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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Posco International to absorb Posco Energy
Posco International, the trading arm of the Posco Group, said Friday that its board has approved a bill to absorb Posco Energy. The merger will be put to the vote at the general shareholders‘ meeting on Nov. 4 and finalized on Jan. 1, the company said in a statement. 100 shares of Posco International will be worth 116 shares of Posco Energy. Posco International will issue new shares according to the merger ratio and transfer approximately 46 million shares to Posco Holdings, the shareho
Aug. 12, 2022
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Samsung Biologics signs tentative CMO deal with AstraZeneca worth $350m
Samsung Biologics has tentatively signed a deal worth 457 billion won ($350 million) with AstraZeneca on contract manufacturing, the company said in a regulatory filing Friday. The two sides reached the agreement in May last year, but was unveiling it this time as they were renewing the contract to include “increases in demand” from AstraZeneca. The renewed deal accounts for 29 percent of Samsung Biologics’ total sales in 2021, which was approximately 1.5 trillion won. The
Aug. 12, 2022
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S. Korean auto industry requests US House rethink proposed tax credits for EV purchases
A major association for South Korea's car industry has sent a letter to the US House of Representatives and requested changes in tax incentives proposed under a major climate change and energy bill, stressing that they could put Korean carmakers on an unequal footing. The Korea Automobile Manufacturers Association (KAMA) said that it delivered the concerns regarding the tax breaks in the Inflation Reduction Act, pending the House's approval, in the letter sent to US House Speaker Nancy
Aug. 12, 2022
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Panacell Biotech to treat long COVID using stem cells
South Korean bio company Panacell Biotech said Wednesday it will start clinical trials to test the toxicity of natural killer cells, exosomes, and brown adiposed-derived stem cells when used to treat long COVID. Natural killer cells are immune cells that can kill tumor cells and cells infected with viruses. The biotech company said it can also be used to treat long COVID as well as other terminal illnesses. Long COVID symptoms span from migraines, hair loss, decreased libido and inflamed res
Aug. 11, 2022
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Coupang raises earnings outlook after first profit
South Korean e-commerce giant, Coupang, raised its earnings forecast for the year after posting its first-ever profit for the entire business in the second quarter, as bigger operating cost savings and higher membership fees improved profitability, the company said Thursday. The company is betting on positive annual earnings before interest, tax, depreciation and amortization, reversing the previous projection for a $400 million loss. The second quarter loss narrowed to $67.14 million, down 87
Aug. 11, 2022
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LG Innotek’s quality control gets recognition from JLR
The electronic parts supplier LG Innotek was awarded with the Jaguar Land Rover Quality Certificate for two consecutive years, the company said Thursday. The certificate, awarded by UK car manufacturer Jaguar Land Rover, evaluates partner companies for their quality of components and compliance with delivery dates. LG Innotek has supplied DC-DC converters, components that convert high-voltage direct currents from the battery into low-voltage direct currents, to Jaguar Land Rover since 2017.
Aug. 11, 2022
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SK Innovation CEO asks Poland’s support for Korea’s World Expo bid
SK Innovation Vice Chairman and CEO Kim Jun visited Poland to ask the Polish government for its support of South Korea’s bid to host the 2030 World Expo in Busan, the company said Thursday. Kim met with Waldemar Buda, the Polish minister of economic development and technology in Warsaw on Tuesday. SK IE Technology’s President Rho Jae-sok and Polish government officials were also present at the meeting. “The Busan Expo will be a platform upon which we can solve various ch
Aug. 11, 2022
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Coway’s Q2 net profit up 14.4% amid new product launches
South Korean home appliance brand Coway said Wednesday that its second-quarter net profit rose 14.4 percent from a year earlier on the back of innovative product launches. The company logged 132.5 billion won ($101.7 million) in net profit between April and June, the company said. Operating profit went up 5.7 percent on-year to 176 billion won, while cumulative sales in 2022 increased 6.8 percent to 1.9 trillion won. Coway’s global operations also saw increased sales, with Coway‘
Aug. 11, 2022
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Samsung Fire & Marine Insurance net up 9% in Q2
Samsung Fire & Marine Insurance Co., South Korea's No. 1 non-life insurer, said Thursday its second-quarter earnings rose 9 percent from a year ago thanks to a decreased loss rate. Net income came to 340.8 billion won ($261 million) in the April-June period, compared with 312.6 billion won a year earlier, the company said in a regulatory filing. Operating income expanded 8.4 percent on-year to 490.1 billion won, and insurance premiums from policyholders stood at slightly over 5 trillion won
Aug. 11, 2022
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GS Retail withdraws from health and beauty market, set to close all lalavla stores
GS Retail Co. said Thursday it will close all of its lalavla shops, 17 years after it entered the health and beauty (H&B) store market, due to slumping sales amid the coronavirus pandemic and fierce competition. GS Retail will stop operating its lalavla online shops in September and close down all offline stores of the brand by the end of November, the company said. "GS Retail decided to end our health and beauty store business to focus resources and efforts on our convenience stores and qu
