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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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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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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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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Ex-president's daughter investigated for drunk driving accident
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Doosan Heavy's biz shake-up stirs controversy
Doosan Heavy Industries & Construction Co.'s push to reshape its business portfolio is stirring concerns over the feasibility of the overhaul plan whose centerpiece is reduction of its mainstay coal and nuclear power businesses and expansion of its clout in the renewable energy realm. In return for 3.6 trillion won ($2.95 billion) financial support from state-run banks, Doosan Heavy, the leading power equipment maker proposed a shake-up of its business structure to focus more on renewables
June 4, 2020
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Prosecution’s move shakes up Samsung trying to pick up biz
Shockwaves were sent across Samsung Electronics as the prosecution sought an arrest warrant against Vice Chairman Lee Jae-yong over the merger of two affiliates in 2015. The tech giant has been making active moves under Lee’s lead to accelerate businesses amid challenges from the COVID-19 pandemic and trade war between the US and China. The Seoul Central District Prosecutors’ Office’s request to arrest Lee and two former Samsung executives, Choi Gee-sung and Kim Jong-joong
June 4, 2020
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Samsung OLED recognized for seamless 5G performance
Samsung Display’s organic light-emitting diode display panels were acknowledged for their seamless performance during high-speed transmission, attesting their competency in the 5G network era, the company announced Thursday. Samsung Display’s 90Hz and 120Hz frame-rate smartphone OLED panels were respectively certified “Seamless” and “Seamless Pro” by Switzerland’s Societe Generale de Surveillance, for having industry-leading image blur length and motio
June 4, 2020
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[News Analysis] Can Hyundai turn dead batteries into ESS?
An unexpected collaboration was announced last Sunday, when Hyundai Motor chose Hanwha Q Cells to reuse dead electric vehicle batteries to make energy storage systems. The two firms signed a memorandum of understanding to co-develop solar power ESS using dead batteries. The deal, to the extent of which was publicized, was seen to be rudimentary, without any size or volume of the collaboration. As there are already major global battery-making players in South Korea, Hyundai’s choice see
June 4, 2020
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LG International Corp., Hancom partner up for global market
LG International Corp. and local software maker Hancom Group have partnered for joint overseas expansion, the companies said Thursday. On the same day, LG International Corp. CEO Yoon Chun-sung and Hancom Group Chairman Kim Sang-chul signed a partnership agreement to jointly advance into the global market and to discuss ways to cooperate, LG International Corp. said. Under the agreement, LG International Corp. will carry out marketing to export various products and solutions of Hancom Grou
June 4, 2020
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EU resumes HHI-DSME merger review, likely by September
The European Commission has resumed the screening of Hyundai Heavy Industries’ acquisition of Daewoo Shipbuilding & Marine Engineering after temporarily suspending the review amid the coronavirus pandemic, according to the commission on Thursday. The EC said the “provisional deadline” of the screening would be Sept. 3 -- a delay from the initial plan of July -- on its website. Two months earlier, the site had shown the deadline of the screening as “suspended”
June 4, 2020
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[Monitor] Corporate loans rise to record high in Q1 amid pandemic
Loans taken out by self-employed people and businesses in the January-March period increased by the largest amount ever in the wake of the pandemic, data showed Wednesday. According to the quarterly statistics released by the Bank of Korea, the balance of loans by industry was 776 trillion won ($637 billion) at the end of March. It was up 34 trillion won from December last year, the largest increase since 2008 when the statistics began to be compiled. It was also up a record-high 13 percen
June 4, 2020
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Over 30,000 public institution employees work from home in Q1
More than 30,000 employees at South Korea's state-run institutions worked from home in the first quarter of the year due to the novel coronavirus outbreak, government data showed Thursday. A total of 31,148 workers at 363 state firms and other public institutions telecommuted in the January-March period, according to state portal All Public Information in One (ALIO). The figure is nearly 22 times the full-year tally of 1,408 for last year. As of end-March, those institutions had a combined wo
June 4, 2020
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Merck launches integrated semiconductor solutions unit
Science and technology firm Merck announced Wednesday the launch of Performance Materials, a newly integrated body comprising of recently acquired US-based chemicals and materials firms and its existing semiconductor solutions unit. Merck had acquired Intermolecular, a California-based company for advanced materials innovation in September last year. The following month, Merck completed the acquisition of Versum Materials, an Arizona-based company and a major materials supplier to the semicondu
June 3, 2020
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Korea allows emergency imports of remdesivir
