Hyundai Heavy Industries Holdings Co. (HHIH) said Thursday that its third-quarter net income rose 28.6 percent from a year earlier on gains from equity investment in subsidiaries. Net profit came to 44.5 billion won ($38 million) in the July-September period, compared with 34.6 billion won in the same period a year ago. "The strong performance came from a turnaround in the shipbuilding units and robust earnings of refining subsidiary," the company said in an emailed statement. Opera

A South Korean consortium led by local electric carmaker Edison Motors Co. has been selected as the preferred bidder to acquire SsangYong Motor Co., the company said Thursday. SsangYong and the court-appointed lead manager EY Hanyoung accounting firm submitted an official document for the selection of the Edison consortium for the debt-laden carmaker last week and the court approved the preferred bidder early this week, a company official said over the phone. SsangYong and EY Hanyoung will sig

A local court granted an injunction request by South Korean buyout firm Hahn & Co. to block Namyang Dairy Products Chairman Hong Won-sik from exercising his voting rights, noting that a sales and purchase agreement between the two parties is valid, according to a recent ruling obtained by The Korea Herald Thursday. The court’s decision indicated that Hong and his family members had failed to present evidence of Hahn & Co.’s breach of nondisclosure agreement, unlawful interv

SK Innovation and Solid Power will co-develop and produce solid-state batteries that are 33 percent more powerful than conventional lithium-ion batteries, the two companies said Thursday. The South Korean battery-to-petrochemical giant and the US-based battery startup will manufacture solid-state batteries with energy density of at least 930 watt-hours per liter, which would increase the driving range of electric vehicles to 930 kilometers on a single charge. Solid Power is one of the world&

LG Electronics Inc. said Thursday its net profit dropped 20.4 percent on-year in the third quarter due to costs incurred in a recall of General Motor's Bolt electric vehicles. The South Korean tech giant said in a regulatory filing that net income came to 516.5 billion won ($440 million) in the July-September, down from 649.2 billion won during the same period of last year. LG Electronics said the recall of General Motor's Bolt electric vehicles hurt its bottom line. LG Electronics said its t

Poverty among retired South Koreans, coupled with the fast-paced aging of the country’s population, is leaving the national economic growth engine prone to a slowdown, an investment guru said Wednesday. Individuals in Korea -- a nation where 4 out of 10 people aged over 65 are estimated to live in relative income poverty -- must learn to take control of their finances so they can build wealth that lasts until retirement, said John Lee, chief executive officer of Meritz Asset Management,

Shinsegae Group heir and vice chairman Chung Yong-jin has reportedly purchased a mansion worth 22.5 billion won ($19.2 million) in Beverly Hills, California. According to online US real estate media outlet Dirt, Chung has “purchased a lavish home in the affluent Flats neighborhood of Beverly Hills.” The seller was Aan Sinanta, an Indonesian coal mining tycoon, who paid $12.6 million for the property back in 2012, the website reported. The gated property, which was built in 2012, h

South Korean stocks retreated for a second straight day Thursday, weighed down by concerns about the increasing inflationary pressure. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 15.94 points, or 0.53 percent, to close at 3,009.55 points. Trading volume was moderate at about 608 million shares worth some 12.2 trillion won ($10.4 billion), with losers outnumbering gainers 661 to 210. Foreigners sold a net 249 billion won worth of s

Big companies account for just 0.1 percent of all businesses in South Korea, but they generate 51.3 percent of total output, a report showed Thursday. According to data from the Ministry of SMEs and Startups, 99.9 percent of domestic enterprises were small and medium sized ones, employing 82.7 percent of the country’s total employed population as of 2019. Compared to a year earlier, the number of SMEs rose 3.8 percent to 6.89 million. The number of employees in SMEs increased by 2 per

Nobel prize laureate suggests Seoul set up well-designed regulations for global financial hub push

     First-generation electric carmaker Saean has quickly grown into a global company, and plans to focus on strengthening its headquarters as well as research and development for new models, including a sports car.   　Saean said it will merge affiliated companies in America, Japan and Korea, and Saean Corp., its headquarters in Calgary, Alberta, will have all business rights, patent and technological rights.   　Saean R&D will focus on developing new models.

Korea-Mongolia Greenbelt Plantation Project turns 3,000 hectares of desert into forest

Doosan Group said Thursday it has promoted Doosan Corp. President Moon Hong-sung to chief business officer. The newly appointed CBO will be tasked with leading all businesses of Doosan Corp. from hydrogen fuel cells and drones to industrial robots. Before the promotion, Moon served as the chief strategy officer and led new businesses for Doosan Robotics, Doosan Mobility Innovation and Doosan Logistics Solutions at the holding entity Doosan Corp. since earlier this year. Now, key segments such

The nation‘s top financial regulator on Thursday vowed policy efforts to forge an integrated online platform for conventional players to accelerate digital transformation of their financial services in face of rising big tech companies.  “The growth of contactless banking transactions, the so-called ‘unbundling’ as well as ‘rebundling’ trend, and the entry of tech giants into financial services have added fuel to market competition. It is time to