Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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LG Uplus turns to black in Q4 on 5G user growth, logs record annual operating profit
LG Uplus Corp., South Korea's third-largest mobile carrier, said Friday it shifted to black in the fourth quarter from a year earlier on the back of growth in 5G network subscriptions. Net income for the October-December period stood at 101.8 billion won ($84.5 million), marking a turnaround from a loss of 224.7 billion won the previous year, the company said in a regulatory filing. The company's operating profit dipped 9.8 percent on-year to 158.2 billion won while sales rose 2.7 percent on-y
Jan. 28, 2022
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SK hynix logs record revenue of W43tr in 2021
South Korean chipmaker SK hynix announced Friday that its annual revenue surged 35 percent to 42.9 trillion won ($35.6 billion) on-year, a record figure for the company. Operating profit spiked 148 percent to 12.4 trillion won. The record performance was propelled by the robust demand in IT gadgets amid a non-face-to-face trend despite uncertainties posed by supply chain risks, the company explained. The previous record was 40.4 trillion won of revenue in 2018, when the firm benefited from a
Jan. 28, 2022
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Inflationary pressure could further rise on Russia-Ukraine tension: official
South Korea's consumer prices could be further under upward pressure as oil prices have spiked amid increased geopolitical tensions between Russia and Ukraine, a senior government official said Friday. The government will step up its monitoring of prices of petroleum products and consider whether to extend fuel tax cuts, depending on oil price movements, according to Vice First Finance Minister Lee Eog-weon. "A spike in oil prices, caused by Russia-Ukraine tensions and risks from oil prod
Jan. 28, 2022
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Samsung Card logs 169.1% rise in Q4 net on rebounding spending
Samsung Card Co., a major South Korean card issuer, on Friday reported a 169.1 percent rise in its fourth-quarter earnings as consumption rebounded from a pandemic-caused slowdown. Net income in the October-December quarter came to 129.4 billion won ($107.4 million) on a consolidated basis, up from 48.1 billion won a year earlier, the company said in a regulatory filing. Fourth-quarter operating profit also surged 179.6 percent to 175.8 billion won, while sales declined 3.1 percent to 886.4 bi
Jan. 28, 2022
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SK Innovation shifts to black in Q4 on strong petrochem, EV battery sales
SK Innovation Co., the energy and chemical affiliate of South Korean conglomerate SK Group, said Friday it swung to the black in the fourth quarter from a year earlier on strong petrochemical demand and electric vehicle (EV) battery sales. Net income came to 163.4 billion won ($135.7 million) in the October-December period, a turnaround from a loss of 232.6 billion won a year earlier, the company said in a regulatory filing. It continued to post an operating loss of 47.3 billion won but far le
Jan. 28, 2022
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Shareholders OK Posco's plan to create holding firm
Shareholders of Posco, South Korea's top steelmaker, approved the company's plan to transform into a holding company by splitting it into two business entities, the steelmaker said Friday. After the breakup, the steelmaking group's holding company, tentatively named Posco Holdings, will focus on charting out future business, research and development, and investment. The steelmaking business will be dubbed Posco, which will be wholly owned by Posco Holdings and remain unlisted. The steelmaker'
Jan. 28, 2022
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Imports of leisure goods up 36.5% last year amid pandemic
South Korea's imports of leisure goods rose 36.5 percent last year from a year earlier as the COVID-19 pandemic boosted demand for indoor activities, customs data showed Friday. Imports of goods used for leisure activities, including tablets and TVs, came to $9.56 billion last year, compared with $7 billion a year earlier, according to the data from the Korea Customs Service. The 2021 reading accelerated from a 17.3 percent on-year gain in 2020. Compared with 2019, the value of imports almost
Jan. 28, 2022
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Kyobo Life requests US watchdog to punish Deloitte Anjin accountants for collusion
Kyobo Life Insurance, a major South Korean life insurer, said Friday that it has requested a US nonprofit watchdog to punish three accountants of Deloitte Anjin for colluding to inflate the prices of a put option exercised by one of its investors. Kyobo Life Insurance filed the petition with the Public Company Accounting Oversight Board, asking for their "strong punishment," according to the company. The board is a nonprofit watchdog established by US Congress to oversee the audits of
Jan. 28, 2022
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S. Korea activates task force for emergency economic responses over Ukraine tension
South Korea has launched a task force to prepare for potential economic impacts of ongoing tensions between Russia and Ukraine on the local economy and the financial market, the finance ministry said Friday. Tensions have escalated near Ukraine's border areas as the United States and its European allies have failed to reach an agreement with Russia to avert a potential military conflict. Finance Minister Hong Nam-ki held a meeting with related ministers to assess the situation Friday, and anno
Jan. 28, 2022
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SK hynix Q4 net up 87.5% on rising chip demand
SK hynix Inc., South Korea's No. 2 chipmaker, on Friday reported strong fourth-quarter earnings, helped by solid memory chip demand for servers and smartphones. Net profit for the three months that ended in December leaped by 87.5 percent from a year earlier to 3.31 trillion won ($2.8 billion). Operating profit rose 340 percent from a year ago to 4.21 trillion won, the highest since the fourth quarter of 2018. Sales jumped 55.4 percent to a quarterly record of 12.37 trillion won, marking the
