Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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Hanmi Pharmaceutical bags $915 mln license deal with Janssen
South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Monday that it has reached a license agreement with global drugmaker Janssen to develop a new diabetes-obesity drug, valued at $915 million.Under the agreement, Hanmi will receive an upfront payment of $105 million and is also eligible for $810 million in development, registration and sales milestones, as well as double-digit royalties on sales.Beligium-based Janssen will have an exclusive right to develop and commercialize the ne
Nov. 9, 2015
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KEPCO's credit rating top among global power generators
State-run Korea Electric Power Corp. said Monday that its credit rating is the highest among its global peers, on the back of a strong bottom line and government backup.KEPCO is rated "AA-" by Standard & Poor's and Fitch Ratings and "Aa3" by Moody's Investors Service, which are on par with those for South Korea, the utility firm said.KEPCO said earlier it posted strong results for the nine months ended on Sept. 30, with its consolidated operating profit reaching 8.7 trillion won ($7.53 billion),
Nov. 9, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marine that suffered a setback due to ongoing liquidity issues.State bodies involved in the shipping in
Nov. 9, 2015
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Korea posts record share in DRAM market in Q3
South Korea's top two tech brands posted record-high shares in the global dynamic random access memory chip market in the third quarter of the year, data showed Monday, expanding their lead over the No. 3 U.S. player Micron Technology Inc.Samsung Electronics Co. and SK hynix Inc. accounted for 46.7 percent and 28 percent of the global DRAM market in the July-September period, respectively, the data compiled by industry tracker DRAMeXchange showed.The combined share held by the two South Korean f
Nov. 9, 2015
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Samsung's governance structure simplified after mergers
South Korean tech behemoth Samsung Group's governance structure has been simplified by a series of mergers and asset sales, industry watchers said Monday, with the owner family solidifying its grip over the country's No. 1 conglomerate.Samsung C&T Corp. was created in September as the group's holding firm, which came out of the merger between then-Samsung C&T and fashion arm Cheil Industries. With the merger, the group's cross-shareholding linkages were reduced to seven from the previous 10, acc
Nov. 9, 2015
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SK Telecom sets sights on non-mobile business
South Korean mobile giant SK Telecom Co. is moving to expand its presence into the media business through a merger, industry watchers said Monday, with its mainstay telecom business reaching a point of saturation amid severe competition from smaller rivals.SK Telecom, the country's No. 1 mobile carrier, said last week it will buy the country's biggest operator of cable channels and Internet TV contents in a bid to tap into the media platform business. Under the deal, SK Telecom will purchase a 3
Nov. 9, 2015
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Lotte emerges as biggest M&A spender
Lotte Group was the top spender for mergers and acquisitions among the country’s business groups over the past six years, industry data showed Sunday. South Korea’s fifth-largest conglomerate has signed 21 buyout deals worth some 7.6 trillion won ($6.6 billion) since January 2010, according to the data by corporate researcher CEO Score.The amount accounts for 20.2 percent of the 37.78 trillion won for 239 acquisition deals signed by the nation’s top 30 firms.Lotte’s decision to take over Samsung
Nov. 8, 2015
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Fortune hails new LG OLED TV
Fortune Magazine published an article praising the new 65-inch LG EF9500 TV.In its Oct. 30 edition, writer Don Reisinger hailed the new LG TV, saying that it “makes every other TV set I’ve ever watched look, well, ugly.”He also added that “the TV delivers visual quality beyond anything I’ve ever experienced”, and said the high dynamic range technology “topped the list” against other 4K TVs.HDR is a technology that increases the contrast between dark and light on a screen to deliver colors in bet
Nov. 8, 2015
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Pressure grows on Volkswagen as bad news piles up
The fallout from Volkswagen’s emissions-cheating scandal intensified Wednesday, as investors bailed out and European regulators pressured VW to quickly disclose the findings of an internal investigation. In the U.S., the company halted sales of seven models that allegedly were part of the cheating.On Tuesday, VW admitted that it had understated the carbon dioxide emissions for 800,000 cars, widening the scope of a scandal that has forced the ouster of a CEO and prompted investigations and lawsui
Nov. 8, 2015
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Hanmi licensing deal creates millionaire children
Hanmi Pharmaceuticals chairman Lim Sung-ki’s seven grandchildren have become millionaire stockholders following the company’s mega licensing deal, news reports said Sunday.Hanmi Pharmaceuticals had announced a license agreement of 3.9 billion euros ($4.2 billion) with French drug company Sanofi to develop diabetes drugs on Thursday.According to market researcher chaebul.com on Friday, the seven grandchildren held stocks worth 109.4 billion won ($94.9 million).One of the stockowners is Lim’s 12-y
Nov. 8, 2015
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Korea's auto exports up 7.5 percent on-year in Oct.
