing environmental, social and governance practices, enhancing partner capabilities and improving communication. As part of the plan,

Hyundai Motor Group affiliate Kia is reportedly scaling back US production of its ambitious EV9, a large all-electric sport utility vehicle, due to stricter Inflation Reduction Act regulations. According to industry sources Sunday, Hyundai Motor Group’s manufacturing facility in Georgia, which began operation last month, produced 21 EV9s in the third quarter and only one was sold in the US. Given that the EV9’s monthly sales volume is approximately 1,800 units, the US production cons

Marking half-century milestone last year, Korean builder aims to generate 70% of revenue from overseas

Hanjin Logistics, an affiliate of South Korean airline-to-logistics conglomerate Hanjin Group, is ramping up efforts to improve its fulfillment services and attract more corporate customers seeking to enter the US market. Earlier this month, CEO Noh Sam-seok and Emily Cho, president and chief marketing officer, traveled to the US for meetings at the company's local headquarters as they plan to expand the logistics firm's fulfillment business on the US east coast, according to the compa

South Korean design software developer Zyx Technology announced Friday that it has signed a memorandum of understanding with Chonnam National University, aiming to foster tech talent and strengthen collaboration. Under the agreement, the company said it will provide academic support, including free access to cutting-edge design software and opportunities for joint research and development of artificial intelligence software. As a member of the Innobiz Association, Zyx Technology has developed a

Korean tech giants Samsung Electronics and LG Electronics were recognized with a slew of prizes at the CES 2025 Innovation Awards for their newest products, ahead of the world’s largest tech trade show set to be held in Las Vegas in January. In this year’s program, Samsung won 29 awards, including four best of innovation products, while LG received 24 awards with three top innovation winners. The Consumer Technology Association organizes the annual competition honoring outstanding de

Current CEO Chang Jae-hoon promoted to conglomerate’s vice chair

Hyundai Motor Group has donated eight Ioniq 5 electric vehicles to the United Nations World Food Programme to support its humanitarian missions with cleaner, more sustainable transportation, the automaker said Friday. As the world’s largest hunger-relief organization, WFP is at the forefront of efforts to end food insecurity and malnutrition, particularly in areas affected by conflict and extreme poverty. Through this partnership, Hyundai and WFP aim to make humanitarian aid efforts more e