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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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LG Chem to decide acquisition of Nissan factory in Spain within this month
LG Chem is expected to notify the Spanish government within this month as to whether it will take over Nissan’s factory in the country to turn it into a battery plant, according to local media reports Monday. To salvage the Nissan plant in Barcelona that is scheduled for closure in December 2021, the Spanish government has proposed direct aid of 600 million euros ($711 million) out of the total 1.6 billion euros of investments required for the acquisition. LG Chem is set to respond to
Sept. 21, 2020
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LS Cable & System mass-produces aluminum wires for EVs
LS Cable & System said Monday it has started mass-producing aluminum wires for electric vehicles. The cable provider expanded its investment in aluminum wires as it believes that aluminum will become a key material for vehicles amid growing competition in EV industries. Aluminium conductor wires are 40 percent lighter than conventional copper wires and can reduce the weight of wires from 25 kilograms per vehicle to about 15 kilograms, the firm said. LS Cable said it has built a factor
Sept. 21, 2020
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KCCI calls for caution on 284 business bills
The Korea Chamber of Commerce and Industry, which represents South Korean businesses, has called on lawmakers to carefully discuss bills that may greatly affect corporate management. The KCCI said Monday that it had submitted a report to the National Assembly containing its constituents’ opinions on major legislative issues. According to the business association, citing its own survey, 284 bills were proposed in the three months from June to August following the opening of the 21st N
Sept. 21, 2020
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Samsung relegated to 3rd spot in Q2 Indonesian smartphone market: report
Samsung Electronics Co. lost its status as the top smartphone vendor in the Indonesian smartphone market in the second quarter of the year, dropping to the third spot, a report showed Monday, as Chinese brands expanded their presence with budget devices. Samsung clinched a market share of 19.6 percent in the Southeast Asian country in the April-June period, down from 27 percent a year ago when it was the top smartphone vendor in Indonesia, according to industry tracker Counterpoint Research.
Sept. 21, 2020
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First patient administered with COVID-19 plasma treatment in Korea
GC Pharma, a blood plasma-derived medicine company, said Monday that it has administered its COVID-19 plasma treatment GC5131A to the first domestic patient for a phase 2 clinical trial. In Korea, professor Chung Jin-won of the division of infectious diseases at Chung-Ang University Hospital was the first to take on GC Pharma’s GC5131A pipeline for treatment of a COVID-19 patient on Saturday. This phase 2 trial will determine the right dosage for safe and efficacious use of GC5131A. It t
Sept. 21, 2020
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Duty-free operators desperate for survival amid protracted COVID-19 pandemic
Stung by the protracted new coronavirus outbreak, South Korean duty-free operators are struggling to overcome the industry-wide slump with belt-tightening measures, including increasing the number of closing days at some outlets in major local cities and cutting their overseas operations. Industry leader Lotte Duty Free began closing its outlets at COEX in southern Seoul and the southeastern port city of Busan every Sunday and Monday from this month. In April, Lotte decided not to open the tw
Sept. 21, 2020
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Hanwha, SK hynix develop core chip packaging equipment
Hanwha Precision Machinery Co., a major assembly automation equipment maker in South Korea, said Monday it has developed core semiconductor packaging equipment in collaboration with the country's No. 2 chipmaker SK hynix Inc. Hanwha Precision and SK hynix worked together to commercialize the die bonder, a machine that attaches a semiconductor die to a package, such as a printed circuit board in the back-end chip packaging process. Hanwha Precision Machinery said its die bonder has better mate
Sept. 21, 2020
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[Monitor] Overseas investments shrink in Q2
Amid the ongoing COVID-19 pandemic, the volume of overseas direct investments made shrunk 27.8 percent in the second quarter, according to data released by the Ministry of Economy and Finance. The amount of overseas investments stood at $12.14 billion in the April to June period, a decline of 27.8 percent from the same period last year. The decline marked the biggest in nine quarters, since the first quarter of 2018. The net investment posted $7.61 billion, down 46 percent from a year earl
Sept. 21, 2020
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[Contribution] In celebration of first assembly of KF-X airframe
Bradley Leland is the Lockheed Martin Program Director for the KF-X Program as part of F-35 offset. He has an extensive background in fighter aircraft development, including the F-22, T-50, and F-35 Programs. He has been supporting Korea Aerospace Industries since the beginning of the KF-X program in 2015. -- Ed. Nearly five years ago, the KF-X Program began. It began with a vision, a vision built upon a 30-year commitment to successfully develop an aerospace industry in Korea. The KF-X visio
Sept. 20, 2020
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KT suggests founding intl epidemic management working group
KT CEO Ku Hyeon-mo is pushing for the formation of a new global body to address pandemic preparedness utilizing information and communications technology, the South Korean mobile carrier said Sunday. At an event that took place Friday to commemorate the Broadband Commission’s 10th anniversary, Ku pitched the idea of an epidemic management working group in which global players could collaborate to fight future health care crises. The Broadband Commission is a 58-member group helmed by t
