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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LG Electronics H&A unit drawing keen attention after record Q1 earnings
Keen market attention is now focused on the future performance of LG Electronics Inc.'s home appliance and air solution (H&A) unit following its record earnings in the first quarter of the year, analysts said Monday. LG Electronics said Thursday the operating profit of its H&A division came to an all-time high of 919.9 billion won ($824 million) for the January-March period, up 22.1 percent from a year earlier. Sales of the electronics giant's flagship unit also soared 23.8 percent on-y
May 3, 2021
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[News Focus] Storied succession comes to end at Samsung
Samsung’s ownership family on Friday announced how the late group Chairman Lee Kun-hee’s Samsung stocks would be distributed among its members. Many local analysts saw it as the finale in a long, storied process of passing down control over the colossal corporate empire to the third-generation leader, Lee Jae-yong. The junior Lee, the deceased’s only son who had run the group on behalf of his bedridden father since 2014, inherited half of his holdings in Samsung Life Insuranc
May 2, 2021
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LG Chem goes on hiring spree for advanced materials foray
LG Chem is set to fill hundreds of positions in its advanced materials division as it prepares for an aggressive expansion into new business areas and markets, the company said Sunday. The company’s upcoming hiring period will be its most active since the division was established in 2019, it added. According to LG Chem, the company is seeking talent in all the business segments where it operates, from battery materials to postconsumer recycled plastics, organic light-emitting diodes a
May 2, 2021
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FTC to review Samsung self-dealing in cafeterias
South Korea’s antitrust watchdog will meet to weigh the penalties to impose on Samsung Group later this month over accusations that it has unfairly favored one of its subsidiaries for in-house cafeteria businesses. The Fair Trade Commission will hold a two-day meeting sometime around May 26 and hear opinions from major Samsung subsidiaries before finalizing the level of punishment, according to industry sources. Though the meeting often takes a day with all nine members present including
May 2, 2021
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Korean shipbuilders account for over 70% of LPG carrier orders
South Korean shipbuilders are leading the race for liquefied petroleum gas carriers as they have secured over 70 percent of shipbuilding orders this year so far, new data has revealed. According to shipping and offshore data researcher Clarksons Research on Sunday, a total of 44 LPG-fueled vessels totaling 1.06 million compensated gross tons have been ordered worldwide this year as of late last month. Among those, South Korean shipbuilders bagged orders that amount to 31 LPG tankers, or nearly
May 2, 2021
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HMM deploys one new ship to US to cope with soaring freight rates
South Korea's leading shipper, HMM Co., said Sunday it has deployed one additional ship to the United States to cope with soaring freight costs amid the new coronavirus pandemic. HMM said a 5,000 twenty-foot-equivalent unit (TEU) ship carrying local companies' containers departed from the southeastern port city of Busan earlier in the day and is expected to arrive at a port in Los Angeles on May 13. HMM has operated 21 temporary ships since August, with 15 covering US routes, to handle a shar
May 2, 2021
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Local craft beers gain popularity in S. Korea
South Korea's homegrown craft beer has increasingly gained popularity over recent years, industry data showed Sunday, as local brewers offer a wide range of flavors at competitive prices. The local craft beer market was valued at 118 billion won ($105.6 million) as of 2020, sharply up from 43.3 billion won in 2017, according to data by the Korea Craft Brewers' Association. Jeju Beer Company, based on the southern resort island of Jeju, was the nation's leading craft brewer, booking 33.5 billi
May 2, 2021
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LG Group launches new holding firm LX Holdings
South Korean conglomerate LG Group has launched its new holding firm with about 8 trillion won ($7.1 billion) of assets as part of its restructuring plan, company officials said Sunday. The new holding firm named LX Holdings has five LG affiliates under its wing -- LG International Corp., LG Hausys Ltd., LG MMA Corp., Silicon Works Co. and Pantos Co. In November, LG Group decided to hive off some affiliates for Koo Bon-joon, an uncle of current LG Group Chairman Koo Kwang-mo and a younger brot
May 2, 2021
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Renault Samsung workers hold strike amid pandemic
Unionized workers at Renault Samsung Motors Corp. held a strike at the company's sole domestic plant on Friday to demand a wage hike for the year of 2020 amid the coronavirus pandemic, the union said. Renault Samsung's 1,900-strong union staged a general strike at the Busan plant, 450 kilometers south of Seoul, as they are not satisfied with the company's proposals, a union spokesman said. The union demanded an increase of 71,687 won (US$64) in monthly basic pay and a bonus of 7 million wo
April 30, 2021
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Lee Jae-yong inherits 50% of Samsung Life shares
Lee Jae-yong, the eldest son of the late Samsung Chairman Lee Kun-hee, officially became the leader of the Samsung empire by inheriting 50 percent of his father’s stake in Samsung Life Insurance, the company’s regulatory filing showed Friday. Lee received more than 20 million shares of the life insurer, owning a 10.44 percent stake in the affiliate, according to the filing. Samsung C&T, the construction arm and de facto holding company of Samsung Group, remains the largest sh
