Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
20 minors registered as CEOs making over 100 million won
-
7
Yoon honors veterans of Korean War in trip to Philippines
-
8
K-pop CEOs sidestep key issues at National Assembly audit
-
9
Man killed by fellow hunter who mistook him for wild boar
-
10
LG Energy Solution pledges to double sales by 2028
-
Lotte Chemical develops fire-resistant urethane insulation
Lotte Chemical said Thursday that the company has developed urethane-based semi-non-combustible insulation product. The company added that the new fire-resistant insulation product can reduce the amount of smoke by 30 percent in case of a fire, compared to conventional urethane-based insulation products. According to the petrochemical affiliate of Lotte Group, it took two years for the firm to conduct research on the new insulation product, using purified isophthalic acid, which is widely u
Feb. 18, 2021
-
Celltrion to take on S. Africa variant
Only a day after Celltrion began distribution of its monoclonal antibody therapy for COVID-19 in Korea, the company announced Thursday that it is setting out to tackle the more contagious South African variant. “We have a growing library of antibody candidates for COVID-19 variants, of which the ‘32nd antibody’ has shown potency against the South African strain,” said Celltrion’s Honorary Chairperson Seo Jung-jin. “We will enter animal trial of this 32nd a
Feb. 18, 2021
-
S. Korea to increase number of eco-friendly cars to 7.85m by 2030
South Korea said Thursday the accumulated number of eco-friendly cars running in the country will reach 7.85 million by 2030, in line with its vision to go fully carbon-neutral by 2050. The target will mark a sharp rise from 820,000 units tallied in the previous year, according to the Ministry of Trade, Industry and Energy. The emission of greenhouse gases from cars will also fall 24 percent over the period. The announcement came as a part of the five-year fourth basic plan on promoting the ec
Feb. 18, 2021
-
S. Korea's three major multiplexes post nearly 70% sales plunge in 2020
South Korea's three major multiplex chain operators have seen their respective 2020 sales plunge nearly 70 percent from a year earlier due to the fallout of the yearlong novel coronavirus pandemic, data showed Thursday. Industry leader CJ CGV, the cinema affiliate under the wing of entertainment giant CJ Group, said its sales reached 583.4 billion won ($527.9 million) last year, down 70 percent from the previous year. It shifted to an operating loss of 392.5 billion won in 2020 from an operati
Feb. 18, 2021
-
S. Korea's mobile game market surges 24% to W5tr in 2020: data
The mobile game market in South Korea logged sharp growth of over 5 trillion won ($4.5 billion) last year amid the pandemic, data showed Thursday. Total mobile game transactions in the country were estimated at 5.3 trillion won in 2020, up 24.3 percent from the previous year, according to data from mobile app tracker IGAWorks based on estimated sales of Google's Play store, Apple's App Store and homegrown rival ONE Store. Last year's growth far outpaced that of 2019 when it grew 5.3 percent fr
Feb. 18, 2021
-
Samsung Heavy bags W459b order from Oceania
Samsung Heavy Industries Co. said Thursday it has clinched a 459 billion-won ($415 million) deal to build four liquefied natural gas (LNG) fueled oil tankers. Under the deal with an Oceania company, the very large crude carriers will be delivered by June 2023, the shipbuilder said. Samsung Heavy Industries did not reveal the name of the Oceanian company. With the latest order, Samsung Heavy Industries has bagged $1.7 billion worth of orders, or 14 ships, so far this year. Samsung Heavy Indus
Feb. 18, 2021
-
Baemin CEO pledges to donate more than half of his assets
The CEO of South Korea's top food delivery app operator, Woowa Brothers Corp., said Thursday that he will donate more than half of his wealth, estimated to be more than 1 trillion won ($905 million). "My wife Bomi Sul and I hereby pledge that we will return more than half of our wealth to society during our lifetime," Kim Bong-min said in a message on the website of the Giving Pledge. Giving Pledge, created by Bill and Melinda Gates and Warren Buffett, is a global campaign by the wor
Feb. 18, 2021
-
Export sector to get W167t trade finance boost
The South Korean government will roll out massive support programs for exporters this year, aiming to return the country’s export volume to pre-pandemic levels, the Ministry of Trade, Industry and Energy said Wednesday. Exports, the main locomotive of Asia’s fourth largest economy, are projected to have fallen below $1 trillion for the first time in four years due to economic fallout from the COVID-19 pandemic. According to the annual plan from the Ministry of Trade, Industry an
Feb. 17, 2021
-
Celltrion begins distribution of COVID-19 therapy in Korea
Celltrion began nationwide distribution of its monoclonal antibody therapy for COVID-19 on Wednesday. Celltrion’s regdanvimab is Korea’s first emergency-approved COVID-19 treatment. All 156 state-designated COVID-19 medical institutes are eligible for free distribution of regdanvimab, Celltrion said, upon individual submission of supply request. Patients who can receive the shot are confirmed COVID-19 patients who have yet to pass seven days from the first onset of symptoms, who
Feb. 17, 2021
-
[News Focus] SK Innovation’s battery split-off plan called into question
In its self-proclaimed rivalry with LG Energy Solution, SK Innovation has been eyeing a split-off of its battery business with a potential initial public offering, but a major setback in the US could pose a challenge to the plan. Speaking at a battery expo in Seoul last October, Jee Dong-seob, the Seoul-based company’s battery division chief, said that he was considering the separation from a “financial perspective.” As a latecomer in the white-hot electric vehicle batte
