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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Samsung plans to relocate workers of now-closed TV LCD biz to chip unit
Samsung Electronics Co. plans to move around 300 workers from its display business' liquid crystal display (LCD) division to the company's semiconductor unit, sources said Tuesday. The plan comes after Samsung Display, a unit of the tech giant, stopped producing LCD panels for TVs this month due to falling prices, and a supply glut due to competition from Chinese panel makers. Samsung Display has scaled down its TV LCD business since mid-2010. In 2020, the panel maker said it would end
June 14, 2022
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LG Energy Solution shares through eco-friendly projects
LG Energy Solution has continued to use its eco-friendly projects to enact positive social change. In late 2020, the company completed the construction of its 410-kilowatt solar power plant in Cheongju, North Chungcheong Province. The profit from this plant is expected to be 40 million won ($31,000), which the company plans to donate to underprivileged people in the region LG Energy Solution’s team of volunteers at its Ochang plant run a Twin Angel Fund to help those in financial need. S
June 14, 2022
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Yoon skips hearing session, appoints new tax chief
President Yoon Suk-yeol on Monday appointed Kim Chang-ki, former head of the tax agency in Busan, as the new commissioner of the National Tax Service, by skipping a confirmation hearing that had been delayed for days. After nominating Kim for the top tax office on May 13, President Yoon submitted a motion to seek parliamentary approval on appointing a new tax chief three days later. Hearings for Kim and other officials have been delayed with two parties locking horns over who should sit on com
June 13, 2022
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Manufacturing industry suffers W1.6tr loss from truckers’ strike: ministry
The ongoing strike by unionized cargo truckers which began last week appears to have caused at least 1.6 trillion won ($1.2 billion) in losses, the Industry Ministry said on Monday. Carmakers may have seen some 257 billion won in losses as the sit-in protest paralyzed supply deliveries, preventing 5,400 vehicles from being produced. The estimated losses were calculated by setting the price of a sedan at 47 million won. The steel industry has estimated its losses at 697 billion won for the las
June 13, 2022
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Samsung Biologics boasts top-tier production capacity at BIO International
SAN DIEGO -- Samsung Biologics is showcasing its top-tier production capacities at the world’s largest biopharmaceutical exhibition, the South Korean company said Monday. Taking part in the BIO International Convention for the 10th consecutive year, Samsung Biologics has set up a sizable 140-square-meter booth to represent its world-leading production capacity as one of the largest contract and manufacturing organization businesses across the globe. According to Samsung Biologics, the
June 13, 2022
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Cargo truckers’ strike deepens inflation, supply chain woes
South Korea’s unionized cargo truckers continued their sixth day of a general strike on Sunday, posing a fresh threat to the local economy amid lingering woes over higher inflation and supply chain disruptions. Cargo truckers here began a nationwide indefinite strike on Tuesday, urging the government to extend a freight rate system that guarantees a basic level of pay. Drivers say that without the higher rate, they feel under pressure to drive dangerously fast to make ends meet.&nb
June 12, 2022
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[Newsmaker] McDonald’s seeks to sell Korean branch again
McDonald’s, the world’s largest burger chain by revenue, is seeking a buyer to take over the Korean business it wholly owns, six years after its first attempt, which fell apart after a local dairy company backed out. “We’re looking for a strategic partner who could help our business here grow. We’re looking at several options with outside advisers,” a McDonald’s Korea official said Friday, declining to elaborate on details. Mirae Asset Securities will
June 10, 2022
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Lotte taps former Samsung Biologics exec to lead bio business
Lotte Biologics has picked Lee Won-jik, a former Samsung Biologics executive, to lead its bio business as the company’s CEO. Born in 1977, Lee has over two decades of experience in global biologics and the pharmaceuticals industry, including working at the US Department of Health and Human Services and Bristol Myers Squibb. Before he joined Lotte in August, Lee was the head of Samsung Biologics’ drug product business unit. Lotte Biologics and its new CEO will officially debut at
June 10, 2022
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Kyobo Life Insurance to issue $500m in hybrids
Kyobo Life Insurance Co., a major life insurer in South Korea, said Friday it will issue $500 million worth of hybrid bonds next week in a bid to further bolster its financial health. The 30-year bonds will all be sold to offshore investors Wednesday and will carry an annual interest rate of 5.9 percent and a call option after five years, said the country's third-largest life insurance company. Hybrid bonds, which combine both debt and equity features, help financial institutions raise thei
June 10, 2022
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Jin Air to bring back B777 to Jeju route amid surging travel demand
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Friday it is resuming the operation of its mid-to-large B777-200ER airplane starting this weekend to meet growing travel demand amid eased COVID-19 restrictions. The aircraft will be added to the Gimpo-Jeju route Sunday, about 16 months after its suspension over the outbreak of the pandemic, the company said in a release. The same plane will also be put into service for international routes in July to meet surging travel demand e
