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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Corporate Korea pins high hopes on Yoon’s push for small government
South Korea’s business lobby groups on Thursday welcomed Yoon Suk-yeol, a conservative opposition leader who has pledged to pursue a small government and ease regulations, as the nation’s next president. The 61-year-old former prosecutor won an extremely tight race earlier in the day, bringing conservatives back to power in five years. He will replace President Moon Jae-in, a progressive leader whose single five-year term ends in May. The Korea Chamber of Commerce, the nation&rsq
March 10, 2022
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Biz lobbies ask President-elect Yoon to create biz-friendly environment
South Korea's business lobby groups on Thursday called on President-elect Yoon Suk-yeol to create an environment for companies to make further investments and create more jobs. Opposition candidate Yoon, 61, was elected South Korea's next president Thursday after an unbelievably close race that underlined deep divisions along regional, generational and gender lines, and hands him a daunting task to narrow those chasms. The country's business lobbies, such as the Federation of Korean Industries
March 10, 2022
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Choco-Pie makers on alert as Russian isolation deepens
Orion and Lotte Confectionery -- the makers of Choco Pie, a popular snack in Russia -- are closely monitoring the economic sanctions imposed by the international community against Moscow for its invasion of Ukraine, as they could cause instability in the supply of raw materials, a drop in the ruble’s value and a local economic recession. Orion, known for its popular signature snack Choco Pie, has expanded the production capacity of its local plants in Russia. Since 2019, the company has
March 9, 2022
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Samsung’s highest-paid executive received W11.8b in 2021
Samsung Electronics’ former mobile business chief Koh Dong-jin was the highest-paid executive at the Korean tech giant last year, according to the firm’s regulatory filing Tuesday. Koh, who has stepped away from daily operations to assume an advisory role, took home an annual pay of 11.8 billion won ($9.5 million) last year, including bonuses worth 4.04 billion won and a retirement pay of 6.43 billion won. In a year-end reshuffle in December, Koh stepped down from the post along w
March 9, 2022
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Doosan acquires stake in chip-testing firm Tesna for W460b
South Korean conglomerate Doosan Group has become the largest shareholder of a local chip-testing firm, Tesna, in a move to secure a footing in the surging semiconductor market. According to Doosan Wednesday, the group recently purchased a 38.7 percent stake in Tesna for 460 billion won ($373.1 million). Founded in 2002, Tesna has specialized in testing various chips, including processors for smartphones, camera image sensors and radio frequency chips for wireless communications. The firm,
March 9, 2022
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No. of female outside board members at large companies grows, but few CEOs
There are more female members in corporate boardrooms in South Korea this year, as a revised law obliging big companies to improve gender diversity is due to take effect in August. But the presence of women executives yielding actual management power is still far from the global average, a survey and data showed Tuesday. Of the 104 outside directors set to start their terms in the first half of this year, 45 are female, according to data from market tracker Leaders Index. Out of 73 execu
March 8, 2022
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Russia’s new bond rules pile pressure on Korean firms
Russia on Tuesday threatened to pile pressure on Korean businesses by introducing new bond rules to allow Russian companies to pay their foreign creditors in the Russian ruble, even for securities denominated in other currencies. Companies here that prefer to get paid in the US dollar immediately started reviewing the impact, raising concerns that the new measure could eventually lead to a default. Russia may not be a major market for many Korean firms, but big names like Samsung Electronics
March 8, 2022
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Daewoo E&C earns first carbon credit revenue from Pakistani plant
Daewoo Engineering & Construction said Tuesday that it has earned its first revenue from sales of emissions credits through its hydropower plant project in Pakistan. The Patrind Hydropower Plant, located near the village of Patrind in Kashmir, Pakistan, was completed in 2017 in a joint venture project between Daewoo E&C and the state-run Korea Water Resource Corp. The power plant now generates 630 gigawatt-hours of electricity a year. The plant, registered to the UN as a Clean Develo
March 8, 2022
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US exempts Korea from export restrictions on Russia
The US government has formally exempted South Korea from its expanded export restrictions on Russia over its invasion of Ukraine, the Ministry of Trade, Industry and Energy said on Tuesday. The US Department of Commerce added Korea to the list of countries to be excluded from license requirements, including from the foreign direct product (FDP) rules for Russia and Belarus. Also on the list are member states of the European Union, Japan, Canada, Australia, the UK and New Zealand. “Provi
March 8, 2022
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Watchdog likely to investigate Samsung Electronics over ‘GOS’ scandal
South Korea’s antitrust watchdog is expected to investigate Samsung Electronics over a complaint that the company has exaggerated the performance of its Galaxy smartphones. According to industry sources Tuesday, the Fair Trade Commission received a complaint that Samsung Electronics violated advertisement law when it promoted its Galaxy S22 smartphones. With the complaint filed to the FTC, the watchdog is likely to launch a preliminary investigation soon and look into whether Samsung El
March 8, 2022
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Posco Chemical-GM to build joint EV battery material factory in Canada
Posco Chemical said Tuesday it will build an electric vehicle material factory with General Motors in Canada. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, the two firms will together invest $400 million to construct the first phase of a cathode production facility in Quebec, Canada. The two parties discussed a joint cathode factory since December. More investment will be made depending on GM’s future EV business. Cathodes are mate
March 8, 2022
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S. Korean shipbuilders rank first in global new orders in Feb.
