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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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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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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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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LS Group boosts power infrastructure, smart energy business worldwide
LS Group plans to expand into the power infrastructure, smart energy and digital transformation sectors in the global market, the firm said Monday. Chairman Koo Ja-yeol, in his New Year’s address this year, urged the company to “thoroughly localize the organization and manpower of its global business and increase their operational efficiency.” To this end, LS plans to establish a group-level regional strategy centered on areas with high growth potential, such as China and th
April 27, 2020
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Doosan to secure W3tr through self-rescue efforts
Doosan Group said Monday it finalized a self-rescue plan to secure 3 trillion won ($2.4 billion) by selling assets and reducing costs to improve struggling Doosan Heavy Industries’ financial structure. Minutes later, its main creditors released a statement, saying they accept the plan and have begun reviewing additional financial support. “Even if the recovery of the global economy and power generation market are delayed, Doosan will make self-rescue efforts to improve its financia
April 27, 2020
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Chinese amb. vows efforts to expedite entry exception system for S. Korean biz people
Chinese Ambassador to South Korea Xing Haiming said Monday he will try to bring into force as early as May "fast-track" entry for South Korean businesspeople into China in exception to current entry restrictions over the coronavirus. His remark comes as Seoul and Beijing are discussing details to create the special entry system for businesspeople to minimize the fallout caused by entry curbs in place due to the COVID-19 pandemic. "We talked about the fast-track. We agreed to re
April 27, 2020
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LG Chem to invest W65b to boost production of carbon nanotubes
LG Chem, Korea’s largest chemicals company, said Monday that it will invest about 65 billion won ($53 million) to boost production of carbon nanotubes. The investment is set to be completed at the Yeosu plant in South Jeolla Province by March next year, which would increase annual production of carbon nanotubes to 1,700 tons from the current 500 tons. The move is meant to tap deeper into the rapidly growing carbon nanotubes market, said LG Chem. Carbon nanotubes are used as conductive
April 27, 2020
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GS Retail Q1 net rises nearly fivefold
Major Korean retailer GS Retail said Monday its first-quarter net profit rose nearly five times from a year earlier on solid sales, despite the novel coronavirus outbreak. Net income stood at 49.4 billion won ($40.1 million) in the January-March period, up 370.7 percent from a year earlier, the company said in a regulatory filing. Sales rose 2.8 percent on-year to 2.14 trillion won during the three-month period, the largest first-quarter figure. Operating income came to 88.8 billion won, up 3
April 27, 2020
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[Monitor] Financial aid offered to ailing airlines
State-run Korea Development Bank and the Export-Import Bank of Korea have prepared additional 1.2 trillion won ($975 million) worth of financial aid package for Korean Air to help the struggling airline amid the COVID-19 crisis. The two banks will extend 200 billion-worth loans, purchase 700 billion won worth of securities and buy 300 billion won in perpetual bonds convertible into stocks. In return, the country’s largest airline promised to improve its financial status by selling more
April 27, 2020
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S. Korea to expand support for shipbuilders to cushion virus pandemic
South Korea said Monday it will spare no efforts to help local shipbuilders amid growing concerns that new shipbuilding orders around the globe will fall down the road amid the new coronavirus pandemic and a decline in oil prices. "While it is a relief that local shipbuilders currently have secured orders that will allow them to operate without significant disruptions for next one or two years, we cannot still sit idle," Industry Minister Sung Yun-mo said during a meeting with repres
April 27, 2020
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S. Korea pushes to make COVID-19 test scheme international standard
The South Korean government on Sunday said it plans to hand in the nation‘s test-and-quarantine scheme to the International Organization for Standardization (ISO). The Ministry of Trade, Industry and Energy, the Ministry of Health and Welfare and the Ministry of Food and Drug Safety will together compile detailed measures used in the nation’s drive-thru and walk-thru testing facilities, as well as those related to public medical facilities built to counter the recent viral outbreak
April 26, 2020
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Posco invests in safety-first measures
Two years into his term as chief of Korea’s largest steelmaker Posco, Chairman Choi Jung-woo continues to stress the company’s priority on safety, according to the firm on Sunday. This is highlighted in the business management as well as policy and systems developments, the company said, citing a three-year, 1.1 trillion-won ($894 million) investment plan to enhance safety control. “Just a little carelessness can lead to an accident. We should have caution every moment we wo
April 26, 2020
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Hyundai Mobis taps global automakers with sunroof airbag
