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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GM Korea, union sign 2021 wage agreement
GM Korea Co. and its labor union have signed a wage agreement for the year amid the extended COVID-19 pandemic and sluggish sales, the company said Friday. In their second vote held early this week, some 65 percent of GM Korea's unionized workers agreed to accept the company's revised proposals that newly include 300,000 won ($260) worth of repair coupons for Chevrolet brand vehicles and 200,000 won worth of gift certificates GM Korea, the South Korean unit of General Motors Co., and its union
Aug. 27, 2021
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Samsung loses top spot in Indian earwear market in Q2: report
Samsung Electronics Co. lost its top spot in India's ear-worn device market in the second quarter of the year, a report showed Friday, as its rival brands expanded their presence. The South Korean tech giant registered a market share of 7.9 percent in the April-June period, sharply down from their 30.4 percent share a year earlier, settling for the third position in the Indian earwear market, according to industry researcher International Data Corp. (IDC). Samsung's shipment of smart ea
Aug. 27, 2021
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Samsung ups tablet market share in Europe, Middle East, Africa in Q2: report
Samsung Electronics Co. expanded its presence in the Europe, Middle East and Africa (EMEA) tablet market in the second quarter of the year, a report showed Friday, despite an overall market decline. The South Korean tech giant shipped 3.55 million tablets in the EMEA market in the April-June period for a 30.1 percent market share, according to the latest report from industry researcher International Data Corp. (IDC). The figures were up from a year earlier when the company shipped 3.42 milli
Aug. 27, 2021
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S. Korea produced only 1 unicorn startup this year: report
South Korea has produced only one unicorn startup so far this year, falling far behind the US and China, according to a report from the Federation of Korean Industries. Across the world, a total of 291 startups have attained unicorn status -- reaching a market valuation of over $1 billion -- during the January-July period, according to the FKI report, citing data from tech market research firm CB Insights. Market Kurly, a food delivery and logistics platform here, was the only South Korean e
Aug. 26, 2021
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FTC to look into problems consumers face on e-commerce platforms
South Korea’s Fair Trade Commission will commission a research project to determine the major problems that consumers face when they use e-commerce platforms, in an effort to seek a better understanding of the booming e-commerce sector. According to government sources Thursday, the antitrust watchdog posted a notice on the state-run Korea ON-Line E-Procurement System on Monday, seeking bidders to carry out the project. The FTC saw the need for systemized research on the issue as e-comme
Aug. 26, 2021
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Posco Chemical, OCI invest W74.5b in battery material
P&O Chemical, a joint venture between Posco Chemical and OCI, will produce petroleum pitch material for lithium-ion batteries, to respond to increasing demand for battery cells around the globe, Posco Chemical said Thursday. Petroleum pitch is used as a base material for anodes when producing lithium-ion batteries. According to Posco Chemical, the company and its partner OCI will invest a combined 74.5 billion won ($63.4 million) in the joint venture’s project, with a goal of secu
Aug. 26, 2021
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Nexon rookies offer tips for internship applicants
Nexon employees hired within the past two years have created seven-minute video clips to share their experiences with new recruits. The company is hiring interns as part of its six-month Nexon Tutorial program. In the clips, five employees from the game firm’s four divisions -- business, new development, live development and intelligence labs -- briefly introduce their work and offer candid thoughts for people hoping to land internships at the company. Nexon Tutorial, launched this ye
Aug. 26, 2021
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Four in 10 travel agency workers lost jobs in past 2 years
Four out of 10 workers at major South Korean travel agencies were laid off in the past two years as the ongoing pandemic battered the tourism industry. According to data from the Financial Supervisory Service on Thursday, the total number of staff members hired at six travel companies listed in the stock market dropped by 39.7 percent compared with June 2019, before the pandemic. Korea’s largest travel agency, Hana Tour, saw the biggest drop of 52.8 percent. Mode Tour, the second-large
Aug. 26, 2021
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Hyundai Motor top employer of workers with disabilities in 2020
Leading automaker Hyundai Motor Co. was the top employer of physically challenged workers among 70 major firms in South Korea in 2020, with their total hiring of disabled people continuing to rise, a corporate tracker said Thursday. Hyundai Motor, the flagship of No. 5 global automaker Hyundai Motor Group, had 2,108 employees with disabilities last year, which accounted for 3.12 percent of its head count, according to Korea CXO Institute. The ratio was up from 2.95 percent in 2019, and Hyundai
Aug. 26, 2021
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S. Korea aims to set global tech standards for metaverse
South Korea's standard agency said Thursday it will spare no efforts to lead the global standardization of technologies related to the metaverse as the industry is expected to further expand down the road amid the COVID-19 pandemic. "Online meetings and lectures, along with remote working, have emerged as a new norm amid the pandemic," Lee Sang-hoon, who heads the Korean Agency for Technology and Standards, said during the International Display Standardization Forum held virtually on
