With goal of debuting flying taxies in 2028, Hyundai-backed Supernal bulks up presence

Several advertisers are facing pressure to cancel their contracts with South Korean soccer star Lee Kang-in, following the 23-year-old’s alleged discord with national soccer team captain Son Heung-min. According to industry officials on Monday, some companies intending to feature the Paris Saint-Germain midfielder in their advertisements are reevaluating their decisions, while others are considering whether to suspend existing contracts. Chicken chain Alachi, which Lee has represented sinc

Hyundai Motor Group Executive Chair Chung Euisun (right) and Japan’s nine-time PGA Tour winner Hideki Matsuyama hold the trophy celebrating the player’s victory at the 2024 Genesis Invitational of the US PGA Tour held last week at California's Riviera Country Club. In its eighth year as the event's title sponsor, the carmaker's Genesis brand provided a fleet of 220 vehicles during the four-day tournament. Matsuyama was awarded a $4 million prize along with the GV80 c

Stronger academia will lead development of future technology: former DAPA head

Overseas biosimilar sales of Samsung Bioepis, a biosimilar developer under Samsung Group, reached an all-time high in 2023, according to its partner companies on Sunday. According to Samsung Bioepis’ US partners, Biogen and Organon, sales of Samsung Bioepis’ biosimilar products in overseas markets came to $1.36 billion, or some 1.8 trillion won in 2023. The figure was up 11 percent from $1.23 billion in 2022. Biosimilar sales through Biogen came to $770 million, up 3 percent on-year,

Top three telecom CEOs, SK chief head to Barcelona next week

Woori Financial Group Chairman Yim Jong-yong (left) and Korean Water Resources Corp. (or K-water) CEO Yun Seog-dae pose for a photo at the financial giant’s Seoul headquarters on Thursday after signing a memorandum of understanding to support small- and medium-sized firms for their overseas expansion and environmental, social and governance management. “Our partnership combining Woori’s expertise in corporate financing and K-water’s business know-how will become a crucial

Hyundai Motor Company has acquired a hydrogen fuel cell business from the group's affiliate and auto parts supplier Hyundai Mobis at 217 billion won ($163 million) to consolidate the group's hydrogen energy efforts. The agreement, finalized on Friday, includes a complete transfer of assets, personnel, and operations related to Hyundai Mobis' domestic hydrogen fuel cell activities to Hyundai Motor Company. Hyundai Motor Group is streamlining its operations by focusing its hydrogen

Korea Water Resources, the state-run water management agency also known as K-water, had a meeting with the Saudi Arabian ambassador to Korea to discuss water concerns and request support for Saudi Arabia's bid to host the World Water Forum in 2027. K-water announced Friday that CEO Yun Seog-dae met with Ambassador Sami M. Alsadhan at the company's office in Gwacheon, Gyeonggi Province, to discuss K-water’s advanced technologies that can assist in tackling Saudi Arabia's wate

Samsung Display is on the verge of facing its second-ever labor strike, as unionized workers and the company failed to reach an agreement in wage talks and collective negotiation. The unionists held a fifth round of talks over wages and collective bargaining agreements on Thursday with the display maker's management, but the company showed “no willingness” for a negotiation, the union chief told The Korea Herald on Friday. “From the first round of negotiations that began i

Samsung Electronics Chair and Samsung Group leader Lee Jae-yong on Friday visited the group’s biotech arm in Incheon, calling on executives and staff members to set higher goals after the unit posted all-time high earnings last year. At Samsung Biologics’ biopharmaceutical campus in the Songdo Industrial Cluster in Incheon, the chair inspected the construction site of its fifth plant with a capacity of 180,000 liters, slated to go online in April 2025, and was briefed by executives

SK Networks unveiled its vision to transform into an artificial intelligence-centered business investment firm on Friday and mapped out a plan to triple its operating income to 700 billion won ($524 million) by the end of 2026. “Based on the innovative foundation of our business model, we will continue to create and grow the happiness of various stakeholders by promoting 'AI democratization,’ ensuring universal access to the benefits of AI technology by fostering a civilization

LS Cable & System, through its subsidiary LS Eco Advanced Materials, has partnered with European magnet manufacturer Vacuumschmelze to create a joint venture aimed at making special magnets needed for electric vehicles. Announced on Wednesday, this partnership will start producing 1,000 tons of neodymium permanent magnets annually by 2027, enough for half a million electric cars. Neodymium permanent magnets are crucial for the motors that power electric cars, making this venture particularly

Bithumb Korea, the operator of the country’s No. 2 cryptocurrency exchange Bithumb, has failed to seal a deal with major local lender KB Kookmin Bank for issuance of real-name accounts, jeopardizing its plan to attract more traders. KB Kookmin Bank informed Bithumb last week that it will not partner with the crypto exchange to provide real-name accounts, industry officials confirmed Friday. In Korea, virtual asset exchanges are required to utilize real-name accounts under commercial banks

CJ Group has named two new CEOs to lead its key units -- CJ CheilJedang and CJ Logistics -- as part of its annual personnel reshuffle announced on Thursday. Kang Sin-ho, currently the CEO of CJ Logistics, has been promoted to vice chairperson of CJ CheilJedang and will assume the role of CEO at the food company. Shin Young-soo, who presently oversees CJ Logistics' Korea business division, will replace Kang to take the helm as CJ Logistics CEO. This marks the first time since 2017 that CJ Gr