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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Korean experts say AstraZeneca vaccine 62% effective
AstraZeneca’s viral vector vaccine had 62 percent efficacy against some 8,900 clinical candidates aged 42.2 on average, according to Korea’s Ministry of Food and Drug Safety on Monday. The ministry is running a three-leg review of each COVID-19 therapy or vaccine that has applied for emergency use in Korea. So far, Celltrion’s antibody therapy, AstraZeneca’s viral vector vaccine and Pfizer-BioNTech’s mRNA vaccines have made the applications, in that order. The Dr
Feb. 1, 2021
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Nexon raises staff pay to draw talent
New and existing employees at South Korean gaming giant Nexon have been given a generous pay boost as part of a drive to attract talent amid the coronavirus outbreak, the company said Monday. Nexon said it raised the annual starting salary of new developers and other staffers who joined the company starting this year to 50 million won ($44,722) and 45 million won, respectively. The average starting salary of university graduates at a company with 500 or more employees is 344.7 million won,
Feb. 1, 2021
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SK chief named to lead country’s top commerce chamber
SK Group Chairman Chey Tae-won, 60, was chosen Monday as the new chief of the Korea Chamber of Commerce and Industry and will succeed incumbent Chairman Park Yong-maan. For the first time, the KCCI is to be led by a figure at the helm of one of the so-called Big Four chaebol -- Samsung, Hyundai Motor, SK and LG. SK Group is South Korea’s third-largest conglomerate in terms of assets, as of 2020. Chey’s appointment was also seen as a signal that the country’s industries are
Feb. 1, 2021
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Innocean Worldwide recruits brand strategy expert to empower digital growth, M&A
Innocean Worldwide, the advertising subsidiary of Hyundai Motor Group, has appointed a new global chief strategy officer, in a move to add fuel to its global growth and digital transformation, officials said Monday. This marked the first time that the company has created a top post to supervise its global strategy and appointed an outside expert for the role. The company named Nicholas Kim, 50, a Korean American who formerly served as chief strategy officer at Publicis Groupe in New York, for
Feb. 1, 2021
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LG Energy Solution No.1, Samsung SDI No.2 in global EV battery patent
LG Energy Solution has the most patents for electric vehicle batteries that are officially registered with the patent offices of five major countries, industry data showed Monday. According to the global patent information service WIPS ON, LG Energy Solution’s EV battery patents -- excluding utility patents -- registered with patent offices in Korea, Japan, China, Europe and the US amounted to 23,610, the largest among battery companies in the world. LG Energy Solution was followed by
Feb. 1, 2021
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Four ways the LG-SK battery lawsuit could end up
Almost three years have passed since LG Energy Solution sued SK Innovation through the US International Trade Commission and the US District Court of Delaware for allegedly stealing its electric vehicle battery trade secrets. As the legal wrangling nears a conclusion, the USITC is set to deliver its final ruling on Feb. 10. From South Korean Prime Minister Chung Se-kyun to congressmen in Georgia and Tennessee, pressure is mounting on both parties to patch things up, but a huge discrepancy i
Feb. 1, 2021
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Renault Samsung's Jan. sales down 1.3% on weak domestic demand
Renault Samsung Motors Corp. said Monday its sales fell 1.3 percent last month from a year earlier due to weak domestic demand. The South Korean unit of Renault SA sold 6,152 vehicles in January, down from 6,233 units a year earlier, the company said in a statement. Domestic sales sank 17.9 percent on-year to 3,534 units last month on sluggish sales of SM6 sedans and QM6 SUVs. Exports rose 35.6 percent to 2,618 units over the cited period as the first batch of its flagship XM3 SUVs were shipp
Feb. 1, 2021
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GM Korea's Jan. sales soar 76% on robust exports
GM Korea Co. said Monday its sales jumped 76.4 percent last month from a year earlier on solid vehicle sales abroad. The South Korean unit of General Motors Co. sold 36,126 vehicles in January, up 20,484 from the previous year, the company said in a statement. Domestic sales gained 19.7 percent on-year to 6,106 units last month, thanks to robust sales of the Chevrolet Spark minicar and the Trailblazer SUV. Exports soared 95.2 percent to 30,020 units over the cited period, it said. The Detroi
Feb. 1, 2021
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SsangYong's Jan. sales rose 13% on SUVs
SsangYong Motor Co. said Monday its sales rose 13 percent last month from a year earlier on improved demand for its recreational vehicles amid the COVID-19 pandemic. SsangYong Motor sold 8,648 vehicles in January, up from 7,653 units a year ago on strong overseas sales of the Rexton and Rexton Sport models, the company said in a statement. Domestic sales rose 1.6 percent to 5,648 units last month from 5,557 the previous year, and exports jumped 45 percent to 3,030 from 2,096, it said. SsangYo
Feb. 1, 2021
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S. Korea accounts for 34.7% of global EV battery market in 2020
Three South Korean electric vehicle (EV) battery makers accounted for over a third of the global market last year underscoring their increased presence in the fast-growing sector, a market research firm said Monday. The three -- LG Energy Solution Ltd., Samsung SDI Co. and SK Innovation Co. -- supplied a combined 49.4 gigawatt-hour (GWh) equivalents of EV batteries in 2020, accounting for 34.7 percent of the total, according to the data by SNE Research. Their combined share more than doubled
