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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Hyundai Oilbank ditches IPO
Hyundai Heavy Industries Group’s refining affiliate Hyundai Oilbank has withdrawn its application for an initial public offering with local bourse operator Korea Exchange, the firm said Thursday. The decision, which was reached Wednesday, comes after a general evaluation of the recent stock market conditions and stock price trend of other refineries, according to Hyundai Oilbank. “In the current market situation where it is difficult to be recognized properly by our excellent perfo
July 21, 2022
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S. Korea targets W340tr investment for chip supremacy
The South Korean government on Thursday vowed financial and regulatory support to pave the way for the chip industry’s investment of 340 trillion won ($259 billion) over the next five years and nurturing more than 150,000 skilled workers in the field. As chips are increasingly being perceived as key economic security assets around the world, South Korea -- home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix -- has also come up with a more comprehensive r
July 21, 2022
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LG Chem exports 1st plant-based phenol, acetone to German firm
LG Chem is exporting its first bio-balanced phenol and acetone products to Germany, the company said Thursday. According to LG Chem, the exports that were made from biomaterials such as waste vegetable oil are eco-friendly products certified by the International Sustainability and Carbon Certification PLUS. The total amounts of exported phenol and acetone are 4,000 tons and 1,200 tons, respectively, to mark the largest single-export volume that have been certified by the ISCC PLUS. The produ
July 21, 2022
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[Photo News] HiKR Grround
A media art tower displays content favored by younger people at an experience hall called HiKR Ground, set up at the Korea Tourism Organization in Seoul, Wednesday.
July 21, 2022
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FKI says wages rose too much
The Federation of Korean Industries said on Wednesday that the average annual wage per employee of listed companies rose 43.4 percent in the 10 years preceding 2021. During that time, their average revenue only rose 12.5 percent. The average annual salary per worker jumped from 55.93 million won ($42,600) in 2011 to 80.16 million won in 2021, while the listed firms’ revenue per employee went from 960 million won to about 1.1 billion won in the same period, the lobby of the nation’s
July 20, 2022
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East Sea tops list of Koreans’ preferred vacation destination
More Koreans plan to spend their summer vacation this year on the country‘s east coast instead of flying to the southern resort island of Jeju to save money amid rising inflation, a survey showed Wednesday. The year’s busiest travel week is expected to be from July 30 to August 5, as usual, and households plan to spend an average of 952,000 won, according to the survey conducted by the Ministry of Land, Infrastructure and Transport. The survey showed that 24.7 percent of responde
July 20, 2022
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GS Energy rebrands EV charging biz as GS Connect
GS Energy, an energy arm of South Korean conglomerate GS Group, said Wednesday it has renamed its electric vehicle charging subsidiary as GS Connect. The subsidiary is a joint corporation, created by GS Energy and local EV charging firm Gntel. The two companies hold 50 percent of shares each. By stressing its identity as being part of GS Group, the subsidiary said it hopes to expand business and bolster customer trust. The name change also includes the company’s promise to connect with
July 20, 2022
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Top 1,000 firms' debt ratio more than halves over 2 decades
The debt ratio of South Korea's leading 1,000 companies by sales has more than halved over the past 21 years, pointing to a sharp increase in their financial health, a corporate tracker said Wednesday. The average debt-to-equity ratio of those big companies stood at 160 percent in 2021, compared with 323 percent in 2000, according to the Korea CXO Institute. A key barometer of financial soundness, the ratio is calculated by dividing a company's total liabilities by its stockholders
July 20, 2022
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Samsung Bioepis' biosimilar candidate SB12 under approval review in Europe, S. Korea
S outh Korean biopharmaceutical firm Samsung Bioepis Co. was in the process of acquiring regulatory approval from European and South Korean drug authorities for SB12, a paroxysmal nocturnal hemoglobinuria (PNH) treatment biosimilar candidate, industry sources said Wednesday. The company has submitted approval applications for SB12, a more affordable version of Soliris, a drug originally developed by U.S.-based Alexion Pharmaceuticals Inc., with the European Medicines Agency (EMA) and the Ministr
July 20, 2022
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Hyundai to supply 50 IONIQ 5 models to Japanese taxi firm
South Korea's Hyundai Motor Co. said Wednesday it will supply 50 IONIQ 5 all-electric vehicles to a Japanese taxi company from August. Hyundai Motor has recently signed a deal with Kyoto-based MK Taxi to gradually supply the 50 zero-emission models to the Japanese company, the company said in a statement. The IONIQ 5 is embedded with Hyundai Motor Group's EV-only platform E-GMP and can travel up to 618 kilometers on a single charge with a 72.6 kWh battery pack, it said. MK Taxi plans t
July 20, 2022
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SK hynix delays decision on W4tr plant expansion
