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The net profit of South Korean firms listed on the country’s main stock exchange fell 6.72 percent last year, the bourse operator said on April 3. The combined net profit of 540 Kospi-listed companies, excluding financial firms, came to 107.96 trillion won ($95.19 billion) in 2018 on a consoli...
South Korea’s major shipyards are expected to report an improvement in their earnings for the first quarter of the year, with Daewoo Shipbuilding & Marine Engineering likely to continue to deliver a decent profit, market data showed on April 3. Local brokerage houses are estimating that sales ...
SK Innovation has signed a deal to secure a key material used for high-capacity electric vehicle batteries, industry sources said on April 2. According to the sources, SK Innovation has signed the deal to secure lithium hydroxide from Australia-based Tianqi Lithium Kwinana, which is an affiliat...
The number of shareholders using electronic voting during this year’s general meetings nearly tripled from the previous year, data showed on April 2. Around 106,000 shareholders signed on to use e-voting as of the end of March, up 194 percent from the previous year, according to the data from ...
It might be too early to declare that the electric vehicle battery sector, especially lithium-ion, is South Korea’s new growth engine -- on par with semiconductors that propelled the economy forward -- but analysts here are highly optimistic. In 2018, the top three EV battery manufacturers -- LG ...
Despite the voluntary departure of the Kumho Asiana chairman last week, the main creditors of the conglomerate, which owns South Korea’s second-largest air carrier Asiana Airlines, have demanded that it sell off its high-value assets and draw up a solid loan repayment plan to improve liquidity. T...
A continued oversupply of global steel products and growing protectionism around the world are weighing on South Korean steelmakers already struggling to find fresh growth engines for the future. Global steel production capacity last year stood at around 2.23 billion tons, down 0.3 percent from th...
Kumho-Asiana Group said on March 28 its chairman will resign from key managerial posts, holding himself responsible for the recent controversy over an audit report for Asiana Airlines. Park Sam-koo will step down as group chairman and CEO of flagship Asiana Airlines and Kumho Industrial, the gr...
Outside directors at South Korea’s major listed firms voted for nearly all agenda items for board meetings in 2018, sparking suspicions that they serve as mere rubber stamps, a corporate tracker said on March 27. According to CEO Score, independent directors at 251 listed units of 57 conglomer...
More than 40 percent of South Korean manufacturing firms have plans to expand facility investments this year despite rising concerns over an economic slowdown, a central bank report showed on March 27. According to the report by the Bank of Korea, 41.3 percent of 252 surveyed manufacturers said...
SK hynix on March 27 won approval for its plan to build a semiconductor cluster in the Seoul metropolitan area as the government decided to lift development regulations in the region. The update on the project, valued at 120 trillion won ($136 billion) came after the Ministry of Trade, Industry...
SK Innovation said on March 27 that it will invest 430 billion won ($380 million) to build a lithium-ion battery separator plant in Poland, in a bid to meet growing demand for electric vehicle batteries. The company, also a major EV battery maker, said it plans to start the construction of the ...
SK Innovation said on March 21 that its shareholders have approved a plan to spin off a unit that focuses on the development of information and electronic materials. The spin-off underscores its commitment to fostering its new growth engine, SK Innovation said. With the latest move, SK Inno...
The head of the German antitrust regulator has said a key issue in deciding the fate of the acquisition of Daewoo Shipbuilding & Marine Engineering by Hyundai Heavy Industries is whether the deal restricts competition. Andreas Mundt, president of Germany’s Federal Cartel Office, made the comme...
Air Busan topped other low-cost carriers in customer satisfaction in the National Customer Satisfaction Index survey, the company said on March 19. The carrier beat five rivals to earn the highest scores in most of the six categories, which mainly cover customer satisfaction, recognition, and l...
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