Most Popular
-
1
S. Korea, Singapore seal supply chain agreement
-
2
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
3
Korean language teaching expert says demand has outstripped supply
-
4
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
5
Conscripting women to lead to 'more babies,' claims military think tank
-
6
Who is pollster roiling politics with claims of government string-pulling?
-
7
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
8
Taking away phones during school hours not a human rights violation: watchdog
-
9
Korea launches antidumping probe into Chinese steel
-
10
[Grace Kao] Why K-pop lip-syncing doesn’t bother me
-
Telcos to launch first-ever JV for thin filers’ financial accessibility
South Korean mobile carriers are set to launch a joint venture for the first time to join forces in enhancing financial accessibility and realizing ESG management values. The joint venture will be using non-financial credit evaluation services based on the three telecom carriers’ collected data, to mainly help the financially disadvantaged. Non-financial credit evaluation services will evaluate a person‘s credits by analyzing the customer‘s check card usage, shopping histor
Aug. 4, 2022
-
LocknLock outlines ESG strategy in sustainability report
Global food container maker LocknLock said Thursday it has released its first-ever sustainability report, introducing the firm’s environmental, social and corporate governance-related strategies. In the report, the company said it will decrease electricity use by implementing renewable energy and high-efficiency power units in its domestic and international manufacturing facilities. The company hopes to replace 30 percent of its electricity consumption with green energy by 2031 and to ach
Aug. 4, 2022
-
Korea’s work flexibility still far more rigid than advanced economies
Despite changes in corporate culture that place more value on the quality of work environments, South Korea still has a more rigid working hour system compared to advanced economies, according to a report by the business lobby organization Federation of Korean Industries released Thursday. The report suggests companies give workers the option to work more when they need to, and take longer breaks in return. The statutory working hours in Korea are eight hours per day and 40 hours per week, unli
Aug. 4, 2022
-
Kakao Q2 net income down 68% to W101.2b
Kakao Corp. on Thursday reported its second-quarter net income of 101.2 billion won ($77.2 million), down 68 percent from a year earlier. The company said in a regulatory filing that operating income for the April-June period rose 5.2 percent on-year to 171 billion won. Revenue increased 34.8 percent to 1.82 trillion won. The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 145 billion won, according to the survey by Yonhap Infomax, the financi
Aug. 4, 2022
-
6 Korean firms join cross-border carbon capture, storage project
Six Korean energy companies will join hands with Malaysia’s state-run energy company, Petroliam Nasional Berhad, to launch a cross-border project that transports carbon captured in South Korea to Malaysia for storage, the firms said Wednesday. For the project named Shepherd CCS, the six companies, SK Energy, SK Earthon, Samsung Engineering, Samsung Heavy Industries, Lotte Chemical and GS Energy, signed a memorandum of understanding with Petroliam Nasional Berhad, commonly known as Petron
Aug. 3, 2022
-
LG Energy Solution to produce 100% with renewable energy from 2025
LG Energy Solution said Wednesday it will run its production facilities around the world 100 percent with renewable energy from 2025 as part of efforts to meet its 2050 carbon neutrality goals. The world’s second-largest battery maker for electric vehicles renewed its commitment to the RE100 initiative in its recent report on environment, social and corporate governance. As of 2020, the company’s renewable energy transition rate stood at 33 percent, the highest among a total 14 S
Aug. 3, 2022
-
[Photo News] It's going down
A signboard at a gas station in Seoul shows decreased gasoline and diesel prices on Wednesday. The nationwide barometer fell on Tuesday to 1,881.75 won ($1.44) and 1,969.64 won per liter, respectively, according to data provided on the Korea National Oil Corporation‘s Oil Price Information Network. South Korea saw a 12.2 percent and 9.1 percent decrease in gasoline and diesel prices, respectively, from its peak price of 2,144.90 won and 2,167.66 won in late June.
