Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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Sampyo Industry booked as 1st firm accused of violating new workplace disaster law
Labor ministry officials raided the headquarters of Sampyo Industry in central Seoul on Friday in connection with a recent industrial accident in a quarry that left three workers dead, officials said. The raid came after the ministry booked Sampyo, a manufacturer of construction materials such as remicon, on Wednesday as the first firm accused of violating a newly enacted workplace disaster law aimed at better protecting workers from industrial accidents. Under the law, owners and CEOs of compan
Feb. 11, 2022
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Samsung offers technological solutions to Hollywood Park
Samsung Electronics Co. said Friday it has joined the Hollywood Park Technology Alliance that provides cutting-edge solutions for the park's technological infrastructure and implementation. Hollywood Park, home to SoFi Stadium, is being developed into a massive retail and entertainment district. Located in Inglewood, California, it used to house a horse racing and training facility. The alliance of a technology-oriented think tank was launched earlier this month to help develop innovative techno
Feb. 11, 2022
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Kakao 2021 net profit jumps tenfold on robust platform, e-commerce
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Friday that its net profit for 2021 surged nearly tenfold on-year on the back of robust growth of its e-commerce services based on its messenger platform amid the pandemic. Net profit reached 1.64 trillion won ($1.4 billion) last year on a consolidated basis, sharply up from 167.1 billion won a year earlier, the company said in a regulatory filing. Sales jumped by 47.6 percent on-year to reach an all-time high of 6
Feb. 11, 2022
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M&As slow in Korea due to tight regulations: FKI
The number of mergers and acquisitions by Korean companies that took place over the past 10 years was less than half of the average number of M&A cases in the US, UK, France, Germany and Japan in the same period. A total of 1,063 M&A cases by Korean companies took place from January 2012 through January this year, which is about 41 percent of the five countries’ average figure of 2,598 cases, according to the Federation of Korean Industries. The US topped the list with 3,350 case
Feb. 10, 2022
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US solar tariff: Boon for South Korea, blow for China
South Korean solar companies may face a bright future this year as the US recently extended a tariff for four more years to keep cheap Chinese products in check. According to industry sources Friday, the US last week decided to impose a 15 percent tax on imported solar cells and panels for another four years as part of an apparent effort to block the inflow of Chinese-made products. The US first introduced the tariff to safeguard its domestic solar industry from China, which manufactures rou
Feb. 10, 2022
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Smilegate launches CrossfireX for next-generation consoles
Smilegate has launched first-person shooting game CrossfireX for next-generation consoles, the company said Thursday. Smilegate said the launch signals the beginning of the company’s plan to target the global console market and solidify its position as South Korea’s representative powerhouse for intellectual property. CrossfireX became available on Xbox One as well as Xbox Series S and X as of 9 a.m. Korea time on Thursday. The video game is provided in nine languages for the tex
Feb. 10, 2022
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Meet Omnipod, LG's self-driving concept car
LG’s future mobility concept car the LG Omnipod on Thursday made its offline debut at a technology conference organized by Kakao Mobility in Seoul. LG Omnipod, which was first presented in a video at the Consumer Electronics Show in Las Vegas last month, is a concept model of futuristic vehicles that can reconstruct the passengers’ space for various purposes. With the modular in-vehicle appliances and adaptive interior, LG Omnipod can be an office or personal space where users can
Feb. 10, 2022
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SK Inc. pays highest-ever dividend to shareholders
SK Inc., the holdings firm of South Korea’s third-largest conglomerate SK Group, will give out the largest-ever dividends to shareholders: 8,000 won ($6.6) per share. The total dividend amount is 447.6 billion won, a 114 percent increase from 208.7 billion won in 2016. The figure is 21 percent up from the last year’s 370.1 billion won. “The profit SK Inc. secured from the partial divestment of SK Biopharmaceuticals shares last year was reflected in the finances, leading t
Feb. 9, 2022
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SK Inc. to pay out W447.6b in dividends
SK Inc., the holding firm of South Korea's No. 3 conglomerate SK Group, said Wednesday it is paying out 447.6 billion won ($373.9 million) in dividends for the fiscal 2021 in an effort to promote shareholder value. The company's board approved the year-end dividend payment of 6,500 per common stock and 6,550 won per preferred share, amounting to 368.3 billion won, SK said in a regulatory filing. SK paid the interim dividends of 1,500 won per common stock, or 79.3 billion won, in August last year
Feb. 9, 2022
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Samsung Electronics tops chip facility investment in 2021
Samsung Electronics invested more money into its chip plants and equipment in 2021 than any of its competitors including Intel and TSMC. According to the South Korean chip giant Wednesday, the company poured 43.6 trillion won ($36.4 billion) for upgrades to and the expansion of its chip plants in Korea and China where advanced DRAM chips and vertical NAND flash memory chips are produced. The funds were also used for the expansion of an advanced 5-nanometer production line at its foundry plan
Feb. 9, 2022
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SK Bioscience rolls out 1st batch of Novavax vaccine
SK Bioscience rolled out the first batch of Nuvaxovid, Novavax’s synthetic antigen-based COVID-19 vaccine, the company said Wednesday. On top of the 840,000 doses that were rolled out on Wednesday, SK Bioscience said it plans to supply a total of 2 million doses by the end of this month. The shipment follows the Ministry of Food and Drug Safety’s approval of the vaccine last month. In December, SK Bioscience signed a contract with the US bio firm to secure the manufacturing and s
Feb. 9, 2022
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SK rises to No. 2 Korean company by assets
Semiconductor-to-telecom conglomerate SK Group has stepped up as the country’s second-largest business group in terms of assets, market data showed Wednesday. SK Group, which has the largest number of affiliates in the country, 176, has been the country’s third-largest since 2006. According to market tracker CEO Score data on conglomerates’ assets as of third quarter last year, SK Group’s assets came at 270.7 trillion won ($226 billion) as of Q3 last year, which
Feb. 9, 2022
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Homeplus fined W2.42b for unfair biz activity
South Korea's antitrust regulator said Wednesday it has decided to fine discount store chain Homeplus 2.42 billion won ($2 million) for unfairly passing on sales promotion costs to its subcontractors. Homeplus Express, a supermarket unit of Homeplus, made 45 suppliers shoulder the costs worth around 1.7 billion won in 2017-2020 without related prior contracts, according to the Fair Trade Commission. The regulator said it will closely look into alleged unfair business practice by other retailers.
