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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Aekyung Group to merge three chemical units
South Korean cosmetics-to-health care conglomerate Aekyung Group said Thursday it has decided to merge its three chemical businesses into one entity tentatively named Aekyung Chemical. The merger of Aekyung Petrochemical, AK ChemTech and the current Aekyung Chemical is subject to approval by the respective company’s board and shareholders and a review by authorities. The new entity, expected to launch by November, would have 1.7 trillion won ($1.4 billion) in combined revenue this ye
Aug. 5, 2021
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S. Korea to beef up critical metals stockpile
South Korea will drastically increase its strategic stockpiles of nickel, cobalt and other critical metals, in a bid to ensure a stable supply of raw materials vital to key industries including electric vehicle batteries and renewable energy, the government said Thursday. National stockpiles of 35 rare metals -- designated by the government -- will increase to cover 100 days from the current 57 days, it said. New facilities will be built while some existing ones will be expanded and the stat
Aug. 5, 2021
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Nexon looks beyond game; aims for 10 ‘super’ global intellectual properties
South Korea’s largest game developer Nexon will break the conventional boundaries of games and develop 10 “super” intellectual properties, or IPs, to appeal to a global audience, its chief executive said Thursday. During an online media showcase, Lee Jung-hun stressed that the firm will only regress should it stick to the gaming business, as increasingly more new forms of entertainment are replacing games and carving out people’s time. “The pandemic totally ch
Aug. 5, 2021
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Tobacco maker KT&G net profit down 15.9% in Q2
KT&G Corp., South Korea's dominant tobacco firm, said Thursday its earnings sank nearly 16 percent in the second quarter of the year despite a slight rise in sales. KT&G said in a regulatory filing its consolidated net income came to 246.4 billion won ($215.3 million) in the April-June period, down 15.9 percent from a year earlier. Operating profit fell 16.2 percent on-year to 330.1 billion won, while sales increased 2.1 percent to 1.35 trillion won. KT&G said its second-quarter n
Aug. 5, 2021
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Samsung's presence in Indian smartphone market falls in Q2: report
Samsung Electronics Co. saw its smartphone market share in India decline in the second quarter of the year, a report showed Thursday, as the tech giant tries to fend off challenges from Chinese players. Samsung represented 17.7 percent of the smartphone shipments in India in the April-June period, down from 25.7 percent a year earlier, according to market researcher Counterpoint Research. The figure was also down from a 20 percent share in the first quarter of the year. The South Korean firm r
Aug. 5, 2021
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S. Korea to keep stable supply of rebars in H2 amid price hike
South Korea's industry ministry said Thursday it will work to maintain a stable supply of reinforcement steel products used for construction in the second half of 2021, although the recovery of the virus-hit economy may continue to drive up their market prices. The local supply of rebar products is expected to reach 5.6 million tons in the July-December period, up 11 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. The amount will surpass the anticipated de
Aug. 5, 2021
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German luxury trio gets lion's share of S. Korea's imported car market
Finance Minister Hong Nam-ki said Thursday the government will discuss with local banks whether to further roll over the debt and interest payments of small merchants hit hard by the pandemic. Since April last year, the government has encouraged local banks to extend loan maturity and hold off interest payments for micro business owners to help them cope with the fallout of the pandemic. The measures, which have been extended by six months twice, are set to expire at end-September. "The g
Aug. 5, 2021
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SK Innovation to split off battery biz in Oct.
SK Innovation will split off its battery and oil businesses as wholly owned subsidiaries to further propel their growth, the company announced Wednesday. The new entities, tentatively named SK Battery and SK E&P, will officially launch on Oct. 1, following the approval of general shareholders at a meeting slated for next month. The announcement came as the firm reported a return to the black in the second quarter, with a net profit of 415.9 billion won ($362.2 million) and an operating p
Aug. 4, 2021
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LG Chem exports first shipment of eco-friendly SAP
LG Chem said Wednesday it has exported the first shipment of its “bio-balanced” superabsorbent polymer to Jordanian diaper company Baby Life. The eco-friendly SAP, which can absorb water 200 times its weight, was manufactured at its plant in Yeosu, South Jeolla Province, using plant-based materials such as waste cooking oil, the chemical firm said. “LG Chem’s bio-balanced SAP is the world’s first SAP product that obtained the International Sustainability and Ca
Aug. 4, 2021
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SK Innovation swings to black in Q2, to hive off battery biz
SK Innovation Co. said Wednesday it turned to the black in the second quarter from a year earlier on robust lube oil and battery sales, and decided to spin off its battery business to further propel its growth. The energy and chemical subsidiary of the nation's No. 3 conglomerate SK Group said it booked 415.9 billion won ($362.2 million) of net profit in the April-June period, shifting from a loss of 345.8 billion won a year earlier. SK Innovation also swung to an operating income of 506.5 bil
Aug. 4, 2021
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Samsung slips to 2nd spot in European smartphone market in Q2: report
Samsung Electronics Co. dropped to second place in the European smartphone market in the second quarter, a report showed Wednesday, as China's Xiaomi Corp. rose to the top spot. Samsung made up a market share of 24 percent in the April-June period after shipping 12 million smartphones to Europe, down 7 percent from a year earlier, according to a report from market researcher Strategy Analytics. The South Korean tech giant was the only player among the top five smartphone suppliers in Europe to
Aug. 4, 2021
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Over 10 workers at Samsung R&D facility infected with COVID-19
Over 10 workers at a Samsung Electronics Co. local research and development (R&D) center were infected with COVID-19, but there has been no shutdown of the facility, industry sources said Tuesday. Twelve employees at the R5 R&D-focused building in Suwon, just south of Seoul, tested positive for the coronavirus, and those who were in contact with them await their test results, a person familiar with the matter told Yonhap News Agency over the phone. There might be more confirmed coronav
Aug. 3, 2021
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Kakao adds 13 new affiliates in Q2, the most among major conglomerates: FTC
South Korean conglomerates have added 41 new companies under their wings in the second quarter of this year, in their forage for new business territories and business restructuring, the state antitrust watchdog said Tuesday. Kakao Group, along with Sinorkor Merchant Marine, has bought in the most number of new companies at 13, as it aggressively pursued mergers and acquisitions on its path to become the country’s fifth-largest business group in terms of market capitalization in June.
