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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Swedish EV firm launches Polestar 2 in S. Korea
Swedish premium electric carmaker Polestar on Tuesday launched the Polestar 2, its first fully electric, high-volume model, in South Korea to gain a share in the local EV market. The Polestar 2 electric performance fastback is equipped with a 78kWh battery and can travel up 417 kilometers on a single charge, the company said in a statement. Volvo Cars owns a controlling stake in Polestar, the former Volvo performance division-turned-electric car brand. The model with a single-motor powertrain
Jan. 18, 2022
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Hyundai Capital launches joint venture to provide auto finance in France
Hyundai Capital Services Inc., South Korea's leading auto finance company, said Tuesday it has launched a joint venture with CGI Finance, a subsidiary of France's Societe Generale Group. Hyundai Capital France will provide auto finance, including lease, loan and insurance, for customers of Hyundai Motor Group -- Hyundai Motor Co. and Kia Corp. -- and financing services for dealers in France, the company said. The joint venture is Hyundai Capital's 10th overseas financial entity and fifth in Eu
Jan. 18, 2022
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Investor disappointments continue for Kakao
Started as a mere app developing company, South Korea’s platform giant Kakao has been on the fast track of success, becoming the nation‘s fifth-largest business entity just in 11 years. Founded by Kim Beom-su, who used to run a PC room and work at Samsung SDS, the dominant takeover of the messenger app KakaoTalk laid the groundwork for the Kakao group’s expansion in the last decade. According to the Korea Fair Trade Commission, Kakao had 158 affiliates and subsidiaries in the
Jan. 17, 2022
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Air carriers expand mileage services before merger
Korea’s two leading carriers, Korean Air and Asiana Airlines, plan to expand mileage services to encourage customers to spend their points that would otherwise be left unused over travel restrictions. The plan is to cut down liabilities on their balance sheets by incentivizing customers to use up mileage points which is counted as “debt.“ Reducing debts on their balance sheets is a must for the two, as they are awaiting for authorities‘ approval for their merger. Korea
Jan. 17, 2022
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HDC chairman resigns over series of Gwangju accidents
Hyundai Development Company Chairman Chung Mong-gyu stepped down Monday, apologizing for two fatal accidents at the builder‘s construction sites in Gwangju. “I apologize deeply to the family members of the victims in the accident in Gwangju and to the public,” he said during a press conference at its headquarters in Yongsan, Seoul. “I promise to give all effort and support to amend the situation at the accident site and regain public trust.” The HDC c
Jan. 17, 2022
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TSMC prepares $44b investment to shake off Samsung in foundry race
The goal of Samsung Electronics becoming the No. 1 foundry player by 2030 is facing a major hurdle as its rival TSMC prepares a whopping $44 billion investment in 2022 to consolidate its lead, according to industry sources Monday. “Last year, Samsung Electronics spent roughly 40 trillion won ($33.5 billion) in memory, foundry and infrastructure investments. This year, TSMC plans to spend more than 50 trillion won solely for the foundry business,” said Lee Seung-woo, an analyst at
Jan. 17, 2022
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3 firms fined W233m for price fixing over steel plate transportation
South Korea's antitrust regulator said Monday it has decided to impose a combined 233 million won ($195,800) in fines on three companies for colluding to fix bidding prices over the transport of steel plates. Dongbang and two other firms colluded to fix their quotations between 2016 and 2018 for bids on thick plates by the country's largest steelmaker POSCO, according to the Fair Trade Commission (FTC). Prior to the bidding, the companies colluded to divide the sections over which they will tr
Jan. 17, 2022
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[Newsmaker] HDC chief likely to make public address over Gwangju accident
Amid pressure building over a series of safety accidents at Hyundai Development Co.’s large-scale construction sites in Gwangju, the builder’s chief is likely to make a public address this week, according to insiders Sunday. A week has passed since an accident at HDC’s 39-story apartment building site in Hwajung-dong in Gwangju, with five people still missing. But HDC Chairman Chung Mong-gyu has remained silent. The Gwangju accident is the second case involving HDC. In
Jan. 16, 2022
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Record high of nearly 3m cars recalled in S. Korea last year: ministry
A record high of nearly 3 million vehicles were recalled in South Korea last year for the replacement of faulty parts and other repairs, government data showed Sunday. According to the data provided by the land ministry, around 2.93 million cars of a total of 2,443 models -- both foreign and domestic -- were recalled in 2021, the largest annual number ever since the recall system was first introduced in 2003. Of the total, some 1.76 million units of 71 domestic models were recalled, with the
Jan. 16, 2022
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[Battery+] 'Peanut butter-jelly' tech lets EVs charge in 20 minutes
Porsche Taycan 2019 models surprised the world when they were first released by supporting rapid charging from 0 to 100 percent in 20-30 minutes, which was almost twice as fast as other electric vehicles at the time. Behind this jaw-dropping performance stood LG Energy Solution’s two breakthrough EV battery manufacturing technologies, which are similar to making peanut butter and jelly sandwiches. Now the South Korean battery giant aims to apply the two technologies not only to premium
