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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Amorepacific Q3 net profit up over 5-fold on increased domestic sales
Amorepacific Corp. said Friday its third-quarter net profit rose more than fivefold from a year earlier. Net income was 38.5 billion won ($32.9 million) in the third quarter, compared with 7 billion won in the same period a year ago, Amorepacific said in a regulatory filing. Operating profit for the July-September period fell 10.2 percent on-year to 50.3 billion won. Sales increased 1.9 percent to 1.1 trillion won. The operating profit was 29 percent lower than the average estimate
Oct. 29, 2021
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Biz sentiment worsens in Nov. amid rises in resource prices
South Korea’s business sentiment edged down in November due to increased prices of raw materials and energy, a local think tank said Friday. The business survey index of the country’s top 600 companies by sales stood at 100.6, down by 2.8 percentage points from 103.4 in October, the Korea Economic Research Institute data showed. According to KERI, while the figure managed to stay above the 100-threshold that shows optimists outnumbered pessimists, the 2.8-point decrease reflects c
Oct. 29, 2021
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Ministry finds KT worker’s input of incorrect command as cause of network outage
The Ministry of Science and ICT said Friday that telecom operator KT’s massive network outage on Monday happened due to input of an incorrect command on router equipment during maintenance work in Busan. Other flaws have been also revealed from the ministry’s investigation into KT’s nationwide internet disruption -- the maintenance work on router equipment was conducted during the day although it was originally approved by officials to be done from 1 to 6 a.m. The mainte
Oct. 29, 2021
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SK Innovation swings to black in Q3, EV battery biz still unprofitable
SK Innovation enjoyed an operating profit of 618.5 billion won ($529.2 million) in the third quarter, bouncing back from an operating loss of 53.7 billion won on-year, a regulatory filing showed Friday. The South Korean battery-to-petrochemical giant logged revenue of 12.3 trillion won in the July-September period, a 48.1 percent surge from 8.3 trillion won, buoyed by record quarterly sales in both lubricant and battery businesses. According to SK Innovation, two new battery factories in C
Oct. 29, 2021
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Hyundai Oilbank turns carbon emissions into cement, concrete
Hyundai Oilbank is capturing carbon emissions and transforming them into raw materials used for cement and concrete at construction sites, as part of its carbon neutrality commitments. According to Hyundai Oilbank Friday, it will collect byproducts generated from its petrochemical facilities such as desulfurized gypsum and carbon dioxide and turn those waste products into construction materials such as plaster and calcium carbonate. Next year, Hyundai Oilbank will break ground on a productio
Oct. 29, 2021
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Hanwha Aerospace Q3 net profit up 33.4% to W74.7b
Hanwha Aerospace Co. on Friday reported its third-quarter net profit of 74.7 billion won ($63.9 million), up 33.4 percent from a year earlier. The company said in a regulatory filing that operating profit for the July-September period rose 9.5 percent on-year to 103.3 billion won. Revenue increased 12 percent to 1.54 trillion won. The operating profit was 30.3 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The
Oct. 29, 2021
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Facebook recommended to pay W300,000 compensation per victim over personal data breach
The state watchdog on personal information protection on Friday recommended the operator of Facebook to pay 300,000 won ($256.70) in compensation to each of 181 users demanding damages for the provision of their personal information to third parties without consent. The recommendation to Meta Platforms, Inc. was made by the Personal Information Protection Commission (PIPC)'s dispute mediation panel in charge of settling a dispute between the operator and Korean users of Facebook over the platfo
Oct. 29, 2021
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Hyundai Wia Q3 net income down 76.2% to W16.7b
Hyundai Wia on Friday reported its third-quarter net profit of 16.7 billion won ($14.3 million), down 76.2 percent from a year earlier. The company said in a regulatory filing that it posted 31.2 billion won in operating profit for the quarter, compared with 13.2 billion won a year ago. Sales fell 3.8 percent to 1.77 trillion won. The operating profit was 10.1 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The
Oct. 29, 2021
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SK Materials shareholders approve merger with SK Inc.
