Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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Kwon Chil-seung nominated to be minister of SMEs and Startups
Two-term Democratic Party of Korea lawmaker Kwon Chil-seung was named President Moon Jae-in’s nominee for minister of Small and Medium-sized Enterprises and Startups on Wednesday. If confirmed, he will take over the role previously held by Park Young-sun since April 2019 and will oversee the organization to strengthen competitiveness and support innovation of SMEs and micro enterprises. Park resigned from her position early on Wednesday amid speculation that she will soon announce her bi
Jan. 20, 2021
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GC Pharma to apply for COVID-19 plasma therapy EUA in April
Drug maker GC Pharma will apply to expedite the use of its plasma-derived COVID-19 treatment in April in Korea, the company said on Wednesday. The plasma therapy, GC5131A, which uses donated blood plasma from recovered COVID-19 patients, targets those infected who display serious symptoms. In the previous year, the company had said on multiple occasions that it anticipates to release the drug in the market within the first quarter of 2021. The company only wrapped up administration of the the
Jan. 20, 2021
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LG Electronics to further expand smart factory scheme
LG Electronics Inc. on Wednesday said it plans to promote its smart factory push as the home appliance maker targets improving its productivity. LG announced it will spend 50 billion won ($45 million) from February to set up a new home appliance product testing facility at its second factory in Changwon, some 400 kilometers south of Seoul. The new facility will integrate all existing testing labs at the factory, according to LG. The South Korean tech giant said the forthcoming facility will a
Jan. 20, 2021
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Daewoo Shipbuilding teams up with Kepco E&C for offshore substation
Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that it has signed a deal with power plant builder Kepco Engineering & Construction Co. to develop offshore substations. The two South Korean companies plan to make inroads into the overseas offshore substation market, Daewoo Shipbuilding said. An offshore substation refers to equipment that transfers electricity generated at offshore wind farms to land. The government is pushing ahead with its plan to be one of the world's f
Jan. 20, 2021
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Samsung's chip R&D spending 2nd-largest in 2020: report
Samsung Electronics Co. was the industry's second-largest spender on semiconductor research and development (R&D) last year, a report showed Wednesday, as the South Korean tech giant tries to beef up its presence in the non-memory sector. Samsung, the world's top memory chipmaker, spent $5.6 billion on chip-related R&D in 2020, up 19 percent from a year earlier, according to the McClean Report released by industry tracker IC Insights. Samsung's sharp increase in chip R&D spending w
Jan. 20, 2021
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Naver to acquire storytelling platform for W653.3b
South Korea's internet conglomerate Naver Corp. said Wednesday that it will acquire Canadian entertainment platform operator Wattpad Corp. in a stock transaction valued at 653.3 billion won ($593.6 million). The Toronto-based storytelling platform provides stories through its flagship app. It is a community of more than 90 million people globally who spend over 23 billion minutes a month engaged in original stories. Naver said the acquisition is aimed at "strengthening its North American
Jan. 20, 2021
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Doosan Infracore wins large-scale excavator order from French firm
Top construction equipment maker Doosan Infracore Co. said Wednesday that it has won an order for 221 excavators from French construction equipment rental company Beaulock. Doosan Infracore will provide 12 kinds of excavators, including a 22-ton one, it said, but the company did not reveal the amount of the order. The latest order will help Doosan Infracore expand its presence in the European construction equipment market, the company said. Beaulock bought a total of 250 excavators from Doosa
Jan. 20, 2021
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Samsung Electro-Mechanics develops slim 3-socket MLCC for 5G smartphones
Samsung Electro-Mechanics Co., a major electronic components maker in South Korea, said Wednesday it has developed an ultra-slim multilayer ceramic capacitor (MLCC) with a three-socket structure that can be used in 5G smartphones as the company targets to increase sales from global smartphone makers. Samsung Electro-Mechanics said it began to supply the 0.65-millimeter slim three-socket MLCC, which is 18 percent thinner than its previous products, to smartphone manufacturers. MLCC is a core co
Jan. 20, 2021
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AmCham expresses regret over Samsung chief’s jailing
The American Chamber of Commerce in Korea expressed its discomfort over the recent detention of Lee Jae-yong, the chief of the country’s top conglomerate, Samsung Group. While respecting the court’s decision to put Lee behind bars for bribery, the business association cited the case as an example of a “Korea-unique” business hurdle for global business entities here. “Samsung is an important company with significant global leadership, which was why we were sad
Jan. 19, 2021
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Lee jailing puts Samsung back in emergency mode
Samsung Electronics and its affiliates returned to an emergency posture on Tuesday, a day after an appellate court sentenced the conglomerate’s leader Lee Jae-yong to two years and six months in jail. Multiple sources at the country’s largest business group spoke of a somber mood, with many expressing regrets about the court’s decision and worries about the tech giant’s mid-term strategies. “Aside from day-to-day operations, the leader’s vacancy literally
