Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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S. Korea, Singapore seal supply chain agreement
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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Samsung Biologics to manufacture AstraZeneca’s Evusheld
Samsung Biologics will begin manufacturing AstraZeneca’s COVID-19 antibody combination Evusheld by expanding their earlier deal, officials said Tuesday. The newly expanded deal is estimated at $380 million, up about $50 million from the initial contract of the two pharmaceutical giants’ long-term strategic partnership signed in September 2020. Evusheld, formerly known as AZD7442, is a combination of two long-acting antibodies, tixagevimab and cilgavimab. It has the effect of prev
Dec. 14, 2021
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LX Holdings chairman prepares to complete spinoff by selling stake in LG
LX Holdings, a holding company which was established in May by taking four non-electronics affiliates from LG group, said Tuesday that its Chairman Koo Bon-joon has sold his stake in LG Group to complete the spinoff procedure. The company said Koo Bon-joon’s stake in LG Group has reduced to 2.04 percent from 7.72 percent. Together with his family’s stake, Koo’s total stake is now at 2.96 percent, meeting the prerequisite of the chief and relatives owning no more than 3 percen
Dec. 14, 2021
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Property investment platform operator Kasa attracts W19b
Kasa Korea Co., operator of a digital property investment platform, said Tuesday that it has attracted 19 billion won ($16 million) from six investors to enhance security for trading and other necessary infrastructure. The investment, from investors including PGS Partners, WeMade, Arche Investment and Yuanta Investment, raised the total funds Kasa Korea has received to about 40 billion won, according to Kasa Korea. The fintech startup said it will use 19 billion won to enhance the security sys
Dec. 14, 2021
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Hyundai Oilbank applies for IPO
Hyundai Heavy Industries Group, South Korea's 15th largest conglomerate by assets, said Monday its refining affiliate Hyundai Oilbank Co. filed for an initial public offering (IPO) with local bourse operator Korea Exchange. Hyundai Oilbank aims to trade its shares on South Korea's main KOSPI market in the first half of 2022, the group said. The proposed initial public offering is the third of its kind after the refiner failed to go public in 2012 and 2019. In 2012, a tumble in oil prices t
Dec. 13, 2021
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Han Sung Motor’s Dream Gream marks 10th anniversary
Han Sung Motor, an official dealer of Mercedes-Benz Korea, said Monday that it will hold an exhibition to celebrate the 10th anniversary of its art scholarship program Dream Gream. Titled “A dream of 10 years,” the exhibition looks into Han Sung Motor’s operation of the scholarship program over the past decade, showcasing artworks by current artists as well as mentors and mentees of the Dream Gream program. Since 2012, Han Sung Motor has offered support to select
Dec. 13, 2021
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Hyundai Mobis to power all worksites with renewable energy by 2040
Hyundai Mobis, an auto parts making unit of Hyundai Motor Group, said it would power all its worksites with renewable energy by 2040 and cut 30 percent of energy use by 2030 in its green campaign announced Monday. Under a vision of “Green Transformation to 2045 Net-Zero,” the company said it would produce environment friendly products and technology to establish an ecosystem for carbon neutrality and for the future generation. According to Hyundai Mobis’ 2045 car
Dec. 13, 2021
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SK, Vietnam agree to boost cooperation in eco-friendly businesses
SK Group, South Korea's No. 3 conglomerate, said Monday it signed a deal with the Vietnamese government to boost cooperation in eco-friendly businesses, such as areas related to carbon emission cuts, hydrogen and digital technologies. SK Group Chairman Chey Tae-won signed the memorandum of understanding during a meeting with top Vietnamese government officials in Seoul, including Deputy Prime Minister Le Minh Khai and Parliament Speaker Vuong Dinh-hue, SK said. Under the MOU, the two sides wi
Dec. 13, 2021
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Number of mid-sized firms increases in 2020 amid waning sales
The number of mid-sized firms in South Korea went up in 2020 from a year earlier, but their sales dipped due to the coronavirus pandemic, government data showed Monday. Asia's fourth-largest economy had 5,526 mid-sized companies as of the end of last year, up 519 from a year earlier, according to the data from the Ministry of Trade, Industry and Energy. Mid-sized firms here refer to those which have average annual sales of 40 billion won ($33.9 million) to 150 billion won over the past three y
Dec. 13, 2021
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Daewoo Shipbuilding develops technology to prevent cracks in welded parts of submarines
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has secured a technology to prevent cracks in the welded parts of submarines. DSME has developed the technology after two years of research and development since 2019 in cooperation with steelmaker POSCO and KR, a South Korean ship quality assurance and risk management company, the shipbuilder said. The technology is essential to strengthen the performance of submarines, DSME said. The development of the technology
Dec. 13, 2021
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Nearly half of big S. Korean firms have yet to unveil investment plans for 2022: poll
Nearly half of South Korea's large companies have yet to come up with their investment plans for next year due mainly to high economic uncertainty, a poll showed Monday. The survey of 101 big firms out of the country's top 500 companies showed 49.5 percent having no investment plans for 2022 or having not decided on their investments. The poll was commissioned by the Korea Economic Research Institute, the research arm of South Korea's conglomerate lobby Federation of Korean Industries. Nearly
