Most Popular
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Can Jennie break the K-pop solo artist slump?
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Doosan Mobility Innovation to develop hydrogen-fueled firefighting robots
Doosan Mobility Innovation (DMI), a producer of portable fuel cell power packs, said Tuesday it has signed a deal with a Chinese robot maker to jointly develop hydrogen fuel cell-powered firefighting robots. Under the deal with CITIC HIC Kaicheng Intelligence Equipment Co., DMI will work together to establish sales networks in China and other countries, the company said. The two companies plan to release a prototype of hydrogen fuel cell-propelled robots in the first half of the year and to st
Feb. 9, 2021
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China's Skyworth apologizes over misusing image of LG's rollable TV
Chinese electronics giant Skyworth has apologized over misusing an image of LG Electronics Inc.'s rollable TV during its presentation at a tech expo last month, industry insiders said Tuesday, following the South Korean tech firm's complaint. Skyworth USA Corp., the American unit of Skyworth, recently issued a statement acknowledging its unauthorized use of LG's rollable TV image during its Consumer Electronics Show (CES) 2021 online event. "Skyworth USA Corporation misused an LG Rollable
Feb. 9, 2021
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LG Electronics ramps up EV motor production amid mobility push
LG Electronics Inc. said Tuesday some of its electric vehicle (EV) motor production lines will be in operation even during the Lunar New Year's holiday as the tech giant eyes to expand its presence in the future mobility sector. LG recommends its local production sites allow workers to go on vacation on Wednesday for the Lunar New Year's Day, which falls on Friday, but its EV motor factory in Incheon, 40 kilometers west of Seoul, will run during the holiday period to meet growing demand. The S
Feb. 9, 2021
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Kakao swings to black in 2020 on robust platform, e-commerce
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Tuesday it shifted to the black in 2020 on the back of robust growth of its e-commerce services based on its messenger platform amid the pandemic. Net profit reached 167.1 billion won ($149.2 million) last year on a consolidated basis, swinging from a loss of 341.9 billion won a year earlier, the company said in a regulatory filing. Sales jumped by 35.4 percent on-year to reach an all-time high of 4.15 trillion won
Feb. 9, 2021
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Green Whale Global supplies compostable plastic products to fashion, cosmetic industries
Green Whale Global, the first South Korean firm to produce 100 percent biodegradable plastics, has successfully supplied international and Korean clothing brands with biodegradable hardened plastics, the company said. The clothing brands such as Recto, Nounou, and Nohant are soon to offer environmentally friendly packaging and hangers using plastics manufactured by GWG, according to the company. GWG also said it had also signed an agreement to supply cosmetic brands with biodegradable harden
Feb. 9, 2021
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Medical AI company Vuno to make IPO on Feb. 26
Vuno, one of South Korea’s leading medical artificial intelligence companies, will make an initial public offering Feb. 26, CEO Kim Hyun-joon said at a press event Monday. Advance subscriptions for Vuno’s stocks will take place Feb. 16 and 17 through underwriters Mirae Asset Daewoo and Samsung Securities. Vuno is newly issuing 1.8 million shares upon going public. At an estimated 15,000 won to 19,500 won per share, Vuno is attempting to raise as much as 35.1 billion won with the li
Feb. 8, 2021
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Hyundai, Kia ‘not in talks’ over Apple Car project
South Korea’s largest carmaker Hyundai Motor and affiliate Kia confirmed Monday that they are “not in talks” with Apple over the manufacturing of the “Apple Car,” denying weeks of speculative reports. While the crucial dealbreaker yet remains uncertain, market observers suggested that this latest case may deliver some impact on the auto group’s credibility when it comes to confidential global deals. In their respective regulatory filings, the two automake
Feb. 8, 2021
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Kakao founder pledges to donate more than half of assets
The founder of South Korea's top mobile messenger operator Kakao Corp. said Monday that he will donate more than half of his wealth -- currently estimated to be more than 10 trillion won ($8.9 billion). "I have pledged to donate more than half of my assets to solve social issues throughout my life," Kim Beom-su said in a message sent to all of Kakao's employees. His assets are estimated to be over 10 trillion won, including 12.5 million shares of Kakao, valued at over 5.7 trillion wo
Feb. 8, 2021
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AfreecaTV enjoys record annual sales in 2020
South Korea‘s biggest live streaming platform AfreecaTV saw its revenue and operating profit hit new highs in 2020, the company said Monday. According to a regulatory filing, the company’s revenue and operating profit soared 17.1 percent and 37.3 percent on-year to 196.6 billion won ($175.7 million) and 50.4 billion won, respectively. Its net profit rose to 36.4 billion won, a 6.5 percent increase on-year. AfreecaTV also enjoyed record quarterly results in the fourth quarter. I
Feb. 8, 2021
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Kakao Games’ 2020 sales best in company’s history
Kakao Games, the gaming unit of South Korea’s leading messenger app operator Kakao, registered 495.5 billion won ($442.9 million) in revenue last year, the best figure since the company started business. According to a regulatory filing Monday, the company’s revenue and operating profit in 2020 spiked 27 percent and 90 percent on-year to 495.5 billion won and 66.6 billion won, respectively. Its net profit skyrocketed 659 percent to 67.3 billion won. “Kakao Games enjoyed r
Feb. 8, 2021
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Hyosung launches recycled plastic clothing brand G3H10
Hyosung TNC, the fiber production unit of Hyosung Group, said Monday that it has launched a clothing brand to showcase garments made of recycled plastic and organic cotton. The first product from the new brand, G3H10, is a hoodie that will come in three colors -- charcoal, ivory and olive. The hoodies will be a blend of Regen, Hyosung TNC’s eco-friendly fiber made of recycled plastic, and organic cotton grown without the use of synthetic pesticides. “As a business-to-business co
Feb. 8, 2021
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[News Focus] World’s first ‘hydrogen law’ takes effect. What's in it?
