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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Hyundai Motor buys US robotics firm from Softbank for $880m
Hyundai Motor Group said Monday its three affiliates and its chief have acquired a controlling stake in US-based robotics firm Boston Dynamics for $880 million. The investment is part of the South Korean automaking group‘s broader plans to strengthen its competitiveness in future mobility solutions. In December, the board of directors at the three affiliates -- Hyundai Motor Co., Hyundai Mobis Co. and Hyundai Glovis Co. -- approved the plan to acquire a combined 80 percent stake in Bosto
June 21, 2021
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S. Korea's exports of cosmetics products ranked third in the world last year
South Korea’s combined exports of cosmetics products increased 16.1 percent to 8.28 trillion won ($7.28 billion) in 2020, ranking third in the world, following France and the US, data showed Monday. According to the data released by the Ministry of Food and Drug Safety, China was the biggest importer of South Korean cosmetic products last year at $3.8 billion, followed by Hong Kong with $714 million, the United States with $640 million and Japan with $639 million. Vietnam’s imports
June 21, 2021
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Korea Shipbuilding wins W1.1tr orders for 10 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed 1.1 trillion won ($1 billion) of deals to build 10 ships. Under the 438 billion won deal with an Oceanian company, KSOE will deliver two 174,000-cubic meter liquefied natural gas (LNG) carriers to be constructed by its unit Hyundai Heavy Industries Co. by the end of 2023, the company said in a regulatory filing. Another deal worth 106 billion won inked with a European company calls for KSOE's unit Hyundai
June 21, 2021
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[Time to Play] Second Country: Cross Worlds offers something extra
In every sport, there is a moment when you must score. Netmarble, whose operating margin fell to single digit -- 9.5 percent -- in the first quarter of this year amid the lackluster performance of its much-anticipated release Seven Knights 2, definitely needed a point to turn things around. Second Country: Cross Worlds, a mobile role-playing game with Studio Ghibli-style graphics, arrives against this backdrop and may just be the one that delivers the much-needed new momentum. Released on
June 21, 2021
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Construction of S. Korea’s 1st liquid hydrogen plant underway
Construction of South Korea’s first liquid hydrogen plant kicked off on Monday, textile and chemical conglomerate Hyosung Group said. The 300 billion-won ($264.6 million) Ulsan plant will be built by Linde Hydrogen, a joint venture formed in February by Hyosung Group’s machinery affiliate Hyosung Heavy Industries and German chemical firm Linde. Set for commercial operation in May 2023, the envisioned plant would be the world’s single largest liquid hydrogen facility with a
June 21, 2021
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SK Bioscience to invest W150b to beef up vaccine production capacity
SK Bioscience Co., a major South Korean pharmaceutical firm, said Monday it plans to invest 150 billion won ($132 million) through 2024 to expand its production capacity of COVID-19 vaccines. SK Bioscience said the investment is meant to increase the production capacity of the production line based in Andong, about 270 kilometers south of Seoul. The investment will also be spent on building facilities to develop vaccines utilizing the so-called messenger RNA (mRNA) technology, which recently c
June 21, 2021
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Samsung Display workers launch 1st strike in company history
Representatives of the labor union at Samsung Display Co. on Monday launched their first-ever strike after failing to reach a compromise on a wage hike, and the walkout marks the first after group chief Lee Jae-yong promised to abolish the conglomerate's "no labor union" policy. Around 40 representatives of Samsung Display's labor union staged a walkout at its plant in Asan, South Chungcheong Province, after their wage negotiations with the company did not reach an agreement. The uni
June 21, 2021
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LG, Magna in final phase to launch EV powertrain joint venture
LG Electronics Inc. and Canadian auto parts maker Magna International Inc. are in the final phase of launching their electric vehicle (EV) powertrain joint venture next month, industry insiders here said Monday, as they review board member appointment plans for the new company. The South Korean tech giant is scheduled to spin off its green business in its vehicle solutions unit on July 1 to set up LG Magna e-Powertrain Co. Magna will then acquire a 49 percent stake in the new firm for $453 mil
June 21, 2021
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[News Focus] From free air tickets to meal discounts: Vaccine marketing takes off
From free air tickets and special discounts on burgers to vaccinated-only seats at concerts, local industries are revving up their marketing efforts to target the rapidly growing number of Koreans getting their COVID-19 vaccine shots. As of Sunday, over 15 million people, or some 29.2 percent of the total population, have received at least one shot of a COVID-19 vaccine, surpassing the government’s initial goal of inoculating 13 million in the first half of this year, according to the Ko
June 20, 2021
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Kakao emerges as No. 5 conglomerate in terms of market cap
Kakao Corp., which operates South Korea's most popular mobile messenger Kakao Talk, emerged as the country's fifth-largest conglomerate in terms of market cap on the back of the recent gains from the main bourse, data showed Sunday. The combined market cap of Kakao and its affiliates came to 73.9 trillion won ($65.2 billion) as of Friday, according to Yonhap Infomax, the financial news arm of Yonhap News Agency. It marked a sharp rise from just 13.2 trillion won tallied in end-2019. The marke