Dec. 13, 2021
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Posco International to beef up gas reserves with Senex deal
Posco International, the trading arm of the country’s leading steelmaker, said Sunday it was accelerating its business expansion into global natural gas exploration and production by acquiring Australian natural gas producer Senex Energy. The company said it had signed a joint investment deal with Hancock Energy, an Australian partner, to acquire a 50.1 percent stake in Senex Energy. The deal is expected to be finalized sometime in March as soon as it gets approval from Senex’s shar
Dec. 12, 2021
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[Battery+] Two recall risks hanging over LG Energy Solution after IPO
With LG Energy Solution about to go public in January, investors are asking two vital questions. One is, “Should I buy its stocks?” The other is, “But what if there’s another recall?” These questions are perfectly legitimate, considering the hundreds of millions or billions of dollars LG Energy Solution had to cough up to compensate automakers every time its batteries exploded. But whether LG Energy Solution is capable of containing recall risks is the wrong qu
Dec. 12, 2021
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SK chief to attend antitrust hearing over stock purchase
SK Group Chairman Chey Tae-won himself will personally explain to South Korea’s antitrust watchdog his reasons why his 253.3 billion won ($214.4 million) stock purchase four years ago was legitimate, and not a sweetheart deal. According to the Fair Trade Commission Sunday, the head of the nation’s third-largest conglomerate is scheduled to voluntarily appear before the antitrust regulator on Wednesday. The 61-year-old tycoon is expected to deliver his defense over allegations tha
Dec. 12, 2021
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New members elected to AMCHAM Korea’s boardroom
The American Chamber of Commerce in Korea elected a new board chair and three new members to lead the group next year, the organization said Friday. Following the annual election, the AMCHAM Board of Governors is now made up of 41 members, including seven women. This is the largest and most diverse group in the organization’s history, it said. Henry An, Senior Partner at Samil PricewaterhouseCoopers, was elected chairman of the board. He will replace former Chairman Jeffrey Jones who
Dec. 10, 2021
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Hyundai Motor, GM Korea concerned over return of hardline union leaders
Carmakers in South Korea -- Hyundai Motor and GM Korea -- appear to be concerned as hardline union leader came back to negotiation tables, amid prevailing uncertainties at manufacturing facilities hit by the pandemic and supply crunch woes. According to Hyundai Motor branch of Korean Metal Workers’ Union, Ahn Hyun-ho has received 53.3 percent of approval from some 48,000 member union to reign over the country’s one of the most powerful unions from next year for two years. In 1
Dec. 10, 2021
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Five Hyundai Motor Group affiliates listed on Dow Jones Sustainability Index
Five of Hyundai Motor Group’s affiliates have been listed on the Dow Jones Sustainability Index, three of which were added for the first time. Hyundai Engineering & Construction and Hyundai Steel have been recognized on the world’s first sustainability index for 12 and four consecutive years, respectively. Hyundai Motor, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis were newly added this year. DJSI picks the top 2,544 listed companies based on
Dec. 10, 2021
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Posco’s holding company scheme gets board approval
South Korean steelmaker Posco Group’s plan to set up a holding company, Posco Holdings, was approved by the board Friday, buoying expectations that the steelmaker will extend its business areas to hydrogen fuel cells, advanced materials and renewable energy. Under the plan, the group’s steelmaking arm will be physically split off and will be placed under the planned holding company. The envisioned holding company is expected to hold a 100 percent stake in the steelmaking
Dec. 10, 2021
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Hanwha E&C named preferred bidder for new sports-MICE complex project in Seoul
Hanwha Engineering and Construction Corp. has been picked as the preferred bidder for a project to build a new major sports and convention industry complex in southeastern Seoul, the city government announced Friday. Seoul aims to develop some 350,000 square meters around Jamsil Sports Complex in Seoul's southeastern Songpa Ward into a comprehensive commercial complex encompassing a wide range of sectors, including sports, MICE, culture and shopping through private investments. MICE refers to
Dec. 10, 2021
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Samsung Heavy Industries wins W245b order for LNG carrier
Samsung Heavy Industries Co. said Friday that it has signed a 245 billion-won ($208 million) deal to build a liquefied natural gas (LNG) carrier. The deal signed with a company in Oceania calls for Samsung Heavy Industries to deliver the vessel by May 2025, the shipbuilder said in a regulatory filing. With the latest deal, Samsung Heavy Industries has won orders worth a cumulative $12 billion so far this year, surpassing its annual order target of $9.1 billion by 32 percent. By ship, Samsun
Dec. 10, 2021
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Kotra, foreign chambers to support expatriates on industrial trend
The state-run trade promotion agency Kotra and foreign chambers of commerce in Korea on Thursday signed a memorandum of understanding to cooperate in providing economy-related educational programs for expatriates working in South Korea. The program, called “Business+ Forum,” will begin in March next year, and expatriates at the management and executive level working in foreign companies, international organizations and embassies in Korea will be able to apply for the course, accordi
Dec. 9, 2021