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’s W1tr coal-fired power plants in Vietnam connected to grid
Doosan Heavy Industries’ two coal-fired plants worth 1 trillion won ($896.7 million) in Vietnam have been connected to the country’s electricity grid, according to foreign media reports. In 2015, Doosan won Song Hau 1 project that consists of two 600-megawatt thermal power plants from the Vietnam Oil and Gas Group. The plant No. 1 was synchronized in November, and plant No. 2 was synchronized Wednesday. When a power plant is synchronized, its means the plant is successfully est
Jan. 29, 2021
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SK Innovation bleeds W2.5tr in operating losses as revenue shrinks 30%
SK Innovation’s revenue fell to 34.16 trillion won ($34.16 billion) last year, a 30.7 percent plunge from 49.87 trillion won on-year, as the pandemic dealt a massive blow to its petrochemical business. According to the South Korean battery-to-petrochemical giant’s regulatory filing on Friday, the company posted an operating loss worth 2.5 trillion won, swinging to red from an operating profit 1.2 trillion won in 2019. The revenue of SK Innovation’ petrochemical business,
Jan. 29, 2021
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SsangYong Motor Q4 loss widens amid pandemic
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday its fourth-quarter net losses widened from a year earlier due to weak sales amid the coronavirus pandemic. For the three months ended December, net losses deepened to 173.6 billion won ($155 million) from 155.9 billion won in the year-ago period, the company said in a statement. "Weaker sales and tougher competition with rivals weighed on the quarterly results as the COVID-19 pandemic p
Jan. 29, 2021
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LG International’s operating profit jumps 18.5% on-year in 2020
LG International, the trading arm of LG Group, saw its operating profit climb 18.5 percent on-year in 2020, on the back of the improved profitability in logistics, the company said Friday in a regulatory filing. Data showed that the company’s yearly sales came to 11.28 trillion won ($10.06 billion), up 7.1 percent from a year earlier, and its operating profit reached 159.8 billion won, up 18.5 percent during the same period. The operating profit marked a visible expansion during the
Jan. 29, 2021
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S. Korea to extend R&D support for bio convergence tech, medical devices
South Korea's science ministry said Friday it will extend research and development (R&D) support for the bio-health sector, bolstering efforts to develop regenerative medicine and homegrown medical devices. Under the Ministry of Science and ICT's bio-health strategy, the country will also expand R&D investment to converge cutting-edge technology, such as artificial intelligence, with new medicine development to boost efficiency. The ministry will also expand support for the development
Jan. 29, 2021
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Samsung Card 2020 net soars 16% despite pandemic
Major South Korean credit card issuer Samsung Card Co. said Friday its net profit jumped nearly 16 percent in 2020 from a year earlier despite the coronavirus outbreak. Net profit came to 398.8 billion won ($357 million) last year, up 15.9 percent from a year earlier, the company said in a regulatory filing. Sales climbed 2.2 percent on-year to 3.37 trillion won, with its operating profit surging 18.8 percent to 534.3 billion won. Last year's solid performance by Samsung Card, the No. 2 indus
Jan. 29, 2021
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SK Innovation to invest W1.3tr in 3rd EV battery plant in Hungary
SK Innovation Co., a South Korean refinery-to-battery company, said Friday it will invest 1.3 trillion won ($1.2 billion) in its Hungary subsidiary to expand its electric vehicle battery production in Europe. SK Innovation said its investment in SK Battery Hungary Kft. is aimed at building "a new battery factory in Europe." The investment is expected to build a third battery factory in Hungary, as the company has been stepping up production capacity to meet growing demand for EV batt
Jan. 29, 2021
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SK hynix expects strong memory demand on server, mobile growth
SK hynix Inc., South Korea's No. 2 chipmaker, said Friday it expected strong demand for memory chips this year on the back of growth in the server and mobile sectors after reporting robust fourth-quarter earnings amid the pandemic. Its net income reached 1.76 trillion won ($1.6 billion) during the October-December period, turning from a loss of 125.6 billion won a year earlier, the company said in a regulatory filing. The world's second-largest DRAM producer said its fourth-quarter operating p
Jan. 29, 2021
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Posco's 2020 operating profit dips 38% as pandemic hits steel demand
Posco, South Korea's top steelmaker, said Thursday its operating profit slipped 37.9 percent last year as the coronavirus pandemic ravaged global demand for steel. Posco reported an operating profit of 2.4 trillion won ($2.15 billion) and a net profit of 1.7 trillion won for 2020. Net profit fell 9.8 percent on year in 2020. Sales dropped 10.2 percent on year to 57.7 trillion won last year, Posco said. Despite the pandemic, Posco's profitability showed signs of recovering in the sec
Jan. 28, 2021
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Kimchi refrigerator maker develops ultra-low temperature freezer for vaccines
While logistics and biopharma companies across the world strive to secure “cold chain” channels to safely store and transport COVID-19 vaccines, a South Korean home appliance brand specializing in kimchi fridges is set to roll out an ultra-low temperature freezer for such use. Winia Dimchae, known for its kimchi fridge brand Dimchae, has successfully developed an ultra-low temperature freezer, jointly with its wire telecommunications apparatus affiliate Dayou Plus, officials said.
