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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LG Uplus turns to black in Q4 on 5G user growth, logs record annual operating profit
LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday it shifted to black in the fourth quarter from a year earlier on the back of growth in 5G network subscriptions. Net income for the October-December period stood at 101.8 billion won ($84.5 million), marking a turnaround from a loss of 224.7 billion won the previous year, the company said in a regulatory filing. The company's operating profit dipped 9.8 percent on-year to 158.2 billion won while sales rose 2.7 percent on-y
Jan. 28, 2022
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Samsung Card logs 169.1% rise in Q4 net on rebounding spending
Samsung Card Co., a major South Korean card issuer, on Friday reported a 169.1 percent rise in its fourth-quarter earnings as consumption rebounded from a pandemic-caused slowdown. Net income in the October-December quarter came to 129.4 billion won ($107.4 million) on a consolidated basis, up from 48.1 billion won a year earlier, the company said in a regulatory filing. Fourth-quarter operating profit also surged 179.6 percent to 175.8 billion won, while sales declined 3.1 percent to 886.4 bi
Jan. 28, 2022
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SK Innovation shifts to black in Q4 on strong petrochem, EV battery sales
SK Innovation Co., the energy and chemical affiliate of South Korean conglomerate SK Group, said Friday it swung to the black in the fourth quarter from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales. Net income came to 163.4 billion won ($135.7 million) in the October-December period, a turnaround from a loss of 232.6 billion won a year earlier, the company said in a regulatory filing. It continued to post an operating loss of 47.3 billion won but far le
Jan. 28, 2022
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Shareholders OK Posco's plan to create holding firm
Shareholders of Posco, South Korea's top steelmaker, approved the company's plan to transform into a holding company by splitting it into two business entities, the steelmaker said Friday. After the breakup, the steelmaking group's holding company, tentatively named Posco Holdings, will focus on charting out future business, research and development, and investment. The steelmaking business will be dubbed Posco, which will be wholly owned by Posco Holdings and remain unlisted. The steelmaker'
Jan. 28, 2022
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Kyobo Life requests US watchdog to punish Deloitte Anjin accountants for collusion
Kyobo Life Insurance, a major South Korean life insurer, said Friday that it has requested a US nonprofit watchdog to punish three accountants of Deloitte Anjin for colluding to inflate the prices of a put option exercised by one of its investors. Kyobo Life Insurance filed the petition with the Public Company Accounting Oversight Board, asking for their "strong punishment," according to the company. The board is a nonprofit watchdog established by US Congress to oversee the audits of
Jan. 28, 2022
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SK hynix Q4 net up 87.5% on rising chip demand
SK hynix Inc., South Korea's No. 2 chipmaker, on Friday reported strong fourth-quarter earnings, helped by solid memory chip demand for servers and smartphones. Net profit for the three months that ended in December leaped by 87.5 percent from a year earlier to 3.31 trillion won ($2.8 billion). Operating profit rose 340 percent from a year ago to 4.21 trillion won, the highest since the fourth quarter of 2018. Sales jumped 55.4 percent to a quarterly record of 12.37 trillion won, marking the
Jan. 28, 2022
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KDB chief regrets EU veto of Hyundai-Daewoo merger
The head of the state-run Korea Development Bank on Thursday expressed “strong regret” over the European Union antitrust regulator’s recent decision to block the merger of two Korean shipbuilders, saying that the move undermined Korea’s long-term efforts to normalize the shipbuilding industry. “I apologize and must express strong regret over the EU’s recent decision to veto Hyundai Heavy Industries Group’s proposed acquisition of Daewoo Shipbuilding &a
Jan. 27, 2022
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Standard Chartered offers up to 1.5% interest rate for new account subscribers
Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28. My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest r
Jan. 27, 2022
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Naver Webtoon aims to lead global content market with Wattpad
The Korean digital comics platform Naver Webtoon plans to fortify its foothold in the North American and ASEAN video content market, capitalizing on an extended IP value chain that now encompasses web novel giant Wattpad and the recently launched Wattpad Webtoon Studios. While Naver Webtoon has long developed expertise in adapting Korean webtoons into films, teaming up with Wattpad is expected to expand its presence to the web novel sector. Wattpad, North America’s largest web novel platf
Jan. 27, 2022
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Companies brace for new industrial safety law
With the nation’s new industrial safety law taking effect Thursday, companies across industries are bolstering their safety management systems to avoid being the first punished under the enhanced rules. Under the Serious Accident Punishment Act, business owners or executives at companies with more than 50 employees could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion won ($835,000) for fatal industrial accidents under circumstances where safet
Jan. 27, 2022
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Hyundai Mobis invests $4m in US radar startup
Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday it has invested $4 million in US radar startup Zendar to develop autonomous driving technologies. Through the stake investment, Hyundai Mobis aims to develop imaging radar optimized for Level 4 autonomous driving technology, the company said in a statement. Imaging radar extends existing radar's ability beyond detecting bulky objects to recognizing a vehicle's environment more precisely by processing data from radars on t
Jan. 27, 2022
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[EXCLUSIVE] Hyundai Motor developing ‘marine’ mobility platform powered by seawater
Hyundai Motor will develop a marine mobility platform powered by seawater by 2023 to replace small and mid-sized diesel ships polluting the sea. The project has been directly reported to Hyundai Motor Chairman Chung Euisun. According to industry sources Thursday, the automaker is developing a 15-20 meter-long yacht powered by the firm’s hydrogen fuel cells. The trimaran yacht has three hulls, each of which is installed with equipment to break seawater into hydrogen. Then, hydrogen fuel
Jan. 27, 2022
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Naver 2021 net surges 20 times amid pandemic
South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped nearly 20 times in 2021 from the previous year on the back of the non-contact trend amid the COVID-19 pandemic. Naver's net profit reached 16.41 trillion won ($13.7 billion) last year, compared with a net profit of 836.2 billion won the previous year, the company said in a regulatory filing. Operating income reached 1.32 trillion won for all of 2021, up 9.1 percent from the year before. Sales reached a
Jan. 27, 2022
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Hyundai Steel develops premium steel plate for EVs
Hyundai Steel said Wednesday it has developed a premium 1.5 GPa martensitic steel plate to be used on electric vehicles. According to South Korea’s No. 2 steelmaker, the new plate is flatter and has higher crack resistance than any other in the same product category, allowing it to be used on battery containers for EVs, bumpers, and roof sides. Usually, a 1.5 GPa martensitic steel plate is not flat enough and cracks easily due to hydrogen penetration. But Hyundai Steel used a heat tec
Jan. 26, 2022
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LS Cable & System completes new cable plant in Indonesia
LS Group’s cable manufacturing unit, LS Cable & System, announced Wednesday that it has completed the construction of a new power cable plant in Indonesia in its latest push to secure footing in the burgeoning market. The new plant, called LSAGI, is a joint venture between LS Cable & System and Artha Graha Network, Indonesia’s 10th-largest conglomerate. The Korean firm owns a 75 percent stake in the entity. The plant, located on a 64,000-square-meter site in the Artha Ind
Jan. 26, 2022
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[Market Eye] Companies fret over new industrial accident law
South Korean companies are fretting over a new industrial safety law that goes into effect Thursday, voicing concerns over the law’s lack of clarity and “excessive penalties” to hold CEOs accountable for fatal industrial accidents. According to the Serious Accident Punishment Act, which targets companies with more than 50 employees, business owners or management held responsible could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion
Jan. 26, 2022
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Samyang Foods partners with Good Neighbors for child advocacy
South Korean food manufacturer Samyang Foods signed an agreement with Good Neighbors, a child advocacy non-governmental organization in Seoul, to promote child protection, the company said Wednesday. Under the agreement, the company donated 10 million won ($8,350) as a scholarship raised through a matching grant program participated by its executives and staff. Last year, Samyang Foods established a partnership with a district branch of the organization in Seongbuk-gu, where the company‘s
Jan. 26, 2022
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LG Energy Solution, GM to build 3rd EV battery plant in US
LG Energy Solution and General Motors said Wednesday they will invest $2.6 billion to build their third electric vehicle battery manufacturing plant in the US. The facility will be located in Lansing, Michigan. The factory will begin mass production in early 2025 and produce 50 gigawatt-hours of EV batteries per year once fully operational, which is enough to power 700,000 EVs that can travel more than 500 kilometers in a single charge. The investment is expected to create 1,700 new jobs.
Jan. 26, 2022
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Posco Chemical posts record revenue on EV battery demand
Posco Chemical posted record revenues in 2021, largely buoyed by a robust performance of its secondary battery materials business, the company said in a regulatory filing on Wednesday. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, its sales surged 27 percent to 1.98 trillion won ($1.65 billion) on-year, a record figure in the company’s history. Operating profits also soared 101.9 percent to 121.7 billion won in the same period. Po
Jan. 26, 2022
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SKC-led consortium bets $80m for next-generation EV battery materials
SKC, the chemicals unit of South Korea’s No. 3 conglomerate SK Group, said Wednesday it has invested $80 million with partners to secure next-generation electric vehicle battery technologies. According to SKC, it formed a consortium with SJL Partners, BNW Investment and Kiwoom PE and invested $80 million in Nexeon, which develops materials that go inside the minus sides of electric vehicle batteries. Through the investment, the consortium secured a partial stake in the British firm a
Jan. 26, 2022