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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Samsung tipped to expedite investments, M&As with chief's parole
Samsung Group, the country's largest conglomerate, is likely to ramp up its investment and merger and acquisition with the parole of its leader despite controversy over the legitimacy, industry insiders said Monday. The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday. Samsung declined to comment on Lee's parole, but an official said the group breathed a sigh of relief following the justice ministry'
Aug. 9, 2021
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Samsung’s Lee to walk free from jail on Friday
The Ministry of Justice on Monday decided to parole Samsung Electronics Vice Chairman Lee Jae-yong, who is in prison for bribery. He will walk free from the Seoul Detention Center in a southern suburb of Seoul at 10 a.m. on Friday, about 11 months before the end of his sentence. The de facto chief of Samsung Group is among over 800 prisoners to be released the same day as part of South Korea’s long tradition of clemency for Liberation Day, which falls on Aug. 15. “The committee
Aug. 9, 2021
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Hanwha Solutions acquires renewable energy developer RES France
Hanwha Solutions said Monday it has acquired a 100 percent stake in renewable energy developer RES France at 727 million euros ($855.2 million) to expand its business portfolio in Europe. With the deal, led by the company’s green energy division Hanwha Q Cells, Hanwha Solutions will hold full ownership of RES France’s solar and wind power projects worth 5 gigawatts. “The acquisition, which will be finalized by October, will increase the global capacity of Hanwha Solutions
Aug. 9, 2021
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Renault Samsung, Lynk & Co to develop eco-friendly car
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will partner with Lynk & Co. to develop an environment friendly vehicle in the Korean market. Renault Group has announced it will form a joint venture with Geely, the Chinese owner of Volvo Cars, to develop a Renault-brand hybrid passenger car for sale in China and a Lynk & Co-brand eco-friendly model for Korea, a company spokesman said over the phone. Lynk & Co. is the automotive brand formed as a
Aug. 9, 2021
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Seoul’s first energy minister pledges ‘redesign of energy market’
South Korea’s first energy minister, Park Ki-young, said Monday that he would redesign the country’s energy market for carbon neutrality. “This is an important year to lay down the foundation for carbon neutrality. We have to reconstruct the current fossil-fuel-based energy supply and demand system and market structure into clean-energy-focused ones,” Park said in his inauguration speech. To that end, the newly appointed energy minister pledged to secure an optimum
Aug. 9, 2021
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[Newsmaker] Is sun setting on Hanhwa heir’s solar dream?
Kim Dong-kwan, the eldest son and apparent heir of Hanwha Group Chairman Kim Seung-youn, has proved his mettle by taking the helm of the group’s money-bleeding solar business in 2011 and turning it into the world’s No. 6 solar energy player, Hanwha Q Cells. Poised to succeed his father to lead the country’s seventh-largest conglomerate, the 38-year-old now oversees Hanwha Solutions, launched last year after the merger of Q Cells and two other Hanwha companies, and is also s
Aug. 9, 2021
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Hanwha Solutions to acquire French energy firm for W984b
Hanwha Solutions Corp., the energy arm of chemical-to-financial conglomerate Hanwha Group, said Monday it will acquire a French renewable energy developer in line with its expansion strategy. Hanwha Solutions will purchase an entire stake of French wind and solar power plant firm RES Mediterranee for 984.3 billion won ($860 million) on Oct. 20, the company said in a regulatory filing. "The planned stake purchase is aimed at making a presence in the European renewable energy development ma
Aug. 9, 2021
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Hyundai resumes production of local plant after 4-week suspension
Hyundai Motor Co. said Monday it has resumed production at one of its seven domestic plants after a four-week suspension to prepare for the production of an electric vehicle. Hyundai halted the Asan plant from July 13 to Aug. 6 to upgrade the facilities before it begins production of the IONIQ 6 midsize sedan later this year. The 300,000-unit-a-year Asan plant produces the Sonata sedan and the Santa Fe SUV. In February, the maker of the Sonata sedan and the Palisade SUV unveiled the IONIQ5 al
Aug. 9, 2021
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Samsung's upcoming wireless earbuds to be cheaper than predecessor: report
Samsung Electronics Co.'s upcoming wireless earbuds are likely to be cheaper than its previous model, a report showed Monday, as the South Korean tech giant eyes to expand its presence in the premium segment of wearables. Samsung is expected to unveil its new wireless earbuds, the Galaxy Buds 2, at its online Unpacked event Wednesday, along with new foldable smartphones. Market researcher Counterpoint Research said the new hearables product is predicted to come out with a cheaper price tag comp
Aug. 9, 2021
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[Herald Interview] Young CEO sets sights on future of construction
It was Kim Hwang-su’s father who built Dongnam Construction Chemical from scratch and grew it into a leader in the local concrete admixture market. Now, the second-generation chief, 38, aims to take on the conservative industry with technological innovations. “I think my father had faith in the local constructions market,” said Kim, who took over as CEO in 2018, as he recalled memories of his father. “He believed there would come a time when our country also starts bui
Aug. 8, 2021
