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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Despite major advances, Korea still behind Japan in basic sciences: report
South Korea surpassed Japan in major economic indicators over the past 30 years, but still lags behind in technological competitiveness, a report published by the Federation of Korean Industries said Thursday. The report, which compared the economic development of the two countries from the early 1990s onward, cited several international rankings to back up its claim for Korea’s advances. The 2020 IMD Competitiveness Ranking, for one, placed South Korea at 23rd place and Japan at 34th
Aug. 12, 2021
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[Anniversary Special] Pandemic fuels the rise of startups in South Korea
In early March, South Korean e-commerce giant Coupang made its landmark debut on the New York Stock Exchange, raising $4.6 billion in an initial public offering that shattered expectations. The successful debut of the South Korean flag-waving Softbank-backed startup in the US stock market soon became a major talking point in an economy heavily dominated by a handful of conglomerates, capturing the excitement surrounding the growing number of local startups. The move also followed a year marked
Aug. 12, 2021
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[News Focus] Is the game industry’s pandemic boom over?
The gaming industry’s famous 3N -- Nexon, NCSoft and Netmarble -- have all suffered earnings shock in the second quarter of this year, due to the absence of new releases and increased labor costs from pay raises. The Tokyo-listed Nexon, the biggest of the three game developers, saw its revenue and operating profit plunge 13 percent and 42 percent to 56 billion yen ($507.3 million) and 15.7 billion yen due to lackluster results in Korean and Chinese markets. MapleStory, one of Nexon&r
Aug. 12, 2021
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Korean Air to resume flights to Hawaii in Nov.
Korean Air Lines Co., South Korea's biggest carrier by sales, said Thursday it plans to resume flights to Hawaii in November, in line with South Korea's aim to achieve herd immunity against COVID-19. Korean Air plans to operate three flights a week on the route from Incheon to Hawaii starting in November and expand the number of flights to five in December depending on the pandemic conditions, a company spokeswoman said over the phone. The national flag carrier made the decision as it expects
Aug. 12, 2021
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Samsung Fire & Marine Insurance Q2 net gains 16%
Samsung Fire & Marine Insurance Co. said Thursday its earnings rose more than 16 percent in the second quarter of the year from a year earlier. Net income came to 312.6 billion won ($270 million) in the April-June period, up 16.1 percent from a year earlier, the leading non-life insurer said in a regulatory filing. Operating income stood at 452.3 billion won in the three-month period, up 16.6 percent from a year earlier. In the first half of the year, the company's net profit soared nearl
Aug. 12, 2021
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E-commerce giant Coupang hemorrhages in Q2 despite record sales
South Korean e-commerce giant Coupang Inc. said Thursday its sales hit a new high in the second quarter of the year, but it posted big losses due largely to a one-off cost. Sales stood at $4.48 billion in the April-June period, up 71 percent from a year earlier, the New York-listed e-commerce behemoth said in a regulatory filing. It marks the first time that Coupang's quarterly top line has exceeded the 5 trillion-won ($4.33 billion) mark. Coupang's sales have been jumping 50 percent on-year f
Aug. 12, 2021
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Samsung heir Lee subject to parole conditions after release
Samsung heir Lee Jae-yong will be required to abide by parole conditions after he is released later this week, the justice ministry said Wednesday. Under the relevant law, he should report to the parole office in advance if he plans to move his residence or leave the country for more than a month, among other things. The ministry can exempt certain parolees from those conditions, such as severely ill or senior inmates, but Lee is not eligible for the exemptions, the ministry said. The vi
Aug. 11, 2021
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Lotte World Tower office space fully leased for first time
Office space in South Korea’s tallest building, the Lotte World Tower, has been fully leased for the first time since it opened four years ago. Lotte Property and Development, the property developing arm of Lotte Group, said Wednesday that office space reached 100 percent occupancy at Lotte World Tower. Woowa Brothers, the operator of food delivery app Baedal Minjok, moved into the building in July, filling up the last vacancy. In total, 17 companies have nested in the “Prime Off
Aug. 11, 2021
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Carbon neutrality costs astronomical for petrochemical, steel industries
South Korea’s aggressive goal of carbon neutrality by 2050 would cost the nation’s petrochemical and steel industries enormous amounts of money, data showed Wednesday. According to an internal document from the Korea Petrochemical Industry Association disclosed by Rep. Yang Kum-hee from the main opposition People Power Party, the domestic petrochemical industry will emit 110 million metric tons of carbon in 2050 and it would require 270 trillion won ($233.9 billion) to curb those
Aug. 11, 2021
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Korea recalls 28,946 vehicles from 6 major automakers
South Korea on Wednesday ordered a recall of 28,946 vehicles of 35 types either manufactured, imported or sold by six automakers -- Hyundai Motor, BMW Korea, Mercedes-Benz Korea, Jaguar Land Rover Korea, Toyota Motor Korea and Honda Korea. According to the Ministry of Land, Infrastructure and Transport, 10,407 units of nine-seater van Grand Starex manufactured or sold by Hyundai Motor will be recalled after defects were found in the model’s propeller shaft. “Damages were found