Jan. 16, 2022
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DSME in search for new owner as tie-up with Hyundai Heavy fails
Daewoo Shipbuilding & Marine Engineering is in search of a new owner again after a merger plan with its larger rival Hyundai Heavy Industries failed due to an EU veto on monopoly concerns. The European Commission announced Thursday its prohibition for the merger, claiming that the deal could reduce competition in the global LNG carrier market amid soaring energy prices. Back in 2019, Hyundai Heavy announced it would acquire a 55.7 percent stake in Daewoo Shipbuilding from its largest shar
Jan. 14, 2022
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Celltrion’s COVID-19 antibody gets temporary Swiss approval
Celltrion’s COVID-19 antibody treatment Regkirona has received temporary approval in Switzerland, the Korean biopharmaceutical company said Friday. Celltrion submitted the results from its global third-phase clinical trial and all clinical data on virus variants including the delta variant, according to the company. Swissmedic, which is responsible for the authorization and supervision of therapeutic products in Switzerland, gave the temporary nod Wednesday. The approval is for use Reg
Jan. 14, 2022
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Solus Advanced Materials wins incentives for Hungary plant
South Korean materials producer Solus Advanced Materials said Friday it has won incentives worth 24 million euros ($27.5 million) from the Hungarian government for facility expansion in the Central European country. The funds will be granted in cash by 2023. The firm said the funds will be used for the expansion of its plant No. 2 in Hungary that manufactures copper foil for batteries used in electric vehicles. The new incentives come after the Hungarian government provided cash incentives w
Jan. 14, 2022
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LG Energy Solution, Honda in talks to set up US joint venture
South Korean electric vehicle battery giant LG Energy Solution and Japanese automaker Honda are in talks to form a joint venture in the US in a rare partnership between Korean and Japanese companies, according to industry sources Friday. The two companies are reportedly in the early stage of discussions to set up a 4 trillion-won ($3.3 billion) EV battery factory in the US with an annual production capacity of 40 gigawatt-hours, which is enough to power 600,000 EVs. Details such as establish
Jan. 14, 2022
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Samsung's new portable projector ready for smooth launch with preorders sold out
Samsung Electronics Co.'s all-new portable projector, unveiled at the Consumer Electronics Show (CES) last week, has gotten off to a good start, as preorders were sold out at home and abroad, the company said Friday. The new product, The Freestyle, is a light, portable screen and entertainment device, especially aimed at Generation Z and millennials, with no separate screen required and the cradle rotating up to 180 degrees to enable users to see video anywhere from tables to ceilings. It was
Jan. 14, 2022
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SK Networks invests $20m in US vegan leather maker
SK Networks Co., the general trading arm of South Korean conglomerate SK Group, said Friday it has invested $20 million in a US biotech startup specializing in making alternative leather. SK Networks took part in a round of $126 million funding for MycoWorks, a Silicon Valley-based biomaterials company, and it is the largest amount among the strategic investors, SK said in a press release. MycoWorks owns technologies that produce leather-like fabric from engineered mycelium, a biomaterial made
Jan. 14, 2022
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Gov’t plays down EU decision to block Korean shipbuilders’ merger
The South Korean government said Thursday that a decision by the European Union to block the merger between the two local shipbuilders – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – may have a limited impact, citing a recovery in global ship orders. “The industry is seeing much better conditions than in 2019 and we will continue searching for the right ‘civilian’ operator for DSME,” the government said in a statement jointl
Jan. 13, 2022
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Kakao forbids stock option exercises by CEOs, executives
Korea’s IT giant Kakao said Thursday it will ban CEOs and executives representing its subsidiaries from selling company shares shortly after their market debuts in an apparent move to quell public criticism over their management ethics. According to Kakao’s Corporate Alignment Center, the new control tower that oversees Kakao affiliates, CEOs and executives will be prohibited from exercising stock options within two years and one year after the listing day, respectively. In partic
Jan. 13, 2022
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Posco, Adani join hands to build steel mill in India
South Korea’s top steel maker Posco said Thursday that it will be working with the Indian conglomerate Adani Group to build a reduced-emissions integrated steel mill in India and carry out other projects to reduce carbon emissions. The firm said the two are currently reviewing the western state of Gujarat as the potential site for the new steel mill, with an estimated investment worth about $5 billion. “Under the latest deal, Posco’s strength in steel making technology and
Jan. 13, 2022
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Daewoo E&C partners Vietnam’s NBX Green Park for industrial zone development
South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday. The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government last year. The plot of land of nearly 300 hectares will include industrial and commercial
Jan. 13, 2022