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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KT may face class action lawsuit over internet speed
KT, one of South Korea’s big three telecom carriers, faces a potential class action from gigabit internet service subscribers over allegations that the firm signed onto the plans even those living in areas unequipped with the infrastructure to accommodate the high-speed internet services. Kim Jin-wook, an attorney at Seoul-based law firm Joowon, announced Wednesday that he is recruiting prospective plaintiffs through a class action platform Angry People. “According to media rep
May 5, 2021
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Renault Samsung shuts down plant amid labor strike
The labor-management feud escalated Tuesday within Renault Samsung, the South Korean unit of the French carmaker, as the company temporarily shut down its plant amid continued union strikes for a wage hike, officials said Tuesday. As the heightened discord has come amid sluggish sales and a prolonged global semiconductor shortage, CEO Dominique Signora sent out a warning signal to union workers, assuming a hard-line stance on the situation. “We are in urgent need to cut down costs dur
May 4, 2021
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Kakao Games sees net profit jump 68% in Q1
Kakao Games, the gaming unit of the country’s leading messenger app operator, reported a 68 percent jump in net profit to 18.3 billion won ($16.3 million) in the first quarter on-year, the company announced Tuesday. Sales rose 35 percent to 130.1 billion won, while operating profit increased 23 percent to 15.6 billion won in the same period. By division, the firm’s online PC game segment reaped 51.1 billion won in sales, a 19 percent increase on-year, buoyed by the solid perfor
May 4, 2021
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Incheon Airport signs deal with Israel Aerospace Industries to build aircraft conversion center
Incheon International Airport Corporation on Tuesday signed a memorandum of agreement with Israel’s state-owned aerospace and aviation manufacturer, Israel Aerospace Industries, to build an aircraft conversion center at Incheon Airport. The deal will see IIAC begin work on building infrastructure, with production of the first batch of passenger-to-freighter converted aircraft set to begin in 2024 in collaboration with South Korean aviation service company Sharp Technics K. After fending
May 4, 2021
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Doosan Bobcat to invest W77b for US plant expansion
Small-sized construction equipment maker Doosan Bobcat Inc. said Tuesday that it will spend 77 billion won ($68.6 million) to expand one of its US plants in a bid to meet growing demand. The plant located in Statesville, North Carolina, produces compact tractors and portable power stations, or compact battery-powered generators, Doosan Bobcat said. The expansion is aimed at meeting steadily increasing demands for grounds maintenance equipment (GME), such as ride-on mowers and hedge cutters, th
May 4, 2021
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Renault Samsung workers to stage strike again over wages
Unionized workers at Renault Samsung Motors Corp. said Monday they have decided to lay down their tools again to demand a wage hike. Renault Samsung's 1,900-strong workforce will launch an eight-hour strike at their plant in Busan, around 450 kilometers south of Seoul, on Tuesday as they are not satisfied with the company's wage proposals. The announcement came as they staged a six-hour strike Monday. They previously launched an eight-hour strike last Friday. The union and
May 3, 2021
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Samsung heirs sign on donation for SNU Hospital
Samsung Electronics and Seoul National University Hospital agreed on Monday to launch an official team to coordinate a 300 billion won ($267 million) donation from the bereaved family of the late Samsung Chairman Lee Kun-hee for children with cancer and rare diseases. On behalf of the Lees, Samsung Electronics Presidents Sung In-hee and Rhee In-yong, in charge of social contributions and corporate relations, attended the ceremony with Seoul National University Hospital President Kim Yon-su and
May 3, 2021
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All-new LX Holdings sets sail under Koo Bon-joon’s lead
LX Holdings, which has spun off from LG Group, on Monday held an inaugural event and board meeting to officially mark its business kickoff and name Koo Bon-joon as its first CEO and chairman. The newly-launched business group is expected to exert all of its effort into phasing out of the LG brand in order to gain an independent position in the market. “Today, we sail off under the name LX, hopeful, yet also a little tense, over what may be awaiting us down the road,” Koo was quoted
May 3, 2021
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[Herald Interview] COVID-19, a perfect storm for Lime Korea
A blessing in disguise. No other idiom can better describe what the coronavirus outbreak has meant for Lime, the world’s leading operator of rented electric scooters and bikes. When the pandemic first broke out, communities shut down, and so did riders. Lime lost 95 percent of its ridership. But as the weather got nicer, “much of that revenue has come back,” says Lime CEO Wayne Ting. Lime recorded its first profitable quarter in the July-September period last year, as incre
May 3, 2021
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Solus Advanced Materials ramps up 5G copper foil production in Luxembourg
Solus Advanced Materials will increase the capacity of its copper foil plant in Luxembourg to 15,000 metric tons from the current 12,000 tons by the end of this year to meet growing demand for 5G network equipment, the company said Monday. The Luxembourg plant manufactures two types of high-end copper foils. Low-loss copper foils, which minimize signal losses, are used for 5G data centers and satellite communications, while high-frequency copper foils, which offer greater signal speed, are u