April 30, 2021
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[From the Scene] At Drone Show Korea 2021, everyone wants a slice in the sky
BUSAN -- Beneath the clear, open sky, hundreds of drones were on display at Drone Show Korea 2021, held Thursday at Bexco in Busan, where companies big and small gathered to suggest their vision for the future drone industry. In the case of national flag carrier Korean Air, the message was clear -- drone business is all about control. “Korean Air’s main focus is the (drone) air traffic control system because we have more than five decades of experience as an aircraft operator,&rdqu
April 30, 2021
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Memory prices up sharply, boding well for S. Korean chipmakers
Memory chip prices are rising sharply amid a global semiconductor shortage, industry data showed Friday, boding well for South Korean chipmakers that dominate the sector. The contract price of 8-gigabit DDR4 DRAM, which is widely used in personal computers, reached $3.80 for this month, up 26.67 percent from the previous month, according to TrendForce. It marks the largest monthly increase since January 2017, when the contract price of the product soared 35.8 percent. The contract price had b
April 30, 2021
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Lotte E&C wins $110m order from Singapore
Lotte Engineering & Construction Co. said Friday that its joint venture has won a $146.9 million ($110.7 million) deal to build a transport hub in Singapore in the first entry into the city state. Under the deal with the Singapore Land Transport Authority, Lotte E&C and its Singaporean partner Bintai Kindenko Pte Ltd. will be responsible for design and installation of mechanical and electrical works for the Jurong East integrated transport hub. The project comprises community and civic
April 30, 2021
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[Exclusive] Posco to launch new entity to recycle LGES batteries
South Korea’s leading steelmaker Posco has set up a new entity in Europe and will launch another one in Korea to recycle LG Energy Solution’s electric vehicle batteries, according to industry officials. “The new entity has been established in Poland recently and we are in the process of forming another one in Gwangyang, South Jeolla Province, which is currently awaiting approval,” a Posco official said Friday. The new entity in Poland will collect defective batteries f
April 30, 2021
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Daewoo Shipbuilding wins W184.5b order for 2 LPG carriers
Daewoo Shipbuilding & Marine Engineering Co. said Friday that it has signed a 184.5 billion won ($166.5 million) deal to build two liquefied petroleum gas (LPG) carriers. Under the deal with local shipper Hyundai LNG Shipping Co., Daewoo Shipbuilding will deliver the vessels by the fourth quarter of 2023, the shipbuilder said. Hyundai LNG Shipping is a local shipper specialized in liquefied natural gas (LNG) transportation. Daewoo Shipbuilding has won orders of 24 ships, including 11 oil
April 30, 2021
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Samsung ranks 2nd in Q1 smartphone revenue: report
Samsung Electronics Co. was the runner-up in the first-quarter smartphone market in terms of revenue, a report showed Friday, though it was the top vendor by volume. The South Korean tech titan logged a revenue share of 17.5 percent in the January-March period, down from 20.2 percent a year earlier, according to market tracker Counterpoint Research. Samsung was the only brand among the top five to see its revenue share decline as others expanded their presence. Apple Inc. defended its top s
April 30, 2021
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Samsung maintains 2nd spot in tablet market in Q1: report
Samsung Electronics Co. remained the world's second-largest tablet computer vendor in the first quarter of the year, a report showed Friday, amid the market's robust growth driven by the stay-at-home economy. The South Korean giant logged a market share of 20 percent in the January-March period, after shipping 8 million Galaxy Tab tablets, up 60.8 percent from a year ago, according to market researcher International Data Corp. (IDC). Apple Inc. defended its top position with a 31.7 percent sha
April 30, 2021
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Samsung slips to 4th in 5G smartphone market in Q1: report
Samsung Electronics Co. lost its leading position in the global 5G smartphone market to rank fourth in the first quarter of the year, a report showed Friday, as Apple Inc. and Chinese makers expanded their presence with new devices. Samsung's share in the 5G smartphone market stood at 12.7 percent in the January-March period, down from 34.6 percent a year ago, according to market researcher Strategy Analytics. The South Korean tech giant shipped 17 million 5G smartphones in the first three mon
April 30, 2021
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S. Korea's functional food market growing rapidly amid pandemic
The South Korean market of functional foods is growing fast amid greater awareness of health amid the coronavirus pandemic, a report showed Friday. Sales of red ginseng and other health functional foods came to 4.9 trillion won ($4.42 billion) in 2020, up 40 percent from four years earlier, according to the report by MezzoMedia, a local digital marketing solution company. Red ginseng was the top-selling product with sales of 1.43 trillion won, followed by probiotics with 885.6 billion won and
April 30, 2021
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Watchdog views Coupang as 'conglomerate'
South Korea’s antitrust regulator on Thursday included Coupang on its list of “large business groups,” henceforth imposing heavier corporate disclosure and compliance obligations on the e-commerce operator that had previously remained in the startup arena. The platform’s founder and chief Kim Bom-suk, however, was not deemed the de facto controlling shareholder on the basis of his US citizenship, rekindling skepticism on the validity of the current regulatory framework.
April 29, 2021