Hyundai Motor Group said it has unveiled its high performance car N Brand model The New Elantra at the Shanghai International Automobile Industry Exhibition in China for the first time in the world. The Elantra model, scheduled for launch by the end of this year, is part of Hyundai's renewed sales push in China. Mufasa, the compact sport utility vehicle waiting for debut in June, was also showcased during the event.

All Hyundai and Kia cars are no longer eligible for tax credits for electric vehicles in the US amid increased protectionist sentiment there. As the result of the Inflation Reduction Act that took effect in August last year, the US Treasury Department on Monday announced a total of 16 EV models that will qualify for a tax credit of up to $7,500. All of the cars are produced by US carmakers, including Tesla, GM, Ford and Stellantis. The list includes: Tesla’s Model 3 Performance, Model

Standard Chartered Bank Korea announced Tuesday it has launched a promotion for new clients signing up for its “Jaeil EZ account,” promising first-time customers interest rates of up to 3.6 percent per year, even to those who deposit their funds for a single day. Jaeil EZ account is a high-interest money market demand account providing a basic daily interest rate of 2.6 percent. Newcomers can enjoy an additional 1 percent interest rate during the first six months without any addition

Speculation is growing that Samsung Electronics may be ditching its close ties with Google by replacing the default search engine for its flagship Galaxy devices with Microsoft’s Bing which has been upgraded with OpenAI’s powerful chatbot, ChatGPT. According to industry sources and media reports on Tuesday, Samsung was considering switching to Bing last month, putting roughly $3 billion in annual revenue at risk for Google. Citing internal documents, the New York Times reported that

Fashion and materials conglomerate aims to foray into ‘space value chain,’ from rocket parts to space suits

Koo Kwang-mo inspects LG Chem’s cathode plant in an apparent move to respond better to toughened regulations in US, Europe

SK Telecom announced Tuesday it would enter the American market by providing a next-generation broadcast solution built with mobile edge computing technology to Sinclair Broadcast Group, a provider of local news and sports coverage in the US. MEC refers to the real-time processing of large amounts of data by devices and applications close to end-user devices, rather than a centralized data hub. Incorporating MEC technology, SKT developed Petasus Media -- a combination of SKT’s MEC solution

South Korea’s Daewoong Pharmaceutical said Tuesday it has signed a deal with Sygnature Discovery, a UK-based discovery and preclinical solutions provider, to find potential candidates for autoimmune diseases treatment. Under the agreement, Daewoong Pharmaceutical will use Sygnature Discovery’s drug discovery technology, such as "fragment-based drug discovery," and virtual screening to find effective substances to use in treatments. “We are engaging in collaborations t

By Cho Ju-hyeon Small and midsized enterprises in Korea have shown remarkable progress in innovation in the global markets, pushing the need for systematic support from the government. Of the 20 Innovation Awards winners at the 2023 Consumer Electronics Show held in January, nine were Korean companies. Among them, five were ventures and startups. This result was driven by continuous efforts from small companies, as well as the government’s stable funding in research and development. Bu

Korean culture boom behind push for direct flights connecting provincial areas with major cities worldwide

Posco Group has seen an increase of more than 20 trillion won ($15.2 billion) in its market capitalization this year, buoyed by anticipated gains in its battery businesses. According to data released by Korea Exchange on Monday, the combined market capitalization of Posco Group's listed firms came to around 63.5 trillion won as of Sunday, up by around 50 percent -- some 23 trillion won -- from early 2023. Posco Group's market capitalization also surpassed that of Kakao, which came to 4

Korean construction company Woomi Construction said Monday it has signed a contract to invest in global asset management company Fifth Wall’s Real Estate Technology III for Early Stage Ventures Fund, also called Fund III, on March 31. This decision comes as part of Woomi’s efforts to continue investing in property technology, or proptech, and expand its foothold in the global investment sphere. Property technology refers to the application of information technology tools and the plat

Samsung still gauging feasibility amid growing buzz surrounding Apple Pay

US space firm SpaceX, which is set to launch its low-orbit satellite communication service in South Korea within the second quarter, is seeking to work with the major telecom operators here, sources told The Korea Herald Monday. The Elon Musk-owned firm, approaching SK Telecom, KT Corp. and LG Uplus separately, had offered to sell its satellite internet network service, Starlink, to the telecoms firms, the sources said. The contract terms were not disclosed due to a nondisclosure agreement. As t

Hyundai Motor Group said Monday it has renewed its sponsorship of the World Archery Federation for three more years until 2026. The carmaker will be sponsoring the archery games for 10 years, with this year’s Hyundai Archery World Cup and Hyundai World Archery Championships slated for Apr. 18 and July, respectively. Hyundai Motor Group Executive Chair Chung Euisun is serving as the head of the Korea Archery Association since 2005.