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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First lady’s Dior bag scandal to be at center of Assembly audit
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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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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[Monitor] Govt. looks into status of self-employed Koreans
According to a survey of self-employed people who went out of business this spring and participated in a state-sponsored recovery program, it took them an average of 6.4 months to go bankrupt from the initiation of their entrepreneurship. The survey by Small Enterprise and Market Service looked at 400 self-employed people whose businesses had failed between April 20 and April 29, and was released by Rep. Ku Ja-keun on Thursday. Upon bankcruptcy, these self-employed people on average had an ou
Oct. 9, 2020
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Hyundai E&C wins $330m railway deal in Philippines
Hyundai Engineering & Construction said Friday it has signed a $330 million deal with the Philippine transportation ministry to participate in a local railway project. It is the first time for Hyundai E&C to win a construction project in the Philippines since it won a contract to build the Asian Development Bank headquarters building in 1986. Hyundai E&C will build two station buildings and a 17 kilometer-long railway on elevated bridges as part of the $573 million Malolos to Cla
Oct. 9, 2020
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Posco Energy files $800m suit against US firm over license deal
Posco Energy, a wholly owned energy unit of South Korean steelmaker Posco, said Friday it has filed a 922 billion-won ($800 million) claim against US-based FuelCell Energy for damages involving their license deal. On Wednesday, Posco Energy filed the suit with the International Court of Arbitration of the International Chamber of Commerce in London and Singapore, demanding FuelCell Energy pay for the loss of $800 million caused by the US firm's unilateral cancellation of their license contrac
Oct. 9, 2020
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Korean antitrust agency chief to review Google’s 'unfair fees'
Joh Sung-wook, chairperson of the Fair Trade Commission, will look into Google’s purported anti-competitive practice of taking 30 percent commission on in-app purchases. Joh, speaking at the National Assembly’s inspection of the FTC on Thursday, said that what Google does may eventually affect the end-consumer, and that its monopoly of the market calls for a review. Upon being asked whether the Monopoly Regulation and Fair Trade Act may apply in the case of Google’s 30 perc
Oct. 8, 2020
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CrystalGenomics appoint Gavin Choy as CEO of CG Pharmaceuticals
CrystalGenomics on Thursday said it appointed Gavin Choy as the CEO of its US subsidiary, CG Pharmaceuticals. Choy has 27 years of experience in researching and developing anticancer and antiviral treatments, as well as four successful clinical trial design applications with the US Food and Drug Administration, CrystalGenomics said. At his new post, Choy will help CrystalGenomics advance its COVID-19 treatment pipeline for pancreatic cancer treatment research in the US. Choy holds a doctorat
Oct. 8, 2020
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Celltrion revs up for Xolair biosimilar’s phase 3 clinical trial
Celltrion’s Xolair biosimilar CT-P39 was given the Korean drug authority’s green light to proceed to a clinical phase 3 trial in Korea, the company said Thursday. The company plans to begin the late stage human test of the pipeline first in Korea, and expand to 600 patients suffering from chronic spontaneous urticaria in seven countries. So far, in Australia, Celltrion has gained midterm data for the drug’s safety in the human body from the phase 1 clinical trial that is bei
Oct. 8, 2020
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Samsung logs largest operating profit in 2 years
Samsung Electronics on Thursday announced an earnings surprise for the third quarter of this year, posting the largest operating profit in two years. The South Korean tech giant said in its preliminary earnings report that it would register 66 trillion won ($57.01 billion) in revenue and 12.3 trillion won in operating profit for the July to September period. It was a surprise, since the financial market’s forecasts hovered around 10 trillion won. If confirmed, the Q3 revenue will hav
Oct. 8, 2020
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CJ Logistics considers selling Chinese unit CJ Rokin
CJ Logistics, the logistics unit of South Korea's food and entertainment conglomerate CJ, has been considering selling one of its Chinese units, CJ Rokin, a company official said Wednesday. The move is a part of the company's adjustment of its business portfolio in China, according to the official. CJ Rokin was set up in 2015 after CJ Logistics acquired a 71.4 percent stake in Rokin, then the biggest refrigerated shipment service firm in China.(Yonhap)
Oct. 7, 2020
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BMW to launch blockchain-based reward program
BMW Korea announced Wednesday that the company would soon launch a blockchain-powered reward program called BMW Vantage in South Korea. The reward program is the company’s new membership scheme that will allow customers to collect reward points and use them to pay or get discounts on services that the program offers. Korea will be the first country to launch the new reward platform before rolling it out globally, BMW Korea said. The automaker’s office here is currently running a
Oct. 7, 2020
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Meditoxin doctors’ most preferred wrinkle remover: Medytox
Meditoxin, South Korea’s first botulinum toxin product, was selected by dermatologists and plastic surgeons as the most preferred product for smoothing wrinkles, developer Medytox said Wednesday. In the first issue of the journal Aesthetics, published by the Korean Association for Laser, Dermatology and Trichology, Meditoxin received 51.6 percent of the votes, winning the top spot among Korean botulinum toxin products. Hugel’s Botulax came in second at 32.5 percent and Daewoong Pha
