Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Korea added to key bond index
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Samsung promotes execs in 30s, 40s in push for change
Samsung Electronics on Tuesday promoted a total of 187 executives in a year-end reshuffle, including young leaders in their 30s and 40s, in an apparent attempt to push for change amid business uncertainties next year. The total number slightly decreased from last year’s 198, but more research and development specialists were promoted. “We carried out an executive reshuffle based on their performance and growth potential with an aim to strengthen the company’s readiness for the
Dec. 6, 2022
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SK On, Ford break ground on largest EV battery plant in US
BlueOval SK, a joint venture between SK On and Ford, has broken ground to build the largest EV battery plant in the US, establishing a strong foothold to expand its market share in the global battery market. According to SK On, about 400 business leaders, US state and federal officials and local residents including SK Group Executive Vice Chairman Chey Jae-won took part in the EV battery plant’s groundbreaking ceremony in Glendale, Kentucky, on Monday. “Right here in Kentucky, Ford a
Dec. 6, 2022
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Samsung Heavy sells 1 drillship for W299.1b
South Korean shipyard Samsung Heavy Industries Co. said Tuesday it has sold one drillship to Italian multinational oilfield services firm Saipem for 299.1 billion won ($230 million). The sale came after Samsung Heavy signed a contract with Saipem in June 2021 to lease the vessel for two years with an option to sell it. A drillship is a maritime vessel with drilling apparatus used to explore for oil and gas wells in deep waters. South Korean companies such as Samsung Heavy are among the few in th
Dec. 6, 2022
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Vietnamese president meets with Korean business leaders
Vietnamese President Nguyen Xuan Phuc on Monday held meetings with a slew of business leaders here, during a state visit to commemorate the 30th anniversary of bilateral ties between South Korea and Vietnam. Jung Won-ju, vice chairman of Jungheung Group, the largest shareholder of Daewoo E&C, was among the business leaders the president met to share the Southeast Asian country’s business outlook and its will to support foreign businesses. “Daewoo E&C is carrying out diverse c
Dec. 6, 2022
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Biz moguls join state dinner to celebrate Vietnamese president’s visit
South Korean business moguls joined a banquet hosted by President Yoon Suk-yeol on Monday to commemorate Vietnamese President Nguyen Xuan Phuc’s state visit to Seoul. Following their summit talks earlier in the day, the two presidents held a state dinner, with a slew of business and political leaders in attendance. The list of the attending tycoons included: Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, Jungheung Group Chai
Dec. 5, 2022
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Posco Chemical inks $689m battery deal with GM-LG joint venture
Posco Chemical has secured a deal worth $688.6 million with Ultium Cells, a US-based joint venture between LG Energy Solution and General Motors, to supply artificial graphite anode materials, the company said Monday. According to the company’s regulatory filing, Posco Chemical will begin the supply of the key battery material from next year to the end of 2028 under the contract. Artificial graphite anode materials, which are core components used in making batteries for electric vehicles,
Dec. 5, 2022
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S. Korea to rise to 6th-largest trading country for 1st time
South Korea’s trade volume is expected to stand at 6th in the world -- the highest ranking in Korean history, according to the Korea International Trade Association. “This year, Korea’s exports are expected to exceed $600 billion for the second consecutive year -- recording an all-time high -- and global export ranking is expected to rise from 7th last year to 6th. Import ranking also jumped from 9th to 8th, leading Korea’s volume of trade to leap two notches from No. 8
Dec. 5, 2022
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Big firms hold back on investment plans for 2023: survey
Nearly half of the nation's top 500 companies by sales have yet to come up with investment plans for next year, amid recession fears on more rate hikes and a strong US dollar, a survey showed Monday. The Federation of Korean Industries business lobby conducted the survey from Nov. 17-25. According to the survey, 10 percent of responding companies said they have no investment plans next year, while another 38 percent said they have yet to come up with concrete plans. Fifty-two percent said t
Dec. 5, 2022
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Imported car sales jump 50% in November despite chip shortage
Sales of imported vehicles in South Korea jumped 50 percent last month from a year earlier despite the extended chip shortage, an industry association said Monday. The number of newly registered foreign vehicles stood at 28,222 units last month, up from 18,810 units a year ago, the Korea Automobile Importers & Distributors Association said in a statement. The three bestselling models last month were BMW's 520 sedan, Mercedes-Benz's E 250 sedan and E 350 4MATIC sedan, the statement
Dec. 5, 2022
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Nearly half of big firms have yet to set up 2023 investment plans: poll
Nearly half of South Korea's large companies have no investment plans for 2023 or have yet to set up plans amid high economic uncertainty, a poll showed Monday. The survey of 100 out of the leading 500 companies by sales in Asia's fourth-largest economy showed 10 percent having no investment plans for the coming year. Another 38 percent answered they have not decided on their 2023 investment plans yet. Local pollster Mono Research conducted the survey from Nov. 17-25, which was commiss
Dec. 5, 2022