May 3, 2021
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Hankook Tire Q1 net jumps 53% on base effect
Hankook Tire & Technology Co. said Monday its first-quarter net profit jumped 53 percent from a year earlier on a base effect amid the extended COVID-19 pandemic. Net profit jumped to 149.47 billion won ($133 million) for the three months that ended on March 31 from 97.66 billion won in the same period of last year, the company said in a statement. "Corporate taxes were factored in the year-ago quarterly bottom line, but in this past quarter, there was not such a one-off cost factor,&
May 3, 2021
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GM Korea's April sales dip 25% amid pandemic slump
GM Korea Co. said Monday its sales retreated 25.4 percent last month from a year earlier on weak demand at home and abroad. The South Korean unit of General Motors Co. sold 21,455 vehicles in April, down from 28,749 units the previous year, the company said in a statement. Domestic sales dropped 18.4 percent on-year to 5,470 units, and exports sank 27.5 percent to 15,985 autos over the cited period, it said. The Detroit carmaker has three Korean plants -- two in Bupyeong and one in Changwon -
May 3, 2021
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Kia's April sales jump 78% on strong exports
Kia Corp., South Korea's second-largest automaker, said Monday its sales soared 78 percent last month from a year earlier on a low base effect and solid demand for SUVs. Kia sold 249,734 vehicles in April, up from 140,262 units a year ago, the company said in a statement. Domestic sales reached 51,128 units last month, climbing 1.5 percent from a year earlier. Overseas sales vaulted 120.9 percent on-year to 198,606 units due to the low base effect from last year when the COVID-19 pandemic hit
May 3, 2021
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Hyundai's April sales more than double on SUV demand
Hyundai Motor Co. said Monday its sales more than doubled last month from a year earlier on robust demand for its SUV models despite the COVID-19 pandemic. The country's biggest carmaker sold 345,777 vehicles in April, up from 167,693 units a year earlier, helped by strong demand for the Palisade SUV, the Nexo hydrogen fuel-cell electric vehicle, and the Genesis GV70 and GV80 SUVs, the company said in a statement. On top of robust SUV sales, the company benefited from a base effect, in which i
May 3, 2021
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Renault Samsung's April sales sink 28.6% on weak domestic demand
Renault Samsung Motors Corp. said Monday its sales fell 28.6 percent last month from a year earlier due to weak domestic demand. The South Korean unit of Renault S.A. sold 9,344 vehicles in April, down from 13,087 units a year earlier, the company said in a statement. Domestic sales tumbled 50.4 percent on-year to 5,446 units last month, while exports jumped 87.2 percent to 3,878 units over the cited period, XM3 the company said. French automaker Renault holds an 81 percent stake in Renault S
May 3, 2021
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SsangYong's April sales dip 36% on weak domestic demand
SsangYong Motor Co. said Monday its sales fell 36 percent last month from a year earlier due mainly to lower demand at home amid the extended COVID-19 pandemic. SsangYong Motor sold 4,351 vehicles in April, down from 6,813 units a year earlier, the company said in a statement. Exports rose 30 percent to 1,033 units last month from 796 a year ago, but domestic sales declined 45 percent to 3,318 units from 6,017 during the cited period, it said. From January to April, sales also fell 26 percent
May 3, 2021
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Samsung heir becomes S. Korea's richest stockholder after inheritance
Lee Jae-young, vice chairman of global tech titan Samsung Electronics Co., has emerged as South Korea's richest stockholder following inheriting stocks from his late father, a corporate tracker said Monday. Lee's mother and his two sisters also ranked second to fourth, with Kim Beom-su, founder and chief of South Korea's top mobile messenger operator Kakao Corp, dropping to fifth, according to CXO Institute. The value of Lee's stock holdings stood at 15.62 trillion won ($14 billion) as of Frid
May 3, 2021
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Korea Shipbuilding wins W210b order for 1 LNG carrier
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed a 209.9 billion won ($187.6 million) deal to build a liquefied natural gas (LNG) carrier. Under the deal with a European company, Hyundai Samho Heavy Industries Co, a unit of KSOE, will build and deliver the vessel by October 2023, KSOE said in a regulatory filing. The shipbuilder did not reveal the namer of the buyer. KSOE has three shipbuilding subsidiaries -- Hyundai Heavy Industries Co., Hyundai Samho
May 3, 2021
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S. Korea accounts for 31% of global EV battery market in Q1
Three South Korean electric vehicle (EV) battery makers accounted for 31 percent of the global market in the first quarter, but their share has slipped since last year in the face of toughening competition with Chinese rivals, a market research firm said Monday. The trio -- LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. -- supplied a combined 47.8 gigawatt-hour (GWh) equivalents of EV batteries in the January-March period, up 127 percent from a year earlier, according to the dat
May 3, 2021
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Industrial output index hits record high in Q1 amid economic recovery
South Korea's industrial output index hit a record high in the first quarter as Asia's fourth-largest economy is recovering from pandemic-driven slumps, supported by robust exports, data showed Monday. The index gauging industrial production came to 111.2 in the January-March period, up 1.7 percent from 109.3 three months earlier, according to the data from Statistics Korea. The reading marked the highest since the first quarter of 2000, when the statistics agency began compiling related data.
May 3, 2021