Jan. 19, 2021
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Hyundai, Kia Q4 operating profit jumps despite pandemic
Hyundai Motor Co. and affiliate Kia Corp. are expected to post double-digit growth in their fourth-quarter operating profit, helped by robust domestic sales despite the coronavirus pandemic. Strong local demand for their vehicles helped Hyundai Motor and Kia offset their weak overseas sales in the October-December period, analysts said. Hyundai, the country's biggest carmaker, likely posted an operating profit of 1.71 trillion won ($1.55 billion) in the fourth quarter, up 37 percent from 1.24
Jan. 19, 2021
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Boryung revs up anti-cancer drug production line at Yesan plant
Boryung Pharmaceutical announced it had begun full-fledged use of its Yesan plant and more emphasis on anti-cancer products. Boryung announced Tuesday that it had been producing plasma cell myeloma treatment Velkin from end-December at the Yesan plant, and is soon to send the bulk out to the market. Once the company gains EU good manufacturing practices certification, which the company is preparing to apply for this year, Boryung’s anti-cancer products will make their way to the global
Jan. 19, 2021
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LG, Samsung washers favored by US Consumer Reports
Washing machines made by South Korea‘s LG Electronics and Samsung Electronics swept the top spots in a ranking by American consumer organization Consumer Reports, according to industry sources Tuesday. LG Electronics ranked first in the front-load washer, top-load agitator washer and top-load high-efficiency washer segments, becoming the first non-US firm to win three out of five washing machines categories in the ratings compiled by the organization. LG Electronics continued its stren
Jan. 19, 2021
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CJ Logistics floated for vaccine distribution
As eyes turn toward the imminent start of COVID-19 inoculations, CJ Logistics has emerged as a candidate for vaccine distribution. CJ Logistics had been considered at a disadvantage, as it does not have an ultra-cold-chain storage like Korea SuperFreeze in Pyeongtaek. But recent reports have suggested it may still be in the running, as it has the widest network of distribution centers and vehicles. A company official who spoke to The Korea Herald said CJ would be able to handle vaccines as th
Jan. 19, 2021
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Doosan Mobility Innovation to expand presence in ship sailing control industry
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs for drones, said Tuesday that it has teamed up with the local shipbuilding and marine ICT provider Marineworks to develop a solution to control ships' sailing by using drones. The two companies will develop an electric marine chart system on the basis of video footage taken by DMI's hydrogen fuel cell-powered drones, which are capable of flying for more than two hours, DMI said. DMI said the system will allow ships
Jan. 19, 2021
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Chaebol and prison: a quick look at chiefs who served jail terms
Samsung heir Lee Jae-yong was sentenced to 2 1/2 years in prison for bribing former President Park Geun-hye on Monday, joining a long list of conglomerate owners who have been charged with a similar offense in the past. While Lee is the first Samsung chief to be imprisoned and has been sentenced twice -- in a retrial Monday as well as in February 2017 -- Lee Byung-chul, the late founder of Samsung Group, was similarly investigated though without being indicted. Lee Jae-yong’s late father
Jan. 18, 2021
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Celltrion’s COVID drug given green light in 1st of 3-step review
Celltrion’s proposed COVID-19 treatment has won an OK in the first of the three-leg review by the Ministry of Food and Drug Safety, the agency said Monday. The Korean drugmaker last week sought conditional use approval for its anti-COVID-19 monoclonal antibody treatment candidate regdanvimab, or CT-P59, becoming the first local firm to reach that stage in the race for a COVID-19 cure. A panel of experts, comprising eight outside experts and four from the ministry, advised that the auth
Jan. 18, 2021
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Korea’s battery industry powers through pandemic
South Korea is projected to set a new record in rechargeable battery exports this year. Overseas shipment of rechargeable batteries is expected to grow 5.7 percent from a year earlier to reach a record high of $7 billion, according to a projection by the Ministry of Trade, Industry and Energy and the Korea Battery Industry Association on Monday. In 2020, the country’s battery exports increased 2.9 percent year-on-year to $6.57 billion, marking a fifth consecutive year of growth. By
Jan. 18, 2021
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Tesla’s Model Y SUV to feature Hankook Tire’s tires
Hankook Tire, the world’s seventh-largest tire maker by sales, will be one of the tire suppliers for Tesla’s electric sport utility vehicle Model Y, industry officials said Monday. The Korean tire manufacturer’s 19-inch tires are currently fitted on Model Y vehicles that are produced in Tesla’s Shanghai plant, which accounts for the Chinese market and other countries around the world. The Korean market, however, is likely to be excluded from the Hankook Tire production
Jan. 18, 2021
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[Newsmaker] Blow for Samsung as heir Lee sent back to prison for bribery
South Korea’s largest conglomerate, Samsung Group, is facing another watershed as chief Lee Jae-yong was once again taken into custody Monday after receiving a jail term for bribery and embezzlement. The departure of Lee from the helm of the group comes at a time when the IT giant is seeking to make progress on its long-pending management succession and to press forward amid the post-coronavirus economic recovery. “Lee should be held responsible for the suggested bribery and embez
Jan. 18, 2021