Most Popular
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Can Jennie break the K-pop solo artist slump?
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Tesla launches Model Y in S. Korea
US electric vehicle maker Tesla Inc. on Friday launched its compact sport utility vehicle, the Model Y, in South Korea as it tries to boost sales in the country. Tesla Korea said the Model Y is available in three trim levels here, with the starting price for the standard range model set at 59.99 million won ($54,191). The prices for the long-range model and the performance trim are to start from 69.99 million won and 79.99 million won, respectively. Starting this year, South Korea will give
Feb. 12, 2021
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LG Energy Solution threatens further legal action against SK Innovation after victory in US
Upping the ante in its battle with rival SK Innovation after a victory in the US International Trade Court, LG Energy Solution on Thursday threatened further legal action in Europe and South Korea. In a final ruling delivered Wednesday, US time, SK Innovation was slapped with a 10-year ban on importing lithium-ion battery products to the US, with a grace period of up to four years, for stealing trade secrets from LG Energy Solution. “It’s difficult to say SK Innovation’s th
Feb. 11, 2021
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Corporate rankings for 2021 reflect impact of contactless trend, M&A deals
After a year of the COVID-19 pandemic, South Korea’s conglomerates saw some fluctuations in their asset rankings, reflecting the impact from major mergers and acquisitions and from the contactless business trend, industry data showed Wednesday. While the top seven business groups remained largely unchanged, those in transportation and heavy industries expanded their assets on the back of M&A deals. Also, biopharmaceuticals and IT players climbed up the ladder on the back of social di
Feb. 10, 2021
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LG-SK lawsuit poses dilemma for Biden's auto industry road map
Market tension and political pressure escalated Wednesday as South Korea’s major battery makers -- LG Energy Solution and SK Innovation -- awaited the final ruling from the US International Trade Commission regarding their yearslong trade secret battle. While the outlook has so far largely favored LG, some market observers have suggested recently that newly inaugurated US President Joe Biden might veto the final ruling to support US-made vehicles. “SK Group is sinking about $2.6
Feb. 10, 2021
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[Newsmaker] South Korea approves AstraZeneca vaccine for all adults
South Korea has approved the emergency use of AstraZeneca’s adenoviral vector COVID-19 vaccine for all adults, including those aged 65 and older, the Ministry of Food and Drug Safety said Wednesday. The efficacy of the AstraZeneca vaccine for seniors had been a matter of contention, given the dearth of clinical data presented by AstraZeneca in regards to the aged cohort. Authorities here have decided to proceed with vaccination for all, on the condition that AstraZeneca follows up with fu
Feb. 10, 2021
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Korea open to Russian vaccine, GC Pharma rumored as CMO
GC Pharma has once again risen as a potential contract manufacturer to a foreign vaccine, this time for Russia’s Sputnik V. Company officials, however, refrained from commenting, citing the sensitivity of the issue. The interest for Sputnik V in South Korea was ignited after Jeong Eun-kyung, head of Korea Disease Control and Prevention Agency, said Monday that the country was open to considering the Russian vaccine, citing uncertainties over virus variants and the supply of vaccines. &l
Feb. 10, 2021
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Samsung Heavy to demonstrate remote ship control system for large vessel
Samsung Heavy Industries Co. said Wednesday that it will demonstrate whether its remote autonomous navigation system can autonomously steer a large ship in August. A 9,200-ton ship will be used to demonstrate the shipbuilder's remote autonomous navigation system known as Samsung Autonomous Ship, or SAS, the company said. Mokpo National Maritime University will assess whether the system helps the ship navigate autonomously under remote control, Samsung Heavy said. If Samsung Heavy succeeds in
Feb. 10, 2021
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ICT exports up 22% in January on chips, displays
South Korea's exports of information and communication technology (ICT) products shot up a whopping 21.7 percent on-year in January on the back of strong overseas demands for chips, data showed Wednesday. Outbound shipments of ICT goods came to $16.3 billion in January, which marked the second-largest amount ever for any January, according to the data compiled by the Ministry of Science and ICT. The country posted record high ICT exports of $17.6 billion in 2018 for January. Imports came to $1
Feb. 10, 2021
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Apple, Samsung extend lead as top semiconductor buyers in 2020: survey
Reflecting the increased demand for telecommunications amid the COVID-19 pandemic, Apple remained the world’s largest buyer of semiconductor chips in 2020 for the second year straight, industry data showed Wednesday. According to global research and consulting firm Gartner, Apple spent $53.6 billion on chips, up 24 percent from a year earlier, and thus accounted for 11.9 percent of the worldwide market. Next was South Korea’s Samsung Electronics, which spent $36.4 billion, up 20.4
Feb. 10, 2021
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Galaxy S21 posts 30% higher sales in S. Korea than its predecessor: Samsung
Samsung Electronics Co. said Wednesday its latest smartphone line, the Galaxy S21 series, posted 30 percent higher sales than its predecessor in South Korea as the tech giant strives to boost its handset sales. Samsung said sales of the Galaxy S21 family between Jan. 29 and Monday were 30 percent higher than those of the Galaxy S20 series. By model, the entry-level S21 accounted for 40 percent of the total sales, followed by high-end S21 Ultra with 36 percent. The S21 was launched with a pric
