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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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Number of firms with sales of over W1tr drops in 2020 amid pandemic
The number of South Korean firms with sales of 1 trillion won ($882 million) or more edged down in 2020 from a year earlier amid the coronavirus pandemic, a corporate tracker said Monday. A total of 204 local companies posted sales of 1 trillion won or more last year, down five from the previous year, according to the CXO Institute. It represents the first drop in the number in five years. The figure rose from 184 in 2016 to 187 in 2017, 199 in 2018 and 209 in 2019. Namyang Dairy Products Co.
May 17, 2021
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Samsung, LG to unveil advanced displays at SID 2021
Samsung Display Co. and LG Display Co., the country's two largest display makers, on Monday said they will unveil their latest innovations at the world's leading exhibition for display panels to be held virtually this week. The two companies will take part in the Display Week 2021, organized by Society for Information Display (SID), which runs through Friday online. Samsung Display, the world's top mobile display panel maker, said its exhibitions will include a 7.2-inch display with a multi-
May 17, 2021
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LG introduces wireless charging solutions for electric scooters
LG Electronics Inc. on Monday introduced wireless charging solutions for electric scooters as the South Korean tech giant eyes to expand its presence in the mobility sector. LG said it has established electric scooter wireless charging stations in Bucheon, west of Seoul, in partnership with local electric scooter sharing services provider Kickgoing. The two will verify usability and safety of electric scooter wireless charging solutions for the next six months before they expand to cover Seo
May 17, 2021
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Top 4 conglomerates eye W40tr of investments ahead of Korea-US summit
South Korea’s top four conglomerates are reviewing investments worth 40 trillion won ($35.5 billion) in the US as President Moon Jae-in prepares for his first summit with President Joe Biden on Friday. Industry watchers say that although investments from Samsung, Hyundai, SK and LG are intended to respond to Biden’s protective policies -- such as strengthening chip and battery supply chains, the Buy American policy and Green New Deal initiative -- they are likely to act as a dipl
May 16, 2021
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LG Chem invests W40b into Chinese EV battery copper foil maker DeFu
LG Chem has purchased shares worth 40 billion won ($35.5 million) in Jiujiang DeFu Technology, a Chinese firm that manufactures copper foils for electric vehicle batteries, the firm said Sunday. A copper foil is a sheet of copper 15 times thinner than a strand of hair. Copper foil is where electricity flows in battery’s anodes, or the negative side. The thinner the copper foils are, the more materials can be packed inside, making batteries more powerful. DeFu is the No. 3 copper foil
May 16, 2021
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[Exclusive] Samsung SDI chief to visit Hungary battery plant in June
Samsung SDI President and CEO Jun Young-hyun is expected to visit Hungary next month, where the firm is currently building its second factory for electric vehicle batteries, industry sources with knowledge of the matter said Sunday. The visit would be Jun’s first overseas trip since the pandemic broke out last year. Jun has received the first jab of the two-shot vaccine regimen for the trip and will be accompanied by a vice president, according to the industry sources. In response to a
May 16, 2021
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[Newsmaker] Paid ‘vaccination leave’ spreading among big firms
Major conglomerates in South Korea are introducing paid leave of 1-3 days for workers who get COVID-19 vaccine shots, following the government’s recommendation. CJ Group was the latest to announce it would introduce the system, allowing its employees to take two days off work -- the day of the vaccination and the day after. Those who suffer from side effects of the vaccine can take one more day off paid, without a doctor’s note, the company said. The vaccination leave is also g
May 16, 2021
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McDonald’s to introduce uniform with Hangeul characters for BTS meal
Hangeul, the Korean alphabet, will be seen in McDonald’s in its outlets across the world starting this month. McDonald’s, the fast food restaurant chain, is teaming up with BTS to release a new celebrity meal on May 26. The meal will be sold in a total of 49 countries for a month. During this time, employees will wear a uniform with Hangeul designs to go along with the collaboration. SAINTS, a global fashion media brand, released the uniform design on Thursday. The crew T-shirts,
May 15, 2021
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Kepco sees operating profit surge 33% to W571.6b
Korea Electric Power Corp. said Friday its operating profit for the first quarter surged 32.8 percent on-year to 571.6 billion won ($505.9 million), while its revenue fell 0.1 percent to 15 trillion won in the same period. The state-owned, electricity-focused utility said that it saved 192.1 billion won in fuel costs as global fuel prices are staying low due to lack of demand amid the coronavirus outbreak. South Korea is currently almost wholly dependent on fuel imports in producing electricit
May 14, 2021
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LIG Nex1 inks W164b deal for Korean-made maritime surveillance radar
LIG Nex1 has signed a deal worth 164 billion won ($14.5 million) with the Defense Acquisition Program Administration to mass produce Korean-made maritime surveillance radar, officials said Friday. The Maritime Surveillance Radar-II, developed by LIG Nex1 and to be deployed to the military starting next year, offers greater detection capabilities than existing radars made with technologies borrowed from the US defense firms, according to the DAPA. The radar is enveloped in a dome and therefo
