Most Popular
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Opposition chief acquitted of instigating perjury
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Seoul city opens emergency care centers
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Jung's paternity reveal exposes where Korea stands on extramarital babies
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[Exclusive] Hyundai Mobis eyes closer ties with BYD
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[Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
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Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push
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Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
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Prosecutors seek 5-year prison term for Samsung chief in merger retrial
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UN talks on plastic pollution treaty begin with grim outlook
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Samsung Card 2020 net soars 16% despite pandemic
Major South Korean credit card issuer Samsung Card Co. said Friday its net profit jumped nearly 16 percent in 2020 from a year earlier despite the coronavirus outbreak. Net profit came to 398.8 billion won ($357 million) last year, up 15.9 percent from a year earlier, the company said in a regulatory filing. Sales climbed 2.2 percent on-year to 3.37 trillion won, with its operating profit surging 18.8 percent to 534.3 billion won. Last year's solid performance by Samsung Card, the No. 2 indus
IndustryJan. 29, 2021
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ABS issuance surges 53% in 2020
The issuance of asset-backed securities (ABS) in South Korea jumped 53 percent in 2020 due to increased sales of government-led mortgage funds, data showed Friday. The value of ABS issues stood at 79.1 trillion won ($71 billion) last year, up 27.4 trillion won from a year ago, according to the data from the Financial Supervisory Service (FSS). ABS are structured with mortgages, auto loans, credit-card receivables and student loans as underlying assets. The jump came as the Korea Housing Finan
EconomyJan. 29, 2021
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LG Energy Solution accelerates IPO push as it picks lead managers
LG Energy Solution Ltd. has picked the lead managers for its listing on the Seoul bourse after a spin-off from its parent LG Chem Ltd., according to industry sources, which is expected to be one of this year's mega IPO deals. The battery unit wholly owned by LG Chem Ltd. has named KB Securities and Morgan Stanley as the lead managers for its IPO and also selected five brokerages, including Shinhan Investment Corp. Daishin Securities Co., as bookrunners for the IPO, according to them. "The
MarketJan. 29, 2021
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Seoul stocks open higher on bottom-fishing
South Korean shares rebounded Friday due to bottom-fishing, led by tech and chemical advances. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.88 points, or 0.45 percent, to 3,082.93 in the first 15 minutes of trading. The key stock index rebounded after losing 4.4 percent in total in the past three sessions, as investors speculate a stock price hike in the volatile markets. Market bellwether Samsung Electronics added 0.96 percent, with No. 2 chipmaker SK hynix gaining 2.85 pe
MarketJan. 29, 2021
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SK Innovation to invest W1.3tr in 3rd EV battery plant in Hungary
SK Innovation Co., a South Korean refinery-to-battery company, said Friday it will invest 1.3 trillion won ($1.2 billion) in its Hungary subsidiary to expand its electric vehicle battery production in Europe. SK Innovation said its investment in SK Battery Hungary Kft. is aimed at building "a new battery factory in Europe." The investment is expected to build a third battery factory in Hungary, as the company has been stepping up production capacity to meet growing demand for EV batt
IndustryJan. 29, 2021
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SK hynix expects strong memory demand on server, mobile growth
SK hynix Inc., South Korea's No. 2 chipmaker, said Friday it expected strong demand for memory chips this year on the back of growth in the server and mobile sectors after reporting robust fourth-quarter earnings amid the pandemic. Its net income reached 1.76 trillion won ($1.6 billion) during the October-December period, turning from a loss of 125.6 billion won a year earlier, the company said in a regulatory filing. The world's second-largest DRAM producer said its fourth-quarter operating p
IndustryJan. 29, 2021
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Industrial output, consumption grow in Dec. amid pandemic
South Korea's industrial output, consumption and investment increased on-month in December, data showed Friday, in the latest sign that the country's economy is on a recovery track amid the pandemic. But stung by the fallout of the COVID-19 pandemic, the nation's industrial production declined last year for the first time since the statistics agency began compiling data in 2000. The industrial output grew 0.5 percent in December from the previous year, compared with a 0.8 percent on-month gain
EconomyJan. 29, 2021
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Posco's 2020 operating profit dips 38% as pandemic hits steel demand
Posco, South Korea's top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel. Posco reported an operating profit of 2.4 trillion won ($2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 percent on year in 2020. Sales dropped 10.2 percent on year to 57.7 trillion won last year, Posco said. Despite the pandemic, Posco's profitability showed signs of recovering in the sec
IndustryJan. 28, 2021
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Kimchi refrigerator maker develops ultra-low temperature freezer for vaccines
While logistics and biopharma companies across the world strive to secure “cold chain” channels to safely store and transport COVID-19 vaccines, a South Korean home appliance brand specializing in kimchi fridges is set to roll out an ultra-low temperature freezer for such use. Winia Dimchae, known for its kimchi fridge brand Dimchae, has successfully developed an ultra-low temperature freezer, jointly with its wire telecommunications apparatus affiliate Dayou Plus, officials said.
