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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S-Oil invests in startup developing safe water solution
S-Oil announced Monday that the company would secure certified emission reductions by helping a local startup specializing in developing solutions designed to improve access to safe water in developing countries. S-Oil will purchase certified emission reductions of around 13,000 metric tons of carbon dioxide by investing in Glory & Tech, the South Korean firm that is currently providing water solutions to foreign nations including Bangladesh. S-Oil said the latest decision is part of the
Oct. 19, 2020
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Samyang Foods begins work on new export-oriented plant in Miryang
Samyang Foods began construction on a new manufacturing plant in the city of Miryang in South Gyeongsang Province on Monday which the company says will serve as its focal point for exports. A budget of 200 billion won ($175 million) has been set aside for the five-story factory with a basement. And with a total floor space of 69,801 square meters and boasting automated production lines for ramen noodles and soup powder, the project is expected to be completed by early 2022. “Many compani
Oct. 19, 2020
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Auto exports snap 5-month decline in Sept. amid pandemic
South Korea's exports of automobiles rebounded in September to snap a decline of five consecutive months on the back of improved shipments to North America, data showed Monday. Local carmakers shipped 193,081 units of cars overseas last month, up 14.8 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, auto exports advanced 23.2 percent to $3.8 billion. Over the January-September period, the country shipped 1,330,859 uni
Oct. 19, 2020
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[Monitor] BTS' stocks plunge 22% on 2nd day
South Korea’s stock market has been reinvigorated by a series of major initial public offerings this year. Starting with the IPO of SK Biopharmaceuticals in July, promising biopharmaceutical firms and other tech companies went public with their initial prices soaring rapidly ahead of IPOs. But recently, newly listed stocks were bearish unlike initial expectations. Big Hit Entertainment, the entertainment agency behind K-pop boy band BTS, slid for two straight days right after the hig
Oct. 19, 2020
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S. Korea to ease regulations on EV battery recycling
South Korea on Monday eased regulations to allow for environment friendly ways to utilize used batteries from electric vehicles. The approval came as the number of scrapped EV batteries is anticipated to increase sharply down the road with the country's green energy drive, which centers on promoting EVs and hydrogen fuel-cell cars. "While the used EV batteries can have adverse impacts on the environment, they can create new business opportunities when recycled," the Ministry of Trade
Oct. 19, 2020
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LG Electronics signs partnership with Italian luxury furniture brand Molteni&C
LG Electronics Inc. said Monday it has signed a partnership with Italian luxury furniture maker Molteni&C SPA to better promote its high-end brand LG Signature. Under the deal, the two sides will collaborate in marketing, promotion and product development related with LG Signature home appliances, Molteni&C residential furniture and Dada kitchen furniture for the next three years. The South Korean tech firm said the collaboration will create synergy between their premium brands and d
Oct. 19, 2020
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LG Display tipped to swing to black in Q3 on price hike, firm demand
LG Display Co., a major display maker in South Korea, is expected to return to the black in the third quarter of the year, analysts here said Monday, on the back of a price increase in LCD panels and solid demand for displays used in IT gadgets amid the pandemic-driven stay-at-home economy. LG Display was projected to log 6.8 trillion won ($5.9 billion) in sales in the July-September period, up 17 percent from a year earlier, while its operating profit was estimated at 106 billion won, shiftin
Oct. 19, 2020
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Kolon Life Science to separate bio manufacturing biz
Kolon Life Science will separate its biologics drug manufacturing business to an independent entity tentatively called Kolon Biotech. The separation is effective from Dec. 1, Kolon Life Science said through a shareholders’ notice on Friday. Kolon Biotech will be responsible for contract manufacturing of biologics drugs, using a facility that has been freed up after Kolon Life Science ceased production of the controversially revoked gene therapy Invossa. Kolon Life Science had battled an
Oct. 18, 2020
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[Green Paradox] What will Korea do with dead solar panels?
When solar panels are used for around 25 years, they are defined in Korea as being “dead.” They are typically composed of 76 percent glass, 10 percent polymer, 8 percent aluminum, 5 percent silicon and 1 percent other metals including copper and silver. Once “dead,” they are recycled or sent to other countries for use there. For countries like Germany that have advanced renewable energy ecosystems in place, 70 percent of dead solar panels are reused. In step with t
Oct. 18, 2020
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Top proxy adviser ISS urges shareholders to endorse LG Chem’s battery split-off
International Shareholder Services, one of the world’s two largest proxy advisory firms, has advised shareholders to vote for LG Chem’s decision to split off of its battery business division as a wholly-owned subsidiary. According to industry sources Sunday, ISS said in a recent report that LG Chem’s split-off is reasonable considering that the company will be able to secure funding to finance the investment required for the expansion of its fast-growing battery business.
