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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Doosan Heavy teams up with state utility firm for hydrogen biz
South Korean power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has signed a deal with Korea Hydro & Nuclear Power Co. (KHNP) to cooperate on hydrogen-related business. Under the deal, Doosan Heavy and nuclear power plant operator KHNP will develop technologies to produce and store hydrogen by using small- and mid-sized nuclear reactors and water power systems. Doosan Heavy also said its fuel cell manufacturing affiliate Doosan Fuel Cell Co., which has
May 13, 2021
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SK Innovation suffers loss in Q1 on EV battery settlement
SK Innovation Co., South Korea's refinery-to-battery company, said Thursday it continued to suffer losses in the first quarter despite its strong earnings from its petrochemical business as it reflected hefty settlement costs for a battery suit with its bigger rival LG Energy Solution Ltd. SK Innovation booked a net loss of 368.1 billion won ($325.3 million) in the January-March period, narrowing from 1.5 trillion won of loss from the pandemic-driven slump a year earlier. Its operating profit
May 13, 2021
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Samsung Heavy completes LNG-related R&D plant
South Korea's leading shipbuilder Samsung Heavy Industries said Wednesday that it has completed a research and development plant related to liquefied natural gas. The plant set up at its shipyard on Geoje Island, 398 kilometers south of Seoul, will develop and test key technologies needed to transport, store and supply LNG, Samsung Heavy Industries said. The R&D plant will help the shipbuilder widen the technological gap with other rivals in manufacturing LNG carriers and LNG-propelled sh
May 12, 2021
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Samsung BioLogics denies report on Pfizer vaccine production
Samsung BioLogics on Wednesday denied a local report which said it was preparing to begin production of Pfizer’s COVID-19 vaccine as early as August. The biotech arm of Samsung Group, headquartered in Songdo, Incheon, said the report from Korea Economic Daily was “not factual” in a filing to the Korea’s main stock exchange. The report in question said Samsung BioLogics was in talks for the contract-manufacturing deal with Pfizer and its Songdo production plant is capa
May 12, 2021
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S-Oil launches ESG committee
S-Oil said Wednesday that it has established an environmental, social and governance committee to step up its sustainability management. “The committee will conduct systematic, integrated management of ESG activities,” a company official said. The committee, which will convene a regular meeting every quarter, consists of seven members each in charge of business management strategy, corporate affairs, safety and environment, refinery innovation and coordination, finance, complia
May 12, 2021
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Hanwha lands W5tr from KDB to finance green business
Hanwha Group has clinched a 5 trillion won ($4.4 billion) commitment from the Korea Development Bank to finance its environmental, social and governance efforts over the next five years, the company said Wednesday. According to South Korea’s seventh-largest conglomerate, the money will be used to acquire and operate eco-friendly solar and hydrogen businesses, as well as to invest in facilities. “Hanwha Group will prepare the next decade as the green energy leader by advancing
May 12, 2021
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FTC set to revise definition of ‘chaebol owner’
South Korea’s antitrust watchdog will take steps to revise the current regulatory definition of “conglomerate owner,” seeking to expand the range of the term. The move came in the wake of public disputes regarding an earlier decision that e-commerce platform Coupang’s founder and chief Kim Bom-suk could not be seen as the controlling shareholder due to his US citizenship. “(The regulations regarding the definition of controlling shareholder) should be applied t
May 12, 2021
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Hyundai Mobis vows to attain top safety level by 2025
Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, has vowed to raise its safety management capacities to the industry’s top level by 2025, as part of its mid- and long-term vision for sustainability. The company on Wednesday held a proclamation ceremony at its headquarters in Seoul’s Seocho-gu, laying out the road map for safety management system. This latest action reflected the safety-focused policies of Cho Sung-hwang, who was named as the company’s n
May 12, 2021
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Samsung researcher to lead largest working group in 3GPP
Samsung Electronics Co. said Wednesday that one of its senior researchers will head the largest working group in a global mobile telecommunication standards organization, boasting of its leadership in the wireless communications sector. Kim Youn-sun, a master at Samsung Research, was elected to the chair of Radio Access Networking Group 1 (RAN WG1) at a 3rd Generation Partnership Project (3GPP) meeting on Tuesday, according to the tech giant. This is the first time that a South Korean has beco
May 12, 2021
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Samsung's presence in DRAM market slightly down in Q1: report
Samsung Electronics Co.'s share in the global DRAM market declined slightly in the first quarter of the year, a report showed Wednesday, though it maintained the dominant status amid bullish demand for memory. The South Korean tech giant posted a 42 percent share of the global DRAM flash market in terms of revenue in the January-March period, down only 0.1 percentage point from a quarter earlier, according to market tracker TrendForce. Samsung's revenue came to $8.07 billion in the first three
May 12, 2021
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Samsung Electronics keeps No. 1 spot on S. Korea's top 500 firms' list
