Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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S. Korea, Singapore seal supply chain agreement
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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Korea Shipbuilding wins W583b frigate order from Philippines
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has received a 583 billion won ($490 million) order to build two patrol frigates for the Philippines. KSOE is the shipbuilding subholding company of Hyundai Heavy Industries Group, the world's biggest shipbuilder by orders. Under the deal signed with the Southeast Asian country's defense ministry, KSOE's main affiliate Hyundai Heavy Industries Co. will build two 3,100-ton patrol frigates for the country by 2025, the compa
Dec. 28, 2021
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[Best Brand] GC Pharma rolls out new high-content multivitamin
GC Pharma has recently launched a new high-content multivitamin called B-max Meta B. B-max Meta B contains 30 milligrams of bisbentiamine that passes through the blood brain barrier to help the human brain’s metabolism, the company said. The product also has high amounts of vitamin B12, vitamin D, magnesium and zinc to aid people in controlling their health, it added. The new supplementary multivitamin is the latest addition to CG Pharma’s B-max series, which began rolling out in
Dec. 28, 2021
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[Best Brand] Samsung Biologics rises as global supply chain for COVID-19 vaccines
Samsung Biologics, the major biopharmaceutical unit of Korea’s Samsung Group, has become a global manufacturing hub for COVID-19 vaccines and drugs, joining forces with global drugmakers to curb the widespread pandemic. In the last two years, the pharmaceutical giant has landed contracts with five companies -- Eli Lilly, AstraZeneca, Moderna, GreenLight Biosciences and GlaxoSmithKline -- to manufacture their COVID-19 vaccines and drugs. On Dec. 14, the company expanded its earlier deal
Dec. 28, 2021
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Posco gives up hydrogen fuel cell opportunities in Asia
Posco Energy, a subsidiary of South Korean steel giant Posco, surrendered its exclusive rights to market, manufacture and service FuelCell Energy’s advanced hydrogen fuel cells in Asia. In a statement announced Tuesday, the two firms reached a settlement to end a license dispute that had begun in 2015. As a result, Posco will relinquish its exclusive rights to the Connecticut-based firm’s molten carbonate fuel cells, or MCFCs, in Asia. Though Posco will no longer be able to manufa
Dec. 28, 2021
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[Best Brand] Forever Living Products offers top quality aloe products
Since its market entry to South Korea in 1988, Forever Living Products, the US aloe product manufacturer, has been offering high quality aloe products ranging from cosmetics to dietary supplements to Korean customers. “Aloe can be a great source of enhancing one’s immune system, especially at this time when COVID-19 pandemic is ongoing. It is highly recommended to take care of one’s immune system and skin health with Forever Aloe Gel which has been certified by IASC,&rd
Dec. 28, 2021
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Electricity bills to rise to cover Kepco’s snowballing debt
A family of four in South Korea will see electricity bills rise as much as 2,000 won ($1.69) per month in 2022 as Korea Electric Power Corp. decided to raise utility prices 5.6 percent to mitigate its soaring debt accumulated due in part to its aggressive pursuit of renewable energy. According to NH Investment & Securities on Tuesday, the state-run utility will charge 11.8 won more per kilowatt-hour next year, which would allow the company to save costs worth 3 trillion won annually. Des
Dec. 28, 2021
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State pensions offload over W10tr Samsung Electronics shares
State pension operators, including the National Pension Service, have offloaded more than 10 trillion won ($8.4 billion) worth of top-cap Samsung Electronics shares so far this year, and instead bought stakes in Kakao Pay, Krafton and Samsung Biologics, data from the Korea Exchange showed Tuesday. They dumped a combined 24.5 trillion won of local shares from the beginning of the year to Monday. This compares to 25.7 trillion won worth of shares offloaded by foreigners in the cited period. Of
Dec. 28, 2021
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Companies shift to online kickoff meeting for 2022 amid pandemic
An increasing number of South Korean companies are moving their 2022 kickoff meetings online or replacing them by releasing the CEO‘s message virtually, adapting to the continued coronavirus pandemic. Before the pandemic, local conglomerates typically held year-end or kickoff meetings by gathering executive members at a large auditorium, with the CEO addressing the company’s new vision for the next year. But with strengthened social distancing rules as well as transfor
Dec. 28, 2021
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S. Korea's oldest coal-fired plant to shut down
South Korea's oldest coal-powered plant will be shut down for good this week, the energy ministry said Tuesday, in line with the government's plan to shift toward renewable energy and to reduce fine dust. Honam Coal Power Plant, located in Yeosu, 450 kilometers south of Seoul, will stop operations Friday, according to the Ministry of Trade, Industry and Energy. The plant has been in operation since 1973. The closure is part of the Moon Jae-in administration's plan to phase out 10 aging coal po
Dec. 28, 2021
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Electricity demand hits new wintertime high
South Korea‘s electricity demand set a new wintertime high Monday, as the country was gripped by the coldest weather so far this season, the Energy Ministry said. Peak power demand had reached 90,708 megawatts as of 5 p.m., as lower-than-normal temperatures led to increased electricity use for heating, according to the Ministry of Trade, Industry and Energy. This season’s first cold wave warning was issued in Greater Seoul and many other parts of the country over the weekend, wi
