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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Korean consortium to embark on construction of new airport in Peru
A groundbreaking ceremony will take place on Friday for a new international airport in Cusco, Peru, which will serve as a gateway for visitors to Machu Picchu, the Korea Airports Corporation said Friday. The event will be attended by Peruvian President Pedro Castillo, Peruvian Minister of Transport Juan Francisco Silva, Korea Airports Corporation CEO Son Chang-wan, and officials from South Korea’s Transport Ministry and Hyundai Engineering & Construction. As part of the government-to
Nov. 19, 2021
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CJ ENM acquires Hollywood studio Endeavor Content for W920b
South Korea's media and entertainment giant CJ ENM said Friday it has acquired a managerial stake in Hollywood studio Endeavor Content in a record 920 billion won ($775 million) deal to strengthen its overseas business. CJ ENM purchased an 80 percent stake in the content production-distribution unit of US sports and entertainment group Endeavor Group Holdings. Endeavor Group will retain the remaining 20 percent stake in Endeavor Content, whose management, including co-CEOs Chris Rice and Graha
Nov. 19, 2021
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S. Korea to lift ban on Boeing 737 Max flights
South Korea decided to lift the flight ban on Boeing 737 Max later this month, the land ministry said Friday, more than two years after its grounding following the crashes involving the same model in Indonesia and Ethiopia. The Ministry of Land, Infrastructure and Transport said its flight will be cleared for passage through the territorial sky, landing and takeoff, from Nov. 22. South Korea put a ban on the B737 Max on March 2019, after the one operated by Ethiopian Airlines plunged to the g
Nov. 19, 2021
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Air Premia to focus on cargo biz amid pandemic
South Korean budget carrier Air Premia Co. said Friday it has partnered with French air cargo services agent ESG Group to focus on the cargo business to ride out the COVID-19 pandemic. Air Premia opened the Gimpo-Jeju Route in August, one month after it obtained government approval for offering commercial flight services. But it has temporarily halted the Jeju route this month. "The deal with ESG Group is part of the company's two-track strategy in which the cargo business divisio
Nov. 19, 2021
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Jeju Air to resume flights to Bangkok amid easing entry restrictions
Jeju Air Co., South Korea's biggest budget carrier, said Friday it is resuming flights to Bangkok starting later next month on the back of eased entry curbs in the Southeast Asian country. Jeju Air will operate four flights per week for the Incheon-Bangkok route from Dec. 22, about 18 months after it suspended the route on the outbreak of the COVID-19 pandemic. Since the flight suspension, it has only been running chartered planes to fly South Korean citizens traveling for essential reasons su
Nov. 19, 2021
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POSCO unveils ‘Space Walk’ in Pohang
Posco on Thursday unveiled Korea’s largest walkable art installation named Space Walk in the southeastern port city of Pohang, where the company is based. The 333-meter curved steel track that looks like a roller coaster stands in the city’s Hwanho Park, and the Pohang steel mill, Youngil Bay and Youngildae Beach can be seen while walking on it. Some 317 tons of steel, all produced by Posco, were used to create the sculpture by German artists Heike Mutter and Ulrich Genth. Space W
Nov. 18, 2021
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GS Caltex, LG Chem to co-work on mass production of eco-friendly raw materials
Energy company GS Caltex and leading chemical firm LG Chem are jointly developing technology to mass produce eco-friendly raw materials, the firms announced Thursday. The top officials of the two companies met at LG Science Park in Seoul to sign a joint development agreement aimed at developing and mass producing a biodegradable plastic material called 3HP (Hydroxypropionic acid). 3HP is an eco-friendly substance produced through microbial fermentation of glucose and amorphous glycerol. It i
Nov. 18, 2021
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Samsung unveils foundry tech crucial for 3-nm chip manufacturing
Samsung Electronics unveiled its strategy to strengthen the foundry industry ecosystem as it announced new design tools and technologies crucial for 3-nanometer process for its foundry customers at a forum on Thursday. At its third annual Samsung Advanced Foundry Ecosystem forum held online, the chipmaker‘s foundry unit said it has also secured over 80 electronic design automation tools and technologies optimized for semiconductor design infra and package solution. It is pivotal
Nov. 18, 2021
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[Contribution] Controversy over ‘same person’ designation by the KFTC
By Myung-Soo Hong, Professor of Law, Myongji University The trade ministers of South Korea and the US are meeting in Seoul for the first time in 10 years on Nov. 18, 2021. During the meeting, it is expected that various economic and trade related pending issues will be discussed. One of the issues which may be discussed is the Korea Fair Trade Commission’s ongoing review of the possibility of designating US corporations and individual US citizens as the “same person” (i.e., h
Nov. 18, 2021
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Posco pledges another decade of startup support
Marking a decade of operating its startup accelerator program, South Korean steelmaker Posco on Thursday vowed to continue supporting the local startup ecosystem, particularly in fields related to its future strategic businesses, including hydrogen, secondary battery and green materials. . “The Idea Marketplace has become a representative accelerator program for startups in the country. For Posco, it will continue to play a role in exploring new business items,” said Posco Chairma