May 14, 2021
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Hanwha enjoys operating profit jump of 186% in Q1
Hanwha Group, the seventh-largest conglomerate in South Korea, said Friday that its operating profit for the first quarter spiked to 848.5 billion won ($751.6 million), up 186 percent on-year. The net profit also soared 343.94 percent during the same period to 819.9 billion won, largely on the back of the group’s disposal of unprofitable businesses. Its revenue slipped 11.23 percent to 12.8 trillion won. Hanwha Group’s better-than-expected performance was propelled by key affiliat
May 14, 2021
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CJ Group joins other companies in offering paid vaccination leave
South Korea‘s food and entertainment conglomerate CJ Group said Friday it will start offering paid leave of up to three days to employees who get vaccinated for COVID-19. Including the day of vaccination, two more paid days off will be provided for each of the two shots and an additional day to those who experience symptoms from vaccination. “After a staff meeting last week where opinions on vaccine leave were heard, we decided to take on board those that are in the best interests
May 14, 2021
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Hyundai, Kia to suspend plants next week on chip shortages
Hyundai Motor Co. and its affiliate Kia Corp. said Friday they will suspend some of their assembly lines for several days next week due to semiconductor shortages. Hyundai Motor plans to halt the No. 5 Ulsan plant, which produces the Tucson sport utility vehicle and the Nexo hydrogen fuel-cell electric vehicle, from Monday to Tuesday and the No. 3 Ulsan plant that produces the Avante compact and the Venue subcompact on Tuesday, a company spokesman said. Hyundai suspended the No. 1 Ulsan plant
May 14, 2021
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Samsung Biologics says nothing decided on Moderna vaccine production
Samsung Biologics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group, said Friday that it has not been decided yet whether it will manufacture Moderna Inc.'s COVID-19 vaccines here. A slew of local newspapers reported that Samsung Biologics is close to signing a contract manufacturing organization (CMO) contract to manufacture the US drug firm's mRNA vaccine against the novel coronavirus at plants in Songdo, west of Incheon. "Nothing has been decided yet," Sams
May 14, 2021
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Hyundai Motor to invest W8.1tr in US for EV output by 2025
Hyundai Motor Group said Friday it will invest 8.1 trillion won ($7.4 billion) in the United States by 2025 to produce electric vehicles, improve production facilities and increase its presence in the smart mobility solutions area. Hyundai Motor Co., the flagship of the country's top automaking group, plans to produce EVs in its Alabama plant starting next year and its affiliate Kia Corp. also has a plan to roll out EVs in its Georgia plant, Hyundai Motor America said in a statement. Hyundai a
May 14, 2021
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MetaverseSociety announces MarX Project to deliver DeFi-NFT platform
David Doyeon Kim, CEO of MetaverseSociety, has announced the MarX project amid the increasing cryptocurrency and blockchain technology boom. The project aims to remove the unfair intermediate distribution system and build a virtual ecosystem through the DeFi-NFT platform for a direct trade between value generators and value customers. Although there were similar projects before, they failed to create a business ecosystem. MarX Project, on the other hand, began with a basic structure that can u
May 13, 2021
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Major business leaders to accompany Moon on US summit trip
Leaders of South Korea’s major conglomerates will accompany President Moon Jae-in on his trip to the United States for his first summit with US President Joe Biden, industry sources said Thursday. Unlike previous presidential visits, this one will not include an official business delegation due to safety concerns amid the COVID-19 pandemic. Still, the government has reportedly asked select companies in the fields of semiconductors, biopharmaceuticals and batteries to join Moon, as wel
May 13, 2021
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S. Korea top shipper HMM sees boom amid global demand surge
While HMM Co., formerly known as Hyundai Merchant Marine, saw its stock value zoom upward amid soaring shipping demands, market responses remained divided on whether the nation’s top shipper can maintain its bullish run throughout the year. The company and its creditors remained hopeful, citing the successful synergy of business strategy and government policy actions, but some observers pointed out that the shipper should take more precautions in expanding ship orders. The company saw i
May 13, 2021
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UN office demands explanation on Korean firms’ alleged link to Xinjiang rights issue
The United Nations on Thursday accused South Korean companies, including Samsung and LG, to have allegedly sourced items from factories in China’s Xinjiang region that has been embroiled in forced labor allegations. According to the Office of the UN High Commissioner for Human Rights, its special rapporteurs dealing with issues including slavery, torture and human trafficking sent a letter to the Korean government on Wednesday demanding explanations on the case. “We note that the
May 13, 2021
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FTC gives go ahead for merger deal between V Live and Weverse
The Korea Fair Trade Commission said on Thursday it has approved a merger deal between web portal giant Naver’s streaming platform V Live and Weverse, a fan community platform created by entertainment company HYBE. The decision, which was made last week, comes after the FTC concluded the move is unlikely to reduce competition in the market following a review. Following a greenlight from the regulators, the move will see Weverse Company, a subsidiary of HYBE, take over V Live and Naver wi
May 13, 2021