Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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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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S. Korea to invest W28b in R&D projects for eco cars
South Korea said Tuesday it will invest nearly 28 billion won ($25.3 million) in research and development (R&D) projects for eco-friendly automobiles and self-driving technologies in line with the country's green energy drive. The country plans to allocate 13.4 billion won for research projects for electric vehicles and hydrogen fuel cell cars, along with 14.5 billion won for self-driving systems, according to the Ministry of Trade, Industry and Energy. The budget will be spent on a wide a
Jan. 26, 2021
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Samsung Heavy wins W230b container carrier order
Major shipbuilder Samsung Heavy Industries Co. said Tuesday that it has signed a 229 billion won ($208 million) deal with an Oceania company to build two container carriers. Under the deal with an unidentified customer, the vessels will be delivered by December 2022, Samsung Heavy said in an emailed statement. The container carrier can load up to 13,000 20-foot containers, the company said. With the latest deal, Samsung Heavy has clinched deals worth $400 million so far this year. (Yonhap)
Jan. 26, 2021
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State power firms forecast to log big losses in 2021
South Korea's five state power companies are projected to post large losses this year due to a government push to reduce dependence on coal for electricity generation and low electricity prices, their internal documents showed Tuesday. The five firms -- Korea South-East Power Co., Korea Midland Power Co., Korea Western Power Co., Korea Southern Power Co. and Korea East-West Power Co. -- are predicted to register a combined loss of 1.3 trillion won ($1.18 billion) this year, according to their 2
Jan. 26, 2021
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Doosan Heavy clinches W780b desalination plant deal
Doosan Heavy Industries & Construction Co., a major South Korean plant builder, said Monday it has clinched a 780 billion-won ($707.8 million) deal to build a seawater desalination plant in Saudi Arabia. Doosan Heavy has inked a deal to build the Yanbu-4 facility with a consortium of French energy company Engie SA and Saudi Arabian firms Mowah and Nesma, the company said in a statement. The facility will be built in Alrayyis, some 260 kilometers north of the western port city of Jeddah, w
Jan. 25, 2021
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Once the nation’s retail giant, Lotte Group in urgent need of transformation
The COVID-19 pandemic, along with the yearslong slow growth trend, has weighed upon most businesses but the burden was especially heavy for those that failed to grow out of conventional operating models. An example among South Korea’s top businesses was the country’s retail giant Lotte Group which apparently is struggling to cope with the fast-changing market trend. According to the nation’s bourse operator Korea Exchange, none of the Lotte affiliates were included in Kospi&
Jan. 25, 2021
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Korea begins reviewing Pfizer vaccine
Korea’s Ministry of Food and Drug Safety said Monday that it has started the 40-day expedited review process for the Pfizer-BioNTech COVID-19 vaccine. Pfizer applied for the emergency use approval of its vaccine Monday, the Drug Ministry said. If it passes the fast-track review, the vaccine could be available in Korea no later than mid-March. The mRNA vaccine will be produced in Belgium, according to Pfizer. It is the second COVID-19 vaccine seeking local use permit. AstraZeneca on Jan.
Jan. 25, 2021
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Hanwha Solutions triples production of safe plastic material
Hanwha Solutions said Monday it will triple production of the eco-friendly plastic material Eco-DEHCH to respond to a growing market demand. According to the South Korean solar-to-chemical company, it has completed the expansion of its Eco-DEHCH facility in Ulsan, increasing the annual production capacity from 15,000 metric tons to maximum 65,000 tons. The expansion cost 45 billion won ($40.7 million). Eco-DEHCH is a type of plasticizer, a substance added to a plastic to make it softer and mo
Jan. 25, 2021
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Hyundai Mipo wins chemicals carrier deal from Europe
Hyundai Mipo Dockyard Co., a mid-sized shipyard here, said Monday that it has won a 80.2 billion won ($73 million) order to build two petrochemical carriers for a European company. The deal calls for the shipyard to deliver the vessels by March next year, the company said in a regulatory filing. Hyundai Mipo Dockyard is a listed unit of Korea Shipbuilding & Offshore Engineering Co., the subholding company of Hyundai Heavy Industries Holdings Co. Korea Shipbuilding, which has three shipbui
Jan. 25, 2021
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Daewoong to start phase 3 trial of COVID-19 preventive
Daewoong Pharmaceutical said Monday that it plans to conduct a clinical phase 3 trial for its drug targeted at preventing COVID-19. The company received an approval from the Ministry of Food and Drug Safety to begin the last stage of clinical trials for the drug, Foistar, on Friday. “Foistar is convenient to administer as oral medication. Its mechanism is expected to work best in the early phase of viral replications. As the drug would hold efficacy against viral mutations, we hope it
Jan. 25, 2021
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SsangYong Motor cuts wages by half amid liquidity crisis
Financially troubled SsangYong Motor Co. said Monday it will cut its employee wages in half in January and February as it struggles with mounting costs amid lackluster sales. In a recent message to employees, SsangYong Motor President and CEO Yea Byung-tae said the decision was part of "desperate measures" amid a sharp decline in sales. In 2020, its vehicle sales fell 19 percent to 107,324 units from 132,799 the previous year. SsangYong Motor's lineup consists of the flagship G4 Rex
