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What's K-beauty's top firm in Q1? Amorepacific rises as LG H&H falls
The first quarter earnings of South Korea’s top two beauty giants, Amorepacific and LG Household & Health Care, have been largely shaped by their approaches to international market diversification beyond China. In the January–March period, Amorepacific Holdings reported consolidated revenue of 1.16 trillion won ($817 million), up 15.7 percent from a year earlier, with operating profit climbing 55.2 percent on-year to 128.9 billion won. Noticeable in the company’s profit growth was the strong per
May 3, 2025 -
Ministry urges SKT to stop new signups over data breach
The South Korean government urged the country's leading mobile carrier SK Telecom to suspend new subscriber signups until its hacking-prompted USIM card replacement scheme gets back on track. In an administrative guidance order released Thursday, the Ministry of Science and ICT announced that the measures were drawn up to urge SK Telecom to implement stronger corrective actions in response to the cyberattack, which was detected by the mobile carrier on April 18. The order demands SK Telecom refr
May 1, 2025 -
US Navy secretary eyes ties with Korea's top shipbuilders
US Navy Secretary John Phelan and top executives at Korea’s major shipbuilding companies explored opportunities for bilateral collaboration during the secretary's tour of key Korean shipyards. On Wednesday afternoon, Phelan traveled from Seoul to the HD Hyundai Heavy Industries shipyard in Ulsan, located 300 kilometers southeast. He then continued another 100 kilometers to Hanwha Ocean in Geoje, South Gyeongsang Province. “The relationship between the US Navy and the Republic of Korea’s maritime
May 1, 2025 -
Korea clinches $18b Czech nuclear plant deal
Korea has secured an $18 billion contract to build two nuclear reactors in the Czech Republic, marking its first nuclear reactor export in 16 years and first entry in the European nuclear power sector. The Czech government on Wednesday announced that a contract will be signed with the Korean consortium led by Korea Hydro & Nuclear Power on May 7, as it decided to acquire an 80 percent stake in Elektrarna Dukovany II, a subsidiary of state-owned power company CEZ, to facilitate the deal. CEZ init
May 1, 2025 -
Samsung to pay language test fees for workers in talent push
Samsung Electronics Chair Lee Jae-yong has introduced a new initiative to support employees taking conversation tests in seven foreign languages, reflecting his ongoing commitment to cultivating global talent. According to industry sources on Thursday, Samsung Electronics informed all employees in its Device Experience division on Monday that it will fully reimburse the cost of conversation test fees — up to twice a year — for seven languages: Korean, English, Vietnamese, Russian, Spanish, Chine
May 1, 2025 -
Decision time for Korea’s next-gen destroyer program
The Korean Next-Generation Destroyer, or KDDX, program, has been pushed back once again, dampening the country’s roadmap to strengthen its naval forces and letting the fight between its top two shipbuilders -- Hanwha Ocean and HD Hyundai Heavy Industries -- intensify. The KDDX, a 7.8 trillion won ($5.5 billion) project to build six 6,000-ton-class next-generation Aegis-equipped destroyers, was supposed to have a conclusion on who will build these state-of-the-art warships using homegrown technol
May 1, 2025 -
Korea's first digital insurer Carrot absorbed into parent after losses
Carrot General Insurance, once hailed as South Korea’s pioneering digital insurer, is set to be folded into its parent company Hanwha General Insurance, marking a bitter close to its seven-year foray into digital-first insurance. Hanwha General announced Tuesday it had acquired 25.86 million shares in Carrot for 205.6 billion won ($144.43 million), boosting its ownership to 98.3 percent. The deal included the purchase of stakes from key investors such as Tmap Mobility, Stic Investments, Altos Ve
May 1, 2025 -
LS Cable & System named top supplier at US offshore energy conference
LS Cable & System, a Korean grid facility manufacturer, has been recognized as a top supplier at the Americas' largest conference for offshore wind power generation and ocean renewable energy, it said Thursday. The company received the Supply Chain Advancement Award on Tuesday at the International Partnering Forum 2025 in Virginia Beach, Virginia. It is the first time a Korean company has been honored with the recognition. The award recognizes LS Cable & System’s expertise in submarine cables, i
May 1, 2025 -
CU launches visa support services for foreign nationals
Convenience store chain CU announced on Thursday that it launched visa support services tailored to foreign residents in Korea, aiming to assist with application processes and enhance accessibility. Offered in partnership with K-Visa, the country's leading visa service provider, the new service will cover a wide range of needs including marriage, employment, investment, immigration and permanent residency. By scanning a QR code displayed at CU stores and filling out a brief form, customers are i
May 1, 2025 -
Samsung to support foreign language speaking test fees for DX division employees
Samsung Electronics Co. will support the cost of foreign language speaking proficiency exams for employees in its Device Experience division, a move aimed at strengthening the company's global competencies, industry sources said Thursday. According to the sources, the company announced this week that it will reimburse test fees for up to two language exams per year for all employees in the division, covering tests for foreign languages, including English, Vietnamese, Russian, Spanish, Chinese an
May 1, 2025 -
S. Korea designates Yeosu as 'industrial crisis response area' to support petrochemical firms
South Korea has designated the southwestern city of Yeosu as an "industrial crisis response area" to help the ailing regional economy amid a slump in the petrochemical industry based in the area, the finance minister said Thursday. Finance Minister Choi Sang-mok made the announcement in an economy-related ministers meeting, vowing efforts to support petrochemical companies in the city located 315 kilometers south of Seoul, boost investment and restore the job market there. The government plans t
May 1, 2025 -
Trump says he heard Samsung will build 'massive' production facilities in US
US President Donald Trump said Wednesday he heard that South Korean conglomerate Samsung Electronics Co. will construct "massive" facilities in the United States because of his tariffs, as he enumerated his policy achievements made during his first 100 days in office. Trump made the remarks during a Cabinet meeting, as he defended his tariff policy following a Commerce Department report that US gross domestic product fell at an annual rate of 0.3 percent in the first three months of the year. "I
May 1, 2025 -
Hyundai E&C recognized as No. 1 overseas builder with $140b milestone
Hyundai Engineering & Construction announced Wednesday that it received the highest honor in overseas construction from the Korean government, recognizing its cumulative overseas orders exceeding $140 billion. The award was presented at a ceremony celebrating the landmark achievement of $1 trillion in total overseas construction contracts secured by Korean companies. Hosted by the International Contractors Association of Korea and sponsored by the Ministry of Land, Infrastructure and Transport,
April 30, 2025 -
SK Telecom scrambles to restore trust after massive data breach
South Korea’s leading mobile carrier SK Telecom is facing mounting fallout from a recent hacking incident, with more than 70,000 users switching to rival providers in just two days after the company began offering free USIM card replacements. Amid growing concerns that the data breach could spill over into the financial sector, South Korean financial authorities on Wednesday launched an emergency response team and tightened security protocols. According to industry sources, 35,902 SK Telecom use
April 30, 2025 -
JD.com brings logistics power to Korea in bid to rival Coupang
As Chinese e-commerce players contend for market share in neighboring South Korea — an apparent hedge against tightening access to the US — JD.com has entered the fray, armed with its own logistics network. JD.com, one of China’s leading e-commerce platforms alongside AliExpress and Temu, sets itself apart with a direct-purchase model in contrast to the open-market approach favored by its peers. Last week, JD Logistics, the supply chain arm of JD.com, opened two self-operated logistics centers i
April 30, 2025