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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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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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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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Samsung sees record sales in Q3 on strong chip biz
Samsung Electronics Co. said Friday it expected to post record sales in the third quarter of the year, apparently buoyed by its semiconductor business. In its earnings guidance, the South Korean tech giant estimated its sales at 73 trillion won ($61.2 billion) for the July-September period, up 9 percent from a year ago. Samsung also projected third-quarter operating profit at 15.8 trillion won, up 27.9 percent from a year earlier. Should the preliminary earnings results stand, its sales will be
Oct. 8, 2021
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Property rental firms shine over past 5 years on market boom: data
Real estate rental businesses in South Korea have been on a roll over the past five years amid a booming property market, data showed Friday.Property leasing companies in Asia's fourth-largest economy registered 453.3 trillion won ($381 billion) in combined revenue between 2016-20, according to the data that the Korea Customs Office submitted to the parliament for an annual audit. Their revenue had been on a steady rise till 2019 before edging down in 2020 amid the economic fallout from the cor
Oct. 8, 2021
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Conrad Seoul apologizes after serving detergent instead of sauce
The Conrad Seoul apologized Thursday amid an investigation after the five-star hotel’s buffet restaurant accidentally served detergent to a guest instead of syrup. The luxury hotel, part of Hilton’s international high-end brand Conrad Hotels & Resorts, said it “sincerely apologizes” to the customer for the “major inconvenience” and vowed to maintain health and safety rules. “We are actively cooperating with the authorities on the investigation,&rdq
Oct. 7, 2021
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SK chief discusses hydrogen, grid with Plug Power, Key Capture Energy CEOs
SK Group Chairman Chey Tae-won held consecutive meetings with the heads of US-based green energy firms Plug Power and Key Capture Energy to discuss hydrogen and green solutions, the third-largest conglomerate in South Korea said Thursday. According to SK Group, Chey met with Plug Power CEO Andrew J. Marsh at its headquarters in central Seoul on Wednesday and agreed to establish a robust hydrogen ecosystem based on their technological expertise on hydrogen. “Plug Power‘s key hydro
Oct. 7, 2021
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Moon vows to further push hydrogen economy initiative
South Korean President Moon Jae-in reiterated the country’s commitment to the hydrogen economy, while meeting government and industry officials Thursday. Attending a briefing session on the progress of the country’s hydrogen programs, he also encouraged chiefs of major conglomerates, including Hyundai Motor Group and SK Group, in attendance to continue their effort for building a hydrogen ecosystem. “A hydrogen economy is one of the core areas the government is working on f
Oct. 7, 2021
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Hyundai Mobis to build 2 new hydrogen fuel cell plants
Hyundai Mobis will invest 1.3 trillion won ($1.09 billion) to build two new hydrogen fuel cell system plants in South Korea, it said Thursday. The affiliate of Hyundai Motor held a groundbreaking ceremony for one of the two to be built at the industrial complex in Cheongna International City, Incheon, with President Moon Jae-in and Deputy Prime Minister Hong Nam-ki in attendance. This new fuel cell plant along with the other to be established in the southeastern city of Ulsan are expected to
Oct. 7, 2021
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LG Electronics enhances partnership with Italy's furniture maker Molteni&C
LG Electronics Inc. said Thursday it will expand its partnership with Italian luxury furniture maker Molteni&C S.P.A. to better promote its high-end brand LG Signature. The two sides last year signed a deal to collaborate on marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture over the next three years. Molteni&C, founded in 1934, is a renowned designer furniture maker. It runs some 530 stor
Oct. 7, 2021
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Samsung unveils tech road map for foundry biz
Samsung Electronics Co. on Thursday unveiled its technology road map for the foundry business as the company vowed to improve its capacity and advanced manufacturing solutions in the contract chipmaking sector. At the Samsung Foundry Forum 2021, which was held online under the theme of "Adding one more dimension," the South Korean chipmaker revealed its plans for future technology nodes, operations and services. Samsung, the world's No. 2 foundry player behind Taiwan Semiconduc
Oct. 7, 2021
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[Newsmaker] World steelmakers discuss decarbonizing at Posco forum
To respond to the growing pressure to meet net-zero pledges, steelmakers around the world must work together to find ways to decarbonize steelmaking, mostly likely with the use of hydrogen, the chief of South Korea’s top steel manufacturer said Wednesday. Hosting the Hydrogen Iron & Steel Making Forum 2021, the world’s first international forum on hydrogen steelmaking, Posco Chairman Choi Jeong-woo highlighted the need for urgent, concerted action as an industry and an open pla
Oct. 6, 2021
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Unity Korea vows to develop solutions that maximize creativity
Unity Korea on Wednesday vowed to grow together with game developers as well as creators in media and entertainment sectors, offering services that go beyond the conventional gaming realm. During a press conference to mark its 10th anniversary, the Korean branch of the California-based 3D game company introduced a webtoon tablet that allows artists to draw duplicating scenes as an example of its digital solutions for creators. Dr. Frost, a piece uploaded on Naver Webtoon, illustrated massive
