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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Samsung Electronics rolls out Galaxy A12 at W275,000 in Korea
Samsung Electronics will launch the Galaxy A12 phone in South Korea on Tuesday at a price of 275,000 won ($246). The Galaxy A12 has four cameras on the back, with a 5,000-milliamp-hour battery designed to last the full day and support 15-watt fast charging. The rear quadcamera features a 48-megapixel main camera with live focus function, a 5-megapixel ultrawide-angle lens, a 2-megapixel depth camera and a 2-megapixel macro camera. The front camera has 8 megapixels. &nb
Feb. 7, 2021
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LG sets up S. Korea's largest ESS with local partners
LG Electronics Inc. said Sunday it has set up South Korea's largest energy storage system (ESS) with local partners as the tech giant eyes to expand its presence in the ESS market. LG Electronics said the ESS was built on Anjwa Island, South Jeolla Province, some 320 kilometers south of Seoul, in cooperation with KCH Group, Korea Western Power Co. and Top Solar Group. Together, they have completed a 340-megawatt-hour (MWh) ESS for Anjwa Smart Farm & Solar City, the country's largest ESS fo
Feb. 7, 2021
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Listed firms' cash dividends up 60% in 2020
South Korea's major listed firms' cash dividends shot up 60 percent in 2020 from a year earlier, led mostly by top market cap Samsung Electronics, data showed Sunday. The combined amount of dividends handed out by 124 listed firms surveyed in 2020 reached 30.2 trillion won ($26.8 billion), rising sharply from 19 trillion won disbursed a year earlier, according to the data compiled by market research firm FnGuide. Net profit of the companies, meanwhile, shot up 19.6 percent on-year in 2020 to r
Feb. 7, 2021
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S. Korea's exports of cosmetics up 16% in 2020
South Korea's exports of cosmetics shot up 16 percent in 2020 from a year earlier, data showed Sunday, on the back of the growing demand from the United States and Asian countries. Outbound shipments of cosmetics reached $7.57 billion last year, according to the data compiled by the Korea Customs Service and the Korea Cosmetic Association. The country's exports of cosmetics had been maintaining two-digit annual growth since 2012, until they temporarily slowed in 2019 by rising 4.2 percent. Ex
Feb. 7, 2021
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Home appliance makers release products highlighting pet care features
South Korean home appliance makers are releasing products that highlight pet care features, industry insiders said Saturday, as they target the growing number of consumers who live with companion animals. LG Electronics Inc. earlier this week introduced a washer and a dryer that come with steam functions that remove allergens. Citing results from the Japanese institution Environmental Allergens INFO & CARE, LG said using pet care cycles on their new clothing care appliances will kill dog
Feb. 6, 2021
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SK Chemicals 2020 net income up 5,043.7% to W258.3b
SK Chemicals on Friday reported its 2020 net profit of 258.3 billion won ($229.9 million), up 5,043.7 percent from a year earlier. The company said in a regulatory filing that operating income for the year rose 18.5 percent on-year to 95.2 billion won. Annual revenue decreased 15.7 percent to 1.2 trillion won. (Yonhap)
Feb. 5, 2021
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Korean trade minister withdraws bid for WTO chief
South Korean Trade Minister Yoo Myung-hee announced Friday that she was dropping out of the race for the chief position at the World Trade Organization. “I decided to resign as a candidate through close coordination with the US government, our solid ally, in order to facilitate reaching a consensus among the WTO member countries,” Yoo said during a press briefing in Seoul on Friday. “I hope the WTO eases the leadership vacancy problem as soon as possible and restores multil
Feb. 5, 2021
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NCSoft 2020 net income up 63.3% on popularity of major mobile titles
NCSoft Corp., a major South Korean online and mobile game developer, said Friday its net profit soared 63.3 percent in 2020 from a year earlier thanks to the continued popularity of its major mobile titles. Net profit stood at 586.6 billion won ($522 million) last year, compared with 359.3 billion won a year earlier, NCSoft said in a regulatory filing. Operating profit came to 824.8 billion won for the year, compared with 479 billion won the previous year. Annual sales rose 42 percent on-year
Feb. 5, 2021
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Lotte Chemical Q4 net more than doubles on robust demand
Lotte Chemical Corp., a major South Korean petrochemical company, said Friday its fourth-quarter net profit more doubled from a year earlier on strong demand for its petrochemical products. The petrochemical unit of Lotte Group posted a net profit of 97.2 billion won ($86.5 million) in the October-December period, up 104.1 percent from a year earlier, the company said in a regulatory filing. Its operating profit jumped 49.4 percent on-year to 212.5 billion won, while sales fell 12.5 percent to
Feb. 5, 2021
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Hankook Tire net falls 12% in 2020 on FX losses
Hankook Tire & Technology Co., the world's seventh-biggest tiremaker by sales, said Friday its net profit fell 12 percent in 2020 from a year earlier on foreign exchange losses. For the whole of 2020, net profit fell to 379.2 billion won ($337 million) from 429.6 billion won a year earlier, the company said in a statement. "The won's weakness against the dollar drove up the company's dollar-denominated debts and weighed on the annual bottom line," a company spokesman said over th
Feb. 5, 2021
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Hyosung, Linde kick off joint ventures for world’s largest hydrogen facility in Ulsan
