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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Air Busan opens Busan-Saipan route amid pandemic
Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Monday it has opened the Busan-Saipan route following a travel bubble agreement. On Sunday, Air Busan began to offer one flight per week on the Saipan route to preemptively respond to pent-up travel demand amid rising vaccinations and eased virus curbs, the company said in a statement. A travel bubble refers to a quarantine-free travel partnership between two or more cities or countries with similar levels of COVID-19 cases. O
Jan. 24, 2022
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[Test Drive] SsangYong’s New Rexton Sports Khan proves pickups can go smart, too
For SsangYong, Rexton is not simply a flagship SUV model that has significantly pulled up its sales among its complete lineup of SUVs ranging from those in the small segment to pickup trucks. Following an unprecedented bumper year in 2015 for the small SUV model Tivoli, SsangYong needed to continue the momentum to keep the nickname “leader of SUV.” The fourth generation Rexton, launched in 2017, recorded a 200 percent growth rate that year. A year later, SsangYong took its well-se
Jan. 23, 2022
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9 out of 10 Korean firms ‘not ready’ for supply chain risks
Almost 90 percent of South Korean companies are unprepared for supply chain risks even though they are aware that those risks will continue this year. According to a survey by the Korea Chamber of Commerce and Industry published on Sunday, among 300 companies that import raw materials, only 9.4 percent said they have prepared specific measures to respond to potential supply chain constraints, while 89.1 of them responded they have yet to come up with clear plans. Of the companies that said
Jan. 23, 2022
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Air traffic up 11% last year but still below pre-pandemic level: data
South Korea's air traffic rose nearly 11 percent last year on increased domestic flights but international travel continued to falter amid the pandemic, data showed Sunday. Over 465,000 domestic and international flights flew over South Korea last year, up 10.8 percent from a year earlier, according to data from the Ministry of Land, Infrastructure and Transport. Air traffic in the country had gradually increased in recent years from around 739,000 in 2016 to 842,000 in 2019 before dipping sha
Jan. 23, 2022
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Exports in free trade zones hit all-time high last year: data
Exports by companies in South Korea's free trade zones grew 89.6 percent on-year to hit an all-time high last year, the industry ministry said Sunday. Outbound shipments came to $10.94 billion, surpassing the $10 billion mark for the first time ever, according to the data from the Ministry of Trade, Industry and Energy. The growth is attributable to strong demand for electric and electronic goods, automotive chips, semiconductor-related products and COVID-19 items amid a global economic recove
Jan. 23, 2022
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Lotte acquires Ministop's S. Korean operations
Lotte Corp., the holding company of South Korean retail giant Lotte Group, said Friday it has acquired an entire stake of Ministop Korea Co. for 313.37 billion won ($263 million). Under the deal, Lotte will take over 2,600 Ministop convenience store outlets across the country and 12 logistics centers to strengthen its retail business, the company said in a statement. Lotte operates the country's biggest department store chain and the second-biggest large discount store chain in terms of sales
Jan. 21, 2022
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7 companies to recall more than 29,000 vehicles over faulty parts
Audi, BMW and five other companies will voluntarily recall more than 29,000 vehicles to fix faulty components, the transport ministry said Friday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The seven companies, including Stellantis Korea, Honda Motor Co., Tesla Korea, MAN Truck & Bus Korea and Hyundai Motor Co., are recalling a combined 29,092 units of 26 different models, the Ministry of Land, Infrastructure a
Jan. 21, 2022
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Hyundai Motor, IonQ team up on next-generation batteries
Hyundai Motor said Thursday it has partnered with US quantum computer firm IonQ to develop next-generation batteries for cars. The partnership will allow Hyundai to use IonQ’s quantum computers to develop high-performance lithium batteries with better energy efficiency at lower costs. According to the carmaker, quantum-powered chemistry simulation is expected to significantly enhance the quality of lithium batteries by making improvements to the devices’ charge and discharge cycl
Jan. 20, 2022
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Lotte Confectionery to invest W34b in Choco Pie production in Russia
Lotte Confectionery said Thursday it will invest 34 billion won ($28.5 million) in its Russian subsidiary, Lotte KF RUS, looking to scale up the local production of its popular Choco Pie chocolate cakes in the country. The Koreans’ staple chocolate snack enjoys nation-wide popularity in Russia, as it tapped into the country’s tea culture that pairs hot beverage with biscuit-type sweets. The pie even serves as a low trans-fat breakfast meal there. While Orion has been at the
Jan. 20, 2022
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1 out of 5 foreign cars sold last year worth over W100m: data
One out of every five imported cars sold in South Korea last year was worth more than 100 million won ($83,000), data showed on Wednesday. According to the Korea Automobile Importers & Distributors Association, a total of 65,148 foreign vehicles worth more than 100 million won were registered last year. Despite the number of newly registered imported cars last year only accumulating to 276,146 units, which is only a 0.5 percent increase on-year, the number of imported premium cars register
