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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LG Energy Solution pledges to double sales by 2028
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Government tightens grip on LH land speculation scandal
A new interagency task force on Thursday launched a high-profile investigation looking into allegations that employees of the state-run Land & Housing Corp. used confidential information to make speculative land purchases in residential development zones. The Moon Jae-in administration’s stern response was seen as a move to minimize the negative impact on its real estate policies and also an attempt to dial down escalating political debates that have dragged in incumbent Land Ministe
March 4, 2021
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US to review impact of LG-SK battery battle on Biden’s green policies
The US Transportation Department will brief President Joe Biden on how a recent court decision to impose a 10-year import ban on SK Innovation will impact his green transportation goals. During a hearing held Wednesday, freshman Sen. Raphael Warnock, a Democrat from Georgia, asked Polly Trottenberg, nominee for deputy secretary of the transportation department, whether she would provide the president an analysis of the ruling’s expected effect on his green transportation goals.
March 4, 2021
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Korea Shipbuilding to work on safety design regulation for hydrogen-fueled ships
The Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has inked a deal with the Korean Register of Shipping (KR), a South Korean ship quality assurance and risk management company, to jointly come up with safety design regulation for hydrogen-fueled ships. The safety design regulation to be created for the first time in the world will be submitted to the International Maritime Organization (IMO) by 2022, Korea Shipbuilding said. Ships are usually required to be built
March 4, 2021
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Kyobo Life Insurance 2020 net dips 30% on higher costs
Kyobo Life Insurance, one of South Korea's leading life insurers, said Thursday its earnings plunged nearly 30 percent in 2020 due to increased costs. Net profit came to 382.9 billion won ($340 million) last year, down 29.9 percent from a year earlier, Kyobo Life Insurance said in a filing to the Korea Life Insurance Association. Kyobo Life Insurance said its net income fell due to a temporary rise in costs to prevent insurance planners from leaving the company amid the coronavirus impact and
March 4, 2021
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S. Korea to invest W300B to speed up growth of online retail
South Korea announced Thursday it plans to invest 300 billion won ($267 million) over the next three years to speed up the growth of the digital retail segment, which has recently enjoyed an unprecedented boom amid the COVID-19 pandemic. Under the plan, the country will not only pave the way for online retailers to tap deeper into the overseas markets but help them adopt state-of-the-art technologies, including drones, according to the Ministry of Trade, Industry and Energy. Around 4,000 logis
March 4, 2021
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Imprisoned Samsung heir focuses on next legal battle; private visits yet to be made: sources
Lee Jae-yong, the imprisoned de facto leader of Samsung Group, is focusing on preparing for his next legal battle related to his succession, industry insiders said Thursday, accepting only visits from his legal advisers so far. Lee, the heir of South Korea's top conglomerate, was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye and was put behind bars again. Separate from the bribery case, Lee is deali
March 4, 2021
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Samsung partners with Kakao Enterprise on smart home biz
Samsung Electronics Co. on Thursday announced it has signed a partnership with local artificial intelligence (AI) solutions provider Kakao Enterprise Corp. to boost its smart home business. Under the deal, Samsung's smart devices and home appliances will be compatible with the Kakao i AI platform from Kakao Enterprise, an affiliate of Kakao Corp. that runs South Korea's most-used mobile messenger, Kakao Talk. Consumers can now operate Samsung's products connected to its Internet of Things (IoT
March 4, 2021
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Samsung remains top smartphone vendor in Europe, Middle East and Africa in 2020: report
Samsung Electronics Co. was the top vendor in the Europe, Middle East and Africa (EMEA) smartphone market last year, a report showed Thursday, despite its market share declining. Samsung shipped 99.7 million smartphones in the EMEA market in 2020 for a 28.9 percent market share, according to industry researcher International Data Corp. (IDC). The figures were down from 2019 when the company shipped 118.5 million smartphones for a 32.9 percent market share. However, the South Korean tech giant
March 4, 2021
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Samsung sets new download speed record with 5G-4G LTE dual connectivity tech
Samsung Electronics Co. said on Thursday it achieved the industry's fastest download speed with an advanced telecommunications technology using both 5G and 4G LTE base stations. In a demonstration carried out in Suwon, south of Seoul, the company achieved 5.23 gigabits per second (Gbps) in data speeds, which is enough to download a 4-gigabyte full-HD movie in six seconds, to its Galaxy S20+ smartphone, using E-UTRAN New Radio Dual Connectivity (EN-DC) technology. EN-DC technology enables mobil
March 4, 2021
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Hyundai Heavy joins hands with Saudi Aramco in hydrogen project
Hyundai Heavy Industries Holdings said Wednesday that it has signed a deal with Saudi Arabia's state-run oil firm Saudi Aramco to cooperate on a hydrogen project. Under the deal, Hyundai Oilbank, HHIH's refining unit, will import liquefied petroleum gas from Saudi Aramco to produce blue hydrogen, which is derived from fossil fuel resources such as natural gas, the holding company said. Carbon dioxide captured and stored during the production process will also be provided to Saudi Aramco for
