Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
S. Korea, Singapore seal supply chain agreement
-
7
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
8
20 minors registered as CEOs making over 100 million won
-
9
Yoon honors veterans of Korean War in trip to Philippines
-
10
K-pop CEOs sidestep key issues at National Assembly audit
-
Samsung Heavy wins W461b order for 2 LNG carriers
Samsung Heavy Industries Co. said Monday it has signed a 461 billion won ($392 million) order to construct two liquefied natural gas (LNG) carriers. Under the deal with an Oceanian shipper, Samsung Heavy will deliver the vessels by September 2024, the shipbuilder said. With the latest order, the shipbuilder has attained 78 percent of its annual order target of $9.1 billion won, winning orders for 54 ships worth $7.1 billion won. The shipbuilder narrowed its net loss in the second quarter from
Aug. 23, 2021
-
KH Group vows to turn Alpensia resort into global attraction
KH Group, which last week signed a deal to take over the alpine resort Alpensia, vowed to turn the main venue of the 2018 Winter Olympics into a bustling global tourist attraction by building new facilities. “The due diligence and term negotiations went smoothly and we finally inked the asset takeover deal,” said Han Woo-geun, CEO of KH Gangwon Development, a special-purpose company created for the bid. “On top of the existing resort facilities, we will build new multiuse c
Aug. 22, 2021
-
Floating solar power to quadruple by 2025: report
The global market for floating solar panels is set to more than quadruple by 2025, a recent report has revealed. The report published by Korea Energy Economics Institute on Sunday estimates that the total power generation capacity of floating solar farms around the globe had surpassed 3 gigawatts as of October 2020. By 2025, the volume will grow by another 10 GW, the institute said, citing data from market researcher Fitch Solutions. The findings come as the Korean government announced the G
Aug. 22, 2021
-
Korean companies more vulnerable to ESG risks: report
South Korean companies, many of them in the manufacturing industry, face bigger environmental, social and corporate governance risks than their service-heavy European counterparts, the Federation of Korean Industries warned on Sunday. Compared to companies located in countries like France or the UK, those based in South Korea, China, and India are more vulnerable to risks stemming from global ESG trends, the FKI said in a report. ESG first gained traction among risk-conscious investors and are
Aug. 22, 2021
-
Fashion powerhouse Handsome launches high-end beauty brand oera
South Korean fashion company Handsome Corp. said Sunday it will launch a cosmetics brand for the first time. Handsome, an affiliate of Hyundai Department Store Group, said high-end skin care brand oera will open its first store at the department store's Apgujeong outlet in southern Seoul. The skin-care line with lotion, skin, serum and cream are all manufactured in Switzerland, Handsome said, adding it will add more beauty products to the lineup later this year. Major products come with a hef
Aug. 22, 2021
-
Hyundai Heavy completes takeover of Doosan Infracore
Hyundai Heavy Industries Holdings Co. (HHIH), the world's largest shipbuilding group, said Friday that it has completed the process to acquire South Korea's top construction equipment maker Doosan Infracore Co. HHIH formed a consortium with KDB Investment Co., a private equity firm wholly owned by the state-run Korea Development Bank, to buy Doosan Infracore from cash-strapped Doosan Heavy Industries & Construction Co. for 850 billion won ($720 million) late last year. In July, HHIH establ
Aug. 20, 2021
-
Conglomerate investments rise 4.6% in H1, led by chipmakers
South Korea’s large business groups increased their investments by nearly 5 percent in the first half of 2021, according to data by a local market researcher on Friday. Including the country’s biggest tech giant Samsung Electronics, the top 332 Korean companies invested a combined 82.8 trillion won ($70.3 billion) in the January-June period, up 4.6 percent from a year earlier, showed figures released by CEO Score. The investment amount surged 12.6 percent in the first half of 201
Aug. 20, 2021
-
LG Electronics joins hands with Hyundai Elevator on smart building solutions
LG Electronics Inc. said Friday it has joined hands with Hyundai Elevator Co. to seek business opportunities in smart home and building solutions. LG will work with the country's largest elevator manufacturer to develop robot logistics services in which autonomous bots deliver parcels and food at apartments, office buildings and hospitals with elevators. Under the agreement, the two sides will also cooperate in making premium elevators equipped with LG's OLED signage. The partnership came as
Aug. 20, 2021
-
Samsung retakes No.1 spot in Q2 chip sales: report
Samsung Electronics Co. regained the No.1 spot in chip sales in the second quarter of the year, surpassing its archrival Intel Corp. for the first time in almost three years, on the back of robust sales of memory semiconductors, a report showed Friday. The South Korean tech giant logged $20.29 billion in chip sales in the April-June period, up 19 percent from a quarter earlier, according to the latest McClean Report released by market researcher IC Insights. Samsung, the world's largest memory
Aug. 20, 2021
-
Big firms' H1 investment gains 4.6% on chip boom
South Korean big companies' investments expanded nearly 5 percent in the first half of the year thanks mainly to a semiconductor boom, a corporate tracker said Friday. Global tech giant Samsung Electronics Co. and 331 other large firms in Asia's fourth-largest economy invested a combined 82.8 trillion won (US$70.3 billion) in the January-June period, up 4.6 percent from a year earlier, according to CEO Score. Compared with the pre-pandemic first half of 2019, the figure was up 12.6 percent. T
