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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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[Battery+] 1%: Shocking profitability of EV battery biz
For every dollar Samsung SDI makes by selling electric vehicle batteries, it only pockets 1 cent in profit. In contrast, Samsung Electronics earned 30.4 cents for every dollar in chips it sold from July to September this year. It’s no wonder Samsung doesn’t have its own EV battery factory in the US, but is instead investing a whopping $17 billion to build its second chip plant there. As the numbers show, the EV battery business, despite the market hype, is not as attractive in te
Dec. 1, 2021
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Renault Samsung's Nov. sales more than doubled on exports
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Wednesday its vehicle sales more than doubled last month from a year earlier on robust exports. Renault Samsung sold 11,743 vehicles in November, sharply up from 867 units a year earlier despite the extended COVID-19 pandemic, the company said in a statement. Domestic sales fell 15 percent on-year to 6,129 units from 7,207, but exports soared to 11,743 units from 867 on strong demand for its SUV models, it said. From Ja
Dec. 1, 2021
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Leasing firm, affiliate fined over illegal support
South Korea's antitrust regulator said Wednesday it has decided to impose a combined 2.37 billion-won ($2 million) fine on SYS Holdings and its affiliate for the parent company's illegal support. SYS Holdings, a leasing company, provided real estate collateral for free to its affiliate SYS Retail, an operator of an electronics goods discount outlet, between December 2009 and November 2021, according to the Fair Trade Commission (FTC). The move helped SYS Retail easily take 195 rounds of low-in
Dec. 1, 2021
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2nd batch of Chinese urea set to arrive in S. Korea
The second batch of urea under export inspection in China was to arrive in South Korea on Wednesday, the oceans ministry said, which is expected to help address supply crunch of urea solution, a key fluid needed in diesel cars to cut emissions. The ship carrying 3,000 tons of urea will arrive in the southeastern city of Ulsan around 9 p.m. after leaving from the Longkou port in China's northeastern province of Shandong on Monday, according to the ministry. It is part of the 18,700 tons of urea
Dec. 1, 2021
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SsangYong's Nov. sales fall 26% on lower demand
SsangYong Motor Co. said Wednesday its sales fell 26 percent last month from a year earlier amid a prolonged chip shortage. SsangYong Motor sold 8,748 vehicles in November, down from 11,859 units a year earlier, the company said in a statement. Domestic sales declined 32 percent to 6,277 units last month from 9,270 a year ago, while exports were down 3.4 percent to 2,501 units from 2,589 during the same period, it said. From January to November, its sales fell 3.4 percent to 75,351 autos from
Dec. 1, 2021
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Bio firms expand network, gain state project boost
The government’s Innovation-Communication Open Network (i-CON) project has been helping Korea’s small and medium-sized bio companies expand their networks and improve the quality of their products, according to the Korea Biotechnology Industry Organization. The organization is currently running the bio and health program of the i-CON project to support small and medium-sized enterprises to develop technology capabilities by using infrastructure and manpower owned by research instit
Dec. 1, 2021
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Canadian firm buys virtual land for $2.4m
A Canadian virtual real estate company Metaverse Group, a subsidiary of investment firm Tokens.com, bought a virtual land in a metaverse platform called Decentraland for $2.4 million. Established in 2017, Decentraland is an online platform that deals with virtual assets in the form of non-fungible tokens, or NFTs, based on the Ethereum blockchain. Avatars in the Decentraland can earn money by embarking on speculative investment, hosting exhibitions, and conducting advertisement campai
Dec. 1, 2021
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Daewoo Shipbuilding wins W1.5t orders for 6 LNG carriers
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has bagged orders worth a combined 1.5 trillion won ($1.3 billion) to build six liquefied natural gas (LNG) carriers. Under the deals with two companies in North America, the 174,000-cubic meter LNG carriers will be delivered by the second half of 2025, DSME said. DSME has won orders worth $10.44 billion so far this year, far exceeding its annual order target of $7.7 billion. With the latest deals, DSME's annual orders
Dec. 1, 2021
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FTC executive elected as OECD committee’s bureau member
South Korea’s Fair Trade Commission said Wednesday that its secretary general Shin Bong-sam has been elected as a bureau member of the OECD’s Competition Committee. According to OECD, major objective of OECD Competition Committee is to inform and encourage senior regulators and antitrust enforcers to act consistently on enforcement of competition laws. The committee is comprised of representatives from 16 member countries which lead the enforcement of competition laws. A tot
Dec. 1, 2021
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Samsung Heavy succeeds in reselling drill ship for $245m
Samsung Heavy Industries Co. said Wednesday it has signed a $245 million deal with a European company to sell its drill ship it has failed to deliver due to a botched deal. "The deal will help improve our financial health along with our recent sale of new shares," Samsung Heavy said in an emailed statement. The drill ship sold to the European company is one of two drill ships that Swiss-based offshore driller Transocean Ltd. relinquished without specifying a reason in September 2019.
