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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SKC to sell PET film biz to Hahn & Co. for W1.6tr
South Korean chemicals-to-materials firm SKC has inked a deal to sell its polyester film business to Seoul-based private equity firm Hahn & Co. for 1.6 trillion won ($1.27 billion) following a split-off, according to the firm’s regulatory filing Wednesday. The deal, involving operations in Korea, China and the United States and film processing unit SKC Hi-Tech & Marketing, is anticipated to reach closure before the end of this year, the filing said. All polyethylene film-related
June 8, 2022
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SK to hold strategic forum in San Jose
SK Group said Wednesday its annual SK Global Forum will be held this week in San Jose, California, with some 30 company executives and local experts gathering to discuss the conglomerate’s future growth drivers. During the three-day event that kicks off Friday in the US, five affiliates -- SK Innovation, SK Telecom, SK hynix, SK Siltron and SK C&C -- will hold sessions to share their business plans and market trends. SK Innovation, the energy and materials unit, will offer a bluepr
June 8, 2022
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Hanwha Q Cells to build solar power plant in Wyoming
Hanwha Q Cells, the solar solutions unit of South Korean conglomerate Hanwha Group, said Wednesday it is building a new solar power plant in the US state of Wyoming under an electricity supply deal with an energy firm. The power supply deal with an unidentified firm calls for Hanwha to supply electricity to an energy company at negotiated prices on a long-term basis, it said in a release. It did not provide other details about the contract. The construction of the 150-megawatt solar power plant
June 8, 2022
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Samsung Biologics inks $81m deal with Novartis
Samsung Biologics has signed an intent letter for a contract manufacturing organization deal worth $81 million with multinational pharmaceutical firm Norvatis Pharma, the South Korean company announced Tuesday. According to the contract manufacturing giant’s regulatory filing, the two sides on Friday signed the initial contract, which is equivalent to 6.41 percent of the company’s annual sales of 1.57 trillion won ($1.25 billion) last year. It did not reveal which of Novartis&rsquo
June 7, 2022
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LG Innotek supports partner firms’ ESG
LG Innotek said it has agreed to support some 200 partner firms’ efforts to improve their environmental, social and corporate governance. The electronic component maker signed a deal with the Korea Commission for Corporate Partnership to jointly develop ESG indexes for its partner companies, provide education, assessments and consulting services. The commission has signed similar agreements with 11 companies in chemicals and retail among others, and the one with LG Innotek was the first
June 7, 2022
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Hole-in-one insurance product sales on the rise
A hole-in-one should be a cause for rejoicing on the golf course, but the cost of such celebrations are driving more golfers to insure themselves against their own success. An ace can be costly in Korea, as the golfer traditionally pays for an after party, donates a commemorative tree, pays for a follow-up match and tips the caddies. Short-term golf insurance products that cover holes-in-one are becoming increasingly popular in South Korea. Samsung Fire & Marine Insurance, the insurance
June 7, 2022
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LG Uplus to release limited 'Diablo Immortal' Galaxy S22
LG Uplus Corp., South Korea's third-largest mobile carrier, said Tuesday it plans to release a limited Samsung Galaxy S22 smartphone model themed on the newly released "Diablo Immortal" mobile game by Blizzard Entertainment Inc. LG Uplus said it plans to exclusively sell 100 units of the Galaxy S22 Diablo Immortal Package to customers selected through an online lottery across the world. The company will accept applications through its official online mall starting at 7 p.m. Friday
June 7, 2022
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SPC Group acquires French restaurant chain Lina's
South Korean food and beverage giant SPC Group said Tuesday it has acquired French restaurant chain Lina's to ramp up its global business. SPC Group, operator of bakery chain Paris Baguette, said its European holding company SPC Euro bought a 100 percent stake in Lina's Developpement, the owner and operator of the restaurant chain that offers sandwiches, salads and specialty coffees. Lina's, founded in 1989 in Paris, is operating in three countries: South Korea, Columbia and Leban
June 7, 2022
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Imported car sales down 2.4% in May amid chip shortage
Sales of imported vehicles in South Korea fell 2.4 percent last month from a year earlier as a chip shortage continued to affect vehicle production, an industry association said Tuesday. The number of newly registered foreign vehicles stood at 23,512 units last month, down from 24,080 units a year ago, the Korea Automobile Importers & Distributors Association (KAIDA) said in a statement. The three bestselling models last month were Mercedes-Benz's E 350 4MATIC sedan, Mercedes-Benz's E
June 7, 2022
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[Photo News] Hybrid electric race
Hyundai Motor‘s hybrid vehicle, i20 N Rally1, is seen racing at the fifth round of the 2022 World Rally Championship held on the Italian island of Sardinia between Thursday and Sunday. Two drivers in Hyundai‘s world rally team came in first and third, awarding the South Korean carmaker its fifth win at the championship’s Italian events. The 2022 WRC is the first year in the championship’s history where hybrid electric-powered units fully replaced internal combustion engin
