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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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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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K-pop CEOs sidestep key issues at National Assembly audit
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About 90% of firms undecided on 2022 investment plans amid pandemic-caused uncertainty: poll
About 90 percent of firms in South Korea are undecided on their investment plans for next year amid lingering uncertainty despite the country's move back to normalcy under the "living with COVID-19" scheme, a poll showed Sunday. According to the poll conducted on 316 firms by the Korea Chamber of Commerce and Industry (KCCI), 56.2 percent said they have not drawn up investment plans for next year. Of those surveyed, 32.1 percent said they are currently reviewing such plans. Only 11.7
Nov. 7, 2021
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3 transport firms fined W4.9b over price fixing
South Korea's antitrust regulator said Sunday it has decided to impose a combined fine of 4.9 billion won ($4.1 million) on three transport companies for colluding to fix bidding prices. Sejoong Co. and two other companies colluded to fix their quotations to win shipping engine transport and other bids that were put forward by Doosan Engine, the predecessor of HSD Engine, between 2008 and 2016, according to the Korea Fair Trade Commission (KFTC). They colluded to set Sejoong as the prosp
Nov. 7, 2021
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S. Korea calls for cooperation with global companies on climate goals
South Korea's Trade Minister Yeo Han-koo proposed Friday that South Korean and global companies join hands to address climate challenges as he met with leaders of major businesses, his office said. Yeo made the call at a meeting of the Alliance of CEO Climate Leaders, a platform under the World Economic Forum, in Glasgow, Scotland. The meeting brought together dozens of top officials of multinational firms and government officials who sought ways to help accelerate the transition to a net-zero
Nov. 5, 2021
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[Newsmaker] Where Yoon stands on jobs, taxes and real estate
Yoon Seok-youl, the main opposition People Power Party’s standard-bearer for the next presidential election, has no known experience in economic matters. The novice politician was until March the country’s prosecutor general. But having been born to an economist father, Yoon has openly affiliated himself with two long-dead economists, Milton Friedman and Ludwig von Mises. Both were champions of free-market policies, minimal government intervention and laissez-faire capitalism. B
Nov. 5, 2021
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Samsung Heavy Q3 net losses widen on one-time cost
Samsung Heavy Industries Co. said Friday that its net losses widened in the third quarter from a year earlier due to one-off costs. Its net losses widened to 124 billion won ($105 million) in the July-September period from a loss of 7.3 billion won a year ago, the company said in a regulatory filing. Its operating losses deepened to 110 billion won in the third quarter from an operating loss of 13.4 billion won a year earlier, and sales dropped 11.4 percent on-year to reach 1.49 trillion won o
Nov. 5, 2021
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Korea Shipbuilding grabs W748b order for 3 LNG carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has obtained a 748 billion-won ($632 million) deal to build three LNG carriers. The vessels will be delivered to an Oceania customer from the second half of 2024, the company said in an emailed statement. With the latest deal, KSOE has bagged orders worth $20.9 billion so far this year, far exceeding this year's order target of $14.9 billion. KSOE, the subholding company of Hyundai Heavy Industries Holdings Co., operates
Nov. 5, 2021
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KCC chairman test positive for COVID
Korea Communications Commission Chairman Han Sang-hyuk tested positive for COVID-19 Friday, after one employee from the commission was found to be infected with the virus. Han was fully vaccinated, local reports said. As Han attended a National Assembly session Tuesday, attendees have been told to get tested by the health authorities, among them Prime Minister Kim Boo-kyum. Following chairman Han’s test results, the government requested the National Assembly Budget Settlement Co
Nov. 5, 2021
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LG Uplus Q3 net profit down 47.7% to W211b
LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday its third-quarter net profit fell 47.7 percent from a year earlier due mainly to the sale of its business unit. Net profit for the three months that ended in September fell to 211 billion won ($177.1 million) from a profit of 403.4 billion won in the year-ago period, the company said in a regulatory filing. Operating profit increased 10.2 percent to 276.7 billion won, the highest quarterly figure since 2010, while sales in
Nov. 5, 2021
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Global DRAM sales forecast to remain largely flat next year: report
The global DRAM market for 2022 is expected to log similar yearly sales on solid demand despite falling prices, a recent report has said. Market researcher TrendForce said in its latest report released Thursday DRAM sales are expected to grow 0.3 percent to reach $91.54 billion next year. DRAM bit supply and demand are expected to increase by 18.6 percent and 17.1 percent year-on-year, respectively. The average selling price of DRAM is predicted to fall by 15 percent, with the drop being more
Nov. 5, 2021
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Jeju Air to resume flights to Guam amid vaccine campaign
Jeju Air Co., South Korea's biggest budget carrier, said Friday it will resume flights to Guam later this month amid the country's accelerating vaccination campaign. Jeju Air plans to operate 38 flights on the Incheon-Guam route from Nov. 25 to Jan. 31 before it begins regular flights, depending on the country's vaccination and infection rates, the company said in a statement. The low-cost airline suspended most international routes in March last year following the outbreak of COVID-19 here in
Nov. 5, 2021
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SES’ Li-metal battery is world’s biggest, but why does this matter?