Hyosung Heavy Industries, the machinery maker arm of South Korea’s textiles and chemicals conglomerate Hyosung Group, will build the world’s single-largest liquid hydrogen facility in Ulsan. The project, carried out together with global chemical company Linde, comes in line with the country’s policy road map to achieve net zero emissions by 2050. “Hyosung Heavy and Linde Group have signed an investment agreement on creating joint ventures in order to push ahead with th
Feb. 5, 2021
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Doosan Heavy sells stake in Doosan Infracore for W850b
South Korea's power plant builder Doosan Heavy Industries & Construction Co. said Friday that its board of directors has decided to sell the company's 35 percent stake in Doosan Infracore Co. for 850 billion won ($757 million) to global shipbuilding holding company Hyundai Heavy Industries Holdings Co. (HHIH). Cash-strapped Doosan Heavy disposed of 76 million shares of its construction equipment unit Doosan Infracore to improve business efficiency and management structure, the company said
Feb. 5, 2021
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SsangYong Motor extends plant suspension amid pandemic
Financially troubled carmaker SsangYong Motor Co. said Friday it will extend the suspension of its local plant due to a lack of parts supplies from contractors. SsangYong Motor already halted its plant in Pyeongtaek, 70 kilometers south of Seoul, on Dec. 24, Dec. 28, and Feb. 3-5 as its subcontractors refused to deliver parts due to outstanding payments. The SUV-focused carmaker filed for court receivership on Dec. 21 after it failed to obtain approval for the rollover of existing loans from i
Feb. 5, 2021
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S. Korea OKs Celltrion's COVID-19 treatment for conditional use
South Korea's drug safety agency said Friday it has approved pharmaceutical giant Celltrion Inc.'s COVID-19 treatment candidate on several conditions. The conditional marketing authorization of CT-P59, an anti-COVID-19 monoclonal antibody treatment candidate, marks the country's first homegrown COVID-19 treatment. The Korean Ministry of Food and Drug Safety said CT-P59 can be administered to COVID-19 patients at higher risk, referring to people aged 60 or older, or with health conditions like
Feb. 5, 2021
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Samsung seeking tax breaks for possible new chip plant in Texas: reports
Samsung Electronics Co. has asked Texas state officials to give tax breaks for its potential new chip plant, news reports showed Friday, raising speculation that the South Korean tech titan could make a big investment in the United States. The world's largest memory chipmaker has requested authorities in Texas to grant tax abatements over 20 years, which would be worth a total of $805.5 million, for its new $17 billion chip facility in Austin, Texas, according to the Austin American-Statesman n
Feb. 5, 2021
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Samsung, LG release vacuum cleaners with upgraded charging stations
South Korea's two largest home appliance makers -- Samsung Electronics Co. and LG Electronics Inc. -- are set to begin their duel in the vacuum cleaner market, industry observers said Friday, as they released new products boasting upgraded charging stations. LG began to sell its new CodeZero ThinQ A9S stick vacuum cleaner in South Korea that comes with a charging station, which automatically cleans out the dustbin. When the vacuum cleaner is docked in the stand, which LG calls it "all-in-
Feb. 5, 2021
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Samsung Electronics ranks 2nd in 2020 US patent grants
Samsung Electronics Co. clinched the No. 2 spot in US patent grants among global corporate giants in 2020, industry data showed Friday. Samsung Electronics, the world's top smartphone and memory chip maker, received 8,539 US patent grants last year, down 1 percent from the previous year, according to the data from the US Intellectual Property Organization. Yet, the flagship of Samsung Group, the top family-controlled conglomerate in South Korea, retained the No. 2 title for 14 years on end. S
Feb. 5, 2021
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SK Bioscience’s COVID-19 vaccine to be used with GSK adjuvant
SK Bioscience is collaborating with GlaxoSmithKline in COVID-19 vaccine development, the company said Thursday. According to SK Bioscience, its COVID-19 vaccine candidate GBP510 has shown improved T cell activity, or immune response, when used in combination with GSK’s adjuvant AS03. The two companies are running a clinical phase 1/2 trial of GBP510 and AS03, since the local drug authority’s approval of the clinical test design on Jan. 26. Adjuvants are immune boosters that are ad
Feb. 4, 2021
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HHIH swings to red on slump in affiliate, COVID-19
Hyundai Heavy Industries Holdings Co. (HHIH) said on Thursday that it swung to the red last year from a year earlier due to losses from equity ties with its oil refining unit and the new coronavirus pandemic. Its net loss came to 789.7 billion won ($705.8 million) in 2020, compared with a net profit of 115.3 billion won a year ago, the company said in a regulatory filing. Sales fell 29 percent on-year to 18.91 trillion won last year, while it suffered an operating loss of 597.1 billion won, sw
Feb. 4, 2021
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Automakers cut production due to chip shortage
Automobile companies worldwide have been forced to curtail production as they run out of automotive chips, according to industry sources on Thursday. US-headquartered General Motors announced Wednesday, US time, that the carmaker will suspend manufacturing at three plants in North America, and operate its Bupyeong 2 assembly line in Korea at half capacity starting from Monday. Although the company didn’t reveal the exact volume of the reduction, market watchers estimate it would reach
Feb. 4, 2021