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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First lady’s Dior bag scandal to be at center of Assembly audit
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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Samsung Electronics to hold low-key founding anniversary after chief's death
Samsung Electronics Co., the world's largest memory chip and smartphone maker, is expected to celebrate the 51st anniversary of its foundation in a low-key manner following the death of its longtime chief Lee Kun-hee, industry insiders said Thursday. Lee, one of the most influential businessmen in the country's post-war era, died Sunday at age 78, more than six years after being hospitalized for a heart attack. The South Korean tech giant has been celebrating its foundation on Nov. 1, but wit
Oct. 29, 2020
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Hyundai Mobis Q3 net dips 33% on virus impact
Hyundai Mobis Co., South Korea's biggest auto parts maker, said Thursday its third-quarter net profit fell 33 percent from a year earlier as the COVID-19 pandemic affected vehicle sales. Net profit for the three months that ended in September fell to 391.3 billion won ($346 million) from 581.9 billion won in the same period of last year, the company said in a statement. "The coronavirus outbreak continued to weigh on consumer sentiment and vehicle sales in the thir
Oct. 29, 2020
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[Monitor] Business sentiment improves on eased restrictions
Businesses in South Korea gave a slightly more optimistic outlook for November amid the COVID-19 pandemic as local consumption appeared to increase on eased social distancing measures, the Korea Economic Research Institute said. The business survey index came to 99.5 for next month, up from 84.6 for October. Figures below 100 mean pessimists outnumber optimists. The think tank said, however, that this doesn’t mean the economy is showing signs of recovering. Uncertainties remain ahead of
Oct. 29, 2020
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Samsung's research group signs partnership with local IT service firm on AI tech
Samsung Electronics Co. said Thursday its experimental research group has signed a partnership with a local IT service firm on artificial intelligence (AI) technologies as the South Korean tech giant tries to expand its presence in human-like algorithm solutions. Samsung Technology and Advanced Research Labs, better known as STAR Labs, inked a deal with CJ OliveNetworks Co., to develop services using their AI technologies. For their first project, the two sides will create an "inf
Oct. 29, 2020
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Daewoo E&C Q3 net up 17.9% on decreased costs
Daewoo Engineering & Construction Co., a major South Korean construction company, said Thursday its third-quarter net profit rose 17.9 percent from a year earlier due to decreased costs. In the three months ending Sept. 30, Daewoo E&C posted a net profit of 56 billion won ($49 million), compared with a profit of 47.5 billion won a year earlier, the company said in a regulatory filing. The company said selling, general and administrative costs fell in the third quarter from a year earli
Oct. 29, 2020
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Duty-free sales inch up in Sept. on brisk foreign spending
Duty-free sales in South Korea edged up in September on increased purchases by Chinese vendors, industry data showed Thursday. Combined sales at duty-free shops in Asia's fourth-largest economy came to 1.48 trillion won ($1.31 billion) last month, up about 40 billion won from the previous month, according to the Korea Duty Free Shops Association. It marked the fifth straight month of gains since April when sales fell below the 1 trillion-won threshold for the first time in four years. Despite
Oct. 29, 2020
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Naver's Q3 net triples on record sales amid pandemic
South Korea's top internet portal operator Naver Corp. said Thursday its net profit nearly tripled in the third quarter from a year earlier on the back of booming online goods transactions on its platform amid the pandemic. Net profit reached 235.3 billion won ($207.5 million) in the July-September period, up 176 percent from 85.3 billion won a year earlier, the company said in a regulatory filing. Operating income reached 291.7 billion won in the third quarter, up 1.8 percent from the previou
Oct. 29, 2020
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Samsung expects profit decline after strong Q3 results
Samsung Electronics Co. on Thursday expected its profitability to worsen in the fourth quarter after delivering a forecast-beating performance in the third quarter on its better-than-expected chip business and demand for its mobile and home appliance products amid the pandemic. The world's largest memory chip and smartphone vendor said its net profit amounted to 9.36 trillion won ($8.3 billion) in the third quarter, up 48.9 percent from a year earlier. Operating profit jumped 58.8 percent on-y
Oct. 29, 2020
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Amorepacific Q3 net down 93% on tepid sales amid pandemic
Amorepacific Corp. said Wednesday its third-quarter net profit declined 93.1 percent from a year earlier as sales of its cosmetics at offline channels were hit by the new coronavirus outbreak. Net income came to 7 billion won ($6.2 million) in the July-September period, compared with 102.3 billion won a year earlier, South Korea's largest cosmetics maker said in a regulatory filing. From three months earlier, net profit rose 4.6 percent. Operating profit declined 48 percent on-year to 56 bill
Oct. 28, 2020
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ULikeKorea’s calf biocapsule certified as animal medical device in Korea, Japan
ULikeKorea’s LiveCare calf biocapsule was acknowledged in Korea and Japan as an animal medical device, the company said Wednesday. ULikeKorea’s LiveCare is a monitoring tracker that, once swallowed, lodges inside the cow’s first stomach and stays there for its life span of some five years. The capsule contains an information and communication technology device that picks up on the cow’s body temperature, range of activity, mating season and 40 types of animal diseases. T
Oct. 28, 2020
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Merck to bulk up OLED capacity with investment in Gyeonggi, Pyeongtaek
Merck will invest 20 million euros ($23.6 million) in and around Pyeongtaek, Gyeonggi Province, to increase its organic light-emitting diode manufacturing capabilities, the company said Wednesday. The 20 million euros will be used to establish a modular production system for an additional OLED sublimation purification facility, and expand its OLED manufacturing facility in the neighboring county of Poseung-eup. OLED sublimation purification is a key step that ensures top-level OLED quality
Oct. 28, 2020
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GC LabCell posts record-breaking Q3 performance
GC LabCell tentatively filed a record-breaking third-quarter business performance, on the back of increased swab sample analysis and biologics distribution. From July to September, GC LabCell made a 2.9 billion won ($2.5 million). Its revenue increased 64 percent on-year to 23.9 billion won -- the highest figure GC LabCell has ever made in a quarter. Accumulated revenue from the first quarter through third quarter reached 59.1 billion won, surpassing 2019’s yearly accumulated revenue of
Oct. 28, 2020
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NPS says no to LG Chem’s battery split-off, but can it stop it?
