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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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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SK Telecom Q1 net nearly doubles on equity gains, 5G growth
SK Telecom Co., South Korea's largest mobile carrier, said Tuesday its first-quarter net income nearly doubled on the back of increased equity gains and growth in its 5G subscriber base. Net profit stood at 572 billion won ($510.8 million), up 86.95 percent from a year earlier, while operating profit rose 29.04 percent to 388.8 billion won over the cited period, according to a company regulatory filing. Sales in the January-March period increased 7.41 percent on-year to 4.78 trillion won. The
May 11, 2021
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S. Korea seeks to join DEPA, promote digital trade
South Korea held a public hearing on Tuesday on its bid to join a global pact on the digital trade sector that covers a wider array of issues beyond conventional free trade agreements. The hearing came as South Korea plans to join the Digital Economy Partnership Agreement (DEPA), which centers on expanding ties in the digital trade segment among its members, according to the Ministry of Trade, Industry and Energy. The DEPA, which currently covers Singapore, New Zealand and Chile, came into eff
May 11, 2021
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Korea Shipbuilding wins W850b order for offshore plant
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday that it has signed an 850 billion won ($762 million) deal to build an offshore plant. The deal is a part of a total 2.5 trillion won order to build a FPSO, which was placed by Brazilian state-owned oil firm Petrobras, KSOE said. FPSO is short for a floating production, storage and offloading vessel, a type of floating tank system used in the offshore oil and gas industry. The 2.5 trillion won deal was jointly obtained by KS
May 11, 2021
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Samsung to skip in-person exhibitions at MWC 2021 over virus concerns
Samsung Electronics Co. will skip in-person exhibitions at the upcoming mobile technologies trade fair due to novel coronavirus concerns, the company said Tuesday, although it plans to join the event online. The world's largest smartphone vendor will not showcase its products and technologies "offline" at the Mobile World Congress (MWC) 2021 to be held between June 28 and July 1 in Barcelona, Spain. "The health and safety of our employees, partners and customers is our number on
May 11, 2021
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GM Korea denounces exit ban on CEO Kazem
US carmaker General Motors and its domestic affiliate GM Korea on Monday blamed the South Korean government for handing down another exit ban on the GM Korea chief. Calling the ban an abuse of power and discrimination against foreign businesses here, the carmaker vowed to take legal countermeasures. “(The government’s exit ban order) is an arbitrary administrative measure which may lead to an abuse of legal procedures,” said GM Korea in a statement. “In order to respe
May 10, 2021
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Postech introduces LiDAR sensor smaller than thumb
Pohang University of Science and Technology has developed a nanotechnology that can reduce the size of a LiDAR sensor to smaller than that of a thumb. LiDAR, short for light detection and ranging, is considered a key device to enable self-driving technologies. Typically mounted on the roofs of autonomous vehicles, conventional LiDAR sensors rotate and emit lasers to surrounding objects. By measuring the return time of light pulses, the sensors construct a 3D image of the surrounding environm
May 10, 2021
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Ashley Madison reveals dating trends among married people amid pandemic
Global dating site Ashley Madison announced that despite the ongoing COVID-19 pandemic, interest and desire for married people to find new relationships grew over the last year. In addition, the dating site plans to strengthen customer service in Korea with a goal of achieving 1.2 million domestic users by the end of 2022. According to the company‘s 2020 Membership Report, 5.5 million new members joined the service last year. In Korea, an average of 512 new members joined each month. In
May 10, 2021
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Doosan Infracore releases prototype of battery packs for construction equipment
Construction equipment maker Doosan Infracore said Monday that it has rolled out a prototype of battery packs for construction equipment and agriculture machinery. The battery packs comprised of battery modules, battery management systems and cooling systems will enable Doosan Infracore to release 1.7-ton electric excavators by early next year, the company said. Doosan Infracore said it aims to post 500 billion won ($448 million) in sales of its battery packs in 2030. The battery packs could
May 10, 2021
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Henkel Homecare Korea joins Korean Red Cross for ‘Zero Mosquito Campaign’
Henkel Homecare Korea, the manufacturer of the No.1 insecticides for home use brand, Home Keeper & Home Mat, will join together with Korean Red Cross to host ”Zero Mosquito Campaign,“ the company said. The campaign, held until August, aims to prevent mosquito infections for the well-being of the people and will focus on global warming as well as the possibility of more pests and infectious diseases as a consequence, company officials said. The campaign plans to deliver informa
May 10, 2021
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Celltrion begins global supply of COVID-19 antibody treatment
South Korean pharmaceutical giant Celltrion Inc. has begun the global supply of its COVID-19 antibody treatment starting with Pakistan, according to the company's affiliate on Monday. Celltrion Healthcare, which handles Celltrion's overseas business, said it has signed a contract with a Pakistan state-run company to export 100,000 tablets of Rekirona, which is enough for 30,000 people. "Talks are also currently under way to export Rekirona to other countries in Europe and South America, a