IndustryJan. 28, 2021
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Lime to roll out e-mopeds in Seoul
Lime, the world’s leading provider of rented electric scooters and electric bikes, will soon launch electric mopeds in Seoul, the company said Thursday. According to Lime, the e-mopeds will be introduced in selected cities in South Korea. Lime is also in discussions with Washington and Paris about introducing its e-mopeds there in the coming months. “Lime’s addition of e-mopeds makes it the first and only micro-mobility provider to offer three shared electric vehicle type
IndustryJan. 28, 2021
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PM Chung calls LG-SK battery lawsuit ‘embarrassing’
In a rare move, South Korean Prime Minister Chung Se-kyun on Thursday openly called for a swift resolution to the US court battle between LG Energy Solution and SK Innovation over battery patents, describing it as an “embarrassment.” “Both firms should take a step back and resolve this issue swiftly,” said Chung on Thursday, answering a question from a reporter as to whether he would be willing to intervene in the matter. “K-battery will open up a great future
IndustryJan. 28, 2021
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Hyundai Motor faces ‘big turning point’ in post-COVID era
Of all the South Korean business groups that are facing the post-coronavirus market changes, Hyundai Motor Group is likely to be the one to undergo the most dramatic transformation this year and in the years to come. Its mission is not just to maintain and safeguard conventional businesses, but to fundamentally transform itself as a new future mobility business. As a major carmaker, the group is also being impacted by growing calls for environmental sustainability. Looking ahead to a fierce c
IndustryJan. 28, 2021
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Hyundai Motor bets on fuel cell ecosystem
The automotive industry is competing to introduce the most environment-friendly vehicles as global society strives to reach zero emissions. Battery-powered or hydrogen fuel cell cars have emerged as alternatives to gas or diesel-powered automobiles. While battery electric vehicles appear to have a slight lead on the roads for now, Hyundai Motor Group is committed to fostering a “hydrogen society,” in the belief that hydrogen fuel cells will be equally competitive in achieving a
MobilityJan. 28, 2021
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[Newsmaker] Ikea labor conflict deepens over ‘discriminatory’ treatment of local staff
Ikea Korea, the local subsidiary of the Swedish furniture brand, is facing an escalating internal conflict as its labor union has gone on another round of strikes, accusing the company of discriminatory treatment. The Ikea Korea’s labor union started Tuesday a sit-in protest in front of its Gwangmyeong outlet in Gyeonggi Province for an indefinite period, claiming that the company has failed to deliver its promises to improve the working conditions and avoided answering their main reque
ConsumerJan. 28, 2021
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LG Electronics to jack up dividend payout this year
LG Electronics Inc. on Thursday announced it will pay out more dividends to its shareholders in a move to increase shareholder value. LG said its shareholders will receive 1,200 won ($1.07) per common share and 1,250 won per preferred share for the fiscal year of 2020 after approval in March at its shareholders meeting. Last year, the company gave 750 won per common share and 800 won per preferred share to its shareholders. At its board meeting, LG also approved its 2020 earnings report. The
IndustryJan. 28, 2021
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[Earnings roundup] 2020 best year for Naver, Samsung SDI
The Q4 earnings season peaked in South Korea with the undefeatable Samsung Electronics reporting Thursday. Already overshadowed by the IT giant, the country’s top internet operator Naver and battery maker Samsung SDI reported record-high business results in 2020. Naver reports record profits Thanks to the contactless trend, Naver saws its total sales and operating profit hit new highs in 2020. Revenue reached 5.3 trillion won in total, while operating profit climbed to 1.2 tri
IndustryJan. 28, 2021
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Naver Cloud’s global growth accelerates due to pandemic
The COVID-19 pandemic has thwarted many businesses, but for some, it acted as a stressor for growth. On the back of increased contactless working, Naver’s Cloud service experienced a 41.4 percent on-year revenue growth in 2020 at 273.7 billion won ($245.3 million). Naver Cloud currently offers the biggest portfolio of cloud services within Korea at a total of 173 products in 16 categories. It operates a separate cloud system for financial businesses like banks and for public institutions
IndustryJan. 28, 2021
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Will Hanwha chief return to boardroom?
As employment restrictions placed on Hanwha Group Chairman Kim Seung-youn are set to be lifted next month, industry watchers are paying attention to his possible return to the boardroom of the group’s core companies. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for the breach of trust and had to resign from the representative director’s position at seven affiliates including the holdings firm Hanwha Corp. He has also been barred from seeki
IndustryJan. 28, 2021
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Hyundai Construction Equipment to expand global sales of forklifts
Construction equipment maker Hyundai Construction Equipment Co. said on Thursday that it has signed a deal with Chinese forklift maker UN Forklift to produce forklifts under an original equipment manufacturing (OEM) agreement. Hyundai Construction Equipment plans to expand its global sales of forklifts produced by the Chinese maker to $100 million by 2025, the company said. The forklifts to be produced by UN Forklift include 10 kinds of 2 to 3.5-ton models, Hyundai Construction Equipment said.
IndustryJan. 28, 2021
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S. Korea to sell W13.9tr worth of Treasurys in Feb.
South Korea plans to sell 13.9 trillion won ($12.4 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 700 billion won in Treasurys with a maturity of two years for the first time in an effort to soothe market uneasiness from its planned massive bond sales, according to the Ministry of Economy and Finance. It will also float 3 trillion won in three-year government bonds, 2.7 trillion won in five-year government debts and 2.9 trillion won in bonds wit
EconomyJan. 28, 2021