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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Duty-free industry revs up for recovery
As South Korea is gearing up to restrictively allow free travel on the back of vaccination progress, duty free shop operators here have set to reorganizing their offline services in anticipation of business normalization, industry data showed Tuesday. Lotte Duty Free has recently renewed its website and mobile app, adding preorder functions for products that are out of stock, according to officials. It is also working on introducing an offline duty free store exclusively dedicated to a limi
June 15, 2021
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S.Korea’s 2030 carbon emissions target ‘extremely’ challenging: Wood Mackenzie
South Korea aims to reduce carbon emissions 24.4 percent by 2030 compared to 2017, but the target appears to be “extremely” ambitious, according to energy consulting firm Wood Mackenzie on Tuesday. Prakash Sharma, Wood Mackenzie’s Asia Pacific head of markets and transitions, cited two reasons for the pessimism. “First, only 3 percent has been reduced in the last seven years. To reduce the remaining 20 percent over the next 10 years is extremely challenging,”
June 15, 2021
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LG researcher to head working group in Next G Alliance for 6G tech
LG Electronics Inc. said Tuesday one of its senior researchers will head a working group in a North American mobile technology alliance for 6G technology development. Lee Ki-dong, a principal researcher at LG, was elected the chair of the Applications working group in the Next G Alliance earlier this month, the company said. He has been given a two-year term to lead the working group that will address 6G-related application needs. The Next G Alliance was launched by the US-based Alliance for
June 15, 2021
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Samsung to supply 5G network solutions to Vodafone in Britain
Samsung Electronics said Monday it will supply its latest 5G network solutions to Vodafone, a London-based telecommunications giant, a move that will expand its presence in Europe. Under the deal, the South Korean tech giant will provide its commercial virtualized radio access network solutions and open radio network-compliant 5G radios to Vodafone UK. The value of the deal was not disclosed. It marks the first major deal whereby Samsung will supply its cloud native vRAN solutions to the Eur
June 14, 2021
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DSME wins W1.1tr offshore facility order
Daewoo Shipbuilding & Marine Engineering, one of South Korea’s major shipbuilders, said Monday that it has won a trillion won unit order to build an offshore crude oil storage facility. The latest order marked the first offshore facility order for DSME in three years as well as the first trillion won unit order in seven years, officials said. The company obtained the order from Brazil’s largest energy firm, the state-owned Petrobras, to construct a floating production storage
June 14, 2021
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Hanwha Systems to develop underwater drone swarms for search and rescue missions
Hanwha Systems said Monday that it will develop autonomous underwater drone swarms for search and rescue missions by 2025. According to the defense business unit of Hanwha Group, it has formed a consortium with partners including the Korea Advanced Institute of Science and Technology for the 25 billion-won project ($22.4 million) commissioned by the Korea Institute of Marine Science and Technology Promotion. “In bad weather conditions, human divers can’t be deployed due to poor
June 14, 2021
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SK Inc.’s French bio arm sets to facility expansion
SK Inc.’s French bio subsidiary Yposkesi is set to build a second commercial bioproduction site in an effort to expand its footprint in the global biopharmaceutical market, officials said Monday. The French company has announced the launch of project SKY, a plan to inject some 58 million euros ($70 million) in the construction of its new manufacturing plant. Slated for completion by 2023, the forthcoming facility will be one of the largest advanced therapy medicinal product, or ATMP, fac
June 14, 2021
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Debt-laden SsangYong Motor's workers to take unpaid leave for two years
Half of SsangYong Motor Co.'s workers will go on unpaid leave for two years beginning next month as part of self-help measures as the debt-ridden automaker is striving to speed up its sales process, the company said Monday. SsangYong said its management and labor union inked a deal on the corporate restructuring plan and will carry out the measures in July after ironing out the details. Over half of SsangYong workers last week voted for the company's proposal of a two-year unpaid leave to ha
June 14, 2021
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Smaller firms demand 1-year more grace period for 52-hour workweek
South Korea's smaller firms on Monday called for a further delay in enforcing the 52-hour workweek system for them set to take effect next month amid the extended COVID-19 pandemic. In a joint statement, the country's business lobby groups, such as the Korea Chamber of Commerce and Industry and the Korea Enterprises Federation, called on the government to allow companies with a workforce of fewer than 50 people more time to prepare for the 52-hour workweek amid the prolonged fallou
June 14, 2021
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Chips, displays continue to boost S. Korea's ICT exports in May
South Korea's exports of information and communication technology (ICT) products rose around 30 percent last month, data showed Monday, thanks to strong demand for semiconductors, displays and mobile phones amid signs of a global economic recovery from the pandemic-induced slump. Outbound shipments of ICT products were tallied at $17.73 billion in May, up 27.4 percent from a year earlier, according to the data from the Ministry of Science and ICT. The latest figure marked the second-largest amou
