Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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Samsung Biologics scoops up all 6 CMO Leadership Awards
Samsung Biologics has won the 2022 CMO Leadership Awards in all six performance categories of capabilities, compatibility, expertise, reliability, quality and service, the company said Tuesday. The awards, presented by Life Science Leader, Outsourced Pharma and Industry Standard Research, recognize the world’s top contract manufacturing organizations based on ratings and feedback from companies that utilize outsourcing services. The latest recognition marked the ninth consecutive year
Feb. 8, 2022
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Korean Air adopts palm vein verification for domestic boarding
Korean Air customers flying on domestic routes can now pass through the boarding gate empty handed -- as the airline has adopted palm vein scanning to verify passengers’ identities. According to the air carrier on Tuesday, those aged above 7 with Korean nationality can register their biometric information at Korean Air kiosks in Gimpo International Airport’s departure area. Passengers who do so can simply scan their palms at the boarding gate without having to show their board
Feb. 8, 2022
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LG Chem eyes W60tr in sales by 2030
LG Chem Ltd., South Korea's leading chemical maker, said Tuesday it aims to boost its sales to 60 trillion won ($50.1 billion) by 2030 as it accelerates its push for a green transition with a focus on renewable energy and advanced materials. Unveiling its mid- to long-term business plans, LG Chem said in regulatory filings it is eyeing annual sales of 40 trillion won by 2026. The target figures exclude its two subsidiaries -- the battery-making unit LG Energy Solution Ltd. and LG FarmHannong C
Feb. 8, 2022
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LG Energy Solution turns to black in Q4 on strong EV battery sales
LG Energy Solution Ltd. said Tuesday it swung to the black in the fourth quarter from a year earlier on the back of strong electric vehicle (EV) battery sales. Net income came to 71.8 billion won ($59.9 million) in the October-December period, compared with the 436.4 billion-won loss the previous year, South Korea's top battery maker said in a regulatory filing. Operating profit reached 75.7 billion won, a turnaround from the 479.1 billion-won loss. Sales rose 1.9 percent to 4.4 trillion won
Feb. 8, 2022
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SK Bioscience logs record high sales
SK Bioscience saw record sales of 929 billion won ($774 million) and operating profits of 474 billion won from last year, on the back of strong businesses in its contract manufacturing of the AstraZeneca and Novavax COVID-19 vaccines, the company said Monday. Compared to 2020 yearly figures, SK Bioscience’s annual sales and operating profits went up by 311 percent and 1,158 percent, respectively. About half of the annual numbers came in the fourth quarter alone as the company logged 451
Feb. 7, 2022
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L‘Oreal Korea to launch make-your-own lip tint device
L’Oreal Korea said Monday it will launch an at-home device that creates customized lip tint colors, to serve the growing needs of personalization in the beauty market. The newly launched product, Yves Saint Laurent Rouge Sur Mesure, delivers thousands of color schemes using its four-ingredient cartridges -- red, nude, orange and pink. Customers can play with the palette using a mobile application to design their own shade of the day, it said. The device also offers color recommendations
Feb. 7, 2022
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LG Energy Solution most renewable South Korean firm in 2020: CDP
LG Energy Solution was the most renewable company in South Korea in 2020, a report showed Monday. According to a report published by Carbon Disclosure Project, an environmental non-government organization, LG Energy Solution transitioned to renewable energy 33 percent, the highest figure among Korean firms participating in the Renewable Energy 100 initiative. Renewable Energy 100, or RE100, is a global initiative to shift 100 percent to renewable energy by 2050. The campaign is led by The Cl
Feb. 7, 2022
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Lotte to invest W602b for EV battery raw materials
Lotte Chemical will inject more than 602 billion won ($502.3 million) to produce raw materials for electric vehicle batteries and build new facilities for carbon capture and liquefaction on a 67,000-square-meter site inside a petrochemical complex in Daesan, South Chungcheong Province. The chemical unit of Lotte Group will use the fund to manufacture high-purity ethylene carbonate and dimethyl carbonate. The two are raw materials of electrolytes, one of the four key components of EV batteries.
