South Korean carmakers’ global market share inched down in 2022 from a year earlier due largely to weaker sales in China and Russia, industry data showed. Local automakers accounted for 7.3 percent of vehicle sales in the world’s eight major markets last year, down from 7.7 percent in 2021, according to the data from the Korea Automobile Manufacturers Association. Their share was the fifth-largest in the world. The eight markets are the United States, Europe, China, India, Mexico, Br

Korean industries upbeat on partnership in chip, materials sectors

SK Bioscience signed a contract manufacturing agreement with MSD to produce the latter’s next-generation Zaire ebolavirus vaccine candidate, the company said Monday. MSD is developing a next-generation Zaire Ebola vaccine candidate with Hilleman Laboratories to improve the production efficiency and thermal stability of the existing Zaire Ebola vaccine, Ervebo, which was approved in 2019. The development of MSD's new vaccine is in the early stage, and detailed manufacturing plans, howe

Amid the generally sluggish business results of the Korean beauty industry during the first quarter, market analysts provided contrasting second quarter expectations for leading beauty giants LG Household & Health Care and Amorepacific. While the former's prospects appear dim, the latter is expected to rebound with the company's aggressive expansion of sales of its flagship brand Sulwhasoo, said stock market observers Monday. According to financial market tracker FN Guide, LG H&

KB Financial Group hosted its "Cocktail Reception" on Thursday at the Sheraton Grand Incheon with key players in the global financial industry. The event showcased the Korean company's businesses and growth strategies while exploring potential opportunities for collaboration. The reception also served to commemorate the 56th Annual Meeting of the Asian Development Bank, which took place in Incheon last week. Seventy KB Financial Group executives, including Chairman Yoon Jong-kyoo

South Korean internet giant Naver will unveil HyperClova X, its hyperscale artificial intelligence platform, which boasts greater Korean language skills than its US rival, OpenAI's ChatGPT, this summer to upgrade its services overall. “Based on HyperClova, which has the third-largest Korean language training volume in the world and the first in Korea, we’ll unveil a HyperClova X service that is comparable to GPT-4 (the successor of ChatGPT),” Naver CEO Choi Soo-yeon said d

SK Innovation, SK IE Technology invest in gas-separating technology developer Airrane

Surge in exports to increase nation’s GDP by 0.3% by 2027

Hana Financial Group said Monday it has signed a memorandum of understanding with Taiwan’s banking giant, CTBC Bank, to seek business expansion in overseas markets. Under the new partnership, Hana and CTBC plan to support their overseas branches to expand businesses and optimize profits, as well as to discover new business opportunities together in various fields, including corporate finance and investment banking. They also agreed to share business know-how to increase their assets furthe

South Korean cable maker LS Cable & System said Monday it had won an order worth 2 trillion won ($1.5 billion) as part of the largest-ever transmission network project launched by Dutch state-run grid operator. The Korean firm is forming a consortium together with Belgian construction companies Jan De Nul and Denys to secure the deal. The project aims to connect a North Sea offshore wind farm with inland areas of Germany and the Netherlands through high-voltage direct current (HVDC) cables.

South Korean internet portal giant Naver Corp. said Monday its net profit plunged 71.2 percent in the first quarter from a year earlier due to an accounting loss stemming from an economic slowdown. Its net income reached 43.7 billion won ($33 million) on a consolidated basis in the January-March period from 151.4 billion won during the same period of last year, the company said in a regulatory filing. Operating profit stood at 330.5 billion won for the first quarter, up 9.5 percent from a year a

Nara Space looking to become S. Korea’s first system integration company to put small satellite into orbit

South Korea, Japan agree to cooperate on bolstering chip, materials, parts and equipment industries

Germany's main envoy to South Korea discussed ways to forge stronger ties in the era of the "fourth industrial revolution" at the Global Business Forum hosted by The Korea Herald on Wednesday at the Ambassador Seoul - A Pullman Hotel. During the 11th session of the forum, German Ambassador Michael Reiffenstuel said that the two sides had intensified their collaboration in core areas of tech, while digitalization has revolutionized both economies. “As a like-minded country an

S. Korea’s homegrown space launch vehicle aims to put 8 satellites into orbit on May 24