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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Auction for additional 5G spectrum band delayed
The auction for an additional 5G spectrum band, which was slated to take place sometime this month, will be delayed over the remaining differences between the country’s three largest telecommunication companies, officials said Thursday. Earlier in the day, the Science and ICT minister and CEOs of SK Telecom, KT and LG Uplus met at the Seoul Central Post Office to discuss the ongoing dispute of the 5G spectrum auction, but failed to come to a conclusion. After the meeting, Hwang Hyun-si
Feb. 17, 2022
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Secret of maintaining the top: OB brings real life story to ads to soothe customers
Oriental Brewery (OB), Korea’s largest beer maker, won the grand prize at the 2021 Korea Brand Awards for its marketing strategy that added sentimental elements to soothe customers hit by the pandemic. The award, overseen by the Korean Marketing Association, recognizes companies that put “consumer value” at the forefront of brand management. The key to OB’s marketing strategy was “clicking with” consumers, stressed the beer manufacturer. While beer advertisem
Feb. 17, 2022
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Korea's 'Grand Challenge' unites Korean firms to commercialize flying cars by 2025
Under the South Korean government’s plan to commercialize flying cars, or Urban Air Mobility, in central cities by 2025, the Transport Ministry on Thursday kicked off the K-UAM Grand Challenge program to coordinate all of South Korea’s UAM-related activities as part of its focus to enable emerging aviation markets. This Ministry-led program will bring together industry players including aircraft developers, airspace designers, and air traffic management operators with the goal of d
Feb. 17, 2022
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5 confectionery firms fined W135b for price fixing
South Korea's antitrust regulator said Thursday it has decided to impose a combined 135 billion won ($112.9 million) in fines on Lotte Confectionery Co. and four other snack manufacturers for fixing sales prices of ice creams. The five snack makers, also including Binggrae Co. and Haitai Confectionery & Foods Co., colluded between February 2016 and October 2019 to fix supply and sales prices of ice creams and divide retail channels for distribution, according to the Fair Trade Commission (FT
Feb. 17, 2022
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LG Energy Solution buys US energy storage solutions provider
LG Energy Solution Ltd. (LGES) said Thursday it has acquired a US-based energy storage system (ESS) solutions provider as part of efforts to expand its portfolio into all-round energy management services LGES took over a 100 percent stake in NEC Energy Solutions Inc. from NEC Corp., its Japanese parent company, the South Korean battery maker said in a release. It did not provide details on the amount or terms of the transaction. ESS refers to a technology that stores excess energy to be used for
Feb. 17, 2022
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4 companies to recall over 38,000 vehicles over faulty parts
Audi-Volkswagen Korea, Tesla Korea and two other companies will voluntarily recall more than 38,000 vehicles to fix faulty components, the transport ministry said Thursday. These are the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The four companies, including Bumhan Mobility and Kiheung Motors, are recalling a combined 38,246 units of four different models, the Ministry of Land, Infrastructure and Transport said in a statement. Th
Feb. 17, 2022
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Korea Forest Service ready to restore forests in Central and South America
The Korea Forest Service is taking steps to help restore forests in Central and South America as it seeks to expand its global outreach. A team of Korea Forest Service officials led by Minister Choi Byeong-am visited El Salvador, Guatemala, Honduras and Peru in late January, and agreed to cooperate more closely to restore forests in those countries, the KFS said. The KFS delegation’s visit comes as a follow-up to the summit talks between President Moon Jae-in and US President Joe Biden i
Feb. 16, 2022
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[Contribution] Korea‘s forestry cooperation to expand to Central America
Central America is a biodiversity hotspot thanks to its vertically stretched land mass. Yet at the same time, the region is highly vulnerable to climate change, where it derives its label the “dry corridor.“ For this reason, countries in the region are collectively contending with the challenges of deforestation. Disasters like wildfires and forest pests are increasing, and humans are destroying forests in favor of logging and land clearing. On top of all this are the impacts of cl
Feb. 16, 2022
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GM to restart Bolt production in trust of LG Energy Solution
General Motors will resume the production of Chevrolet Bolt models and power them with LG Energy Solution batteries, signaling its restoration of trust with the South Korean battery giant. According to GM Wednesday, the production of Bolt electric vehicles will commence on April 4 after a months-long shutdown due to recall. GM in August recalled some 143,000 Bolts after defective LG Energy Solution batteries caused fires. Of the total recall cost of $1.8 billion, LG Electronics and LG Energy S
Feb. 16, 2022
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SK hynix unveils new memory chips that are 16 times faster, 80% more efficient
SK hynix on Wednesday introduced a next-generation memory chip that processes data 16 times faster and consumes 80 percent less electricity. The process-in-memory or PIM chips developed by the South Korean chipmaker can both store and process data, while ordinary memory chips can only store data. As PIM chips can do two tasks at the same time and provide extra computing power, they have emerged as the key components in the artificial intelligence and big data sectors. “Computers mounte