Aug. 11, 2022
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Multiplexes show signs of recovery in Q2 as pandemic winds down
South Korea's major cinema chains showed clear signs of recovery in the second quarter as a growing number of moviegoers are returning to theaters, industry data showed Thursday. CJ CGV, the No. 1 multiplex operator under the wing of entertainment giant CJ Group, said its aggregated operating loss came to 16.2 billion won (US$12.5 million) for the April-June period, narrowing from an operating deficit of 57.3 billion won a year ago. Its sales nearly doubled to 318.5 billion won for the se
Aug. 11, 2022
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Hyundai Motor to recall over 70,000 vehicles over faulty parts
Hyundai Motor Co. will voluntarily recall more than 70,000 vehicles to fix faulty components, the transport ministry said Thursday. Hyundai is recalling 70,582 units of six models that include the Xcient QZ heavy duty truck and the County bus, the Ministry of Land, Infrastructure and Transport said in a statement. Along with Hyundai's recall, Mercedes-Benz Korea is also set to recall 438 units of five models, including the EQE 350+ and EQS 450+ pure electric sedans. The problems that prompt
Aug. 11, 2022
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[MARKET EYE] Insurers brace for bumper bill on growing reports of flooded cars
Insurance companies face costly claims for damage coverage for nearly 7,000 flooded cars -- among which at least 1,900 are from luxury brands -- after heavy rain battered Seoul and Gyeonggi Province this week. According to the General Insurance Association of Korea, 12 automobile damage insurance companies received a total of 6,853 claims for flooded cars as of 9 a.m. Wednesday, The number of claims for flooded imported luxury cars received by the country’s five largest insurance compani
Aug. 10, 2022
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Dongsuh Foods expands Kanu marketing for summer season
Dongsuh Foods Corp. has been incorporating new marketing strategies and diversifying its brewed coffee lineup to cater to diverse customers. The instant coffee giant said Tuesday it has launched a new promotional event called “Maxim Kanu Paddle Point,” starting July 30. Customers can earn points which can be cashed in for travel and picnic merchandise by purchasing select Maxim Kanu products. The event will last for two months. Meanwhile, Dongsuh Foods released its “Kanu Li
Aug. 10, 2022
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Big 3 shipyards attain 87% of yearly order goals
South Korea's three major shipbuilding companies have achieved nearly 87 percent of their yearly order targets thanks to a jump in orders for high-priced liquefied natural gas (LNG) carriers, government data showed Wednesday. The top three shipyards -- Korea Shipbuilding & Offshore Engineering Co. (KSOE), Daewoo Shipbuilding & Marine Engineering Co. (DSME) and Samsung Heavy Industries Co. -- won a combined $30.52 billion worth of new orders in the first seven month of this year, or 86.9 per
Aug. 10, 2022
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Korea’s trade deficit with China to persist: KCCI
South Korea’s trade deficit with China is likely to persist for the time being, unless Korea strives to achieve supply chain independence from China, according to a report by lobby group Korea Chamber of Commerce and Industry on Tuesday. The growing reliance on China over key materials used for Korean semiconductor or battery manufacturing signals Seoul‘s need to upgrade its free trade agreement terms with China as cost attractiveness of Chinese goods will continue to deteriorate Ko
Aug. 9, 2022
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Floods ravage Seoul area shopping malls, hospitals
The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascading down the underground levels where restaurants, cafes, pharmacies and MRI rooms are located. Hospital staff scooped up water all night in front of MRI rooms to protect the medical devices inside
Aug. 9, 2022
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Hanwha chairman's wife dies at 61
Hanwha Group Chairman Kim Seung-youn’s wife, Suh Yung-min, died at 61 at a hospital in the United States on Sunday, as she was suffering from cancer, the group said Tuesday. Suh is survived by Kim, who leads South Korea‘s seventh-largest conglomerate dedicated to chemicals, renewable energy and finance, and their three sons, Dong-kwan, Dong-won and Dong-sun. Suh, who studied pharmaceuticals at Seoul National University, was the daughter of five-term lawmaker Suh Chung-hwa, who fo
Aug. 9, 2022
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Manufacturers' domestic supply grows for 6th quarter in Q2
South Korean manufacturers' domestic supply increased for the sixth straight quarter in the April-June period as exports remained robust despite the global economic slowdown, data showed Tuesday. The manufacturing domestic supply index stood at 112.7 in the second quarter, up 1.5 percent from the previous year, according to the data from Statistics Korea. The index, which measures both locally produced goods and imports, serves as a major indicator of domestic demand trends. The index rose
Aug. 9, 2022
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HD Hyundai unit commercializes Level 2 autonomous navigation system
Avikus, a unit of South Korea's leading shipbuilding group, HD Hyundai, said Tuesday it has commercialized its Level 2 autonomous navigation system for the first time in the shipbuilding industry. Avikus has signed a deal with two domestic firms -- SK Shipping Co. and Sinokor Merchant Marine Co. -- to gradually supply the Level 2 autonomous navigation solution to 23 ships operated by the shippers, the company said in a statement. The deep learning-based HiNAS 2.0 system will allow a vessel
Aug. 9, 2022