Dec. 1, 2021
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S. Korea's 5G users top 19m in October: data
The number of smartphone users on 5G mobile networks had topped 19 million as of October, data showed Wednesday, as new smartphone launches boosted user growth in the latest generation networks. The total number of 5G users reached 19.38 million in October, accounting for around 27 percent of the total 72.15 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea, which has a population of 52 million, first commercialized 5G networks
Dec. 1, 2021
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Disney+'s weekly users hit 1m in S. Korea
The number of weekly users on Disney+, the flagship streaming service of US media giant Walt Disney Co., topped 1 million in less than a month since its launch here, a market research firm said Wednesday. The streaming service's weekly users in South Korea reached 1.01 million from Nov. 15 to 21, becoming the fifth most used over-the-top (OTT) media service, according to data from market tracker Nielsen KoreanClick. Netflix ranked first with 4.71 million users, followed by homegrown players Wa
Dec. 1, 2021
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Renault 5 EV wins Future Mobility of the Year award
Renault Samsung’s Renault 5 EV concept car has received this year’s Future Mobility of the Year award, the automaker said Tuesday. The third annual award was set up by KAIST’s Cho Chun Shik Graduate School of Green Transportation and evaluated by global automotive journalists. Of 46 new concept cars unveiled from 2020 through the first quarter of 2021, Renault’s concept car has been picked based on the mobility tech and innovative service that can be useful for fu
Nov. 30, 2021
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Race for EV charging stations intensifies for market dominance
Amid the global transition to electric vehicles, EV makers are moving fast to set up charging infrastructure in Korea not only to increase their sales but to gain dominance in a country where a no clear market leader has surfaced yet. For automakers, building recharging points, which are still in the nascent stage here in terms of both numbers and maintenance, has become pivotal to overcome EVs’ general and biggest weakness –- a short driving range. According to the governmen
Nov. 30, 2021
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Officials tout Laos as hidden gem for land developers
Laos is fast emerging as a land of opportunity for land developers, ahead of a highly anticipated launch of a new high-speed train connecting the Southeast Asian country with China next month. The Thatluang Lake Special Economic Zone, the only economic zone in the capital city of Vientiane, in particular, is expected to benefit, providing a boost for the local economy and luring foreign investors. Korean real estate investment firm D&C Mineun held a weeklong promotional seminar on Nov.
Nov. 30, 2021
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Hyundai E&C to sell new apartments in Pyeongtaek
Hyundai Engineering & Construction said it will begin sales of 698 new apartments later this month in Pyeongtaek, 70 kilometers south of Seoul. The apartments belong to a new estate named Hillstate Pyeongtaek The First, which will consist of a total of 1,107 homes between 59 to 84 square meters in size, and will mark the first sale of new homes in Seojeong-dong, Pyeongtaek in 14 years. Commercial areas around Songtan metro station and Seojeong-dong with banks, hospitals and the Songtan bra
Nov. 30, 2021
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SK Inc.-SK Materials merger paves way for W5tr investment in battery, chip, display materials
A merger between SK Inc. and SK Materials has been completed to pave the way for a 5 trillion won ($4.2 billion) investment in key businesses including battery, chip and display materials, officials said Tuesday. “By 2025, SK Inc. will invest a total of 5.1 trillion won into four key sectors -- battery materials, power and compound semiconductors, semiconductor materials and displays,” a company official said. The core business SK Inc. will absorb from SK Materials is anodes, on
Nov. 30, 2021
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Celltrion signs COVID-19 treatment supply contract with 9 European countries
Celltrion Healthcare has inked supply contracts for its COVID-19 antibody treatment Regkirona with nine European countries as of Monday, the company said Tuesday. Under the contract, Celltrion Healthcare, an affiliate of local biopharmaceutical company Celltrion, plans to roll out an initial supply of 150,000 vials of Regkirona to the countries before the end of the year. The amount is enough to treat 50,000 people. More supply orders of the antibody are expected to be placed in consideratio
Nov. 30, 2021
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Smaller firms' exports hit new high this year
Exports by South Korean small and medium-sized enterprises (SMEs) have reached an all-time high this year amid a global economic recovery, government data showed Tuesday. As of Monday, local SMEs' overseas shipments exceeded the previous full-year record of $105.2 billion set in 2018, according to the data from the Ministry of SMEs and Startups, and the Korea Customs Service. Smaller companies' exports stood at $100.9 billion in 2019 and $100.7 billion last year. This year's SME exports accou
Nov. 30, 2021
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[Contribution] Forests and Glasgow Climate Pact
All 197 parties to the UN Framework Convention on Climate Change (UNFCCC) ended up coming to an agreement, the “Glasgow Climate Pact,” a day after two weeks of intensive negotiations over the course of the 26th Conference of the Parties of the UNFCCC (COP 26). Unlike before, forests have been included on the key agenda of the UN climate conference. At the World Leaders Summit “Action on Forests and Land Use” event, the “Glasgow Leaders’ Declaration” was
Nov. 30, 2021