South Korea’s National Pension Service said Tuesday it will vote against LG Chem’s plan to carve out its battery business into a wholly-owned subsidiary LG Energy Solution, though the state pension fund’s opposition is unlikely to hinder the move. The split-off, which awaits a final approval at a shareholders’ meeting set for Friday, requires support from more than two-thirds of shareholders in attendance and one-third of outstanding shares. The NPS is the second-large
Oct. 28, 2020
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Funeral held for Samsung Chairman Lee
A send-off ceremony for the late Samsung Group Chairman Lee Kun-hee was held Wednesday, attended by bereaved family, friends and some Korean business tycoons as they bid a final farewell to the chairman who turned Samsung into Korea’s first world-class business empire. Lee died Sunday at age 78, more than six years after being hospitalized for a heart attack. The ceremony for Lee was held privately at a funeral hall at Samsung Medical Center in southern Seoul around 7:30 a.m. for about
Oct. 28, 2020
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Posco chief proposes joint response to changes in post-COVID-19 era
Posco CEO Choi Jeong-woo has suggested the global steel industry jointly respond to structural changes accelerated by coronavirus and find sustainable growth measures at a recent steel conference, the firm said Wednesday. On Tuesday, Choi gave a keynote speech on the theme of Post-COVID-19 megatrends at the Steel Success Strategies conference hosted online by World Steel Dynamics. WSD is a US-based steel research firm that conducts and announces competitiveness evaluations for major global s
Oct. 28, 2020
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Hyundai Electric to tap deeper into renewable energy market
Hyundai Electric & Energy Systems Co. said Wednesday it will make inroads into the renewable energy market in cooperation with Pacifico Energy Korea, a South Korean unit of US Pacifico Energy. Under the preliminary deal with renewable energy developer Pacifico Energy Korea, Hyundai Electric, a unit of global giant shipbuilding group Hyundai Heavy Industries Group, will design and build an industrial energy storage system (ESS) and large-scale renewable power plants, the company said in an
Oct. 28, 2020
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Audi-VW Korea chief named head of foreign carmaker association
Audi Volkswagen Korea Group Managing Director Rene Koneberg has been named the head of South Korea's imported vehicle association, the association said Wednesday. Koneberg has been serving as vice chairman of the Korea Automobile Importers and Distributors Association (KAIDA) since 2018. His appointment comes months after KAIDA suspended Fiat Chrysler Automobiles NV (FCA) Korea President Pablo Rosso from his KAIDA chairman position over alleged sexual misconduct in July. Koneberg began his
Oct. 28, 2020
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Hyundai, Kia likely to deliver robust Q4 profit on new models, improved product mix
Hyundai Motor Co. and its affiliate Kia Motors Corp. are expected to report a combined operating profit of about 3 trillion won ($2.7 billion) in the fourth quarter on new models and improved product mix, after delivering poor business results in the past quarter, analysts said Wednesday. Hyundai and Kia look set to post more than 1.8 trillion won and over 1 trillion won, respectively, in operating profit for the October-December period after hefty provisions for the recall of a faulty engine a
Oct. 28, 2020
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GS E&C’s apartment brand Xi soars to top in popularity
Major South Korean builder GS Engineering & Construction’s Xi has become the most preferred apartment brand among potential homebuyers prioritized by the government’s housing scheme this year, as of late September. GS E&C, which analyzed data from the Korea Appraisal Board, said Xi was the choice for over 350,000 out of 2.9 million “first-served” potential homebuyers who hold a housing subscription savings account and meet the requirements for a priority treatmen
Oct. 28, 2020
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Synergy Hill+Knowlton Strategies Korea bags multiple PR awards
Synergy Hill+Knowlton Strategies Korea has bagged three awards this year: the SABRE Awards, PR Awards Asia and the Asia Pacific Stevie Awards. Delivered by the Holmes Report, which publishes an annual international public relations report, the SABRE Awards are among the largest such awards programs. The firm won for North Asia PR Consultancies of the Year, both this year and last year. At PR Awards Asia, Synergy Hill+Knowlton Strategies Korea was named the Japan/Korea PR Consultancy of the yea
Oct. 28, 2020