Aug. 3, 2022
-
Samsung, 5 other S. Korean firms to work with Malaysian energy firm for carbon capture storage project
Samsung Engineering Co. and five other South Korean companies have teamed up with Malaysia's state energy company Petroliam Nasional Berhad to work on a project to capture, transport and store carbon dioxide, an emerging technology for emissions reduction. Under a memorandum of understanding signed in a virtual meeting in Kuala Lumpur on Tuesday, the companies said they plan to carry out a feasibility study to assess the practicality of the project. The five South Korean companies are SK En
Aug. 3, 2022
-
Daughter of late Samsung chairman tapped as advisor to Samsung Global Research
A daughter of late Samsung Electronics Chairman Lee Kun-hee was tapped as an advisor to Samsung's global research center, sources said Wednesday. Lee Seo-hyun, Lee Kun-hee's second daughter, will work as an advisor to the corporate social responsibility team at Samsung Global Research. The CSR team is dedicated to developing policies to fulfill Samsung's social responsibilities. She is currently overseeing the Samsung Welfare Foundation, founded by her father, and leads the adviso
Aug. 3, 2022
-
Hybe Q2 net income up 358.1% to W93b
Hybe Co. on Wednesday reported its second-quarter net profit of 93 billion won ($70.8 million), up 358.1 percent from a year earlier. The company said in a regulatory filing that it posted 88.3 billion won in operating profit for the quarter, compared with 28 billion won a year ago. Sales rose 83.8 percent to 512.2 billion won. The earnings beat market expectations. The average estimate of net profit by analysts stood at 61.7 billion won, according to the survey by Yonhap Infomax, the financial
Aug. 3, 2022
-
LG Energy Solution to run global operations only on renewable energy from 2025
LG Energy Solution Ltd. said Wednesday it will run its global production sites only on renewable energy starting in 2025 as part of efforts to achieve the goals for sustainable growth. All battery production facilities in South Korea, North America, Europe and China will operate on 100 percent renewable energy, such as wind and solar power, the world's second-largest battery maker said in the latest report on environmental, social and corporate governance (ESG). It also plans to turn non-pr
Aug. 3, 2022
-
Kakao Bank's Q2 net declines 18% on increased loan-loss reserves
Kakao Bank, a major internet-only lender in South Korea, said Wednesday its earnings shrank 17.7 percent in the second quarter from a year ago, citing an increase in its loan-loss reserves. Net income came to 57 billion won ($43.3 million) in the April-June period, down from a net profit of 69.3 billion won a year earlier, the company said in a statement. Operating profit fell 6.8 percent on-year to 74.4 billion won, and its revenue surged 46 percent to 371 billion won over the cited period. The
Aug. 3, 2022
-
Busan Port's cargo handling dips 2.1% in H1
Cargo processed at South Korea's largest port of Busan fell more than 2 percent in the first half of the year on slowing global consumption and other negatives, data showed Wednesday. Container cargo handled at the southeastern port came to 11.21 million twenty-foot-equivalent units (TEUs) in the January-June period, down 2.1 percent from a year earlier, according to the data from the Busan Port Authority and the Korea Maritime Institute. The decline was blamed on a slowdown in global consu
Aug. 3, 2022
-
Hyundai, Kia's July US sales fall 11 pct amid chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 11 percent last month from a year earlier amid the prolonged global chip shortage. Hyundai and Kia sold 123,080 vehicles in the world's most important automobile market in July compared with 138,599 units a year ago, according to the companies' sales data. Hyundai's sales declined 11 percent to 60,631 units last month from 68,500 a year ago, while Kia's were also down 1
Aug. 3, 2022
-
Samsung Biologics succeeds in producing mRNA drug substance
Contract manufacturing giant Samsung Biologics said Tuesday it has successfully completed the first commercial-scale engineering run of the drug substance for COVID-19 messenger RNA vaccines. With the latest completion, the company added that now it is equipped to provide end-to-end mRNA production for clients. In November last year, the company signed a contract manufacturing organization partnership deal with US biotech firm GreenLights Biosciences. After months of technology transfer, the
Aug. 2, 2022
-
[Photo News] Not cool
An environmental activist displays the radiation level of a portable fan at a civic group’s office in Seoul on Tuesday. The group, called Asian Citizen’s Center for Environment and Health, claimed handheld fans emitted harmful levels of electromagnetic radiation, a day after the Ministry of Science and ICT concluded that the fans met international safety standards after reviewing 20 different small portable fans on the market.
Aug. 2, 2022
-
Posco, Brazil’s Vale seek to produce hot briquette iron
Posco said Tuesday that it will conduct a feasibility study with Brazil’s largest raw material supplier, Vale, for the possible production of hot briquette iron as part of the steel giant’s efforts to reduce its carbon footprint. HBI, which is created by reducing the iron ore with natural gas, is a relatively new product that has been recently introduced to be used as a pre-material in blast furnaces or electric arc furnaces. A low-carbon HBI manufacturing plant emits less ca
Aug. 2, 2022
-
Burger joints raise prices again to fight inflation
Despite enjoying increased sales from the ongoing “lunchflation,” fast food joints in South Korea have been raising their burger prices, citing surging production costs amid lingering inflation fears. Mom‘s Touch, a homegrown chicken chain, said Tuesday that it will raise the prices for 50 products by 200-400 won ($0.15-$0.31) starting Thursday. This is the second price hike by the burger joint this year alone. Mom’s Touch explained that the decision was made “w
Aug. 2, 2022
-
Power demand hits record high amid heat wave
Sizzling temperatures that hit the country last month led to record-breaking electricity demand, data showed Monday. According to Korea Power Exchange, the country’s average maximum power demand stood at 82,007 megawatts last month, up 1.0 percent on-year -- the highest since records began in June 2005. The sudden surge of power consumption resulted from many households and buildings turning up the air conditioning due to the scorching heat wave and tropical nights across the nation thro
Aug. 1, 2022
-
Samsung publishes paper on artificial muscle actuators for VR devices
Samsung Electronics said Monday its joint research team with Ajou University published a paper last month on the wider adoption of artificial muscle actuators for wearables in Nature Communications, an online publisher affiliated with Nature, the science journal. The paper, titled “Actuating Compact Wearable Augmented Reality Devices by Multifunctional Artificial Muscle,” was recognized for expanding the use of artificial muscle actuators in robotics to the field of smaller wearabl
Aug. 1, 2022