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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K-pop CEOs sidestep key issues at National Assembly audit
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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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Samsung considers raising chip prices by 20%: report
Samsung Electronics Co. is considering raising chipmaking prices by up to 20 percent, a news report said Friday. Bloomberg reported the South Korean chipmaker is in talks with foundry clients to hike the contract chipmaking prices. Samsung spokespersons, contacted by Yonhap, said they could not officially comment on the matter. Samsung is the world's largest memory chip maker and second largest contract chip manufacturers after Taiwan's TSMC. Samsung's foundry business achieved its highest q
May 13, 2022
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LG H&H opens microbiome cosmetic R&D center in Hokkaido
LG Household & Health Care (H&H) Ltd., a major South Korean producer of cosmetic and health care products, said Friday it has opened a new research and development (R&D) center in Hokkaido, Japan, focusing on microbiome beauty products. LG H&H said Hokkaido provides the optimal environment for conducting research on useful strains of microbiomes -- which refers to the collection of bacteria, fungi and other microbes that naturally live on the human body -- and is equipped with in
May 13, 2022
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[Photo News] Season of watermelon
Watermelons are on sale at a traditional market in Seoul on Thursday as temperature went up to 28 degrees Celcius during the day, hotter than the usual.
May 12, 2022
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KAI eyes Central European market with homegrown fighter jet
Korea Aerospace Industries is seeking to expand to Central Europe, the firm said Thursday, as it promoted the homegrown FA-50 light attack fighter during the International Defense Exhibition Bratislava 2022 in Slovakia. “We are prioritizing looking for new markets in Central Europe for FA-50 as the recent accelerated formation of a new Cold War structure is resulting in an increase of defense spending to realize self-defense in many parts of the world,” said a KAI official. The na
May 12, 2022
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E-commerce giant Coupang's Q1 loss narrows on bumper sales
South Korean e-commerce giant Coupang Inc. said Thursday its first-quarter operating loss narrowed sharply from a year earlier thanks to record sales. Its operating loss stood at $205.7 million in the January-March period, down 23 percent from a year earlier, the New York-listed e-commerce behemoth said in a regulatory filing. The drastic improvement came as its sales reached a quarterly high in the three-month period amid a global economic recovery from the fallout of the coronavirus pandemic.
May 12, 2022
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7 carmakers to recall about 12,000 vehicles over software errors
Mercedes-Benz and six other carmakers will voluntarily recall nearly 12,000 vehicles to fix software errors and part defects, Seoul's transport ministry said Thursday. Mercedes-Benz Korea will recall 7,598 cars from eight models, including the S 580 4MATIC, as software flaws in their rear signal acquisition and actuation module could cause the malfunction of blinkers, hazard lights and reversing lights, according to the Ministry of Land, Infrastructure and Transport. Toyota Motor Korea will reca
May 12, 2022
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From Iron Man porridge to tofu ice cream, CJ launches Gen MZ-inspired products
South Korean food company CJ CheilJedang said Tuesday that it will launch 20 products this year that “vibe” with millennials and Generation Z. From high-fiber cookies that look like virtual asset coins to porridge packed in Marvel and Toy Story characters, a team of young CJ employees came up with products made for health-conscious and design-sensitive young adults, according to the company. For its new marketing strategy directly targeting customers in their 20s and 30s, the food
May 11, 2022
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S. Korean companies join hands to build vertiports at gas stations
By 2025, flying taxis, or urban air mobility (UAM) vehicles, in South Korea could be accessed at gas stations located near major cities. Oil refiner GS Caltex, along with five leading companies in telecom, mobility and airline businesses, have formed a consortium to jump into the future mobility market together on Tuesday. The five other firms are telecom company LG Uplus, taxi-hailing app Kakao Mobility, domestic drone solutions company Pablo Air, low-cost carrier Jeju Air, and British UAM man
May 11, 2022
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KCCI chief stresses Seoul-Tokyo ties amid geopolitical uncertainty
Korea Chamber of Commerce and Industry Chairman Chey Tae-won on Wednesday stressed his desire to help mend the frayed ties between Seoul and Tokyo, saying their partnership will play a role in tackling ongoing geopolitical uncertainties. “Amid ever-changing global situations, hit by supply chain disruptions and the Russia-Ukraine war, the bilateral partnership between South Korea and Japan has become more crucial than ever,” Chey said at a luncheon with a group of Japanese lawmaker
May 11, 2022
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Jeju Air joins consortium for UAM services
Jeju Air Co., South Korea's biggest budget carrier, said Wednesday it has joined a consortium to provide urban air mobility (UAM) services in efforts to find a new growth driver. Jeju Air and five others formed the consortium to participate in the transport ministry-led K-UAM Grand Challenge project in the next two years to commercialize the UAM services by 2025, Jeju Air said in a statement. The five other firms are local refiner GS Caltex Corp., No. 3 telecom company LG Uplus, taxi-hailin