Hyundai Mobis said Sunday the company is focusing on enhancing the reliability of its roof airbag to take the lead in the global market. The South Korean company’s roof airbag was first developed in 2017, designed to protect passengers from being ejected from sunroofs in rollover accidents. The airbag can deploy and cover the whole roof in 0.08 seconds. Hyundai Mobis’ roof airbag has recently received interest from the global car markets as a safety measure to reduce the number of
April 26, 2020
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SK E&C offers clean living environment with ‘smart’ construction tech
SK Engineering and Construction said Sunday it aims to create a clean living environment for residents with its newly developed anti-viral air circulation system. The company said it developed the Clean Air Solution system last year, using ultraviolet LED modules for the first time in South Korea. It has applied the system to its SK View apartment complexes. Recently, the company also developed an upgraded version of the air circulation system and finished application for patent, the compan
April 26, 2020
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Hanwha Q Cells No. 1 in US solar power market
South Korean solar panel maker Hanwha Q Cells topped both residential and commercial solar power module markets in the US last year, industry data showed Sunday. Hanwha Q Cells controlled 25.2 and 13.3 percent of each sector last year, up 11.1 and 5 percentage points on-year, respectively, becoming the first solar power module manufacturer to top both markets since 2013, according to data compiled by energy consulting firm Wood Mackenzie. “With unrivaled technology and quality, Hanwh
April 26, 2020
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Kainos Medicine to test compound similar to remdesivir as COVID-19 treatment
South Korean pharmaceutical company Kainos Medicine said Friday that it had recently signed a contract with a domestic research facility in its efforts to develop a new drug to treat the coronavirus. By analyzing cells infected with coronaviruses -- including SARS-CoV-2, which causes COVID-19 -- the lab will test the antiviral efficacy of the compound developed by Kainos Medicine. “Kainos Medicine’s self-developed compound has a similar mechanism and chemical structure with thos
April 26, 2020
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Elstech seeks to expand self-sterilizing sheet tech for masks, cellphone cases
The COVID-19 pandemic is for sterilization tech companies an opportunity to showcase what they have to offer. Elstech is a self-sterilizing sheet manufacturer that is seeking new ways to apply its bacteria-eliminating technology. Headed by CEO Roh Man-kyun, a scientific researcher with experience in defense science, Elstech said it has developed oxygen sheets that can sterilize bacteria, virus and fungus, as well as reduce unpleasant odor and ventilate. The company's self-sterilizing s
April 26, 2020
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SD Biosensor’s coronavirus test kit gains US FDA’s emergency use approval
SD Biosensor said Friday it has become the third Korean COVID-19 test kit maker to gain US Food and Drug Administration’s emergency use approval. The company’s nCoV Real-Time Detection Kit was already being exported to the US under deals with Federal Emergency Management Agency. The official EUA is anticipated to increase the export volume. With the addition of SD Biosensor, currently three Korean companies including Osang Healthcare and Seegene now have the FDA’s EUA. By L
April 24, 2020
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Hyundai Steel bleeds with W29.7b operating loss in Q1
Hyundai Steel said Friday its operating loss stood at 29.7 billion won ($24 million) with a net loss of 115.4 billion won in the first quarter this year. According to the South Korean steel producer -- an affiliate of Hyundai Motor Group -- its combined sales came at 4.66 trillion won ($3.78 billion) in the first quarter, declining 8 percent compared to a year earlier. The results were largely affected by the COVID-19 outbreak, as it has exacerbated the ongoing slump in the steel industry.
April 24, 2020
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Posco’s operating profit drops 41% in Q1
South Korea’s largest steel producer Posco said Friday its operating profit in the first quarter posted 705.3 billion won ($570.8 million), down 41 percent on-year. The company logged 14.5 trillion won in sales on a consolidated basis, decreasing by 1.4 trillion won on-year. Its net profit stood at 434.7 trillion won, down 44 percent on-year. The COVID-19 pandemic outbreak has added difficulty to the sluggish steel industry, affecting exports and operations of overseas factories. Accord
April 24, 2020
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Boryung Pharma posts upbeat Q1 earnings, but outlook cloudy
Boryung Pharmaceutical on Friday announced over 40 percent on-year increase in its operating profit in the first quarter, but also expressed concerns for the next quarter. The company’s consolidated revenue for the first quarter rose 13 percent to 134.2 billion won ($109 million), while operating profit rose 42 percent to 13.3 billion won and net profit slid 6 percent to 8.3 billion won. It said its anti-hypertension drug Kanarb’s domestic performance led to good business last year
April 24, 2020
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Samsung’s smart TVs integrate Apple Music app
Samsung Electronics said Friday its smart TVs will have an Apple Music app embedded in all models. The upgrade is immediately effective worldwide -- excluding South Korea. Consumers in over 100 countries will now be able to enjoy Apple Music on Samsung TVs, without having to download the app. Korea, however, was not included due to Apple’s policy. The local unit of the US-based tech giant did not comment. Samsung is officially the first TV brand to integrate Apple Music on its Smart
April 24, 2020
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[Monitor] Korea’s coronavirus test kit exports surge
South Korea’s exports of coronavirus test kits jumped nearly 18-fold in the first 20 days of April compared to the same period in March, data by the Korea Customs Service showed. Exports of test kits reached $131.9 million during the period, compared to $7.25 million on-year. (khnews@heraldcorp.com)
April 24, 2020