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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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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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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Posco chief seeks reappointment despite brawls
For Posco Group, South Korea’s sixth-largest conglomerate in assets, the core agenda of its shareholders’ meeting this week is whether incumbent chief Choi Jung-woo will succeed in extending his term in office, in spite of growing political pressure and labor backlash. Signaling the start of the proxy season this month, the group’s flagship steelmaker Posco will hold its 53rd annual shareholders’ meeting at its headquarters in Seoul’s Gangnam-gu at 9 a.m. Friday
March 11, 2021
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SK Innovation pushes nickel limits of EV batteries
This is the first installment of a three-part series looking into SK Innovation’s struggles to rise to the global leadership of lithium ion batteries, which have become a key enabler for a global shift toward sustainable mobility. The articles are sponsored by SK Innovation. - Ed. SK Innovation is pushing the boundaries of nickel ratio inside electric vehicle batteries to the extreme, taking initiative in the global nickel cobalt manganese, or NCM, battery market. According to
March 11, 2021
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SK Innovation to establish complete compliance system after battery defeat in US
SK Innovation said Thursday that its board of directors had ordered the establishment of a “complete global compliance system” in response to the ongoing battery dispute with LG Energy Solution in the US. At an audit committee meeting, held Wednesday and attended by all the company’s outside directors, board members lashed out at the management, saying the company’s “lack of experience in global disputes” had resulted in its defeat in the US’ top tra
March 11, 2021
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WEF names Market Kurly founder and CEO of Viva Republica as Young Global Leaders
Founder of online grocery service Market Kurly Sophie Kim Seul-Ah and CEO of Viva Republica Lee Seung-gun, the company behind online bank Toss, have been named part of this year’s Young Global Leaders by the World Economic Forum. Kim and Lee are among the 112 Young Global Leaders, who received the prize in the business and banking and investments categories, respectively. Describing Kim as the South Korean entrepreneur and a former Goldman Sachs analyst, the WEF said Market Kurly has the
March 11, 2021
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Kumho Tire to invest W340b in Vietnamese expansion
Kumho Tire Co., South Korea's second-largest tiremaker by sales, said Wednesday it will invest some 340 billion won ($298 million) to expand its production facilities in Vietnam. In a regulatory filing, Kumho Tire said that the investment will raise its tire production by about 3.8 million units, including 3 million for sedans and some 800,000 for trucks and buses. The investment will begin in the third quarter of this year, and is set to be completed by the end of the first quarter of 2023
March 10, 2021
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[News Focus] 10 years after Fukushima, where does Korea stand on nuclear energy?
On March 11, 2011, the strongest earthquake in Japan’s recorded history triggered a 15-meter tsunami, which swept over the Fukushima nuclear power plant’s 5-meter seawall in what soon came to be known as the world’s worst nuclear disaster since Chernobyl. A decade has passed, but areas around the Fukushima plant remain off-limits and worries about radiation levels persist. The decommissioning of the crippled plant will take decades and billions of dollars, experts say. Sou
March 10, 2021
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LH scandal adds to skepticism on Moon’s ‘new towns’
While the so-called LH land profiteering scandal has snowballed into an extensive corruption case, there is suspicion that similar confidential information leaks may have occurred among public servants and state-run developer employees in other redevelopment cases. The issue is also seen as a landmark challenge for the Moon Jae-in administration, which has struggled for years to stabilize the real estate market -- to little avail. The city of Gwangmyeong has confirmed that five more of its aff
March 10, 2021
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LG seeks part in Tesla-designed battery rollout: sources
South Korea’s leading battery maker LG Energy Solution is in the race for mass production of a new type of battery cells designed in-house by and under pilot production at Tesla, according to industry sources and media reports. The Korean firm, which currently supplies cylindrical batteries that contain 80 percent nickel to Tesla Model 3 sedans manufactured in China, is making preparations for its major client’s future deployment of larger-format batteries, referred to as 4680 ce
March 10, 2021
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S-Oil chief says ‘digital transition is matter of survival’
S-Oil said Wednesday it will deploy drones and smart helmets at all business sites by 2023 to accelerate its digital transformation. According to the South Korean refinery, drones will fly above 100 meters at its plants and check the safety of flare stacks, a gas combustion device in the shape of a chimney designed to burn unwanted or excess gases. The drones will provide video feeds and analysis of the facilities. “Digital transformation is not a matter of choice, but a must to comp
March 10, 2021
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KCCI welcomes new chief of US business chamber
The Korea Chamber of Commerce and Industry, a leading business representative group here, announced Wednesday that it has sent a congratulatory message to the new CEO of the US Chamber of Commerce Suzanne Clark. Clark, who is to assume her position on Thursday to fill the post of predecessor Thomas Donohue, is the first female figure to lead the USCC throughout its 109-year history. “Korea and the US have been trusted allies and close economic partners for almost 70 years,” wrote
March 10, 2021
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Samsung relegated to 2nd in connected TV devices market in Q4: report
Samsung Electronics Co. was relegated to the runner-up spot in the market for connected TV devices, which includes smart TVs, streamers and gaming consoles, in the fourth quarter of 2020, a report showed Wednesday. Samsung, the world's largest TV maker, shipped 11.9 million units of connected TV devices in the October-December period, up 2 percent from a quarter earlier, to account for a 10.9 percent market share, according to industry researcher Strategy Analytics. Despite increase in sales,
March 10, 2021
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S. Korean shipbuilders take up more than half of new orders in Feb.
