Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[News Focus] Biden’s anti-fracking stokes uncertainties for Korean refineries
Industries are guaging the prospects of their US businesses under US President-elect Joe Biden, and South Korean refineries and petrochemical companies are among them. The sticking points are whether Biden’s anti-fracking policy and renewable energy push will actually impact the global price of oil and their businesses. “Biden’s limit on fracking will curb the production and supply of shale oil and gas. But regardless of Biden’s anti-fracking policy, demand on oil w
Nov. 8, 2020
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Kepco vows downsized coal-fired power projects
Korea Power Corp. on Sunday released its annual sustainability report, which highlighted the state-run utility’s plan to reduce or suspend its coal-fired power plant projects at home and abroad in the future. The release came amid mounting criticism from environmental and investment groups over Kepco’s double-sided business practices -- conducting solar and wind power projects at home in lock step with President Moon Jae-in’s Green New Deal initiative while pursuing coal-fi
Nov. 8, 2020
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Budget air carriers tipped to post weak Q3 earnings amid pandemic
South Korea budget air carriers are anticipated to post grim earnings for the third quarter of 2020, as the virus pandemic has continued to virtually suspend air travel, with the resurgence of infections around the globe set to further delay the recovery. Last week, Korean Air Lines Co., South Korea‘s biggest carrier, said its net losses widened in the third quarter to 385.93 billion won ($343 million) from a year earlier amid the pandemic. However, it managed to post an operating profi
Nov. 8, 2020
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Soaring freight rates set to weigh down exporters
South Korean exporters are expected to suffer from sky-high freight rates throughout next year, as global trade is set to rise down the road amid the pandemic, industry watchers said Sunday. The Shanghai Containerized Freight Index, a barometer of global freight rates, came to a new high of 1,664.56 on Friday, according to industry sources. The previous record was 1,583.18 posted in July 2010. Industry watchers say exporters are anticipated to face heavy shipping costs throughout next year, as
Nov. 8, 2020
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Lotte Shopping swings to black in Q3 amid pandemic
Lotte Shopping Co. said Friday it swung to a net profit in the third quarter on robust performance in its non-department store business amid the new coronavirus outbreak. Net income reached 3 billion won ($2.7 million) in the July-September period, a turnaround from a net loss of 23.3 billion won a year earlier, the key unit of retail giant Lotte Group said in a regulatory filing. From three months earlier, it swung to the black from a net loss of 199 billion won. Operating prof
Nov. 6, 2020
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Prosecutors raid Kumho Asiana Group amid probe into ‘suspicious internal transaction’
The prosecution said on Friday it has raided Kumho Asiana Group and Asiana Airlines’ offices to secure documents for its probe into alleged unfair internal transactions. The group, a large Korean chaebol known for its leisure and construction business, currently stands accused of conducting suspicious internal trading to support its subsidiary Kumho Buslines, of which the owner family has the highest stake. According to the authorities, Asiana Airlines signed a 30-year contract to sell
Nov. 6, 2020
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Celltrion presents COVID-19 antibody pipeline’s phase 1 trial results to Korean doctors
Celltrion reaffirmed positive findings from the phase 1 clinical trial of its COVID-19 antibody treatment CT-P59 at the annual autumn conference of Korean societies of infectious diseases and antimicrobial therapy, the company said Friday. Celltrion saw antiviral efficacy of CT-P59 and its safety in human body through the phase 1 trial targeting 18 COVID-19 patients displaying light symptoms. These patients were recruited in Korea and Europe, Celltrion said. Kim Jin-yong, doctor of infecti
Nov. 6, 2020
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[Monitor] Online shopping transactions in Sept. biggest on record
According to Statistics Korea this week, the volume of transactions made via online shopping reached 14.72 trillion won in September, marking the largest since the agency began collecting relevant data in 2001. Compared to last year, the surge was 30.7 percent. The same increase rate was seen in October 2018. The biggest surge in transactions were made in food services and grocery items. (khnews@heraldcorp.com)
Nov. 6, 2020
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Eco-friendly, bio shares climb on prospect of Biden presidency
With Democratic candidate Joe Biden likely to win the US presidential election, shares related to eco-friendly and bio companies rose in the local stock market Thursday. The market had predicted that companies related to electric vehicle batteries and renewable energy would benefit if Biden is elected. Earlier, he pledged a $2 trillion plan to invest in eco-friendly infrastructure. He also promised to rejoin the Paris Agreement on Climate Change, which Trump withdrew from, and to push for carb
Nov. 6, 2020
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KT's Q3 net up 8% as pandemic weighs on non-mobile biz
KT Corp., a major South Korean telecom operator, said Friday its net income rose 7.9 percent in the third quarter from a year earlier due to cost reduction. Net income reached 230.1 billion won ($204 million) in the July-September period on a consolidated basis, compared with a profit of 213.3 billion won the same quarter a year earlier, according to a regulatory filing. KT said it saved some costs involving its hardware infrastructure for wireless services in the third quarter, which boosted
Nov. 6, 2020
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Final ruling on SK Innovation’s patent lawsuit against LG Chem set for Nov. 30, 2021
The date of the final ruling for the battery patent lawsuit SK Innovation filed against LG Chem with the US International Trade Commission has been set for Nov. 30 of next year, according to industry sources on Thursday. In September last year, SK Innovation sued LG Chem for allegedly violating its 994 patent. LG Chem argues that SK Innovation’s 994 patent registered in 2015 was actually based on LG Chem’s A7 battery cell developed in 2013, and that the A7 battery cell was used i
Nov. 5, 2020
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BAT Korea touts data showing Glo’s possible reduced health risks
British American Tobacco Korea said on Thursday that results from scientific studies show its flagship heating product Glo may “significantly reduce” the risk of smoking-related disease. Data gathered by scientists from BAT’s research and development center for a period of three months saw exposure to harmful smoke toxicants reduced when smokers switched from smoking regular cigarettes to using Glo completely, the company said. These and other findings were presented during a
Nov. 5, 2020
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[News Focus] How will Korean industries fare with new US president?
