SK earthon discovers oil reserves at offshore site in Vietnam

SK earthon Co., a South Korean oil exploration and production company, said Thursday oil reserves have been discovered in a Vietnamese block in which the company holds a stake. US-based Murphy Oil Corp., the operator of Block 15-1/05, recently found a 32-meter-thick oil layer in the block located in the Cuu Long Basin and has been testing production of 2,500 barrels of light crude oil per day, SK earthon said in a press release. SK earthon holds a 25 percent stake in the block, based on its 2007

May 8, 2025

Korea-Czech nuclear deal advances despite court injunction

PRAGUE -- South Korea and the Czech Republic reaffirmed their commitment on Wednesday to advance their $18 billion nuclear power plant construction deal and expand cooperation across key industrial sectors, despite a court ruling that temporarily delayed the contract signing. “While today’s unforeseen circumstances prevented us from finalizing the main contract, I feel confident that, like the saying 'the ground hardens after rain,' this shared challenge has only strengthened the trust between o

May 8, 2025

Space agency seeks revision of plan to modify next-gen space rocket into reusable system

South Korea's aerospace agency said Thursday it has formally requested a government review to revise the development plan for its next-generation space launch vehicle, aiming to shift toward a reusable rocket system. According to the Korea AeroSpace Administration, the agency submitted a request to the finance ministry last week for a feasibility reassessment of the project revision. KASA announced in February that it plans to modify its next-generation space rocket into a reusable system and ac

May 8, 2025

Czech utility CEZ to appeal court ruling, vows to proceed with Korea nuclear deal

PRAGUE, Czech Republic – Czech energy utility CEZ said Wednesday it will challenge a court injunction that has temporarily blocked its $18 billion nuclear plant deal with Korea Hydro & Nuclear Power, vowing to move forward with the project and minimize delays and related costs. The company announced it will file an appeal next week with the Czech Supreme Administrative Court against the Brno Regional Court’s decision to grant a preliminary injunction requested by French energy firm EDF, which lo

May 7, 2025

Coupang reports record Q1 sales despite soft Korean market

Korean e-commerce giant Coupang reported record-high revenue of $7.91 billion in the first quarter, a 21 percent on-year increase, driven in part by favorable foreign exchange rates despite sluggish consumer spending and intensifying e-commerce competition in Korea. On Wednesday, Coupang Inc., listed on the New York Stock Exchange, reported a first-quarter operating profit of $154 million — up over 300 percent year-over-year, or $114 million higher — underscoring the company’s improved operating

May 7, 2025

Woori taps Poland branch to support Ukraine's postwar recovery

The head of Woori Bank aims to position the bank’s newly launched branch in Poland as a strategic outpost to Eastern Europe and beyond, particularly in supporting Korean companies likely to be involved in Ukraine’s postwar reconstruction. Woori Bank CEO Jung Jin-wan expressed strong interest in partnering with state-run Korea Water Resources Corporation, or K-water, to play a leading role in rebuilding Ukraine’s water infrastructure, a critical need in the aftermath of the war. “The most urgent

May 7, 2025

SK chief apologizes over SK Telecom data leak

SK Group Chairman Chey Tae-won apologized on Wednesday for a recent hacking incident at SK Telecom that led to a massive data leak, pledging to bolster cybersecurity across the conglomerate’s affiliates. Chey’s apology came 19 days after the country’s largest mobile carrier with 25 million subscribers -- nearly half of Korea’s population -- disclosed that it had suffered a cyberattack and subsequent data breach of customers’ USIM data on April 18. The data breach, caused by a malware attack insi

May 7, 2025

Kakao Bank eyes AI, overseas growth after best-ever quarter

Kakao Bank, South Korea’s largest internet-only lender, posted record earnings in the first quarter, fueled by a diversified portfolio and strong growth in non-interest income. The company aims to build on that momentum with the rollout of artificial intelligence services later this month. Operating profit and net income came in at 183 billion won ($134 million) and 137.4 billion won, respectively, in the January–March quarter — both up 23 percent from a year earlier and marking record highs for