June 14, 2021
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SK's French bio subsidiary breaks ground for 2nd plant
SK Inc.'s European bio subsidiary Yposkesi has begun the construction of its second drugmaking plant in France to ramp up its manufacturing capacity, the holding firm of South Korea's No. 3 conglomerate SK Group said Monday. In March, SK acquired a 70 percent stake in Yposkesi, a France-based Contract Development and Manufacturing Organization (CDMO) specializing in cell and gene therapies, to expand its presence in the burgeoning biologic CMO market. The latest deal is SK Inc.'s third acqui
June 14, 2021
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Celltrion's COVID-19 antibody treatment shows efficacy in phase 3 trial
South Korean pharmaceutical giant Celltrion Inc. said Monday that its COVID-19 antibody treatment has sharply reduced recovery time and the chance of a severe case. Celltrion announced top-line results from a global phase three clinical study of Rekirona, a pivotal part of the study to obtain more comprehensive safety and efficacy results. Rekirona won the South Korean drug safety agency's conditional approval in February, becoming the first locally made treatment for COVID-19. Rekirona is a
June 14, 2021
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Daewoo Shipbuilding wins W1.1tr offshore facility order
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday that it has signed a 1.9 trillion won ($ 1.7 billion) deal to build a hull of an offshore facility. The deal is part of a total 2.6 trillion won project to construct a floating production, storage and offloading vessel (FPSO), which was placed by Brazilian state-owned oil firm Petrobras, DSME said in an emailed statement. The deal was jointly won by Italy's oilfield services company Saipem, DSME said. The FPSO will be delive
June 14, 2021
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Hyundai to temporarily halt US plant on chip shortage, maintenance
Hyundai Motor Co., South Korea's biggest carmaker by sales, said Monday it will suspend its US plant for three weeks due to lack of semiconductors and routine maintenance. Hyundai Motor will halt the Alabama plant for one week from June 14 on a chip shortage and two weeks from June 16 to July 11 for the plant's maintenance work, a company spokesman said by phone. In recent weeks, chip parts shortages continue to affect production of carmakers and other manufacturers in the United States and
June 14, 2021
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S. Korean insects industry grows 2% in 2020
South Korea's insects industry grew 2 percent in 2020 from a year earlier, data showed Sunday, amid growing popularity of insects-based foodstuffs. The combined sales of local insect-related companies reached 41.4 billion won ($37.1 million) in 2020, up from 40.5 billion won a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Around half of them were used to produce insects-based foodstuffs for people, and 10 percent of them were raised as pet
June 13, 2021
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Race to buy eBay Korea tipped to finalize this week
The race to take over eBay Korea, the third-largest e-commerce operator, is expected to come to an end this week, in a deal that will shake up the country's e-commerce retail segment, retail industry sources said Sunday. According to the sources, two retail behemoths -- Shinsegae and Lotte Shopping -- submitted their letters of intent (LOIs) for the Korean unit of eBay. EBay may decide to pick a preferred bidder this week. The bidding marks the second attempt by eBay to sell off its Korean uni
June 13, 2021
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EU still not resuming review of Hyundai Heavy-Daewoo Shipbuilding merger
The European Union's (EU) antitrust regulator has not yet resumed its review of the proposed merger between South Korea's two leading shipbuilders, putting its decision on hold for nearly a year. The EU Competition Commission has stopped the clock in its in-depth investigation into the $1.8 billion acquisition of Daewoo Shipbuilding & Marine Engineering Co. (DSME) by Hyundai Heavy Industries Holdings Co. (HHIH) since July 3, 2020. "The clock is still stopped," Maria Tsoni, a spo
June 13, 2021
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P&G Korea publishes two children’s books on environment
Procter and Gamble Korea published two children’s books about the importance of protecting the environment, as part of its efforts to raise consumer awareness on the idea of sustainability, the company said Sunday. P&G Korea said the two books, titled “My House is Flooded” and “I’m not Buying Things That I Already Have,” had been written so that children can easily understand the importance of the environment and take actions with their families to benef
June 13, 2021
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SK Telecom to unveil 4 video games at global exhibition
SK Telecom, South Korea’s top-tier telecom operator, will showcase four new video games at a world-class gaming conference, in a bid to expand into the global console game industry, the company said Friday. The company will participate in “E3 2021,” the largest electronic game exhibition in the US that is set to kick off Saturday, serving as publisher for local medium-sized game companies. Hosted by Entertainment Software Association, E3 2021 will be held online to run from J
June 11, 2021
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Hyundai resumes operations of local plants after quarantine steps
Hyundai Motor Co. said Friday it has resumed operations at its four domestic plants following a half-day suspension due to the disruption of parts supply caused by the COVID-19 pandemic at a key parts supplier. The carmaker restarted vehicle production at four out of its five plants in Ulsan, 414 kilometers southeast of Seoul, as health authorities completed quarantine measures at a plant of Hyundai Mobis Co., a company spokesman said. Hyundai Motor suspended the four Ulsan plants on Thursday
June 11, 2021