Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Hyundai Steel sets insourcing precedent, launches three new units
Hyundai Steel is launching three new subsidiary companies as part of an insourcing drive aimed at enhancing its competitiveness and the well-being of around 7,000 affiliated workers, the firm said Tuesday. It is the first major manufacturer in the country making the move to directly hire workers from partner companies and provide them with the same benefits, the steelmaker said. The new entities are established at the locations of the firm’s major production bases -- Incheon, Poh
Aug. 31, 2021
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HDC Hyundai Development Company creates ‘sustainable’ urban projects
HDC Hyundai Development Company recently announced a number of projects to build “sustainable urban platforms” that combine residential, business, shopping and cultural facilities. The company said it aims to break ground next year to turn the Kwangwoon University Station area in Seoul’s Nowon-gu into such a space that presents “a living culture of the future.” HDC expects the residential, business, shopping and cultural facilities, where contactless payments wi
Aug. 31, 2021
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Number of restaurant, hotel workers drops in July as pandemic lingers
The number of people working at restaurants and hotels dropped 64,000 on-year in July as the fourth wave of the coronavirus pandemic continued to weigh down on the sectors, the government said Tuesday. The total number of workers in the restaurant and hotel industry stood at 1.09 million last month, down 64,000, or 5.5 percent, from the same month last year, according to the Ministry of Employment and Labor. The sectors have shed workers for 18 straight months since the pandemic first exploded
Aug. 31, 2021
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HMM's land-based workers at HMM vote to strike for pay increase
Unionized land-based workers at HMM Co. have voted for a strike after failing to reach an agreement with the management over a pay raise, the union said Tuesday, triggering concerns over potential disruption at the country's top shipper. In a vote held Monday, 98 percent of its 755 members supported the strike if the negotiations go nowhere, according to the union. A week earlier, unionized sailors and other sea-based workers at the company also voted in favor of a strike to solve wage disput
Aug. 31, 2021
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Home presales set to begin for Hyundai E&C’s Hillstate Namsan
Hyundai Engineering & Construction’s premium apartment brand Hillstate is to give Seoul another landmark at the heart of the capital city with the construction of Hillstate Namsan. Located at Mukjeong-dong, Jung-gu district, near the office-heavy Gwanghwamun downtown area, the complex comprises two buildings, with three floors underground and nine above. The size of the 282 residential units up for sale range between 21 square meters and 49 square meters. Two floors underground wi
Aug. 30, 2021
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LG Chem to turn artificial marble waste into translucent plastic
LG Chem said Monday that it would reuse artificial marble waste to produce translucent industrial plastic -- widely used in making pipes, auto body parts and helmets. According to South Korea’s leading chemical company, it has joined hands with Veolia R&E, which has a patented technology to extract a liquid material called methyl methacrylate, or MMA, from artificial marble waste. Through the partnership, LG Chem will secure a stable supply of recycled MMA and use it to manufacture
Aug. 30, 2021
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SK Energy, Logisquare seek green transition of cargo trucks
Leading oil refinery and gas station operator SK Energy said Monday it has partnered up with the nation’s largest logistics firm Logisquare to accelerate the green transition of cargo trucks. Under the partnership, Logisquare, which operates 16 logistics hubs nationwide and processes 60,000 units of cargo from some 1,000 clients, will gradually shift its registered cargo trucks to electric and hydrogen vehicles. SK Energy, which runs 22 NeTruck Houses -- one-stop filling stations that
Aug. 30, 2021
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Kia, union sign 1st wage deal without strike in 10 years
Kia Corp. and its labor union on Monday signed a wage agreement for 2021 without an industrial action occurring for the first time in a decade. On Friday, 68 percent of 26,945 Kia workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in basic monthly pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But the company rejected the union's demand to extend the retiremen
Aug. 30, 2021
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Major burdens for companies: COVID-19, raw material prices, interest rates
The resurgence of the coronavirus virus, increases in raw material prices and interest rates were the biggest concerns of companies here, a survey showed Monday. The Korea Chamber of Commerce and Industry conducted a survey on 310 companies -- 104 conglomerates and 206 small- and midsize firms -- and found that those three factors were the major burdens affecting them and the economy. In the survey, 81.6 percent of the companies chose the rise in raw material prices as a major concern, and
Aug. 30, 2021
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Hyundai Oil Bank rolls out beer inspired by premium gasoline brand
