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 introduces upgraded network solutions
Samsung Electronics Co. said Friday it has released upgraded software-defined networking (SDN) solutions to help mobile operators and enterprises better manage their 5G networks. The South Korean tech giant said its new SDN solutions will support enterprises in various sectors, including education, retail and energy, introducing new 5G application, services and infrastructure. SDN is a network architecture approach that enables the network to be easily controlled via software solutions. It all
July 23, 2021
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GS E&C invests W500b in renewable energy projects
GS Engineering & Construction is partnering with the city of Pohang, North Gyeongsang Province, to invest in green energy, the company announced Wednesday. The construction company said it signed a memorandum of understanding with the Pohang city government to build solar energy and hydrogen fuel cell energy production plants set to run in the Yeongilman 4th General Industrial Complex. The partnership is in line with Pohang’s commitment to turn the area into a carbon-neutral zone b
July 23, 2021
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Kia Q2 net jumps more than 10-fold on base effect, SUVs
Kia Corp., South Korea's No. 2 carmaker, said Thursday its second-quarter net profit soared more than 10-fold from a year earlier on a low base effect and strong sales of sports utility vehicles (SUVs). Net profit in the April-June period stood at 1.34 trillion won ($1.2 billion), skyrocketing 963.2 percent from a year earlier when its sales slumped amid the COVID-19 pandemic, the automaker said in a regulatory briefing. Operating profit shot up 924.5 percent on-year to 1.5 trillion won in the
July 22, 2021
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Posco Chemical sees operating profits jump 774% in Q2
Posco chemical’s operating profit in the second quarter jumped a whopping 773.9 percent to 35.6 billion won ($30.9 million) on-year, the company announced Thursday. The refractory and secondary battery materials making unit of South Korean steel giant Posco not only logged record quarterly results in operating profit, but also in revenue, enjoying 480 billion won, a 41.1 percent surge in the same period. Posco Chemical is the country’s only firm that manufactures both cathodes
July 22, 2021
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Daewoo E&C to strengthen global presence after bumper year
Engineering and construction company Daewoo E&C is aiming at expanding its global footprint by taking part in more overseas projects, the company said, as it hopes to keep their momentum rolling from last year’s successful performance. Earlier this year, the company announced it had secured a contract for multiple projects worth 2.9 trillion won ($2.52 billion) to build the Grand Port of Al Faw in Iraq -- a major state initiative by the Iraqi government with plans to make it a global
July 22, 2021
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LG Household & Health Care Q2 net hits record high on robust sales
South Korean household goods and cosmetics maker LG Household & Health Care Ltd. said Thursday its net profit surged to a record high in the second quarter this year, thanks to robust sales of luxury-brand cosmetics in China. In the April-June period, the company's net income expanded 10.6 percent on-year to 226.4 billion won ($196.8 million), the company said in a statement posted on its website. Its operating profit increased 10.7 percent on-year to 335.8 billion won, with sales growing
July 22, 2021
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Posco surpasses W2tr in quarterly operating profit for first time
South Korea’s leading steelmaker Posco saw its best-ever performance in the second quarter this year, the company announced Thursday, surpassing the 2 trillion won ($1.7 billion) mark in quarterly operating profit for the first time since the company opened up earnings to public in 2006. Posco and its affiliates posted a combined operating profit of 2.2 trillion won in the second quarter this year, achieving a whopping 1,212.2 percent on-year increase. The combined sales stood at 18.3 t
July 22, 2021
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Hyundai Motor Q2 net nearly quadruples amid pandemic
Hyundai Motor Co., South Korea's biggest carmaker, said Thursday its second-quarter net profit nearly quadrupled compared with a year earlier on strong demand for its vehicles that offset output disruptions by chip shortages. Net profit for the April-June quarter jumped to 1.52 trillion won ($1.3 billion) from 377.27 billion won in the same period last year, the company said in a statement. "Robust sales of high-end vehicles in the domestic and US markets helped offset sales decline in ot
July 22, 2021
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Shilla Duty Free setting sights on China
Shilla Duty Free, South Korea's leading duty-free operator, said Thursday it will make inroads into China through a partnership with a Chinese industry player. Shilla Duty Free said it has signed a memorandum of understanding on a strategic partnership with Hainan Tourism Duty Free City based in the southern Chinese island of Hainan. Established as a subsidiary of Hainan Tourism Investment Development Co. last year, the 95,000-square-meter Hainan Tourism Duty Free City is deemed as a must-go s
July 22, 2021
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Hankook Tire supplies tires for Volkswagen's all-electric ID.4 SUV
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Thursday it recently began supplying tires for Volkswagen's all-electric ID.4 SUV this year. Hankook Tire has provided the high-performance Ventus S1 evo3 ev tires for the ID.4 model since the second quarter of the year, the company said in a statement. To enhance its global brand image, the tiremaker has provided its OE tire products for 320 kinds of vehicles of nearly 50 foreign carmakers, including Audi, B
July 22, 2021