June 6, 2022
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Genesis' global sales exceed 700,000 units
Hyundai Motor Co. said Monday the accumulated sales of its independent Genesis brand models exceeded 700,000 units last month despite the prolonged chip shortage. The South Korean carmaker sold 699,751 Genesis vehicles, including 188,547 overseas sales, from its launch in November 2015 to end-April this year, according to Hyundai's sales data. In May, the carmaker sold an additional 12,234 units of Genesis models in the domestic market, bringing cumulative sales to 711,985 units, the data s
June 6, 2022
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Hyundai, Kia's May US sales fall 31% amid chip shortage
Hyundai Motor Co. and its affiliate Kia Corp. said Friday their combined sales in the United States fell 31 percent last month from a year earlier amid the prolonged chip shortage. Hyundai and Kia sold 117,373 vehicles in the world's most important automobile market in May compared with 170,315 units a year ago, according to the companies' sales data. Hyundai's sales plunged 34 percent to 59,432 units last month from 90,017 a year ago, while Kia's declined 28 percent to 57,94
June 3, 2022
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LG, Guggenheim Museum to spur innovation in art world
LG Group said Thursday it has partnered with the Guggenheim Museum, a world-renowned modern and contemporary art museum in New York, to spur innovation in the art world using its technological prowess. The nation’s fourth-largest conglomerate plans to discover and support the convergence of advanced technology and art, and also financially support emerging innovative artists through this partnership. In collaboration with the Guggenheim Museum which is located in New York City, Abu Dhab
June 2, 2022
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[Photo News] BMW M celebrates 50th anniversary
BMW’s M division vehicles are on display at the BMW Driving Center located in Yeongjongdo, Incheon, on Thursday. BMW Korea plans to hold a series of promotional events, including a special exhibition at the center to celebrate the 50th anniversary of the German carmaker’s high-performance motorsport brand for the next two months. (BMW Korea)
June 2, 2022
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Coupang adds almost 30,000 new jobs in 2021
South Korea’s e-commerce giant Coupang topped the list of the largest employers here last year, adding almost 30,000 new jobs in the year alone, according to industry data released Thursday. According to market tracker Korea CXO Institute, Coupang hired 29,361 new employees in 2021, with its total workforce standing at 72,763. The figure made up almost half the total 63,740 new hires made by the nation’s 76 largest companies with assets over 5 trillion won ($3.9 billion) last ye
June 2, 2022
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Posco International resumes operation of grain export terminal in Ukraine
After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 115,000 tons of grains including wheats and corns are stored. Transportation of grains wa
June 2, 2022
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SK Telecom CEO touts UAM as ‘game changer’
SK Telecom CEO Ryu Young-sang on Thursday showed confidence in debuting the telecom giant’s own urban air mobility (UAM) service by 2025, touting UAM or flying vehicles as a “game changer” that will offer solutions to resolving social costs of traffic-related issues. “Today’s business environment is being reshaped at an unprecedented speed since COVID-19,” Ryu said in a column released via the company’s website. “UAM used to be consi
June 2, 2022
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Online shopping continues to grow in April amid non-contact trend
Online shopping in South Korea continued to grow in April as eased virus curbs and the economic recovery boosted demand for travel services and foodstuffs, data showed Thursday. The value of online shopping transactions stood at 16.5 trillion won ($13.2 billion) in April, up 11.9 percent from the previous year, according to the data from Statistics Korea. Purchases made through smartphones, tablets and other mobile devices rose 15.7 percent on-year to 12.3 trillion won. Mobile shopping accounted
June 2, 2022
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Renault Korea, 5 others to recall some 42,000 vehicles over faulty parts, software errors
Renault Korea Motors and five other carmakers will voluntarily recall nearly 42,000 vehicles to fix part defects and software errors to better ensure their safety, Seoul's transport ministry said Thursday. Renault Korea will recall 28,892 cars of two models, including the XM3, as a damaged fuel pump impeller could cause the cars to stall, according to the Ministry of Land, Infrastructure and Transport. It is the second time for the carmaker to recall the models over the impeller problem. Th
June 2, 2022
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[Contribution] Why hydrogen alliance among Korea, Japan, and Australia is important
The future of hydrogen looks promising in East Asia, as the region’s largest carbon emitters -- Korea and Japan -- have adopted a stance toward importing substantial amounts of hydrogen from abroad. The two countries have quite similar energy profiles that have resulted in comparable decarbonization approaches, especially with respect to the use of hydrogen to replace fossil energy sources. However, the fact that Korea and Japan lack renewable power, gas production as well as carbon stor
June 1, 2022