June 20, 2021
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LG Electronics launches 83-inch OLED TV
LG Electronics Inc. said Sunday it has launched an 83-inch OLED TV as the South Korean tech giant tries to beef up its presence in the premium TV market. LG's 83-inch OLED TV, the 83C1, will be first available in South Korea and the United States this month. In South Korea, its list price has been set at 10.9 million won ($9,630). LG is the first TV maker to release an OLED TV with an 83-inch size display. The 83C1 is also the industry's largest OLED TV with 4K resolution. The latest TV expan
June 20, 2021
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[Photo News] Eco-friendly consumer goods attract visitors at trade fair in Seoul
Seoul International Sourcing Fair 2021, a platform for discovering new business partners and carrying out business-to-business transactions through networking, is currently being held at Coex. With the environmental, social and governance sector gaining momentum, some 150 small and medium-sized enterprises and startups are displaying eco-friendly consumer goods in various categories, including gifts, living, beauty, smart devices and wellness. Participants browse a variety of eco-friendl
June 19, 2021
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S. Korea to speed up efforts to bag Czech nuclear plant project
South Korea's industry ministry said Saturday it will spare no efforts to win a nuclear plant project from the Czech Republic as the European country is open to have Asia's No. 4 economy as a potential partner. The remark came after Industry Minister Moon Sung-wook visited the European nation, where he met Czech Prime Minister Andrej Babis on Friday (Czech time) to discuss the two countries' possible cooperation in the nuclear energy segment. During the meeting, Babis pointed out that South Ko
June 19, 2021
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Hanwha, SPC to co-develop biodegradable plastic packaging material
Hanwha Solutions said Friday that its wholly-owned subsidiary Hanwha Compound has signed an agreement with SPC Pack to co-develop a biodegradable plastic material and use it for packaging SPC’s products. SPC Group is a South Korean food and confectionery conglomerate owning some 40 brands including Paris Baguette, Shake Shack Korea, Baskin Robbins Korea, Dunkin’ Donuts Korea, among others. The new packaging material will be based on poly lactic acid, which is made from fermented
June 18, 2021
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S.Korea to accelerate carbon-neutral efforts through smart water management
South Korea, which aims to go carbon neutral by 2050, will expand its smart water management by installing floating solar farms near dams and applying hydrothermal energy technologies to data centers. The Ministry of Environment said Friday that it will conduct six water management projects reflecting discussion results on carbon-neutral water management for climate resilience at the P4G Seoul Summit held last month. As part of the projects, the government will begin the construction of eigh
June 18, 2021
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LG Electronics’ US headquarters receives highest grade for green building
LG Electronics’ North American headquarters in New Jersey has been granted an eco-friendly certification from the US Green Building Council, according to the company’s newsroom Friday. At the USGBC Leadership Awards held this month, LG Electronics received a Platinum New Construction certification, the highest grade in USGBC’S Leadership in Energy and Environmental Design rating system, which measures how buildings promote employee well-being, are energy and water efficient,
June 18, 2021
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[Newsmaker] Kakao T officially registered as transportation operator
South Korea’s government has officially approved three major taxi-hailing service brands as platform operators, in a gesture to diversity transportation means, the Ministry of Land, Infrastructure, and Transport said Friday. Under the revised Automobile Transport Business Act, transportation platform operators are to register themselves at the Land Ministry in order to charge brokerage commission to users. The three brands are Kakao T, run by Kakao Mobility; Banban Taxi by Kornatus; and
June 18, 2021
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Samsung may hold developer conference this year
Samsung Electronics Co. is considering holding its technology conference this year despite the novel coronavirus pandemic, industry insiders said Friday. The South Korean tech giant is reviewing a plan to hold the Samsung Developer Conference (SDC) in October or November as vaccinations pick up pace around the globe. Samsung, the world's largest memory chip and smartphone vendor, is reportedly looking to hold an in-person conference this year but is also considering online options for the even
June 18, 2021
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Kia unveils ‘Kia Store’ design concept for showrooms
Kia on Thursday unveiled the new design concept for its showrooms, renamed “Kia Stores” to reflect a renewed brand identity and strategy. Each Kia Store will provide customized service and a varied mobility experience to users, officials said in a release. The Kia Store model was inspired by the company’s “opposites united” design philosophy, which seeks to embrace opposing concepts and combine them in an integrated design. To maximize the contrast, every Kia
June 17, 2021
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Eastar Jet to be acquired by cash-rich property developer SJ
Sung Jung, a midsized real estate developer here, on Thursday confirmed its intention to acquire the financially struggling low-cost air carrier Eastar Jet by raising its initial bidding amount. Losing out on the bid was the well-funded consortium led by underwear manufacturer Ssang Bang Wool and equipment maker Kanglim. The companies saw their stock value take a double dip this week amid the neck-and-neck takeover battle. The real estate developer submitted its official statement to the Se
June 17, 2021