Korea's automobile exports rose solidly in October from a year earlier on growing demand for popular new models, the government said Sunday.Outbound shipments of vehicles came to 259,306 units in October, up 7.5 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.Shipments by Kia Motors Corp., the No. 2 car manufacturer and one of the flagships of Hyundai Motor Group, the world's fifth-largest automotive conglomerate, soared 40.1 percent on-year on strong demand
Nov. 8, 2015
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Hyundai Motor set to unveil autonomous car next month
Korea's top automaker Hyundai Motor Co. is poised to showcase its first self-driving vehicle in December, industry sources said Sunday, heralding the full-fledged commercialization of the novel technology in the country.Hyundai plans to roll out the latest version of its Genesis luxury sedan equipped with the so-called highway driving assist (HDA) system, according to the sources.The HDA system is designed to keep a car within the lane, maintain a safe distance from the car ahead and provide a n
Nov. 8, 2015
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Internet of Things users in Korea top 4 million
The number of Korean subscribers to Internet of Things (IoT) networks has exceeded the 4 million mark, buoyed by a jump in wearable device users, government data showed Sunday.As of end-September, the number of IoT subscribers reached 4.08 million, compared with 3.96 million two months earlier, according to the data by the Ministry of Science, ICT and Future Planning.IoT is a concept in which all tangible objects are connected to the Internet and can identify themselves to other devices in order
Nov. 8, 2015
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Korean firms suffer massive rating downgrades
A large number of South Korean companies have suffered credit rating downgrades this year due to poor performances stemming from protracted sluggish demand, despite an upgrade in the country's sovereign rating, market data showed Sunday.According to the data compiled by Korea Investors Service Inc., one of the three leading local credit rating agencies, it downgraded the ratings of 45 companies during the January-October period, marking the largest number since 1998, when it hit 61 in the afterm
Nov. 8, 2015
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Samsung logs top smartphone sales in 5 major global regions
Korean tech behemoth Samsung Electronics Co. became the top smartphone seller in five major regions of the world in the third quarter of the year except in North America, where its archrival Apple Inc. dominated, a report showed Sunday.In the July-September period, Samsung posted the largest smartphone sales in Western Europe, the Asia-Pacific, Central and Latin America, the Middle East and Africa, according to the report by market tracker Strategy Analytics. Samsung's feat was attributed to bri
Nov. 8, 2015
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[Newsmaker] Hanmi emerges as darling of investors
After concluding a mega licensing deal with global pharma giant Sanofi, leading South Korean drugmaker Hanmi Pharmaceutical is emerging as a rising star in the local stock market. Hanmi shares soared by around 30 percent Friday to reach 711,000 won ($624.3), lifted by a 4.9 trillion won licensing deal with Sanofi. Some stock market analysts raised the drugmaker’s target stock price to 1 million won, based on the rosy outlook for growth in profits.The Hanmi Pharmaceutical headquarters in Seoul. (
Nov. 6, 2015
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Jeju Air takes off on stock market debut
Jeju Air Co., South Korea's top budget carrier, made a strong market debut on Friday on hopes that the low-cost carrier will benefit from steady demand for overseas and domestic air traffic. Stocks of Jeju Air were trading at 50,000 won ($44) on the Seoul bourse as of 9:27 a.m., up 1.01 percent from its opening price and far higher than its initial public offering price of 30,000 won per share. The airline, owned by retail firm Aekyung Industrial Co., was established in 2005. Since 2012, Jeju
Nov. 6, 2015
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Tourism industry suffers 3.4 tln won loss from MERS outbreak: report
The South Korean tourism industry suffered massive losses from the Middle East Respiratory Syndrome outbreak as travelers shunned public venues, a report showed Friday. South Korea was hit hard by the MERS outbreak since the first confirmed case in late May, losing 1.53 million in the number of inbound travelers from June to September compared with a year ago, according to the report by the Korea Culture & Tourism Institute. The loss from the falling travelers was estimated at 2.23 trillion w
Nov. 6, 2015
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Hanmi Pharmaceutical signs mega license deal with Sanofi
South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Thursday that it has reached a license agreement with global drugmaker Sanofi to develop a portfolio of experimental, long-acting diabetes treatments, valued at up to 3.9 billion euros (US$4.2 billion).Under the agreement, Hanmi will receive an upfront payment of 400 million euros and is also eligible for up to 3.5 billion euros in development, registration and sales milestones, as well as double-digit royalties on net sales. The
Nov. 5, 2015
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Shipbuilders report W2.1tr losses in Q3
Korea’s shipbuilding industry suffered from massive losses in the third quarter of this year due to suspension or cancellation of offshore rig projects, much higher than previously announced, revised data showed Thursday.Following revised estimates released by the companies, the nation’s top three shipbuilder ― Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering ― logged a combined operating loss of 2.1 trillion won ($1.84 billion), as against 1.8 tr
Nov. 5, 2015