Aug. 3, 2021
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Kolon Industries net more than quadruples in Q2
Kolon Industries Inc., South Korea's top textile and chemical materials maker, said Tuesday its second-quarter earnings more than quadrupled from a year earlier on brisk demand for its products. Net income stood at 77.7 billion won ($67.5 million) in the April-June period, up 358 percent from a year earlier, the company said in a regulatory filing. Sales rose 25.7 percent on-year to 1.18 trillion won, with operating income surging some 182 percent to 103.6 billion won. It marks the first time
Aug. 3, 2021
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Netmarble to acquire casino game company SpinX Games for $2.1 billion
South Korean game developer Netmarble Corp. said Monday it plans to acquire Hong-Kong based social casino game company SpinX Games in a deal estimated at $2.1 billion. Under the plan, the South Korean company will purchase a 100 percent stake in Cayman Island-based Leonardo Interactive Holdings Ltd., which fully owns the social casino game developer. SpinX Games, established in 2014, operates various types of mobile casino content, including
Aug. 2, 2021
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Korea Inc. losing dynamism: think tank
New business births and deaths have slowed markedly over the past years in a worrying sign of weakening economic dynamism, a local think tank said Monday. In a report, the Sustainable Growth Initiative, which is affiliated with the Korea Chamber of Commerce and Industry, warned the ebbing dynamism could cut the country’s potential growth rate. Citing figures from Statistics Korea, the think tank said the rate of new company formation overall declined from 17.9 percent in 2007 to 15.3
Aug. 2, 2021
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KT&G expands social outreach in Indonesia
South Korea’s top tobacco maker KT&G is expanding its social outreach to Indonesia, offering vocational training and programs on Korean culture and language in the Southeast Asian country. The company said Monday that it’s accepting applications to join the second round of job training at KT&G’s vocational training center at the Universitas Kristen Cipta Wacana in Malang city. Since opening its first session in March, the center offers a three-month professional se
Aug. 2, 2021
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KAI sells two T-50 trainer jets worth $78m to Thailand
Korea Aerospace Industries said Monday it had won a $78 million deal from Thailand to supply two T-50TH advanced trainer jets and provide support for their operation. The contract period is until Jan. 30, 2023. The deal, which follows a 274.4 billion-won ($237.8 million) deal KAI signed with Indonesia last month to supply six T-50i jets, raises the total T-50 series exports so far to 72 units -- 14 to Thailand, 22 to Indonesia, 12 to the Philippines and 24 to Iraq. T-50TH are advanced trai
Aug. 2, 2021
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Samsung to expand overseas sales of wind-free air conditioner
Samsung Electronics Co. said Monday it will expand overseas sales of its wind-free air conditioner after the product posted robust sales in the first half of the year amid the pandemic-induced stay-at-home trend. The tech giant said its wind-free air conditioner sales outside South Korea jumped 75 percent in the first six months of 2021 from a year earlier. Samsung's wind-free air conditioner boasts a cooling technology that disperses cool air through a maximum of 270,000 micro air holes to en
Aug. 2, 2021
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Korea Aerospace wins $78m trainer jet deal from Thailand
Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Monday it has received a $78 million deal to supply trainer jets to Thailand. Under the deal, KAI will supply two T-50TH advanced trainer jets to the Thailand air force by November 2023, the company said in a regulatory filing. KAI has achieved $400 million worth of deals to supply 16 T-50 trainer jets to date. KAI has exported 156 trainer jets worth US$3.1 billion -- 72 T-50 advanced trainer jets worth $2.6
Aug. 2, 2021