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FTC investigates bar association over LawTalk ban
South Korea’s Fair Trade Commission is looking into a case filed by legal counselling app LawTalk earlier this year against the Korean Bar Association after the organization decided to ban its members from joining such platforms. The clash between the disruptive mobile service and the bar association, which led to a series of tit-for-tat actions including a Constitutional Court case, could be judged from a fair trade point of view, if the FTC determines the association as a business assoc
Aug. 8, 2021
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Exhibition brings lost potential of games into senses
“Game & Art: Auguries of Fantasy” -- on show at Daejeon Museum of Art Creative Center through Sept. 5 -- peeps into an altered world of “fantasy reality” forged through the synthesis of video games and art. The exhibition, sponsored and participated by NCSoft, one of the top three game developers in South Korea, examines how video games can become playgrounds of images and sounds conceived through imaginations. Walking into the exhibit, viewers are greeted by Ki
Aug. 8, 2021
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Korea Shipbuilding bags W659b order for US offshore plant
Korea Shipbuilding & Offshore Engineering signed a 659.2 billion won ($577 million) deal to build an offshore plant for an American oil company, the South Korean shipbuilder said Friday. In a regulatory filing, KSOE said it would undertake the first phase of construction for an offshore crude oil storage facility under the deal. The company declined to reveal the client. The envisioned semi-submersible floating production storage platform is to measure 91 meters in length, 91 meters in wi
Aug. 6, 2021
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LG Uplus Q2 net up 40% on 5G, new biz
LG Uplus Corp., a major South Korean mobile carrier, said Friday its second-quarter net profit grew 40 percent thanks to the continued growth of 5G mobile subscriptions and its business infrastructure division. Net profit in the April-June period stood at 210.5 billion won ($184.2 million) on a consolidated basis, compared with 150.6 billion won the previous year, according to a company statement. Operating profit rose 12 percent on-year to 268.4 billion won in the second quarter, while sales
Aug. 6, 2021
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Hanwha Corp. sees 53.4% spike in operating profit in Q2
Hanwha Corp.’s operating profit surged 53.4 percent on-year to 769 billion won ($672.8 million) in the second quarter, backed by an earnings surprise from its affiliates, the company said Friday. According to the holdings firm of South Korea’s seventh-largest conglomerate, Hanwha Group, its revenue jumped 15.2 percent to 12.6 trillion won and its net profit rose 63.1 percent to 572.1 billion won. “Hanwha Solutions’ chemical division logged 2.8 trillion won in revenue
Aug. 6, 2021
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Samsung's presence in Middle East, Africa smartphone market falls in Q2: report
Samsung Electronics Co. saw its market share decline in the Middle East and Africa (MEA) smartphone market in the second quarter of the year, a report showed Friday, as Chinese brands expanded their presence. The South Korean tech giant was the leading smartphone vendor with a 16 percent share in the April-June period, but its market share was down from 20 percent a year earlier, according to the latest report from industry tracker Counterpoint Research. "The company boosted market spendi
Aug. 6, 2021
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Samsung to capture 88% share of foldable smartphone market this year: report
Samsung Electronics Co. is expected to dominate the foldable smartphone market this year with an 88 percent share, a report showed Friday, as the tech giant prepares to unveil its new foldable devices next week. The global foldable market is estimated to triple from a year earlier to reach around 9 million units in 2021, and Samsung, the world's largest smartphone vendor, is projected to represent 88 percent of them, according to market tracker Counterpoint Research. "Although the market
Aug. 6, 2021
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TDL rolls out 80MW solid-state battery production line in Naju
TDL has established a solid-state battery production line with an annual production capacity of 80 megawatts in Naju, South Jeolla Province, the company said Thursday. According to the South Korean industrial material company, the pouch-type 2-ampere-hour solid-state batteries will be mounted on small-sized energy storage systems with the capacity of 1 to 5 kilowatts. Lithium-ion batteries are filled with an inflammable liquid solution called electrolytes. Solid-state batteries replace the
Aug. 5, 2021
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FTC to decide on Google’s alleged Android abuse next month
South Korea’s Fair Trade Commission will hold a final review on Sept. 1 on allegations that Google had exploited its market dominance to coerce Korean device manufacturers and wireless carriers to use its Android operating system, shutting out rivals, the state antitrust watchdog said Thursday. It will be the third full-member meeting that the commission holds on the issue. At the Sept. 1 session, commissioners are expected to finalize whether to penalize the US firm, and if so, the co
Aug. 5, 2021
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'Baby Shark' creator awarded for 50m YouTube subscribers
Pinkfong, the creator behind the globally popular “Baby Shark” videos, received the Ruby Play Button from YouTube for notching over 50 million subscribers, the South Korean firm said Thursday. The Ruby Play Button, which is awarded to YouTubers with over 50 million subscribers, is custom-made instead of the usual plaque design for lower milestones. Pinkfong, which produces animated movies and clips featuring various children‘s songs, received an award shaped like a column of
Aug. 5, 2021