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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20 minors registered as CEOs making over 100 million won
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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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Man killed by fellow hunter who mistook him for wild boar
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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SK On welcomes EU approval on Hungarian aid to its EV battery plant
South Korean battery maker SK On Co. on Tuesday welcomed the European Union’s approval on Hungary’s aid to its electric vehicle battery plant construction in Ivancsa, south of Budapest. “We welcome the EU’s decision,” the company said. “We will do our best to contribute to Europe’s electrification and decarbonization plans, and help the local community‘s development.” Earlier, Reuters reported the European Commission approved Hungary&rsq
March 22, 2022
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Hyundai Heavy chief’s entry to boardroom buoys expectation on shipbuilder’s major transition
Chung Ki-sun, the grandson of Hyundai Group founder Chung Ju-young, on Tuesday was named CEO of Hyundai Heavy Industries Group and its subholding company Korea Shipbuilding & Offshore Engineering, opening a new chapter for the world’s largest shipbuilder. Shareholders of the two companies approved the appointment on the eve of the group’s 50th anniversary, when it aims to reestablish its brand identity as a technology-centered group, departing from its decades-old image as a tr
March 22, 2022
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5 S. Korean CEOs earned more than W10b in 2021: data
Five South Korean CEOs took home more than 10 billion won ($8.2 million) last year, bolstered by either the exercise of stock options or large compensation packages, data released as of Tuesday showed. The data excludes those who received retirement packages. CJ Group Chairman Lee Jay-hyun earned a total of 21.86 billion won last year, his salary nearly doubling from the previous year and ranking atop the list, data from the Financial Supervisory Service showed Monday. Lee received a 3.
March 22, 2022
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BMW to start sales of all-electric i4 in Korea
BMW will soon kick off sales of its latest electric vehicle model i4 in South Korea, according to the carmaker‘s Seoul branch on Tuesday. Already raking in some 3,700 pre-orders, the i4 saloon is set to boast a strong presence in the Korean EV market. The i4 model, revealed in March 2021, is BMW‘s first four-door all-electric Gran Coupe. It brings together the sporting elegance that characterizes BMW coupes and the comfort and functionality of a four-door model. Specifically, the
March 22, 2022
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Posco Group chief meets Argentinian president over lithium plant
Posco Group Chairman and Chief Executive Officer Choi Jeong-woo met Alberto Fernandez, president of Argentina, just ahead of the construction of a $830 million lithium plant in the country, the South Korean company said Tuesday. Choi told Fernandez that the Argentinian government‘s support is critical to Posco‘s new growth momentum, as lithium is considered a key material for the battery component that powers ecofriendly vehicles, Korea’s largest steelmaker said in a statement
March 22, 2022
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Samsung heiresses to raise W400b in big share sales
Samsung Group’s two heiresses are reportedly seeking to raise about 400 billion won ($327 million) by selling their shares in Samsung SDS, the IT solutions unit, possibly in a move to secure funds to pay inheritance taxes. According to industry sources Tuesday, a combined 3.9 percent stake in Samsung SDS was sold in a block trade after Monday’s closing through KB Securities and Morgan Stanley. The price ranged between 127,400 won and 129,500 won apiece, about a 7 to 9 percent disco
March 22, 2022
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CNP Motors, e.L.e Media sign MOU with Alpha Motor Corporation for future promotions
The parent company of Rolling Stone Korea, e.L.e Media, and South Korean carmaker CNP Motors announced that they had signed a pact with American vehicle company Alpha Motor Corporation on March 12. Global media company e.L.e Media has signed a memorandum of understanding with Alpha Motor Corporation to “promote mutually beneficial business directions,” the company said in a statement. The company, which deals with professional media content, noted that the signing is aimed at pr
March 22, 2022
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Doosan Heavy to sell boiler-making overseas unit
South Korean plant builder Doosan Heavy Industries & Construction Co. said Tuesday it has decided to sell its boiler-making overseas subsidiary, in an apparent bid to improve its financial health. In its latest business report, Doosan Heavy Industries said it has finalized a plan to dispose of Doosan Babcock based in Britain during the current fiscal year. Doosan Babcock ranks as one of the world's four companies with original technologies for making boilers for power plants and has provided
March 22, 2022
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Hyundai Heavy Industries sells $300m in green bonds
Major South Korean shipyard Hyundai Heavy Industries Co. said Tuesday it has successfully sold green bonds worth US$300 million to overseas investors. The five-year green bonds carry an interest rate equaling to the yield on five-year US Treasuries plus a spread of 0.95 percentage point, 0.20 percentage point lower than its original offer. The shipbuilder's first overseas public sale of five-year green bonds, guaranteed by the state-run Korean Development Bank (KDB), has been two times oversubsc
March 22, 2022
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Yoon vows to remove obstacles hindering businesses