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LG Chem to supply plant-based plastic first to Mattel
LG Chem, South Korea’s leading chemical firm, said Sunday that it will launch a new acrylonitrile butadiene styrene product using plant-based raw materials, with the first batch being supplied to US toy manufacturer Mattel. ABS is a rigid thermoplastic polymer that boasts higher resistance to heat and impact. LG Chem is the market leader in ABS products with an annual production capacity of 2.4 million tons. ABS products make up almost 20 percent of its overall petrochemicals business sale
Dec. 4, 2022
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Korean delegation departs for US to discuss EV subsidies
A South Korean delegation consisting of government officials and lawmakers departed for Washington on Sunday to meet their US counterparts and discuss ways to minimize the impact of the Inflation Reduction Act against local carmakers. The five-day trip aims to put more pressure on the US Congress to revise the controversial bill, which has scrapped generous incentives for electric vehicles made outside of the US. Korean automotive duo Hyundai and Kia, which currently operates no production base
Dec. 4, 2022
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[World Cup] Hwang Hee-chan awarded Budweiser's Player of the Match
South Korean midfielder Hwang Hee-chan was awarded Player of the Match by US beer brand and official sponsor of the FIFA World Cup Budweiser, following Korea’s Saturday match against Portugal, Korean distributor Oriental Brewery said Sunday. South Korea pulled off a dramatic 2-1 victory against powerhouse Portugal, securing its place in the knockout stage. Hwang scored the last goal of the match in the 46th minute of the second half, assisted by Tottenham Hotspur star Son Heung-min. In rec
Dec. 4, 2022
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Antitrust chief warns of strict response to unionized truckers for hindering on-site probe
South Korea's antitrust watchdog said Friday that it would deal sternly with the nation’s unionized cargo truckers for hindering an on-site probe into its head offices as their walkout continues over a week. Investigators of Fair Trade Commission visited the union's headquarters in Seoul and Busan to see whether its members had forced other workers to stop their transport duties or join the strike. Deterred by union members to enter the offices, the FTC Chairman Han Ki-jeong
Dec. 2, 2022
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Court starts reviewing Wemix delisting injunction
A Seoul court on Friday started reviewing a preliminary injunction requested by game publisher Wemade to withdraw the decision from South Korea’s top five crypto exchanges to delist Wemix, a token issued by the game company's blockchain platform. This petition for a preliminary injunction was filed on Monday after the Digital Asset Exchange Alliance (DAXA) comprised of five crypto exchanges -- Bithumb, Upbit, Coinone, Korbit and Gopax -- announced on Nov. 24 they would halt trading
Dec. 2, 2022
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Delayed supplies caused by truckers' strike amounts to 1.6 tln won: gov't
Over one trillion won worth of financial damage has been caused by the ongoing unionized truckers' strike in the past week, affecting the cement, steel, oil and other industries, the South Korean government on Thursday. The Ministry of Trade, Industry and Energy said shipments delayed due to the walkout that started nationwide on Nov. 24 has amounted to some 1.6 trillion won ($1.23 billion). Amid concerns that transport disruptions could escalate further, the Trade Ministry is reviewing o
Dec. 1, 2022
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Posco shares surge after union’s departure from hard-line labor group
Shares of Posco companies fluctuated Thursday after one of its two unions decided to leave the Korean Metal Workers’ Union, considered one of the most hard-line labor groups here, via ballot a day earlier. In a ballot held for three days, almost 70 percent of the Posco unionists voted in favor of the departure. The KMWU falls under the Korean Confederation of Trade Unions, the nation’s largest and most powerful labor group. Following the news, Posco Steeleon, a steel plate producer,
Dec. 1, 2022
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SK carries out modest reshuffle amid lingering uncertainties
SK Group, the nation’s second-largest conglomerate, appears to be seeking stability rather than drastic changes in the face of economic uncertainty, as it carried out a modest year-end leadership reshuffle across affiliates. SK Supex Council, the group’s top decision-making body, said its Chairman Cho Dae-sik will extend his two-year term again for a fourth time since he took the post in a unanimous vote among council members in 2017. The council, however, replaced the heads of the f
Dec. 1, 2022
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Korean crypto exchange operators see Q3 earnings shrink
Korean cryptocurrency exchange operators have suffered setbacks in earnings in the third quarter, as investors' appetite for virtual assets fizzled following a string of incidents revealing their risks. According to Dart, the Financial Supervisory Service’s electronic disclosure board, the net profit of Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, marked 159.98 billion won ($123 million) during the quarter that ended in September. Although this was an i
Dec. 1, 2022
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Top 10 chaebol groups still reliant on internal trade
South Korea’s top 10 chaebol groups are still reliant on internal transactions -- a frequent target of antitrust scrutiny -- with their combined trade volume making up more than 10 percent of their total sales. According to the Fair Trade Commission on Thursday, transactions among affiliates of the nation’s 10 largest conglomerates stood at 156 trillion won ($120 billion) last year, a 15.1 percent jump from a year ago. The steep increase was due to their overall sales growth. The rat
Dec. 1, 2022