Sept. 20, 2020
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Kogas helps spearhead hydrogen transition in Green New Deal drive
Korea Gas Corp. is taking a leading role in fostering the country’s hydrogen industry, backing the government’s Green New Deal initiative which aims to roll out 200,000 hydrogen vehicles and 450 hydrogen charging stations. The state-run natural gas company said Sunday it will transition to an eco-friendly hydrogen firm from a conventional fossil fuel-based company, pledging to produce and introduce cheap hydrogen to the market by making timely investments and securing source techno
Sept. 20, 2020
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[Newsmaker] How '70s oil shock led to SK battery biz
For the late SK Group Chairman Chey Jong-hyun, the 1970s oil shock was a wake-up call, a moment of reckoning that a petrochemical company cannot and should not let its destiny be dictated by the price of oil. When SK Group acquired domestic petrochemical company Yukong in 1980, which later became today’s SK Innovation, Chey had a clear vision that reaped rewards for decades. “Countries all over the world are trying to develop alternative energy after suffering from the 1970s oil c
Sept. 20, 2020
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S. Korean tech giants tipped to enjoy rosy Q3 earnings despite pandemic
South Korea's major tech giants are anticipated to enjoy better-than-expected earnings during the third quarter, a poll showed Sunday, as they were able to save costs amid the global new coronavirus pandemic. Samsung Electronics Co. is expected to post an operating profit of 10.3 trillion won ($8.85 billion) in the July-September period, up 32.56 percent from a year earlier, according to the market consensus compiled by Yonhap Infomax, the financial arm of Yonhap News Agency. The world's top
Sept. 20, 2020
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Hanwha Defense loses out on $2.5b anti-air systems export
Hanwha Defense’s seven-year-long efforts to export its anti-air systems to India went up in smoke after the country decided to make the systems on its own to give a boost to the domestic industry, according to local media reports. In a recent meeting chaired by Defense Minister Rajnath Singh, the Indian Defense Ministry scrapped two arms import contracts that were in the final stages, including a $2.5 billion program to procure anti-air systems from South Korea. The tender for the prog
Sept. 18, 2020
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Hanwha Q Cells makes first solar modules in Korea to acquire grade 1 carbon certification
Hanwha Q Cells said Friday that it has become the first company to receive the highest grade under the government’s carbon certification program for solar modules. According to the South Korean solar cell and module manufacturer, seven of its solar modules earned grade 1 certification from the Industry Ministry. They will be available starting next month, a company official said. Launched July 22, the ministry’s program divides solar modules into three categories based on
Sept. 18, 2020
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[Monitor] Korean firms remain active in M&As
A look into merger and acquisition deals reported by the top 500 South Korean firms over the past five years showed that the companies remained active in the market despite the COVID-19 pandemic this year. According to corporate tracker CEOScore, the businesses spent a combined 11.45 trillion won ($9.7 billion) in 52 M&A cases in the first eights months of this year. Some of the biggest deals included KB Financial Group taking over Prudential Life Insurance for about 2.3 trillion won. Kor
Sept. 18, 2020
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Yoo returns home from US trip amid WTO's election process
South Korea's trade minister returned home Friday after a four-day trip to the United States meant to secure Washington's support for her campaign to become the next leader of the World Trade Organization (WTO). Trade Minister Yoo Myung-hee met with US government and business officials and discussed a wide array of bilateral issues, according to the Ministry of Trade, Industry and Energy. During her stay, Yoo especially focused on winning Washington's support for her bid to become the next he
Sept. 18, 2020
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Samsung heir Lee met Japanese ambassador: sources
Samsung Electronics Vice Chairman Lee Jae-yong met with Japanese Ambassador to Seoul Koji Tomita last week to discuss various topics, including an easing of entry restrictions for businesspeople, diplomatic sources said Thursday. South Korea and Japan have imposed entry curbs over coronavirus concerns, further dampening bilateral exchanges already strained by disputes over wartime forced labor. "Ambassador Tomita is said to have met Vice Chairman Lee Jae-yong as part of his diplomatic ac
Sept. 17, 2020
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LG Chem’s battery biz to break away as LG Energy Solution
LG Chem said Thursday it had approved the split-off of its globally leading battery business to establish a wholly owned battery subsidiary and shore up investments through a public listing in the future. In a board meeting convened Thursday, LG Chem decided to split off the battery business division on Dec. 1 and form LG Energy Solution, which will manufacture electric vehicle batteries, small-sized batteries and energy storage systems. LG Chem has been running four businesses sep
Sept. 17, 2020
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SK Holdings secures W480b through block sale of ESR shares
SK Holdings has raised 480 billion won ($409 million) by selling shares of logistics operator e-Shang Redwood Group through a block deal, with plans to invest the newly secured capital in its future growth engines, the company said Thursday. The deal saw 140 million shares sold at 22.50 Hong Kong dollars ($2.90) per share, accounting for 4.6 percent of the total stock, as SK Holdings collected the principal. Following the sale, SK Holdings now owns 6.4 percent of stock in the company, a share
Sept. 17, 2020