Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Korea added to key bond index
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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[Photo News] LG job training class in Cambodia
Cambodian students learn from an LG Electronics engineer on how to repair an air conditioner during a four-day training program held in Phnom Penh last week. The program, part of the tech giant’s social contribution activities, aims to help young job seekers in lower income countries. In Cambodia alone, LG operates similar classes at three job training schools. Another program in Ethiopia has seen almost 400 graduates since its 2014 launch.
Feb. 12, 2023
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KOMSCO CEO promotes Korean mint products in meeting with global counterparts
The future of the coin and bank note printing industry hinges on creative product planning amid the growing diversification of payment methods, the head of the state-run Korea Minting, Security Printing & ID Card Operating Corporation said. During a gathering with delegates of global minting agencies, CEO Bahn Jahng-shick spoke of the KOMSCO's continued efforts to expand its coining business revolving around Korean cultural icons and content. “Now, more than ever, technological co
Feb. 10, 2023
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Big 4 financial groups post record-high net profit of nearly W16tr
South Korea’s top four financial groups -- Shinhan, KB, Hana and Woori – saw their combined net profit last year hitting a record high of 15.85 trillion won ($12.53 billion), largely buoyed by robust interest. This figure broke last year’s record of 14.54 trillion won, as there was an 8.99 percent increase in net profit on-year. Shinhan reclaimed the top position among the four financial firms in Korea by posting a net profit of 4.64 trillion won. Following Shinhan, KB marked
Feb. 10, 2023
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Porsche Korea launches crowdfunding campaign for bee conservation
Porsche Korea on Friday launched a two-week crowdfunding campaign for its bee conservation project, "Bee'lieve in Dreams," the automaker said. The first batch of honey that was harvested last year from the carmaker's 247-square-meter bee garden in Daemo Mountain, Seoul, has been put up for sale on Wadiz, a crowdfunding platform in Korea, until Feb. 24. All proceeds will be donated to efforts for growing honey plants and protecting bees from the risk of extinction, the Korean
Feb. 10, 2023
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Kakao 2022 net down 38% due to base effect
Kakao Corp., the operator of the country's top mobile messenger, said Friday its 2022 net income fell 38 percent due to a base effect. The company's net profit totaled 1.02 trillion won ($810.2 million) on a consolidated basis in 2022, compared with a profit of 1.64 trillion won a year ago, according to Kakao in a regulatory filing. It posted 580.5 billion won in operating profit for the year, down 2.4 percent from 594.9 billion won the previous year. Annual sales rose 15.8 percent to
Feb. 10, 2023
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KT&G posts record earnings on upbeat sales of e-cigarettes abroad
South Korea’s largest cigarette and ginseng maker KT&G said Thursday its 2022 sales hit a record high of 5.85 trillion won ($4.65 billion), a 12 percent jump from a year prior, largely driven by its hot-selling heat-not-burn tobacco products. During the same period, the company reported 1 trillion won in net income, up 3 percent on-year. The company was especially buoyed by upbeat sales of HNB products abroad that also stood at a record of 1.42 trillion won, a 13.8 percent growth year-
Feb. 10, 2023
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KT to restart recruiting process for next CEO
South Korea’s telecom giant KT Corp. said Thursday it will restart the appointment process for its new CEO, accepting applications from potential candidates until Feb. 20. Earlier in December, the company’s CEO candidate review committee appointed the incumbent CEO, Ku Hyeon-mo, as the final candidate to take the helm. But the decision faced opposition from the state-run pension fund and the company’s largest shareholder National Pension Service. Even though Ku seeking his seco
Feb. 9, 2023
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Posco donates $1m to Turkey earthquake relief
Korean steelmaking conglomerate Posco Group has pledged to donate $1 million to the Korean Red Cross to support emergency relief efforts in Turkey after a massive earthquake hit the country Monday. The group operates three facilities in Turkey, including the stainless steel plant Posco Assan TST, the manufacturing center Posco-TNPC and the Istanbul branch of Posco International. Although the three facilities are located far from the epicenter of the disaster and remain unaffected, some local wor
Feb. 9, 2023
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LIG Nex1, Romania's Romarm agree to bolster missile partnership
South Korean defense firm LIG Nex1 announced Thursday that it has signed a memorandum of understanding with Romania's state-run defense company Romarm as it seeks to export its anti-aircraft missiles to the European country. Lee Hyun-soo, LIG Nex1’s overseas business manager, and Florentina Micu, president of Romarm, signed the memorandum in Bucharest, the capital city, with Romania's Economy Minister Florin Marian Spartaru and South Korea’s Ambassador to Romania Rim Kap-so
Feb. 9, 2023
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Companies better prepared to handle workplace safety law after 1 year: report
A year after the country’s introduction of a workplace safety law, more companies have launched teams overseeing safety and gained a better understanding of the controversial act, a report said on Thursday. The latest report by the Korea Chamber of Commerce and Industry revealed that the number of companies who have launched a team to specifically handle workplace safety and health almost doubled in the past year. The latest survey was conducted in January and the previous one was carried
