Absences of control tower and MyData business license have taken toll on growth of groupwide mobile app

South Korean chips giant SK hynix said Monday that the total social value generated by the company last year was 7.5 trillion won ($5.8 billion), down from the previous year by 1.9 trillion won, or 20 percent. Social value refers to the degree to which companies have contributed to solving or alleviating social problems facing stakeholders. Economic contributions of the company under SK Group accounted for the bulk of it positive social value at 7.7 trillion won, despite a downturn in the semico

Hyundai Motor’s electric compact Kona Electric is set to hit the 300,000 mark in cumulative sales next month, solidifying its position as one of the bestselling electric vehicles manufactured in Korea. As of April, a total of 285,138 Kona Electric cars have been sold since its official debut in 2018, according to the carmaker’s investor relations data released on Monday. Overseas sales accounted for 258,663 units -- nearly seven times the amount of domestic sales. Over 50,000 units w

Sluggish exports, record-high interest rates push Korean companies to less profits than pandemic era

Companies say China is still too big to ditch, seek plan B

Popular US burger chain Five Guys will be operating its South Korean business starting on June 26, its Korean retailer Hanwha Galleria announced Monday. FG Korea, a subsidiary under Hanwha Galleria in charge of importing the US burger chain into the country, said it will be opening the chain's first franchise store in the area between Gangnam and Nonhyeon Stations in Gangnam-gu, southern Seoul. According to FG Korea, the outlet, standing on 618 square meters of land, will consist of 150 sea

A former executive of Samsung Electronics has been taken into custody for leaking the tech giant’s confidential business information to build a copycat semiconductor manufacturing plant in China, a local prosecutor’s office said Monday. In a press conference, the Suwon District Prosecutors’ Office revealed it has arrested the 65-year-old former executive of Samsung for violating the Prevention of Divulgence and Protection of Industrial Technology Act and the Unfair Competition

Norbert Michelisz, Hyundai Motor’s Avante N TCR driver, celebrates after winning the 2023 Touring Car Race World Tour held in Italy from June 6-12. Selected as the No. 1 and 4 best drivers for this year’s season, respectively, Michelisz and another team member, Mikel Azcona, drove the Elantra N TCR in the race. The car is a high-performance model of Hyundai’s flagship sedan Avante.

Capital surplus from foreign units to be exempt from corporate taxes, help improve carmaker’s financial stability

A reception robot greets a UAE delegation, led by Sheikh Saud Sultan bin Mohammed Al Qasimi (left), crown prince and digital authority of the city of Sharjah, at Naver 1784, the Internet giant’s second headquarters in Seongnam, Gyeonggi Province, on Monday. The visit was part of the UAE city’s efforts to seek cooperation with Korea on digital innovation and infrastructure development. The crown prince was said to have discussed diverse issues, including a generative artificial intell

Upgraded 2.5-liter turbo engine highlights performance enhancement

SKC Co., a South Korean manufacturer of advanced materials, signed Monday a preliminary agreement with the government of Vietnam's Hai Phong city to explore potential investment in advanced materials for secondary batteries, semiconductors and other green sectors. Under the memorandum of understanding, SKC will consider ways to invest in Hai Phong, a major port city in northeastern Vietnam, as a site for its expansion into those high-tech materials, the Seoul-based company said in a release

From batteries to real estate, partners at Canada’s Gowling WLG see huge potential in enhanced business ties between Korea and Canada

A shopper browses in the milk section at a supermarket in Yangjae, southern Seoul, on Sunday. Dairy farmers and retailers have started talks to adjust the price of raw milk. Discussions are set to increase the base price from the current 69 won ($0.05) to 104 won per liter. According to the Korea Diary Committee, more than 300 dairy farmers have shut down their businesses in the past two years following the sharp decline in net income amid soaring raw materials costs.

Samsung Electronics reportedly plans to launch an in-house artificial intelligence-based service for internal use this year amid security concerns raised over OpenAI’s highly-advanced chatbot ChatGPT, according to industry sources on Sunday. Sources on condition of anonymity said the company’s co-CEO Kyung Kye-hyun, who oversees the tech giant’s chip business, recently unveiled the plan during a recent lecture attended by Samsung executives and employees. During the lecture, Ky