Oct. 6, 2021
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SK E&S, Plug Power form joint venture on hydrogen biz
SK E&S Co., the energy unit of South Korean conglomerate SK Group, said Wednesday it will team up with US fuel cell maker Plug Power Inc. to make a foray into the Asian hydrogen market. The two companies struck a deal to establish a 51:49 joint venture company, nine months after SK E&S and SK Inc., the group's holding firm, invested 1.6 trillion won ($1.5 billion) to acquire a 9.9 percent stake in Plug Power. The joint venture will build a factory to produce key component
Oct. 6, 2021
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7 chicken-processing firms fined W25.1b for price fixing
South Korea's antitrust regulator said Wednesday it has decided to impose a combined fine of 25.1 billion won ($21.2 million) on seven poultry-processing companies for colluding to fix prices of chickens. Harim Co. and six other companies colluded to fix prices and supplies of chickens to be used for "samgyetang," or Korean ginseng chicken soup, between July 2011 and July 2017, according to the Korea Fair Trade Commission (KTFC). Their price fixing led to a hike of chicken prices dur
Oct. 6, 2021
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Hanwha Techwin partners with Azena, KT for AI video solutions
Hanwha Techwin Co., a leading surveillance tech firm in South Korea, said Wednesday it will join forces with Azena, an Internet of Things company, and the country's telecommunications giant KT Corp. for artificial intelligence (AI)-powered video solutions. Under the partnership, Hanwha Techwin said its CCTV users will be able to easily add AI-powered video analytics tools to their products. Since CCTVs are built for different purpose for various locations, it is impossible to deliver all vid
Oct. 6, 2021
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Hyundai takes over half of FCEV market in Jan.-Aug. period
South Korean automaker Hyundai Motor Co. took over half of the fuel cell electric vehicle (FCEV) market in the first eight months of the year, led by strong demand for its SUV model, industry data showed Wednesday. Hyundai Motor, the maker of the NEXO SUV, sold about 5,900 units in the January-August period, up 34.5 percent from a year earlier, according to the data from SNE Research. Hyundai accounted for 52.2 percent of the global FCEV sales over the cited period, far surpassing its Japanese
Oct. 6, 2021
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LG Electronics' ADAS front camera to be used in Mercedes-Benz C-Class
LG Electronics Inc. said Wednesday its Advanced Driver Assistance Systems (ADAS) front camera co-developed with Daimler AG will be used in Mercedes-Benz C-Class vehicles. An ADAS front camera, usually tucked between the windshield and the rearview mirror, is considered the "eye" of a smart vehicle as it collects various traffic information. LG said its camera, powered by algorithms developed by its vehicle components solutions (VS) business unit, can provide various features, inclu
Oct. 6, 2021
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LS Cable set to win W200b submarine cable supply deal
LS Cable & System, South Korea's top wire and cable maker, said Wednesday it expects to win a 200 billion-won ($168 million) cable supply deal from Taiwan. LS Cable said it has been picked as the preferred bidder for the deal, and if the deal is signed, it will supply cables to a wind farm in Taiwan run by CSBC-DEME Wind Engineering by 2025. The wind farm, located in waters 50 kilometers off the west coast of Taiwan, will be able to generate up to 1 gigawatt of electricity, according to LS
Oct. 6, 2021
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Domestic sales of Samsung's new foldable smartphones top 1m units
Domestic sales of Samsung Electronics Co.'s new foldable smartphones -- the Galaxy Z Fold3 and the Galaxy Z Flip3 -- have surpassed 1 million units, the company said Wednesday, as the tech giant strives to popularize the foldable category. The third generation of the Galaxy Z series topped the 1 million sales milestone Monday, which is just 39 days after its launch, according to Samsung. It was the third fastest sales pace to exceed the 1 million sales mark in South Korea after the Gal
Oct. 6, 2021
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Financial firms' overseas units shine in H1 despite pandemic
South Korean financial companies' overseas units saw their earnings jump more than 27 percent in the first half of the year despite the coronavirus pandemic, a corporate tracker said Wednesday. According to CEO Score, 222 overseas subsidiaries of major banks and other financial institutions posted a combined net income of 411.6 billion won ($347 million) in the January-June period. It was up 27.1 percent from a year earlier and 6.1 percent from the first half of 2019, about six months before t
Oct. 6, 2021
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DSME workers call for withdrawal of Daewoo Shipbuilding sale
Unionized workers at Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Tuesday called for the withdrawal of the shipbuilder's sale to its local rival Hyundai Heavy Industries Holdings Co. (HHIH). In a press conference held at Geoje City Hall, about 400 kilometers south of Seoul, the workers said the government should withdraw the sale of DSME as the deal fell apart for the fourth time. In March 2019, HHIH, the holding company of Hyundai Heavy Industries Group, signed the deal with the s
Oct. 5, 2021
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Kakao founder apologizes for controversy over aggressive biz expansion
Kim Beom-su, the founder of South Korean internet giant Kakao Corp., apologized Tuesday over the controversy surrounding the company's rapid expansion in recent years, which some criticize has driven small businesses into a corner. Kakao has faced growing scrutiny from lawmakers and regulators in recent months over the far-reaching influence of its online platform that has been accused of taking business away from mom-and-pop stores. "I am sorry for having caused the controversy," Kim
Oct. 5, 2021