Feb. 1, 2021
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S. Korea to provide W240b in support for logic chip R&D this year
South Korea said Monday it will provide 240 billion won ($214 million) in support for research and development (R&D) in logic chips and the fabless chip sector this year as the country seeks to boost its semiconductor industry. The R&D plan aims to foster fabless chipmakers and bolster the country's competitiveness in artificial intelligence chips and next-generation sensors, according to the science ministry. While South Korea holds a tight grip on the global memory chip market throug
Feb. 1, 2021
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SK Biopharm's anti-epileptic drug wins EU drug agency's positive opinion
The European Union's drug agency has recommended the approval of an anti-epileptic drug of SK Biopharmaceuticals Co., paving the way for its sales in the region, the biopharmaceutical affiliate of South Korea's SK Group said Monday. The Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency recommended the application of cenobamate, SK Biopharmaceuticals said in a press release. The European Commission, which is authorized to approve medicines in the region,
Feb. 1, 2021
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44 conglomerate affiliates added to antitrust watchlist over past 3 months
The number of South Korean companies affiliated with large business groups under tight supervision rose by 44 over the past three months mainly because conglomerates expanded their eco-friendly energy business, data showed Monday. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) list reached 2,369 as of the end of January, compared with 2,325 three months earlier, according to the antitrust regulator. Major business groups newly launched or acquired 97 new units, whil
Feb. 1, 2021
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Celltrion's Remsima SC wins approval in Canada
South Korean biopharmaceutical firm Celltrion Inc. said Monday its drug Remsima SC for the treatment of autoimmune diseases has won sales approval in Canada. The Public Health Agency of Canada gave the green light to Celltrion's application to sell the subcutaneous (SC) version of Remsima, a biosimilar copy of Janssen Biotech Inc.'s Remicade, according to the company. Remsima, administered through intravascular injections, is used in the treatment of a number of diseases, from rheumatoid arthr
Feb. 1, 2021
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Electric vehicles challenge traditional concept of gas stations
As South Korea accelerates its transition to electric vehicles, the question arises – is there a future for the country’s more than 10,000 gas stations? Unlike conventional petroleum- or gas-powered cars, electric vehicles run on electricity, which is relatively price stable and easily accessible. This means drivers can charge their car batteries at home, in public parking lots or elsewhere where charging systems are installed. In the face of a fundamental change to the retail
Jan. 31, 2021
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GS starts startup accelerator program to foster eco-friendly businesses
GS is launching a startup accelerator program to foster environmentally friendly business startups, the South Korean conglomerate said Sunday. Initiating “GS Challenge: Growth Through Sustainability,” the group said it is looking for biotech ventures seeking to expand their business with technology in three sectors -- environment-friendly materials, waste recycling and pollution mitigation and disease diagnostics and health care solutions. GS Group’s program is operated join
Jan. 31, 2021
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[Newsmaker] Family, business community mourns KCC honorary chairman
Local business leaders paid tribute on Sunday to KCC’s Honorary Chairman Chung Sang-young, who died Saturday at the age of 84. The youngest brother of the late Hyundai Group Honorary Chairman Chung Ju-young, the KCC chief suffered from a chronic illness and had been hospitalized recently after his health deteriorated. He was the only surviving member of his generation within the legendary Chung family that built South Korea’s big companies, including Hyundai, in postwar Korea. M
Jan. 31, 2021
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Telcos bolster teleconference services amid pandemic
South Korean telecom operators are redoubling efforts to support teleconference and virtual education services as the prolonged pandemic limits in-person contact and encourages work-from-home practices. Last week, major telecom operator KT Corp. said it will launch a new cloud-based video meeting platform, KT BizMeet, targeting businesses and education services. KT said the platform can host large online seminars, supporting up to 5,000 users in a single online meeting. The move follows the l
Jan. 31, 2021
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Steelmakers in talks with shipbuilders over prices
South Korean steelmakers have launched talks with shipbuilders over prices of thick steel plates, which are mainly used for shipbuilding, people familiar with the matter said Saturday. Posco, the country's largest steelmaker, said it is pushing to raise prices of thick steel plates -- a key material that accounts for about one-fifth of shipbuilding costs -- by up to 15 percent. The move is meant to reflect increased costs of iron ore, one of the main raw materials used in steel production. A h
Jan. 30, 2021
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KNOC to unload North Sea assets: reports
State-run Korea National Oil Corp. is seeking to sell off its stakes in oil and gas fields in the British, Dutch and Danish North Sea, according to foreign media reports. The KNOC, whose debt ratio stood at 3,415.5 percent in 2019, is attempting to dispose of parts or all of its North Sea subsidiary Dana Petroleum to secure liquidity. Dana Petroleum is a British oil company acquired 100 percent by the KNOC. Dana Petroleum in January launched a process to sell a 10 percent stake in the Gre
Jan. 29, 2021