Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Official campaigning kicks off for April 10 elections
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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S-Oil CEO calls for continued incentives on long-term investments
S-Oil has called for continued incentives from the South Korean government to vitalize large-scale projects and investments in the new energy sector. “Expanding incentive supports such as extending the tax credit period for investment in large scale projects that take place over a long period of time is necessary,” said S-Oil CEO Anwar A. Al-Hejazi in a meeting with President Yoon Suk Yeol and foreign-invested company representatives and heads of Seoul-based commerce chambers in Seou
Feb. 15, 2024
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Toss Securities logs first annual profit
Toss Securities saw its first profitable year since it started service three years ago by logging 1.53 billion won ($1.15 million) in net profit last year, it said on Thursday. Sales rose by 58 percent on year to 202 billion won in the same period, with the operating loss narrowed by 31.3 billion won to 900 million won. The firm attributed its first profitable year to transaction volume expansion, which led to improved earnings from the trading commission. Domestic and overseas market transactio
Feb. 15, 2024
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[Photo News] Shining Future
Citibank Korea CEO Yoon Myung-soon (left) and JA Korea President Lee Eun-hyung pose for a photo during a sponsorship signing event held at the bank’s Seoul office on Wednesday. The bank donated 317 million won ($250,000) to the Korean unit of JA Worldwide, a non-profit youth organization, to help vocational school students prepare for their future careers as part of the Citi-JA Shining Future Program. (Citibank Korea)
Feb. 15, 2024
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Mobile payment surges by W17tr in 2023
The local mobile payments market continued its relentless expansion last year, swelling by a whopping 17 trillion won ($12.72 billion) on year. The total amount of mobile payments made through four major companies providing the service locally -- Samsung Pay, Naver Pay, Kakao Pay and NHN Payco -- tallied 147.79 trillion won last year, according to Financial Supervisory Service data obtained by lawmaker Oh Gi-hyoung of the Democratic Party of Korea. The number has climbed steeply in recent year
Feb. 14, 2024
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Korean Air steps closer to merger with EU approval
The European Union's antitrust regulator on Tuesday granted conditional approval for the merger of Korean Air with its smaller domestic rival Asiana Airlines, leaving only the last approval from the US pending among the 14 relevant authorities. The announcement comes after the nation’s largest air carrier submitted a revised merger plan to the European Commission in November last year, which entails selling off Asiana Airlines' cargo business and turning over certain airport slots for fou
Feb. 14, 2024
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HD Hyundai to develop large liquefied hydrogen carrier by 2030
HD Hyundai will develop a commercial large liquefied hydrogen carrier by 2030 in accordance with the hydrogen value chain cooperation with global leaders in the sector, the South Korean shipbuilding conglomerate said Wednesday. According to the announcement, HD Hyundai’s shipbuilding holdings company, HD Korea Shipbuilding and Offshore Engineering, or HD KSOE, recently signed a memorandum of understanding with Woodside Energy, a major Australian energy company, and Hyundai Glovis, a Korea
Feb. 14, 2024
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LG Energy Solution beefs up supply chain for EV materials
LG Energy Solution on Wednesday announced that it had signed a supply deal with Australian lithium producer Wesfarmers Chemicals, Energy and Fertilisers, bolstering the supply chain of key materials for producing electric vehicle batteries within the boundaries of the United States' free trade agreement to cope with Washington’s incentive policy under the Inflation Reduction Act. According to the announcement, the Korean battery maker will receive 85,000 tons of spodumene concentrate, a h
Feb. 14, 2024
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HD Korea Shipbuilding cancels 416.9 bln-won deal for 2 liners
HD Korea Shipbuilding & Offshore Engineering Co. said Tuesday it has canceled a 416.9 billion-won ($313 million) order to build two passenger ships for a New Zealand state ferry operator. The contract was canceled at the request of KiwiRail Holdings Ltd., a New Zealand state-owned enterprise responsible for rail operations and operating interisland ferries, the South Korean shipbuilding giant said in a regulatory filing. HD Korea Shipbuilding had clinched the deal from KiwiRail in 2021, but
Feb. 13, 2024
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Korean Air merger gets EU nod
The European Union's antitrust regulator granted conditional approval for the merger of Korean Air with its smaller domestic rival Asiana Airlines on Tuesday, leaving only approval from the US pending among the 14 relevant authorities, according to Korean Air. The approval comes after the nation’s largest air carrier submitted a revised merger plan to the European Commission in November last year, which entails selling off Asiana Airlines' cargo business and turning over certain airport s
Feb. 13, 2024
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SK chief headed to Germany, Spain to bolster ties
SK Group Chairman Chey Tae-won is expected to travel to Germany next week, joining an economic delegation as the head of the Korea Chamber of Commerce and Industry, according to industry sources, Tuesday. Chey will be traveling to Berlin on Feb. 19 to take part in various business forums and gatherings, where business and government officials from Korea and Germany are expected to discuss strengthening collaborative efforts. Chey is also expected to travel to Barcelona, Spain, to attend a globa
