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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SK Telecom Q2 net income down 67.6% after spinoff of chip biz
SK Telecom Co., South Korea's largest wireless carrier, said Tuesday that its second-quarter net profit dropped 67.6 percent from a year earlier due mainly to last year's spinoff of its semiconductor businesses. The company logged a net profit of 258.1 billion won ($197.7 million) on a consolidated basis in the three months ending in June, compared with 795.7 billion won a year earlier, the company said in a regulatory filing. Operating profit went up 16.1 percent on-year to 459.6 bill
Aug. 9, 2022
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SK Geocentric to build advanced packaging material factory in China
SK Geocentric Co., a chemical unit of South Korean's No. 2 conglomerate SK Group, said Tuesday it is building a plant in China that will produce a high value-added packaging material to expand its presence in Asia's largest market. SK Geocentric will form a 6:4 joint venture with Zhejiang Satellite Petrochemical Co., and the factory will be built in a petrochemical complex in Lianyungang, a city in northeastern Jiangsu Province, according to SK Geocentric. A total of 290 billion won ($
Aug. 9, 2022
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KEPCO expected to log huge Q2 loss on high costs
The state-run Korea Electric Power Corp. (KEPCO) likely posted a massive loss in the second quarter due to surging costs following record red ink three months earlier, a market tracker said Tuesday. The market consensus of KEPCO's consolidated operating loss stands at 5.37 trillion won ($4.11 billion) for the April-June period, flirting with the 5.86 trillion-won deficit for the whole of 2021, according to FnGuide. In the first quarter of this year, the state power company chalked off a rec
Aug. 9, 2022
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NHN shifts to loss in Q2 on financial asset losses, increased marketing
NHN Corp., a leading South Korean information technology company, said Tuesday it swung to a net loss in the second quarter from a year earlier due to losses from its financial assets and increased marketing costs. The company logged a net loss of 5.3 billion won ($4.1 million) on a consolidated basis in the three months ending in June, shifting from a net profit of 15.2 billion won a year earlier. Operating profit tumbled 73.9 percent on-year to 5.2 billion won, while sales rose 12.8 percent to
Aug. 9, 2022
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Power demand in S. Korea forecast to peak this week
Electricity demand could hit an all-time high this week as scorching weather continues and workers return from summer vacations. According to Korea Power Exchange on Monday, the country’s maximum power demand is expected to surpass 90,000 megawatts this week. The Ministry of Trade, Industry and Energy had forecast in June that electricity demand would rise to the 91.7-95.7 gigawatt range in the second week of August, up from 91.1 gigawatts last year. The country’s electricity dem
Aug. 8, 2022
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Tech giants deploy NFT to diversify customer services
Industry behemoths are utilizing non-fungible tokens not only as a marketing tool but also to provide more diverse services to their customers, according to industry insiders on Monday. Samsung Electronics has signed a memorandum of understanding with Samsung Digital Plaza, Shilla Duty Free Shop, Show Golf and E Cruise at E Cruise headquarters on Monday, to promote customers’ usage of New Galaxy NFT. In the MOU, blockchain company Theta Labs participated as an NFT issuing partner, and
Aug. 8, 2022
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Inflation likely to exceed 5% this year
South Korea’s inflation rate this year is likely to exceed 5 percent, marking the highest in 24 years, as average consumer prices in the first seven months have risen 4.9 percent from a year ago, according to Statistics Korea. In July, consumer prices rose at the fastest pace since November 1998, posting a 6.3 percent increase on-year, mainly due to high energy and food prices. The government and the Bank of Korea expect inflation to peak in the fall and start to slow thereafter as inter
Aug. 8, 2022
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Meritz Securities Q2 net down 16.7% amid unfavorable market conditions
Meritz Securities Co. said Monday its second-quarter earnings sank nearly 17 percent from a year earlier amid unfavorable market conditions, but its bottom line climbed almost 10 percent in the first half. Consolidated net profit came to 158.4 billion won ($121 million) in the April-June period, down 16.7 percent from a year earlier, the company said in a regulatory filing. Yet Meritz Securities, a major brokerage house in South Korea, registered net income of 100 billion won or more for 18 cons
Aug. 8, 2022
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KIPO signs a MOU for patent cooperation
Starting Sept. 1, the patent examination process for South Korean companies in France will become more streamlined, according to the Korea Intellectual Property Office. KIPO chief Lee Insil on July 14 signed a memorandum of understanding with her French counterpart, Pascal Faure, along the sidelines of the 63rd World Intellectual Property Organization General Assembly, held in Geneva, Switzerland between July 13 and 15, the office said Thursday. Under the deal, the two countries will establish a
Aug. 8, 2022
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Hyundai Motor Group's green car sales top 1m
Hyundai Motor Group's cumulative sales of eco-friendly vehicles surpassed the 1 million mark in July, 13 years after its entry into the green-car market, data showed Monday. The automaking giant said its two carmaking affiliates -- Hyundai Motor Co. and Kia Corp. -- sold a combined 29,484 environmentally-friendly vehicles in July alone, raising their cumulative sales to 1.024 million. The milestone came after Hyundai Motor Group entered the eco-friendly vehicle market in July 2009 by launch
