Lotte Group Chairman Shin Dong-bin has chosen Pepero as the flagship product for a new strategic initiative in partnership with Lotte food affiliates from Korea and Japan, the nation's sixth-largest conglomerate announced Sunday. The initiative aims to elevate the chocolate stick snack into a global megabrand with annual sales of 1 trillion won ($748 million). During Shin's recent business trip to Europe, the chairman visited Lotte's global food production facilities in Belgium an

Standard Chartered Bank Korea has appointed Lee Kwang-hee, managing director and executive vice president, as its new CEO, the global lender said Friday. Lee, recognized as an expert in corporate banking, will succeed the outgoing CEO, Park Jong-bok. "A detailed evaluation was conducted on the nominees' leadership in the financial sector, willingness to share the bank’s vision, efforts for boosting public interest and sound business administration," the bank's executive

Hyundai Motor plans to bring its Casper Electric mini SUV to Europe later this year and Japan in early 2025, following robust domestic sales. The company reported Sunday that it sold 28,784 units of the Casper -- both gasoline and electric versions -- in the Korean market from January to August this year, marking a 1.4 percent increase from the same period last year. Total Casper sales surged in August, with 5,031 units sold -- making it the first month in 2024 to break the 5,000 mark. The boost

Samsung SDI will present its latest energy storage systems at RE+ 2024, the largest clean energy expo in North America, held in Anaheim, California, for four days starting Monday. The company’s showcase will revolve around the theme "A Sustainable Future Driven by PRiMX." PRiMX is a branding term for Samsung SDI’s advanced battery technology portfolio. Leading the lineup is the Samsung Battery Box 1.5, the company's next-generation ESS battery system ready for US lau

SK Group Chairman Chey Tae-won stressed the need for a sharp focus and prompt response to evolving AI, semiconductors and energy solutions sectors during an executives' management review meeting held on Saturday, the Korean conglomerate said Sunday. “Enhancing the competitiveness of our core businesses in AI and semiconductors while adapting to the evolving business environment is a formidable challenge, but one we must confront,” said Chey at the SK Seorin Building headquarte

Han Jong-hee picks security as top priority for wider spread of AI-powered home appliances

Home appliance chief hints at strategic shift from selling more products to enhancing connectivity

BERLIN -- Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said the Korean tech giant is looking to artificial intelligence connectivity to take on its rivals, as this year’s IFA in Berlin, one of the world’s largest consumer appliance trade shows, kicked off Thursday. “Who can provide consumers with a richer experience of connecting products” is the key message to convey, Han told The Korea Herald on Thursday at Samsung Electronics pavilion, upon his visit to th

An appeals court on Friday cleared Hur Young-in, founder and chair of South Korean bakery giant SPC Group, of tax evasion charges, bringing an end to the year-long legal dispute. The Seoul High Court upheld a lower court ruling that found the SPC chief not guilty of breach of trust. Hur faced allegations of instructing group affiliates Paris Croissant and Shany to sell stocks of Mildawon, another SPC company producing flour, to SPC Samlip at lower prices in December 2012 that, according to prose

The US' new export controls on critical technologies including quantum computing and cutting-edge semiconductor manufacturing will have little impact on South Korean businesses, Korea's Industry Ministry said on Friday. The US Commerce Department's Bureau of Industry and Security published an interim final rule on Thursday, implementing controls on 24 goods involving critical and emerging technologies including the gate all-around (GAA) chipmaking process, in order to hinder techn

HS Hyosung Advanced Materials said Friday that it will present new products from its advanced carbon fiber brand, Tansome, at the Composites and Advanced Materials Expo 2024, the largest composites exhibition in the US, which runs from Monday to Thursday. The exhibition is hosted by the leading composites industry associations, the Society for the Advancement of Material and Process Engineering and the American Composites Manufacturers Association. At the event, HS Hyosung Advanced Materials pla

Govt. rolls out stronger safety measures to prevent EV battery fires and minimize damage

South Korea's industry and science ministers met with a senior Czech official Thursday to discuss bilateral cooperation, building on a recent nuclear power plant deal between the two countries. Industry Minister Ahn Duk-geun met with Czech National Security Adviser Tomas Pojar who was visiting Seoul as a special envoy of the prime minister, expressing hope for closer ties in areas including the nuclear energy industry, according to the Ministry of Trade, Industry and Energy. In July, the Cz

Experts in global business diplomacy on Thursday discussed emerging lobbying trends and assessed the readiness of Korean companies to navigate complex geopolitical developments, offering strategies for more effective lobbying. This discussion was a key part of the annual The Korea Herald HIT Forum, held this year at the Korea Chamber of Commerce and Industry in Seoul. The event's theme, "Business Diplomacy — Navigating business through mega election year," underscored the ch

American Chamber of Commerce in Korea Chairman and CEO James Kim on Thursday stressed the importance of maintaining strong bilateral ties between South Korea and the US amid changing dynamics in global interactions. “As we navigate this mega-election year globally, the importance of ‘business diplomacy’ has never been more critical,” Kim said, delivering a congratulatory speech at The Korea Herald HIT Forum held Thursday in central Seoul. Kim, who has taken on top posts a