May 11, 2022
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With conservative leader taking office, big 4 chaebol groups ready to spend big
In his inauguration speech on Tuesday, President Yoon Suk-yeol reaffirmed his will to seek a small government and to push for growth and market economy. And South Korea’s top four chaebol groups -- Samsung, SK, Hyundai Motor and LG -- seem ready to fuel momentum. During his presidential campaign, Yoon vowed to create a business-friendly environment by lifting unnecessary regulations and offering full support across industries. He especially stressed “super gap” tech
May 10, 2022
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SK E&S to chip in $110m in US carbon capture project
SK E&S Co., an energy unit of South Korean conglomerate SK Group, said Tuesday it is investing $110 million in a US carbon capture and storage (CCS) project as it ramps up its push for its renewable energy business. The project, joined by other American energy firms, aims to capture and store up to 12 million tons of carbon dioxide a year from 32 corn ethanol plants in five Midwest states in the United States, the South Korean company said in a release. The construction of the carbon dioxide
May 10, 2022
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Samsung C&T partners with NuScale to enter global SMR market
Samsung C&T Corp., the construction unit of Samsung Group, has partnered with NuScale, the leading small modular reactor (SMR) technology provider, to expand its SMR business into the global market. Samsung C&T CEO Oh Se-chul and NuScale CEO John Hopkins gathered at the headquarters of NuScale Power in the US state of Oregon on Monday to form a comprehensive partnership for joint global SMR market development and expansion. Samsung C&T has been continuously enhancing its strategic
May 10, 2022
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Umicore sets up rechargeable battery research lab in S. Korea
Belgium-based Umicore N.V. has completed its research laboratory for rechargeable battery materials in central South Korea that could help promote the local industry, the industry ministry said Tuesday. Umicore's central technology center is based in Cheonan, about 90 kilometers south of Seoul, and serves as the company's Asian hub for research and development of key materials for next-generation rechargeable batteries, according to the Ministry of Trade, Industry and Energy. Umicore, an interna
May 10, 2022
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Geely invests in Renault's Korean unit for new car development
Renault Korea Motors said Tuesday an affiliate of China's Geely Holding Group will invest in the company as part of their parent firms' agreement signed early this year to develop an environment friendly vehicle. Geely Automobile Holdings, China's largest privately-owned automotive group, will acquire a 34.02 percent stake in Renault Korea, the South Korean unit of Renault Group said in a statement. In January, Geely Holding Group and Renault Group announced they will collaborate to launch an al
May 10, 2022
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Nearly half of S. Korea's public firms lose money in 2021
Nearly half of public institutions in South Korea lost money in 2021 amid the coronavirus pandemic with the state-run power monopoly logging the biggest loss on soaring oil prices, data showed Tuesday. A total of 170 public companies and institutions, or 47 percent of 363 that disclosed their 2021 results, were in the red last year, according to the data posted on the state portal All Public Information in One (ALIO). The state utility Korea Electric Power Corp. (KEPCO) registered the largest op
May 10, 2022
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Daewoo E&C eyes bigger presence in US
Daewoo Engineering & Construction has teamed up with its parent company Jungheung Group to accelerate its business expansion in the all-important US market. According to Daewoo E&C on Monday, Jungheung Group Vice Chairman Jung Won-ju and its business delegation signed a memorandum of understanding with the city of Carrollton, Texas last Thursday to carry out development projects in the US city. Carrollton, located near Dallas, has one of the most developed Korean American communities
May 9, 2022
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[Photo News] Diesel price spike
A board shows diesel retail price surpassing gasoline price at a gas station in Daejeon on Monday amid growing concerns over rising diesel prices due to an inventory shortage and a lower tax cut than for gasoline.
May 9, 2022
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Hanbok, soju and kimbab added to global trademark list
The Korean Intellectual Property Office said Monday that six Korean product names will be added to the World Intellectual Property Organization’s Nice classification in June. The Nice Classification, established in the French port city of Nice in 1957, is a classification system that lists trademarks of products and services used internationally. It is updated every five years and has been ratified by 91 countries. KIPO proposed to add 10 names of Korean products at the WIPO committee
May 9, 2022
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Jeju Air to resume Busan-Singapore route next month
Jeju Air Co., South Korea's biggest carrier, said Monday it will resume the Busan-Singapore route next month as eased virus restrictions unleash pent-up demand. Jeju Air will offer two flights a week on the Singapore route from June 24 after it suspended the route 28 months ago due to the COVID-19 pandemic, the company said in a statement. Singapore currently allows fully vaccinated travelers to visit the country without a quarantine period. Jeju Air also plans to resume two flights a week on th
May 9, 2022