Aug. 8, 2022
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HMM's record earnings forecast to take a breather in Q2
HMM Co., South Korea's leading container shipper, is forecast to see its record-breaking earnings streak take a breather for the second quarter of the year due to a downturn in freight rates, analysts said Monday. The shipper's bottom line is estimated to reach 4.84 trillion won ($3.71 billion) for the April-June period, a tad lower than 4.92 trillion won for the first quarter, according to a market consensus compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency. Its
Aug. 8, 2022
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[Herald Interview] ‘Quality over quantity’: Upgrading Korea’s IP evaluation system
In light of uncertainties involving global competition for hegemony, pandemic and digitization, South Korea’s intellectual property agency chief has emphasized that upgrading the evaluation system for IP assets is essential for local companies to innovate themselves. “The amount of South Korea’s IP assets has grown drastically over the past decades, and the country is considered one of the global IP powerhouses. Now is the time to focus on improving the quality of the IP eval
Aug. 7, 2022
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Hyundai, Kia's green car exports top 200,000 for 1st time in H1: data
Hyundai Motor Co. and its sister automaker Kia Corp. saw their combined exports of eco-friendly vehicles exceed 200,000 for the first time in the first half of this year, industry data showed Sunday. During the January-June period, the two giant carmakers in South Korea sold a combined 224,672 electric, hybrid and plug-in hybrid vehicles overseas, up 30.6 percent from a year earlier, according to the data from the Korea Automobile Manufacturers Association (KAMA). This represented the first time
Aug. 7, 2022
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SKIET signs partnership with Vietnam‘s Vingroup to supply EV battery separator
SK IE Technology (SKIET), a material solution provider SK Group, said Friday that it has signed an agreement with Vietnam’s largest conglomerate Vingroup to supply electric vehicle battery separators to its EV battery manufacturing affiliate VinES. The two firms clinched a deal on July 26th, when VinES President Pham Thuy Linh and executives visited the SKIET headquarters in Seoul and its factory in North Chungcheong Province, according to the Korean firm. A battery separator is one of
Aug. 5, 2022
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Philip Morris Korea faces business suspension for failed notification of ingredients
SEJONG -- The Ministry of Economy and Finance is considering taking punitive action against Philip Morris Korea for not complying with the government’s request for notification regarding the testing results of a cigarette product. Market insiders say the government might suspend the US tobacco maker’s Korea business for a month, citing an enforcement act on cigarette businesses. Philip Morris Korea, for its part, said on Friday that it would legally respond if the ministry issues a
Aug. 5, 2022
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Posco Group sets up advisory committee for AI tech
South Korean steelmaker Posco Group said Friday that it has established an advisory committee for artificial intelligence technology, to initiate an in-depth discussion on the latest technology and map out future business strategies. Comprising 20 academia representatives and industry professionals in the AI sector, the committee is divided into two separate subcommittees. The academia-focused committee and industry-focused committee will each be responsible for sharing the latest AI trends, d
Aug. 5, 2022
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DRAM prices fall for 2nd month amid market downturn
DRAM prices went south for the second straight month in August amid flagging demand, data showed Friday, boding ill for the chip industry down the road. The average contract price of 8-gigabit DDR4 DRAMs came to US$2.91 on the spot market Thursday, down 11 percent from $3.27 a month earlier, according to market tracker DRAMeXchange and Yonhap Infomax, the financial news arm of Yonhap News Agency. It was down 18 percent from June 10, when spot prices began hitting the skids, and 20.1 percent fr
Aug. 5, 2022
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[Photo News] Measures on way
A staffer reorganizes frozen food products at Hanaro Mart in Yangjae, southern Seoul, Thursday. To combat inflation ahead of the Chuseok fall harvest holiday next month, the government said it is mulling ways to increase the supply of key food products and to provide special financial support to small businesses. Consumer prices soared 6.3 percent on-year in July, the fastest rise in 24 years.
Aug. 4, 2022
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KOREAN NFT to hold networking event ‘HY NET SEOUL’
Non-fungible token solution company KOREAN NFT will hold a networking event titled ‘HY NET SEOUL’ on Saturday, the company said on Thursday. The event will bring blockchain leaders, influencers, artists, collectors, and community members in Seoul together, it added. “We are going to create an NFT market ecosystem by supporting the domestic and foreign projects of Korean artists, planning new businesses and developing talent,“ said KOREAN NFT’s CEO Donglee Han.
Aug. 4, 2022
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3 new zones selected to boost mobility business
The Ministry of SMEs and Startups said Thursday it has designated three new regions -- South Jeolla, North Gyeongsang and South Gyeongsang Provinces -- as regional vanguards to boost South Korea’s eco-friendly mobility business. According to the ministry, the three selected zones will be exempt from a number of regulations that might hinder the growth-engine sector for four years from September this year to August 2026. They will also be given the opportunity to attract investment and cr
Aug. 4, 2022