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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S-Oil Q4 net jumps 172% on robust petrochemical demand
S-Oil Corp., South Korea's No. 3 refiner, said Thursday its fourth-quarter net profit soared 172.1 percent from a year earlier as strong sales of petrochemical products offset the weak refining margin. S-Oil posted a net profit of 129.7 billion won ($116 million) in the October-December period, compared with 47.7 billion won a year earlier, the company said in a regulatory filing. Its operating profit jumped 880.5 percent on-year to 93.1 billion won, while sales tumbled 33.9 percent to 4.3 tri
Jan. 28, 2021
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GM Korea chief picks labor issues as key concern for investment
Lack of labor flexibility, continued industrial action and annual wage negotiations remain major challenges to doing business in South Korea and attracting foreign investment, the chief of GM Korea Co. said Thursday. GM Korea President and Chief Executive Kaher Kazem said there are things to be improved to make multinational companies invest further in Korea. He mentioned the Korea-US free trade agreement, Korea's stable economy, its manufacturing capability and highly competitive supply base
Jan. 28, 2021
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Samsung relegated to 2nd spot in Q4 smartphone market: report
Samsung Electronics Co. dropped to the second spot in the global smartphone market in the fourth quarter of 2020, a report showed Thursday, as Apple Inc. outshined other companies on the back of its new iPhone 12 series. Samsung shipped 73.9 million smartphones in the October-December period, up 6.2 percent from a year earlier, for a market share of 19.2 percent, according to market researcher International Data Corp. (IDC). Apple was the top performer in the fourth quarter after shipping 90.1
Jan. 28, 2021
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LS Electric 2020 net profit down 17% to W85.5b
LS Electric Co. on Thursday reported its 2020 net profit of 85.5 billion won ($76.6 million), down 17 percent from a year earlier. Operating income for the year was 133.7 billion won, down 20.7 percent on-year, the company said in a regulatory filing. Annual revenue rose 2.4 percent to 2.4 trillion won. (Yonhap)
Jan. 28, 2021
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LS Electric Q4 net income up 64.8% to W21.2b
LS Electric Co. on Thursday reported its fourth-quarter net profit of 21.2 billion won ($19 million), up 64.8 percent from a year earlier. The company said in a regulatory filing that it posted 32.6 billion won in operating profit for the quarter, compared with 43.2 billion won a year ago. Revenue fell 12.7 percent to 610.2 billion won. The operating profit was 18.0 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency
Jan. 28, 2021
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S. Korea's shipping industry expected to enjoy strong sales in 2021
South Korea's oceans ministry said Thursday the country's shipping segment is expected to recover its sales to the levels before the industrywide slump a few years ago. The combined sales of the local shipping industry could reach 40 trillion won ($36.2 billion) this year, compared with 36 trillion won tallied the previous year, according to the Ministry of Oceans and Fisheries. Sales of the country's shipping industry came to 39 trillion won in 2015, but they sharply lost ground in the follow
Jan. 28, 2021
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Samsung further skewed toward M&A push, more investments
Samsung Electronics Co. on Thursday said it aims to clinch merger and acquisition (M&A) deals and expand investments in the upcoming years as the South Korean tech giant eyes to fend off challenges from its rivals amid global uncertainties In its conference call, Samsung's chief finance officer Choi Yoon-ho said the company will actively use its cash to expand facility investments and pursue M&A deals in a bid to solidify its market-leading position and beef up its future growth. "
Jan. 28, 2021
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S. Korea to build new resource exploration ship by 2024
South Korea said Thursday it has launched a project to build a new ship equipped with the latest devices to explore deep-sea resources. Under the project, the country will spend 190 billion won ($172 million) to build the 6,000-ton vessel, named the Tamhae 3, according to the Ministry of Trade, Industry and Energy. The project first kicked off in 2018. The envisioned ship, which is to be constructed by Hanjin Heavy Industries Co. in cooperation with the Korea Institute of Geoscience and Minera
Jan. 28, 2021
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KT to launch media production studio
KT Corp., a major South Korean telecom operator, said Thursday it will launch a content production company to serve as the company's overarching control tower for its growing media businesses. The mobile carrier said KT Studio Genie will oversee planning and distribution of media content developed by its range of media services, from its video streaming platform Seezn to internet protocol Olleh TV. KT added that it also plans to develop original content based on works from its webcomic unit St
Jan. 28, 2021
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[Graphic News] S. Korea’s data industry thrives amid pandemic
South Korea’s data industry expanded more than 14 percent in 2020 from a year earlier to exceed the 19 trillion-won level, a survey showed. The local market for data stood at 19.3 trillion won ($17.4 billion) last year, up 14.3 percent from a year earlier, according to the survey by the Ministry of Science and ICT and the Korea Data Agency. Last year’s growth rate was much higher than the 8.3 percent on-year increase posted a year earlier. Data sales and provision accounte
Jan. 28, 2021
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Samsung to pay record dividends this year, more through 2023
Samsung Electronics Co. said Thursday it will pay record dividends to shareholders later this year and more through 2023 to improve its shareholder value, a move that is also seen to smooth out leadership succession for Samsung Group heirs. Samsung will pay a total of a record 13.12 trillion won ($11.8 billion) in dividends to shareholders for the 2020 fiscal year in April, the tech giant said. "The board approved a one-time special cash dividend of 10.7 trillion won," the company sa
Jan. 28, 2021
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SK Telecom forms partnerships for flying car development
SK Telecom Co., South Korea's top wireless carrier, said Thursday it has joined hands with local defense company Hanwha Systems Co., Korea Airports Corp. and the Korea Transport Institute to speed up development of urban air mobility (UAM) services. Last year, South Korea unveiled its plan to commercialize UAM services by 2025 to help overcome urban traffic congestion by using unmanned drone taxis. SK Telecom said they will work together to develop the infrastructure and aircraft required for
Jan. 28, 2021
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Samsung's 2020 operating profit up nearly 30% on-year
Samsung Electronics reported a 29.62 percent increase in operating profit in 2020, achieving the company’s fourth-largest profit despite the pandemic situation, according to its earnings announcement on Thursday. The South Korean tech giant posted 236.87 trillion won ($212.43 billion) in revenue and 35.99 trillion won in operating profit last year. While the annual revenue rose slightly by 2.78 percent from a year earlier, the operating profit surged nearly 30 percent on-year.
