Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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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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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Corporate tax from top 10 conglomerates set to more than halve as H1 profits drop
The combined corporate taxes that will be paid by listed firms of South Korea's top 10 business conglomerates is set to more than halve, as their profits dropped in the first six months due to slowing exports and weaker demand at home, industry data showed Sunday. According to the data from industry tracker Chaebul.com, the combined operating profit of 96 listed firms of the top 10 conglomerates plunged 51.3 percent on-year to 24.9 trillion won ($20.7 billion) in the first half. In line wi
Sept. 29, 2019
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Seoul's filing of complaint with Tokyo over trade row a 'good thing,' WTO economist
The chief economist at the World Trade Organization has called South Korea's recent filing of a complaint with the global trade body over Japan's export curbs a "good thing."Robert Koopman said South Korea should try to "use things like the WTO" to try to bring countries together to reach agreement on how to navigate uncertain times."That's a good thing, I think. Trying to use the WTO's existing systems to resolve disputes -- I think that's what it's there for. I'm glad
Sept. 29, 2019
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SK Innovation to sell stakes in two Peruvian gas fields for $1b
SK Innovation Co., South Korea's leading refiner, said Friday it will sell all of its stakes in two Peruvian gas fields for 1.25 trillion won ($1.05 billion). SK Innovation said its board of directors approved the plan to sell its 17.6 percent stakes in two Peruvian gas fields -- Block 88 and Block 56 -- to Argentine oil firm Pluspetrol. The Korean refiner said it will use the cash to diversify its portfolio in other promising energy sectors, including battery and m
Sept. 27, 2019
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US court dismisses 8b euro lawsuit against Woori Bank
A court in New York dismissed an 8-billion euro ($8.7 billion) lawsuit by AJ Energy LLC against South Korea's Woori Bank over an alleged failure in bank transfer, the bank's parent Woori Financial said Friday. Little-known AJ Energy, which is reportedly registered in Nevada, filed the lawsuit in March last year, claiming that Woori Bank failed to transfer the money. AJ Energy claimed that the money was allegedly transferred to Woori Bank from the US firm's foreign investors, but Woori Bank
Sept. 27, 2019
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SK Innovation, EVE Energy to build EV battery plants in China
SK Innovation said Friday it will establish a joint venture with Chinese battery maker EVE Energy to build electric vehicle battery plants in China. The project will involve $525 million to build factories capable of producing 20 to 25 gigawatt-hours. Established in 2001, EVE Energy is a leading Chinese lithium battery maker. Earlier this month, the company won a contract to provide EV batteries for Hyundai Motor. To seize opportunities in the Chinese EV market, SK Innovation has been
Sept. 27, 2019
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GS Caltex partners with Petrolimex Saigon for gas station operations
GS Caltex said Friday it has signed a memorandum of understanding with Vietnam’s Petrolimex Saigon to share its expertise in operating gas stations. State-run oil business Petrolimex runs more than 5,200 gas stations in Vietnam, with a presence in all 63 provinces of the country. It launched Vietnam’s first self-service gas station in Ho Chi Minh City in January. Under the agreement, GS Caltex will share its know-how on gas station operations in terms of technology and services,
Sept. 27, 2019
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LG Chem files additional lawsuits against SK Innovation
LG Chem said Friday it has filed additional lawsuits against SK Innovation and its US affiliate, raising the stakes in a monthslong legal battle over electric vehicle battery patents. In a statement, LG Chem said SK Innovation and SK Battery America are infringing its patents for lithium-ion batteries. The lawsuits were filed Thursday with the US International Trade Commission and the US District Court of Delaware. The move came in response to SK Innovation’s Sept. 3 lawsuits alle
Sept. 27, 2019
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Nutrilite to launch “Korean-customized” dietary supplement
US vitamin and dietary supplement brand Nutrilite said Thursday that it is launching the upgraded all-in-one dietary supplement Double X in Korea next month, calling it a product tailored to local eating habits.“Double X has been upgraded to tailor to the Korean market, which we developed by determining habits and cultures over the past 10 years,” said Sam Rehnborg, head of the Nutrilite Health Institute and son of the Nutrilite founder, in an interview with The Korea Herald. Rehnbor
Sept. 27, 2019
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Korea bans sales of ranitidine generics over carcinogen concern
South Korea’s Ministry of Food and Drug Safety tentatively put the brakes on the manufacturing, import and sale of 269 ranitidine-based drugs from 133 companies in the country, Thursday, upon alert from the US Food and Drug Administration that a carcinogenic chemical was found in the widely used medicine Zantac and its generic versions. Ranitidine is a drug that decreases stomach acid production. It is used to treat peptic ulcer disease and gastroesophageal reflux disease, or indigestion
Sept. 26, 2019
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Samsung Heavy develops fuel cell-powered crude oil tankers
Samsung Heavy Industries has become the first shipbuilder to develop the world’s first fuel cell-powered aframax crude oil tankers in response to the International Maritime Organization regulations strictly limiting carbon dioxide emissions. Samsung Heavy said Thursday it acquired Approval in Principle, or AiP, by Oslo-based international accredited registrar and classification society DNV GL, for its fuel cell-powered aframax crude oil tanker. AiP is a process to verify technological