Global tech titan Samsung Electronics Co. retained the No. 1 spot on the list of South Korea's top 500 companies in 2020, with 44 companies newly making the list, a corporate tracker said Wednesday. Samsung Electronics, the flagship of South Korea's leading family-controlled conglomerate Samsung Group, remained the biggest company by sales last year, with its top line reaching 236.8 trillion won ($212 billion). Leading automaker Hyundai Motor Co., the marquee unit of automaking behemoth Hyunda
May 12, 2021
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LG Uplus to invest over W300b to build new data center
LG Uplus Corp., a major South Korean telecom operator, said Tuesday it will invest more than 300 billion won ($267.9 million) to build a new internet data center amid growing user demand. The company said in a regulatory filing that it will invest 318.1 billion won for a new internet data center from June 1 until Dec. 31, 2023. The move comes after LG Uplus CEO Hwang Hyeon-sik vowed earlier this year to focus on new businesses aimed at corporate customers. LG Uplus currently operates four in
May 11, 2021
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[News Focus] Samsung estate sparks debate on inheritance tax
The inheritance process for the wealth of the late Samsung Group tycoon rekindled a chronic legislation debate here – the country’s inheritance tax rate that is one of the world’s highest. While business circles took the occasion to call for a revision of the current taxation system, authorities continued to draw a line in the debate, refraining from what may seem to be a privilege for the Samsung empire. Some market observers, while consenting to the tax system itself, cla
May 11, 2021
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SK Inc. invests W40b in next-gen lithium-metal battery developer SES
SK Inc. said Tuesday it has invested an additional 40 billion won ($35.7 million) into a next-generation lithium-metal battery developer Solid Energy Systems after making an initial investment of 30 billion won in 2018. According to the holding firm of SK Group, the investment will allow the company to become the third-largest shareholder of SES after Singapore’s sovereign wealth fund Temasek and SES founder and CEO Qichao Hu. SES, which started as a spinoff of the Massachusetts Insti
May 11, 2021
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Hanwha Solutions logs record net profit in Q1
Hanwha Solutions said Tuesday that its net profit in the first quarter surged 500 percent on-year to 385.2 billion won ($344.1 million), a record quarterly figure. Revenue increased 6.9 percent to 2.4 trillion won and operating profit spiked 52.4 percent to 254.6 billion won in the same period. “The record performance was propelled by a booming petrochemical business and the liquidation of some Galleria department store buildings,” a company official said. Hanwha Solutions was l
May 11, 2021
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S. Korea reviews cybersecurity readiness amid US pipeline disruptions
South Korea's industry ministry said Tuesday it is examining its cybersecurity readiness of its energy-related infrastructure, as the United States grapples with a major ransomware attack that has disrupted its pipeline system. Industry Minister Moon Sung-wook held a virtual meeting with officials from state-run energy firms to thoroughly prepare for potential cyberattacks, according to the Ministry of Trade, Industry and Energy. Last week, US-based Colonial Pipeline, a major pipeline system o
May 11, 2021
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Government urged to take swift action as small businesses reel from COVID-19
Self-employed business owners suffered a major setback last year, with half of all sectors posting revenue drops from the previous year totaling 19.4 trillion won ($17.42 billion), new data revealed Tuesday. According to data from the National Tax Service obtained by Rep. Choo Kyung-ho of the main opposition People Power Party, 29 out of 52 categories of self-employed business owners saw their revenue drop last year, with restaurateurs suffering the biggest loss as they saw 5.73 trillion evapor
May 11, 2021
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Samsung loses top spot in 4 Southeast Asian smartphone markets in Q1: report
Samsung Electronics Co. lost its top spot in four major smartphone markets in Southeast Asia in the first quarter of the year, a report showed Tuesday, as it faced intensified competition with Chinese brands in the region. The South Korean tech giant logged a 19 percent market share in Indonesia, the Philippines, Thailand and Vietnam in the January-March period, down from 22 percent a year earlier and slipped to the runner-up spot, according to the latest report from market researcher Counterpo
May 11, 2021
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KT Q1 net surges on 5G user growth, new tech biz
KT Corp., a South Korean telecom giant, said Tuesday its first-quarter net profit rose 43.7 percent from a year earlier on the back of growth in 5G users and new tech businesses. Net income for the January-March period stood at 326.5 billion won ($292 million) on a consolidated basis, compared with 227.2 billion won from a year earlier, according to a company regulatory filing. Operating profit reached 444.2 billion won, up 15.4 percent over the cited period, while sales increased 3.4 percent
May 11, 2021
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S. Korean shipbuilders lag behind Chinese rivals in new orders in April
South Korean shipbuilders lost their No. 1 ranking to Chinese rivals in terms of new orders in April, nine months after taking the top spot since July, industry data showed Tuesday. South Korean shipbuilders led by Hyundai Heavy Industries Co. obtained new orders of 34 ships, or 1.19 million compensated gross tons (CGTs), falling behind their Chinese rivals with 53 ships, or 1.64 million CGTs, according to the data provided by global market researcher Clarkson Research Service. South Korean sh
May 11, 2021