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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Regulator fines SKT, its ITPV affiliate over unfair biz practice
South Korea's antitrust regulator said Wednesday it has decided to fine top mobile carrier SK Telecom Co. and its internet protocol TV subsidiary a combined 6.4 billion won ($5.7 million) for hampering market competition. SKT unfairly supported SK Broadband Co. between 2016-2019 when its subsidiary sold the IPTV service program through the top carrier's distribution channels, according to the Korea Fair Trade Commission (KFTC). SKT paid part of sales fees totaling about 19.9 billion won to ret
Feb. 24, 2021
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Korea Shipbuilding bags W570b order from Europe
Korea Shipbuilding & Offshore Engineering Co. said Wednesday that it has secured a 570 billion won ($514 million) order from a European company. Under the deal to build six 45,700-ton ConRo vessels, Hyundai Mipo Dockyard Co. will deliver the ships starting in the first half of 2023, Korea Shipbuilding said. The ConRo vessel refers to a hybrid of a car carrier and a container carrier. Hyundai Mipo Dockyard has been leading the global ConRo ship market, building 19 ConRo ships, or 40 percen
Feb. 24, 2021
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LG Electronics to allow rivals to use its smart TV platform
LG Electronics Inc. said Wednesday its smart TV platform will be used by other TV makers this year as the company eyes boosting its software capability. LG said some 20 TV manufacturers, including RCA, Konka and Ayonz, will release TVs installed with its webOS platform. To attract more TV brands using its smart TV platform, LG said it has also signed partnerships with streaming giants like Netflix, YouTube and Amazon, as well as remote controls solution provider Universal Electronics Inc. The
Feb. 24, 2021
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Samsung tops global TV market for 15th straight year in 2020: report
Samsung Electronics Co. remained the world's leading TV vendor for the 15th straight year in 2020 on the back of its QLED and large TVs, a report showed Wednesday. The South Korean tech giant had a market share of a record 31.9 percent in terms of sales revenue last year, up from 30.9 percent a year earlier, according to data from industry researcher Omdia, extending its lead in the global TV market for the 15th consecutive year. Samsung was followed by its South Korean rival LG Electronics In
Feb. 24, 2021
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Steelmakers moving to rev up output on rising demand
South Korean steelmakers are rushing to ramp up capacity utilization in an effort to meet rising demand at home and abroad, industry sources said Wednesday. The move comes amid stabilizing international steel prices due to a drop in China's steel exports, and expectations for an increase in domestic demand for steel used in construction. According to the sources, leading steelmaker Posco has decided to postpone repair work on a cold-rolled steel plant in Gwangyang on the south coast, originall
Feb. 24, 2021
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Listed firms' dividends surge 47% in 2020
South Korean listed companies' dividend payouts soared nearly 47 percent in 2020 from a year earlier thanks to a jump in payments by top-cap Samsung Electronics Co., a corporate tracker said Wednesday. According to CEO Score, 613 firms listed on the main stock market paid out a combined 37.34 trillion won ($33.6 billion) last year, up 46.7 percent from the previous year. The businesses cover those which have so far put out their dividend payouts for fiscal 2020. The jump came as Samsung Elect
Feb. 24, 2021
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Samsung Heavy, Brazilian authorities reach $149m settlement in bribery probe
Samsung Heavy Industries Co. said Tuesday that it has reached a settlement with Brazilian state prosecutors and auditors over a graft probe surrounding drillship orders by the company. The company said in a regulatory filing that it has agreed to pay 812 million reais ($149 million) in a leniency deal with Brazil’s Office of the Comptroller General, Office of the Attorney General and the Federal Prosecutor’s Office, accepting the results of an investigation into a criminal case inv
Feb. 23, 2021
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Samsung SDI to inject W1tr into Hungary battery plant
Samsung SDI said Tuesday it will inject 1 trillion won ($900 million) into its battery plant in Goed, 30 kilometers north of Budapest, Hungary. In a regulatory filing, the battery maker said its European subsidiary Samsung SDI Hungary issued rights worth 403.8 billion won. Samsung SDI will also guarantee debt worth 538.4 billion won for the subsidiary, the company said. Samsung SDI explained that the rights offering is intended to shore up funds for expansion, including the construction of t
Feb. 23, 2021
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Korean experts advise Pfizer vaccine for 16 and older
The first of the three-part evaluation of Pfizer’s COVID-19 vaccine here has shown the vaccine to be 95 percent effective and eligible for use on those aged 16 and older, South Korea’s Drug Ministry announced Tuesday. The panel of seven, comprising virologists, medical professionals and statistics experts, confirmed that all 36,523 candidates given two shots of the Pfizer vaccine in clinical trials experienced quadrupled antibodies in their system. The panel assessed that the tria
Feb. 23, 2021
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Chey Tae-won named as incoming KCCI chief
SK Group Chairman Chey Tae-won, 60, is set to be officially sworn in as the new chief of the Korea Chamber of Commerce and Industry, after being named on Tuesday as the first among the nation’s “Big Four” conglomerate chiefs to head the Seoul branch of the business chamber. His rise to the role came while SK Group is facing a number of challenges in the arena, including its battery and energy affiliate SK Innovation’s recent defeat in the yearslong legal battle against
Feb. 23, 2021
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[Herald Interview] How a Korean pizza parlor aims to become a global fast food franchise
How did McDonald’s and Starbucks expand their businesses into global franchise giants? For Lim Jae-won, the answer was clear: giving customers what they want at a consistent quality wherever they are. So Lim started single-serving pizza parlor Gopizza in 2016 to offer quick, tasty and affordable pizza served for one, using tech to help ensure stores offer a consistent product. And the approach has proven effective. With his “smart” kitchen that can bake six single-serve pi
Feb. 23, 2021
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Texas blackout: A harsh lesson for Korea’s wind power industry?
