Today

Forum to discuss future of forestry, challenges in APAC

Korea hosts largest forestry gathering in APAC to shed light on role of forests to promote peace, well-being

Today

Samsung vice chairman urges bold investment for future business

Samsung Electronics Vice Chairman Lee Jae-yong has called for senior executives to spur efforts to develop innovative technologies to tackle rising business challenges and foster new growth drivers, the company said Sunday. Lee, the de facto leader of the South Korean tech giant, held a meeting with senior executives of the IT and mobile division at the Suwon headquarters, south of Seoul, on Friday to discuss global strategies, the company said.  The global strategy meeting, which is held t

Today

APFW to look into forestry in future, address need for global efforts

KFS to share South Korea’s policy work on forestry preservation, global projects with China, Mongolia

Jun 15, 2019

Renault Samsung workers OK wage deal, ending monthslong dispute

Unionized workers at Renault Samsung Motors Corp. voted for a wage deal on Friday, ending a monthslong dispute at the automaker plagued by output losses and helping it secure production volume for exports.In a vote over the wage deal, 74 percent of Renault Samsung's 2,063 workers cast ballots for the revised wage and collective agreement after the first tentative deal was rejected by the union last month, Renault Samsung said in a statement.The revised deal includes a "joint declaration for

Jun 15, 2019

Foreign pharmaceutical firm to invest $630 mln in S. Korea: Cheong Wa Dae

A global pharmaceutical company announced a plan Friday to invest $630 million in South Koreaover the coming five years, participating in a "business summit" held here on the occasion of President Moon Jae-in's state visit, his office said.Moon joined the South Korea-Sweden Business Summit at a downtown hotel, along with King Carl XVI Gustaf, Prime Minister Stefan Lofven and hundreds of businesspeople from the two sides.They included Leif Johansson, chairman of AstraZeneca, a Swedish-B

Jun 14, 2019

S. Korean refiners closely monitoring tanker attacks in Gulf of Oman

South Korean oil refiners said Friday they're closely monitoring the potential fallout from the recent tanker attacks in the Gulf of Oman, a key waterway for oil transport from the Middle East, although they don't expect to see any significant problems in oil supplies.  Global crude oil prices jumped as much as 4 percent before settling about 2 percent higher Thursday following the news that two tankers had been attacked near the entrance to the Strait of Hormuz, a crucial shipping route fo

Jun 15, 2019

Samsung BioLogics apologizes for destructing evidence of alleged fraud

Samsung BioLogics on Friday apologized for the destruction of evidence related to alleged accounting fraud involving its affiliate Samsung Bioepis. Samsung BioLogics and Samsung Bioepis said in a joint statement, “We deeply regret the unsavory circumstances resulting from disgraceful acts such as the destruction of evidence.” “We feel gravely responsible for the arrest of our officials and the subsequent difficulties in management,” they added. “In order to prevent

Jun 14, 2019

US sharply cuts tariffs on Korean-made hot-rolled steel: sources

The US Department of Commerce has decided to slash its tariffs on hot-rolled steel products from South Korean steelmakers, industry sources said Friday.According to the sources, the US government recently decided to cut the countervailing duty  on hot-rolled steel sheets produced by POSCO from 41.57 percent to 0.55 percent after its annual review.  The US commerce department originally imposed a 58.86 percent CVD on POSCO's hot-rolled steel in 2016. But the US Court of International Tr

Jun 14, 2019

Homeplus net plummets in 2018 on slump, increased costs

South Korean hypermarket chain operator Homeplus Co. said Friday its net income nose-dived 96 percent on-year last year due to a slump in the offline retail business and increased costs. Net profit reached 3 billion won ($2.6 million) during the fiscal 2018 that ends March 31 on a consolidated basis, compared with 234 billion won during the same period a year earlier, the company said in a regulatory filing. Homeplus said its operating income shrank 57.59 percent on-year to 109 billion won, with

Jun 14, 2019

Kia Motors to shut down plant in China on low demand

Kia Motors Corp., South Korea's second-biggest carmaker by sales, said Friday it will shut down one of its three plants in China this month due to a slump in sales in the world's top auto market. The assembly line in Yancheng, Jiangsu Province, will be used by Kia's local business partner Dongfeng Yueda in a long-term lease contract, a company spokesman said. The carmaker plans to produce vehicles such as the Sportage sport utility vehicle and the localized KX7 SUV at the plant until the end of

Jun 14, 2019

Korea, Norway to cooperate on hydrogen, shipbuilding

South Korea and Norway have agreed to strengthen ties in hydrogen energy and shipbuilding areas with the summit between the two countries’ heads of state serving as an opportunity to pursue future partnerships. During President Moon Jae-in’s visit to Norway on Thursday, the two nations signed a memorandum of understanding to cooperate in hydrogen energy to make the most of Korea’s strength in hydrogen-powered vehicles and Norway’s in production and supply capabilities.Wit

Jun 14, 2019

S-Oil appoints Hussain Al-Qahtani new CEO

South Korean oil refiner S-Oil appointed Hussain A. Al-Qahtani as new CEO during its general shareholders meeting, the firm said Thursday. Before joining the firm, Al-Qahtani, 52, served as president and CEO of Saudi Aramco Shell Refinery Company from 2016. Throughout his 29-year career at Saudi Aramco, Al-Qahtani has assumed key roles in production, engineering and projects building expertise and leadership skills, according to the firm. The new Saudi Arabian CEO majored in chemical engine

Jun 14, 2019

Top IP offices forge patent cooperation system in ‘Industry 4.0’ era

IP5 heads adopt joint declaration in Incheon under KIPO chairmanship

Jun 14, 2019

GC Pharma launches company in US

GC Pharma and affiliate GC LabCell said Thursday they have jointly established a cell therapy development company called Artiva Biotherapeutics. Artiva Biotherapeutics was launched in March in San Diego, the US, with GC Pharma and GC LabCell holding 56.67 percent and 37.77 percent stakes, respectively. “This research and development body is to globalize the cell treatment being developed centering on GC LabCell,” a representative from GC Pharma said.Artiva Biotherapeutics will focus