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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Posco to increase social contributions, strengthen ESG drive
Posco has pledged to increase its social contributions while embracing the emerging trend of environmental, social and corporate governance, or ESG, management around the globe, the company said Thursday. South Korea’s leading steelmaker in 2018 launched its management initiative called “corporate citizenship” and pledged to expand its support for the betterment of society. Celebrating the fourth year since the company started its support in a wide range of sectors, Posco h
April 29, 2021
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[Feature] Can Korea ditch Xinjiang polysilicon over forced labor?
Mounting allegations of forced labor in the Chinese region of Xinjiang have posed a conundrum for the global solar industry, and some say they could also drag down South Korea’s ambitious solar plans. Located in China’s far northwest, the region rife with allegations of human rights abuses is home to four of the world’s top five producers of polysilicon, a key raw material for most solar panels. Together, those four plants account for 40 percent of the global supply. In Ja
April 29, 2021
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[Exclusive] LX Holdings to co-use 'LX,' ends naming dispute
The soon-to-launch LX Holdings is close to settling a name dispute with the Korea Land and Geospatial Informatix -- a public agency which has been operating under the name LX for years. The two have decided to share the name, an official at the state-run institute LX told The Korea Herald on Thursday. “Both parties have agreed to use ‘LX’ name together and discussions are underway over how LX Holdings will make compensations to LX,” said the official. Set for an off
April 29, 2021
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LG Electronics delivers record earnings in Q1 on robust home appliance biz
LG Electronics Inc. on Thursday reported its best-ever quarterly earnings in the first quarter on the back of robust home appliance sales. The South Korean tech giant said it logged a net profit of 1.17 trillion won ($1.05 billion) in the January-March period on a consolidated basis, up from 1.08 trillion won a year ago. Its operating profit spiked 39.1 percent to 1.51 trillion won in the first three months of 2021, while sales jumped 27.7 percent on-year to 18.8 trillion won over the cited pe
April 29, 2021
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Korea Shipbuilding bags order for 4 very large gas carriers
Major South Korean shipyard Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has won a 365 billion-won ($329 million) order to build four very large gas carriers (VLGCs). KSOE, the shipbuilding subholding company of Hyundai Heavy Industries Group, said it has signed the contract with Asian and Liberian shipping lines. Hyundai Samho Heavy Industries Co., a unit of KSOE, will deliver the 86,000-cubic-meter carriers starting in 2023, KSOE said. The announcement of the ne
April 29, 2021
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Samsung suffers more than W300b loss due to monthlong Texas chip shutdown
Samsung Electronics Co. said Thursday that a monthlong shutdown at its US semiconductor plant cost it more than 300 billion won ($270 million) in losses, although the facility is now fully normalized. "There was a wafer production disruption due to the stopping and recovering of the fab," Han Seung-hoon, a senior vice president at Samsung's foundry business, said in a conference call. "About 71,000 wafers were affected, and this corresponds to around 300 to 400 billion won in dam
April 29, 2021
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Kia, SK Innovation team up for recycling of used EV batteries
South Korean automaker Kia Corp. and its battery supplier SK Innovation Co. will work together for the recycling of used electric vehicle (EV) batteries to secure valuable metals and reduce waste, the companies said Thursday. SK Innovation supplies lithium-ion batteries for Kia's EV6 and other EV models, and they have been working together to make use of spent batteries after forging a partnership in March 2020. The two companies said they will work together to process and reuse spent EV batte
April 29, 2021
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Naver Q1 net skyrockets to W15.3tr due to accounting profits
South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped 11,252.5 percent on-year during the first quarter due to accounting profits. Net profit reached 15.31 trillion won ($13.8 billion) during the January-April period, compared with 134.9 billion won in the previous year, the company said in a regulatory filing. The record profit in the first quarter is due to accounting profits reflected from the business integration of its messaging firm Line Corp. in Ja
April 29, 2021
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SK Telecom to support ESG startups with Microsoft, SAP
SK Telecom Co., South Korea's largest mobile carrier, said Thursday it has launched an alliance with global tech giants, including Microsoft Corp. and SAP, to support local startups in the environmental, social and governance (ESG) sectors. The alliance, named ESG Korea 2021, will offer information and communication technology-based solutions for startups that seek to solve social problems and help them measure their progress in the field, according to a statement from SK Telecom. It aims to s
April 29, 2021
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Samsung sees chip recovery in Q2 after forecast-beating Q1 results
Samsung Electronics Co. on Thursday expected its semiconductor business to rebound in the current quarter following mediocre performance, although its mobile unit is projected to suffer a profit decline after spearheading its strong first-quarter earnings. Samsung's net profit stood at 7.14 trillion won ($6.4 billion) in the January-March period, up 46.2 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing. Its operating profit jumped 4
April 29, 2021
