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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K-pop CEOs sidestep key issues at National Assembly audit
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Doosan Heavy mulls unloading stake in construction affiliate
Doosan Heavy Industries & Construction Co. said Thursday it is considering selling a stake in its construction subsidiary Doosan Engineering & Construction Co. to improve its financial health. A local media company reported that Doosan Heavy, the country's largest power equipment maker, is looking at the option of unloading its stake in Doosan Engineering. In a regulatory filing, Doosan Heavy confirmed the report but said, "Nothing has been decided yet." Doosan Heavy has b
Nov. 4, 2021
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Netflix aware of 'network usage fee' controversies in S. Korea: VP
The vice president of Netflix Inc. said Thursday the global streaming giant is well aware of controversies surrounding costs from increased network traffic due to a surge of viewers in South Korea. The US-based streamer has been under criticism by local internet service providers (ISPs) and regulators for refusing to pay for the use of the network. President Moon Jae-in earlier also said global platforms and content providers should meet their responsibilities. "We fully agree with what P
Nov. 4, 2021
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Kakao Q3 net jumps nearly six times on content biz
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its third-quarter net profit jumped nearly six times from a year earlier on the back of robust growth of its content businesses amid the pandemic. Net profit reached 866.3 billion won ($733.1 million) in the July-September period on a consolidated basis, compared with a profit of 143.7 billion won a year earlier, the company said in a regulatory filing. The operating income for the cited period came to 168
Nov. 4, 2021
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Hybe to raise W700b via stock sale
Hybe Co.on Thursday announced that it will sell stocks to raise 700 billion won. The proceeds from the stock offering will be used primarily to finance stock acquisition. According to a regulatory filing, the company will issue some 2.3 million common shares at a price of 304,008 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
Nov. 4, 2021
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3 foreign car companies to recall over 32,000 vehicles over faulty parts
Mercedes-Benz Korea and two other foreign automobile companies will voluntarily recall more than 32,000 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 Yamaha Sports Korea, which imports Yamaha two-wheelers, and Kiheung International that imports Royal Enfield Himalayan two wheelers, the Ministry of Land, Infr
Nov. 4, 2021
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[Photo News] Hyundai Motor, SNU teamp up for next-gen batteries
Representatives of Hyundai Motor Group and Seoul National University pose for photographs after the two organizations signed an agreement to establish a joint battery research and development center at SNU’s campus in Gwanak-gu, southern Seoul, Wednesday. Hyundai Motor will invest more than 30 billion won ($25.4 million) over 10 years into the research center to develop next-generation batteries with significant improvements in driving range and charging time. From left are SNU Pres
Nov. 3, 2021
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[News Focus] Elixir for diesel cars puts Korea’s supply chain policy to test
South Korea faces a potential retail crisis ahead of winter after China imposed a de facto export ban on diesel exhaust fluid -- an emissions control liquid solution essential for most cargo trucks here. According to industry sources Wednesday, Korea is running dangerously low on DEF supplies, after Chinese authorities last month began mandatory customs inspections and practically banned exports of the product. DEF is a liquid solution that goes inside diesel vehicles. The product has to be
Nov. 3, 2021
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[Newsmaker] Conglomerates cut emissions by 9.3% in 2 years
South Korean conglomerates managed to reduce greenhouse gas emissions by 9.3 percent over the past two years, according to a report on Wednesday, suggesting they face a tough task in meeting the government’s 2050 carbon neutrality target. CEO Score, a corporate tracker based in Seoul, said major companies in the country curbed more than 46 million tons of greenhouse gas output in 2020, compared to 2018 figures. The calculation is based on emissions data from 197 companies in South Kore
Nov. 3, 2021
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Despite worries, chip firms preparing to share key trade info with US
South Korean technology conglomerates are making last-minute preparations ahead of submitting their semiconductor-related data to the US as the deadline approaches, industry insiders said Wednesday. The move is in line with the US Department of Commerce’s request on Sep. 24 for global semiconductor firms to hand over internal data on clients, inventory levels and chipmaking equipment by Nov. 8, so the department can “review” supply-side issues. Shortages of key parts, includin
Nov. 3, 2021
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52 firms added to antitrust watch list
The number of South Korean companies affiliated with large business groups under tight supervision rose by 52 in the August-October period as conglomerates expanded new businesses, the antitrust regulator said Wednesday. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) watch list reached 2,704, as of end-October, compared with 2,652 three months earlier, according to the commission. Major business groups newly launched or acquired 106 units, while offloading 54 others
Nov. 3, 2021
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Hyundai, Kia's US sales fall 4.1% on chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Wednesday their combined sales in the United States fell 4.1 percent last month from a year earlier due to a lack of semiconductor parts. Hyundai and Kia sold 108,828 vehicles in the world's most important automobile market in October from 113,489 units a year ago, according to the companies' sales data. Hyundai's US sales fell 1 percent to 56,761 units from 57,395 over the cited period, while Kia's declined 7.2 percent to 52,067 from 56,094.
