Chipmakers to get a drastic hike in tax breaks; commit 510 trillion won in investments over 10 years

South Korean e-commerce giant Coupang posted a record-breaking 4.7 trillion won ($4.2 billion) in revenue during the first quarter of this year as the business continues to grow in size but its operating loss nearly doubled due to an increase in operating and administrative costs. According to the firm’s earnings report, revenue was up 74 percent compared to one year ago, its biggest Q1 sales figure to date. “We ended the quarter with 16 million active customers, a 21 percent year-

The move paves the way for a merger between two major K-pop platforms

South Korean power plant builder Doosan Heavy Industries & Construction Co. said Thursday that it has signed a deal with Korea Hydro & Nuclear Power Co. (KHNP) to cooperate on hydrogen-related business. Under the deal, Doosan Heavy and nuclear power plant operator KHNP will develop technologies to produce and store hydrogen by using small- and mid-sized nuclear reactors and water power systems. Doosan Heavy also said its fuel cell manufacturing affiliate Doosan Fuel Cell Co., which has

SK Innovation Co., South Korea's refinery-to-battery company, said Thursday it continued to suffer losses in the first quarter despite its strong earnings from its petrochemical business as it reflected hefty settlement costs for a battery suit with its bigger rival LG Energy Solution Ltd. SK Innovation booked a net loss of 368.1 billion won ($325.3 million) in the January-March period, narrowing from 1.5 trillion won of loss from the pandemic-driven slump a year earlier. Its operating profit

South Korean e-commerce giant Coupang Inc. said Wednesday its first-quarter sales hit a new high, but operating losses widened sharply due to increased costs and investment. Sales stood at $4.21 billion in the January-March period, up 74 percent from a year earlier, Coupang said in a regulatory filing. The figure was the largest top line for the first quarter, the New York-listed company said. Yet Coupang registered an operating loss of $295 million for the last quarter, up a whopping 180 per

   Samsung Electronics and LG Group decided Wednesday to offer paid leave to workers who receive a COVID-19 vaccine shot following health authorities' recommendation. Samsung's decision came one day after its labor union requested paid time off for COVID-19 vaccinations. Employees who take a day off to get vaccinated will be paid for that day. If an employee shows signs of side effects after the shot, the company will then grant paid leave for two more days. The union had demande

South Korea's leading shipbuilder Samsung Heavy Industries said Wednesday that it has completed a research and development plant related to liquefied natural gas. The plant set up at its shipyard on Geoje Island, 398 kilometers south of Seoul, will develop and test key technologies needed to transport, store and supply LNG, Samsung Heavy Industries said. The R&D plant will help the shipbuilder widen the technological gap with other rivals in manufacturing LNG carriers and LNG-propelled sh

Samsung BioLogics on Wednesday denied a local report which said it was preparing to begin production of Pfizer’s COVID-19 vaccine as early as August. The biotech arm of Samsung Group, headquartered in Songdo, Incheon, said the report from Korea Economic Daily was “not factual” in a filing to the Korea’s main stock exchange. The report in question said Samsung BioLogics was in talks for the contract-manufacturing deal with Pfizer and its Songdo production plant is capa

More than 6 out of 10 South Koreans feel unsafe taking the COVID-19 vaccines being rolled out in the country, compared with fewer than 3 in 10 in the UK, a global survey has found. According to the comparative study conducted by Cigna, an international health care and insurance company, some 64 percent of 1,031 people surveyed in Korea answered that they were worried about the side effects of the jabs available in the country. This was slightly higher than the global average of 62 percent.

S-Oil said Wednesday that it has established an environmental, social and governance committee to step up its sustainability management. “The committee will conduct systematic, integrated management of ESG activities,” a company official said. The committee, which will convene a regular meeting every quarter, consists of seven members each in charge of business management strategy, corporate affairs, safety and environment, refinery innovation and coordination, finance, complia

Hanwha Group has clinched a 5 trillion won ($4.4 billion) commitment from the Korea Development Bank to finance its environmental, social and governance efforts over the next five years, the company said Wednesday. According to South Korea’s seventh-largest conglomerate, the money will be used to acquire and operate eco-friendly solar and hydrogen businesses, as well as to invest in facilities. 　 “Hanwha Group will prepare the next decade as the green energy leader by advancing

Regulator vows to deal with ‘regulation loophole’ observed in Coupang case

Hyundai Mobis, the auto parts affiliate of Hyundai Motor Group, has vowed to raise its safety management capacities to the industry’s top level by 2025, as part of its mid- and long-term vision for sustainability. The company on Wednesday held a proclamation ceremony at its headquarters in Seoul’s Seocho-gu, laying out the road map for safety management system. This latest action reflected the safety-focused policies of Cho Sung-hwang, who was named as the company’s n

South Korean liquor maker HiteJinro said on Wednesday it will bring popular lager Terra to the US, Singapore and Hong Kong. The move marks the first time the green-bottled beer will be sold outside Korea since its release three years ago, with a batch of 1.2 million 330-milliliter bottles set to hit the shelves in Hong Kong first, before they are made available in the US and Singapore. Terra will be supplied to Korean communities in the countries first, where high demand is expected, before be