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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Shinsegae’s Signet Partners announces investment in ride-hailing app Grab
Signet Partners, Shinsegae Group’s corporate venture capital firm, announced Tuesday that it had made an investment in the Singapore-based ride-hailing and food delivery app Grab. Explaining the decision, the firm said the app attracts millions of users every day, while noting the growth of mobile platforms in the Southeast Asian region. It did not disclose the amount of its investment. “We will continue to discover and invest in promising startups at home and abroad as well as c
Feb. 16, 2021
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Samsung top tablet vendor in Europe, Middle East, Africa in Q4: report
Samsung Electronics Co. was the top vendor in the Europe, Middle East and Africa (EMEA) tablet market in the fourth quarter of 2020, a report showed Tuesday, amid the pandemic-induced stay-at-home trend. Samsung shipped 4 million tablets in the EMEA market in the October-December period for a 28.1 percent market share, according to industry researcher International Data Corp. (IDC). The figures were up from a year ago when the South Korean tech giant shipped 3.2 million tablets for a 24.8 perc
Feb. 16, 2021
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Restructuring inevitable for Renault Samsung for survival: chief
The chief of Renault Samsung Motors Corp. said Tuesday restructuring will be "inevitable" for the company's survival amid the prolonged coronavirus pandemic and lower demand for its models. In a message to employees, Renault Samsung Chief Executive Dominique Signora made the comments as the company struggles with lower vehicle sales and high labor and manufacturing costs. "There is an urgent need to cut costs (through restructuring) to ride out this crisis as the company's overa
Feb. 16, 2021
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Imprisoned Samsung heir allowed to meet execs after 4-week virus isolation
Lee Jae-yong, the de-facto leader of Samsung Group, has ended his mandatory isolation in a correctional facility and is allowed to meet group executives, industry insiders said Tuesday, raising speculation that South Korea's top conglomerate may speed up its decision-making for potential investments. Lee, the group's heir, was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye and was put behind bars agai
Feb. 16, 2021
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S. Korea's power generation falls for 2nd year in 2020 amid pandemic
South Korea's electricity generation fell for the second consecutive year in 2020 as demand dipped amid the coronavirus pandemic, data showed Tuesday. The amount of electricity generated by the nation's power plants came to 552,165 gigawatt hours (GWh) last year, down 1.9 percent from the previous year, according to the data from state-run Korea Electric Power Corporation (Kepco). It marked the second time generation dropped in two consecutive years, since the 4.1 percent decrease in 1998, whe
Feb. 16, 2021
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Samsung remains 2nd in Indian smartphone market in 2020: report
Samsung Electronics Co. was the second-largest smartphone vendor in India last year, a report showed Tuesday, as its offline sales declined amid the pandemic. The South Korean tech giant shipped 29.7 million smartphones in India in 2020, down 4 percent from a year earlier, for a 20 percent market share, according to market researcher International Data Corp. (IDC). "Samsung remained in its second spot in the 2020 ranking, with its online-heavy portfolio driven by the Galaxy M series and t
Feb. 16, 2021
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Hospitality industry's headcount dips on coronavirus impact
South Korea's hospitality industry has cut nearly 370,000 jobs over the past year in the wake of the coronavirus pandemic, data showed Tuesday. Local accommodations and restaurants had a combined workforce of 1.965 million as of January, down 367,000 from a year earlier, according to the data from Statistics Korea. January marked the first time since February 2020 that the country's hospitality sector had fewer than 2 million workers. The tumble comes as South Korea has been gripped by the no
Feb. 16, 2021
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Hyundai-Tesla battle looms in EV market
Tension is escalating in the fast-growing all-electric vehicle market this year, as Hyundai Motor unveiled Monday the interior design of its Ioniq 5 model. Market eyes were especially fixed on the South Korean automaker’s pricing strategy as the teaser release came in the wake of US competitor Tesla’s recent product launch and apparent penetration price policy to meet the government’s subsidy requirements. With the Ioniq 5 model set to be unveiled in full via an online wor
Feb. 15, 2021
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Civic group suggests cutting down old trees to tackle climate change
Preserving trees isn’t always the answer to climate change, a local environmental group said Monday. South Korea needs to cut down old trees and plant new ones to help maintain local forests’ carbon-absorbing capacity, the Seoul-based Climate Change Center said. It cited a report written by the Gyeonggi Research Institute that said old forests can’t properly absorb carbon. “South Korea successfully turned barren mountains into forests by planting trees after the Kor
Feb. 15, 2021
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Celltrion’s Humira biosimilar gains European sales approval
Celltrion’s Yuflyma, an adalimumab biosimilar for autoimmune diseases, has been given the green light by the European Commission on Feb. 11, allowing for it to be sold in the European market, Celltrion announced Monday. Yuflyma is the world’s first Humira biosimilar that is high-concentrate and citrate-free, just the way the original drug was updated and where the rest of the market is headed, Celltrion said. The removal of citrate reduces the pain experienced by patients immediate
