Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Resort developer Ananti delivers record breaking revenue in H1
South Korean resort developer Ananti delivered a record-breaking 111.8 billion won ($95.6 million) in revenue during the first half of this year, up 156 percent from a year ago. Its operating profit stood at 38 billion won, up by 65.8 billion won as it turned to profit. The firm’s revenue growth comes as its brand awareness grew, coupled with the burgeoning demand for private spaces for vacations. Some 54 percent of its revenue was generated from membership sales for their resorts, while
Aug. 18, 2021
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Daewoo Shipbuilding swings to loss in H1 on increased costs, allowances
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it swung to a net loss in the first half from a year ago due to increased costs and allowances. Its net loss came to 1.25 trillion won ($1.1 billion) in the January-June period compared with a net profit of 294 billion won a year ago. Sales fell 45 percent to 2.17 trillion won, with operating loss reaching 1.22 trillion won, shifting from an operating profit of 352 billion won over the cited period. DSME cited a sharp f
Aug. 17, 2021
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CJ ENM sues LG Uplus for ‘unpaid’ content usage fees
South Korean entertainment company CJ ENM is suing LG Uplus, accusing the mobile network operator of failing to pay usage fees for the CJ ENM content it provided via its IPTV service. The content arm of CJ Group confirmed Tuesday that it had filed a civil action with the Seoul Central District Court last week. The firm is seeking compensation for the alleged violation of its intellectual property rights over the past 10 years. “From 2009 to March 2019, LG Uplus provided video-on-demand
Aug. 17, 2021
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SK Telecom's non-telecom spinoff SK Square eyes active investments
SK Telecom Co., South Korea's largest wireless carrier, said Tuesday its non-telecom spinoff will be launched in November as SK Square with the aim of aggressive investments in new tech and semiconductor businesses. The mobile carrier is currently preparing to split into two after deciding to spin off its non-telecom businesses in June to focus on new investments. While SK Telecom had tentatively called the new company SKT Investment, the carrier said it finalized the name as SK Square. Under
Aug. 17, 2021
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KakaoBank's Q2 net soars on accelerated loan growth
KakaoBank Corp., a major South Korean digital-only bank, said Tuesday its net profit more than doubled in the second quarter from a year earlier, reporting robust earnings after it went public earlier this month. Net profit stood at 69.29 billion won ($58.85 million) in the April-June period, compared with a profit of 26.78 billion won the previous year, according to its regulatory filing. Revenue rose 29.3 percent to 253.62 billion won over the cited period, while operating profit increased 2
Aug. 17, 2021
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SsangYong Motor's losses narrow in H1 on self-help measures
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Tuesday its first-half net losses narrowed from a year earlier on self-rescue measures. From January to June, SsangYong Motor's net losses fell to 180.53 billion won ($154 million) from a net loss of 202.38 billion won during the same period last year, the company said in a regulatory filing. SsangYong's first-half operating losses also narrowed to 177.91 billion won from 215.78 billion won over th
Aug. 17, 2021
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Refiners make big turnaround in H1 on robust petrochem biz
Major Korean refiners posted strong earnings in the first half of the year thanks to solid petrochemical businesses, swinging from the pandemic-driven losses a year earlier, industry data showed Tuesday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- logged a combined 4 trillion won (US$3.4 billion) of operating profits in the January-June period, shifting from 5.1 trillion won of deficits from a year earlier, their earnings reports showed. Their
Aug. 17, 2021
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Preorders for Samsung's new foldable smartphones begin in S. Korea
Preorders for Samsung Electronics Co.'s new foldable smartphones started Tuesday as the tech giant expects a sales boost with cheaper price tags. Preorders for the Galaxy Z Fold3 and the Galaxy Z Flip3, both unveiled last week at Samsung's Unpacked online event, will run through Monday in South Korea. Those who preordered Samsung's third-generation foldable smartphones will receive the products next Tuesday, three days before their official launch. Samsung has sharply lowered prices for its la
Aug. 17, 2021
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Korean Air mulls rerouting flights to avoid Afghan airspace
Korean Air Lines Co., South Korea's biggest carrier, said Monday it will consider rerouting flights to avoid Afghanistan's airspace following the Taliban's takeover of Kabul. Korean Air said some of its cargo flights have used the Afghan airspace at high altitudes, though its passenger flights have not. "We are closely monitoring the (political) situation in Afghanistan and may change our routes if necessary," a company spokeswoman said over the phone. The move is in line with majo
Aug. 16, 2021
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Lotte E&C chosen as preferred bidder to build general hospital in Hanam
Lotte Engineering & Construction has been chosen as the preferred bidder to build a general hospital in Hanam, Gyeonggi Province, as part of the city’s urban development project. According to the construction arm of Lotte Group, a consortium consisting of seven companies, including Lotte E&C, has been chosen for the H2 Project. Other companies participating in the consortium include Kumho Engineering & Construction and the Industrial Bank of Korea. Following the selection,
Aug. 16, 2021
