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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Posco rolls out new midterm plan under Choi’s leadership
Posco Group, the world’s fifth-largest steelmaker by output, said Sunday that it would increase investment in future business opportunities, while making efforts to improve corporate governance in announcing its new midterm plan covering the three years from 2021 to 2023. Under the second term of its chairman Choi Jeong-woo, the group expects to see improved outcomes from its key growth businesses, including hydrogen, liquefied natural gas, food and battery materials. The group expects
March 21, 2021
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Mobile, TVs, home appliances to bolster electronics’ Q1 results
South Korea’s electronics industry expects robust first-quarter results thanks to strong sales in televisions, the mobile sector and home appliances, despite complications in the chips sector. According to Shinhan Investment, one of the country’s major financial investment companies, Samsung Electronics is projected to register revenue and operating profit worth 61.7 trillion won ($54.6 billion) and 8.96 trillion won, respectively, in the first quarter thanks to strong performanc
March 21, 2021
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Can offshore wind farms coexist with fish farms?
South Korea will launch a pilot project to combine an offshore wind farm with aquaculture, as it pushes to tap the unlimited potential of water, which surrounds the country on three sides, as a future source of energy. The project, set to kick off in the second half of this year, involves a 60-megawatt wind turbine foundation installed in waters off Buan, North Jeolla Province, integrated with artificial reefs and aquaculture systems. The trial-run will last until Dec. 31, 2022. Similar pr
March 21, 2021
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[Newsmaker] Imprisoned Samsung heir undergoes surgery for appendicitis
Lee Jae-yong, the imprisoned de facto leader of Samsung Group, underwent surgery for appendicitis, officials here said Saturday, according to Yonhap News. Lee, the vice chairman of Samsung Electronics Co., was transferred to Samsung Medical Center in southern Seoul and received the surgery on Friday night due to a ruptured appendix, the report said. In January, the 52-year-old tycoon was sentenced to two and a half years in prison in a retrial of a bribery case involving former President Par
March 20, 2021
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Samsung ranks 5th in 2020 smartphone AP market: report
Samsung Electronics Co. was the world's fifth-largest smartphone application processor (AP) vendor last year, a report showed Friday, as the South Korean tech giant eyes to expand its presence in the mobile microprocessor sector with more sales of its Galaxy devices. Samsung, which makes the Exynos chipsets, represented 9 percent of the global smartphone AP market in terms of revenue in 2020, according to market researcher Strategy Analytics. "The company's in-house customer's underperfo
March 19, 2021
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LG Group looks to improve governance with ESG initiative
LG Corp., LG Group’s holding company, said Friday that its board had launched an exclusive committee to deal with environmental, social and governance issues as part of its efforts to reinforce self-monitoring by listed affiliates for governance and compliance issues. The ESG Committee, which will be the top decision-making body on ESG management, will report policies to the board concerning environment and safety, corporate social responsibility, customer value, shareholder value and
March 19, 2021
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LG unveils measures to improve corporate governance, transparency
LG Group, South Korea's fourth-largest conglomerate, on Friday unveiled measures to improve its corporate governance and transparency in management. LG said its listed affiliates will establish an environmental, social and governance (ESG) committee and an in-house trading committee within their boards. The newly established ESG committee will comprise of outside directors, with the company's CEO also participating as a member to better execute its plans. LG said the committee, which will cov
March 19, 2021
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Samsung ranks 5th in 2020 PC monitor market: report
Samsung Electronics Co. was the world's fifth-largest PC monitor vendor last year, a report showed Friday, after posting robust growth in sales amid the pandemic-induced stay-at-home trend. The South Korean tech giant shipped 11.7 million units of monitors in 2020, up 30.6 percent from a year ago, according to the report from market tracker International Data Corp. (IDC), with its market share increasing to 8.6 percent from 7.1 percent a year earlier. Samsung posted the biggest yearly growth a
March 19, 2021
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ITC delays preliminary ruling on LG-SK battery patent suit
The US International Trade Commission (ITC) said Friday it has delayed the preliminary decision on the battery patent infringement suit between LG Energy Solution Ltd. and SK Innovation Co. to next month. The US trade panel was due to deliver the initial ruling on the battery patent suit between the South Korean rivals Friday (US time) but postponed the date by two weeks to April 2. "Additional time will be needed to complete the initial determination, which will require an extension of t
March 19, 2021
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Number of health & beauty shops dips for 1st time in 2020 amid pandemic
The number of big-name retailers' beauty stores in South Korea declined for the first time in 2020 as more customers turned to online shopping amid the coronavirus pandemic, data showed Friday. The country's three major health and beauty (H&B) chains -- Olive Young, lalavla and LOHB's -- had a combined 1,484 outlets across the nation as of end-December last year, down 31 from a year earlier, according to the data posted on the electronic disclosure system of the Financial Supervisory Servic
March 19, 2021