Jan. 20, 2022
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Hyundai Glovis launches online platform for used car purchases
Hyundai Glovis, Hyundai Motor Group’s logistics arm, said Thursday that it has launched Autobell, an online platform for used car sales and purchase, to diversify its business portfolio. Hyundai Glovis has been operating a used car business since 2001, mostly focused on B2B sales of secondhand cars through auctions. Its parent company Hyundai Motor sought to enter the certified used car market lately, but it seems blurry whether the automaker can launch B2C business as planned this
Jan. 20, 2022
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Kakao names Nam Koong-whon as new CEO
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday it has named Nam Koong-whon as its new CEO following the resignations of two former nominees. Kakao said its board of directors accepted the resignation of incumbent co-CEO Yeo Min-soo, who was earlier named to lead the tech giant for another four years. Nam, who has served as the chief of Kakao's new organization aimed at finding new growth engines, will be officially named as the CEO during a board of di
Jan. 20, 2022
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Honda joins SES-led lithium-metal battery project
Honda has become the third global automaker after General Motors and Hyundai Motor to jointly develop next-generation electric vehicle batteries with SES, a Boston-based startup set to go public in the US this year. According to SES Thursday, the Japanese automaker agreed to acquire a 2 percent stake in the startup and jointly develop lithium-metal batteries, which are 30 percent more powerful than the strongest lithium-ion batteries in the market. “Honda has joined General Motors and
Jan. 20, 2022
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China's CITIC Capital invests in plant-based food company Organica
CITIC Capital, a global investment company managing $16 billion worldwide, has invested in Organica, a plant-based food company in Korea, the companies said on Wednesday. It is the first case of CITIC Capital of China making a direct investment in a Korean company, they added. CITIC has shown interest in Organica’s vision for sustainability and its plant-based product lines, ranging from clean juices and snacks to ready-made meals, the Seoul-based company said. It aims to gain a glob
Jan. 19, 2022
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S. Korea, Saudi Arabia to bolster ties on hydrogen economy
South Korean President Moon Jae-in and Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman held a meeting in Riyadh Tuesday to bolster ties between the two countries beyond construction and infrastructure into more future-oriented fields such as hydrogen. During the talks, the two leaders agreed to build a hydrogen ecosystem where Saudi Arabia supplies carbon-neutral hydrogen and ammonia while South Korea helps the Arab nation operate hydrogen-powered cars and hydrogen facilit
Jan. 19, 2022
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After failed merger, Hyundai Heavy secures cash to nurture new growth engines
Hyundai Heavy Industries’ failed acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering may be a boon for the nation’s largest shipbuilder as it has secured abundant cash to focus on new growth engine businesses such as hydrogen, autonomous driving and robots. Last week, the European Commission disapproved the merger plan of the two Korean shipbuilders over monopoly concerns. With the veto by the world’s largest shipbuilding market, Hyundai Heavy saw it
Jan. 18, 2022
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Car exports grow 24.2% on strong sales of hybrids
South Korea posted $46.47 billion in car exports last year, up 24.2 percent from the previous year which was hit hard by COVID-19, government data showed on Tuesday. Export volume surged 8.6 percent to 2.05 million units, marking the first time in nine years to see exports rise in both volume and value. The country’s car production and sales volume at home, on the other hand, dropped 1.3 percent on-year to 3.46 million units and 8.5 percent to 1.73 million units, respectively. The Minis
Jan. 18, 2022
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Seegene exports 5.1m COVID-19 test kits to Israel
South Korea's molecular diagnostics company Seegene Inc. said Tuesday it has exported 5.1 million COVID-19 test kits to Israel. The company already delivered 1.7 million diagnostic tests last month and is scheduled to deliver an additional 3.4 million tests kits this month. Israel has recently experienced a shortage of COVID-19 tests amid the fast spread of the omicron variant and an unprecedented surge in new cases following the winter flu season. Seegene said its delivery of COVID-19 diagno
Jan. 18, 2022
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Samsung registers robot brand ‘Samsung Bot’ in US, Canada
Samsung Electronics is expected to introduce household robots under the brand “Samsung Bot” in the North American market. According to the World Intellectual Property Organization on Tuesday, the South Korean tech giant recently completed a trademark registration of Samsung Bot in the US and Canada. Samsung Bot encompasses all types of applications including industrial robots, exoskeleton robots, robot vacuum machines, robot kitchen utensils, humanoids and server robots, the compan
Jan. 18, 2022
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LG Chem to reuse oil extracted from plastic waste
LG Chem will extract oil from plastic waste and reuse it for plastic production starting in 2024. According to South Korea’s leading chemical company Tuesday, it will establish a facility in Dangjin, South Chungcheong Province, where the plastic waste will be chemically recycled with extremely hot and pressurized steam. Once completed in the first quarter of 2024, the facility, with an annual capacity of 20,000 tons, will utilize the extracted oil to produce raw materials for plastic pro
Jan. 18, 2022