Jan. 28, 2022
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Seoul stocks open higher on bottom-fishing
South Korean stocks opened higher Friday as investors sought to buy oversold stocks after the key stock index's five-day losing streak. The benchmark Korea Composite Stock Price Index (Kospi) advanced 12.58 points, or 0.48 percent, to 2,627.07 points in the first 15 minutes of trading. Stocks came off to a volatile start after the key stock index closed at a 14-month low due to the US rate hike concerns and LG Energy Solution's crash upon its market debut. Market bellwether Samsung Electronic
Jan. 28, 2022
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Industrial output grows by most in 11 years in 2021
South Korea's industrial output increased by the most in 11 years in 2021 due largely to a low base effect and robust exports, data showed Friday, in a sign that the country's economy has extended recovery momentum. Industrial output increased 4.8 percent in 2021 from the previous year, a turnaround from a 1.2 percent on-year fall in 2020, according to the data compiled by Statistics Korea. It marked the largest growth since 2010, when industrial output gained 6.5 percent. Service output, onc
Jan. 28, 2022
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LG Electronics home appliance sales beat Whirlpool for 2021
LG Electronics saw its home appliance business set a new record in 2021 with revenues jumping 21.7 percent to 27.11 trillion won ($22.92 billion), outstripping the performance of its US rival Whirlpool that showed net sales of $22 billion, its earnings release showed Thursday. The performance of the business -- dedicated to refrigerators, washing machines, air conditioners and hygiene-related products -- drove LG Electronics‘ overall full-year revenue to an all-time high, at 74.72 trilli
Jan. 27, 2022
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LG Energy Solution debuts as Korea’s No. 2 company
LG Energy Solution became South Korea’s second-most valuable company, as the electric vehicle battery maker began trading shares on the benchmark Kospi well above the initial public offering price of 300,000 won ($250) apiece on its debut Thursday. The shares closed at 505,000 won after hitting 598,000 won, falling short of reaching the daily price ceiling of 780,000 won. But shares on the company’s market debut day put its market value at 118 trillion won, second only to Sam
Jan. 27, 2022
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KDB chief regrets EU veto of Hyundai-Daewoo merger
The head of the state-run Korea Development Bank on Thursday expressed “strong regret” over the European Union antitrust regulator’s recent decision to block the merger of two Korean shipbuilders, saying that the move undermined Korea’s long-term efforts to normalize the shipbuilding industry. “I apologize and must express strong regret over the EU’s recent decision to veto Hyundai Heavy Industries Group’s proposed acquisition of Daewoo Shipbuilding &a
Jan. 27, 2022
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Netmarble to make a big bet on metaverse
South Korean game giant Netmarble said Thursday it will launch metaverse games that allow hyperconnection between the real world and virtual reality, expanding its footing in the fast-growing blockchain industry. “We plan to develop metaverse games that allow users, either individuals or companies, to gain virtual assets that can be exchanged for real assets such as currency through blockchain technology,” said Netmarble Chairman Bang Jun-hyuck. The metaverse concept has been used
Jan. 27, 2022
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Science ministry to set up Korean version of US DARPA
The government will introduce the Korean version of the US‘ Defense Advanced Research Projects Agency this year to accelerate future-oriented research on innovative technology, Science and ICT Minister Lim Hye-sook said Thursday. Adapting the US DARPA model -- creator of the computer mouse, drones, the Internet predecessor Arpanet, GPS, and voice recognition -- the Korean agency will have its own independent rights in operation and budget to lead challenging research and development of n
Jan. 27, 2022
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Standard Chartered offers up to 1.5% interest rate for new account subscribers
Standard Chartered Bank Korea said Thursday it plans to offer a before-tax interest rate of up to 1.5% per year on savings for those who subscribe to SC Bank‘s My Signature Account for the first time. The promotional event runs through Feb. 28. My Signature Account, launched in July, is a checking account that offers “high yield” in connection to one's transaction performance. The account has been in the limelight for providing a stable yield amidst fluctuating interest r
Jan. 27, 2022
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Naver Webtoon aims to lead global content market with Wattpad
The Korean digital comics platform Naver Webtoon plans to fortify its foothold in the North American and ASEAN video content market, capitalizing on an extended IP value chain that now encompasses web novel giant Wattpad and the recently launched Wattpad Webtoon Studios. While Naver Webtoon has long developed expertise in adapting Korean webtoons into films, teaming up with Wattpad is expected to expand its presence to the web novel sector. Wattpad, North America’s largest web novel platf
Jan. 27, 2022
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Companies brace for new industrial safety law
With the nation’s new industrial safety law taking effect Thursday, companies across industries are bolstering their safety management systems to avoid being the first punished under the enhanced rules. Under the Serious Accident Punishment Act, business owners or executives at companies with more than 50 employees could face a criminal penalty of a minimum one-year prison term or fines of up to 1 billion won ($835,000) for fatal industrial accidents under circumstances where safet
Jan. 27, 2022