Dec. 27, 2021
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EVs not future car anymore -- registration grow 200%
Registrations for electric vehicles jumped to 91,575 units, up 202.8 percent from the same period a year prior by November this year, data showed Monday, suggesting the quick expansion of their presence in the market. Riding on the sustainability bandwagon, more than 100,000 electric vehicles were sold in South Korea and more than 150,000 domestic electric vehicles were exported as of this month, according to Carisyou Data Lab. The Trade Ministry expects registrations to surpass 100,000 when D
Dec. 27, 2021
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Yongsan Park to include former DAPA, military apartment land
Yongsan Park, now a vacant area set to become a public park by 2027 will be expanded to hold a total of 3 million square meters of land by absorbing nearby sites that have been used by the military. According to the revised plan for establishment of Yongsan Park released by the Land Ministry on Monday, the site for Yongsan Park has expanded by 570,000 square meters, or 23.5 percent, compared to the 2014 plan. The plan to turn the USFK’s Yongsan Garrison into a national park was first
Dec. 27, 2021
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[CES 2022] LG’s rollable obsession extends to curved TV chair
In 2019, LG unveiled its jaw-dropping rollable TV, then followed that up in 2021 with a rollable phone. In 2022, LG will return to Las Vegas with a rather puzzling piece of innovation called Media Chair, a chimera device that combines a curved OLED TV with a recliner chair. While the product may not be familiar to those in the West, for those living in Asia, particularly South Koreans, the Media Chair is a revolution. The Media Chair will be mounted with not just an ordinary recliner chair
Dec. 27, 2021
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[Newsmaker] Moon calls for Samsung, Hyundai to collaborate on auto chips
South Korean President Moon Jae-in asked Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Chairman Chung Euisun to “collaborate more closely” on automotive chips during a luncheon at Cheong Wa Dae on Monday. According to Cheong Wa Dae spokesperson Park Kyung-me, President Moon congratulated the Hyundai Motor chief for the automaker’s advancement in the European electric vehicle market and said, “I wish for Samsung and Hyundai to collaborate more closely
Dec. 27, 2021
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Founder of Kakao accused by civic group of massive tax evasion
Kim Beom-su, the founder of South Korean internet giant Kakao Corp., and members of his family were accused by a civic group Monday of a massive tax evasion in a past corporate merger process. Spec Watch Korea lodged the accusation against Kim and his family members, including his brother-in-law, with the National Police Agency, alleging they evaded a total of 886.3 billion won ($747.6 million) of taxes in the process of Kakao's merger with internet portal Daum Communications Corp. in 2014. Th
Dec. 27, 2021
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Samsung Heavy wins W240b LNG ship order in Latin America
Samsung Heavy Industries Co., the world's second-biggest shipbuilder by orders, said Monday it has received a 240 billion won ($202 million) order to build a liquefied natural gas ship for a shipper in Latin America by 2024. The company did not provide the name of the shipper. With the latest order, Samsung Heavy has achieved $12.2 billion worth of orders this year, exceeding its annual order target of $9.1 billion amid the pandemic. This year, Samsung Heavy said it has received orders to
Dec. 27, 2021
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Edison Motors likely to seal SsangYong deal this week
Edison Motors, South Korea’s leading EV bus maker, and the bankrupt SsangYong Motor are likely to seal their merger and acquisition deal this week. Legal circles and automobile industry insiders expect the M&A to take place by this week or by January 7 the latest. “We need to adjust the contents of the contract, but if the discussion goes well, it can be done within this month. If the adjustment is prolonged, it could be early January,” said an official from Edison Motors
Dec. 26, 2021
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KCCI chief urges practical approach to governance reforms
SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, has called for a justifiable and practical approach to dealing with the governance structure issue of South Korean conglomerates. “Samsung had a leader who jumped into semiconductor (business) and overcame difficult challenges. Without such structure, who could have had managed such risks?” the KCCI chief told reporters during a year-end conference held Wednesday in Seoul. “
Dec. 26, 2021
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Newcomers in game industry look to dethrone traditional powerhouses
The landscape of South Korea’s game industry has been shaken up in the past year, as newcomers took the market by storm while traditional powerhouses slipped. Krafton, developer of online multiplayer shooter PlayerUnknown Battlegrounds, and Kakao Games, maker of massively multiplayer online role-playing game Odin: Valhalla Rising, saw their sales soar on-year, as the two games gained popularity around the world. Meanwhile, the country’s big three game makers -- Nexon, NCSoft and N
Dec. 26, 2021
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Air Premia opens cargo flights to Singapore
South Korean budget carrier Air Premia Co. said Friday it has opened its first international cargo flight to Singapore to focus on the cargo business amid the COVID-19 pandemic. Air Premia plans to operate the Incheon-Singapore route every Friday at 8:30 p.m. The company said it will consider starting passenger flights to Singapore depending on the COVID-19 pandemic. It also plans to review whether to operate cargo flights to Vietnam next month. Air Premia's Boeing 787-9 jet is a medium-size
Dec. 24, 2021