JobKorea launches Klik app for foreign job seekers

JobKorea, a job search platform, said Monday it has launched a separate job search app specifically for foreign national residents, Klik, an acronym for "kick-start life in Korea." This service is intended for residents of foreign nationality in South Korea to find jobs and for domestic companies to recruit foreign national employees, according to the platform. The app can be translated into 28 languages, including English, French, Chinese, Japanese, Malay, Thai, Vietnamese, Indonesian

July 8, 2024

KT&G CEO stresses open workplace culture

KT&G CEO Bang Kyung-man marked his 100th day in office on Monday by sharing his ambitions for higher performance by fostering a horizontal corporate culture that encourages open communication among employees. "In order to achieve sustainable growth, we need an organizational culture that inspires joy, meaning and motivation in our work," Bang reportedly said in an email sent to all executives and employees. "Let's enhance communication opportunities, eliminate inefficie

July 8, 2024

Kyobo Life ventures into asset trusts

Kyobo Life Insurance is stepping into the asset trusts business, marking the latest milestone in its evolution to become a comprehensive asset management company. Kyobo Life, a major South Korean life insurer, announced Monday it recently secured a license in the asset trusts business from the Financial Services Commission. This marks the company's first move in the trusts sector since obtaining a license for the money trust business in 2007. With this new license, Kyobo Life can now offer compr

July 8, 2024

Eximbank to finance $150m for UAE solar power project

The state-run Export-Import Bank of Korea said Monday that it will provide $150 million in project financing for a major solar power generation project in the United Arab Emirates, the first of such to be undertaken by South Korea. This financial procurement comes after the state-owned Korea Western Power Co.’s joint win of the bidding with EDF-Renewables, a subsidiary of Electricite de France, which will now fully organize the entire process of the project. Korea Eximbank has long expre

July 8, 2024

Tesla's Model Y tops import car sales in H1

US electric vehicle maker Tesla’s mid-size SUV Model Y topped imported car sales in Korea in the first half of this year, according to market tracker Carisyou on Sunday. With Germany’s BMW and Mercedes-Benz remaining the best-selling imported car brands, Tesla became the third-largest foreign carmaker during the same period. Tesla’s Model Y sold 10,041 units in the January-June period, almost quadrupling from a year ago. Other top sellers included BMW’s 5 Series (10,024 u

July 7, 2024

SK chief inspects chip materials, biopharma affiliates in US

SK Group Chairman Chey Tae-won inspected US business operations of chip materials and biopharma affiliates, the group's top decision-making body SK Supex Council said Sunday. Currently, Chey is staying in the US to oversee the group's business operations and meet with business partners. Since the trip started on June 22, he has met with CEOs of global tech giants, including Open AI, Microsoft, Amazon and Intel. Moving to the East Coast over the past weekend, Chey visited the headquarte

July 7, 2024

Hyundai Motor revamps Turkey’s Korea Park to honor war veterans

Hyundai Motor Group said Sunday that it recently completed the refurbishment of the Korea Park in Ankara, Turkey. The park, spanning 10,000 square meters, was established in 1973 to honor the sacrifices of Turkish soldiers who fought in the 1950-53 Korean War. The year also marked the 50th anniversary of Turkey’s founding. Over time, the park’s facilities deteriorated, prompting the need for restoration. After visiting the park last year, Hyundai Motor Group Executive Chair Chung Eui

July 7, 2024

[Herald Interview] Korean sauce maker Woomtree seeks global expansion with healthy, long-lasting ‘K-jang’

Woomtree, a Korean company specializing in manufacturing gochujang (red chili paste) and other sauces, bets big on the global expansion of long-lasting and healthy "K-sauces," unlike instant foods with fleeting popularity. "People's interest in fermented food and well-being is growing around the world, and I think Korean fermented sauces are at the center of it," said Kim Woo-taek, founder and CEO of Woomtree, during an interview with The Korea Herald at the company'

July 7, 2024

Trusts of wills: Banks vie for W100tr inheritance market

A woman in her late 40s and mother of two recently enrolled in a will-substitute trust at a local bank. Despite her relatively young age, she was doing her estate planning due to terminal cancer, which can progress rapidly and unpredictably. Her primary concern has been ensuring the proper distribution of her assets to her two children after her death, particularly to her 10-year-old youngest who has a disability. She stipulated that her oldest should receive the majority of his inheritance at a

July 7, 2024

[Weekender] VIB treatment: Luxury market surges for ‘very important babies’

Despite South Korea’s notoriously low birth rate, its childrenswear market shows no sign of abating, especially led by the binge spending of young parents. “Most parents that I know think that putting a luxury onesie that costs hundreds of dollars on a baby is excessive because they grow out of clothes so quickly. But, there are also some parents, particularly those who are well-off, who are willing to buy expensive clothes for their kids,” said a 38-year-old Seoul resident sur