Feb. 9, 2023
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Samsung, LG shift away from China toward India as production base
South Korean tech giants are shifting their production operations away from China to India to lessen the damage from the lingering uncertainties surrounding the US-China rivalry and to tap further into the world's fifth-largest economy. Samsung Electronics, the world’s largest smartphone maker in terms of shipments, has recently decided to produce the latest Galaxy S23 flagship smartphones in India for local sales – an unprecedented decision considering India had long remained i
Feb. 9, 2023
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Further gas rate hikes inevitable according to market principles: industry chief
South Korea's recent hikes in gas rates were inevitable due to high global prices, and the government will continue to raise the rates in line with market factors while extending support to vulnerable groups, Industry Minister Lee Chang-yang said Thursday. Lee made the remarks during a parliamentary session amid a public outcry over a recent spike in heating bills. Government data showed that monthly gas rates surged more than 30 percent last month on-year. "Last year, global natural g
Feb. 9, 2023
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Shinhan reclaims top financial group crown after three years
Shinhan Financial Group reclaimed the top position among financial firms in Korea by posting net profit outpacing other players last year. According to Shinhan's earnings report released Wednesday, its net profit marked 4.64 trillion won ($3.68 billion) in 2022, surpassing its cross-town rival KB Financial Group’s net profit by more than 200 billion won. Since KB’s net profit outperformed Shinhan for the first time in 2017, the two top-tier banking groups have been running a nec
Feb. 8, 2023
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[KH Explains] Why Samsung won't call production cut ‘a cut’
While the global chip industry is struggling to make ends meet amid sluggish demand and price falls, Samsung Electronics, the world’s largest memory chipmaker, said it will keep spending at a similar level to last year. Adding to that is that the tech giant has no plans to seek an "artificial cut" in production, bucking the trend of smaller rivals that have announced a reduction both in production and spending this year to manage their growing inventories. Samsung’s comment
Feb. 8, 2023
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SK Innovation board chief stresses governance innovation
Kim Jong-hoon, chairman of the board of directors at South Korea’s largest energy company SK Innovation, asserted that the company will continue to set a global example on governance structure. In an interview Wednesday with the firm’s official news channel SKinno News, Kim cited the independence and expertise of the board of directors as key to innovating the company’s corporate business structure. “The cultivation of our company value and environmental, social, and gove
Feb. 8, 2023
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S-Oil donates W1b for heating bill relief
South Korean oil refinery company S-Oil announced on Wednesday that it has donated 1 billion won ($793,000) to the Korea National Council on Social Welfare to help vulnerable households affected by the recent spike in winter heating bills. The donation will be used to provide heating cost relief for welfare facilities and households that are in need of energy support as determined by social welfare institutions across the country. Beneficiaries may include grandparents who raise their grandchild
Feb. 8, 2023
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HD Hyundai to support rescue work in Turkey
South Korea’s largest shipbuilding conglomerate HD Hyundai said Wednesday it will send 10 medium-sized excavators for reconstruction work to Turkey, which was severely damaged by a strong earthquake that hit southern Turkey and northern Syria on Monday. This is part of the aid given by Korean businesses, as the Korean government dispatched rescue workers on Tuesday with its plan to provide $5 million in emergency humanitarian aid, including medical supplies, to Turkey. “We hope that
Feb. 8, 2023
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Doosan to send $1m in equipment to earthquake-hit Turkey
Doosan Group announced Wednesday that it will provide about $1 million of Doosan Bobcat construction equipment to help with rescue and recovery work in Turkey, where a devastating earthquake struck Monday. The South Korean conglomerate plans to deliver the equipment through local dealers of Doosan Bobcat, a construction equipment maker, so that it can be used to save lives and restore infrastructure in earthquake-hit regions. Skid-steer loaders and excavators will be used to remove and move debr
Feb. 8, 2023
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Apple Pay to kick off service in Korea after years of rumors
IT behemoth Apple announced Wednesday it will launch its mobile payments service Apple Pay in Korea, where rival Samsung has already enjoyed a dominant position in the market for years. “Apple will launch Apple Pay in Korea,” Apple said in a statement without further details. Apple's local partner, Hyundai Card, also released a statement saying it looks forward to collaborating with Apple to introduce the digital wallet to South Korea. "We will share more details in the c
Feb. 8, 2023
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LG Electronics makes big B2B push in US, Europe
LG Electronics CEO Cho Joo-wan recently visited the US and Europe to strengthen the company’s presence in the global business-to-business market, seeking ways to expand partnerships with its major clients, the tech firm said Wednesday. Beginning with his attendance at this year’s Consumer Electronics Show in Las Vegas in early January, the CEO discussed the electric vehicle component solutions business with LG's strategic overseas partners, including GM and Magna. Cho also trave
Feb. 8, 2023