Oct. 7, 2020
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Hanwha, LG eye world’s biggest floating solar farm project in Korea
The bidding for the world’s biggest floating solar farm project is set to begin in South Korea, drawing interest from major domestic solar power companies, according to industry sources. Korea Hydro & Nuclear Power currently aims to build a 2.1-gigawatt floating solar power plant worth 4.6 trillion won ($3.97 billion) that would spread over more than 30 square kilometers near the Saemangeum reclamation area in North Jeolla Province. When completed, the plant will be able to supply e
Oct. 7, 2020
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GS Caltex acquires stake in Vietnamese car wash startup
GS Caltex said Wednesday it signed an investment agreement with a Vietnamese car wash startup to expand its auto repair and lubricants businesses in the Southeast Asian country. According to the South Korean refiner, it will invest 39 billion dong ($1.6 million) to acquire a 16.7 percent stake in VI Automotive Service, a parent company of VietWash. VietWash is a Ho Chi Minh City-based car wash startup that operates some 50 car wash centers in Vietnam. It also runs car wash centers at some 2
Oct. 7, 2020
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Posco partners with ExxonMobil to expand into LNG industry
Posco said Wednesday that it has partnered with ExxonMobil, a US-based oil and gas company, to expand into the liquefied natural gas industry with the high-manganese steel it has developed. According to the South Korean steelmaker, the two companies agreed to have their research institutes -- ExxonMobil Research and Engineering, ExxonMobil Upstream Research and the Posco Research Institute -- work together to further develop high-manganese steel technologies and work toward the application of
Oct. 7, 2020
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PlayStation 5 preorders sell out again in S. Korea
Preorders for the second batch of Sony Corp.'s next-generation gaming console, the PlayStation 5 (PS5), sold out in just an hour in South Korea, industry insiders said Wednesday. As of 2 p.m., all major retailers here said they have closed preorder reservations for the PS5. Eleven local online shopping malls and offline stores started to accept preorders for the gaming console from noon. Preorders for the first batch of the PS5 also sold out quickly here on Sept. 18. The PS5 is the successo
Oct. 7, 2020
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Posco International supports small-but-strong parts suppliers
Posco International said Wednesday it has supported local parts manufacturers struggling from the pandemic. The nation’s largest trading company said it recently provided 1 billion won ($861,000) in export growth funds to Hanmea Adm, a steel parts manufacturer that produces aluminum products to reduce car weight, in cooperation with the Export-Import Bank of Korea. The funding is the result of the firm’s business partnership with Eximbank and Seoul Guarantee Insurance in May to bu
Oct. 7, 2020
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Samsung to launch Galaxy Fit2 band in S. Korea this week
Samsung Electronics Co. said Wednesday its new wristband will be launched in South Korea this week as the tech firm tries to boost sales of wearable devices. The Galaxy Fit2 will hit local shelves Thursday with a price tag of 49,500 won ($42), according to the company. The Fit2 wristband, which was unveiled last month, can automatically track up to five different types of activities and provides fitness information, such as calories burned, heart rate and distance. It also monitors and analyze
Oct. 7, 2020
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[Monitor] LG Chem maintains No.1 in global EV battery market
LG Chem topped the global electric vehicle battery market by deploying 15.9 gigawatt-hours of EV batteries in the Jan-Aug period, commanding 24.6 percent of the market, followed by China’s CATL and Japan’s Panasonic, which controlled 24 percent and 19.2 percent, respectively. Samsung SDI ranked fourth, selling 4.1 gigawatt-hours of EV batteries to account for 6.3 percent of the market. Meanwhile, SK Innovation took the sixth place, posting sales of 2.7 gigawatt-hours and taking up
Oct. 7, 2020
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KAI’s trainer jet exports to US fumbled by coronavirus
The US Air Force has postponed its plan to rent four to eight T-50A advanced trainer jets manufactured by Korea Aerospace Industries due to the ongoing coronavirus outbreak in the US, according to industry sources on Tuesday. The Air Force is currently reviewing a plan to rent T-50A jets until its new T-7A Red Hawks arrive from Boeing. The Air Force aims to rent the jets from Hillwood Aviation after the US-based contractor purchases the aircraft from KAI. Though the Air Force was set to offi
Oct. 6, 2020
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SK Telecom, Microsoft team up to create 'Netflix of video games'
To make a foray into the fast-growing South Korean console market, currently dominated by Japanese products -- Sony’s PlayStation and Nintendo’s Switch -- Microsoft has partnered with local telecommunications operator SK Telecom to promote its Xbox consoles. Last month, Microsoft and SKT together launched Xbox Game Pass Ultimate in Korea, a video game subscription service modeled after Netflix. By using SKT’s 5G networks, the subscription service supports cloud gaming, allow
Oct. 6, 2020
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Green Cross to export ‘twindemic’ test kits to Europe
Green Cross Medical Science Corporation, the diagnostics kits affiliate of GC, signed a $19 million deal to export diagnostic devices that will simultaneously and separately detect COVID-19 and influenza. GCMS will provide Polish company Handprod with $11 million worth of blood sugar measurement devices and glycated hemoglobin evaluation systems; and provide Swiss firm Medysis with $8 million worth of a combined diagnosis kits for COVID-19 and influenza, as well as an immunofluorescence antigen
Oct. 6, 2020