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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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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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Samsung wins W815b order to build 4 LNG ships from Africa
Samsung Heavy Industries Co., the world's second-biggest shipbuilder by orders, said Wednesday it has won a 815 billion-won ($734 million) order to build four liquefied natural gas ships for an African customer. Samsung Heavy plans to supply the ships by May 2024, the company said. Since Monday, the company has won orders to build eight LNG carriers with a total value of 1.6 trillion won. The shipbuilder has so far won $5.5 billion worth of orders this year, which accounts for around 65 perce
Dec. 23, 2020
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Daewoo E&C wins $455m deal from Mozambique
Daewoo Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a $455 million order to build two liquefied natural gas (LNG) production trains in Mozambique. Under the deal signed with CCS joint venture, Daewoo E&C will handle steel structures, mechanics, piping works and electronic instruments in the project at the Afungi Industrial Complex in northern Mozambique. The joint venture, a special purpose company set up for the project, is composed of US o
Dec. 23, 2020
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Hyundai Motor takes over GM plant in Russia
Hyundai Motor Co. said Wednesday it has acquired General Motors Co.'s auto plant in Russia to step up its vehicle production in the nation. The South Korean automaker finalized the deal in early November to buy the American carmaker's assembly line in Saint Petersburg, a company spokesperson said, without elaborating on the amount and production schedule at the plant.The GM plant, which has an annual production capacity of around 100,000 vehicles, opened in 2008 but suspended operations in 2015
Dec. 23, 2020
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Samsung to remain top global TV seller for 15th year: report
Samsung Electronics Co. is expected to remain the world's leading TV vendor for the 15th straight year in 2020 on brisk demand caused by the coronavirus pandemic, a report said Wednesday. The South Korean tech behemoth is forecast to sell 49.02 million TVs this year after shipping 33.92 million units in the first three quarters of the year, according to the report from market researcher Omdia. The estimate is up 11.2 percent from the previous year and marks the largest annual sales number sinc
Dec. 23, 2020
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Dongbu-led consortium picked as preferred bidder for Hanjin Heavy
A consortium led by construction company Dongbu Corp. was picked Tuesday as the preferred bidder for the controlling stake of Hanjin Heavy Industries & Construction Co., the troubled shipbuilder said. A group of Hanjin's creditors, led by the Korea Development Bank, reached the decision during a meeting earlier in the day, Hanjin said in a regulatory filing. The Dongbu consortium beat two competitors, including a group led by SM Line Corp, to acquire a 83.45 percent stake in Hanjin Heavy
Dec. 22, 2020
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Daesung chief wins top honor in yearly energy award
Kim Young-hoon, chairman of South Korean energy conglomerate Daesung Group, has received top-grade recognition for his contribution to the country’s energy efficiency, the company said Tuesday in a release. The businessman was awarded the Distinguished Silver Tower Order of Industrial Service at the 2020 Korea Energy Awards, held at the Grand InterContinental Seoul Parnas Hotel. The newly added Silver Tower is the highest acclaim for the Korean energy sector, outrunning the Bronze Tower,
Dec. 22, 2020
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Business groups protest against industrial accident bill
South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul.
Dec. 22, 2020
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Will COVID-19 treatment be Celltrion founder’s retirement legacy?
Late on the front of coronavirus vaccine development and procurement, South Korea is pinning hopes on one particular company to provide the much-needed relief in this dark, pandemic winter -- Celltrion. The company is expected to announce in coming days results of its global clinical phase 2 trial of an anti-COVID-19 monoclonal antibody treatment candidate, CT-P59. Celltrion’s media-friendly founder and chairman Seo Jung-jin has said plenty of times that its drug, if approved, would &l
Dec. 22, 2020
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SK Materials invests $17m in US startup for battery-enhancing tech
SK Materials said Tuesday it has invested $17 million in a US-based startup developing advanced materials that can enhance the energy density of lithium-ion batteries by 50 percent. According to the South Korean manufacturer of special gases and IT materials, the investments, which were made together with US-based venture capital firm OVP Venture Partners, will allow Group14 Technologies to ramp up its pilot production facility and help with the startup’s groundbreaking of a large-scale
Dec. 22, 2020
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Samsung, SKT and Kakao join hands for pandemic-forecasting AI
Samsung Electronics will join forces with South Korea‘s largest mobile carrier SK Telecom and the country’s top mobile messenger operator Kakao to develop an artificial intelligence platform that alerts users of coronavirus risks in advance. According to the companies Tuesday, a joint research and development group has been formed with an aim to introduce the platform by early next year. The current emergency text alert system, run by the government, offers information of confirm
Dec. 22, 2020
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Hyundai to halt local plant for 2 weeks for inventory adjustment
