Jungheung Group Chairman Jung Chang-sun vowed Wednesday he would nurture Daewoo Engineering & Construction to become a top builder, as the acquisition process has recently been successfully completed. “We finalized the M&A process on Feb. 28 and this day will become a historic day for Daewoo E&C to start anew,” Jung said in his message to employees. “Now, as a family of Jungheung Group, we will take another big leap forward together.” In December last year,

Hyundai Motor Co., South Korea's biggest carmaker, said Wednesday its sales rose 1.4 percent last month from a year earlier despite global chip shortages. Hyundai Motor sold 304,613 vehicles in February, up from 300,514 units a year earlier, the company said in a statement. Domestic sales climbed 1.7 percent to 53,010 units from 52,102 during the period, while overseas sales were also up 1.3 percent to 251,603 from 248,412, the statement said. From January to February, sales fell 5.5 percent to

Korean space tech startup Space Star said Wednesday it will send the DNA of famous mountaineer Um Hong-gil to space, honoring his world record to have climbed the 16 highest peaks on Earth. After swabbing Um’s DNA from his mouth, the company plans to seal it in a capsule and send it to space by the end of this year. “Along with other world renowned celebrities, Um will be the first Korean celebrity to have his DNA sent to space. It is meaningful in the sense that their DNA will pe

SsangYong Motor Co. said Wednesday its sales more than doubled last month from a year earlier on sharply increased exports of its SUV models. SsangYong Motor sold 7,052 vehicles in February, up from 2,789 units a year earlier, the company said in a statement. Domestic sales jumped 70 percent to 4,540 units last month from 2,673 a year ago, while exports soared to 2,542 units from 116 during the same period, it said. SsangYong's lineup consists of the Tivoli, Korando, and Rexton and Rexton Sports

The Korean beer maker Oriental Brewery said Wednesday it would lift prices of its beer products by an average annual rate of 7.7 percent starting from March 8.　 The price hike comes as the company seeks to offset higher raw material and packaging costs fueled by COVID-induced supply disruptions. The beer manufacturer said it has seen the global price of barley, the primary ingredient of beer, climb by 33 percent since pre-pandemic levels. The price of aluminum, the core material for packagi

To stabilize soaring global oil prices amid the heightening crisis between Russia and Ukraine, South Korea on Wednesday decided to join the International Energy Agency to release 60 million barrels to the market. According to the Ministry of Trade, Industry and Energy Wednesday, the 31 members of the IEA held an online meeting on Tuesday and agreed to inject some 60 million barrels of emergency reserves to alleviate concerns over an oil supply crunch as the result of Russia’s ongoing inva

The Korea Herald on Wednesday signed a memorandum of understanding with two local organizations to support a project to build the capacity of young ethnic Koreans residing overseas. The K-Diaspora Project envisages shaping Korean youth in 190 countries – roughly 2 million in total - into global leaders that share an identity anchored in Korean roots. Godowon Foundation, a non-profit organization dedicated to youth mentoring, and the Blue Tree Foundation, an NGO against school violence, h

New roadmap includes W12tr investment in software development of EVs

Kim Jung-ju, the founder of South Korea’s biggest game maker Nexon and an engineer-turned-entrepreneur who led the country’s burgeoning game industry which also made him the richest man here, passed away on Monday. He was 54. According to Nexon’s holding company NXC, Kim died on Feb. 28 in Hawaii, the United States. He had been undergoing treatments for depression and it appeared that the symptoms had become worse as of late, the company said. Born in February 1968 in Seoul,

BARCELONA, Spain -- The board of GSMA, the host of Mobile World Congress 2022, has greenlighted a plan urging video streaming service providers to share telecom carriers’ costs of expanding broadband infrastructure, amid lingering conflicts over charging more network usage fees to those causing heavy internet traffic. The plan was proposed by a policy group under GSMA, which called on global content providers including Netflix, Apple TV, Amazon Prime Video and Disney+ to contribute more

South Korean builders' business sentiment edged up in February from a month earlier on the back of increasing orders, a poll showed Wednesday. The country's construction business survey index (CBSI) came to 86.9 last month, up 12.3 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. Yet February's tally was still below par. A reading below 100 indicates that builders who are pessimistic about the industry's current state outnumber

South Korea will push to commercialize sixth-generation (6G) services by around 2028, the country's science minister has said. Science and ICT Minister Lim Hye-sook made the remarks on Tuesday during her speech at the Mobile World Congress (MWC) 2022, a mobile technology trade fair under way in Barcelona. The MWC is one of the top three annual tech events in the world, along with the Consumer Electronics Show in the United States and the IFA in Germany. "We are continuing our preparations f

Posco, South Korea's top steelmaker, launched a holding company Wednesday to better nurture non-steelmaking businesses, such as battery materials and hydrogen. In January, shareholders of Posco approved a plan for the steelmaker to transform into a holding company by splitting it into two business entities. After the breakup, the steelmaking group's holding company, Posco Holdings Inc., will focus on charting out future business, research and development, and investment. The steelmaking business

South Korean pharmaceutical giant Celltrion Inc. said Wednesday that its autoimmune disease biosimilar Yuflyma has begun sales in the domestic market. Yuflyma -- a biosimilar referencing blockbuster drug Humira by AbbVie Inc. -- is used to treat patients with multiple chronic inflammatory diseases, such as rheumatoid arthritis and psoriasis. The high-concentration biosimilar is already being marketed in major European countries following its approval from drug authorities last year. Yuflyma requ

Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States rose 6.4 percent in February from a year earlier despite the prolonged pandemic and chip shortages. The corporate duo sold a total of 105,088 vehicles in the world's most important automobile market last month from 98,797 units a year ago, according to the companies' sales data. Hyundai's US sales jumped 10 percent to 55,906 units from 50,735 over the cited period and Kia's also climbed 2.3 per