Shareholders of SK Materials Co., a semiconductor and display materials arm under SK Group, on Friday approved a plan to merge with its parent company, SK Inc., paving the way for the latter to bolster investment in new growth drivers, including battery materials. The merger approval, released in a regulatory filing, came about two months after the two companies announced the decision made by the companies' boards for SK Inc., the investment and holding company of South Korea's No. 3 conglomer
Oct. 29, 2021
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E-commerce grocer Market Kurly seeking domestic IPO
South Korean online grocery delivery platform Market Kurly said Friday it aims to go public in the domestic market in 2022 as part of efforts to help hone its competitiveness. Market Kurly said it has picked NH Investment and two other brokerage houses as co-lead managers for its initial public offering (IPO) slated for the first half of next year. The company, however, failed to disclose the specific date for its stock market debut. Market Kurly had originally pushed to debut on the US equit
Oct. 29, 2021
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SK Innovation turns to black in Q3
SK Innovation Co. on Friday reported its third-quarter net income of 511 billion won ($436.6 million), shifting from a loss of 16.1 billion won a year earlier. Operating profit for the July-September period was 618.5 billion, compared with a loss of 53.6 billion won a year ago, the company said in a regulatory filing. Sales rose 48.1 percent to 12.3 trillion won. The operating profit was 30.8 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial dat
Oct. 29, 2021
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Samsung Heavy to sell new shares to 6 group affiliates
Samsung Heavy Industries Co. said Thursday it will allot part of new shares to six Samsung Group affiliates, including Samsung Electronics Co. Samsung Heavy Industries, suffering from continued losses, plans to raise 1.28 trillion won ($1.1 billion) by selling 250 million common shares at 5,130 won per share to repay its debt and develop eco-friendly shipbuilding technologies. Of them, 50 million shares, or 20 percent, have been sold to the company's workers for 256.5 billion won. Later in
Oct. 28, 2021
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RaonWhiteHat wins spy agency’s cyberattack defense competition
South Korean IT security solutions provider RaonSecure said Thursday it has won a cyberattack defense competition hosted by the nation’s spy agency, the National Intelligence Service. According to the firm, two teams led by ethical hackers from RaonWhiteHat, a subsidiary that provides consulting services on IT security, ranked No. 1 and No. 2 at 2021 Cyber Conflict Exercise & Contest. CCE is an annual cyberattack defense competition hosted by the NIS. Of 282 participants, 30 of tho
Oct. 28, 2021
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[News Focus] ‘Pandemic relief will only help landlords’
A government program to compensate small businesses for losses incurred because of the social distancing guidelines will only end up fattening landlords’ wallets, critics said. Starting Wednesday, the government is accepting applications from pandemic-hit businesses and self-employed business owners for the 2.4 trillion won ($2.05 billion) cash subsidy plan. Under the program, business owners can get up to 80 percent of the money they lost as a result of following the government&rsqu
Oct. 28, 2021
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[Newsmaker] Korean steelmakers report stellar earnings on rising steel prices
Korean steelmakers witnessed their highest-ever profits in the third quarter this year, backed by strong sales due to surging steel prices. On Thursday, Hyundai Steel announced a 2,374 percent jump in operating profit to 826.2 billion won ($705 million) for the July-September period via a regulatory filing. Consolidated sales increased by 31.3 percent on-year to reach 5.86 trillion won, while the operating profit margin also increased to a record two-digit score of 14.1 percent, the company
Oct. 28, 2021
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HHIH Q3 net profit up 28.6% on equity gains in shipbuilding units
Hyundai Heavy Industries Holdings Co. (HHIH) said Thursday that its third-quarter net income rose 28.6 percent from a year earlier on gains from equity investment in subsidiaries. Net profit came to 44.5 billion won ($38 million) in the July-September period, compared with 34.6 billion won in the same period a year ago. "The strong performance came from a turnaround in the shipbuilding units and robust earnings of refining subsidiary," the company said in an emailed statement. Opera
Oct. 28, 2021
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Local EV consortium picked as preferred bidder for SsangYong Motor
A South Korean consortium led by local electric carmaker Edison Motors Co. has been selected as the preferred bidder to acquire SsangYong Motor Co., the company said Thursday. SsangYong and the court-appointed lead manager EY Hanyoung accounting firm submitted an official document for the selection of the Edison consortium for the debt-laden carmaker last week and the court approved the preferred bidder early this week, a company official said over the phone. SsangYong and EY Hanyoung will sig
Oct. 28, 2021
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SK Innovation, Solid Power to co-develop, produce solid-state batteries
SK Innovation and Solid Power will co-develop and produce solid-state batteries that are 33 percent more powerful than conventional lithium-ion batteries, the two companies said Thursday. The South Korean battery-to-petrochemical giant and the US-based battery startup will manufacture solid-state batteries with energy density of at least 930 watt-hours per liter, which would increase the driving range of electric vehicles to 930 kilometers on a single charge. Solid Power is one of the world&
Oct. 28, 2021
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LG Electronics Q3 net profit down 20.4% on Bolt EV recall costs
LG Electronics Inc. said Thursday its net profit dropped 20.4 percent on-year in the third quarter due to costs incurred in a recall of General Motor's Bolt electric vehicles. The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won ($440 million) in the July-September, down from 649.2 billion won during the same period of last year. LG Electronics said the recall of General Motor's Bolt electric vehicles hurt its bottom line. LG Electronics said its t
Oct. 28, 2021
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Shinsegae Group vice chairman buys $19.2 million Beverly Hills mansion: report
Shinsegae Group heir and vice chairman Chung Yong-jin has reportedly purchased a mansion worth 22.5 billion won ($19.2 million) in Beverly Hills, California. According to online US real estate media outlet Dirt, Chung has “purchased a lavish home in the affluent Flats neighborhood of Beverly Hills.” The seller was Aan Sinanta, an Indonesian coal mining tycoon, who paid $12.6 million for the property back in 2012, the website reported. The gated property, which was built in 2012, h
Oct. 28, 2021