Jan. 28, 2021
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Lime to roll out e-mopeds in Seoul
Lime, the world’s leading provider of rented electric scooters and electric bikes, will soon launch electric mopeds in Seoul, the company said Thursday. According to Lime, the e-mopeds will be introduced in selected cities in South Korea. Lime is also in discussions with Washington and Paris about introducing its e-mopeds there in the coming months. “Lime’s addition of e-mopeds makes it the first and only micro-mobility provider to offer three shared electric vehicle type
Jan. 28, 2021
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PM Chung calls LG-SK battery lawsuit ‘embarrassing’
In a rare move, South Korean Prime Minister Chung Se-kyun on Thursday openly called for a swift resolution to the US court battle between LG Energy Solution and SK Innovation over battery patents, describing it as an “embarrassment.” “Both firms should take a step back and resolve this issue swiftly,” said Chung on Thursday, answering a question from a reporter as to whether he would be willing to intervene in the matter. “K-battery will open up a great future
Jan. 28, 2021
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Hyundai Motor faces ‘big turning point’ in post-COVID era
Of all the South Korean business groups that are facing the post-coronavirus market changes, Hyundai Motor Group is likely to be the one to undergo the most dramatic transformation this year and in the years to come. Its mission is not just to maintain and safeguard conventional businesses, but to fundamentally transform itself as a new future mobility business. As a major carmaker, the group is also being impacted by growing calls for environmental sustainability. Looking ahead to a fierce c
Jan. 28, 2021
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LG Electronics to jack up dividend payout this year
LG Electronics Inc. on Thursday announced it will pay out more dividends to its shareholders in a move to increase shareholder value. LG said its shareholders will receive 1,200 won ($1.07) per common share and 1,250 won per preferred share for the fiscal year of 2020 after approval in March at its shareholders meeting. Last year, the company gave 750 won per common share and 800 won per preferred share to its shareholders. At its board meeting, LG also approved its 2020 earnings report. The
Jan. 28, 2021
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[Earnings roundup] 2020 best year for Naver, Samsung SDI
The Q4 earnings season peaked in South Korea with the undefeatable Samsung Electronics reporting Thursday. Already overshadowed by the IT giant, the country’s top internet operator Naver and battery maker Samsung SDI reported record-high business results in 2020. Naver reports record profits Thanks to the contactless trend, Naver saws its total sales and operating profit hit new highs in 2020. Revenue reached 5.3 trillion won in total, while operating profit climbed to 1.2 tri
Jan. 28, 2021
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Naver Cloud’s global growth accelerates due to pandemic
The COVID-19 pandemic has thwarted many businesses, but for some, it acted as a stressor for growth. On the back of increased contactless working, Naver’s Cloud service experienced a 41.4 percent on-year revenue growth in 2020 at 273.7 billion won ($245.3 million). Naver Cloud currently offers the biggest portfolio of cloud services within Korea at a total of 173 products in 16 categories. It operates a separate cloud system for financial businesses like banks and for public institutions
Jan. 28, 2021
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Will Hanwha chief return to boardroom?
As employment restrictions placed on Hanwha Group Chairman Kim Seung-youn are set to be lifted next month, industry watchers are paying attention to his possible return to the boardroom of the group’s core companies. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for the breach of trust and had to resign from the representative director’s position at seven affiliates including the holdings firm Hanwha Corp. He has also been barred from seeki
Jan. 28, 2021
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Hyundai Construction Equipment to expand global sales of forklifts
Construction equipment maker Hyundai Construction Equipment Co. said on Thursday that it has signed a deal with Chinese forklift maker UN Forklift to produce forklifts under an original equipment manufacturing (OEM) agreement. Hyundai Construction Equipment plans to expand its global sales of forklifts produced by the Chinese maker to $100 million by 2025, the company said. The forklifts to be produced by UN Forklift include 10 kinds of 2 to 3.5-ton models, Hyundai Construction Equipment said.
Jan. 28, 2021
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AFoCO views forest cooperation as key to battle climate and pandemic crisis
Ricardo Calderon, the executive director of the Asian Forest Cooperation Organization (AFoCO), has welcomed the Korean government’s announcements on plans for carbon neutrality by 2050. President Moon Jae-in announced last October that South Korea will seek to reach carbon neutrality by 2050 in an effort to transform the country’s fossil-fuel reliant economy into an eco-friendly one. The Korean Forest Service announced its 2050 Carbon Neutral Forestry Sector Strategy this month, w
Jan. 28, 2021
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AFoCO chief strives for stronger regional forest cooperation in Asia
Ricardo Calderon, as the recently appointed executive director of the Seoul-based Asian Forest Cooperation Organization (AFoCO), faces new challenges while working towards prospective goals he has for the forestry community. On a personal level, Calderon -- who is from the Philippines -- is simply facing difficulties being away from home and adjusting to the new environment in Seoul, as his family, friends, relatives and colleagues are also struggling to adjust to the new climate, atmosphere an
Jan. 28, 2021