Oct. 18, 2020
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Kogas overhauls LNG pricing method to tackle cherry-picking of power utilities
Korea Gas Corp. said Sunday it would impose a new format for supplying liquefied natural gas starting 2022 to address cherry-picking by electricity suppliers which it says ultimately leads to higher electricity bills. The state-run gas company has long provided supplied LNG to local power utilities at same prices based on the average import costs, dubbed as an “average tariffs” formula. Last year, Kogas imported LNG from about 15 countries including Qatar, Australia and the US an
Oct. 18, 2020
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Incheon Port announces smart port plan as part of Korean New Deal program
Incheon Port Authority announced on Sunday a multiproject plan to build a smart port, a move in line with the country’s New Deal program that seeks a way out of the COVID-19 pandemic. Under the plan, a total of 35 projects will take place to build a smart port that is eco-friendly, safe and beneficial to the local economy. The IPA said it set out the goals after co-opting the government’s new deal strategy. As part of efforts to go smart, the Incheon Port will adopt a completely a
Oct. 18, 2020
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HMM injects 2 more container ships
HMM said Sunday the company will dispatch two more container ships to support South Korean exporters that are struggling to ship out their products to foreign countries amid the protracting COVID-19 pandemic. A 5,000-twenty-foot-equivalent-unit container vessel dubbed HMM Prestige and the 4,600-TEU BMM Integral will depart from Busan on Oct. 31 for Los Angeles with a schedule to arrive on Nov. 11. The company said demand for container ships has become tighter recently as the export volume to
Oct. 18, 2020
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Samsung heir to visit Vietnam this week after returning from Europe
Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of South Korea's top conglomerate, plans to visit Vietnam this week, his second overseas business trip this year after returning from Europe last week, industry sources said Sunday. According to the sources, Lee will depart for Vietnam on Monday and probably meet Vietnamese Prime Minister Nguyen Xuan Phuc during his trip to the Southeast Asian nation to discuss possible investment plans. Lee's planned visit to Vietnam marks t
Oct. 18, 2020
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[Weekender] Korean bio taps Switzerland
An increasing number of South Korean pharmaceutical companies are catching on to Switzerland’s potential as a portal to the wider European market. Most Koreans know Switzerland for its chocolate, cheese, Army knives, watches and the Alps. But it is not these seemingly iconic items that are holding up the Swiss economy, whose gross domestic product per capita in 2019 ranked second only to Luxembourg in International Monetary Fund’s book — a ranking that demands appreciation giv
Oct. 17, 2020
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Korea Shipbuilding & Offshore Engineering clinches W140b of orders
Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, announced Friday that the company has secured 140 billion won of new deals from overseas companies. The Korean shipbuilder plans to deliver a 40,000 cubic-meter liquid petroleum gas carrier to a Singaporean firm and two product carriers to its Liberian contractor, starting in March, 2022. The new ships by Korea Shipbuilding & Offshore Engineering are able to control emissio
Oct. 16, 2020
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Samsung tops Forbes list of world's best employers
Samsung Electronics Co. topped the world's best employer rankings released by US business magazine Forbes, industry officials said Friday. The South Korean tech giant ranked No. 1 on the Forbes list of the world's best employers for 2020 followed by US tech juggernauts Amazon, IBM and Microsoft. Samsung made a big leap in the rankings, jumping from 106th last year. In 2018, the company was ranked 76th on the Forbes' best employer list. Industry officials said Samsung's achievement is meani
Oct. 16, 2020
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Samsung dominates 5G smartphone market in Western Europe in H1: report
Samsung Electronics Co. dominated the 5G smartphone market in Western Europe in the first half of the year, a report showed Friday, but its market share is likely to decline in the second half as Apple Inc.'s first 5G-supporting handset, the iPhone 12, will go on sale. Samsung captured an 88 percent market share of all 5G smartphones shipped in Western Europe in the first six months of the year, according to market researcher Strategy Analytics. "Samsung today is the clear 5G leader acr
Oct. 16, 2020
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S-Oil donates scholarship worth W50m to underprivileged students
S-Oil, one of the four major oil refineries in South Korea, donated 50 million won ($43,600) to the Mapo Scholarship Foundation at a ceremony held at the Mapo-gu office in western Seoul on Thursday, according to the company. Since 2017, S-Oil has provided scholarships to underprivileged students living in Mapo-gu through the Mapo Scholarship Foundation as part of its corporate social responsibility program dubbed “Sunshine Sharing Campaign.” “During this difficult time of
Oct. 15, 2020
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GS Caltex launches lubricants for hybrid vehicles Kixx Hybrid
GS Caltex said Thursday it has become the first refinery in South Korea to launch lubricants dedicated for hybrid vehicles called “Kixx Hybrid.” According to GS Caltex, it mixed special additives with high-quality lube-base oil to manufacture Kixx Hybrid to offer improved fuel efficiency and better protection for engine parts. Also, the new product qualifies for the American Petroleum Institute’s new “SP” engine oil standards. “The recent sales of eco-frie
Oct. 15, 2020