May 7, 2025

HD Hyundai, Hanwha join forces for $17.4b Canadian submarine bid

Korea’s leading shipbuilders have teamed up to pursue a Canadian submarine project estimated to be worth up to 24 billion Canadian dollars ($17.4 billion), easing their long-standing rivalry in the special shipbuilding sector, industry sources said Wednesday. Hanwha Ocean and HD Hyundai Heavy Industries, two of Korea’s largest shipyards, jointly submitted a proactive proposal to the Canadian government in March for the project, which aims to add up to a dozen 3,000-ton-class submarines to the co

May 7, 2025

[Hello Thailand] Thailand turns to Korea for key projects, eyeing mutual growth

As Thailand advances a sweeping plan to transform Asia’s logistics landscape, it is inviting South Korean firms to participate in its 1 trillion baht ($30 billion) infrastructure initiative: the Land Bridge. The massive plan, spearheaded by the Thai government, aims to connect Chumphon on the Gulf of Thailand with Ranong on the Andaman coast via a 90-kilometer overland corridor of highways, railways and two deep-sea ports. Designed to bypass the congested Malacca Strait, the project is expected

May 7, 2025

Chung Mong-joon receives honorary degree from Korea University for social contributions

Korea University has conferred an honorary doctor of political science degree on Asan Foundation Chairman Chung Mong-joon, the university announced Wednesday. During a ceremony held Monday at the university’s Centennial Memorial Samsung Hall in Seoul, Chung was recognized for his career spanning academia, business and politics. Chung served seven terms in the National Assembly from 1988 to 2014, leading legislative efforts in diplomacy, national security, unification and welfare. As vice preside

May 7, 2025

Seoul requests 'special consideration' as US mulls tariffs on semiconductor imports

South Korea has asked the United States to make "special consideration" of its chip exports as the Donald Trump administration is moving to impose tariffs on imported semiconductors, Seoul's industry ministry said Wednesday. The South Korean government submitted a written opinion to the US administration regarding Washington's national security investigation into semiconductor imports under the US Trade Expansion Act, according to the Ministry of Trade, Industry and Energy. The Trump administrat

May 7, 2025

Korea reaffirms commitment to Czech nuclear project despite court pause

PRAGUE, Czech Republic — South Korean Industry Minister Ahn Duk-geun expressed confidence that Korea’s nuclear plant deal with the Czech Republic will move forward smoothly, despite a surprise court ruling on Tuesday that temporarily blocked an $18 billion contract between Korean and Czech energy companies. Ahn was en route to Prague for the official signing ceremony between Korea Hydro & Nuclear Power and Elektrarna Dukovany II, scheduled for Wednesday, when a Czech court issued a preliminary i

May 7, 2025

Industry minister says Czech court ruling delays nuclear deal signing, yet other procedures continue

Industry Minister Ahn Duk-geun said Wednesday that a Czech court's decision to temporarily block a multibillion-dollar nuclear power plant deal with South Korea will only delay the official signing, while other procedures will continue as planned. On Tuesday, the regional court in Brno issued an injunction preventing the country's main electricity firm, CEZ, from signing the estimated 26 trillion-won ($18.6 billion) contract with a South Korean consortium led by Korea Hydro & Nuclear Power Co. u

May 7, 2025

HD Hyundai, Maersk forge strategic alliance for low-emission shipping

HD Hyundai announced Tuesday that it has signed a strategic partnership with shipping giant Maersk to support the Danish firm’s efforts toward low-emission operations while strengthening its own global supply chain. The signing ceremony took place at HD Hyundai’s Global R&D Center in Seongnam, Gyeonggi Province on April 24, with Executive Vice Chair Chung Ki-sun and Maersk Chair Robert Maersk Uggla in attendance. "Our collaboration with Maersk will serve as a leading example of innovation in the

May 6, 2025