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Samsung inheritance, a record unlikely to be broken
Samsung chief Lee Kun-hee died Oct. 25, 2020, as South Korea’s richest man, leaving behind a massive fortune that local reports have put at 30 trillion won ($27 billion) in total value. Nearly six months later, on Wednesday, his heirs -- wife Hong Ra-hee, son Lee Jae-yong, and daughters Lee Bu-jin and Lee Seo-hyun, reported an inheritance of nearly 20 trillion won to the tax authorities. The rest -- including Lee’s massive art collection, which some local reports say could be wo
April 28, 2021
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Samsung family to pay W12tr in inheritance tax
The heirs of the late Samsung Group Chairman Lee Kun-hee on Wednesday announced what will become of the late tycoon’s assets, which amount to over 30 trillion won ($27 billion), in the country’s biggest inheritance in recent history. According to a statement released by Samsung Electronics on behalf of the family, they plan to return much of that wealth to society. The unparalleled donation will include artworks and antiques worth nearly 10 trillion won, and 1 trillion won is to
April 28, 2021
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LS Group spearheads smart technologies for environment, solar industry
As the world transitions to renewable energy, demand for cables are growing as well, and LS Group is at the center of the transition. LS Group is a South Korean conglomerate in the metal and cable business that was spun off from LG Group in 2003. In his New Year’s message, LS Group Chairman Koo Ja-yeol laid out top priorities the group should pursue in the post-pandemic era -- cash generation, greater foothold overseas, digital transition, acceleration of eco-friendly initiatives and
April 28, 2021
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Transportation safety agency to inspect extension of Subway Line 7
The Korea Transportation Safety Authority (TS) will conduct a second round of safety inspections of an extension for Subway Line 7 before it begins operations, the transportation agency said Wednesday. The extension scheme, involving the Incheon Transit Corporation and the subway line operator Seoul Metropolitan Rapid Transit Corporation, involves an addition of three more stations to Subway Line 7 -- Bupyeong-gu Office Station, Sangok Station and Seoknam Station. The three stations are all l
April 28, 2021
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Lime makes Time’s list of 100 most influential companies
Lime said Wednesday it had been named as one of the world’s top 100 influential companies by Time magazine. According to the world’s leading e-scooter and e-bike operator, it has been categorized among the “disruptors,” along with 19 other companies including Tesla, Airbnb, Robinhood and Didi Chuxing. “Despite pandemic-related disruptions, the micro-mobility company announced its first profitable quarter last year and launched in dozens of new cities. In 2021,
April 28, 2021
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‘US-China conflict may accelerate US membership in trans-Pacific trade pact’
The United States, which under former President Donald Trump ditched talks toward a trans-Pacific trade order, may now be moving to rejoin the club, mostly due to the continuing conflict with China, market observers said Wednesday. Their remarks came during the second CPTPP Trade Forum, organized jointly by the Korea Chamber of Commerce and Industry and the nation’s largest law firm, Kim & Chang. CPTPP stands for the Comprehensive and Progressive Agreement for Trans-Pacific Partner
April 28, 2021
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Ocean freight charge hike weighs upon small exporters
Facing continuous rises in sea freight charges, South Korea’s industries have showed mixed reactions, with major shippers benefiting from surplus demand and small exporters reeling under the cost burden, industry data shows. While brokerages set to raising their target stock price for prosperous top-tier shippers, policymakers here are struggling to provide fiscal relief measures for exporters under pressure. The Shanghai Containerized Freight Index, showing the level of the current sea
April 28, 2021
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Serveone and Korin to sign agreement to strengthen business cooperation in Indonesia
Serveone, the largest maintenance, repair and operation procurement company in South Korea, announced April 22 that it has signed a strategic business agreement with Korin to expand business for both companies in Indonesia. The two companies agreed to promote cooperation to expand opportunities in Indonesia for raw materials procurement and logistics business through this partnership. Serveone provides professional purchase solutions based on domestic and international B2B platforms, considered
April 28, 2021
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Samsung returns to top spot in European smartphone market in Q1: report
Samsung Electronics Co. regained the top spot in the European smartphone market in the first quarter of the year, a report showed Wednesday, on the back of robust sales of its new handsets. The South Korean tech giant represented 32 percent of smartphone sales in Europe in the January-March period, up 2 percentage points from a year earlier, and beat its US rival Apple Inc., which settled for 28 percent, according to market tracker Counterpoint Research. Samsung was in the runner-up spot with
April 28, 2021
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Samsung family decides on W1tr donation to boost medical sector
The founding family of Samsung Group will donate 1 trillion won ($899 million) to bolster the country’s medical infrastructure, including building Korea’s first hospital for infectious diseases, Samsung Electronics announced on Wednesday. The announcement was part of the bereaved family’s plan on inheritance tax payments on assets of the late Samsung Chairman Lee Kun-hee, who died on Oct. 25. The Lee family has decided to donate 700 billion won to better equip the medical s
April 28, 2021