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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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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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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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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S. Korea holds inaugural exhibition on carbon neutrality
The industry ministry launched an exhibition on carbon neutrality Wednesday to promote various zero-emission products and technologies, and to explore future policy directions for the goal, officials said. The inaugural Carbon Neutrality Expo began its three-day run at KINTEX convention center in Ilsan, northwest of Seoul, bringing together some 300 local companies, provincial governments and state-run institutions, according to the Ministry of Trade, Industry and Energy. The firms presented
Oct. 13, 2021
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SK signs MOU with US hydrogen firm Monolith to set up joint venture in S. Korea
SK Inc., the holding company of South Korean conglomerate SK Group, said Wednesday it has signed an initial deal with a US hydrogen maker to set up a joint venture as part of efforts to bolster its clean energy business. The memorandum of understanding (MOU), signed with Monolith Materials Inc., aims to create a joint venture to produce green hydrogen and carbon black products in South Korea, the company said in a release. Monolith will provide the technology and training, and SK will oversee
Oct. 13, 2021
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Samsung chief Lee pledges no repeat of drug use
Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday pledged not to use drugs for any reason at a Seoul court, where he was tried for illegal drug use. He made the promise while attending the court hearing of his trial at Seoul Central District Court. He is accused of having illegally used propofol, a short-acting medication that results in a decreased level of consciousness. During Tuesday’s session, public prosecutors requested the court issue a fine of 70 million won ($58,400)
Oct. 12, 2021
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Samsung Electronics starts mass production of 14-nano EUV DDR5 DRAM
Samsung Electronics started its mass production of the industry’s smallest 14-nano DRAM based on extreme ultraviolet technology. The South Korean tech giant announced Tuesday that the 5-layer memory product was made with the world’s most advanced technology currently in use. Samsung shipped the first samples of EUV DRAM modules to customers in March last year. The manufacturing process has increased wafer productivity by approximately 20 percent and reduced power consumption by
Oct. 12, 2021
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Carbon Neutral Expo jointly held with Korea Energy Show 2021
The Ministry of Trade, Industry and Energy said Tuesday it will host the Carbon Neutral Expo, Korea’s largest energy exhibition, from Wednesday to Friday at Kintex in Ilsan, Gyeonggi Province. Carbon Neutral Expo, Korea’s largest energy exhibition, consists of around 1,200 exhibition booths with 300 companies participating. The expo will be co-hosted with the Korea Energy Show 2021, which marks its 40th anniversary this year. A total of 297 organizations and businesses will partic
Oct. 12, 2021
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Shareholders OK SK Telecom's non-telecom spinoff
SK Telecom Co. said Tuesday its shareholders approved the company's plan to launch a non-telecom spinoff in the latest move to make aggressive investments in new tech and semiconductor businesses. The corporate restructuring -- the first since the company's foundation in 1984 -- is designed to split South Korea's largest wireless carrier into two, spinning off a new investment company as SK Square. "The main purpose of the company's spinoff is to maximize shareholder value," Park Jun
Oct. 12, 2021
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Chung Ki-sun named CEO of Hyundai Heavy Industries Holdings
The first son of Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries Holdings Co. (HHIH), has been appointed the new CEO of the holding company, Hyundai Heavy Industries Group said Tuesday. Chung Mong-joon holds a 26.6 percent stake in HHIH, the holding company of the world's largest shipbuilding group, and his eldest son, Chung Ki-sun owns, a 5.26 percent stake in the company. The junior Chung, 39, has been also named the chief executive of Korea Shipbuilding & Offshore
Oct. 12, 2021
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S-Oil to bring Saudi Aramco’s blue hydrogen to South Korea
S-Oil said Tuesday it will import blue hydrogen produced by Saudi Aramco to South Korea and establish a hydrogen ecosystem with consortium partners. According to the South Korean refinery, it will convert the blue hydrogen into ammonia and transport it to Korea. Saudi Aramco is the parent company of S-Oil’s major shareholder Aramco Overseas Company. The imported ammonia will then be cracked into blue hydrogen or be supplied without conversion to its consortium partners, including Samsu
Oct. 12, 2021
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Celltrion seeks European approval for anticancer biosimilar
South Korean biopharmaceutical firm Celltrion Inc. said Tuesday that it has sought European approval for the sale of its anticancer biosimilar candidate. The European Medicines Agency will review Celltrion's application to sell CT-P16, which references Switzerland-based Roche Holding's blockbuster pill Avastin. Avastin, which kills cancer cells by removing blood vessels, is approved to treat numerous cancers, including metastatic colorectal cancer. Avastin raked in sales of 7.7 trillion won (
Oct. 12, 2021
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Taxes and more taxes to make Lee’s vision real
Lee Jae-myung, the ruling Democratic Party’s standard bearer in next year’s presidential election, is hoping to establish several new taxes, which would support his basic income plan. And as much as his universal benefit policy would weigh on the country’s fiscal management –- a minimum 1 million won ($890) subsidy to every individual each year -- the liberal politician is talking trillions of won in new tax revenues. A key measures that the Gyeonggi Province governo
Oct. 11, 2021
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Hanwha Defense showcases K9A1, Redback at AUSA 2021, eyes US deal
Hanwha Defense said Monday it will showcase its advanced land defense systems at a major defense show in the US to expand its footprint in the market. Participating in the AUSA 2021 defense expo, set to kick off Monday, US time, in Washington, the Korean defense firm will display its flagship land defense platforms, including the K9 Thunder self-propelled howitzer and the Redback infantry fighting vehicle. Hosted by the Association of the United States Army, the event is the largest land power
Oct. 11, 2021
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Will OECD's digital tax hurt Samsung Electronics, SK hynix?
