Global consulting firm McKinsey & Co. on Monday said it has promoted two associate partners, Kim Gi-hong and Moon Ho-joon, as partners. Having studied engineering at Seoul National University, Kim joined McKinsey & Co. in 2016 and has pursued a career across energy and infrastructure. Kim's experience involves leading diverse projects on strategic and practical proposals for oil refinery, petrochemical and construction businesses, and proposing management reforms for companies. Ki

Competition likely to heat up to secure more Apple orders

Lotte Shopping, the retail arm of Lotte Group, said Tuesday it is set to start the construction of a new logistics center in Busan in partnership with UK retail tech firm Ocado. Lotte held a groundbreaking ceremony for the new facility, called the Customer Fulfillment Center, which will be located on a 42,000 square-meter site within an industrial complex. As part of a partnership with Ocado signed in November last year, Lotte plans to adopt the UK firm’s artificial intelligence-based new

MBK Partners launches tender offer of up to W518b for Hankook & Co. shares

South Korean defense firms are looking to expand their market presence in Africa and the Middle East as they showcase their latest cutting-edge weapons systems at the Egypt Defense Expo 2023 taking place at the country’s international exhibition center in Cairo this week. According to Korea Aerospace Industries and LIG Nex1 on Tuesday, the two companies participated in the EDEX for the first time this year. Korea Aerospace Industries, also known as the KAI, said it will concentrate on in

Farmers harvest gim, or dried seaweed, using a unique technique which involves repeating a drying and wetting process in the open sea, in waters near the fishing village of Taean, South Chungcheong Province, Tuesday. Gim is one of South Korea's top export items which has seen growing popularity overseas. Korean gim accounts for almost 70 percent of the global seaweed market. (Yonhap)

JAKARTA, Indonesia – The Korea Herald and Indonesia's Kompas Daily have pledged to strengthen media cooperation, solidifying their commitment during the Korea-Indonesia Cooperation Forum in Jakarta on Thursday. Established in 1965, the Jakarta-based Kompas Daily enjoys a distinguished reputation in Indonesia's media landscape. The forum itself was a collaborative effort between Herald Corp., publisher of The Korea Herald and Herald Business, and the Indonesian Chamber of Commerce

South Korean carmaker Hyundai and its sibling firm Kia have topped the list of exporters in Korea, posting a record-high of $54.5 billion in total export volume, Hyundai Motor Group said Tuesday. Among 1,700 companies here, Hyundai and Kia ranked first and second place, respectively, the highest record since 2012 when the two recorded $350 billion in exports. From July 2022 to June this year, Hyundai’s exports surged on-year 29.6 percent to $31 billion, while Kia saw a 30.7 percent jump to

KB Financial Group on Tuesday unveiled a video titled “Safeguarding Soil, A Source Of Life,” to celebrate World Soil Day, held annually on Dec. 5 to advocate for the sustainable soil management practices. The video first underscores the importance of healthy soil as an essential resource for sustaining life on Earth. It then discusses plastic, the leading cause of soil and water pollution. According to the video, plastic waste can release harmful chemicals into the surrounding soil,

Hyundai Motor Group said Tuesday that it donated 30 vehicles and 105 electric wheelchairs and electric scooters to encourage mobility for people with disabilities. The South Korean automaker has carried out the corporate social responsibility activity since 2011. According to the firm, the accumulated amount of donations has reached 7.9 billion won ($6 million) so far. The donations have been delivered to various associations and federations that support disabled people across the country. (Hyun

Daewoo Engineering & Construction Chairman Jung Won-ju has recently engaged with industry leaders and officials in Indonesia to broaden the scope of the company's global construction projects, focusing on the extensive development of the Southeast Asian country's new capital that is expected to be inaugurated as early as August next year. Indonesia is actively preparing to relocate its capital from Jakarta to Nusantara, a purpose-built city in the East Kalimantan area. The planned

From left: Hana Financial Group Vice Chairman Lee Eun-hyung, Chairman Ham Young-joo and Community Chest of Korea Chairman Kim Byong-joon pose for a photo after the financial group donated 15 billion won ($11.43 million) to the charity's headquarters in central Seoul, Tuesday. Hana's 15 affiliates all contributed to the donation for the underprivileged. The group also received a donation certificate for donating a total of over 90 billion won this year. (Hana Financial Group)

Hanwha Momentum, a supplier of manufacturing facilities and equipment for batteries, solar panels and displays, hosted its 2023 Hanwha Battery Day on Monday to reveal the company's strategies and technological road map in response to burgeoning global demand for secondary battery manufacturing equipment. During the event, CEO Yang Ki-won unveiled an ambitious target of 1.4 trillion won ($1.07 billion) in sales solely from secondary battery process equipment solutions by 2027. The company&

Health care officials from South Korea and the US on Monday gathered in Seoul to discuss the industry’s potential to be a bigger part of the Seoul-Washington alliance during a forum hosted by the American Chamber of Commerce in Korea. The Healthcare Innovation Seminar is one of the major events organized by AmCham, and the largest policy seminar on the health care industry in South Korea. This year's seminar is titled “The Role of the Healthcare Industry in Facing the Next Front

Korean battery, materials makers face pressure to buy out Chinese partners