South Korea’s Drug Ministry said Wednesday it was negotiating with US-based Gilead Sciences for emergency imports of remdesivir, a drug candidate that has shown clinical efficacy in treating COVID-19. Remdesivir is Gilead Science’s proposed drug candidate for Ebola, which has been circuited to test its effect on the latest coronavirus pandemic. In a pan-global clinical trial encompassing 73 institutes across 10 nations targeting over 1,000 COVID-19 patients, patients who were give
June 3, 2020
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Celltrion aims to commercialize insulin pen by 2025
Biologics drug developer Celltrion said Wednesday it will accelerate its insulin pen biosimilar development along with medical device manufacturer Poonglim Pharmatech. Celltrion will begin developing the insulin biosimilar this year with aims to commercially launch the product in 2025. The global insulin pen market is deeply dominated by foreign pharmas, Celltrion said in a press release, drawing a line under Korea’s need to have domestic capabilities for the drug. Celltrion said that i
June 3, 2020
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LG Chem batteries to power Vietnam’s first-ever EV
LG Chem said Wednesday it will power Vietnam’s first-ever electric vehicle, which can travel up to 500 kilometers on a single charge. According to LG Chem and local media, Vietnam’s first domestic carmaker VinFast will load its first EV models with lithium-ion batteries manufactured by LG Chem. “We expect to officially debut the model at the Los Angeles Auto Show in November 2020; launch a test program in January 2021 and mass produce the cars by July 2021,” a VinFas
June 3, 2020
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KGCCI’s female leadership group kicks off 3rd mentorship program
The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea has kicked-off the third edition of its mentorship program. The KGCCI WIR group started in 2017 as a cross-industry, cross-national network of female executives to help Korean females in middle management to unlock their leadership potential and accelerate value-driven leadership with a focus on gender, generations and geography. The WIR mentorship program was created in 2018, aiming
June 3, 2020
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[Monitor] Stock values of South Korea’s rich change upon COVID-19
The ranking of South Korea’s richest people by their stock value changed drastically upon the COVID-19 pandemic, a survey released by CEOScore showed. The corporate information company analyzed individual investors holding shares in 2,353 listed firms. The combined stock value of the 100 richest investors reached 92.8479 trillion won ($76 billion). Stock values held by those leading companies in bio fields and non-face-to-face contact businesses increased significantly. While the valu
June 3, 2020
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Doosan Heavy provides W200b in emergency funds to India affiliate
South Korea's Doosan Heavy Industry & Construction said Tuesday that has provided 200 billion won ($164 million) in emergency funds to its Indian affiliate that has suffered from a liquidity shortage brought on the novel coronavirus pandemic. The company said in an official regulatory filing that the money has been sent to Doosan Power System India Private Ltd. that is currently engaged in six thermal power plant construction projects on the subcontinent worth some 4 trillion won. "T
June 2, 2020
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Hyundai Steel halts production at Dangjin works
Hyundai Steel, South Korea's No. 2 steelmaker, said Tuesday that its has halted production of its electric arc furnace plant on South Korea's western coast due to weak demand. The company, part of Hyundai Motor Group, said some operations were halted at the Danjin Integrated Steelworks, 123 kilometers south of Seoul, starting this week. It said orders have dwindled to near zero for June. In the past, the steel mill tried to cope with weak sales by scaling back production. "The COVID-19
June 2, 2020
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Binex picked as CDMO for COVID-19 mucosal vaccine
Binex, a contract development and manufacturing organization for biologics drugs, said Tuesday that it has joined a consortium of companies pursuing mucosal vaccine for COVID-19. A mucosal vaccine is designed to boost the immune response of human mucous, blocking out a respiratory pathogen’s entry to human body. Binex is participating in the project as the manufacturing powerhouse for preclinical drug samples. It has biologics manufacturing facilities in Songdo and Osong, which are capa
June 2, 2020
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[News Analysis] How far along is Korea in solid EV batteries?
Despite daunting competition against market giant China and tech-savvy Japan, South Korean battery makers -- LG Chem, Samsung SDI and SK Innovation -- have been making headway in the global electric vehicle battery industry. In the first quarter this year, buoyed by several consequences including the COVID-19 pandemic, LG Chem even seized the top spot with a 27.1 percent share of the global market. But they may face a harsh shift in dynamics if they fall behind in developing next-generation
June 2, 2020
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Korea shipbuilders win $20b deal from Qatar
Three Korean shipbuilders have won a large-scale project worth $20 billion for liquefied natural gas vessels in Qatar, according to industry sources Tuesday. Qatar’s state-owned firm Qatar Petroleum said it has signed a deal with three South Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries -- to reserve LNG ship construction capacity. Under the agreements, the Korean shipbuilders will reserve a major portion of
June 2, 2020
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S. Korea to resume WTO complaint over Japan’s trade curbs
The South Korean government on Tuesday announced that it would resume a complaint filed with the World Trade Organization over Japan’s trade curbs placed on exports to South Korea last year, deeming the bilateral dialouge to resolve the issue is not seeing progress. “The Japanese government is not showing willingness to resolve the current issue and the discussion has not seen progress. The government deemed that it was difficult to say normal dialogue was taking place, which was
June 2, 2020