Hyundai Motor Co., South Korea's biggest carmaker, said Tuesday it will suspend one of its domestic plants for two weeks to control inventories amid the COVID-19 pandemic. Hyundai Motor plans to suspend the Asan plant, which produces the Sonata and Grandeur sedans, from Wednesday through Jan. 6 due mainly to weak sales of the Sonata model, a company spokesman said. The sale of the Sonata sedan plunged 31 percent to 63,078 units from January to November compared with the same period of last yea
Dec. 22, 2020
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Korea Shipbuilding wins W607.2b LNG ship order in Panama
Korea Shipbuilding & Offshore Engineering Co., the world's leading shipbuilding group, said Tuesday it has received a 607.2 billion-won ($549 million) liquefied natural gas (LNG) ship order in Panama. Hyundai Samho Heavy Industries Co., one of three shipbuilding affiliates of the holding company, will build the three LNG carriers for an unidentified shipper in Panama by September 2024, the company said in a regulatory filing. Two other shipbuilding affiliates are Hyundai Heavy Industries C
Dec. 22, 2020
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Korea to open 110 hydrogen charging stations by H1 2021
South Korea’s Ministry of Economy and Finance said Monday it will establish 110 hydrogen charging stations by the first half of next year, as part of its plan to nurture three target industries -- non-system semiconductor, future mobility and bio-health. The plan was unveiled at the first steering meeting for “the innovative growth of big 3 industries,” presided over by Deputy Prime Minister and Finance Minister Hong Nam-ki on Monday, to draw up a comprehensive blueprint to h
Dec. 21, 2020
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[News Analysis] What decides a game’s success overseas?
South Korean game companies have long been criticized by local media and analysts for failing to gain success beyond Asia. As of end-2018, the Korean game industry’s exports reached $6.4 billion, 70 percent of which was generated in Asia -- 46.5 percent from China, Taiwan and Hong Kong, 14.2 percent from Japan and 10.3 percent from Southeast Asia, according to the Korea Creative Content Agency. Though pundits reduce the success to a regional one, it would be more accurate to say that
Dec. 21, 2020
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Korea approves 1st N95 masks for frontline COVID workers
The Ministry of Food and Drug Safety said Monday it has approved South Korea’s first N95 respirators for use by health professionals and quarantine workers in COVID-19 situations. Current KF94 masks are available for the general public, as they are not medical devices. However, the N95 masks are classified as medical devices, and are only available to medical personnel. “The N95 masks can filter 95 percent of particles of 0.3 micrometers, offering the same safety and function wit
Dec. 21, 2020
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JTI Korea makes donation to provide smart devices for education
JTI Korea has made donations to Community Chest of Korea to provide smart devices to support education of the socially vulnerable, the company said Monday. The tobacco company said the fund will be delivered to Work Together Foundation to buy smart devices for education, as schools are running online classes in the wake of the COVID-19 pandemic. “We are making the donations to help students who are facing difficulties in taking classes online (due to lack of devices) and to improve th
Dec. 21, 2020
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Korea Shipbuilding clinches W582b deal from Europe
Korea Shipbuilding & Offshore Engineering said Monday it had clinched a deal worth 582 billion won ($528 million) for seven vessels with European shipping companies. The Korean shipbuilder said it has signed the contract to build four 13,200-twenty-foot-equivalent-unit container vessels, two 40,000-square-meter liquefied petroleum gas carriers and one product carrier, for the companies in Europe, unidentified. The four container vessels, which are 335 meters in length, 51 meters in widt
Dec. 21, 2020
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S. Korea's video game market ranked 5th largest globally last year: report
South Korea's video game market was the fifth largest in the world in 2019, falling one position from the previous year, a report showed Monday. The country's video game market reached sales of 15.6 trillion won ($14.2 billion) last year, up 9 percent from the previous year, according to an annual report by the Korea Creative Content Agency. The country ranked behind the United States, China, Japan and the United Kingdom in the global video market worth a total $186.5 billion last year. South
Dec. 21, 2020
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Daewoong Pharmaceutical eyes COVID-19 treatment's launch early next year
South Korean drugmaker maker Daewoong Pharmaceutical Co. aims to launch a treatment drug for the novel coronavirus early next year, the company's chief said Monday. Foistar, an oral protease inhibitor, is currently undergoing phase two clinical trial on COVID-19 patients with mild symptoms. The company aims to release the outcome of the clinical study later this month. "Our aim is for actual patients to be able to take the drug starting early next year through a conditional authorization
Dec. 21, 2020
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S. Korean pharmaceutical firms shine despite coronavirus pandemic
South Korean drug and biopharmaceutical companies have recorded stellar performances this year despite the coronavirus pandemic, data showed Monday. Nine local pharmaceutical firms struck 14 technology export deals worth 10.15 trillion won ($9.2 billion) this year, up 19 percent from a year earlier, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The surge was attributed to their big investments in developing new drugs and expanding production facilities. Spend
Dec. 21, 2020