June 10, 2022
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Hyundai Steel develops high-quality alloy steel for EVs
Hyundai Steel said Thursday it has developed high-quality alloy steel that reduces noise emitted by electric vehicles. The steelmaking technology was jointly developed with Hyundai Motor Group and its affiliate, Kia, and was certified as a New Excellent Technology (NET) by the Ministry of Trade, Industry and Energy. The company said reducers made of the alloy steel enhances thermal management of car batteries by 48 percent compared to other steels and reduces the sound of shifting gears. It a
June 9, 2022
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Businesses cornered as cargo truckers’ strike disrupts supply
Manufacturers in the fields of auto, steel and construction that rely heavily on supply deliveries via freight trucks expressed concerns over intensifying logistics disruptions caused by a unionized cargo drivers’ strike on Thursday. According to the industry on Thursday, the country’s largest automaker Hyundai Motor Group has suspended operations of four factories inside its Ulsan plant due to delay in auto parts supply. Some 6,000 units of vehicles, including flagship model
June 9, 2022
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High school students invited to Korea Economics Olympiad
High school students are invited to compete in the 2022 Korea Economics Olympiad, which is held to select entrants for the International Economics Olympiad (IEO). The IEO is an annual competition for high school students in economics. Held since 2018, the IEO’s activities are designed to stimulate creative problem-solving skills among students interested in economics, business and finance. It is supported by Nobel laureate Eric Maskin and Higher School of Economics. The KEO, hosted by th
June 9, 2022
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AmCham seminar discusses ESG risks
Business leaders and experts from South Korea and the US discussed solutions to tackle sustainability risks facing businesses during a seminar hosted by the American Chamber of Commerce (AmCham) in Korea on Thursday in Seoul. AmCham Korea Chairman and CEO James Kim stressed that doing business in responsible and socially conscious ways is more critical than ever, as both nations have renewed their commitment to creating sustainable global supply chains and addressing climate change issues. &l
June 9, 2022
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[Photo News] Taste of Southeast Asia
ASEAN-Korea Center Secretary-General Kim Hae-yong (sixth from right) and ambassadors representing the member nations of the Association of Southeast Asian Nations participate in a ribbon-cutting ceremony to mark the commencement of ASEAN Trade Fair 2022 on Tuesday at Kintex in Goyang, Gyeonggi Province. The event, held in conjunction with local food exhibition Seoul Food 2022, runs through Friday and showcases food and beverage products from Southeast Asian companies. Officials from South Korea
June 9, 2022
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South Korea tops shipbuilding order volume in May
South Korean shipbuilders took back the top spot from China in the world market in May, winning nearly half of total global orders. Korean companies won 1.2 million compensated gross tonnage (CGT) in shipbuilding orders during the month, which accounted for 48 percent of the total global ship orders of 2.5 million CGT, according to the UK-based Clarkson Research Services on Tuesday. China came second with 0.84 million CGT, while Japan was in third place with 0.42 million CGT. C
June 9, 2022
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Hyundai Motor suffers output losses from cargo truckers' strike
Hyundai Motor Co. said Thursday the ongoing truckers' strike is affecting production at its main domestic plants, which are already suffering from a global chip shortage. About 6,500 out of 22,000 members of the Cargo Truckers Solidarity began a general strike on Tuesday, demanding the government extend a freight rate system meant to guarantee their basic wages amid soaring diesel prices. Striking cargo truckers refused to deliver automotive parts to Hyundai's five plants in Ulsan from
June 9, 2022
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Korean shipbuilders start building Qatar’s LNG carriers
Daewoo Shipbuilding & Marine Engineering has obtained a 1.07 trillion won ($850 million) order to build four LNG carriers for a Qatari state oil firm, it said in a regulatory filing Tuesday. The order is the first batch of a $20 billion deal that three South Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries -- had signed with Qatar in 2020. DSME said Tuesday that it will build the LNG carriers in the Okpo shipyard,
June 8, 2022
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[Photo News] At a stop
Mixer trucks are seen parked at a garage in Anyang, Gyeonggi Province, on Wednesday, the second day of the Cargo Truckers Solidarity strike. South Korean truckers, under the hard-line umbrella group Korean Confederation of Trade Unions, went on an indefinite strike a day earlier, demanding the expansion of the Safe Trucking Freight Rates System and an increase in freight charges.
June 8, 2022
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Revised hydrogen law to be promulgated this week
South Korea stepped closer to establishing an industrial ecology for hydrogen, as revisions to a regulation defining how companies should use hydrogen and what types of government support they would be given for exploring the latest technology will be promulgated as early as this week. The revised hydrogen law involves certifying and defining clean hydrogen, selling and usage requirements of clean hydrogen, and regulatory support for the purchase and supply of hydrogen power. According to the
June 8, 2022