South Korea’s entertainment powerhouse CJ ENM is investing 100 billion won ($82.3 million) in KT StudioGenie, a media arm of the domestic telecommunications firm, in a bid to establish bilateral ties for media content targeting global audience, a filing showed Monday. The two companies signed a memorandum of understanding the same day, setting a deadline for the acquisition 90 days after the announcement. As a result, CJ ENM will become a minority shareholder with nearly a 10 percent sta

Naver Webtoon, South Korean tech giant Naver’s web-based cartoon platform, said Monday it will open a European branch in France by June in a bid to further expand its presence in the global market. “The branch, tentatively called 'Webtoon EU,' will oversee webtoon services in France, Germany and Spain, and discover new business opportunities in other European countries,” a Naver official said. “With Webtoon EU, Naver Webtoon will foster a strong foothold overseas with

Korean instant noodle maker‘s latest product inspired by social media feeds

SK ecoplant Co., the eco-energy unit of SK Group, said it has begun taking steps for an initial public offering next year by sending requests for proposal to major stock brokerage firms. After receiving proposals from the brokerage houses, the company said it will select preliminary candidates and finalize next month the firms that will manage its IPO process. “Based on an economy of scale strategy, we have pulled off several mergers and acquisitions of environmental companies, and have

The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday. The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts co

ajor overseas units of South Korean automaking titan Hyundai Motor Group were profitable in 2021 on brisk sales of eco-friendly vehicles and increased capacity utilization, company data showed Monday. Hyundai Motor Co., the group's flagship, said its US production unit swung to a net profit of 237 billion won ($195 million) from a net loss of slightly over 1 trillion won the previous year. It represented the subsidiary's first black ink in three years. Its net loss came to 228.2 billion won in 2

The US subsidiary of South Korean biopharmaceutical company Celltrion Inc. logged record high sales in the US market last year on the back of robust sales of its self-diagnostic kit for COVID-19, officials said Monday. The annual revenue of Celltrion USA, Inc., the wholly owned subsidiary of Celltrion, reached 84.6 billion won ($69.6 million) in 2021, sharply up from 2.36 billion won a year earlier. The Celltrion DiaTrust COVID-19 Ag Home Test, co-developed by Humasis Co., received the US Food a

Stock debuts of SSG.com, Market Kurly may face further delays amid rising uncertainties

Used car sales have soared to become a 20 trillion-won market, about twice bigger the market for new cars

South Korea's top carmaker Hyundai Motor Co. and China's Beijing BAIC Motor will inject over 1 trillion won ($825 million) into their joint venture to enhance the competitiveness of its electric car making amid sluggish sales, company officials said Sunday. They will increase the capital stock of Beijing Hyundai Motor by about 1.2 trillion won, with each shouldering half of the planned investment into the 50-50 joint venture, according to the officials. Half of the planned investment will be c

South Korean tech giant LG Electronics Inc. said Sunday it has suspended shipments to Russia due to difficulties in the global offshore logistics. LG said in a statement that it is "suspending all shipments to Russia and will continue to keep a close watch on the situation as it unfolds." "We are deeply concerned for the health and safety of all people, and LG remains committed to supporting humanitarian relief efforts." The suspension came as the world's major marine shipper

South Korean leading carmaker Hyundai Motor Co. said Sunday that its independent Genesis brand surpassed 700,000 units in accumulative global sales, thanks to the rising popularity of its brand power. The premium brand's global sales totaled 700,612 units from its launch in November 2015 to end-February 2022, 30.5 percent of which were sold overseas, according to Hyundai Motor's investor relations data. Genesis' global sales jumped by 100,000 units in the past three months, backed by fast-growin

The 10th annual secondary battery event InterBattery gave visitors a glimpse of how close the world is to the era where electric vehicles go mainstream. Cars showcased in the three-day event at Coex in Seoul beginning Thursday indicated room for wider applications of batteries, even to the degree of reincarnating the gas-guzzling cars that were once declared dead, and of having exotic cars and luxury cars keep their performance afloat while run on electric batteries. US carmaker General Motor&

Genesis, Hyundai Motor’s standalone luxury brand, proved that it not only makes great combustion engine cars but also premium electric cars by introducing the Genesis Electrified GV70. The luxury electric SUV has inherited much of the exterior and interior design of the original GV70 which had been praised by many car lovers for its sophisticated design. But some changes here and there helped the electrified model look much more dynamic and athletic than its previous model. For instance

Apple Inc. will launch its newly upgraded iPhone SE smartphone in South Korea next week, the country's telecom operators said Friday, as the US tech giant aims to expand its leadership in the budget-friendly smartphone market. Last week, Apple unveiled its low-end iPhone SE featuring better battery life and access to 5G connection, as well as the iPad Air and new green versions of the iPhone 13. Apple's latest iPhone SE will go on sale in South Korea next Friday. The new budget 5G phone will be