S. Korean leather company recognized by BMW for sustainability

South Korean recycled leather company ATKO Planning said Wednesday that it has been selected by German carmaker BMW as a potential business partner at a startup pitching event held at the Seoul Trade Exhibition Center on April 21. The annual event, BMW Startup Garage Open Innovation Pitching Day, is co-hosted by the automaker, the Korea Venture Investment Corp., and Korea’s trade promotion agency Kotra to select local enterprises that could work with BMW to accelerate the automaker&rsquo

IndustryMay 25, 2022

SK Telecom seeks wider applications of crypto chips behind Samsung Galaxy Quantum phones

South Korean telecommunication firm SK Telecom unveiled Wednesday plans to explore more use cases of quantum-protected chips used in Samsung Galaxy Quantum series smartphone, in hopes of entering mass market by the first quarter of 2024. The world‘s first-ever crypto chip solutions have so far been applied to the Galaxy Quantum series smartphone -- available for purchase only in Korea -- based on the quantum random number generator chip solutions SK Telecom developed jointly with Switzerl

TechnologyMay 25, 2022

T'way Air adds 3 A330-300s to resume flights amid eased virus curbs

T'way Air, a South Korean low-cost carrier, said Wednesday it has added three A330-300 planes to its fleet to open a new route and resume flights on international routes amid eased COVID-19 virus curbs. In February, T'way Air brought in its first A330-300 plane and has been operating it on the Gimpo-Jeju route since March 22. The second one arrived last month and the third has just been added. With the latest two A330-300s, T'way Air plans to open the Incheon-Singapore route and t

IndustryMay 25, 2022

S. Korea-led intl. association on hydrogen industry kicks off

South Korea, the United States and 16 other countries on Wednesday launched an association meant to boost cooperation in the development of the hydrogen industry, Seoul's industry ministry said. The member countries of the Global Hydrogen Industrial Association Alliance shared the current status of their hydrogen industry and related policy measures at an inaugural meeting at a Seoul hotel. The South Korea-led alliance will set up a network and data hub in the hydrogen field to boost cooper

EconomyMay 25, 2022

Samsung SDI, Stellantis to build $2.5b battery plant in Indiana

South Korean battery maker Samsung SDI said Wednesday it is building its first US plant in the state of Indiana along with its joint venture partner Stellantis, joining its crosstown rivals to secure its footing in the burgeoning electric vehicle market. The $2.5 billion plant, located in Kokomo, Indiana, is expected to break ground later this year and start operations in the first quarter of 2025. The companies said they aim to elevate its production capacity from the current 23 gigawatt-ho

TechnologyMay 25, 2022

Samsung SDI, Stellantis to set up $2.5b Indiana battery plant

South Korean battery maker Samsung SDI Co. said Wednesday it is investing $1.29 billion in an electric vehicle battery plant to be built in the US state of Indiana under a joint venture with Stellantis N.V. Samsung SDI will own a 51 percent stake in the $2.5 billion joint venture company set up with the Chrysler parent, and its investment could increase to as much as $1.57 billion in the long term, it said in a regulatory filing. Samsung SDI and Stellantis may boost their investment in the proje

IndustryMay 25, 2022

Consumption of gasoline, diesel tanks 18% in April

South Korea's consumption of gasoline and diesel sank more than 18 percent in April from a year earlier due to high international crude prices, data showed Wednesday. Asia's fourth-largest economy consumed a combined 17.4 million barrels of gas and diesel last month, down 18.3 percent from a year earlier, according to the data from the state-run Korea National Oil Corp. It was also down 5.8 percent from 18.4 million barrels the previous month. Gasoline and diesel consumption had been o

EconomyMay 25, 2022

Woori Bank employee, his brother indicted for embezzling 61 bln won

  An employee of Woori Bank and his brother were indicted on Tuesday on charges of embezzling more than 60 billion won (US$47.4 million) from one of the nation's largest commercial banks.    The Seoul Central District Prosecutors Office said it indicted the brothers for embezzlement and violating the law on flight of domestic property. The employee, identified only by his surname Jeon, was also charged with forgery of documents.    The employee was arrested on April