Feb. 16, 2022
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Orion Choco Pie logs W500b in global sales
Global sales of Orion’s signature snack Choco Pie reached 500 billion won ($417 million) in 2021, logging an 8.8 percent growth year-on-year, according to the Korean confectionery maker on Wednesday. This means around 3,400 million individual packets of Choco Pie were sold worldwide, which would cover more than five laps around the Earth when lined up, said the company. Choco Pie’s success overseas is thanks to the company’s efforts to tailor the product to suit each specifi
Feb. 16, 2022
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Samsung Electronics labor union threatens to stage first-ever walkout
Labor unions of South Korean tech titan Samsung Electronics said they could go on strike for the first time in over 50 years, after their demands for a pay raise and special summer leave in a first-ever wage negotiation fell on deaf ears. Protesters representing four labor unions comprising over 5,000 employees said Wednesday they will work to salvage its wage negotiation with Samsung’s management, with a walkout -- possibly with other trade unions under Samsung affiliates -- being their
Feb. 16, 2022
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Philip Morris Korea’s new parental leave policy 'respects all forms of families'
Philip Morris Korea has implemented a new parental leave policy to support all forms of families raising children including adoptive parents and legal guardians, the company said Wednesday. Under the company’s parental policy, which became effective last month, employees can take up to 126 days of paid parental leave if they are primary caregivers. The company allows up to 56 days of paid parental leave for secondary caregivers. According to the company, a primary caregiver is the perso
Feb. 16, 2022
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Posco’s business principle introduced at Stanford MBA course
Posco Group’s business principle “Corporate Citizenship” has been introduced as a case study example for a course in Stanford University’s MBA program, according to the Korean steelmaker on Wednesday. Four years ago, Posco Group declared its management philosophy “Corporate Citizenship: Building a Better Future Together” as a guiding business principle, vowing to strengthen its commitments to environment, social, and governance issues. Such a concept,
Feb. 16, 2022
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Corporate donations exceed W40b for Korean athletes at Beijing Olympics: FKI
Corporate donations made for Korean athletes competing at the Beijing Winter Olympics have exceeded 40 billion won ($33.4 million) over the past four years, according to industry data collected by the Federation of Korean Industries Wednesday. A total of 91 companies have donated cash and goods worth 41.75 billion won between 2018 and 2021 to support Korean national athletes preparing for this year’s Olympics, the data found. Donations were made mostly through related sports associatio
Feb. 16, 2022
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Blockchain experts band together
An organization of some 5,000 people in the digital asset and blockchain industry and academia has been launched. The idea is to present the government with industrial roadmaps in a systematic manner, as it has been difficult to do so with a number of blockchain-related groups springing up. The Korea Blockchain Enterprise Promotion Association (KBEPA) and the Korea Blockchain Association Organization Federation held a ceremony to launch a “blockchain (digital asset) industry committee&r
Feb. 16, 2022
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Celltrion 2021 net soars 20% on robust overseas sales
Celltrion Inc., a major South Korean biopharmaceutical firm, said Wednesday that its net profit jumped 20.1 percent on-year last year on the back of robust sales of its biosimilar products in overseas markets. Net profit came to 623.7 billion won ($521.1 million) last year on a consolidated basis, compared with a profit of 519.2 billion won a year earlier, the company said in a regulatory filing. Celltrion said its operating profit reached a record high of 753.9 billion won last year, up 5.9 per
Feb. 16, 2022
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Samsung Fire & Marine Insurance set to cut car insurance premiums in April
Samsung Fire & Marine Insurance Co., South Korea's top non-life insurer, said Wednesday it will cut its auto insurance premiums by an average 1.2 percent in April on falling loss rates. It will mark Samsung Fire & Marine Insurance's first premium reduction since 2020, when its car insurance premium increased more than 3 percent amid soaring deficits. Samsung Fire & Marine Insurance, the non-life insurance arm of top conglomerate Samsung Group, said it has made the decision as its aut
Feb. 16, 2022
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Tesla faces FTC sanction over alleged fiddling with battery performance
South Korea’s antitrust watchdog has sent a review report to US electric vehicle maker Tesla to notify its conclusion of an investigation showing that Tesla allegedly fiddled with battery performance in low temperatures. The report notified Tesla of violating advertisement laws by exaggerating the performance of its Model 3 vehicles. Tesla advertised that its Model 3 vehicles can drive up to 446 kilometers once fully charged, without informing customers that its driving range can decreas
Feb. 15, 2022
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NCSOFT 2021 net down 32.5% on increased costs
NCSOFT Corp., a major South Korean online and mobile game developer, said Tuesday its net profit decreased 32.5 percent in 2021 due to increased costs. Net profit stood at 395.7 billion won ($329.8 million) last year, compared with 586.6 billion won a year earlier, NCSOFT said in a regulatory filing. Operating profit came to 375.2 billion won, down 55 percent on-year from 824.8 billion. Annual sales fell 4.4 percent over the same period to 2.3 trillion won. Its increased spending on marketing
Feb. 15, 2022