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The Korea Herald

Companies

May 19, 2020
Hanwha Solutions expands to solar power software business

Hanwha Solutions said on May 19 it has invested in a solar power software company, diversifying its business portfolio that is currently focused on hardware such as solar power cells and modules. This is the first investment finalized by the Hanwha Group affiliate since Vice President Kim Dong-kw...
May 18, 2020
Gates Foundation gives $3.6m to SK Bioscience’s COVID-19 research

Bill & Melinda Gates Foundation is doling out a series of funding for epidemic countermeasure research in Korea. SK Bioscience, a vaccine researcher and developer firm, said on May 18 that it has nabbed $3.6 million financial backing from the US foundation for to research the biologic structure of...
May 15, 2020
Kepco swings to profit in three years in Q1 thanks to cheap oil

Korea Electric Power Corp. said on May 15 that it recorded 430.6 billion won ($350.1 million) in operating profit in the first quarter this year, swinging back into the black in three years. The state-run utility witnessed 430.6 billion won in operating profit, a 1-trillion-won increase on-year f...
May 14, 2020
Hanjin KAL decides to inject W300b in cash-strapped Korean Air

Hanjin KAL said Thursday it will inject 300 billion won ($244.3 million) in Korean Air by selling its assets and through mortgage loans, one day after the airliner’s board decided to raise 1 trillion won by selling new stocks as part of a self-rescue plan. The parent company of Korean Air curre...
May 14, 2020
Seegene’s net profit jumps 600% in Q1

Real-time polymerase chain reaction COVID-19 detection test kit maker Seegene saw a whopping 600 percent jump in its consolidated operating profit and net profit in the first quarter of 2020, according to company filings on May 14. Seegene rose from being one of many molecular diagnosis companies...
May 14, 2020
Hanmi may sue Sanofi for withdrawing from diabetes drug research

South Korea’s Hanmi Pharmaceutical may consider taking legal action against global biopharma Sanofi as the French company abruptly decided to halt participation in further research on efpeglenatide, a potential treatment for Type 2 diabetes. The Korean pharma issued a notice to shareholders on M...
May 13, 2020
Tesla sales push EV battery supplier LG Chem to No. 1

LG Chem deployed most of its electric vehicle batteries globally in the first quarter thanks to client company Tesla’s strong sales, data showed on May 13. According to market tracker EV Volumes, LG Chem supplied 14 percent of the batteries for 88,461 Tesla EVs in the first quarter. Propelled by ...
May 12, 2020
SillaJen CEO detained over alleged insider trading, stoking fears of delisting

The head of local biotechnology firm SillaJen was detained on May 12 for alleged involvement in insider trading, raising market fears over SillaJen’s fate as a Kosdaq-listed company. The Seoul Southern District Court issued an arrest warrant for SillaJen CEO Moon Eun-sang, citing a flight risk a...
April 28, 2020
Coronavirus gives bargaining power to EV battery makers

The novel coronavirus outbreak has ruffled the power dynamics of the buyer-and-seller relationship between European automakers and South Korean battery makers, according to industry sources and market watchers. Though electric vehicle battery manufacturers are typically in a position to lure orde...
April 28, 2020
LG Chem goes into black in Q1 on improved core business performance

South Korean chemical and battery firm LG Chem on April 28 reported a swing to operating profit of 236.5 billion won ($192.7 million) in the first quarter by minimizing losses in its battery business. The Korean battery manufacturer cut its operating loss in the battery business by 80 percent to ...
April 23, 2020
SK hynix reports earnings surprise amid high server demand

SK hynix, the second-largest memory chipmaker in the world, announced an earnings surprise on April 23, with a 239 percent on-quarter increase in its operating profit in the first quarter. Despite concerns about a coronavirus downturn in the global economy, the South Korean chipmaker posted 7.19 ...
April 20, 2020
Young owner family executives, many of them women, emerging in Korean business world

Compared with years past, more of the executives from owner families at South Korea’s conglomerates are women or members of the younger generation, data from a local corporate tracker showed on April 20. Six group chairpersons were born since 1970 and nearly a quarter of the conglomerates’ 150 ...
April 17, 2020
Apple to reopen Seoul store on April 18

Apple will reopen its Seoul store on April 18, the company said on April 16. The branch, located in Garosugil in Gangnam-gu, will be the first store outside of China to reopen. Apple previously closed all stores outside of China amid the viral COVID-19 pandemic, and hundreds of Apple Stores aroun...
April 17, 2020
SK E&S sells entire stake in China Gas Holdings

SK E&S has sold its entire stake in a Chinese private gas company to prevent a liquidity crisis as demand in the energy market plunged since the global coronavirus pandemic. The energy unit of SK Group said it sold all of its 10.25 percent stake (535 million shares) in China Gas Holdings through ...
April 14, 2020
SM Entertainment, Naver team up to launch concert streaming service

SM Entertainment and Naver are teaming up to launch a new concert streaming service, Beyond Live. The premiere, featuring SuperM, is to air April 26. The two companies have signed a memorandum of understanding in an effort to expand their presence in the global entertainment industry, SM said ...

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