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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K-pop CEOs sidestep key issues at National Assembly audit
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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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IT service provider LG CNS begins IPO process
South Korean information technology service provider LG CNS has kicked off the process of its initial public offering (IPO) that could take place as early as in the second half of this year, industry sources said Tuesday. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, sent a request for proposal to major domestic and overseas securities companies the previous day to choose the lead manager of the envisioned IPO. The company is known to have launched an in-house task force to prepar
May 3, 2022
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Toss Bank becomes first Korean digital lender to allow foreigners to open accounts
Toss Bank is now the first South Korean internet-only bank to allow foreign residents here to open an online bank account, the lender said Monday. “Starting Monday, all foreigners here are able to open an account as long as they have their registration card,” Toss Bank said in a statement. Foreigners are offered the same service as locals, according to the bank, which was set up last year, four years after rivals Kbank and KakaoBank were launched in 2017. “For example, the d
May 2, 2022
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Meritz Securities Q1 net jumps 33% on IBs, investment gains
Major South Korean securities firm Meritz Securities Co. said Monday its first-quarter net profit rose 33.4 percent from a year ago on the back of good performance at its investment banking unit (IB) and solid returns from its investment. Net profit stood at a quarterly record of 282.4 billion won ($224.9 million) in the January-March period, the company said in a regulatory filing. Its operating income rose 32.4 percent on-year to a record high of 376.9 billion won in the quarter, and revenue s
May 2, 2022
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GS Caltex, Posco International team up for biofuel push
South Korean refiner GS Caltex said Sunday it has teamed up with Posco International, the trading unit of steel giant Posco, to make a big push into the burgeoning biofuel market amid growing calls for emissions cuts globally. Under the deal, the two firms seek to build an extensive biofuel value chain combining GS Caltex’s manufacturing technology and Posco International’s refinery infrastructure. As the first step, the two firms agreed to build a biodiesel plant along with refi
May 1, 2022
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How will Hyundai’s entry reshape used car market?
South Korea’s used car market, which has long been dominated by brick-and-mortar dealers, is bracing for a major change after large companies, especially carmakers with extensive sales networks and quality control systems, have gotten the green light to enter the market starting next year. Industry watchers are pinning high hopes on the fresh entry of large companies -- the outcome of a 10-year tug of war -- to drastically improve transparency in the whole transaction process to be
May 1, 2022
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Seegene eyes US facility for molecular diagnostics
South Korea biotech firm Seegene is expected to build production facilities for molecular diagnostics in West Coast of the US in a bid to expand its presence in the all-important market, its US chief hinted in a recent media interview. “Seegene Technologies will move beyond serving as a distribution channel of Seegene-made products and self-produce bio products tailored to the needs of the US market,” Richard S. Creager, CEO of the US affiliate Seegene Technologies, said in an int
May 1, 2022
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Hyundai sees surge in IONIQ 5 purchase orders in Indonesia
Hyundai Motor Co. said Sunday it has bagged purchase orders for more than 1,500 of the all-electric IONIQ 5 in Indonesia within about a week after its official release in the Southeast Asian country. The South Korean automaker clinched purchase deals for 1,587 vehicles in the first five days since its official release on April 22, Hyundai's sales unit in Indonesia said. The amount of purchase orders marks double the number of entire EVs sold in Indonesia for all of last year, reflecting the grow
May 1, 2022
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Hyundai Glovis, Swisslog join hands for smart logistics
Hyundai Glovis, a logistics unit of Hyundai Motor Group, said Sunday it is launching a new smart logistics business supplying cutting-edge solutions for clients to better respond to the latest tech trends and improve operational efficiency overall. The market for smart logistics solutions, based on diverse technologies such as artificial intelligence, big data and robotics, is fast growing on the robust demand for larger and more sophisticated warehouses, especially for the burgeoning e-
May 1, 2022
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Posco’s Park1538 wins three iF Design Awards
Posco’s cultural complex space Park1538 located in Pohang, North Gyeongsang Province, has won International Forum Design Awards, the steel giant said Sunday. In the category of urban, landscape design and wayfinding system, Posco’s Park1538 has been recognized by the Germany-based forum for integrating its headquarters, company memorial, visitor center and parks, converting the whole site into open and public space under concept of sustainable connection and autogenous vitalization
May 1, 2022
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Hyundai, Kia exports of eco-friendly cars top 100,000 units in Q1
South Korea's leading carmakers Hyundai Motor Co. and Kia Corp. saw their combined exports of eco-friendly cars top 100,000 units in the first three months of this year, thanks to the brisk sales of all-electric and plug-in hybrid vehicles, data showed Sunday. In the January-March period this year, the two carmakers exported a total of 111,252 units of eco-friendly cars -- gasoline hybrid, plug-in hybrid and all-electric vehicles -- according to the data compiled by the Korea Automobile Manufact