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HHI to complete payment for Doosan Infracore this week
Hyundai Heavy Industries Group is to complete payment for the acquisition of Doosan Infracore this week, in a deal that would put the ship-focused group atop of the country’s construction equipment industry, according to industry officials Monday. In February, the group’s holdings company formed a consortium with KDB Investment and signed a contract to buy a controlling 34 percent stake in Doosan Infracore, held by Doosan Heavy Industries. It agreed to pay 850 billion won ($730 mi
Aug. 16, 2021
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Doosan Heavy consortium wins W180b British deal
The consortium formed by Doosan Heavy Industries's British unit and a British firm has received a 180 billion-won ($155 million) water treatment deal, Doosan said Monday. Doosan Heavy's wholly owned Doosan Enpure joined hands with BAM Nuttall to obtain the deal for the relocation of the Guildford sewage treatment facility from Thames Water, Britain's largest water and wastewater services company, the company said in a statement. "We will complete the construction of a new sewage treatme
Aug. 16, 2021
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LG Energy Solution signs battery materials deal in Australia
LG Energy Solution Ltd., South Korea's leading battery company, said Monday it has signed a six-year deal with Australian Mines Ltd. for a stable supply of key battery materials. In the deal that will begin at the end of 2024, LG Energy Solution will receive 71,000 tons of nickel and 7,000 tons of cobalt from the Australian company over six years, the South Korean firm said in a statement. "Securing key raw materials and a responsible battery supply chain has become a critical element i
Aug. 16, 2021
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Korean exporters targeted in 225 trade-restrictive measures in H1
South Korean exporters faced a total of 225 trade-restrictive measures in 28 countries as of June this year, amid a continued hold of protectionism, the state-run trade promotion agency said Sunday. In its report assessing global trade environments for local firms in the first six months of this year, the Korea Trade-Investment Promotion Agency counted 225 measures in place at 28 countries around the world that target imports of Korean goods. The measures include anti-dumping, countervailin
Aug. 15, 2021
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Tesla Korea sales up 300 percent in 2020
Foreign companies doing business in South Korea fared well amid the pandemic last year, with electric carmaker Tesla reporting a whopping 300 percent increase in sales, a report showed Sunday. According to data compiled and released by CEO Score, a local market researcher, the aggregate sales of the top 50 foreign-owned companies in Korea reached 21.8 trillion won ($18.76 billion) in 2020, up 15 percent from the previous year. Operating profits rose 42.2 percent to 1.2 trillion won. The data
Aug. 15, 2021
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[Battery+] Batteries will emit 1 percent of world’s carbon. What should be done?
Mix melted butter with minced garlic and parsley, and spread the paste over bread. Heat in the oven and there you have crispy garlic bread. Lithium-ion batteries follow the exact same recipe. Mix toxic liquid called solvent with active materials and spread the slurry over thin metal plates 1.5 meters wide. Put the plates inside a giant, 100-meter-long oven so the solvent evaporates. The coated metal plates are punched into the right shapes and sizes and then stacked like a sandwich or roll
Aug. 15, 2021
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What’s Samsung chief’s next move?
All eyes are on Lee Jae-yong’s next move after the vice chairman of Samsung Electronics, released from jail on parole on Friday, set about saving the nation’s pandemic-hit economy. Straight from the Seoul Detention Center in Uiwang, Gyeonggi Province, where he served 60 percent of his 2 1/2-year sentence, Lee went to the Samsung headquarters in Seocho, southern Seoul, and stayed there until night. He was reported to have received a briefing from Samsung Electronics Vice Chairman
Aug. 15, 2021
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FTC to conclude on price rigging allegation of shippers next month
The Fair Trade Commission is expected to decide next month on punitive actions against major shippers following allegations that shipping lines from both home and abroad have rigged freight charges. According to government sources on Sunday, the FTC plans to hold a full-member meeting to discuss whether the accused 23 companies colluded to raise shipping costs for service on a Southeast Asian sea route. The allegation was first reported to the FTC by importers in the timber industry in 2018.
Aug. 15, 2021
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Samsung Electronics' market presence at lowest in 23 months
Giant chipmaker Samsung Electronics Co. saw its presence on the main bourse drop to the lowest in 23 months in terms of market capitalization amid a sharp drop, data showed Sunday. The tech behemoth's value stood at some 444 trillion won ($400 billion) as of Friday, or 19.43 percent of the KOSPI's total market value of 2,285 trillion won. It is the first time that the bellwether's weighting against the total market cap fell below the 20-percent mark since September, 2019. The figure marks a s
Aug. 15, 2021
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Hyundai's vehicle production surpasses 5 million at US plant
South Korea's Hyundai Motor Co. said Friday accumulated vehicle production at its US plant has exceeded 5 million units since it began operations in May 2005. Hyundai Motor has produced 2.56 million units of the Sonata sedan, 1.48 million Avante compacts, 900,000 Santa Fe SUVs, 37,000 Tucson SUVs and 1,800 Santa Cruz compact pickup trucks at the Alabama plant, the company said in a statement. The 5 millionth vehicle produced in the 370,000-unit-a-year plant was Hyundai's first-ever pickup, the
Aug. 13, 2021