Jan. 28, 2021
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Daewoo Engineering & Construction 2020 net income up 40.5% to W282.6b
Daewoo Engineering & Construction Co. on Thursday reported its 2020 net profit of 282.6 billion won ($255.9 million), up 40.5 percent from a year earlier. The company said in a regulatory filing that it posted 558.3 billion won in operating profit for the year, compared with 364.1 billion from the previous year. Annual revenue fell 6 percent to 8.13 trillion won. (Yonhap)
Jan. 28, 2021
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Daewoo Engineering & Construction Q4 net income up 417.5% to W112.3b
Daewoo Engineering & Construction Co. on Thursday reported its fourth-quarter net profit of 112.3 billion won ($101.7 million), up 417.5 percent from a year earlier. The company said in a regulatory filing that it posted 253.3 billion won in operating profit for the quarter, compared with 44.8 billion won a year ago. Sales fell 0.8 percent to 2.29 trillion won. The operating profit was 123.7 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial
Jan. 28, 2021
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Naver 2020 net more than doubles to W836b amid pandemic
South Korea's top internet portal operator, Naver Corp., said Thursday its net profit jumped more than twofold in 2020 from the previous year on the back of the non-contact trend amid the coronavirus pandemic. Net profit reached 836.2 billion won ($757.2 million) last year, compared with 396.8 billion won in the previous year, the company said in a regulatory filing. Operating income reached 1.21 trillion won for all of 2020, up 5.2 percent from the year before. Sales reached 5.3 trillion won
Jan. 28, 2021
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Samsung Electronics 2020 net income up 21.5% to W26.4tr
Samsung Electronics Co. on Thursday reported its 2020 net profit of 26.4 trillion won ($23.9 billion), up 21.5 percent from a year earlier. The company said in a regulatory filing that operating profit for the year rose 29.6 percent on-year to 35.99 trillion won. Annual sales increased 2.8 percent to 236.8 trillion won. (Yonhap)
Jan. 28, 2021
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'Commit, operationalize, engage' to tackle climate change: LG Chem chief
LG Chem Vice Chairman and CEO Shin Hak-cheol shared the company’s strategies on tackling climate change at the World Economic Forum on Wednesday. During the “Mobilizing Action on Climate Change” session, which was held online, Shin suggested three keywords to business and industry leaders to address climate change -- commit, operationalize and engage. “In 2019, LG Chem emitted 10.5 million metric tons of carbon dioxide. If we keep growing at the current ra
Jan. 27, 2021
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LG Electronics collaborating with Qualcomm to develop 5G automotive platforms: exec
LG Electronics Inc. is collaborating with Qualcomm Technologies Inc. for the development of 5G automotive platforms, its senior executive has said, as the South Korean tech giant tries to expand its presence in the automotive business for future growth. Qualcomm, the No. 1 semiconductor supplier in telematics and wireless car connectivity, announced Tuesday (US time) that it aims to deploy "reliable, connected, intelligent and location-aware next generation vehicles" with partners inc
Jan. 27, 2021
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[Eye on Business] The story behind Korea’s ‘screen golf’
Once considered an exclusive hobby for rich elites, golf has now become much more affordable and accessible, thanks to “screen golf,” or golf simulator rooms. Virtual reality allowed golf aficionados to be rid of the inconvenience of having to travel far out to countryside golf courses, letting them tee off after work in their neighborhood “screen golf lounges” for the cost of about $20 for an 18-hole game. Pioneering this indoor golf culture was Golfzon, which introd
Jan. 27, 2021