The recent Texas ice storm, which froze wind turbines and caused massive blackouts, sparked a heated debate on the efficacy of wind power in the United States -- a debate that has spilled over to South Korea as it plans to build the biggest wind farm in the world. Last week, the ice storm in Texas left millions of people without power after wind turbines froze. Vital equipment at gas wells and nuclear power plants was also affected. According to the Electric Reliability Council of Texas, w
Feb. 23, 2021
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SK Innovation to liquidate 49% of SK Global Chemical for green transition
SK Innovation said Tuesday that it would sell off 49 percent of its petrochemical subsidiary, SK Global Chemical, as part of a strategy to unload carbon-intensive assets and focus its investments on green businesses. SK Innovation currently controls 100 percent of SK Global Chemical. According to the South Korean battery and petrochemical giant, it selected JP Morgan as a financial adviser in November before making the decision. “SK Global Chemical is reviewing a partnership with glob
Feb. 23, 2021
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[Time to Play] JBL Quantum One, for those willing to spend extra to win
Here’s the deal. The JBL Quantum series are decent headphones, but are they worth the price? Launched under the slogan “Sound is Survival,” the Quantum series are JBL’s first-ever headsets, designed exclusively for hardcore gamers to outlast opponents especially in first-point shooter games. After testing active noise-cancelling Quantum One -- priced at 299,000 won ($270) -- and comparing it them over Lunar New Year holidays with Sennheiser HD 4.50 BTNC headset avai
Feb. 23, 2021
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Big Hit's 2020 net soars amid unrelenting BTS popularity
Big Hit Entertainment Co., the management agency behind global superstars BTS, said Tuesday its net profit rose 19 percent last year from the previous year amid the growing popularity of its flagship K-pop group. Net profit stood at 86.2 billion won ($77.6 million) in 2020 on a consolidated basis, compared with 72.4 billion won the previous year, the company said in a regulatory filing. Annual operating profit jumped 44.2 percent on-year to 142.4 billion won, while sales rose 35.6 percent to 7
Feb. 23, 2021
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Samsung Electronics gets first homemade ultrathin copper foils
Iljin Materials said Tuesday it has shipped the first batch of domestically produced ultrathin copper foils to be used for semiconductor packing to Samsung Electronics. According to the electronic material producer of Iljin Group, it became the first South Korean company to commercialize the ultrathin copper foils, which had been produced exclusively in Japan. “When the Great East Japan Earthquake broke out in 2011, Samsung Electronics experienced difficulties importing the copper foi
Feb. 23, 2021
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S. Korea aims to boost exports of eco-friendly cars
South Korea on Tuesday finalized a five-year plan for the eco-friendly auto industry, which includes expanding exports of such automobiles by threefold by 2025. The country's exports of eco-friendly cars, which includes electric and hydrogen fuel cell models, will reach 830,000 units in 2025, significantly rising from 280,000 units tallied in 2020, according to the Ministry of Trade, Industry and Energy. South Korea shipped $37.4 billion worth of automobiles in 2020, down 13.1 percent on-year
Feb. 23, 2021
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Pandemic-hit travel agencies report over 80-pct sales plunge, beg for relief measures
South Korean travel agencies said Monday they saw their annual sales plummet more than 80 percent last year due to the COVID-19 pandemic and are in urgent need of relief measures from the government. "(Travel agencies) can no longer shoulder their fixed costs due to mounting debts and their employees have been driven out of their workplaces after massive layoffs," a task force formed to tackle the crisis facing the businesses said in a press conference held in front of Cheong Wa Dae i
Feb. 22, 2021
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[Herald Interview] Software dons role of therapeutics
When talking about medical devices, conventional hardware with analytical or therapeutic functions for human health usually come to mind. But computer software that seeks to cure or alleviate symptoms in patients also falls into the medical device category, according to Article 2 of the Medical Devices Act. This new tool, after years of serving an auxiliary role for hardware devices, has recently emerged as a key player in the medical arena. LifeSemantics, a digital therapeutics company foun
Feb. 22, 2021
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Macrogen, Lifex Biolabs to research Parkinson’s treatment
Precision life science company Macrogen will collaborate with US-based Lifex Biolabs on Parkinson’s disease treatment research, Macrogen announced Monday. This is a follow-up to Macrogen’s strategic investment in Lifex in 2020. Under the joint research partnership, Macrogen will sift out biomarkers for Parkinson’s, using its DNA sequence analysis technology. Lifex will use the biomarkers identified by Macrogen to develop Parkinson’s treatments. Biomarkers are tracki
Feb. 22, 2021