July 6, 2024

Genesis BBQ chairman shares K-chicken business stories at AIB conference

Yoon Hong-geun, chairman of Genesis BBQ, the nation's largest fried chicken franchise, shared the global success stories of the Korean fried chicken market in front of international scholars at the Academy of International Business, a prominent global association of scholars and business professionals. Under the theme "World Changer BBQ: A Case of Global Business Innovation," Yoon presented the global status and strategy of BBQ during AIB conference, held at the Lotte Hotel in cen

July 5, 2024

Hanwha Energy makes tender offer as part of group succession plan

Hanwha Energy launched a bid on Friday to acquire shares worth 180 billion won ($130 million) in the group's holding company Hanwha, as part of a succession plan to transfer management control from the current Hanwha Group chairman to his three sons. Hanwha Energy, the renewable energy arm under Hanwha Group, South Korea’s seventh-largest conglomerate by total assets, seeks to secure 6 million common shares of Hanwha, according to a regulatory filing made on the same day. The tender o

July 5, 2024

Samsung SDI clinches W1tr energy storage deal with top US electric utility

Samsung SDI is set to supply energy storage solution batteries worth 1 trillion won ($724 million) to NextEra Energy, the largest electric utility in the United States. Industry sources report that Samsung SDI is finalizing a contract to provide batteries with a total capacity of 6.3 gigawatt-hours to NextEra Energy. This supply is equivalent to 11.5 percent of North America's total energy storage solution capacity of 55 GWh last year. The key product in this deal is the Samsung Battery Box

July 5, 2024

SK, Canada’s EDC forge partnership on green energy

SK Group said Thursday that it has teamed up with Export Development Canada, the country’s exports credit agency, to boost cooperation in high-tech areas such as renewable energy and batteries. SK Inc., the holding unit of the group, signed a memorandum of understanding with EDC to forge a long-term partnership with its CEO Jang Yong-ho and EDC CEO Mairead Lavery in attendance. "This MOU is significant in that SK and Canada's public financial institution cooperate under a common

July 4, 2024

Stalled talks for Line stake sale: Boon or bane for Naver?

Negotiations over Naver’s sale of a stake in its joint venture with Japan’s SoftBank are expected to be prolonged, with no immediate breakthrough in sight. Naver CEO Choi Soo-yeon on Tuesday said the Korean portal giant had no immediate intention to sell its stake in LY Corp., the operator of Japan’s popular messenger Line. Naver and SoftBank each own 50 percent of A Holdings, which controls almost 65 percent of shares in LY Corp. Asked about the possible change in its ownershi

July 4, 2024

Daewoo E&C chairman meets Vienamese PM

Daewoo Engineering & Construction Chairman Jung Won-ju met with Vietnam’s Prime Minister Pham Minh Chinh in Seoul to discuss future cooperation in construction projects in Vietnam, the company said Thursday. During the meeting held at Lotte Hotel in central Seoul on Wednesday, Jung sought the Vietnamese government’s support in the company’s ongoing construction projects in Vietnam. “Daewoo E&C is proud of being responsible for the Starlake City project in Hanoi,&r

July 4, 2024

SK Square names new CEO to reshape investment portfolio

SK Square, the investment arm of SK Group, is set to reshape its business portfolio to concentrate on the chip industry and divest "non-core" investments, under a new leader. On Wednesday, the company nominated Han Myung-jin, the head of the company's investment support center and former chief strategy officer of SK Telecom, as its new chief executive officer, to take over from Park Sung-ha who was dismissed a week ago. "The appointments committee in the board of directors no

July 4, 2024

Mirae Asset chief named AIB executive of year in first for Asian financier

Mirae Asset Financial Group Chairman Park Hyeon-joo on Wednesday received the International Executive of the Year Award from the Academy of International Business, a top honor in the industry, recognized for his pivotal role in lifting the firm as a global financial service provider. Park is the first Asian financier and the second Korean entrepreneur to receive the prestigious award from the AIB, an association of international business scholars and professionals. The first Korean awardee was S

July 4, 2024

Lotte Biologics breaks ground for first plant in Songdo

South Korean contract development and manufacturing organization Lotte Biologics CEO Richard Lee said Wednesday that the company aims to hit 1.5 trillion won ($1.07 billion) in sales by 2030 to become one of the world's top 10 CDMOs. The announcement came during a groundbreaking ceremony for the company's first biomanufacturing plant in Songdo, which will elevate its total production capacity to some 360,000 liters. The construction will be completed in the first quarter of 2026, and t

July 3, 2024

[Herald Interview] INSEAD professor explores power of K-brands’ ‘identity marketing’

The recent success of Korean brands can be attributed to their knack for selling "pieces of identities" and empowering consumers with curated experiences, according to a marketing professor at French business school INSEAD. "Consumers today expect to purchase more than just products from a brand; they seek cultural and social elements. The swift execution of these elements has given rise to many successful K-brands," said David Dubois, an associate professor specializing in d

July 3, 2024