Nov. 18, 2021
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Samsung Heavy demonstrates gas liquefaction technology
Samsung Heavy Industries Co. said Thursday that it has successfully demonstrated its gas liquefaction technology to sharpen its competitive edge for orders of floating liquefied natural gas (FLNG) facilities. With the successful demonstration of the gas liquefaction technology named "SENSE IV," Samsung Heavy will be better positioned to beat its rivals in bagging orders for FLNG facilities, the shipbuilder said. The demonstration was attended by officials from global key LNG produce
Nov. 18, 2021
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Samsung cements top spot in DRAM market in Q3
Samsung Electronics Co. boosted its market presence in the global memory market in the third quarter, further consolidating its dominant position in the segment, a report showed Thursday. Samsung, the world's biggest memory chip maker, took up 44 percent of the DRAM market for the three months ending in September, slightly up from 43.6 percent the previous quarter, according to analytics provider TrendForce. DRAM, or dynamic random-access memory, is a volatile semiconductor memory that retains
Nov. 18, 2021
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4 companies to recall over 2,500 vehicles over faulty parts
Tesla Korea, BMW Korea and two other companies will voluntarily recall more than 2,500 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The two other companies are MAN Truck & Bus Korea and Moto Rossa, which imports Ducati Motor Holding S.p.A's two wheelers, the Ministry of Land, Infrastructure and Transport said in a statement. The
Nov. 18, 2021
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Chey to attend FTC meeting over SK Siltron case
SK Group Chairman Chey Tae-won will attend a Fair Trade Commission session next month involving SK Siltron, the antitrust body said Wednesday. The antitrust watchdog has been looking into SK Group’s 2017 buyout of LG Siltron for the past four years, following suspicions that the SK Group chairman’s personal purchase of a stake in the firm violated the law. In January 2017, the conglomerate acquired a 51 percent stake in LG’s silicon wafers manufacturing unit, now named SK Sil
Nov. 17, 2021
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Korea-US alliance worth up to 3,000 trillion won for South Korea: KERI
The Korea-US alliance has been estimated to possibly be worth over 3,000 trillion won ($2.53 trillion) for South Korea, according to a new study by the Korea Economic Research Institute. The Seoul-based think tank estimated in a report that the bilateral alliance has generated an economic value of between 923.82 trillion and 3,041 trillion won during the 21 years since 2000. “For the stability and continued prosperity of South Korea, maintaining a strong alliance with the US is critic
Nov. 17, 2021
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Listed firms' on-year net profit nearly triples in first 9 months
The combined net profit of listed South Korean companies rose 165.8 percent in the first nine months of this year from a year earlier, the bourse operator said Wednesday. The combined net profit of 586 out of 670 firms listed on the main Kospi bourse came to 128 trillion won ($108 billion) in the January-September period, up from 48.19 trillion won during the same period of last year, according to the data compiled by the Korea Exchange (KRX). The bourse operator excluded 84 out of 670 compani
Nov. 17, 2021
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Scam warning issued over @top-sale-korea.com mail accounts
The Korean Consumer Agency on Wednesday issued a scam warning over websites and emails with a “top-sale-korea.com” URL. The institution has received a total of 66 consumer complaints regarding the address as of Oct. 20, it said. In 65 percent of the cases, the sites arbitrary canceled orders without giving a refund. The rest concerned vendors going out of contact after delivery of defective or faulty products. Customers were lured into the websites via social media advertise
Nov. 17, 2021
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App store operators to face fine of up to 2% of revenue in violation of billing law
App store operators will face a fine of up to two percent for forcing developers to use their own in-app payment systems, the country's telecommunications regulator said Wednesday. Under the enforcement decree of the revised law aimed at curbing Google Inc. and other app store operators' dominance, such app store operators will have to pay one percent of their revenue for delays in reviewing apps, according to the Korea Communications Commission (KCC). In August, South Korea made amendments to
Nov. 17, 2021
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Firms’ Q3 investment up 7% despite pandemic: data
South Korean companies increased their third-quarter investment by 7 percent from last year, mostly led by those in the IT and electronics sector, market data showed Wednesday. According to an analysis by CEO Score, 336 of the country’s top 500 corporations which released their Q3 performance reports executed investments totaling 124.4 trillion won ($105 billion) from July to September. Such figure is 8.4 trillion won higher than a year ago. By business category, IT and elec
Nov. 17, 2021
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4 mobile payment platforms fined over collusion
South Korea's antitrust regulator said Wednesday it has decided to impose a combined fine of 16.9 billion won ($14.3 million) on four mobile payment platform operators for colluding to impose excessive fees on delinquent consumers. KG Mobilians Co., SK Planet Co., and two other firms jointly introduced fees for consumers who failed to pay prices of goods via their settlement services between 2010 and 2019, and colluded to sharply hike delay charges and maintain them, according to the Fair Trade
Nov. 17, 2021