South Korean chemicals maker SKC said Tuesday it will establish its first overseas production base for copper foils in Malaysia and that the factory would be powered by 100 percent renewable energy sources. According to the company, its copper foil subsidiary SK Nexilis will invest 650 billion won ($587.4 million) and construct a copper foil plant with an annual production capacity of 44,000 metric tons at Kota Kinabalu Industrial Park in the state of Sabah. “After breaking ground in

Samsung Biologics joined the club of companies making more than 1 trillion won in revenue in 2020, just nine years after its founding. According to the company’s fourth quarter earnings report made Tuesday, Samsung Biologics’ full-year revenue increased 66 percent on-year in 2020, marking 1.16 trillion won ($1 billion). The previous year, Samsung Biologics made 463 billion won in revenue. Its operating profit also rose 12 percent on-year to 292.8 billion on, from the previous ye

Game-based therapies emerge as next-generation treatment globally, but face many hurdles in Korea 　

South Korea’s state power companies are projected to register 1.3 trillion won ($1.17 billion) in combined losses this year due to the nation’s anti-coal drive and low electricity prices. According to budget plans submitted by five subsidiaries of Korea Power Corp. on Tuesday, the Korea South-East Power, Korea Midland Power, Korea Southern Power, Korea East-West Power and Korea Western Power are expected to record net losses of between 230.8 billion won and 350 billion won. The b

South Korean defense companies enjoyed a solid performance last year despite complications from the pandemic and are expected to continue their momentum this year, according to market tracker FnGuide on Tuesday. Last year, five major local defense firms -- Hanwha Aerospace, LIG Nex1, Korea Aerospace Industries, Hyundai Rotem and Hanwha Systems -- were estimated to have logged sales similar or slightly lower than those of a year prior, as the coronavirus prevented them from landing new contra

Automaker sees global sales volume slip amid pandemic, profits from high-end model, SUV launches

Belgian factory upscaling to yield ‘significantly more doses in the second quarter’

Samsung BioLogics, a biopharmaceutical unit of South Korea's top conglomerate Samsung Group, said Tuesday its net income increased 18.8 percent on-year in 2020 on the back of improved factory utilization and increased sales. The company's net profit reached 241 billion won ($217.8 million) in 2020, compared with a net income of 203 billion won a year earlier, the company said in a regulatory filing. Operating income reached 292.8 billion won last year, compared with 91.7 billion a year earlier

Samsung Biologics Co. on Tuesday reported its fourth-quarter net profit of 96.2 billion won ($87 million), down 54.3 percent from a year earlier. The company said in a regulatory filing that operating income for the October-December period fell 13.4 percent on-year to 92.6 billion won. Sales increased 19.8 percent to 375.3 billion won. (Yonhap)

South Korea's business sentiment inched up for February from a month earlier on decreased economic uncertainty, a poll showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales reached 96.6 for next month, up 4.9 points from January, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. KERI said the February confidence got a boost from

Lee Jae-yong, the de facto head of Samsung Group, has expressed an apology to his employees following his imprisonment as he asked workers to maintain their work despite his absence, officials here said Tuesday. Lee was sentenced to 2 1/2 years in prison by the Seoul High Court on Jan. 18 in a retrial of a bribery case involving former President Park Geun-hye. The vice chairman of Samsung Electronics Co. was put behind bars again less than three years after he was allowed to walk free. In a me

South Korea's antitrust regulator said Tuesday it has decided to fine seven steelmakers a combined 300 billion won ($272 million) for colluding to fix the purchase price of steel scrap. The country's No. 2 steelmaker Hyundai Steel Co., its smaller rival Dongkuk Steel Mill Co. and five other steelmakers rigged prices and timing to buy the key material between 2010 and 2018, according to the Korea Fair Trade Commission (KFTC). It marked the fourth-largest amount of fines levied by the regulator

BMW Group Korea said Tuesday it will invest 60 billion won ($54 million) until 2023 in expanding its local logistics center. The logistics center in Pyeongtaek, just south of Seoul, will be able to accommodate about 18,000 vehicles, up from the current 11,000 with the expansion, the company said in a statement. BMW said it will continue to increase investment here to meet customers' demands and boost sales. The German carmaker said it will establish the infrastructure at the logistics center

South Korea said Tuesday it will invest nearly 28 billion won ($25.3 million) in research and development (R&D) projects for eco-friendly automobiles and self-driving technologies in line with the country's green energy drive. The country plans to allocate 13.4 billion won for research projects for electric vehicles and hydrogen fuel cell cars, along with 14.5 billion won for self-driving systems, according to the Ministry of Trade, Industry and Energy. The budget will be spent on a wide a

Major shipbuilder Samsung Heavy Industries Co. said Tuesday that it has signed a 229 billion won ($208 million) deal with an Oceania company to build two container carriers. Under the deal with an unidentified customer, the vessels will be delivered by December 2022, Samsung Heavy said in an emailed statement. The container carrier can load up to 13,000 20-foot containers, the company said. With the latest deal, Samsung Heavy has clinched deals worth $400 million so far this year. (Yonhap)