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Ioniq 5 bedazzles with futuristic silhouette, expanded interior space
For South Korea’s top carmaker Hyundai Motor, the game changer for this year’s business is the launch of Ioniq 5, its first all-electric vehicle built on their exclusive EV platform. While vying against global competitors such as Tesla, the new model is expected to serve as a key barometer on whether Hyundai Motor Group manages to accommodate to the post-coronavirus market changes and transform into a sustainable, comprehensive mobility operator. Set to kick off mass production
March 19, 2021
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S-Oil forges partnership to capture carbon and use it for soft drinks, dry ice
S-Oil has teamed up with a local gas firm to capture carbon dioxide emitted from its facility and use it for carbonated soft drinks and dry ice. According to the South Korean refinery on Thursday, it has signed an agreement with Dong Kwang Chemical for the project, for which S-Oil will collect by-product gases from its hydrogen production process at the Ulsan plant and supply them through pipelines to the adjacent Dong Kwang facility. There, carbon will be extracted, refined and then trans
March 18, 2021
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[Advertorial] LG Energy Solution combines climate change actions with CSR activities
LG Energy Solution’s new solar power project in Cheongju, North Chungcheong Province, combines the firm’s social outreach program with a mission to curb carbon emissions. Dubbed the “Power Plant for Hope Green,” the facility built at a bus transfer center in the city last year is expected to cut 4,900 tons of greenhouse gases and generate profits worth 800 million won ($712,000) over the next 20 years. All the proceeds from the 410-kilowatt facility will be donated t
March 18, 2021
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Hanwha to sell half of stake in electric truck maker Nikola
Hanwha Group, a South Korean energy-to-defense conglomerate, plans to sell half of its stake in US electric truck maker Nikola Corp., the two companies said Thursday. Green Nikola Holdings, Hanwha's US subsidiary that holds a 5.65 percent share in Nikola, plans to sell up to 11.1 million shares over a six-month period from June, according to a US Securities and Exchange Commission filing. Hanwha's stake in Nasdaq-listed Nikola is worth about $180 million as of Wednesday's closing price of $16.
March 18, 2021
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Doosan Fuel Cell, KSOE to jointly develop SOFCs for ships
South Korean fuel cell maker Doosan Fuel Cell Co. said Thursday that it will team up with Korea Shipbuilding & Offshore Engineering Co. (KSOE) to develop solid oxide fuel cells (SOFCs), energy conversion devices that generate electricity, to be used for ships. Under a preliminary deal with KSOE, the subholding company of Hyundai Heavy Industries Holdings Co. (HHIH), Doosan Fuel Cell will design and produce fuel cells, while KSOE will develop technologies to apply the fuel cells to ships, th
March 18, 2021
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SK, Geely to jointly chip in for fund for mobility solutions
SK Holdings Co., the holding firm of the South Korean energy-to-telecom conglomerate, said Thursday it will team up with China's Zhejiang Geely Holding Group Co. to launch a $300 million fund that will invest in future mobility technology firms. SK Holdings and Geely will each chip in $30 million for the proposed fund, and draw the rest of the finances from global investors, including European banks and Asian pension funds. SK said the mobility fund will invest in companies with automated, con
March 18, 2021
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Hyundai Motor, Shell extend biz partnership for future mobility
Hyundai Motor Co. said Thursday it has extended its business partnership with Royal Dutch Shell Group through 2026 for cooperation in future mobility solutions. Hyundai Motor has provided Shell's engine oil products to its global customers since 2005 through joint marketing activities, the company said in a statement. The South Korean carmaker has financed the global energy firm's research and development projects to improve the quality of its engine oil product, it said. On top of the existi
March 18, 2021
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Memory chip prices to surge in Q2, boding well for S. Korean chipmakers
Prices of memory chips, notably NAND flash and DRAM, are likely to increase significantly in the second quarter of the year, a report showed Thursday, boding well for South Korean chipmakers that dominate the sector. Contract prices of NAND flash are expected to increase by an average of 3-8 percent in the second quarter of 2021 from the previous three months, according to market researcher TrendForce, due to easing of oversupply. "Orders from PC OEMs (original equipment manufacturers) an
March 18, 2021
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Chong Kun Dang's COVID-19 treatment denied conditional approval
South Korea's drug safety agency said Wednesday that Chong Kun Dang Pharmaceutical Corp.'s acute pancreatitis drug has failed to get conditional approval as a treatment for the novel coronavirus. An advisory board consisting of outside experts under the Ministry of Food and Drug Safety announced its review on the efficacy and safety of the drug, Nafabeltan. The panel said the drug, currently used as a blood anticoagulant and acute pancreatitis treatment, failed to show effectiveness in treatin
March 17, 2021
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S. Korean shipbuilders stand out amid eco-friendly gas-fueled vessel demands
After years of sluggish market trends, South Korea’s shipbuilding industry is now warming up on the back of increased demand for eco-friendly gas-fueled vessels in the post-coronavirus era, data showed Wednesday. According to Clarksons Research, the leading information provider for global shipping, orders have been made for 254 ships so far this year, of which gas-fueled vessels account for 54 units or 21.3 percent. That figure was 10.1 percent in 2019 and 14.9 percent in 2020. Also,
March 17, 2021