President-elect Yoon Suk-yeol vowed Monday to remove all institutional obstacles hindering businesses, saying economic growth should be led not by the government but by companies. Yoon made the remark during a lunch meeting with the chiefs of six major business lobbies, stressing he is a strong believer in a free market economy. “The government‘s job is to remove institutional obstacles so that businesses can decide more freely, invest freely and grow,” he said. “Our
March 21, 2022
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Overseas travel demands to pick up as self-quarantine-upon-arrival lifted
Overseas travel demands in South Korea are expected to increase starting Monday as the government has exempted those vaccinated from the seven-day long self-quarantine when back in the country. The Central Disaster and Safety Countermeasures Headquarters announced that those that have gotten their first dose of the Janssen COVID-19 vaccine within 14 days before arrival to South Korea and those that have completed their second or third dose of other vaccines are to be exempt from self-quarantin
March 21, 2022
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CJ ENM to pump W100b into KT’s media arm in K-content push
South Korea’s entertainment powerhouse CJ ENM is investing 100 billion won ($82.3 million) in KT StudioGenie, a media arm of the domestic telecommunications firm, in a bid to establish bilateral ties for media content targeting global audience, a filing showed Monday. The two companies signed a memorandum of understanding the same day, setting a deadline for the acquisition 90 days after the announcement. As a result, CJ ENM will become a minority shareholder with nearly a 10 percent sta
March 21, 2022
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Naver Webtoon to set up branch in France
Naver Webtoon, South Korean tech giant Naver’s web-based cartoon platform, said Monday it will open a European branch in France by June in a bid to further expand its presence in the global market. “The branch, tentatively called 'Webtoon EU,' will oversee webtoon services in France, Germany and Spain, and discover new business opportunities in other European countries,” a Naver official said. “With Webtoon EU, Naver Webtoon will foster a strong foothold overseas with
March 21, 2022
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When Jjapaghetti meets Shin Ramyun
South Korea‘s top instant noodle maker Nongshim announced Monday the launch of Shinbok-ghetti Big Bowl, a cup noodle that combines two of its top-selling ramyun, Shin Ramyun Fried Noodles, Nongshim’s spicy flagship noodle but without broth, and Jjapaghetti, instant black bean ramyun. “Having monitored social media mentions from last October through this February, we learned that Jjapaghetti was the word most frequently paired with Shin Ramyun Fried Noodles. So we officially b
March 21, 2022
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SK ecoplant takes steps for IPO next year
SK ecoplant Co., the eco-energy unit of SK Group, said it has begun taking steps for an initial public offering next year by sending requests for proposal to major stock brokerage firms. After receiving proposals from the brokerage houses, the company said it will select preliminary candidates and finalize next month the firms that will manage its IPO process. “Based on an economy of scale strategy, we have pulled off several mergers and acquisitions of environmental companies, and have
March 21, 2022
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Construction contracts gain 10.5% in 2021
The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday. The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts co
March 21, 2022
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Hyundai Motor Group's key overseas units turn profit in 2021
ajor overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group's flagship, said its US production unit swung to a net profit of 237 billion won ($195 million) from a net loss of slightly over 1 trillion won the previous year. It represented the subsidiary's first black ink in three years. Its net loss came to 228.2 billion won in 2
March 21, 2022
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Celltrion USA sales skyrocket 36 times on-year in 2021
The US subsidiary of South Korean biopharmaceutical company Celltrion Inc. logged record high sales in the US market last year on the back of robust sales of its self-diagnostic kit for COVID-19, officials said Monday. The annual revenue of Celltrion USA, Inc., the wholly owned subsidiary of Celltrion, reached 84.6 billion won ($69.6 million) in 2021, sharply up from 2.36 billion won a year earlier. The Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by Humasis Co., received the US Food a
March 21, 2022
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Hyundai Motor, Beijing BAIC Motor to inject W1.2tr into joint venture in China amid falling sales
South Korea's top carmaker Hyundai Motor Co. and China's Beijing BAIC Motor will inject over 1 trillion won ($825 million) into their joint venture to enhance the competitiveness of its electric car making amid sluggish sales, company officials said Sunday. They will increase the capital stock of Beijing Hyundai Motor by about 1.2 trillion won, with each shouldering half of the planned investment into the 50-50 joint venture, according to the officials. Half of the planned investment will be c
March 20, 2022
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LG suspends shipments to Russia due to logistics plight
South Korean tech giant LG Electronics Inc. said Sunday it has suspended shipments to Russia due to difficulties in the global offshore logistics. LG said in a statement that it is "suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds." "We are deeply concerned for the health and safety of all people, and LG remains committed to supporting humanitarian relief efforts." The suspension came as the world's major marine shipper
March 20, 2022