SEOUL, Nov. 11 (Korea Bizwire) — The state-run Korea Electric Power Corp. said Friday its net losses deepened in the third quarter from a year earlier on higher fuel costs and limited electricity rate hikes. The consolidated net losses widened to 7.53 trillion won (US$5.66 billion) in the July-September period, compared with a loss of [...]
SEOUL, Nov. 11 (Korea Bizwire) — South Korean battery maker LG Energy Solution Ltd. said Friday it has signed a binding agreement with a U.S. minerals provider for a long-term supply of a key lithium product used in electric vehicle (EV) lithium-ion batteries. The offtake agreement with Compass Minerals Inc. is for 40 percent of [...]
SEOUL, Nov. 10 (Korea Bizwire) — SK Telecom Co., South Korea’s largest wireless carrier, said Thursday its third-quarter net profit dropped 66.7 percent from a year earlier due mainly to last year’s spinoff of its semiconductor businesses. The company logged a net profit of 245.6 billion won (US$180.4 million) on a consolidated basis in the [...]
SEOUL, Nov. 10 (Korea Bizwire) — E-commerce giant Coupang Inc. said Thursday it swung to the black in the third quarter for the first time since 2014, when it introduced its ultrafast delivery service, Rocket Delivery. Net income came to US$90.7 million in the July-September period, compared with a net loss of $324 million during [...]
SEOUL, Nov. 8 (Korea Bizwire) — KT Corp., South Korea’s No. 2 wireless carrier, said Tuesday its third-quarter net profit fell 3.4 percent from a year earlier due to an increase in operating expenses. KT’s net income amounted to 326.2 billion won (US$235.5 million) on a consolidated basis in the July-September period, compared with 337.7 [...]
SEOUL, Nov. 8 (Korea Bizwire) — Hyundai Motor Group said Tuesday it has signed an initial pact with a Chinese investment bank to push forward its commercial car business in the world’s biggest automobile market. Hyundai Motor Group China has signed a memorandum of understanding with the CICC Capital Management (CCM) department, an affiliate of [...]
SEOUL, Nov. 7 (Korea Bizwire) — South Korean online lender K-Bank said Monday its net profit hit a record high in the third quarter on higher operational efficiency and stayed in the black for five straight quarters. Net profit stood at 25.6 billion won (US$18.2 million) in the July-September period, up 52.4 percent from a [...]
SEOUL, Nov. 7 (Korea Bizwire) — Food company Daesang Corp. said Monday it has formed a joint venture with a Polish fermented food maker as the South Korean maker tries to expand the traditional fermented vegetable dish globally. Daesang said it has agreed on a 76-24 joint venture called “Daesang ChPN Europe” with Charsznickie Pola [...]
SEOUL, Nov. 7 (Korea Bizwire) — South Korean internet portal giant Naver Corp. said Monday its third quarter sales topped 2 trillion won (US$708.7 billion) for the first time in two years on robust growth in its content business. The company said in a regulatory filing that its sales reached 2.05 trillion won for the [...]
SEOUL, Nov. 6 (Korea Bizwire) — SK On, a South Korean car battery maker, said Sunday it has signed a deal to purchase lithium from Chilean firm SQM in its import diversification strategy. Under the deal, SQM will supply a total of 57,000 tons of lithium to SK On for five years starting 2023. The [...]