May 1, 2022
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Budget carriers reopen, expand Guam routes amid eased COVID-19 entry curbs
Jeju Air Co., South Korea's biggest low-cost carrier, said Sunday it will offer more flights to Guam starting this month to meet the growing travel demand amid relaxed COVID-19 entry restrictions. Jeju Air will run four flights a week for the Incheon-Guam route, from the current two, the company said in a release. It plans to add more flights to the Incheon-Saipan route that currently operates two flights a week. Air Busan Co., a budget carrier unit of Asiana Airlines Inc., also said it has resu
May 1, 2022
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AmCham suggests president-elect lift regulations for foreign investment
American Chamber of Commerce in Korea suggested lifting regulations to make Korea an attractive investment destination for global companies to the new incoming Yoon Suk-yeol administration Friday. The AmCham Board of Governors sent a letter signed by its 34 members to the Transition Committee with some policy recommendations. They include the need to improve the flexibility of employment conditions, mitigate CEO risk, restore the flat tax rate for foreign residents and improve the regulatory e
April 29, 2022
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Pokemon gets ice cream, doughnut treat
South Korean food company SPC Group said Thursday that it will be adding Pokemon themed items to the menu at its donut and ice cream franchises. Baskin Robbins said it will launch two new flavors — Pika Pika Pikachu and Come out! Squirtle — in May. Pika Pika Pikachu is a banana flavored ice cream with chocolate flakes, popping candies and a custard ribbon, while Come out! Squirtle is a soda and lemon ice cream mix. Customers can enjoy the ice cream in Pokemon themed cones, said BR
April 29, 2022
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LS launches EV charging biz unit
South Korean electric cable manufacturer LS Group has launched a subsidiary to run electric vehicle charging business, officials said Thursday. The new unit, LS E-Link, was jointly established by LS, the holding company, and E1, an LPG importer unit under the group. “As EV transition accelerates, power usage will grow in EV charging stations which means that power engineering will become more important for stable and efficient power supply,” said an LS Group official. LS‘ st
April 28, 2022
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Kia joins Dutch campaign on plastic wastes from sea
Kia has partnered up with The Ocean Cleanup, a Netherlands-based nonprofit engineering environmental organization, to remove plastic wastes from the sea for a sustainable Earth, according to Kia on Thursday. The Ocean Cleanup develops cleanup systems to remove floating pieces of plastic caught in what is known as the Great Pacific Garbage Patch -- a collection of marine debris in the North Pacific Ocean -- and also scalable solutions to efficiently intercept plastic in rivers before it reaches
April 28, 2022
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Hanwha chief, Heritage Foundation chairman discuss geopolitics, bilateral ties
Hanwha Group Chairman Kim Seung-youn on Wednesday met with Edwin Feulner, the founder of the Heritage Foundation, a Washington-based policy think tank, in Seoul and exchanged views on ongoing geopolitical issues affecting the global economy. The latest meeting between Kim and Feulner took place as the American scholar visited Seoul for a conference. The two have maintained their friendship for over 40 years, according to officials. The two discussed a wide range of issues from price hikes o
April 28, 2022
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Samsung SDI posts earnings surprise in Q1
South Korean battery maker Samsung SDI on Thursday reported its best-ever quarterly earnings for the January-March period, with sales exceeding 4 trillion won ($3.1 billion) for the first time. In the first three months of this year, revenue surged 36.7 percent from a year prior to 4.04 trillion won, while operating profits more than doubled to 322.3 billion won. Despite supply chain disruptions and rising materials costs, the company said it could offset the impact by selling more value-add
April 28, 2022
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Former Citibank Korea CEO to head Blackstone’s Korea office
Ha Yung-ku, a former CEO of Citibank Korea who later led an association of local banks, was named chairman of the Korean office for Blackstone, the asset manager said Wednesday. Ha joined Blackstone in August last year as an executive adviser. “South Korea is one of the most innovative economies in Asia with a highly sophisticated workforce and domestic corporations that are influencing trends around the world,” Blackstone said, adding that it expects to build stronger ties in the p
April 27, 2022
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Outpacing Hyundai, SK becomes 2nd-largest conglomerate in South Korea
South Korean chip-and-telecom giant SK has become the nation’s second-largest conglomerate, replacing Hyundai Motor for the first time in 12 years, a local antitrust regulator said Wednesday. Having accumulated over 291 trillion won ($230 billion) in total assets, SK took the number two spot, largely due to increased assets and sales in its chipmaking arm SK hynix. The semiconductor unit’s acquisition of Intel NAND memory business along with expanding income boosted SK’s overa
April 27, 2022
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[Photo news] In Memory of Yun Bong-gil
Starbucks Korea CEO Song ho-seob (third from right), Rep. Yun Ju-kyung (second from right) and Myung No-seung, chairman of the Patriot Maeheon Yun Bong-gil Memorial Association (third from left) and Yun Yeo-du, president of Maeheon Yun Bong-gil Woljinhoe (second from left) pose for a photo after Starbucks Korea donated 20 million won ($15,800) and 1,932 tumblers to the two associations to mark the 90th anniversary of Yun’s death. Yun, Korea’s independence activist, died after killing
April 27, 2022