SES on Thursday unveiled the world’s largest lithium-metal battery that is big enough to power an electric vehicle. According to the Singapore-based startup, the battery cell, dubbed “Apollo,” weighs just 0.98 kilogram and can deliver 107 amperes of electricity per hour. Also, it supports quick charging, taking just 12 minutes to go from 10 percent to 90 percent. SES claims that Apollo is the world’s first lithium-metal cell to have breached a 100 Ah threshold, but wh
Nov. 4, 2021
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LG Energy Solution joins global ESG alliance
LG Energy Solution said Thursday it has joined a nonprofit coalition of leading companies dedicated to improving social, environmental and ethical conditions in their global supply chains. The company said it is the first Korean battery producer to join the Responsible Business Alliance (RBA) which has some 180 members including Apple, Google, Volkswagen and Tesla. By becoming a member of the RBA, LG Energy Solution will apply RBA’s code of conduct in labor, health and safety, environmen
Nov. 4, 2021
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KT CEO, company officials indicted on illegal political donation charges
The head of KT Corp., a South Korean telecom giant, was indicted Thursday along with more than a dozen of company officials for allegedly making illegal political donations in the past, prosecutors said. KT CEO Ku Hyeon-mo and 13 other company executives and managers were charged with violations of political fund laws and embezzlement. The Seoul Central District Prosecutors Office also indicted the company. Ku and the company officials are suspected of having purchased commercial gift certific
Nov. 4, 2021
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Doosan Heavy completes 18-megawatt wind farm in S. Korea's southern tip
South Korea's top power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has built an 18-megawatt wind farm in the southern tip of the country. The six 3-megawatt wind turbines built in Jangheung, about 400 kilometers south of Seoul, could generate enough electricity to power about 12,000 four-member households per year. Doosan Heavy has 3-megawatt and 5.5-megawatt wind turbines and is developing 8-megawatt wind turbines with the aim of commercial production
Nov. 4, 2021
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Seoul looking to tap into industrial urea stockpile for diesel cars
To ease a nationwide shortage of emissions control fluid for diesel vehicles, the South Korean government is getting hold of a key ingredient needed to make it from the industrial sector, officials said Thursday. In Seoul and major cities across the country, diesel exhaust fluid, without which diesel trucks cannot run, is in short supply, triggering fears for disruptions in cargo delivery. There is due to be a sharp drop in urea imports from China, which supplies more than 60 percent of the
Nov. 4, 2021
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[Battery+] SES aims to become battery world's Tesla
In the battery world, phrases like “next-generation” and ”game-changer” have become cliche. Everyone claims to be developing a dream battery, yet no one has proven themselves with a real product. But leaders may be starting to emerge in the race to replace today’s most prolific, yet fire-prone lithium-ion cells, with cheaper, safer and longer-range batteries that use lithium metal. SES, a Singapore-based battery startup backed by General Motors, on Thursday unvei
Nov. 4, 2021
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South Korea seeks cooperation with Visegrad Group in finance, defense and bio
The Ministry of Trade, Industry and Energy said on Thursday that the leaders of South Korea and Hungary and business leaders from South Korea and the Visegrad Group met to discuss cooperation in sectors such as EV batteries and biotechnology. The Visegrad Group, also known as the V4 countries, include Czech Republic, Hungary, Poland and Slovakia. The V4-Korea Business Forum was held in Budapest, Hungary on Wednesday where President Moon Jae-in is visiting on a state visit until Thursday. Dur
Nov. 4, 2021
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Hyundai teases electric SUV ahead of US launch this month
Hyundai Motor Co. on Thursday released a teaser for the electric SUV concept "Seven" ahead of its unveiling in the United States this month. The large-size SUV concept built on Hyundai Motor Group's dedicated EV platform, called E-GMP, comes with the group's IONIQ battery EV brand's signature design elements, the company said in a statement. The IONIQ brand's design elements include Parametric Pixels, the smallest unit of digital imaging. Hyundai plans to unveil the concept car at
Nov. 4, 2021
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KT&G Q3 net jumps 29% on currency gains
KT&G Corp., South Korea's dominant tobacco company, said Thursday its third-quarter net profit jumped 29 percent from a year earlier on foreign-exchange-tied gains. Net profit for the three months ended in September rose to 359.2 billion won ($300 million) from a profit of 277.7 billion won in the year-ago period, the company said in a statement. "The won's weakness against the dollar drove up the value of the company's dollar-denominated assets and helped the quarterly bottomline,&qu
Nov. 4, 2021
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Daewoo Shipbuilding develops virtual experience platform for ship construction
Daewoo Shipbuilding & Marine Engineering Co. said Thursday that it has developed a virtual experience platform for ship construction for the first time in the local shipbuilding industry. The platform is mixed reality combining technologies of virtual reality and augmented reality, which allows for the experience of all processes of shipbuilding, Daewoo Shipbuilding said. Daewoo Shipbuilding said the platform will help win more orders for ships as it will be able to show shippers virtual
Nov. 4, 2021