Hyundai Oil Bank has rolled out an IPA beer in collaboration with CU, a leading convenience store franchise here, to offer an exciting experience to the MZ generation, the Korean oil company said Monday. The beer, named “Premium IPA,” hit the shelves last month, Hyundai Oil Bank said. It took inspiration from Kazen, Hyundai Oil Bank’s premium gasoline brand that had undergone an overhaul last year, the oil refinery said. Kazen, a portmanteau of the words “Kaizer&rdquo
Aug. 30, 2021
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Samsung researchers get two more seats in global consortium
Two researchers from Samsung Electronics will serve as vice presidents of working groups within a global mobile telecommunication standards organization, the company announced Monday. With the latest appointments, Samsung now has two chairs and five vice-chairs in the Third-Generation Partnership Project, a consortium of seven regional telecommunication standards organizations established to develop a universal standard for mobile telecommunications. It is the largest number of seats
Aug. 30, 2021
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Number of new companies drops 9.8% in H1
The number of newly established companies in South Korea declined nearly 10 percent in the first half of the year due to a one-off factor, government data showed Monday. A total of 730,260 new businesses were set up in the January-June period, down 9.8 percent from a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The ministry attributed the drop to a base effect. A year earlier, there was a sharp increase in the number of real e
Aug. 30, 2021
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Wine imports hit new high in 2020 amid pandemic
South Korea's wine imports hit a fresh high in 2020 as more people enjoyed drinking at home and alone due to the coronavirus pandemic, data showed Monday. Asia's fourth-largest economy imported $330 million worth of wine last year, up 27.3 percent from a year earlier, according to the data by the Korea Customs Service. It was an all-time high, and wine imports exceeded those of beer, which sank 19.2 percent on-year to $227 million. The customs office said wine imports soared last year as peop
Aug. 30, 2021
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S. Korea to set aside W6.3tr in 2022 budget for new industries
South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country's finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won ($5.4 billion) to support the three key industries in its 2022 budget proposal. The country has set the non-memory chip, bio-health and next-generation vehicle sectors as the "BIG 3" industries where it s
Aug. 30, 2021
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[News Focus] W3.9tr wiped off NCSoft market cap in two days. What went wrong?
Back in February, NCSoft CEO Kim Taek-jin drummed up anticipation for its then upcoming new game, Blade & Soul 2, saying it would provide users a “pinnacle of action” and a “completely new experience.” But things have been a far cry from what the executive had promised. On Friday, a day after the big release, the firm apologized for “causing concern” with the new title. On the stock market, disappointment helped wipe some 3.9 trillion won ($3.36 bil
Aug. 29, 2021
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Posco, four others join forces for liquid CO2 tanker
South Korean steelmaker Posco has forged a five-way partnership encompassing shipbuilders and ship registries to develop a liquid carbon dioxide carrier tanker, as part of its bid to gain an upper hand in the global transition to a net-zero economy, the firm said Sunday. Its four partners are Hyundai Mipo Dockyard, Korea Shipbuilding & Offshore Engineering, Lloyd’s Register Asia and Liberian International Ship & Corporate Registry. According to the agreement, signed Frida
Aug. 29, 2021
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SsangYong to open bid for new buyer
Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motor
Aug. 29, 2021
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SK chief faces punishment over 2017 LG Siltron acquisition
South Korea’s antitrust watchdog will embark on a process of punitive action against SK Group and its chairman Chey Tae-won over an accusation that he plundered corporate profits during the group’s 2017 buyout of silicon wafer manufacturing firm LG Siltron, now SK Siltron. According to industry sources on Friday, the Fair Trade Commission here is expected to inform SK Group of findings on its investigation into the SK Group’s possible irregularities during the purchase of th
Aug. 27, 2021
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Posco to develop LCO2 carrier with Hyundai Mipo Dockyard
Posco is partnering with Hyundai Mipo Dockyard to develop liquefied carbon dioxide carrier to gain an upper hand in the carbon capture, utilization and storage market, the steelmaker said Friday. Posco, the country’s leading steelmaker, said it has agreed to build the liquefied CO2 carrier, as the demand for such ships is expected to grow amid the global movement for carbon neutrality and the transition to hydrogen energy. Korea Shipbuilding & Offshore Engineering, Lloyd’s Re
Aug. 27, 2021
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SK chief encourages workers to share opinions regularly for ‘deep change’
SK Group Chairman Chey Tae-won encouraged company workers to share opinions regularly and pursue changes, at an in-house forum, SK said Friday. “This year’s Icheon Forum has provided as a place to explore practical ways to understand the changes in the world and to pursue deep change,” Chey said during the closing ceremony of the Icheon Forum Thursday. “Let’s hold discussions on a regular basis and pursue changes for SK.” SK Group held the annual in-hou
Aug. 27, 2021