July 14, 2024

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EDITOR'S PICKS

• Tech 
  

  Samsung invests in US DNA-sequencing biotech Element Biosciences

  Samsung Electronics took part in a $277 million Series D investment for Element Bioscience, a US-based DNA analysis equipment company, to expand its footing in the medical device market, the company said Friday. Element Biosciences, established in 2017 in San Diego, is a life science company that developed the disruptive DNA sequencing and multi-omics technology that boasts the industry's "top level" accuracy for research markets, Samsung said. According to the bioscience firm, the

• Markets 
  

  Kakao Bank donates W1b to tackle global climate crisis

  Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations. The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event. The donation will fund programs to address and all

• Companies 
  

  Daewoo E&C launches multilingual safety videos for foreign workers

  Daewoo Engineering & aConstruction said Friday that it released a set of multi-language videos to provide safety and health guidelines to foreign workers at its construction sites. The videos were created in the languages of the top 10 countries from which foreign workers are recruited, including China, Vietnam, Kazakhstan, Uzbekistan, Russia, Mongolia, Cambodia, Thailand, Myanmar and Indonesia, as well as in English. The company expects these multilingual resources will enhance site effi

• Companies 
  

  GS E&C sets new vision centering on innovation, trust building

  GS Engineering & Construction unveiled Friday a new vision and six core values to foster ongoing growth and enhance employee integration. GS E&C CEO Huh Yoon-hong announced the company's new slogan: "Perfecting a safer today, forging a brighter tomorrow: with transparent trust and relentless innovation, we create a better future for all," to the builder's employees via an intranet video. The company aims to transcend traditional construction, aspiring to become an organizati

• Tech 
  

  [Gadget Review] Galaxy Z Flip6, Fold6 bring AI tech to palm of your hand

  Samsung Electronics’ latest foldable phones -- the Galaxy Z Flip6 and Z Fold6 -- were unveiled at the summer edition of the Galaxy Unpacked 2024 event in Paris on Wednesday, surprising the audience with slimmer and lighter designs. The Korea Herald had a chance to try out the new foldable lineup the day after the unveiling event in Korea. The tech giant’s first artificial intelligence-powered foldable phones are easy to hold and fun to play with, but the more you use them, the mor

• Companies 
  

  Asiana Airlines unions ramp up opposition to Korean Air merger

  Unionized workers of Asiana Airlines reiterated Thursday their opposition to a merger with the nation’s largest air carrier Korean Air, expressing their intention to block further procedures by all means. Asiana Airlines' labor unions urged the air carrier's main creditor Korea Development Bank and the European Commission, the EU's antitrust regulator which gave conditional approval on the merger, to review the deal from the ground up. The possible future actions that Asiana Airlines' g

• Markets 
  

  South Korea faces existential issue: OECD

  The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the eco

• Companies 
  

  Hanwha Qcells breaks ground on 267 MW solar project in Colorado

  Hanwha Qcells, a division of Hanwha Solutions specializing in solar energy, has started construction on a solar power project totaling 267 megawatts in the United States. On Wednesday, Hanwha Qcells announced its partnership with the Platte River Power Authority, a US public power provider, to launch the full-scale construction of a new solar plant in Weld County, Colorado. Hanwha Qcells is responsible for the project's engineering, procurement and construction, ensuring a streamlined process

• Companies 
  

  Starbucks Korea vows to donate W1b for cultural preservation

  Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi E

• Markets 
  

  S. Korea appeals tribunal order to pay $32m to US hedge fund

  South Korea has filed an appeal against a ruling by a Hague-based arbitration court ordering it to pay $32 million to a US hedge fund to compensate for its intervention in the merger of two Samsung affiliates in 2015, the Justice Ministry said Thursday. The appeal to the ruling by the Permanent Court of Arbitration follows the tribunal’s decision in April to side with Mason Capital Management, though the compensation ordered was much less than the $200 million the hedge fund had sought.

• Companies 
  

  HD Hyundai gets green light to bid for US warship maintenance projects

  HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of the US M

• Tech 
  

  LGE, Qualcomm chiefs meet to discuss AI partnership

  LG Electronics Chief Executive Officer Cho Joo-wan met with Qualcomm CEO Cristiano Amon on Wednesday to discuss their ongoing collaboration on advanced technology, including on-device artificial intelligence and automotive electronics, according to industry sources. On the second day of his trip to Seoul, Amon met with Cho at the LG Electronics headquarters in Yeouido, Seoul. The two companies have been building a firm partnership over the past years, especially in the fields of audio product

• Tech 
  

  Samsung unveils slimmer AI-powered foldable phones

  Samsung Electronics unveiled its new slimmer and lighter foldable phones -- the Galaxy Z Flip6 and Z Fold6 -- in Paris on Wednesday, betting big on the Olympics fever brewing in the French capital. As the venue for the biggest product launch in the latter half of this year, the Korean tech giant chose the iconic Louvre Museum, inviting some 1,000 journalists and industry people from around the globe. “Samsung Electronics has been leading the foldable market through continuous innovation

• Markets 
  

  BOK maintains key rate at 3.5% but hints at cut

  The Bank of Korea kept its benchmark interest rate unchanged at 3.5 percent for the 12th consecutive time Thursday, while implicating a rate cut if the current path of disinflation continues. The central bank has maintained the rate at 3.5 percent for over one and half years, since Jan. 13, 2023. This is the longest rate freeze ever, surpassing the previous record in 2016-2017. All six members of the monetary policy board, excluding BOK Gov. Rhee Chang-yong, agreed on the rate freeze and two

• Companies 
  

  Korea to boost affordability of EVs with new battery recycling scheme

  Starting in 2027, Korean consumers can look forward to purchasing more affordable electric vehicles equipped with reconditioned and tested used batteries. The Korean government, during a meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, unveiled a plan Wednesday to support the used battery industry, announcing a series of laws, systems, and infrastructure projects. This initiative aims to tackle the growing environmental issue of waste batteries by cre

• Markets 
  

  Hanwha Aerospace inks W1.4tr arms deal with Romania

  Hanwha Aerospace has secured a 1.4 trillion won ($1 billion) arms contract with Romania to export 54 units of the K9 self-propelled howitzer and 36 units of the K10 ammunition resupply vehicle, the Korean defense firm said Wednesday. According to Hanwha Aerospace, the delivery of the arms machinery will begin in 2027 in phases. The company said it beat out the competing bidders from the North Atlantic Treaty Organization such as Germany's PzH2000 and Turkey's Firtina to secure the contract. W