Hyundai E&C appoints first CEO born in 1970s, signals generational shift

The appointment of Lee Han-woo, head of Hyundai Engineering & Construction's housing business division, as its new executive vice president and CEO marks a generational shift as Lee becomes the company's first CEO born in the 1970s. Born in 1970, Lee joined the company in 1994 and has held a range of leadership roles over the past 30 years, including head of the strategic planning division. As the incoming CEO, he is expected to enhance Hyundai E&C's global portfolio in ci

Nov. 19, 2024

CJ CheilJedang to divest W6t bio division

South Korean food giant CJ CheilJedang has reportedly decided to sell its industry-leading bio division, which had been a key pillar alongside its food business, signaling a shift in its strategic growth priorities. According to investment banking sources Tuesday, CJ CheilJedang is believed to have appointed Morgan Stanley as the lead manager for the sale and is engaging with potential buyers. The main auction is expected to take place as early as next month, with the division estimated to value

Nov. 19, 2024

[Herald Interview] There’s no wrong way to enjoy bourbon: Jefferson's founder

Jefferson’s Bourbon Founder and Chief Strategist Trey Zoeller explores experimenting in Korea by pairing its bourbon with local culinary practices and pursuing partnerships with cultural industries as his brand establishes its foothold here. Ahead of the first anniversary of Kentucky-born Jefferson's Bourbon’s debut in Korea, Zoeller visited Seoul for the first time to introduce and share the allure of the brand to a growing number of bourbon enthusiasts in the country. He said

Nov. 17, 2024

Daewoo E&C makes strides in Central Asia, global urban development

Daewoo E&C is making significant strides in its global expansion efforts, securing major projects across Central and Southeast Asia under the leadership of Chairman Jung Won-ju, the company announced Friday. Celebrating its 51st anniversary this year, Daewoo E&C has reaffirmed its vision of evolving into a company moving into the next century by tapping broader overseas markets and addressing challenges in the sluggish domestic construction industry. A prime example is the Turkmenistan M

Nov. 17, 2024

[Security Forum] Trump’s return mixed bag for Korean economy: trade experts

Trade specialists agreed that Donald Trump’s second term could be both a boon and bane for Korean businesses as they discussed the outlook for policy changes under the upcoming US president during The Korea Herald Security Forum held in Seoul on Wednesday. Over 200 foreign affairs and trade specialists, lawmakers and ambassadors joined the inaugural event, titled “Alliance after US Election 2024: A Seoul Perspective.” The second economic and technological security session was m

Nov. 14, 2024

Kolmar wins trade secret case against Intercos

South Korea’s leading cosmetics original design manufacturer Kolmar Korea said Wednesday it recently won a lawsuit against Intercos Korea, the Korean subsidiary of Italian cosmetic firm Intercos that was accused of transferring trade secrets of Kolmar’s sun care technology. On Oct. 18, the Suwon District Court imposed a 5 million won ($3,700) fine on Intercos Korea for violating the trade secret protection law. The ruling was finalized after the company chose not to appeal. The all

Nov. 13, 2024

Trump’s return: Boon or bane for K-food?

After years of record exports, especially to the US, Korea’s food industry is now keen to gauge the impact of Donald Trump’s second presidency. The outspoken leader declared during this campaign that he could impose blanket tariffs of 10 to 20 percent on all US imports, raising concerns for Korea’s key export items such as computer chips and cars. But it is often overlooked that the US remains the largest export destination for Korea’s agricultural and seafood products. I

Nov. 12, 2024

[Herald Interview] JobKorea’s Klik brings jobs, community to growing foreign workforce in Korea

As Korea’s foreign workforce nears the 1 million mark, JobKorea, the nation’s leading online recruitment platform, has launched the spinoff Klik, or Kickstart Life in Korea, to bring quality jobs and community to foreign national job seekers. Chris Heo, a 33-year-old Canadian national who leads the Klik team, said that the platform’s birth was largely inspired by his own experiences and challenges as a foreign national living in Korea. “I’ve struggled with complex a

Nov. 11, 2024

KT&G declines FCP proposal to buy ginseng unit

South Korean top tobacco company KT&G has rejected a recent proposal from the Singapore-based activist private equity fund Flashlight Capital Partners to acquire Korea Ginseng Corporation, a KT&G affiliate. In a move to turn down Flashlight Capital Partners' bid, KT&G issued a statement Friday and reiterated its commitment to a long-term growth strategy focused on three core businesses, including health functional foods -- the segment Korea Ginseng Corporation falls under. KT&am

Nov. 8, 2024

Posco considers selling off steel plant in China amid market oversupply

Posco Group is reportedly considering selling its stainless steel plant in Zhangjiagang, China, as part of a broader restructuring initiative led by Chairman Chang In-hwa to streamline 125 low-profit and non-core assets. According to industry sources Friday, Posco is in the process of selecting an advisory firm to aid in decision-making regarding the sale of Zhangjiagang Pohang Stainless Steel. With an annual production capacity of 110,000 metric tons, the plant was constructed near the Yangtze

Nov. 8, 2024