Sept. 26, 2019
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KOTRA hosts Korea consumer goods fair in India
The state-run Korea Trade-Investment Promotion Agency hosted a consumer goods fair in New Delhi on Thursday, eyeing the fast-evolving consumer goods sector of the world’s sixth-largest economy. The fair, which is part of a weeklong Korea-India business forum, involved 45 South Korean consumer goods firms and Indian buyers. They held a total of 500 rounds of meetings, according to KOTRA. India’s consumer goods sector was valued at $53 billion in 2017, according to data provided
Sept. 26, 2019
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LG CNS sets up JV with Megazone Cloud
South Korea’s LG CNS, an information technology services subsidiary of LG Corp., said Thursday it is set to establish a joint venture specializing in cloud conversion and operations with Megazone Cloud, the largest cloud management company here.The companies aim to take the lead in the cloud conversion market through their JV. They have signed a joint investment agreement. After discussing the detailed implementation plan for about three months they hope to finalize the JV’s establis
Sept. 26, 2019
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HHI to localize materials with Posco
Hyundai Heavy Industries said Thursday it has partnered with Korean steelmaker Posco to localize materials for liquefied natural gas tankers. HHI said it has recently applied Posco’s 9 percent nickel steel to fuel tanks -- with a model name of Hi-CIX -- for 180,000-ton LNG propulsion vessels in order to localize and stabilize the supply of core materials for cryogenic tanks. Nine percent nickel steel is a material that can maintain strength and toughness even in cryogenic environments
Sept. 26, 2019
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Hyundai Engineering bags $2.2b project in Indonesia
Hyundai Engineering has landed a $2.2 billion refinery development project deal in Balikpapan in Borneo, Indonesia, reestablishing its position as a powerful player in the petrochemical market, the company said Wednesday. Indonesia is the biggest petroleum producer among the Association of Southeast Asian Nations. The Balikpapan refinery is located in the East Kalimantan province, some 20 kilometers from the new capital of Indonesia. According to Hyundai Engineering, Indonesia’s stat
Sept. 26, 2019
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Asia Water Council held in China to address water crises
The two-day 10th board meeting of the Asia Water Council ended Wednesday in Wuhan, China, sharing views on practical ways to address water crises in the region.The meeting discussed ways to further activate the “Water Project,” an AWC project driven to give financial support to each Asian country’s plans to resolve water crisis. The board also discussed the means to bolster financial integrity of the AWC. Some 100 people from 37 institutions participated in this year’s bo
Sept. 26, 2019
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Yoon & Yang, MLex host forum on data protection regulations
Responding to stricter requirements for data protection, law firm Yoon & Yang co-hosted a related seminar with regulatory insight provider MLex this week. The event, titled “Data Protection Regulations in Korea and EU,” was held Tuesday at the headquarters of Yoon & Yang, the country’s sixth-largest law firm both in size and sales.MLex is a news organization affiliated with LexisNexis, specialized in regulatory risks. It has a global network of more than 80 regulatory r
Sept. 25, 2019
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S. Korea’s top-priced apartment valued at W8.4b
Despite continued policy measures to steady the overheated real estate market, the overall prices of top-tier apartments are surging, government data showed Wednesday.According to data compiled by the Ministry of Land, Infrastructure and Transport, South Korea’s most expensive apartment as of last month was Hannam The Hill. One of the units of this premium apartment located in Hannam-dong, central Seoul, was valued at 8.4 billion won ($7 million) in January this year.The corresponding data
Sept. 25, 2019
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Google to accelerate cloud business push in S. Korea
Global IT giant Google Inc. aims to rev up its cloud business in South Korea by opening its first data center in the country early next year, company officials said Wednesday. It will be Google Cloud's eighth data center in the Asia Pacific region, and it wants local companies to expand globally and multinational customers to do business in the country, they said. "Google Cloud has focused on four industries -- finance, health care, retail and manufacturing -- globally," Yang Seung-do,
Sept. 25, 2019
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Posco International embarks on Ukraine grain export terminal
Posco International, a trading subsidiary of Posco, has become the first Korean company to complete construction of an overseas grain export terminal, as it went into full operation, the firm said Wednesday. The new grain terminal at the Ukrainian Black Sea port of Nikolayev, which is owned by Posco International with a 75 percent stake, is one of the largest export ports in the southern Black Sea. It is capable of shipping 2.5 million tons of grains such as wheat, corn and soybeans annually.The
Sept. 25, 2019
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KAI’s unmanned chopper succeeds in vertical take-off, landing
South Korean aerospace and defense company Korea Aerospace Industries said Tuesday it was successful in flying an unmanned helicopter in its first flight. The company said its unmanned helicopter NI-600VT, or Night Intruder-600 Vertical Take-off & Landing, showed hovering and horizontal direction conversion functions at the Goheung Aerospace Center located in South Jeolla Province. And the copter confirmed its flight control performance and safety. The NI-600VT copter is a reformed vers
Sept. 24, 2019