South Korean shipbuilders accounted for more than half of new orders in the global shipbuilding market in February, surpassing their Chinese rivals for the eighth consecutive month, industry data showed Wednesday. South Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders of 43 ships or 1.56 million compensated gross tons (CGTs), which represented 56 percent of 92 ships or 2.82 million CGTs ordered globally in February, according to the data provided by global market researche
March 10, 2021
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Samsung launches 5G network with Spark in New Zealand
Samsung Electronics Co. on Wednesday said it has launched a 5G network in New Zealand with the country's largest telecommunications service firm as the South Korean tech giant tries to expand its presence in the network equipment market. In collaboration with Spark New Zealand Ltd., Samsung said its 5G network was installed in Christchurch in South Island of New Zealand. The launch marked New Zealand's first new network vendor in over a decade, and the company's first network installation in t
March 10, 2021
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Hyundai, Kia target 23% gain in 2020 China sales
Hyundai Motor Co. and affiliate Kia Corp. said Wednesday they are targeting a 23 percent on-year gain in China sales this year. Hyundai and Kia aim to sell a combined 817,000 vehicles in China in 2021, up from 664,744 units a year earlier, a Hyundai spokesman said. To help achieve the goal, Hyundai launched the second generation of Mistra (or Mingtu in Chinese), a compact car exclusively developed for the Chinese market, earlier this month and plans to introduce the electrified Mistra compact
March 10, 2021
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Samsung Electronics' R&D spending hits record high in 2020: report
Samsung Electronics Co.'s research and development (R&D) spending last year hit a record high, its report showed Wednesday, amid the novel coronavirus pandemic. Samsung invested 21.2 trillion won ($18.6 billion) in R&D last year, up 1 trillion won from a year earlier, to mark its largest spending ever, according to its 2020 business report. Samsung's R&D investment was equivalent to 9 percent of its sales, up from 7.7 percent in 2018 and 8.8 percent in 2019. The South Korean tech
March 10, 2021
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Samsung SDI logs record battery R&D spending in 2020
Samsung SDI spent a record 808.3 billion won ($710.2 million) on research and development for next-generation electric vehicle batteries in 2020. According to its annual report, released Tuesday, the amount was 7.2 percent of its revenue last year. “The investment is the seed of Samsung SDI’s future growth engine as the company prepares for the upcoming era of electric vehicles,” a company official said. This is the first time that Samsung SDI’s battery R&D sp
March 9, 2021
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[Newsmaker] Game firms under increasing scrutiny over loot box odds
Calls to regulate the gaming industry are growing in South Korea after local game companies have come under fire for what users call a “deceptive” system of randomized, for-purchase game items. Yeo Myung-sook, the former head of the Game Rating and Administration Committee, threw her weight behind the pro-regulation argument, saying that games with a loot box feature, which offers randomized in-game items for sale, should be subject to the same tax imposed on casinos. “Ga
March 9, 2021
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Samsung SDI spends record high of over w810b in battery R&D in 2020
Samsung SDI Co., South Korea's No. 2 battery maker, said Tuesday it spent a record high of 808.3 billion won ($703.2 million) in research and development activities last year to develop advanced battery technologies. Samsung SDI's R&D spending accounted for 7.2 percent of its 2020 sales, according to its annual report. The company has been working on rechargeable batteries for electric vehicles (EV) that cost less, last longer and charge faster to meet growing demand from global automake
March 9, 2021
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Samsung Heavy bags w794b order for 5 container ships
Samsung Heavy Industries Co. said Tuesday that it has obtained a 794 billion-won ($695 million) order from an Asian company. Under the deal to build five 15,000-twenty foot equivalent unit (TEU) container carriers, Samsung Heavy Industries will deliver the vessels by January 2024, the shipbuilder said. The company said the five vessels will be propelled by liquefied natural gas (LNG). With the latest deal, Samsung Heavy Industries has won orders worth $2.4 billion to build 19 ships in tota
March 9, 2021
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Samsung expands customizable home appliance lineup
Samsung Electronics Co. on Tuesday said it will expand its lineup of customizable home appliances that allow consumers to better reflect their lifestyles as the South Korean tech giant aims to boost sales amid the pandemic-driven stay-at-home trend. Samsung said its concept of BESPOKE will be applied to all of its home appliance products as it introduced BESPOKE HOME solutions designed to help consumers decorate their entire home space with various customizable products. BESPOKE is a concept
March 9, 2021