Aug. 26, 2021
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Retail sales up 13% in July on strong demand for delivery services
Retail sales in South Korea advanced 13 percent in July from a year earlier, data showed Thursday, on the back of strong demand for food delivery services amid the prolonged social distancing measures. The combined sales of 25 major offline and online retailers reached 12.9 trillion won ($11 billion) last month, compared with 11.4 trillion won tallied in the previous year, according to the data compiled by the Ministry of Trade, Industry and Energy. Sales from offline stores moved up 7 percent
Aug. 26, 2021
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6 companies to recall nearly 49,000 vehicles over faulty parts
BMW, Mercedes-Benz and four other companies will voluntarily recall nearly 49,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers in South Korea and vehicle importers due to problems with vehicle components. The companies, including Audi, Hyundai Motor Co. and Suzuki MAN Truck & Bus Korea Ltd., are recalling a combined 48,797 units in six kinds of models, the Ministry of Land, Infrastructure and Transport said
Aug. 26, 2021
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HMM union puts strike on hold for more negotiations
Unionized sailors at South Korea’s largest shipper HMM have suspended plans for a strike and will hold a new round of wage negotiations with management next week, union representatives said Wednesday. “The union leaders and the chairman of the land-based workers’ union held talks with HMM’s CEO Bae Jae-hoon the previous day, and as a result we decided to negotiate again on Sept. 1,” HMM’s longshore union said in a press release Wednesday. Earlier in the w
Aug. 25, 2021
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Posco Chemical to spend W281b on two battery materials plants in China
Posco Chemical will invest 281 billion won ($240.8 million) to establish two battery material plants in China, its first overseas production base for the electric vehicle battery business, the firm said Wednesday. The envisioned 30,000-ton cathode plant and a 30,000-ton precursor plant will add to an existing battery materials production base in the Chinese city of Tongxiang, established in August 2019 and jointly operated by steelmaker Posco and its local partner Huayou Cobalt. Once complet
Aug. 25, 2021
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Facebook, Netflix fined over privacy violations in S. Korea
A South Korean watchdog on personal information protection on Wednesday fined major foreign platform service providers nearly 6.7 billion won ($5.7 million) over privacy violations. The Personal Information Protection Commission meted out the penalty against Facebook, Netflix and Google and ordered them to fix the problems following its probe. Facebook was slapped with the heaviest penalty of 6.46 billion won. The commission said the US-based social network service provider created and stored
Aug. 25, 2021
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SK Telecom launches new subscription platform
SK Telecom launched a new subscription-based e-commerce platform T Universe on Wednesday, aiming to attract 36 million subscribers out of the country’s total population of 51 million by 2025. In a press conference held Wednesday, the South Korean telecommunications firm said it has set a target of logging annual transactions worth 8 trillion won ($6.85 billion) by 2025. “T Universe aims to create a new universe of subscription services that benefits both customers and business p
Aug. 25, 2021
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Consortium including GS buys stake in Hugel
A consortium including GS Group will buy a near half stake in South Korean botulinum toxin manufacturer Hugel for 1.7 trillion won ($1.5 billion), it was announced Wednesday. The deal involves the transfer of a 46.9 percent stake in Hugel currently held by the US private equity Bain Capital. Aside from GS, members of the consortium include CBC, Asia‘s largest healthcare-dedicated investment firm headquartered in Singapore; Mubadala Investment Company, the Abu Dhabi-based investor; and
Aug. 25, 2021
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Hyundai Motor suspends Ulsan plants on parts shortage
Korean automaker Hyundai Motor Co. suspended assembly lines in its mainstay factory Wednesday due to a parts shortage following infections among employees of one of its suppliers, company officials said. Hyundai Motor halted three out of five plants in Ulsan, 414 kilometers southeast of Seoul, earlier in the day due to lack of some modules from its contractor, a company spokesman said over the phone. The three production lines make Palisade, Kona, Avante as well as Ioniq 5 electric vehicles an
Aug. 25, 2021
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Hanwha Solutions clinches $260m contract for high-pressure tanks in US
South Korean energy company Hanwha Solutions Corp. said Wednesday its newly acquired tank subsidiary signed a $260 million deal with US energy firm Sunbridge Energy Services to provide storage tanks for compressed natural gas (CNG). Hanwha Cimarron signed the 10-year deal with the Texas-based Sunbridge Energy to deliver tube trailers containing dozens of vessels that can store CNG and other pressurized gases, such as hydrogen. It is the first time Hanwha Cimarron has won a supply deal for high
Aug. 25, 2021
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Samsung ranks 3rd in Western European tablet market in Q2: report
Samsung Electronics Co. was the third-largest tablet vendor in Western Europe in the second quarter of the year, a report showed Wednesday, as the South Korean tech giant tries to catch up to industry leader Apple Inc. Samsung logged a market share of 18 percent in the Western European tablet market in the April-June period after its Galaxy Tab shipments dropped 18 percent from a year ago, according to market researcher Canalys. Apple was the leading supplier with a market share of 36 percent
Aug. 25, 2021