May 10, 2021
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Regulator set to take actions against shippers over alleged price fixing
South Korea's antitrust regulator is reviewing punitive actions against the country's leading shipper, HMM Co., and other local shipping lines over suspected price fixing, industry sources said Monday. The Korea Fair Trade Commission (KFTC) informed them that it has completed its probe into allegations that HMM and others colluded to fix higher freight rates for a Southeast Asian sea route, according to the sources. Since December 2018, the KFTC has been investigating the suspected price fixin
May 10, 2021
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Coway bags Red Dot, iF design awards for innovative home appliances
Coway, a South Korean home appliance maker and rental service provider, has received honors at two highly coveted product design awards -- the Red Dot and the iF, the company said Sunday. This is the 15th consecutive year that the firm has been recognized at the Red Dot Design Award, and the 13th year at the iF Design Award. The Coway air purifier AP-2021A, AP-1720H, and water purifier P-3100R were awarded Red Dot awards in the product design category. Air purifier AP-2021A also won the est
May 9, 2021
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Malaysia removes anti-dumping tariffs on Korean PET
The Malaysian government has decided to reverse its preliminary decision to impose anti-dumping tariffs on Korean polyethylene terephthalate products, according to industry officials on Sunday. After an investigation, Malaysia’s Ministry of International Trade and Industry recently concluded that PET products imported from Korea will not damage the country’s oil and chemical industries, and decided to lift the temporary anti-dumping tariffs, according to industry sources here. Acc
May 9, 2021
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Samsung mulling new smartphone launches in August: sources
Samsung Electronics Co. is mulling multiple new smartphone launches in August, industry sources said Sunday, as the South Korean tech giant eyes to expand its leadership in the mobile market. Samsung, the world's largest smartphone vendor, is in talks with local mobile carriers over releasing its new smartphone models, including the Galaxy S21 FE, the Galaxy Z Fold3 and the Galaxy Z Flip2, in late August, according to the sources. If confirmed, the new smartphones will be launched earlier th
May 9, 2021
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Refiners set to turnaround in Q1 on rising oil prices, cracking margins
South Korea's oil refining industry is expected to rebound in the first quarter thanks to surging global oil prices and a recovery in refining margins after hemorrhaging from the pandemic-driven slump last year, analysts said Saturday. Four refiners -- SK Innovation Co., GS Caltex Corp., S-Oil Corp. and Hyundai Oil Bank Corp. -- registered their worst performances ever last year, stung by slumping crude prices, weak refining margins and tumbling demand due to the coronavirus pandemic. The fou
May 8, 2021
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Doosan Heavy to extract hydrogen from plastic waste
Doosan Heavy Industries & Construction will transform plastic waste into gases by heating it up, and extract hydrogen from those gases, the company said Thursday. Seeking to jointly develop the hydrogen extraction system, Doosan Heavy has partnered with RevoTech, a local plastic pyrolysis firm which possesses the technology involved in feeding plastic waste non-stop into heating equipment. The initial goal is to develop within the year a hydrogen reformer that can produce 0.3 metric ton
May 6, 2021
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[Herald Interview] American Manganese on lookout for opportunities in Korea
American Manganese, a Vancouver-based critical metals company, is seeking to tap into the South Korean battery market with its exclusive technology to extract key metals from defective batteries. In an interview with The Korea Herald, its chief executive officer Larry Reaugh and chief technology officer Zarko Meseldzija revealed that the firm is in talks with multiple companies for partnership in Korea, home to three of the world’s leading lithium-ion battery makers. “We are th
May 6, 2021
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Samsung to recapture top spot in Q2 chip sales: report
Samsung Electronics Co. is expected to become the world's top semiconductor vendor in the second quarter of the year beating its US rival Intel Corp., a report showed Thursday, on the back of strong memory demand. The South Korean tech giant was projected to log $18.5 billion in semiconductor sales in the April-June period to outperform Intel with $17.9 billion and recapture the leading position for the first time since the third quarter of 2018, according to the McClean Report from market res
May 6, 2021
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Acquisition race for S. Korea's second largest food delivery platform begins
The race to acquire South Korean food delivery platform Yogiyo has attracted retail giant Shinsegae, accommodation booking platform Yanolja and big private equity funds, according to industry sources on Wednesday. Yogiyo’s German operator Delivery Hero and sale adviser Morgan Stanley received preliminary bids Tuesday for a 100 percent stake in Yogiyo up for sale. According to the sources, around eight parties have joined the acquisition race, including Shinsegae and Yanolja. South Kor
May 5, 2021
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Hanwha Total completes W530b expansion of Daesan plant
Hanwha Total has completed the expansion of its petrochemicals plant in Daesan, South Chungcheong Province, to ramp up the production of polypropylene and ethylene, the company said Wednesday. The 530 billion-won ($472 million) project, which took 28 months for completion, included the building of a new polypropylene factory with annual production capacity of 400,000 metric tons, raising the firm’s total polypropylene production capacity to 1.12 million tons, the biggest scale in South K
May 5, 2021