A landmark deal to crack down on offshore tax havens, though initially designed to target digital economy behemoths such as Google and Netflix, has spilled over to South Korean chipmakers Samsung Electronics and SK hynix, though the degree of its impact remains unclear. On Friday, the world’s most powerful nations agreed to impose a 15 percent global minimum tax on companies with revenues above 750 million euros ($867.5 million). Also, those with revenues above 20 billion euros and a p
Oct. 11, 2021
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Economy needs more attention from presidential runners: KCCI
South Korea’s business leaders on Monday asked political parties to put the economy on the front burner of the presidential election in March, delivering a list of economic agenda that need to be addressed by presidential candidates. The 73 board members of the Korea Chamber of Commerce and Industry, Korea’s largest private economic organization, said the letter outlined three propositions, 10 agenda items, five reform tasks and 70 action plans for political groups to consider in t
Oct. 11, 2021
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Samsung partners with renowned directors to produce films with Galaxy devices
Samsung Electronics Co. said Monday it has partnered with some high-profile filmmakers to produce movies with its Galaxy smartphones as the South Korean tech giant aims to better promote its mobile devices. Samsung started a campaign called "Filmed #withGalaxy" with an aim to encourage people to expand their creativity with Galaxy smartphones. Joe Wright, who is best known for directing the romantic drama film "Pride and Prejudice," is the first participant of the campaign,
Oct. 11, 2021
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Asiana to resume business class services on domestic flights after 18-year hiatus
Asiana Airlines Inc., South Korea's second-biggest airline, will resume offering business class services on domestic flights starting next month, industry insiders said Monday, as it tries to improve profitability amid the COVID-19 pandemic. Asiana will begin running business class cabins on select domestic flights Nov. 5, according to company officials. The full-service carrier had removed business class seats on domestic flights in November 2003. Business class services will be available o
Oct. 11, 2021
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[Photo News] The future of hydrogen
The 2021 Green New Deal Expo was held Oct. 6-8 at Kintex in Goyang, Gyeonggi Province, where 53 firms and organizations presented alternative energy visions and technologies. This year’s theme was the future of hydrogen. Automotive giant Hyundai Motor Group caught visitors’ attention with its electric and hydrogen vehicles, and group affiliate Hyundai Mobis displayed a hydrogen fueling station. The company recently invested 1.3 trillion won ($1.1 billion) to build two hydrogen fuel
Oct. 9, 2021
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Samsung family to sell W2tr worth of stocks to pay inheritance tax
The family of late Samsung Group Chairman Lee Kun-hee plans to sell stakes in group affiliates worth 2 trillion won ($1.6 billion) to pay inheritance taxes, regulatory filings showed Saturday. Hong Ra-hee, the widow of the late business tycoon who died in October last year, plans to sell 19.9 million shares in Samsung Electronics Co., which were estimated at 1.4 trillion won as of Friday‘s closing price, according to the regulatory filing. The shares account for around 0.33 percent o
Oct. 9, 2021
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SK hynix shares losing ground amid slowdown concerns for memory market
Shares in SK hynix Inc. plunged on concerns over a slowdown in the memory market, analysts here said Friday, as they lowered the target price for South Korea's No. 2 chipmaker. SK hynix closed at 94,000 won ($78) on the Seoul bourse after a 1.78 percent decline, so far the lowest price this year, and extended its losing streak to five trading days. SK hynix stocks have declined more than 12 percent in the past two weeks. Compared with the Feb. 25 peak of 148,500 won, SK hynix shares are down m
Oct. 8, 2021
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German tech firm Merck to invest $693m in S. Korea by 2025
Germany-based technology firm Merck Group said Friday it plans to invest around $693 million in South Korea through 2025 in the electronics sector, including semiconductor solutions. The investment by Merck is expected to lend hands to South Korea's so-called K-semiconductor blueprint, and help the country secure a stable supply chain of related materials, according to the Ministry of Trade, Industry and Energy. The company entered the South Korean market in 1989 and currently operates 11 res
Oct. 8, 2021
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Apple's new iPhone 13 launches in S. Korea
Apple Inc. launched the new iPhone 13 series in South Korea on Friday as it seeks a greater presence in rival Samsung Electronics Co.'s home turf. Apple and the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- started shipping the iPhone 13 series, comprised of the 5.4-inch iPhone 13 mini, the 6.1-inch iPhone 13, the 6.1-inch iPhone 13 Pro and the 6.7-inch iPhone 13 Pro Max. The tech giant unveiled its new smartphones on Sept. 14 and started shipping the
Oct. 8, 2021