Aug. 11, 2021
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SK Telecom's Q2 net nearly doubles on equity gain, 5G growth
SK Telecom Co., South Korea's top wireless carrier, said Wednesday its second-quarter net income rose 84 percent on-year thanks to gains in its equity ties with its chip-making affiliate SK hynix Inc. and growth in 5G users. Net income stood at 795.7 billion won ($689.2 million) in the April-June period on a consolidated basis, compared with 432.3 billion won a year earlier, according to a regulatory filing. Operating income rose 10.8 percent to 396.6 billion won over the same period, while sa
Aug. 11, 2021
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LX International receives Red Dot Award for homepage design
LX International, formerly LG International, said Tuesday that its official homepage was among the winners of this year’s Red Dot Award in the brand and communication design category. The trading arm of LX Group said it had been recognized for the excellent user experience on its corporate homepage, which seeks to embody three concepts: trendy, interactive and innovative. The company conducted a survey of businesses partners, shareholders and job seekers before coming up with its user
Aug. 10, 2021
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KAI to supply two Surion choppers to Korea Coast Guard
Korea Aerospace Industries said Tuesday it has signed a 49.7 billion-won ($43.2 million) deal with the Public Procurement Service to supply two Surion helicopters to the Korea Coast Guard. According to the nation’s sole aircraft manufacturer, the two units of KUH-1CG, a police version of the multi-role utility helicopter Surion, will be delivered to the Korea Coast Guard by July 2024. “The contract includes Osprey 30, a new radar that can detect 1,000 targets simultaneously. Th
Aug. 10, 2021
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Xiaomi makes show of force one day ahead of Samsung Unpacked
Chinese electronics firm Xiaomi has scheduled a livestream event on Tuesday night to unveil its new flagship smartphone Mi Mix 4, just one day before Samsung’s annual Unpacked event, in an attempt to steal the spotlight from the South Korean electronics giant. Industry watchers say the timing of the Mi Mix 4 launch, an under-display camera model, is an open challenge to Samsung, whose soon-to-be unveiled foldable phone also happens to be a UDC model. A UDC smartphone refers to a mode
Aug. 10, 2021
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Samsung expands presence in domestic smartphone market in Q2: report
Samsung Electronics Co. further expanded its dominance in the domestic smartphone market in the second quarter of the year, a report showed Tuesday, as its rivals struggled to gain presence. Samsung logged a share of 73 percent in the South Korean smartphone market in the April-June period, up 6 percentage points from a year earlier, according to data from market researcher Counterpoint Research. Its second-quarter market share was also 6 percentage points larger than a quarter earlier. Apple
Aug. 10, 2021
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KT Q2 net up over 70% on 5G growth
KT Corp., a South Korean telecom giant, said Tuesday its second-quarter net income rose 77.4 percent from a year earlier on the back of robust growth of 5G network subscribers as well as its media content businesses. Net income for the April-June period stood at 370.8 billion won ($322.9 million) on a consolidated basis, compared with 209.1 billion won the same period the previous year, according to a company statement. Operating income reached 475.8 billion won, up 38.5 percent over the cited
Aug. 10, 2021
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Samsung unveils new 5nm processor for wearable devices
Samsung Electronics Co. on Tuesday unveiled its new wearable processor built on 5-nanometer (nm) process as the South Korean tech giant tries to beef up its presence in the wearable device market. The Exynos W920 is the industry's first wearable processor made with advanced 5nm extreme ultraviolet lithography technology, boasting enhanced performance and power efficiency, according to Samsung. It is expected to be used in Samsung's upcoming Galaxy Watch 4 smartwatch that will come with a new u
Aug. 10, 2021
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LG Electronics to expand streaming service on smart TVs
LG Electronics Inc. on Tuesday said it will expand its streaming service on smart TVs as the tech giant tries to increase its presence amid the pandemic-driven stay-at-home trend. The South Korean company said LG Channels will be launched in an additional 11 European countries, including Switzerland and the Netherlands, within this year. LG Channels, LG's free content streaming service set up in 2015, is currently available in 14 countries providing some 1,600 channels, but that will be expand
Aug. 10, 2021
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LG Uplus to offer Spotify to mobile subscribers
LG Uplus Corp., a major South Korean telecom operator, said Tuesday it will offer Spotify to its mobile users for up to six months in a move expected to expand the music streaming service's presence in the country. The telecom operator said subscribers to its 4G LTE and 5G network plans will have free access to Spotify Premium, which costs 10,900 won ($9.5) a month here, for three to six months, depending on the price of their plans. The move virtually applies to all of LG Uplus' around 15 mil
Aug. 10, 2021
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Samsung ranks 4th in Android 5G smartphone market in Q2: report
Samsung Electronics Co. was the world's fourth-largest vendor of Android 5G smartphones in the second quarter of the year, a report showed Tuesday, as Chinese makers aggressively expanded their presence. Samsung had a market share of 16.5 percent in the April-June period after shipping 15.6 million units of 5G smartphones powered by the Android operating system, according to market researcher Strategy Analytics. China's Xiaomi led the market with a share of 25.7 percent after its shipments soa
Aug. 10, 2021