Feb. 17, 2021
-
[Advertorial] LG Energy Solution No.1 battery patent holder through extensive R&D
LG Energy Solution said it had invested 2 trillion won ($1.8 billion) in battery research and development over the past six years, allocating 5-6 percent of its revenue every year. According to the South Korean battery giant, it held the highest number of battery patents as of late last year -- 23,610, which is at least 10 times as many as of a leading Chinese battery firm that joined the global race recently. LG Energy Solution’s battery research has continued for about three decade
Feb. 17, 2021
-
Neowiz acquires Sticky Hands, doubles down on casual game biz
South Korean online game publisher Neowiz said Wednesday it has acquired a 60 percent stake in a local mobile game company Sticky Hands. “The acquisition will give Neowiz the business management rights over Sticky Hands and allow the company to boost its competitiveness in the global casual game market,” a Neowiz official said. Launched in 2016, Sticky Hands specializes in solitaire, a tabletop game which one can play by oneself, usually with cards. Its solitaire game series rec
Feb. 17, 2021
-
100,000 German households subscribe to Hanwha Q Cells’ green electricity service
Hanwha Q Cells said Wednesday that more than 100,000 households in Germany have joined its Q.Energy service so far, which allows customers to buy and consume electricity generated 100 percent by renewables. According to the solar power unit of Hanwha Solutions, the Q.Energy service sources the electricity from renewable-energy power plants in Germany and Austria and delivers the energy to the German households. “The Q.Energy service, which garnered more than 100,000 household subscri
Feb. 17, 2021
-
Samsung ranks 2nd in Russia's Q4 online smartphone market: report
Samsung Electronics Co. was the second-largest vendor in Russia's online smartphone market in the fourth quarter of 2020, a report showed Wednesday, amid the pandemic-induced stay-at-home trend. The South Korean tech giant accounted for 27 percent of online smartphone shipments in Russia in the last three months of 2020, up from 24.9 percent a year ago, according to market researcher Counterpoint Research. Samsung was the top brand in the overall Russian smartphone market in the October-Decemb
Feb. 17, 2021
-
Kumho Tire union votes to accept wage freeze
Unionized workers at Kumho Tire have voted to accept a wage deal for the year of 2020 amid the prolonged coronavirus pandemic, the union said Tuesday. The management and labor union reached an agreement early this month on a wage freeze and a cash bonus worth 1 million won ($900) per worker plus a contract to guarantee job security. Its 2,700-strong union approved the deal in a vote held from Monday to Tuesday, union spokesman Kim Seong-jin said. Kumho Tire didn't raise wages for 2018 and
Feb. 16, 2021
-
[News Focus] More homegrown COVID-19 therapies coming
Following Celltrion’s monoclonal antibody treatment for COVID-19, a slew of homegrown therapies is on the way in the first half of 2021. Chong Kun Dang Pharmaceutical is set to submit application for emergency approval in February, and GC Pharma in April. Under the fast-track review program for COVID-19 therapies and vaccines, the new submissions will hear back in 40 days from application. Treatments are primarily for alleviating the condition in afflicted patients, rather than preventi
Feb. 16, 2021
-
SK Bioscience to manufacture Novavax vaccine for 20 mil population
South Korean vaccine-maker SK Bioscience will manufacture 40 million doses of US’ Novavax vaccines, enough to inoculate 20 million people. Under the agreement signed by SK Bioscience, Korea Disease Control and Prevention Agency and Novavax on Tuesday, Novavax will license out its NVX-CoV2373 vaccine technology to SK Bioscience for contract manufacturing purposes. As per this deal, South Korea will have the means to stably secure COVID-19 vaccines domestically, without having to rely on
Feb. 16, 2021
-
Employment gap widens throughout COVID-19 fallout
Bearing the brunt of a prolonged COVID-19 fallout, South Korea saw the employment gap widen between top-tier businesses and smaller ones last year, data showed Tuesday. The number of employed people here stood at 25.81 million in January, down 982,000 from a year earlier, according to data compiled by Statistics Korea and Korea Small Business Institute. The steepest dip was observed in small and medium-sized businesses with less than 300 employees, where the employed population contracted by
Feb. 16, 2021
-
CJ CheilJedang win nods for marine biodegradation material PHA
CJ CheilJedang is picking up speed with its white biotechnology business, having won a global certification for its biodegradable plastic, the company said Tuesday. CJ‘s polyhydroxyalkanoate, which is touted as a green replacement for petroleum-based plastics, has been certified as biodegradable by TUV Austria, a globally renowned institution for biodegradability testing and certification, in four areas -- industry, household, soil and marine. It is the first time a South Korean company
Feb. 16, 2021
-
LS Group president tipped as likely candidate for next KITA chairman
LS Group Chairman Koo Ja-yeol has emerged as the most prominent candidate to become the next chairman of the Korea International Trade Association, according to industry sources on Tuesday. As the next vice president, Hyundai Research Institute President and CEO Lee Dong-geun has been mentioned as a top contender. Incumbent KITA chairman Kim Young-joo and full-time vice chairman Han Jin-hyun held a meeting with representatives of member companies on Tuesday to discuss potential candidates f
Feb. 16, 2021