Korean banks log record profits on rising interest rates

South Korea’s major financial groups enjoyed record quarterly earnings as higher policy interest rates increased lending rates, powering the p...

Hyundai ups 2022 revenue, profit forecasts as quality costs hit Q3 profit

South Korea’s top automaker Hyundai Motor Co. on Monday posted its highest-ever quarterly sales, driven by pricey sport utility vehicles and p...

Hyundai, Kia to reflect $2 bn quality costs in Q3 earnings

Hyundai Motor Co. and its affiliate Kia Corp., South Korea’s top two automakers, plan to reflect 2.9 trillion won ($2 billion) more in quality...

Korean bio suffers as weak won lifts global clinical trial costs

South Korean biopharmaceutical firms are facing challenges in clinical trials overseas alongside the rising Korean won to the US dollar exchange rat...

Deep learning SaaS provider Z.Ai wins at D.Camp pitch competition

Deep learning-based Software as a Service (SaaS) provider Z.Ai Inc. won the September pitch competition hosted by Seoul-based startup accelerator D....

Higher costs, weaker won put Korean firms’ investments on hold

Rising borrowing costs coupled with the weakening local currency are forcing an increasing number of South Korean companies to withdraw or halt thei...

Weaker won offers no leg up for Korean exporters

The steeper-than-expected decline in the won’s value is posing a grave threat to South Korean companies already struggling with rising inflati...

Korean warehouse project financing on brink of debt crisis

Warehouse development projects in South Korea, which boomed amid COVID-19, are facing challenges such as suspension of construction projects and ban...

LG Elec., GS EPS join forces to produce, use solar power in Korea

LG Electronic Inc. is set to produce solar energy to support 10% of the annual electricity consumption at its Changwon plant in South Korea.The firm...

IMM seeks to sell off low-cost cosmetics brand Missha

IMM Private Equity is trying to sell off the management rights of Able C&C, the parent of Korea’s first-generation low-priced cosmetics br...

EMP Belstar launches $300 mn Korea logistics fund

Energy and infrastructure-focused private equity firm EMP Belstar has launched its second logistics fund targeting cold storage facilities in South ...

Hyundai Elevator logs first quarterly loss since 1996

Hyundai Elevator Co., South Korea’s No. 1 elevator producer, swung to a quarterly operating loss for the first time since it was listed on the...

Hyundai Motor, LG Energy secure $710 mn for battery JV in Indonesia

South Korea’s Hyundai Motor Group and battery maker LG Energy Solution Ltd. have secured $710 million from financial institutions overseas to ...

Nongshim posts first operating loss from Korean sales in 24 years

South Korea’s top noodle maker Nongshim Co. has posted a quarterly operating loss from its domestic business – its first loss in 24 year...

Korea game sector hopes for better profits with new titles

South Korea’s game developers aimed to improve earnings with the release of new titles in the second half after reporting disappointing quarte...

Korea Inc. rushes to cut debt as interest rates surge

South Korean companies scrambled for lowering debts and borrowing costs with new financial and business strategies as interest rates on corporate lo...

South Korean firms bullish on hiring developers from India, SE Asia 

Travel startup Storicity Inc. tried for a year to find a developer in South Korea – to no avail.But when it expanded its search abroad through...

Naver says no growth sacrifice to cut costs with record sales

Naver Corp., South Korea’s largest online portal, on Friday reported its largest-ever quarterly revenue, led by webtoon and fintech services, ...

South Korea’s top general trading giants embrace rising raw materials costs

Back in the 1970s and 80s, general trading companies were the vanguards of South Korea’s exports. Daewoo International Corp., LG Internat...

Soaring renewable energy costs haunt top Korean firms

Major South Korean conglomerates are stepping up efforts to switch to renewable energy, driving their electricity costs sharply higher amid low supp...

POSCO Holdings Q2 profit down on higher raw material costs

POSCO Holdings Inc., the holding company of South Korea’s steel giant, reported a lower profit in the second quarter on rising raw material pr...

Warehouse robotics maker Floatic raises $2.6 million in pre-Series A

Warehouse automation startup Floatic Robotics wrapped up its pre-Series A round with 3.4 billion won ($2.6 million). The Seoul-based company is...

Korea’s Cosmax to shut Ohio plant to cut losses; shares up

Cosmax Inc., a major South Korean original design manufacturer (ODM) for L'Oréal and other global cosmetics giants, plans to shut its loss-ma...

LG Elec. profit down on costs; automotive biz back in the black

LG Electronics Inc., the global home appliance maker, suffered a lower profit in the second quarter on the back of rising commodity and logistics co...

Opportunity costs on the rise at Korean shipping firms

South Korea’s leading shipping companies are being used as funding sources for their parent groups’ business expansion or making up for ...

LG CNS launches AI robot subscription service for warehouse operators

LG CNS unveiled a cloud-based logistics robot subscription service on Tuesday, which could save warehouse operators a significant amount in upfront ...

Korea airlines grounded by oil, currency, interest rates

South Korea’s airlines are suffering from surging oil prices, a weaker won and rising interest rates as the global border reopening has yet to...

TVing partners with Paramount Plus to challenge Netflix in Korea

South Korea's over-the-top streaming platform TVing Co. has partnered with global content provider Paramount Plus to challenge top OTT player Netfli...

POSCO revs up eco-friendly, smart steelmaking

South Korea’s leading steelmaker POSCO Group reignited its No. 4 blast furnace at its Gwangyang plant on June 10. The blast furnace has been u...

S&P lowers KEPCO’s stand-alone credit rating to non-investment grade

Standard & Poor's (S&P), an international credit rating agency, has lowered Korea Electric Power Corp.'s stand-alone credit profile to non-i...