Chaebol groups in South Korea are looking to rethink their ambitious investment plans that were announced earlier this year as fears of a global recession are clouding their business outlook. According to industry sources on Monday, SK hynix, the world’s second-largest memory chip maker, recently delayed a decision on its 4 trillion won ($3 billion) expansion plan for local production facilities. The company had planned to build a new plant, called M17, within its chip-making complex i
July 19, 2022
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Yellen spends jam-packed day in Korea for stronger economic alliance, wider investment
US Treasury Secretary Janet Yellen urged her South Korean counterparts and businesspeople to build stable supply chains with allies and to expand investment during her jam-packed visit to Korea on Tuesday, which buoyed market expectations on forging stronger bilateral ties to fight against economic uncertainty. Starting the day by visiting LG Science Park in western Seoul, Yellen had separate meetings with South Korean President Yoon Suk-yeol, Finance Minister Choo Kyung-ho and Bank of Korea G
July 19, 2022
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DLS sales in S. Korea plunge 40% in H1
The issuance of derivatives-linked securities (DLS) in South Korea tumbled more than 40 percent on-year in the first half of the year, data showed Tuesday, amid new regulations, rising interest rates and a bearish stock market. The country's DLS sales came to 5.7 trillion won ($4.3 billion) in the January-June period, down 40.2 percent from a year earlier, according to the data from the Korea Securities Depository. The amount was also down 25.4 percent from the previous quarter. DLS tracks
July 19, 2022
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Yellen tours LG battery facility amid US push for resilient supply chains
US Treasury Secretary Janet Yellen toured an LG Chem battery facility on Tuesday as the United States is seeking to build resilient supply chains with its allies in an effort to address supply disruptions and tackle high inflation. Yellen visited LG Science Park, a research and development campus of LG Group's eight affiliates, in western Seoul on her first stop of a three-day trip to South Korea. It marked her first trip to Seoul since she took office last year. Accompanied by LG Chem CEO
July 19, 2022
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SK E&S to invest W33b in turquoise hydrogen producer in US
SK E&S, an energy unit of South Korean conglomerate SK Group, said Monday it would invest 33 billion won ($25 million) in a clean hydrogen and materials company in US. Headquartered in Nebraska, Monolith Materials is currently the only company to have successfully commercialized turquoise hydrogen, according to SK. Turquoise hydrogen is a new addition in the hydrogen color charts that emits zero carbon dioxide during its production. Through the investment, SK aims to manage the production
July 18, 2022
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Samsung Biologics sign deal with Incheon to build Biocampus 2
Samsung Biologics, a leading contract development and manufacturing organization, signed a land sales contract worth 426 billion won ($323 million) with Incheon metropolitan city to acquire space for its second Biocampus, the company said Monday. The contract mainly focuses on building research and manufacturing facilities in the 11th district of Songdo International City, which is located within the Incheon Free Economic Zone. With the second campus, the company plans to increase its manufa
July 18, 2022
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Chip makers face China dilemma as Seoul mulls joining US-led chip alliance
South Korean chip makers are under increasing pressure as Seoul mulls joining a US-led semiconductor alliance, so-called the “Chip 4,” which appears to be aimed at countering Beijing’s growing influence in global supply chains as well as boosting Washington’s manufacturing prowess in high-tech. According to diplomatic sources on Monday, the US government has recently asked Seoul officials to respond to its invitation to join the chip alliance by the end of August, sayin
July 18, 2022
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Coway wins appeal against patent infringement ruling
Coway, one of the nation’s leading water purifier makers, said Friday it has won an appeal against a 2015 patent infringement ruling, which ordered the company to pay its smaller rival Chungho 10 billion won ($7.53 million) in compensation. Chungho had filed a lawsuit against Coway for infringing its patented ice water purifying technology back in 2014. A year later, the Seoul High Court ruled in favor of Chungho’s claim. Coway immediately appealed. On Thursday, the court overtur
July 17, 2022
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Over half of Korean exporters concerned by lack of ESG preparedness
Over half of Korean exporters believed that their contracts with customers could be scrapped due to the lack of preparedness for environment, social and governance management, a survey conducted by the Korea Chamber of Commerce and Industry showed Sunday. According to the KCCI’s survey, 52.5 percent of the 300 participating companies said they felt that there is a high chance for their contractors to back out from deals with inadequate ESG management levels in their supply chains. Aske
July 17, 2022
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Samsung's wind-free air conditioner sales exceed 7 million units
Samsung Electronics Co. said Sunday its accumulated wind-free air conditioner sales have exceeded 7 million units in the domestic market since its launch six years ago. Samsung launched the "no-wind" air conditioner for the first time in the world in 2016 and has expanded its lineup of the product both for commercial and household use, the company said in a statement. The company has been fully operating its domestic production facilities since February to meet soaring demand during th
July 17, 2022