Feb. 10, 2021
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GC Pharma posts record earnings in 2020
GC Pharma and its affiliated companies GCMS and GC LabCell posted record earnings in 2020, they announced Tuesday. GC Pharma’s consolidated earnings report showed that it made 1.5 trillion won ($1.34 billion) in revenue in 2020, up 10.8 percent on-year. It was the best figure in the company’s history since 1967. In the same period, operating profit marked 50.3 billion won, up 20.6 percent on-year, while net profit came to 89.3 billion won. GC Pharma accounted the robust gro
Feb. 9, 2021
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LG Hausys expands presence in North American market
LG Hausys will unveil new high-end interior materials at North America’s largest kitchen and bath design trade show, in a move to add fuel to its overseas expansion in the region, officials said Tuesday. The industrial materials affiliate of LG Group will have an online showroom at the Kitchen & Bath Industry Show 2021, a virtual event to run from Tuesday to Friday this week. The new products comprise of five types of engineered stone materials under the Viatera quartz line and s
Feb. 9, 2021
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Race for ‘greenium’ takes off
Major South Korean firms are willingly accepting “green premium,” a price tag for tackling green issues, to accentuate their sustainability efforts. According to SK Innovation Tuesday, its subsidiary SK IE Technology will run its domestic operations 100 percent with renewable energy. SKIET, which manufactures separators for electric vehicle batteries, purchased 180 gigawatt-hours of electricity generated by renewables through the Korea Electric Power Corp.’s Green Premium p
Feb. 9, 2021
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Seegene found to have exaggerated revenue for 9 years
Seegene, the diagnostics company at the helm of South Korea’s speedy grip on COVID-19 countermeasures, was found to have cooked its books to make it look more profitable, according to the Financial Supervisory Service. The financial watchdog suggested the firm remove a key official involved in the fiscal malpractice. Seegene will be fined, with the amount not yet decided, and assigned a special auditor for the next three years. The official in question had already resigned at the time
Feb. 9, 2021
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Kia to invest W29tr in future mobility, others by 2025
Kia Corp., South Korea's second-biggest carmaker by sales, said Tuesday it will invest 29 trillion won ($26 billion) in car manufacturing facilities and future mobility technologies by 2025. Kia will spend 18.8 trillion won on enhancing profitability in the existing car manufacturing business and 10.1 trillion won on generating business opportunities through investments in future mobility technologies, the company said at this year's CEO Investor Day event. The maker of the K5 sedan and the Te
Feb. 9, 2021
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S. Korea's e-commerce market ranks 5th worldwide in 2020 amid pandemic
South Korea's e-commerce market expanded nearly 20 percent in 2020 amid the coronavirus pandemic to rank fifth in the world, a report showed Tuesday. Local e-commerce sales came to $104.1 billion last year, up 19.5 percent from a year earlier, according to the report released by the Korea SMEs and Startups Agency and based on data from market researcher eMarketer. China topped the global e-commerce market list with $2.8 trillion, trailed by the United States with $709.8 billion, Britain with $
Feb. 9, 2021
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KT Q4 net turns to black amid 5G growth
KT Corp., a major South Korean telecom operator, said Tuesday it shifted to a net profit during the final quarter of last year on the back of growing 5G users. Net income reached 39.1 billion won ($35 million) in the October-December period on a consolidated basis, compared with a loss of 10.2 billion won the previous year. Operating income rose 6.4 percent on-year to 166.8 billion won, while sales stood at 6.2 trillion won, up 0.2 percent over the cited period. KT said an increase in its 5G
Feb. 9, 2021
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Renault warns against low productivity at its S. Korean plant amid pandemic
A senior Renault Group executive on Tuesday said its South Korean operations should ramp up production and cut manufacturing costs to stay afloat amid the coronavirus crisis. Jose Vicente de Los Mozos, executive vice president in charge of manufacturing and supply chain at Renault, made the comments in a video message delivered to workers at the French carmaker's sole Korean plant in Busan, 450 kilometers south of Seoul. Last year, Renault Samsung Motors Corp. promised to improve productivity
Feb. 9, 2021
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Petrochemical firms join carbon neutral drive
South Korean petrochemical companies said Tuesday they will join the country's green energy drive, which centers on achieving carbon neutrality by 2050. The country launched a new committee on achieving carbon neutrality under ties with the private sector, according to the Ministry of Trade, Industry and Energy. The Moon Jae-in government has vowed to achieve carbon neutrality by that year, which means effectively reducing carbon emissions to zero. It is also pushing a Green New Deal aimed at
Feb. 9, 2021
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Doosan Mobility Innovation to develop hydrogen-fueled firefighting robots
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs, said Tuesday it has signed a deal with a Chinese robot maker to jointly develop hydrogen fuel cell-powered firefighting robots. Under the deal with CITIC HIC Kaicheng Intelligence Equipment Co., DMI will work together to establish sales networks in China and other countries, the company said. The two companies plan to release a prototype of hydrogen fuel cell-propelled robots in the first half of the year and to st
Feb. 9, 2021