Feb. 13, 2024
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Celltrion seeks approval for Actemra biosimilar in Europe
Celltrion announced Tuesday that the company has submitted its application for marketing authorization to the European Medicines Agency for CT-P47, a biosimilar referencing Roche's Actemra. Roche's Actemra (tocilizumab) is approved for a wide range of uses, including rheumatoid arthritis, giant cell arteritis, systemic juvenile idiopathic arthritis, polyarticular juvenile idiopathic arthritis and cytokine release syndrome. Celltrion’s application has been based on the results from a glob
Feb. 13, 2024
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CEOs, top executives to be held accountable for financial misconduct
Executives of financial companies will be held accountable for misconduct within their assigned areas of responsibility starting in July. The Financial Services Commission announced guidelines on Tuesday for the new "responsibilities map" system, requiring financial institutes to detail responsibilities for executives, including chief executive officer. In December, the National Assembly passed a revised bill for the Act on Corporate Governance of Financial Companies, introducing the
Feb. 13, 2024
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[KH Explains] Why NCSoft is playing coy on game revenue
NCSoft announced an annual revenue of 1.78 trillion won ($1.34 billion) and operating profit of 137.3 billion last week, down 31 percent and 75 percent on year, respectively. Following the earnings announcement, the South Korean game developer held a conference call Thursday to explain last year's financial results. During the call, an analyst castigated the company for a recent change to its reporting practices: “You say that the company is putting efforts together, but it seems that (
Feb. 13, 2024
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[KH explains] Why ramyeon makers still stick with 'ramen' marketing
Amid soaring exports of Korean instant noodles in recent years, a renewed spotlight has been cast on a decadeslong dilemma among local food companies -- whether or not the word "ramen" should be ditched from their marketing strategy. Ramen, rooted in Japanese culinary tradition, has become a household name globally that refers to noodles in broth. The term "ramen" can also refer to instant noodle products. Amid a growing global presence, Korean businesses have long used the t
Feb. 12, 2024
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Korea’s defense exports amount to $14b last year
South Korea secured its place among the world's top 10 defense exporters for the second consecutive year in 2023 with approximately $14 billion in exports, anticipating continued demand this year bolstered by substantial deals already in place. Data from the Korean Ministry of National Defense and domestic defense companies published on Monday show that Korea, ranking ninth globally behind Spain, expanded its export markets to 12 countries last year, including new partners like the United A
Feb. 12, 2024
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Korea ranked No. 4 in Starbucks store count
South Korea ranked fourth in the world in terms of the number of Starbucks stores in the country, following the United States, China and Japan, with an increase of over 100 new stores in 2023. According to the Starbucks global website on Sunday, the number of stores in Korea at the end of last year stood at 1,893, marking an increase of 116 from the previous year. There are 38,587 Starbucks stores worldwide, with the US hosting the largest number at 16,466, followed by China with 6,975 stores. T
Feb. 12, 2024
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CJ Logistics speeds up overseas expansion
CJ Logistics, the nation’s largest logistic firm, affiliated with retail giant CJ Group, is speeding up its overseas expansion this year, according to industry sources on Monday. Its Indian subsidiary, CJ Darcl Logistics, aims to make its stock debut in the first half of the year, while the company plans to start construction of three massive distribution centers in the US later this year. CJ Logistics, commanding 45 percent of the domestic parcel delivery market, has been steadily expandi
Feb. 12, 2024
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Samsung chief inspects battery plant in Malaysia during holidays
Samsung Electronics Chairman Lee Jae-yong last week renewed his will to continue bold investments despite business uncertainties upon his visit to the construction site of a new 1.7 trillion won ($1.2 billion) battery plant in Malaysia. According to the tech giant on Monday, the Samsung chief on Friday visited the Malaysian city of Seremban where Samsung SDI, the battery-making arm of Samsung Group, is building its second plant with its completion set for 2025. Samsung SDI aims to bolster its re
Feb. 12, 2024
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Thingsflow's AI chatbot becomes global featured on Google Play
An artificial intelligence chatbot developed by Thingsflow, a South Korean startup, has been selected as Global Featured on Google Play for the first time as a Korean chatbot service, according to the company Sunday. Thingsflow's Hellobot is a first-generation AI chatbot platform where anyone can easily create and distribute chatbots with unique expertise, such as love tarot, personality and psychological analysis, fortune telling and others. With the selection as Global Featured on Google
Feb. 11, 2024
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S. Korea's coffee imports top $1 bln for 2 yrs in row
South Korea's imports of coffee topped $1 billion for two straight years on its growing popularity here, customs data showed Sunday. The combined value of imported green and roasted coffee beans reached $1.11 billion in 2023, compared with $1.3 billion a year ago, according to the data from the Korea Customs Service. Last year, the country imported 193,000 tons of coffee, down from 205,000 tons a year ago. South Korea's coffee imports had been on a steady rise since 2018 as an increasi
Feb. 11, 2024