Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the

SEOUL, South Korea, Sept. 27, 2023 /PRNewswire/ -- Wayne Hills Bryant A.I., often referred to as "Wayne Hills", recently announced a groundbreaking research project through its U.S. division. The initiative, named "Wayne Hills Neural Network A.I.", is aimed at developing an A.I. system capable of producing video content directly from human thoughts. Wayne Hills Neural Network A.I Central to this innovation is the utilization of Brain-Computer Interface (BCI) te

This April, tragedy narrowly averted a GS Construction Consortium’s apartment construction site in Geomdan New Town, Incheon. The upper layers of an underground parking garage, designated as a children's playground, gave way, triggering a chain collapse. While no casualties were reported as the accident happened late at night, the subsidence revealed a grim scenario had it occurred post-completion. A month later, GS Engineering & Construction, the builder, admitted to omitting ste

SEOUL, South Korea, Sept. 14, 2023 /PRNewswire/ -- Great Place to Work®, a global evaluation organization established in 1990, conducts research on trust management and disseminates it in collaboration with 150 countries worldwide, including the United States, Europe, and Japan. The organization selects and announces, "Best Workplaces" in each country, such as the "Fortune 100 Best Companies to Work For®" in the United States, "100 Best Workplaces in Europe™

South Korean stocks finished lower Wednesday, as rising global oil prices renewed concerns about inflation and the continued push for monetary tightening by major economies. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 18.84 points, or 0.73 percent, to close at 2,563.34, extending a losing streak to the second session. Trading volume was moderate at 415.9 million shares worth 7.55 trillion won ($5.66 billion), with losers outpacing gainers 5

South Korean energy firm GS Caltex and the country's flag carrier Korean Air said Tuesday that an aircraft using biojet fuel aimed at decreasing the aviation industry's carbon footprint was scheduled to take off toward Los Angeles. During a pilot operation ceremony at Incheon Airport on Tuesday, Kim Chang-soo, GS Caltex's executive vice president and director of Mobility & Marketing; Cho Sung-bae, Korean Air's senior vice president of procurement; and representatives from

GS Engineering and Construction has unveiled its European-style modular residential unit at this year's IFA, one of the world's largest consumer appliance trade shows held in Berlin from Sept. 1-5. Called Smart Cottage, the latest product began construction using modular manufacturing in May. The project was a joint collaboration between GS E&C’s Poland-based subsidiary modular company Danwood SA and South Korean electronics giant LG Electronics. The modular unit combines G

L’Oreal Korea, making its 30th anniversary this year, said Friday it would boost collaboration with South Korean partners to ride the K-beauty boom around the world. “Korea has a very strategic and strong role to play within the ecosystem of the North Asia Beauty Triangle,” Fabrice Megarbane, president of the company’s North Asia Zone and CEO of L’Oreal China, during a press conference at the Korean unit’s headquarters in southern Seoul. The North Asia Beauty

Sapeon, a global AI semiconductor company that spun out from SK Telecom last year, announced Wednesday it concluded its Series A financing round, securing over 60 billion won ($45.4 million) in investments. With the latest round, the company's valuation now exceeds 500 billion won. Ascent Equity Partners led the financing as the primary investor. Other key investors included GS Group affiliates like Daebo Communication & Systems Corp., Hana Financial Group, Mirae Asset Venture Investmen

South Korean builder GS Engineering & Construction, facing an unprecedented business suspension for up to 10 months over the recent collapse of an underground parking lot it built, seems to have no other way but to go abroad to seek new business opportunities for the time being, industry sources said Monday. According to an official from the Ministry of Land, Infrastructure and Transport, the government will push to suspend the company’s operations for eight months under the land minister&

Offering Energy Efficiency, Comfort and Convenience, LG's Innovative Housing Solution Seamlessly Merges Space with Smart Home Appliances and Services SEOUL, South Korea, Aug. 16, 2023 /PRNewswire/ -- LG Electronics (LG) is set to unveil its housing solution, LG Smart Cottage, at IFA 2023. The Smart Cottage is a compact, prefabricated home incorporating LG's cutting-edge heating, ventilation and air conditioning (HVAC) and energy solutions, as well as its newest smart home appliances and servic

Lotte Group Chairman Shin Dong-bin was rated as the highest-paid business tycoon among South Korea's major conglomerates in the first half of 2023, data showed Friday. Shin received a total of 11.2 billion won (US$8.4 million) in paychecks over the January-June period from six affiliates, slightly up from 10.2 billion won tallied a year earlier, according to the group's regulatory filing. Of the total, he received 4.53 billion won from Lotte Corp., the controlling unit of the retail co

Hyundai Motor Group’s economic impact on South Korea's economy outpaced that of Samsung Electronics for the first time last year, data showed Wednesday. The combined economic contribution of Hyundai and its smaller affiliate Kia came to 164.6 trillion won ($124.7 billion), going beyond the 148.1 trillion won of Samsung Electronics, according to data from market tracker CEO Score. The economic impact of companies measures the wealth they create and return through local business activit

Last week, a controversy broke out when a female illustrator for South Korean mobile game called Limbus Company was fired over her alleged allegiance to a radical feminist website. It was found that she had retweeted tweets using derogatory terms for men -- typically used by the said website -- on her social media page before she joined the company. Youth groups and workers’ unions across the country fired complaints, including the Korean Women’s Trade Union, which urged the governme

GS Retail, the operator of Korea’s convenience store franchise GS25, holds the largest number of stores in the southern regions of Vietnam among its five foreign peers, the company said Thursday. According to self-reported data as of last month, a total of 211 GS25 outlets are spread across these regions, edging out the number of stores operated by foreign competitors such as Circle K and Family Mart in the same areas. The southern regions encompass Ho Chi Minh City and its surrounding p