As the world pensively watches the cutthroat US presidential election unfold to uncertain weeks ahead, Democrat candidate Joe Biden appeared to have the upper hand, as of Thursday here. South Korean industries have been bracing for either scenario, with prospects varying among major exporting industries of information technology, energy, batteries, steel, pharmaceuticals and others. With the trade protectionism trend expected to remain part of the mainstream, the tone of the trade war between
Nov. 5, 2020
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LG Uplus downplays Huawei risk, Q3 net nearly quadruples
LG Uplus Corp., a major South Korean telecom operator, downplayed concerns Thursday over its use of network equipment by Huawei Technologies Co. amid US pressure to sever ties with the Chinese company, citing the completion of equipment installation and a healthy backlog for maintenance. The United States has repeatedly pressed the South Korean carrier to stop using Huawei's 5G equipment, claiming the Chinese telecom equipment maker poses a security risk and could compromise the country's inter
Nov. 5, 2020
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[Monitor] Rise of women in C-suite, still long way to go
Among 6,871 executive-level members of South Korea’s top 100 companies by revenue, 286 of them are women, according to a report by global headhunting firm Unico Search on Wednesday. This accounted for 4.1 percent of the total. It was up 42 from 286 last year. Conglomerates have been moving to increase the ratio of women in their C-suite, such as Samsung Electronics which had pledged in 2011 to raise the proportion to 10 percent. (khnews@heraldcorp.com)
Nov. 5, 2020
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LG Chem, Neste sign strategic partnership on renewable sources
LG Chem Ltd., South Korea's leading chemical firm, said Thursday it will collaborate with Finland-based bio diesel producer Neste to develop renewable materials for its chemical products. LG Chem and Neste signed a strategic long-term partnership to develop biopolymers and biochemicals to reduce use of fossil feedstock in the Korean company's manufacturing process. LG Chem has a diversified chemical portfolio ranging from petrochemical products to lithium-ion batteries for electric vehicles.
Nov. 5, 2020
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Doosan Logistics Solutions to supply Geek+'s logistics robots in S. Korea
Doosan Group's system integrator Doosan Logistics Solutions Co. (DLS) said Thursday that it has signed a deal with Chinese autonomous mobile robot (AMR) maker Geek+ to bring logistics robots to South Korea. Under the deal, DLS will exclusively provide logistics robots made by Geek+ to the local market and maintenance services for them, the company said in an emailed statement. Geek+ is the world's largest AMR maker, having 16 percent share of global AMR market, DLS said. Unlisted DLS, a sy
Nov. 5, 2020
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SK Telecom's Q3 net up over 40% on media biz growth, equity gains
SK Telecom Co., South Korea's largest mobile carrier, said Thursday its net income rose more than 40 percent in the third quarter from a year earlier on the back of robust growth in its media business. The telecom operator's net income stood at 395.7 billion won ($350.5 million) in the July-September period, up 44.2 percent from 274.4 billion won the previous year, according to a regulatory filing. Operating income reached 361.5 billion won, up 19.7 percent over the cited period, while sales r
Nov. 5, 2020
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Meritz Securities Q3 net soars 56% on more fee income
Major South Korean brokerage house Meritz Securities Co. said Thursday its third-quarter net profit spiked nearly 56 percent from a year ago thanks mainly to increased fee income. Net profit came to 162.5 billion won ($142.8 million) in the July-September period, up 55.7 percent from a year earlier, the company said in a regulatory filing. Its operating income shot up 72.2 percent on-year to 208.1 billion won in the quarter, and sales rose 4.9 percent to 3.39 trillion won. Meritz Securities s
Nov. 5, 2020
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Kakao's Q2 net nearly quadruples on robust platform, e-commerce
Kakao Corp., the operator of South Korea's top mobile messenger KakaoTalk, said Thursday its third-quarter net profit jumped nearly three times from a year earlier on the back of robust growth of its e-commerce services based on its messenger platform. Net profit reached a quarterly high of 143.7 billion won ($126.3 million) in the July-September period on a consolidated basis, compared with a profit of 51.1 billion won a year earlier, the company said in a regulatory filing. Sales jumped by 4
Nov. 5, 2020