SK Innovation on Thursday officially announced the split-off of its battery business, with plans to list the fast-growing business on the US stock market. During a briefing session held at Conrad Seoul in Yeouido, western Seoul, SKI President and CEO Kim Jun said that the company is mulling an initial public offering of the envisioned battery-focused firm on Nasdaq, or both on Nasdaq and South Korea’s main bourse Kospi. “The exact timing of the split-off and IPO hasn’t bee

Park urges supply of ‘Korean-made’ ultrapure water to chipmakers

South Korean mobile users on 5G networks reached nearly 16 million in May, data showed Thursday, as telecom operators seek to expand applications of the next generation networks. As of the end of May, 5G subscriptions stood at 15.84 million, accounting for 22 percent of the total 71.45 million mobile subscriptions in the country, according to the data from the Ministry of Science and ICT. South Korea has a population of around 51 million. Top mobile carrier SK Telecom Co. had the most 5G subsc

SK Inc., the holding firm of South Korean conglomerate SK Group, said Thursday it has struck a 140 billion-won ($123.5 million) deal to buy a 10 percent stake in TBM, a Japanese maker of eco-friendly materials. SK's Japanese investment arm made the investment in the Tokyo-based startup known for LIMEX, a recyclable material derived from limestone and used in products from bags to business cards. In May, SK and three other chemical subsidiaries invested 408 billion won to establish the Japanese

South Korea said Thursday it plans to offer more tax incentives and lift more regulations for chipmakers in line with its vision to become a global powerhouse in both memory and non-memory chips. The country is seeking to have major research and development (R&D) projects and facility investment in the chip sector receive incentives through a law revision, according to the Ministry of Trade, Industry and Energy. The proposed bill on expanded tax incentives and eased regulations, a follow-u

LG Uplus Corp., one of three mobile carriers in South Korea, is aiming to boost its profile by expanding media and business-focused services beyond its established focus in telecommunications, its chief has said. Hwang Hyeon-sik, CEO of LG Uplus, said in a press conference Wednesday that he aims to raise the company's share of sales from non-telecom services to 30 percent of the total by 2025 from the current 20 percent. "The future B2B market will transition from a focus on infrastructur

Samsung Electronics Co. said Thursday its latest flagship smartphone, the Galaxy S21 Ultra 5G, has won the best smartphone award at the world's largest mobile telecommunications expo. The high-end model of the Galaxy S21 series was honored at the Global Mobile Awards at Mobile World Congress 2021 in Barcelona on Wednesday (local time), the South Korean tech giant said. The Galaxy S21 Ultra 5G, which was launched in January, competed for the award with the Galaxy S20 FE 5G, Apple iPhone 12 Pr

The government will allow commercial breaks for terrestrial broadcasters beginning this week as part of efforts to buttress the industry suffering from falling ad revenues, officials said Wednesday.    The Korea Communications Commission (KCC) said a revised enforcement ordinance of the Broadcasting Act, aiming to allow all networks to broadcast commercials during programs, will take effect Thursday.    Terrestrial broadcasters have been prohibited from such advertising si

South Korea’s COVID-19 vaccine candidates can be evaluated through comparison with previously authorized vaccines. This means domestic vaccine developers will no longer have to recruit large control groups for a phase 3 clinical trial. According to the Ministry of Food and Drug Safety on Wednesday, the government has revised guidelines for phase 3 clinical trials in a bid to accelerate the development of homegrown vaccines against COVID-19. Under the new rules, drugmakers would need j

South Korean builder Daewoo Engineering and Construction is making renewed efforts to enhance its safety management, it said Wednesday. Since adopting a safety-first doctrine in February, the company has rolled out various measures aimed at drastically reducing major disasters at the construction workplace. They included the establishment of a committee under the auspices of the chief financial officer to oversee the operations of safety control teams, launched at every division of the firm la

Hundreds of 5G mobile users filed a joint lawsuit Wednesday against the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- over disappointing quality of the latest generation networks, according to their legal representative. Around 520 people are taking part in the joint lawsuit, which argues that carriers have offered incomplete 5G services, leading to poor network quality, Kim Jin-wook, an attorney at law firm Joowon, said. "The action seeks compens

South Korea's top two retailers -- Shinsegae Group and Lotte Group -- have not joined the race to take over Yogiyo, the country's second-largest food delivery app, industry sources said Wednesday. The rivaling retail giants had been considered the two most viable potential bidders for Yogiyo, run by Germany's Delivery Hero (DH), in a deal that could change the landscape of the country's food delivery industry. "After considering the potential synergy effect in combining the retail and the

Conflicts deepening between IPTV operators and CJ ENM over proposed price hikes

Pearl Abyss’ Black Desert becomes third Korean title to win approval from China since December

Samsung Electronics Co. further expanded its dominance in the domestic smartphone market in the first quarter of the year on the back of robust sales of the Galaxy S and A series, a report showed Wednesday. Samsung had a share of 67 percent in the South Korean smartphone market in the January-March period, up 9 percentage points from a quarter earlier, according to data from market researcher Counterpoint Research. Its first-quarter market share was also 3 percentage points larger than a year