Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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SK hynix to mass-produce CXL memory chips from 2023
South Korean memory chip maker SK hynix said Monday it has sampled the first memory product under the compute express link memory interface, a concept considered a game-changer in the electronics industry that is facing memory storage bottleneck. The announcement heralds SK hynix‘s long-awaited move to enter the market and roll out expandable CXL memory products for servers by 2023, according to the world’s second-largest DRAM chip maker. CXL is a newly-emerging semiconductor stand
Aug. 1, 2022
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SK Geo Centric, Tokuyama to build plant for wafer washing agent
South Korean petrochemical firm SK Geo Centric has started construction on a facility to produce semiconductor wafer surface washing material with Tokyo-based chemical firm Tokuyama in Ulsan, a city some 300 kilometers southeast of Seoul, the company announced Monday. SK Geo Centric aims to produce some 30,000 tons of semiconductor-grade high-purity isopropyl alcohol each year through a 50:50 joint venture with Tokuyama called Stac beginning in 2024. Isopropyl alcohol is the material used to c
Aug. 1, 2022
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Starbucks tops most preferred coffee chain in S. Korea: survey
Starbucks topped the list of the most preferred specialty coffee chains in South Korea, according to a recent survey published by the Korea Consumer Agency on Monday. In the survey, conducted between April 7 and 15, a total of 1,400 adults were requested to rate seven coffeehouses based on consumer satisfaction and frequency of use. Starbucks scored the highest at 3.99 points out of the total 5, followed by The Coffee Bean & Tea Leaf with 3.93 points and Hollys Coffee with 3.92 points.
Aug. 1, 2022
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F&F Q2 net income up 118% to W69.2b
F&F Co. on Monday reported its second-quarter net income of 69.2 billion won ($53 million), up 118 percent from a year earlier. The company said in a regulatory filing that it posted 95 billion won in operating profit for the quarter, compared with 43.2 billion won a year ago. Sales rose 88.4 percent to 371.4 billion won. The operating profit was 9.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of
Aug. 1, 2022
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Pan Ocean Q2 net profit up 146.8% to W224.8b
Pan Ocean Co., South Korea's leading bulk carrier, said Monday its second-quarter net profit rose nearly 2.5-fold from a year earlier on high freight rates. Net profit came to 224.8 billion won ($172.2 million) in the April-June period, up 146.8 percent from a year earlier, the shipper said in a regulatory filing. Sales jumped 52.4 percent on-year to 1.72 trillion won, with operating profit spiking 113.2 percent to 238.8 billion won. Pan Ocean's second-quarter earnings well exceeded ma
Aug. 1, 2022
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SK, Tokuyama start off construction for semiconductor cleaning agent plant in S. Korea
SK Geocentric Co., a chemical unit of South Korea's SK Group, said Monday the construction began for the joint factory with Japan's Tokuyama Corp. to produce a high-purity cleaning agent for semiconductors. SK Geocentric CEO Na Kyung-soo, Hiroshi Yokota, president of Tokuyama, and other officials attended the groundbreaking ceremony that took place in the South Korean industrial city of Ulsan, about 400 kilometers southeast of Seoul, where SK runs its key chemical manufacturing complex
Aug. 1, 2022
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FTC puts off plan to hold foreign CEO more responsible
South Korea’s antitrust regulator has decided to put a brake on its plan to hold foreign business leaders of large corporations here amid looming concerns it could trigger a trade dispute with the US. According to multiple sources at the government and local reports, the Fair Trade Commission has canceled its plan to make a preliminary announcement next week on the revision of the enforcement decree of the monopoly regulation and fair trade act that aimed at designating foreigners as the
July 31, 2022
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GS Entec enters offshore wind power business
GS Entec -- South Korean equipment and facilities manufacturer of chemical and energy plants -- has signed a strategic partnership with Sif Netherlands BV to enter the offshore wind power business, the company said Sunday. GS Entec will introduce the Dutch firm’s monopile manufacturing technology under the partnership, according to the company. A monopile is a steel tube foundation that serves as a supporting pillar in the water. Monopiles are most commonly used for offshore wind turbi
July 31, 2022
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Hanwha revamps defense business, with aim to create ‘Korea Lockheed Martin’
South Korean defense-to-energy giant Hanwha Group said Friday that it is revamping its business structure to maximize synergy among defense units with an aim to mimic the success of Lockheed Martin, the US-based aerospace and defense company. Under the scheme, Hanwha Aerospace, its largest defense arm that mainly produces aircraft engines, will take over the defense unit of Hanwha Corp., a de facto holding company of the group, and absorb its wholly owned subsidiary Hanwha Defense.