Feb. 15, 2021
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Xinjiang polysilicon boycott opens window for OCI
Following reports that polysilicon produced in the Chinese region of Xinjiang is linked with forced labor of detained Muslim minorities, solar companies in the US and Europe are seeking to exclude the region from their supply chains, opening a window of opportunity for South Korean firms to gain foothold in the market. A recent report by the consultancy Horizon Advisory suggests that Xinjiang’s production of polysilicon -- an essential raw material used in manufacturing most solar pane
Feb. 15, 2021
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LG Chem raises W820b in ESG bonds
LG Chem has raised 820 billion won ($744.1 million) through sales of environment, social and governance bonds to make aggressive investments into new growth engines -- carbon neutrality, battery materials, new drugs and sustainable growth, the company said Monday. According to South Korea’s leading chemical company, it issued bonds totaling 1.2 trillion won -- 820 billion won in ESG bonds and 380 billion won in general corporate bonds -- breaking records previously held by Hyundai Stee
Feb. 15, 2021
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LG Chem to issue corporate bonds worth W1.2tr
LG Chem Ltd., South Korea's largest chemical firm, said Monday it will issue corporate bonds worth 1.2 trillion won ($1.1 billion) to fund its new growth drivers, including renewable energy and battery businesses. LG Chem said it will issue 820 billion worth ESG (environmental, social and governance) bond and corporate bond worth 380 billion won, the largest amount to be raised by a local company. The parent of LG Energy Solution Ltd., which supplies electric vehicle batteries to Tesla and a n
Feb. 15, 2021
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Hankook Tire to double US production on local demand
Hankook Tire & Technology Co., the world's seventh-largest tiremaker by sales, said Monday it plans to expand its US plant to meet demand from local carmakers. Hankook Tire plans to initially inject 100 billion won ($91 million) this year to double the production at its plant in Tennessee by the first half of 2024, a company spokesman said over the phone. The Tennessee plant will have an annual output capacity of 11 million tires, up from the current 5.5 million units, if the expansion is
Feb. 15, 2021
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Samsung Heavy wins W781b order from Asia
Samsung Heavy Industries said Monday that it has signed a 781 billion won ($707 million) deal to build five liquefied natural gas (LNG)-fired container carriers. Under the deal with an Asian company, the 15,000-foot equivalent unit (TEU) container carriers will be delivered by July 2023, Samsung Heavy Industries said in an emailed statement. The shipbuilder did not reveal the name of the buyer. "This year is expected to see a rise in new orders for eco-friendly container carriers thanks
Feb. 15, 2021
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Samsung Engineering wins $120m deal from Thailand
Samsung Engineering Co. said Monday it has clinched a $120 million order to build facilities meant to boost propylene production in Thailand. Under a deal with PTT Global Chemical Public Co., Samsung Engineering will be responsible for the engineering, procurement and construction for an olefins 2 modification for propane feedstock project (OMP). The project calls for the construction of new facilities to change the main composition of existing feedstock from ethane to propane to increase prop
Feb. 15, 2021
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S-Oil expected to continue recovery this year
S-Oil, South Korea’s No. 3 refiner, is expected to see an improvement in profits this year, continuing a recovery momentum from the final quarter of 2020, according to the industry sources Sunday. S-Oil said the company expects a recovery based on the increasing profitability of the company’s petrochemical products, including propylene oxide and polypropylene. S-Oil noted the company plans to increase production capacity for propylene oxide through which the company managed to off
Feb. 14, 2021
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S. Korea's steel output dips below 70m tons on pandemic
South Korea's steel production fell below 70 million metric tons for the first time in four years in 2020 as demand from carmakers, shipbuilders and construction firms plunged amid the COVID-19 pandemic, industry data showed Sunday. The country produced a total of 60.71 million metric tons of steel in 2020, ranking sixth in terms of steel output, following China, India, Japan, Russia and the United States, according to data from the Korea Iron & Steel Association. It was the first time for
Feb. 14, 2021
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SK Group has most affiliates among conglomerates
Energy-to-telecom conglomerate SK Group has the largest number of affiliated companies, data showed Sunday. SK Group, the country's 4th largest business group, had 144 affiliates as of Jan. 31, the most among 64 conglomerates subject to tighter curbs, such as limited inter-affiliate trading. Kakao Corp., the country's top mobile messenger and platform operator, came next in line with a total of 105 affiliates, including 99 non-financials and six financials. Private equity fund IMM Investment
Feb. 14, 2021
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Hyundai, Kia target 13% rise in US sales this year
Hyundai Motor Co. and affiliate Kia Corp. aim for a 13 percent increase in US sales this year by selling more SUV and high-end models. Hyundai and Kia are targeting to sell a combined 1,360,000 vehicles in the US market in 2021, up from 1,208,374 units they sold a year earlier, the companies said. Their US sales stood at 1,304,109 units in 2019. The two South Korean carmakers expect to achieve the sales target despite the COVID-19 pandemic as demand for Hyundai's Palisade, Kona and Venue SUVs
Feb. 14, 2021