Jan. 25, 2021
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Galaxy S21 sales tipped to hover around 2.4m units in S. Korea this year: report
Sales of Samsung Electronics Co's new smartphone line, the Galaxy S21, are expected to reach 2.4 million units this year in South Korea, a report showed Monday, as the tech giant tries to expand its presence against Apple Inc.'s iPhone 12. Galaxy S21 sales are estimated to be 40 percent larger than those of the Galaxy S20, which sold about 1.7 million units last year, according to market tracker Counterpoint Research. The Galaxy S20 series had a relatively mediocre performance in its debut yea
Jan. 25, 2021
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KT hires new advisors for AI, robotics push
KT Corp., a major South Korean telecom operator, said Monday global robotics expert Dennis Hong will join the company in an advisory role to help boost its efforts to integrate new technology into their services. Hong, a professor and the founding director of the Robotics & Mechanisms Laboratory at UCLA, will advise the company on its broader robotics business, according to KT. The move comes as the telecom operator has recently shifted focus to AI and robotics, and last year acquired a 10
Jan. 25, 2021
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Samsung heir Lee, prosecutors won't appeal ruling in bribery case
Samsung heir Lee Jae-yong and the prosecution said Monday that they will not appeal last week's appeals court ruling that sentenced him to 2 1/2 years in prison in a retrial of a high-profile bribery case. Last Monday, the Seoul High Court handed down the verdict to the vice chairman of Samsung Electronics Co. for bribing former President Park Geun-hye and her longtime friend, Choi Soon-sil, to win government support for a smooth father-to-son transfer of managerial power at Samsung. Lee was se
Jan. 25, 2021
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Foreign-invested companies passive about hiring amid pandemic: KOTRA
As market uncertainty continues due to the COVID-19 pandemic, foreign-invested companies here have been passive about taking on new employees, a report from a state trade agency showed Sunday. According to the Korea Trade-Investment Promotion Agency, which surveyed 2,500 firms between August and October last year, only 2 out of 10 had carried out their recruitment plans for the year. A total of 464 companies, or 18.6 percent of those surveyed, sought to hire. Of those, 218 had completed thei
Jan. 24, 2021
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SK Holdings to invest in advanced materials, green, bio, digital sectors
SK Holdings, an investment-focused holdings firm within SK Group, said Sunday that it will focus its investment on four business areas: advanced materials, green, bio and digital. For investment expertise and efficiency, the company has reorganized its operations according to the four sectors, it added. “2021 will be a meaningful year for SK Holdings in this four-way investment drive,” CEO Jang Dong-hyun said via a press release. The company kicked off the year with a 1.6 trill
Jan. 24, 2021
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LG Innotek introduces next-generation digital car key
Rummaging around for car keys may soon become a relic of the past. South Korea’s electronic component manufacturing firm LG Innotek said Sunday that it has succeeded in developing a digital car key module that would enable smartphones to replace car keys. The module is equipped with high-precision location detection ability and has reliable security functions, LG Innotek said. The company is actively running promotions targeting global manufacturers of vehicles and vehicle components in
Jan. 24, 2021
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Posco Q4 profit tipped to jump despite pandemic
Posco, the world's fifth-largest steelmaker by output, is expected to have logged double-digit operating profit growth in the fourth quarter on increased demand despite the coronavirus pandemic. Strong demand for steel products in China and a hike in steel prices likely buoyed the company's bottom line in the October-December period, analysts said. Posco is estimated to have posted an operating profit of 838.3 billion won ($760.1 million) in the fourth quarter, up 50.3 percent from a year earl
Jan. 24, 2021
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[Herald Interview] GreenPureTech seeks to provide the world with hospital beds
A lack of hospital beds has been one of the painstaking points of COVID-19 pandemic as more and more medical institutions around the globe become overwhelmed with patients amid the relentless spread of the coronavirus. GreenPureTech., a Seoul-based medical equipment provider, hopes to provide quick relief to this bed crunch and contribute to saving more lives. According to CEO Lim Hyung-bo, the company is an unrivalled leader in the field of movable negative pressure rooms in South Korea, wi
Jan. 22, 2021
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Hyundai E&C shifts to Q4 loss on FX losses
Hyundai Engineering & Construction Co., a major South Korean builder, said Friday it shifted to a net loss in the fourth quarter from a year earlier due to currency-related losses. For the three months that ended in December, Hyundai E&C swung to a net loss of 122 billion won ($110.6 million) from a net profit of 6.9 billion won in the same period of last year, the company said in a regulatory filing. The company said the US dollar's strength against the won mainly contributed to the l
Jan. 22, 2021
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Korean Air to up stock sale to W3.3tr for Asiana acquisition
Korean Air Lines Co., South Korea's biggest carrier, said Friday it will raise a higher than previously planned amount by selling stocks for its planned acquisition of smaller rival Asiana Airlines Inc. Korean Air plans to sell 3.3 trillion won ($3 billion) worth of new stocks, which is higher than the originally planned 2.5 trillion won to finance the acquisition of debt-laden Asiana, due to its soaring stock price, the company said in a regulatory filing. The national flag carrier plans to i
Jan. 22, 2021