South Korean shipbuilders took the top spot in global new orders in February, far outpacing their Chinese rivals, industry data showed Tuesday. Local shipyards, led by Hyundai Heavy Industries Co., clinched 860,000 compensated gross tons (CGTs) in new orders last month, or 67 percent of the global total at 1.29 million CGTs, according to data provided by global market researcher Clarkson Research Service. It represents the first time in three months that South Korean shipbuilders have ranked fir
March 8, 2022
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Samsung says recent cyberattack causes no personal data breach
Samsung Electronics said Monday that a recent cyberattack by a hacking group on its system did not cause major harm to its business and customers. In a statement posted on the company's internal forum, Samsung said no personal information of its customers and employees was stolen and there will be no impact on its business operation. "There has been no personal data breach, although leaked information includes some source codes necessary to run the Galaxy phones," Samsung said
March 7, 2022
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Korean women still earn 38% less than men
South Korea’s gender pay gap persists at major companies, with a recent research suggesting women still earn almost 40 percent less than men. Data from market tracker Korea CXO Research Institute released Monday showed the average annual pay for female workers was 54.2 million won ($44,151) at the nation’s top 150 companies as of 2020, about 38 percent less than the male average of 79.7 million won. Across industries, IT companies such as Kakao and Naver had the highest salaries f
March 7, 2022
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Jan. inflation in OECD countries highest in 31 years
The average year-on-year inflation in Organization for Economic Cooperation and Development countries hit 7.2 percent in January, the highest since February 1991, amid rising energy prices. Consumer prices in South Korea rose 3.6 percent in January from a year ago, marking the 29th highest among 38 OECD member countries. The average year-on-year inflation of G-20 and G-7 nations stood at 6.5 percent and 5.8 percent, respectively, in the first month of this year. Turkey suffered the worst infl
March 7, 2022
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Samsung Electronics Galaxy smartphones embroiled in ‘GOS’ scandal
Samsung Electronics is facing accusations that it exaggerated the performance of its flagship smartphone Galaxy S22 series. The controversy revolves around an application called game optimizing service, or “GOS.” When users play games with Galaxy S22 smartphones, GOS is activated and adjusts the performance of smartphones to help batteries last longer and prevent overheating issues. Gamers have complained about GOS for some time because the app, which cannot be switched off by th
March 7, 2022
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Samsung expected to launch Galaxy A series in mid-March
Samsung Electronics Co. is widely expected to launch its entry-level Galaxy smartphones later this month in response to the March 8 release of Apple's new iPhone SE, industry sources said Monday. Samsung's mid-low tier Galaxy A series is forecast to come in various new models -- A73, A53, A33 and A23 -- a product line the company said would provide "cutting-edge innovations, services and features at an accessible price." Apple is expected to announce the next-generation version of the
March 7, 2022
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SeAH Besteel exports spent nuclear fuel casks to US firm
South Korean steelmaker SeAH Besteel Corp. said Monday it will deliver three dry casks used to store spent nuclear fuel to a US nuclear logistics company. The delivery comes some six months after SeAH Besteel signed a deal for 17 casks with Orano TN, which provides total system solutions for used nuclear fuel and radioactive waste management. SeAH Besteel said it marks the first time for a South Korean firm to export finished casks for spent nuclear fuel to the US market. The three casks will be
March 7, 2022
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Number of EV taxis surges as driving ranges get longer
The number of newly registered electric taxis has surged to some 5,000 last year, as more taxi drivers are increasingly opting for EVs with better driving range. According to the Korea Automobile Manufacturers Association on Sunday, a total of 4,991 EV taxis were registered last year, which is a 453.9 percent jump from a year ago. The number increased rapidly last year compared to previous years. The number of new EV taxis was 1,018 in 2019 and 901 in 2020. The business lobby cited increase
March 6, 2022
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LG debuts Chromebook for education market
LG Electronics said Sunday it has launched a brand-new laptop, Chromebook, to target the growing education market, the size of which is expected to increase five times in three years. According to the consumer electronics firm, the 11-inch laptop offers a touch screen and can be utilized as a tablet as it bends backward. Weighing just 1.44 kilograms, the laptop is available for 690,000 won ($567). The cheap price was possible as the laptop doesn’t require an expensive Windows operating
March 6, 2022