Feb. 9, 2022
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SK Telecom Q4 net profit down 14% to W314.8b
SK Telecom Co. on Wednesday reported its fourth-quarter net profit of 314.8 billion won ($263.4 million), down 14 percent from a year earlier. The company said in a regulatory filing that it posted 226.7 billion won in operating profit for the quarter, compared with 292.7 billion won a year ago. Sales rose 3.9 percent to 4.29 trillion won. The operating profit was 3.4 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency
Feb. 9, 2022
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Kakao pledges to create 20,000 jobs over next 5 yrs: govt.
Kakao, the operator of South Korea's top mobile messenger KakaoTalk, has promised to create 20,000 new jobs over the next five years as part of the government's youth job and education support project, the Prime Minister's Office said Wednesday. Kakao will directly hire 10,000 people over the next five years, and foster some 6,000 professional IT technicians through its AI Campus. It will also run support programs for partners and startups to recruit 4,000 people. The plan was declared during a
Feb. 9, 2022
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Hyundai, Kia to recall 485,000 vehicles in US
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday that they will recall 485,000 vehicles in the United States due to possible fire involving an anti-lock braking control module. The subjected models are 357,830 units of Hyundai's Santa Fe and Tucson SUVs and 126,747 units of Kia's K900 sedans and Sportage SUVs. Hyundai and Kia reported their recall plans to the National Highway Traffic Safety Administration after 11 cases of fires involving the component were reported with no casualti
Feb. 9, 2022
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Singapore OKs Korean Air-Asiana combination
Korean Air Lines Co. said Wednesday it has received "unconditional" regulatory approval from Singapore for its integration with Asiana Airlines Inc. in a move that could speed up its process to acquire the smaller domestic rival. In January last year, Korean Air submitted documents to antitrust regulators of 14 countries for the review of its business combination with Asiana. As of Wednesday, the company received approvals from seven countries -- Singapore, Vietnam, Thailand,
Feb. 9, 2022
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SK Group emerges as No. 2 conglomerate in 2021
SK Group became South Korea's No. 2 conglomerate in 2021 for the first time in 16 years, overtaking automaking behemoth Hyundai Motor Group, a corporate tracker said Wednesday. SK, whose flagship is chip giant SK hynix Inc., had assets worth 270.7 trillion won ($226 billion) as of end-September last year, up 13 percent from a year earlier, according to CEO Score. The amount was the second largest among the country's 71 conglomerates with assets of 5 trillion won or more, which was designated a
Feb. 9, 2022
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[EXCLUSIVE] Samsung Electronics CEO in Vietnam ahead of Galaxy Unpacked 2022
Samsung Electronics Vice Chairman and CEO Han Jong-hee is in Vietnam to make final preparations for the South Korean tech giant’s annual Galaxy Unpacked event scheduled this Thursday. According to an industry source Tuesday, the executive arrived in Hanoi on Monday to check the production of Galaxy 22 smartphones. This is Han’s first visit to Vietnam since Samsung Electronics merged its smartphone and consumer electronics divisions into the mobile experience (MX) division in Decem
Feb. 8, 2022
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Eva Global Holdings to support Korean firms for Indian foray
Eva Global Holdings, a New York- and Seoul-based consultancy firm specializing in trade and investment, said Tuesday it has signed a memorandum of understanding with the Federation of Indian Industry to support Korean companies looking to enter the Indian market. The Federation of Indian Industry, or FII, is a business lobby that represents some 5,000 Indian companies. The latest agreement aims to bolster trade and investment relations between South Korea and India. Under the deal, the signi
Feb. 8, 2022