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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Walt Disney Korea appoints new chief Tom Oh
Walt Disney said Friday it has appointed Tom Oh as chief of its Korean branch to bolster its presence in the country. Tom Oh, whose previous post was the head of direct-to-consumer business division of Walt Disney Korea, has been promoted to the general manager and representative director. Oh will spearhead Disney’s strategies and overall business in Korea. Kim So-youn, who has worked for Disney for 14 years after joining the company in 2007, will fill in Kim’s previous post. O
Feb. 26, 2021
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Samsung's R&D spending ranks 4th in 2019: report
Samsung Electronics Co. was the world's fourth-largest spender on research and development (R&D) activities in 2019, a report showed Friday, trailing behind US and Chinese tech titans. Samsung, the world's largest memory chip and smartphone producer, invested 15.5 billion euros ($18.8 billion) in 2019 to rank fourth among global firms in R&D spending, according to the Korea Institute for Advancement of Technology which cited data from the 2020 European Union Industrial R&D Investme
Feb. 26, 2021
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9 companies to recall over 470,000 vehicles over defective parts
Mercedes-Benz Korea, Hyundai Motor and seven other companies will voluntarily recall over 470,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea and vehicle importers due to problems with vehicle components. The nine companies, including Honda Motor, Audi-Volkswagen Korea and Kia, are recalling a combined 478,371 units due to faulty components in 171 models, the Ministry of Land,
Feb. 25, 2021
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Krafton now highest-paying gaming firm in Korea
Krafton said Thursday it has raised the salary of new and existing employees by as much as 20 million won ($18,000), becoming the best-paying gaming firm in South Korea. According to the publisher of globally popular shooting game PlayerUnknown’s Battlegrounds, entry-level game developers and other staff members joining the company this year will earn 60 million won and 50 million won a year, respectively. For existing employees, the company granted a raise of 20 million won to develop
Feb. 25, 2021
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Korean battery makers' premium strategy faces challenge
South Korean battery giants’ strategy for the electric vehicle market has been to go for premium, high-performance batteries, but the recent strides of Chinese makers with cheaper and less powerful batteries have brought that into question. According to a report released by industry analysis firm Adamas Intelligence on Monday, shipments of lithium iron phosphate batteries for EVs has increased more than sixfold on year in the second half of 2020, signaling the advance of entry-level, low
Feb. 25, 2021
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Trade minister says government is 'ready' for partnership with Eastern Europe in green business
South Korea’s trade minister said on Thursday that the government is poised to cooperate with Eastern European countries in green business, including the development of low carbon energy. Speaking at the KOREA-V4 Economic Cooperation Forum, Minister for Trade Yoo Myung-hee said the government is ready for economic cooperation with V4 countries -- Poland, Hungry, the Czech Republic and Slovakia -- who are “shifting to renewable energy.” “Eastern European countries are m
Feb. 25, 2021
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SK teams up with Plug Power to branch out into hydrogen market in Asia
SK Holdings said on Thursday that it is teaming up with US hydrogen company Plug Power to branch out into the hydrogen market in Asia. The partnership comes after the South Korean conglomerate invested 1.85 trillion won and acquired some 10 percent of shares in Plug Power, becoming the largest shareholder of the hydrogen giant. An online deal closing ceremony was held Thursday and was attended by executives of both companies including CEO of SK Holdings Jang Dong-hyun, Vice Chairman of SK E&a
Feb. 25, 2021
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Carmakers to recall over 470,000 vehicles over defects
Mercedes-Benz Korea, Hyundai Motor, Kia, Honda Korea, Ford Sales and Service Korea, Audi Volkswagen Korea, Nissan Korea, Volvo Cars Korea, and BMW Korea will recall 478,371 vehicles after faulty components have been found, South Korea’s Ministry of Land, Infrastructure and Transport said Thursday. The latest action came a day after the ministry announced a mass recall for 26,699 units of Hyundai Motor’s electric vehicle models over faulty batteries. Of the total cases, 29,769 units
Feb. 25, 2021
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‘Market picks SK Group as top ESG player here’
As the ESG business management trend continues to gain traction in South Korea, environmental factors have outweighed social and governance values in importance, the Federation of Korean Industries said on Thursday. The major business advocacy group also added that SK Group, among business entities across the nation, has received the top recognition in the market as a pioneer of the ESG business culture. In the federation’s survey polling research chiefs of major brokerages here, 60 pe
Feb. 25, 2021
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EMA starts rolling review of Celltrion’s COVID-19 treatment
European Medicines Agency said Wednesday, local time, that it has started a “rolling review” of data on South Korean company Celltrion’s monoclonal antibody regdanvimab. Regdanvimab, also known as CT-P59, is being developed by Celltrion for the treatment of COVID-19. A rolling review refers to an on-the-roll evaluation system that accepts data as they come from ongoing research. This form of evaluation is enforced during public health emergency, for a more time-efficient ass
Feb. 25, 2021