Feb. 7, 2022
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Why Korean telcos’ ride into flying car business
Flying cars have clearly been the main focus of automakers seeking to expand their mobility technology into the air. But Korean telecommunication companies, despite their lack of manufacturing experience, are also jumping into the air mobility business as they have critical jobs to do. SK Telecom said Monday it has signed a strategic collaboration agreement with a US company Joby Aviation to materialize their cooperation in the urban air mobility business from building airframes to servic
Feb. 7, 2022
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Fashion sales surge last year as Koreans get ready to go out
Having spent mostly on furniture, home appliances and cars in the first year of the pandemic, consumers bought more bags and clothes last year, apparently getting ready to go out, statistics showed. Business has been good for furniture and home appliance companies for the past two years as COVID-19 persisted, keeping people at home. Meanwhile, shoe shops continued to see sluggish sales. The retail sales index rose 5.5 percent last year, compared to 2020, meaning that the amount of goods sold
Feb. 7, 2022
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Lotte Chilsung Beverage remains in red in Q4
Lotte Chilsung Beverage Co. on Monday reported its fourth-quarter net loss of 3.2 billion won ($2.7 million), remaining in the red compared with a year ago. The company said in a regulatory filing that operating income for the October-December period rose 469.8 percent on-year to 18.9 billion won. Revenue increased 18.2 percent to 599.6 billion won. The operating profit was 49.0 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonh
Feb. 7, 2022
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Celltrion’s COVID-19 treatment gets safety nod in Australia
Celltrion has confirmed the safety of its inhalable antibody treatment for COVID-19 in a phase one clinical trial in Australia, the pharmaceutical company said Monday. Celltrion’s US partner Inhalon Biopharma completed the planned administering of the drugs for 24 volunteers after it acquired testing approval from the Australian Therapeutic Goods Administration in August. The results of the clinical trial proved the drug’s safety, as there were no serious adverse events from inha
Feb. 7, 2022
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Lotte Chemical to invest W602b in advanced materials biz
Lotte Chemical Corp., the petrochemical unit of South Korean conglomerate Lotte Group, said Monday it is spending 602 billion won ($502 million) to boost its advanced materials business, including building a new factory for electric vehicle battery materials. The company said it will spend about 233 billion won to build a new factory in its main domestic production complex in the southwestern city of Seosan to produce high-purity ethylene carbonate (EC) and dimethyl carbonate (DMC) used in ele
Feb. 7, 2022
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Samsung Display offers OLED testing platform for free
Samsung Display has launched a new platform where its vendors can test their raw materials for OLED panels free of charge, the company said Sunday. The “Sync-OLED” platform, co-developed with the supercomputing center at the Korea Institute of Science and Technology Information, allows suppliers to run simulations on their materials and predict how they will affect the performance of OLED panels. The new platform is expected to shave costs significantly for partners. When partn
Feb. 6, 2022
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Samsung SDI to recall modules for Ford, Stellantis EVs
Samsung SDI will voluntarily recall 1,163 battery modules inside some 100 Ford and Stellantis vehicles in the US due to welding issues, according to the governmental National Highway Traffic Safety Administration on Sunday. While putting battery cells together into modules, components called bus bars were not welded properly, which could lead to a loss of propulsion of electric vehicles. The bus bars were manufactured by South Korean subsupplier Next+. As the recall is due to welding issues
Feb. 6, 2022
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Game developers brace for new industry safety law
Korea’s major game developers are taking preemptive measures to cope with the new industrial safety law and prevent another “crunch mode” controversy. Under the Serious Accident Punishment Act, which took effect from Jan. 27, business owners can face a minimum prison term of one year or a fine of up to 1 billion won ($835,000) if a fatal accident at the workplace causes a death or more than one injured person. The punishment depends on whether the owners are found guilty of n
Feb. 6, 2022
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S. Korea's fishery output up 1.2% in 2021
South Korea's fisheries output rose 1.2 percent last year from a year earlier on the back of improved production from the aquaculture sector, data showed Sunday. The total fisheries output amounted to 3.76 million tons in 2021, compared with 3.71 million tons tallied a year earlier, according to the data compiled by the Ministry of Oceans and Fisheries. In terms of value, the output came to 9.24 trillion won ($7.7 billion), up 5.6 percent on-year, the data showed. The aquaculture sector led t
Feb. 6, 2022
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Kakao Mobility to launch Pet Taxi service in March
Traveling with a pet has never been easy for Kim Hye-in, a 30-year-old Pomeranian owner. “I hate to confine my dog in a stuffy cabin whenever I take public transport. It suffocates her,” Kim said. Sometimes bus drivers stop her from hopping on board with her fluffy companion. For pet owners like Kim, “pet taxis” are an appealing alternative. From vet pick-ups to pet ambulances, chauffeur service for pets have sprung across the country since 2017 when the service got th
Feb. 4, 2022
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Samsung, Hyundai hardly seen at 2022 Beijing Olympics
For major South Korean companies like Samsung and Hyundai, the Olympics have been, for many years, a golden opportunity to raise brand awareness and promote products. But in the 2022 Beijing Olympics that officially kicked off on Friday, they don’t seem to be taking the sports event as a major arena for their marketing blitzes any more. For this Winter Games, Samsung Electronics has not published any press releases promoting their sponsorships, a marked departure from when it launched pr
Feb. 4, 2022
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Turkey renews SK Bioscience’s vaccine manufacturing certification
SK Bioscience, the vaccine unit of Korea’s SK Group, said Friday the Turkish health authority has renewed a certification for making and exporting vaccines for flu, chickenpox and shingles, paving the way for the company to participate in a vaccine deal bid in Turkey. The Good Manufacturing Practice certification was renewed for the firm’s vaccine manufacturing factory L House located in Andong, North Gyeongsang Province, since it was first granted the certification in 2019. In the
Feb. 4, 2022