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SES lithium-metal batteries promising, but charging time, cycle issues unresolved
The next-generation lithium-metal batteries of Singapore-based battery developer SolidEnergy Systems show potential to replacing lithium-ion batteries, but major technological challenges remain for their commercialization, including slow charging time. During an online press conference on Wednesday, SES founder and CEO Dr. Qichao Hu shared the firm’s progress on lithium-metal batteries and compared them with those of its competitors QuantumScape and SolidPower, claiming that SES is 18
July 21, 2021
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Posco hails its ‘corporate citizenship,’ vows to strengthen ESG drive
Posco, South Korea’s biggest steelmaker, celebrated its achievements in the three years since it declared “corporate citizenship” as a guiding business principle, and vowed to strengthen its commitments to environment, social, and governance issues on Wednesday. Holding a celebratory symposium in Pohang, North Gyeongsang Province, where its main steel plant is located, Posco Chairman Choi Jeong-woo explained how Posco has made an achievement of contributing to establishing a
July 21, 2021
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GM Korea workers to stage partial strike for higher pay
Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., entered a partial strike Wednesday for higher wages amid the extended COVID-19 pandemic. GM Korea workers put down their tools in three plants -- two in Bupyeong, just west of Seoul, and one in Changwon, 400 kilometers south of the capital city, a company spokesman said over the phone. GM Korea and its union have had 13 rounds of negotiations over wages since May, but they failed to bridge their differences. The
July 21, 2021
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Korean aviation, oil industries brace for impact of EU’s green jet fuel mandate
As the European Union aims to impose a new tax on aviation fuel and require all flights within its borders to use a certain amount of sustainable aviation fuels, or SAFs, major South Korean refineries are watching closely whether the initiatives will jump-start a new market for green jet fuels. According to a climate package announced by EU last week, free emitting permits for air carriers will disappear after 2026 and a tax on kerosene -- the most common jet fuel -- will be gradually introd
July 20, 2021
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Doosan Heavy to invest more in US NuScale Power
South Korea's top power plant builder Doosan Heavy Industries & Construction Co. said Tuesday that it has decided to invest $60 million to expand its stake in NuScale Power LLC., a US small modular reactor (SMR) maker. Doosan Heavy already invested $44 million in the unlisted SMR maker in 2019, along with other local investors, and signed a deal to provide core parts to be used for the construction of SMRs, a new type of light water reactor for nuclear power plants. Doosan Heavy, however,
July 20, 2021
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[Advertorial] LG Chem reinvents recycling through door-to-door plastic retrieval service
LG Chem said Tuesday it will create an environmental, social and governance business model that encompasses the entire life cycle of plastic -- from its production and use to retrieval and recycling. According to South Korea’s leading chemicals firm, it has joined together with zero-waste packaging startup Innerbottle to establish an eco-friendly platform where residents can simply put empty plastic containers of beauty products inside a bag outside their doors and let a worker pick th
July 20, 2021
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Korea goes all-out to prevent power outages
South Korea is making all-out efforts to ensure a stable supply of electricity as the nation’s power reserve is expected to plummet to its lowest level this week, amid a record-breaking heat wave and surge in electricity consumption, government officials said Tuesday. To prevent possible power shortages, the Ministry of Trade, Industry and Energy said it will resume operations of three nuclear reactors along the southeastern coast within this month. The reactors were stopped for mainten
July 20, 2021
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SK Materials to form EV battery material JV with US-based Group 14
SK Materials Co., a semiconductor and display material subsidiary under SK Group, said Tuesday it will form a joint venture with Group 14 Technologies to tap into the lithium-ion battery material business. SK Materials said it plans to invest 60 billion won ($52 million) to hold a 75 percent stake in the joint venture with Group 14 Technologies, a US-based provider of lithium-silicon battery material designed to enhance the energy density of batteries. The joint venture will build a lithium-si
July 20, 2021
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Kia launches new Sportage to meet SUV demands
Kia Corp., South Korea's second-biggest carmaker, launched the all-new Sportage SUV in the domestic market Tuesday to meet rising demand for the vehicle type. The new Sportage comes with a 1.6-liter turbocharged gasoline hybrid engine, a 1.6 turbocharged gasoline engine or a 2.0 diesel engine, the company said in a statement. The model is equipped with a set of safety features, such as front collision avoidance, blind-spot collision-avoidance assist and rear cross-traffic collision-avoidance a
July 20, 2021
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Jungheung Group donates W30b to KAIST
South Korean construction firm Jungheung Group on Monday pledged to donate 30 billion won ($26.2 million) to the Korea Advanced Institute of Science and Technology, or KAIST, in the hopes of contributing to the growth of the nation’s semiconductor sector by nurturing global talent in the industry. The company will spend 20 billion won to build an education and research center in Brain City, a technology complex in Pyeongtaek, Gyeonggi Province, and donate 10 billion won in cash to the nat
July 19, 2021