To usher in the hydrogen economy, South Korea passed the world’s first hydrogen law. It centers on the development of an ecosystem for a hydrogen economy and expanded public access to the alternative fuel. The Economic Promotion and Safety Control of Hydrogen Act, which came into effect Friday, mainly deals with three key areas -- hydrogen vehicles, charging stations and fuel cells. First, the hydrogen law is intended to bring transparency to the nation’s hydrogen pricing system
Feb. 8, 2021
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Celltrion Pharm launches Remsima SC in Korea
Celltrion Pharm said Monday that it is rolling out Remsima SC in Korea for at-home treatment of rheumatoid arthritis and inflammatory bowel disease. With Remsima SC, or subcutaneous Remsima, there is no need to visit the hospital for regular therapeutic shots for the aforementioned autoimmune diseases now. Remsima is an intravenous infliximab treatment that has to be prepared and administered by medical professionals at hospitals. Remsima SC, on the other hand, comes in pen-type autoinjecto
Feb. 8, 2021
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LG Display to invest additional $750m for its Vietnamese plant: reports
LG Display Co., a major display panel maker in South Korea, will make an additional $750 million investment in its plant in Vietnam, news reports showed Monday, as the company eyes expanding OLED panel productions. The city of Hai Phong approved LG Display's latest investment plan for its plant in northern Vietnam, according to the Vietnam News Agency. The expenditure will bring LG Display's total investment for its project in the Vietnamese port city to $3.25 billion, it added. LG Display is
Feb. 8, 2021
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Korea Shipbuilding bags W152b order from Oceania
Korea Shipbuilding & Offshore Engineering Co. said Monday it has won a 152 billion-won ($136 million) order from Oceanian companies. Under the deal, two 40,000-cubic meter liquefied petroleum gas (LPG) carriers will be built by Hyundai Mipo Dockyard Co. and one 40,000-ton petrochemical carrier will be built by Hyundai-Vietnam Shipbuilding Co., Korea Shipbuilding said. Korea Shipbuilding did not reveal the name of the customer. The deal for the petrochemical carrier has an option to build
Feb. 8, 2021
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Doosan Infracore wins large-scale orders from emerging markets
Top construction equipment maker Doosan Infracore Co. said Monday that it has won orders of 221 units of construction equipment from emerging markets such as Asia, the Middle East, Africa and Central and South America. Doosan Infracore sold 108 units of excavators and wheel loaders in Hong Kong, Thailand and Vietnam this year, the company said. A total of 27 units of construction equipment were sold in Oman, while 70 units were provided to companies in Morocco and Egypt. In Colombia, Doosan I
Feb. 8, 2021
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Celltrion's Remsima SC lands in S. Korea
South Korean biopharmaceutical firm Celltrion Inc. said Monday that its drug Remsima SC for the treatment of autoimmune diseases has begun sales in the country. The subcutaneous (SC) version of Remsima, a biosimilar copy of Janssen Biotech Inc.'s Remicade, will hit the shelves domestically following approval a year earlier. Remsima, administered through intravascular injections, is used in the treatment of a number of diseases, from rheumatoid arthritis to Crohn's disease, Celltrion said. The
Feb. 8, 2021
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Samsung seeks Texas tax cut for foundry, claiming $8.9b boost to economy
Samsung Electronics’ plans to build semiconductor foundry plants in the US could yield $8.9 billion in the local economy, according to analysis by Impact DataSource, quoted in Samsung Electronics’ letter of intent to the Texas authorities. According to industry sources, Samsung Electronics sees the high tax rates in Texas as an obstacle to its plans for larger business in Austin, and is reviewing alternatives such as New York, Arizona and Korea for is future investment. An official
Feb. 7, 2021
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SK Innovation considers arbitration proceedings against Peruvian government
SK Innovation said Sunday it is considering initiating international arbitration proceedings against the Peruvian government for blocking the company’s exit from Camisea Gas Project in Peru. The South Korean battery-to-petrochemical giant inked a deal with Pluspetrol in September 2019 to sell its 17.6 percent stake in two Camisea gas fields in the Cusco region of Peru to the Argentine firm for $1.05 billion. However, the Peruvian government still hasn’t endorsed the transaction, th
Feb. 7, 2021
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LG Chem brand value grows amid pandemic
LG Chem is the only firm among the world’s top seven chemical companies that saw its brand value grow amid the pandemic. According to the Brand Finance Chemicals 25 2021 report, the South Korean chemical giant’s brand value stands at $3.62 billion this year, a 2.9 percent growth on-year, maintaining the fourth position. Compared to $2.42 billion in 2018, LG Chem’s value has grown more than 50 percent just in three years. Meanwhile, the other six companies in the top seven
Feb. 7, 2021