SK hynix operating profit plummets 60% in Q3 earnings shock, instantly scaling back facility investment

Naver said on Wednesday it has joined EV100, an initiative to electrify a firm's vehicle fleet, becoming the first internet platform company in the world to join both RE100 and EV100. Naver was the first internet company in Korea to join RE100 last August. RE100 is a coalition comprising 380 global enterprises that are committed to becoming 100 percent renewable. EV100 urges businesses to replace all corporate vehicles with electric ones by 2030. By joining EV100, Naver will have all of its regi

Manufacturing workforce in Korea aging faster than those in US, Japan

Advanced plan to build US plant signifies Hyundai's drive to expand overseas production but came in desperate attempt to counter IRA

A South Korean movie director and the mayor of Newport Beach will jointly host the world’s first non-fungible token film and art festival in Newport Beach -- a coastal mecca in California just an hour away from Hollywood. “I thought of hosting the Beach Cities NFT Film & Art festival because of the currently centralized and inefficient way to make movies,” Kim Jeong-jung, a film director and the festival's organizer, said during an interview with The Korea Herald. “Cu

South Korean e-commerce giant Coupang said Wednesday it has launched a cross-border online shopping service in the burgeoning Taiwanese market, saying it would help small and medium-sized Korean companies expand their businesses overseas. Through the Taiwanese version of Coupang's mobile app, consumers in Taiwan can use the company’s ultrafast Rocket Delivery service. Customers can order millions of groceries, daily necessities and other products from South Korea, and receive them i

The Korean Society of Ginseng kicked off its 13th International Ginseng Symposium on Tuesday in Seoul, bringing together experts from around the world who study the health effects of ginseng. This year’s event was held under the theme “Ginseng, a phytoceutical for health.” It runs through Friday. The event comprised 13 themed sessions, during which hundreds of scholars gave both oral and poster presentations on their studies and findings. The event ends on the third day with a

LS Cable & Systems recently said it will make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cable business. The cable manufacturing unit of LS Group said it will acquire 4.04 million stocks, or a 16 percent stake in KT Submarine by December, and become the second-largest shareholder of KT Submarine. Once LS Cable exercises its call option in the four months from April 1 next year, the cable manufacturer can purchase a 42 percent stake in KT Subm

The Korean branch of the Organization for Economic Cooperation and Development called on Samsung Heavy Industries Co. on Wednesday to fulfill due corporate responsibility to better ensure worksite safety following a deadly crane accident in 2017. In May 2017, two cranes collided at the shipbuilder's shipyard in the southeastern port city of Geoje, killing six and injuring 25 others. Civic groups filed a complaint with the OECD's Korean National Contact Point in 2019 against Samsung Hea

SK hynix Inc. reported its third-quarter earnings Wednesday, falling short of analysts' expectations on the top and bottom lines, amid a cyclical downturn of the global semiconductor industry. The chipmaker's third-quarter net income was 1.1 trillion won ($769.4 million), down 66.7 percent from a year earlier, according to a regulatory filing. Operating profit for the three months ending in September came to 1.65 trillion won, compared with 4.17 trillion won a year ago. Sales fell 7 pe

South Korea's Hyundai Motor Group said Wednesday it has held a groundbreaking ceremony for its dedicated electric vehicle plant in the United States as it seeks to make a presence in the North American EV market. Hyundai Motor Group's Chairman Euisun Chung attended the ceremony held in Bryan County, Georgia where the plant named Hyundai Motor Group Metaplant America will be built, the company said in a statement. Chung said Hyundai and the state of Georgia will make HMGMA into a "

Philip Morris Korea on Tuesday launched Iqos Iluma, its new flagship heated tobacco product that requires no cleaning process, saying it hopes to enhance customer experience. “Our new heat-not-burn cigarette uses smart core induction technology that doesn’t require heating blades like previous models. Since the tobacco sticks are not inserted into the blades, you don’t have to clean the ashes caught in the blades and there is no risk of damaging them,” said Baek Young-jae

President Yoon underlines solidarity beyond borders to cope with pandemic at event co-hosted with WHO

Netflix Korea, a Korean subsidiary of the global streaming platform Netflix, saw over 1.2 trillion won ($836 million) in sales for last three years but paid only 0.5 percent of its revenue in tax, a ruling party lawmaker said on Tuesday, raising suspicion that the US company may have been evading local taxes. According to an audit report of Netflix Korea released by Rep. Kim Seung-su of the People Power Party, from 2019 to 2021, Netflix Korea gained 1.23 trillion won and transferred 959.1 billio

Overseas flight bookings skyrocketed during the first three weeks of this month by 1,336.3 percent compared to the same period last year, according to Interpark on Tuesday. The noticeable increase of overseas travel bookings comes after COVID-19 travel restrictions have been lifted not only in South Korea but in other popular tourist spots as well, says the online ticketing site. Japan was topped the list of popular travel destinations with 48.2 percent of flights booked heading there. The numbe