South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. “S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,” said a spokesperson of the firm. The oil refiner added it deeply regrets the incident.The company sa

Trump expected to focus on passage of USMCA ahead of 2020 election

Samsung Electronics announced Friday it will start selling the Galaxy S10 5G from April 5, to become the world’s first to launch a device for the fifth-generation telecommunications network. The company said the Galaxy 5G model will be available at Samsung outlets and its online mall as well as at shops of mobile carriers in Korea.  Models introduce Galaxy S10 5G at the MWC 2019 in February.The South Korean tech firm said it will not be taking preorders for the 5G model. Instead, it will run a p

Hoping to pick up the declining sales of midsize sedans, Hyundai Motor on Thursday said it has set the 2019 sales target of more than 70,000 units for the eighth-generation Sonata, a signature vehicle for more than three decades through which it has built its reputation.“By setting the sales target at 70,000 units this year, excluding (the number of vehicles to be sold) for commercial use, (Hyundai) will cement its No. 1 position in the sedan segment,” said Lee Kwang-guk, vice president for the

SK Biopharmaceuticals announced on Thursday that the US Food and Drug Administration has approved Sunosi, a novel drug that aims to improve wakefulness in adult patients with excessive daytime sleepiness.The drug was developed by Irish firm Jazz Pharmaceuticals using solriamfetol, a compound discovered by the South Korean firm. Sunosi can alleviate narcolepsy, the inability to control the sleep-wake cycle, or obstructive sleep apnea, in which people suffer pauses in breathing, disturbing their s

South Korean tech firm LG Electronics said on March 21 its new flagship smartphone, the G8 ThinQ, will officially go on sale in the domestic market this week. 　The G8 ThinQ is priced at 897,600 won ($796) and will hit store shelves on March 22, and be available in the North American and European markets in the coming weeks. 　The price is slightly less expensive than the Samsung Galaxy S10e, the “budget model” of the tech giant‘s latest flagship phone that is priced at 899,800 won. 　The G8 featur

The EU's powerful anti-trust regulator slapped tech giant Google with a new fine on Wednesday over unfair competition, in Europe's latest salvo against Silicon Valley. (Yonhap)"Today the commission has fined Google 1.49 billion euros ($1.69 billion) for illegal misuse of its dominant position in the market for the brokering of online search adverts," EU Competition Commissioner Margrethe Vestager said.In its third major decision against the search engine behemoth, Brussels sanctioned Google's Ad

Calls are growing to not name the CEOs of Hanjin Group and Lotte Group as executive directors of their key affiliates due to their past illegal activities.(Yonhap)In its report released on Wednesday, the Center for Good Corporate Governance, a local research institute, recommended that shareholders oppose the reappointment of Hanjin Group CEO Cho Yang-ho to be an executive director of Korean Air Lines Co. and of Lotte Group Chairman Shin Dong-bin to the top post at Lotte Chemical Corp."Cho is fa

In the first shareholders meeting Wednesday since a 50:1 stock split in May last year, Samsung’s chief executives vowed better performance with technological leads in 5G and artificial intelligence, while some shareholders strongly lambasted the constantly low share price.Some 1,000 shareholders attended the meeting held at the Seocho headquarters of the conglomerate, which was attended by Vice Chairman Kim Ki-nam, Kim Hyun-suk, chief of Samsung’s consumer electronics division, and Koh Dong-jin,

(Yonhap)South Korean Transportation Minister Kim Hyun-mee (back seat) takes a ride on Waygo Blue at a launch event held in Seoul, Wednesday. Waygo Blue, a cab-hailing service, is the first collaborative platform launched by Kakao with Tago Solutions, an operator of cab services, since their grand consensus earlier this month following heavy confrontation over claims of business interference. Waygo Blue aims to prevent drivers’ rejection of customers based on destination, while educating drivers

(Yonhap)LG Electronics said Wednesday it will be releasing the LG PuriCare Mini Air Purifier, a portable air purifier, Friday. The air purifier certified by the Korea Air Cleaning Association is equipped with a PM1.0 sensor, Tornado Dual Fan and Dual Inverter. The device weighs 530 grams and can be charged with a USB type-C cable. Once fully charged, it can last for up to eight hours of usage and is advised to be used in small spaces around the user, like in a vehicle, the company said.

Efficacy-test of Pexa-Vec for cancer, building new pipeline and new R&D center on agenda

Government also pledges to invest W130b in 23 renewable energy projects

South Korea’s leading mobile messenger operator, Kakao, is seeking to make inroads into the tourism industry after acquiring a local travel company. According to Kakao’s publicly filed 2018 financial audit report, it purchased a 28.9 percent stake in Tidesquare. The estimated value of the deal was 34.7 billion won ($30.7 million). Despite Kakao’s stake in Tidesquare being less than a majority, the travel company was listed as a subsidiary of Kakao. This is because the potential voting rights gra

South Korean steelmaker Posco has launched a joint promotion on Wednesday to promote SsangYong Motor’s new sport utility vehicle Korando, by exhibiting them in its headquarters in Seoul. This promotion is part of Posco’s campaign “Business with Posco” aimed for mutual growth with its partners, clients and suppliers. Posco Chairman Choi Jeong-woo (right) and SsangYong Motor's Vice President Yea Byung-tae (Posco)On the day, Posco Chairman Choi Jeong-woo joined a test-drive event of SsangYong’s new