Nov. 3, 2021
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Hyundai Motor to share future technologies at conference
Hyundai Motor Group said Tuesday its mobility and software developers and leaders of research and development will speak about the conglomerate’s future technologies at an online conference from Nov. 10-11. Albert Biermann, head of Hyundai-Kia’s R&D division, will talk about where the group stands now in research and development, and where it is headed to, how it is speeding up software development to provide a platform that hyper-connects the user and the vehicle. Cho Kyo-wo
Nov. 2, 2021
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‘Living with COVID-19’ fuels rebound in consumption
After almost two years of staying at home, canceling holidays and skipping social gatherings, many South Korean consumers are slowly emerging from their cocoons to embark on post-pandemic shopping sprees -- ready to dress up, travel overseas and dine out again. Industry data on Tuesday showed that retail conglomerates raked in record-high sales from their latest sales events in October, fueled by shoppers’ pent-up demand and a recovery in consumer sentiment in anticipation of the &l
Nov. 2, 2021
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SK Group to invest $26b in EV batteries, hydrogen biz in US
SK Group Chairman Chey Tae-won has vowed to spend about $26 billion on electric vehicle (EV) batteries, hydrogen and other eco-friendly businesses in the United States in a move to join US efforts to reduce greenhouse gas emissions. The figure is part of $52 billion set aside by South Korea's No. 3 conglomerate to invest in the US by 2030. Chey said SK is aiming to cut carbon emissions of 200 million tons, which account for 1 percent of the global target of reducing carbon dioxide emissions of
Nov. 2, 2021
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SK Chemicals mass-produces chemically recycled plastic in world first
In a world first, SK Chemicals has begun mass-producing chemically recycled copolyester, a synthetic plastic widely used in packaging, the firm said Tuesday. According to the South Korean chemical company, it will produce more than 10,000 metric tons of chemically recycled plastic and supply it to cosmetics brands at home and abroad. “Not a single company in the world has ever mass-produced plastic via chemical recycling because it requires a secure supply chain of plastic waste as wel
Nov. 2, 2021
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SK Innovation to capture, sell 300,000 tons of carbon starting 2022
SK Innovation said Tuesday it will capture 300,000 metric tons of carbon emitted at its petrochemical plant in Ulsan and sell it as industrial gas starting next year. According to the South Korean battery-to-petrochemical giant, it is already capturing carbon generated at factory No. 1 inside its Ulsan facility and making a profit by selling it. After the carbon is collected, it is purified and then used as industrial gas for the etching process of semiconductors, welding, dry ice and plant cul
Nov. 2, 2021
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Hanwha Solutions aims to go carbon neutral by 2050
Hanwha Solutions said Tuesday it will go carbon neutral by 2050 by utilizing its renewable and hydrogen technologies. According to the South Korean solar-to-hydrogen energy company, it will curb carbon emissions totaling 3.58 million tons by 2050. The firm emitted 2.46 million tons last year and is expected to generate an additional 1.12 million tons in the future. “All of Hanwha Solutions’ businesses will join a Korean version of Renewable Energy 100 and use electricity genera
Nov. 2, 2021
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Samsung SDI Q3 net income jumps 74.7% on robust EV battery sales
Samsung SDI Co., a South Korean battery maker, said Tuesday its third-quarter net profit jumped 74.7 percent from a year earlier backed by robust sales in electric vehicle (EV) batteries. Net income reached 420.4 billion won ($357.6 million) in the July-September period, compared with 240.6 billion won from a year earlier, the company said in a regulatory filing. Operating profit hit a record high of 373.5 billion won, up 39.7 percent from a year earlier. Sales also hit a record high of 3.43
Nov. 2, 2021
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Hyundai Construction Equipment sells 42 excavators in Russia, Indonesia
Construction machinery maker Hyundai Construction Equipment Co. said Tuesday that it has sold 42 large-scale excavators in Russia and Indonesia on the back of growing demand in the two countries. Hyundai Construction Equipment has signed a deal with two Russian mining companies to provide two 85-ton excavators and 19 125-ton excavators specialized in developing mines, respectively, by June next year, the company said in an emailed statement. Under another deal with an Indonesian mining compa
Nov. 2, 2021
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LG Innotek recycles all industrial waste at Gumi plant
LG Innotek said on Tuesday its Gumi factory in North Gyeongsang Province has earned international certification for having zero waste go to landfill, a first in the materials and components industry here. The electronic parts supplier said its Gumi plant received platinum grade “Zero Waste to Landfill” certification from the international institution Underwriters Laboratories for its resource circulation efforts. ZWTL grants different grades based on how much industrial waste is re
Nov. 2, 2021