July 29, 2022
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New visa program aims to attract more tech talent
The South Korean government will introduce a new visa category called E-7-S in October to attract more global professionals into the nation’s high-tech industries. The current E-7 visa is an employment visa for foreign nationals in white collar industries, but complaints have grown because only workers in 92 specified occupations were eligible for the visa. The new E-7-S visa will be issued regardless of job type, as long as the applicants are evaluated as professionals working in high
July 29, 2022
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Posco secures $1b through overseas debt sale
Posco said Friday that it has raised $1 billion by selling debts overseas, the largest corporate bond issuance by a South Korean company this year. According to the South Korean steel giant, the two-tranche debt consists of three-year bonds worth $700 million and five-year bonds worth $300 million. The decision was made a day after the US Federal Reserve on Wednesday raised interest rates by 0.75 percentage point for the second consecutive time to fight inflation fears. It
July 29, 2022
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Hyundai Motor names new CEO for US operations
Hyundai Motor Co., South Korea's biggest carmaker, said Friday it has named a new chief executive for its US operations amid the prolonged chip shortage. Hyundai has promoted Randy Parker to be CEO of Hyundai Motor America effective Aug. 1. He will be in charge of Hyundai's commercial automotive operations in the US market, the company said in a statement. Parker will report to Jose Munoz, president and CEO of Hyundai Motor America, it said. "Randy is the perfect person to continu
July 29, 2022
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POSCO raises $1b via overseas debt sale
POSCO, South Korea's top steelmaker, said Friday that it has raised $1 billion by selling debts overseas. The two-tranche debt comprises three-year bonds worth $700 million and five-year bonds worth $300 million, according to the steelmaker. POSCO said the proceeds from the debt sale will help beef up its cash flows down the road amid rising market rates. (Yonhap)
July 29, 2022
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Samsung SDI logs best-ever results in Q2 on robust EV battery sales
Samsung SDI Co. said Friday it posted record high operating income and sales in the second quarter, driven by strong sales of electric vehicle (EV) batteries. Operating income reached 429 billion won ($330.4 million) in the April-June period, up 45.3 percent from a year earlier, the company said in a regulatory filing. Sales came to 4.74 trillion won, also up 42.2 percent from the previous year. The figures are the highest ever for the South Korean battery maker. Its net income also soared 42 pe
July 29, 2022
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Korean Air to resume routes to Rome and Barcelona in Sept.
Korean Air Lines Co., South Korea's biggest carrier, said Friday it will resume flights to Rome and Barcelona next month as travel demand grows amid eased virus curbs. It will operate three flights a week on the Incheon-Rome route starting Sept. 1 and three weekly flights on the Incheon-Barcelona route from Sept. 2, the statement said. Korean Air suspended flights from Incheon to the two European cities in March 2020 due to the COVID-19 pandemic. The national flag carrier resumed flights to
July 29, 2022
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Hanwha Life Insurance Q2 net income up 92.8% to W318.6b
Hanwha Life Insurance Co. on Friday reported its second-quarter net profit of 318.6 billion won ($245.5 million), up 92.8 percent from a year earlier. Operating income for the April-June period was 458 billion won, up 90.2 percent from a year ago, the company said in a regulatory filing. Revenue rose 38.5 percent to 8.17 trillion won. (Yonhap)
July 29, 2022
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SK Innovation Q2 net profit up 589.8% to W1.33tr
SK Innovation Co. said Friday its second-quarter profit more than quadrupled from a year earlier, boosted by robust sales of petroleum products amid higher oil prices. Operating profit reached 2.32 trillion won ($1.78 billion) in the April-June period, up 318.9 percent from 556 billion won the previous year, the South Korean refiner said in a regulatory filing. Sales increased 76.9 percent to 19.9 trillion won. Its net profit grew by nearly sevenfold to 1.33 trillion won from a year earlier. For
July 29, 2022
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Widodo asks Hyundai Motor to join capital relocation project
Indonesian President Joko Widodo requested the head of South Korean carmaker Hyundai Motor Group to provide clean mobility in the Southeast Asian country’s grand administrative city project during their meeting in Seoul, the company said Thursday. Earlier this year, the Indonesian parliament passed a bill to relocate the country‘s capital city from Jakarta to the East Kalimantan province in the island of Borneo to level out overpopulation. The new capital will be constructed
July 28, 2022
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LG Chem, GS Caltex join hands to build white bio ecosystem
LG Chem and GS Caltex on Thursday held a ground-breaking ceremony at GS Caltex Yeosu plant for its new bio-material demonstration plant, which would contribute to building a white ecosystem, officials said. The demo plant at GS Caltex‘s Yeosu complex will mainly produce 3-Hydroxypropionic acid prototypes, key raw material in the production of biodegradable plastics. The construction is set to be finished by 2023, after which both companies will produce various 3HP prototypes to accelera
July 28, 2022
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[Newsmaker] Starbucks Korea admits giveaway bags had cancer-causing chemicals
Starbucks Korea on Thursday admitted that its summer giveaway bags had cancer-causing chemicals, and vowed to provide compensation to its customers with gift coupons. “We deeply apologize to our customers who are disappointed in us for the recent issue (surrounding the giveaway bags),” Starbucks Korea said in a statement. “On July 22, we have requested state-approved institutions to run tests on six unopened samples and five opened samples of our giveaway bags and detected
July 28, 2022