Aug. 20, 2021
-
Coupang slapped with W3.3b fine for unfair trade practices
Coupang on Thursday has been slapped with fines totaling 3.29 billion won ($2.8 million) for unfair business practices, losing a case which pitted decades-old consumer goods brands against the e-commerce platform operator. The Fair Trade Commission, in announcing the decision, said Coupang has abused its position as a major online marketplace to coerce vendors, including LG Household and Healthcare, to slash the prices of products sold on its platform. Coupang violated several terms of the
Aug. 19, 2021
-
Hanwha, a living testament to tycoon’s era in Korea
In 2014, just 10 kilometers southeast of Baghdad, the capital of war-torn Iraq, hundreds of Hanwha Engineering & Construction workers were toiling away to build a new city worth $10.1 billion to provide new homes for some 600,000 Iraqis. Far away from home and exhausted by the desert heat, the workers craved fresh flatfish sashimi, a cheap dish in South Korea but impossible to find in Iraq. When Hanwha Group Chairman Kim Seung-youn heard the news, he ordered chefs to prepare flatfish sas
Aug. 19, 2021
-
Land-based workers of top shipper HMM defy wage increase proposal
Unionized land-based workers of South Korea's largest shipper HMM Co. have voiced opposition to a company wage increase proposal, raising the possibility of its first strike, industry sources said Thursday. After talks with its creditors, the company has put forward a wage negotiation proposal, including an 8 percent increase in wages, plus bonuses of 500 percent. According to the sources, some 95 percent of unionized HMM longshore workers voted against the wage proposal. Union members demand
Aug. 19, 2021
-
Coupang fined 3.3 bln won for unfair biz practice
South Korea's antitrust regulator said Thursday it has decided to fine e-commerce giant Coupang Inc. 3.3 billion won ($2.8 million) for alleged unfair business practice. Between 2017 and 2020, Coupang demanded its suppliers raise sales prices of products trading at its rival online malls if one-off sales promotion events drove down such prices, according to the Korea Fair Trade Commission (KFTC). The company also pressed contractors to buy ads on its site and passed on the costs of sales promo
Aug. 19, 2021
-
SK Telecom's metaverse platform to go global
SK Telecom Co., South Korea's largest wireless carrier, said Thursday it will launch its virtual meeting platform ifland in around 80 overseas markets by the end of this year in a move to join the global metaverse rush. The carrier launched the platform last month that allows users to interact with others using personalized avatars in a range of online settings from stadiums to cafes. The metaverse platforms have grown in popularity over the past year, especially from tech-savvy teenagers, as
Aug. 19, 2021
-
LG Chem to invest W2.6 tr by 2028 to build 10 factories in S. Korea
LG Chem Ltd., South Korea's leading chemical firm, said Thursday it will invest 2.6 trillion won ($2.2 billion) by 2028 to step up its domestic manufacturing capacity for eco-friendly materials. LG Chem said it will build 10 new chemical factories in Seosan, about 140 kilometers southwest of Seoul, to produce biodegradable materials and other materials used in renewable energy. Among them are poly butylene adipate-co-terephthalate (PBAT), a biodegradable plastic used in decomposable packaging,
Aug. 19, 2021
-
Samsung Card decides to sell its whole stake in Renault Samsung Motors
Major South Korean credit card issuer Samsung Card Co. said Thursday it has decided to sell its entire 19.9 percent stake in Renault Samsung Motors Corp. Samsung Card said it recently made the decision and selected Samsung Securities Co. as the lead manager of the stake sale. The card issuer purchased the stake for 87.6 billion won ($74.8 million) in April 2000 in line with an agreement between Samsung Group and French automaker Renault S.A. on the sale of Samsung's car unit. In a semiannual
Aug. 19, 2021
-
Samsung tops Latin American smartphone market in Q2: report
Samsung Electronics Co. was the top smartphone vendor in Latin America in the second quarter, a report showed Thursday, although its market share dropped from a year earlier. Samsung represented 37.3 percent of smartphone shipments in Latin America in the April-June period, defending its leading status, according to market tracker Counterpoint Research. However, its second-quarter market share was down from 42.5 percent a year ago. "Samsung was the most affected due to the constraints rel
Aug. 19, 2021
-
Samsung Heavy gets approval for basic design of ammonia-propelled ships
Samsung Heavy Industries Co. said Thursday that it has won approval in principle (AIP) for its basic design for LNG or diesel-powered oil tankers that can be revamped into ammonia-fueled ones from DNV, a Norwegian ship quality assurance and risk management company. The shipbuilder's basic design will be helpful for shippers that want to transform their LNG or diesel-powered oil tankers into ammonia-fueled ones, Samsung Heavy said. AIP for the VLCCs means a certification agency has reviewed its
Aug. 19, 2021
-
[Newsmaker] BTS producer Pdogg beats chaebol chiefs in pay
In another sign of the rise of the “new rich” in Korea Inc., the producer behind K-pop juggernaut BTS topped the list of highest-paid executives in the first half of this year, beating the country’s far more prominent tycoons running conglomerates like Samsung, Hyundai and LG. According to regulatory filings by listed companies on Wednesday, senior song producer Kang Hyo-won took home the biggest sum during the first six months of this year, receiving a total of 40.07 billi
Aug. 18, 2021