March 3, 2021
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[News Focus] Hankook Tire’s sibling war intensifies ahead of proxy war at month-end
Hankook & Company -- the holding group of the world’s seventh-largest car tire maker, formerly named Hankook Technology Group -- is entangled in an escalating sibling feud ahead of its annual shareholders meeting slated for March 30. What had started off as a conflict between Chairman Cho Yang-rai’s two sons has now flared into an extensive proxy war over management control. Assuming the defense is Cho Hyun-bum, the youngest of senior Cho’s four offspring and CEO of the
March 3, 2021
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KAIST’s new material could make EV batteries 20% more powerful
Korea Advanced Institute of Science and Technology said Wednesday it has developed a new material that enhances the energy density of lithium-ion batteries by 20 percent while maintaining their stability. According to a research led by Cho Eun-ae, materials science and engineering safety professor at KAIST, lithium-ion batteries that contain 80 percent nickel inside cathodes demonstrate energy capacity of 200 ampere-hours per gram. However, the newly developed cathode materials can accommodate
March 3, 2021
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Moon orders probe of housing officials’ alleged property speculation
President Moon Jae-in on Wednesday ordered an expanded, thorough investigation into allegations that staffers at the public housing development agency used internal information to make speculative property investments. “The comprehensive investigation will be conducted by the Prime Minister’s Office and sufficient manpower will be mobilized with the help of the transport ministry to investigate the allegations thoroughly, leaving no stone unturned,” said presidential secretary
March 3, 2021
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Leadership challenge intensifies family feud at Kumho Petrochemical
A nephew is challenging the leadership of his uncle, incumbent Chairman Park Chan-koo, at Kumho Petrochemical, launching a campaign to win the support of shareholders Wednesday. Park Chul-whan, the company’s largest shareholder with 10 percent of the shares, opened a website for his shareholder proposal in which he claimed that mismanagement was blocking growth of the company and suggested the direction that the company should go to increase its value. The younger Park is the son
March 3, 2021
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Hyundai Heavy joins hands with Saudi Aramco in hydrogen project
Hyundai Heavy Industries Holdings Co. (HHIH) said Wednesday that it has signed a deal with Saudi Arabia's state-run oil firm Saudi Aramco to cooperate on a hydrogen project. Under the deal, Hyundai Oilbank Co., HHIH's refining unit, will import liquefied petroleum gas (LPG) from Saudi Aramco to produce blue hydrogen, which is derived from fossil fuel resources such as natural gas, the holding company said. Carbon captured and stored during the production process will also be provided to Saudi
March 3, 2021
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Regulator approves Emart's takeover of pro baseball club
South Korea's antitrust regulator said Wednesday it has approved a deal by Emart Inc., the country's biggest discount store chain, to buy the professional baseball club owned by energy and telecom giant SK Group. Emart, a unit of retail giant Shinsegae Group, agreed in January to buy the SK Wyverns of the Korea Baseball Organization (KBO) from SK Telecom Co., the top mobile carrier, for 135.2 billion won ($122 million). The Korea Fair Trade Commission (KFTC) said it has given the green light t
March 3, 2021
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Samsung tops Latin American smartphone market in 2020: report
Samsung Electronics Co. further expanded its presence in the Latin American smartphone market last year to cement its leading status amid the novel coronavirus pandemic, a report showed Wednesday. The South Korean tech giant accounted for 40.5 percent of smartphone shipments in Latin America in 2020, up from 38 percent from a year earlier, to remain as the region's largest smartphone vendor, according to market researcher Counterpoint Research. Samsung led all Latin American countries during
March 3, 2021
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Samsung introduces 2021 TV lineup
Samsung Electronics Co. on Wednesday introduced its 2021 TV lineup, which includes new Mini LED and Micro LED TVs in various sizes, as the South Korean tech giant eyes to cement its leadership in the global TV market. The world's largest TV maker said at its Unbox & Discover online event that its new Neo QLED TV, which was first unveiled at the all-digital Consumer Electronics Show (CES) 2021 in January, will be launched globally starting in South Korea. The Neo QLED TV, which uses Quantum
March 3, 2021
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Nexon promises full disclosure of probabilities of random items
Nexon said Monday it would disclose the draw probabilities of its “random” cash items to regain trust from users, as it is engrossed in scandal over the company’s alleged manipulation of game odds. In the second apology posted on the official website of its fantasy adventure PC game MapleStory, Nexon director Kang Won-ki said the company is preparing to disclose data and records that would dispel suspicions surrounding the game’s random item draw system by Friday at th
March 2, 2021
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FDA postpones approval of Hanmi Pharmaceutical’s novel breast cancer treatment
South Korea’s Hanmi Pharmaceutical announced Tuesday that the US Food and Drug Administration has postponed its commercialization approval of Oraxol. Oraxol is an oral formulation of paclitaxel, a drug used to kill dividing tumor cells. The novel treatment for metastatic breast cancer currently outlicensed to the company’s US partner Athenex. In a statement released Tuesday, Hanmi said its US partner Athenex received a complete response letter, in which the FDA included a review
March 2, 2021