South Korea’s business world, government and the families over the weekend mourned the death of LG Group Honorary Chairman Koo Cha-kyung, who as the second-generation leader of the conglomerate, had led the rise of the group’s global expansion. Koo was 94 when he passed away from an illness on Saturday. At a funeral altar set up at an undisclosed hospital in Seoul, Koo’s second son Bon-neung, th...

The Industry Ministry said Wednesday it has set aside around 9.4 trillion won ($7.8 billion) in its budget for 2020, up 23 percent from this year, to focus on technology independence from Japan and the expansion of renewable energy. The budget plan for the ministry was finalized through a resolution of the National Assembly on Tuesday. “In response to Japan’s export controls, the budget for sup...

Samsung Display faces new opportunities for sales growth as the growing demand for fifth-generation smartphones is expected to drive up sales of the firm’s small and medium-sized OLED panels, industry watchers said Sunday. OLED panels, a key component of large-screen smartphones, are seeing increased demand with the rise in consumption of high-definition video and game content among handset user...

South Korea’s efforts to tackle environmental issues related to power generation using conventional technologies are no longer sustainable, and the only way forward -- apart from expanding renewable energy -- is to allow private operators in the sector which is now controlled by state firms, according to Korea Energy Economics Institute President Cho Yong-sung. “Korea should now ponder whether i...

Korea Aerospace Industries has successfully performed the first flight test of its light civil helicopter, the firm said Thursday. The helicopter delivered its first flight performances for about 20 minutes after take-off, KAI said. The light civil helicopter, which began development in June 2015, is now applied with advanced technologies for the main gearbox, cockpit and canopy, KAI explained....

The Seoul High Court ruled on Wednesday in favor of the nation’s antitrust watchdog in a legal battle with US chipmaker Qualcomm over a record penalty of 1 trillion won ($837 million). “The court dismissed Qualcomm’s requests and partially sided with the Fair Trade Commission,” said the FTC in a statement on the day. The “partial” decision is due to the court deeming that some corrective action...

Three South Korean financial institutions -- DB Insurance, Korean Teachers’ Credit Union and Public Officials Benefit Association -- said Tuesday they had decided to stop coal project financing in order to support the global efforts to tackle climate change. The move by the financial institutions, who have a combined $73 billion of assets under management, comes after two local public pension fu...

ULSAN -- SK Energy, an affiliate of SK Innovation, is set to complete the construction of its vacuum residue desulfurization facility in January, in time for the implementation of tighter environmental regulations. In response to heightening environmental concerns and growing harmful emissions from ships, the International Maritime Organization has ruled that from January ships will have to use ...

S-Oil, headquartered in Seoul and wholly owned by Saudi Aramco, is unlikely to be affected by concerns about lower fuel prices and stricter environmental rules, according to analysts. The new International Maritime Organization rules -- IMO 2020 -- lowering the limit of sulfuric content in bunker fuel to 0.5 percent from 3.5 percent will come into force in January. Refiners have been very worri...

The European business community in Korea on Friday called for efforts to create a business-friendly climate for both Korean and foreign companies here, citing a growing number of criminal charges and regulations that hinder foreign investment. “Korean laws are very tough,” said Michael Reiterer, ambassador of the European Union to Korea, at an event held by the European Chamber of Commerce in Ko...

South Korea’s exports are expected to rise 3.3 percent next year on the back of global economic recovery and rising memory chip prices, a local trade association said Thursday. The Korea International Trade Association said exports are forecast to stand at $561 billion in 2020 with imports of $522 billion, growing 3.3 percent and 3.2 percent on-year, respectively. This year’s exports are expect...

BUSAN -- Leaders of South Korea and ASEAN countries have joined hands to foster the growth of startups at an event held Tuesday on the sidelines of the ASEAN-ROK Commemorative Summit. Hosted by the Ministry of SMEs and Startups, the ASEAN-ROK Startup Summit took place in Busan to enhance cooperation among startups of Korea and ASEAN. The event was attended by representatives from 40 ASEAN startu...

BUSAN -- South Korea’s popular business card app provider Drama & Company is seeking to make its mobile platform an “Asian version of LinkedIn” by deploying localized knowledge and sentiments. “Relatively, LinkedIn does not work as well in Asia as in the West. Asians are more reluctant to post their resumes in an open space,” said Drama & Company CEO Choi Jae-ho in a brief interview with The Kor...

SK 텔레콤의 박정호 사장은 25일 동남아의 문화 콘텐츠 투자 사업 중 하나로 타이 버전의 대장금을 구상 중 이라고 말했다. 대장금은 2003년과 2004년에 방영된 후 아시아 대륙을 휩쓴 한류 드라마다. 금주 부산에서 개최되고 있는 한아세안특별정상회담 기간 문재인 대통령이 주최한 저녁 만찬 중 동남아 투자 사업의 확장에 대한 질문에 박정호 CEO는 “동남아에서 새로운 미디어, 콘텐츠, 게임과 같은 새로운 산업을 시작하는 것을 긍정적으로 생각한다”고 답했다. 그는 특히 한류 드라마의 태국 현지화 가능성을 강조했다. 그는 코리아 헤럴드에 “태국에는 훌륭한 음식이 많기 때문에 태국 버전의 ‘대장금’은 재미있고 의미 있을 것”이라고 답했다. 만찬에 앞서 박정호 사장은 이날 한-아세안 문화혁신 회담에서 연...

BUSAN -- SK Telecom CEO Park Jung-ho said Monday he envisioned a Thai version of “Dae Jang Geum,” also known as “Jewel in the Palace,” a hit Korean drama that drew fans across Asia, as one idea for cultural content investment in Southeast Asia. When asked whether SKT planned to expand investment in Southeast Asia at a gala dinner hosted by President Moon Jae-in for ASEAN leaders on Monday evenin...