Netflix’s global success with “Squid Game” is providing the perfect ground for South Korea to push for legal measures that would make foreign streaming giants stop “free riding” on internet networks here. During the recently concluded National Assembly audit, parliamentarians from both sides of the aisle forged a united front on the issue, pressuring ranking government officials to do something to make Netflix pay. Science Minister Lim Hye-sook said foreign plat

President Moon Jae-in on Monday pledged a last-ditch effort to bring normalcy back and cement the economic recovery in his final address at the National Assembly before he leaves office in May. “With six months left for my presidency, I’m deeply impressed by this final speech,” the president said as he opened his seventh parliamentary speech earlier in the day. “I’ll make an all-out effort until the very end for a complete return to normalcy and an economic recove

South Korean stocks snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The Korean won rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.38 points, or 0.48 percent, to close at 3,020.54 points. Trading volume was moderate at about 782 million shares worth some 10.3 trillion won ($881 billion), with gainers outnumbering losers 552 to 286. Foreigners bought a net 36 billion won, while retail investors sol

We have a crappy problem, literally

LG Corp. Vice Chairman Kwon Young-soo, second in command of LG after Chairman Koo Kwang-mo, will take a post as the new chief of LG Energy Solution. According to LG Energy Solution, it held a board of directors meeting Monday and decided to arrange a shareholders meeting on Nov. 1 to appoint Kwon as the new CEO. Kwon will be tasked with the successful management of joint ventures with major automakers including General Motors, Hyundai Motor and Stellantis as well as the delivery of a massive

Pohang Cultural Foundation shares program for Music Festival Pohang 2021

Woori Financial Group Inc. on Monday reported its third-quarter net profit of 824.7 billion won ($705.9 million), up 58.1 percent from a year earlier. Operating profit for the July-September period was 1.09 trillion won, up 61.8 percent from a year ago, the company said in a regulatory filing. Sales rose 102.3 percent to 8.68 trillion won. The operating profit was 12.8 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Ag

Kakao-Ant joint venture readies entry to China, Asia and Europe through partnership, acquisition

The Coca-Cola Company on Monday released its first label-free plastic bottles in South Korea. The company has removed the plastic label to increase recycling efficiency and adapt to the nonlabel trend in the industry to protect the environment. According to the company, they implemented a contour crafting design on Coca-Cola and Coca-Cola Zero plastic bottles. The history of the design goes all the way back to 1915, when the company patented the bottle designed with the curved shape and flow

LG Chem Ltd. on Monday reported its third-quarter net profit of 679.9 billion won ($581.9 million), up 19.2 percent from a year earlier. Operating profit for the July-September period was 726.6 billion won, down 19.6 percent from a year ago, the company said in a regulatory filing. Revenue rose 41.4 percent to 10.61 trillion won. The operating profit was 20.3 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The e

South Korean telecom firm KT is introducing an interactive call assistant service backed by its artificial intelligence technology, the firm said Monday. During an online press conference, KT showcased how the AI assistant can help businesses respond to consumers’ calls past their business hours to receive orders or handle other requests. “The aim is to make the AI response system part of our life 24/7 by spreading it to business customers and public institutions,” said Ku Hy

The family of the late Samsung Group Chairman Lee Kun-hee marked the first anniversary of the tycoon’s passing in a small family gathering on Monday. Family members attended a memorial ceremony held at the family’s graveyard in Suwon, Gyeonggi Province, including the deceased’s son and current group chief Lee Jae-yong. After the ceremony, the junior Lee, who is the vice chairman of Samsung Electronics, headed to Samsung’s employee training center in nearby Yongin to o

Hamburgers and sandwiches may be served without lettuce for a while, as green vegetables are in short supply nationwide due to the unexpected October cold. Burger chain McDonald’s announced late last week that certain menu items will be served with “less or without any lettuce.” The company said the lettuce supply was “unstable” as a result of the sudden cold wave that hit the nation this month. “Orders that include lettuce will be compensated with a free

South Korea's leading media and entertainment company CJ ENM said Monday it is considering acquiring K-pop powerhouse SM Entertainment, but nothing has been decided yet. "In order to strengthen our music content business, we are mulling taking over a stake in SM Entertainment or seeking other operating synergies," said the company, a content creating unit of South Korea's food and entertainment conglomerate CJ Group, in a filing. "But nothing has been determined yet." Over