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Retail sales up 6% in Jan. on strong online sales
Retail sales in South Korea rose 6 percent in January from a year earlier as more consumers purchased daily necessities from online stores, with the demand for gift items ahead of the Lunar New Year's holiday also bolstering the sales, data showed Thursday. The combined sales of 26 major offline and online retailers reached 12.5 trillion won ($11.2 billion) last month, up from 11.7 trillion won a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Online
Feb. 25, 2021
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GS launches environmental council to strengthen its ESG approach
South Korean conglomerate GS Group said Wednesday it had launched an environmental council consisting of its chief governance officers in an effort to strengthen the group’s ESG approach. The council will serve as the group’s top decision maker on matters such as pursuing new environmentally friendly business projects and anything ESG -- investments that prioritize environmental, social and governance issues. The decision to form the council comes as taking an ESG approach is being
Feb. 24, 2021
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Korea launches ‘carbon agency’ to spur flying car development
South Korea on Wednesday launched a new regulatory agency dedicated to accelerating the utilization of carbon materials in five core industries, including future mobility. The Korea Carbon Industry Promotion Agency, which will be overseen by the Ministry of Trade, Industry and Energy, aims to provide regulatory support for the carbon industry and spearhead economic feasibility tests of carbon materials to accelerate their commercialization in the market. The government appointed Bang Yun-hyuk
Feb. 24, 2021
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Samsung's foundry biz market share to increase in Q1: report
Samsung Electronics Co.'s market share in the global foundry industry is expected to increase in the first quarter of the year from the previous three months, a report showed Wednesday, though its growth was projected to be lower than the industry average amid high demand for chips. Samsung's foundry business was estimated to log a market share of 18 percent with revenue of $4.05 billion in the January-March period, up 11 percent from a year earlier, according to a report from industry tracker
Feb. 24, 2021
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Christopher Ko shares visions as Bio association representative
South Korean biosimilar maker Samsung Bioepis’ CEO Christopher Ko on Wednesday carried out his first public event as the new chairperson of the Korea Bio Association. Korea Bio is an association representing more than 300 biologics companies in Korea. Ko was made its seventh chief on Jan. 28. He succeeded Macrogen Chairman Seo Jung-sun, who retired from the post after serving five terms. Speaking to reporters online, Ko said that Korea Bio will actively seek to raise homegrown bio compa
Feb. 24, 2021
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Elekta’s next-gen MRI device offers new hope for cancer patients
Swedish medical device company Elekta wants to give renewed hopes to cancer patients through its next-generation radiotherapy device Unity. Elekta on Wednesday launched Unity in Korea, making it the country’s first 1.5 tesla MRI machine that allows real-time, high-definition monitoring of tumors. Korean cancer patients will be able to access Unity at Yonsei University Gangnam Severance Hospital, starting July 26. “If patients had undergone 20 radiotherapies before, with Unity, the
Feb. 24, 2021
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Ssangyong Cement to change name to Ssangyong C&E
Ssangyong Cement, a South Korean cement producer, will change its company name to SsangYong C&E, the company said Wednesday. The new name, in which SsangYong C&E takes the first letters of cement and environment, reflects the company’s desire to promote environment friendly values, the company said. The change will be finalized at a regular shareholders meeting slated for March 25. “For the past 60 years, we have led Korea’s cement industry and contributed to coun
Feb. 24, 2021
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Koo hopes to open new chapter for Korean trade body
The Korea International Trade Association on Wednesday confirmed LS Group Chairman Koo Ja-yeol, 68, as chairman, welcoming the first chief in 15 years who is not a former high-profile government official. Also, with Koo’s rise to the post, South Korea’s top five business advocacy groups are now all represented by incumbent corporate leaders The trade organization held its general meeting at the Trade Tower in Seoul’s eastern Samseong-dong on Wednesday morning and officially
Feb. 24, 2021
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Hyundai Motor hires US aerospace expert for UAM business drive
Hyundai Motor Group said Wednesday that it has hired a high-profile aerospace professional from the United States in line with its continued effort to promote urban air mobility, or UAM, as a future growth engine. The South Korean auto group has appointed Ben Diachun, former CEO of the California-based aerospace startup Opener, as the chief technology officer for the UAM division. “His years of experience in developing innovative aerospace vehicles will greatly contribute to our business
Feb. 24, 2021
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Hyundai to replace batteries in some 82,000 Kona, other EVs over fire risks
Hyundai Motor Co. said Wednesday it will replace batteries in some 82,000 Kona EV and two other electric vehicles sold globally due to potential fire risks, which could cost about 1 trillion won ($899.7 million). Hyundai will begin the replacement of the battery management system (BMS) in 75,680 Kona EVs, 5,716 IONIQ EV and 305 Elec City buses from March 29 in the domestic market and from April in overseas markets, the company said in a statement. The battery system subject to the replacement
Feb. 24, 2021