IndustryMay 24, 2022

Lotte Group to inject W38tr for health, mobility and more shopping malls

South Korean retail giant Lotte Group said Tuesday it is poised to inject 38 trillion won ($30 billion) over the next five years in the new growth-engine sectors -- health and wellness, mobility, and sustainability -- and core industry segments including chemical, retail and travel business. Following its recent announcement to enter the biomedical contract development and manufacturing organization business, the company will pour some 1 trillion won into building a new bio factory in the coun

ConsumerMay 24, 2022

Hyundai Motor Group to spend W63tr by 2025 in Korea

Hyundai Motor Group unveiled Tuesday another set of mega investment plans, this time focusing on the local market. Introducing a 63 trillion won ($52.6 billion) plan, the automaker said it would work with its subsidiaries Kia and Hyundai Mobis to turn Korea into a hub of its future mobility business. The investment will be implemented over the next three years.  According to the automaker, which controls the country’s top two automotive brands -- Hyundai Motor and Kia -- as well as

MobilityMay 24, 2022

[Photo News] Battery Power

Volkswagen ID.4 GTX, powered by LG Energy Solution‘s battery cells and modules, is seen climbing up the dormant Uturuncu volcano in Bolivia in this photo released by the South Korean battery maker. German long-distance driver Rainer Zietlow and his Challenge4 team won a new Guinness World Records title for the highest altitude reached with electric cars.

TechnologyMay 24, 2022

Hanwha Group to spend W37.6tr to nurture energy, aerospace sectors

Energy-to-defense giant Hanwha Group unveiled Tuesday an investment plan of 37.6 trillion won ($29.7 billion) into the energy, carbon neutrality, defense and aerospace sectors over the next five years.  Under such investment plan, the group expects to create some 20,000 new jobs.  The group said some 20 trillion won will be injected into its business operations in Korea. This is equivalent to the group’s combined 22.6 trillion-won investment made over the past five years local

IndustryMay 24, 2022

Inflation outlook highest in 9 years ahead of rate hike

South Korean households’ outlook for inflation in the next 12 months rose this month to the highest level in nine years and seven months, according to a Bank of Korea survey released Tuesday ahead of its rate decision Thursday. Survey respondents forecast inflation to average 3.3 percent, up from the previous record high of 3.1 percent in April. In a monthly survey of 2,500 households conducted May 10-17, the BOK said consumers have braced for higher borrowing costs ahead, wit

EconomyMay 24, 2022

Hyundai E&C, Westinghouse join hands to build nuclear power plants

Hyundai Engineering & Construction has signed a strategic cooperation agreement with the nuclear power industry leader Westinghouse Electric Company to jointly build next generation nuclear power plants. This is the first time that a Korean firm has formed a partnership with the US nuclear power company. Under the agreement, Hyundai Engineering & Construction will be participating in engineering, procurement, and construction of next-generation nuclear power plants such as the AP1000 p

IndustryMay 24, 2022

Energy ministry to place power price cap to stem Kepco hemorrhage

SEJONG -- The government has mapped out a measure to address the mounting deficit of the state-run Korea Electric Power Corp., which posted an all-time high operating loss of 7.7 trillion won ($6.1 billion) in the first quarter of the year. The Ministry of Trade, Industry and Energy said Tuesday that it would place a cap on the “system marginal price,” the price KEPCO pays when purchasing power from private power generation companies. The cap would be placed temporarily whenev

IndustryMay 24, 2022

Seoul shares dip over 1.5% as inflation worries prevail

Seoul shares ended lower on Tuesday as investors remain concerned about inflation despite US President Joe Biden's remark that US tariffs imposed on Chinese imports are being reviewed for reduction. The South Korean won fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 41.51 points, or 1.57 percent, to 2,605.87. Trading volume was moderate at 837.87 million shares worth 8.6 trillion won (US$6.8 billion), with decliners outpacing gainers 742 to 136. Institutions

MarketMay 24, 2022

Kakao, SK Square hit brake on chauffeur services

For the next three years, South Korean tech giant Kakao and SK Square, the ICT arm of conglomerate SK Group, will be banned from expanding their designated driver service business to make room for small and midsized enterprises entering the market, the Korea Commission for Corporate Partnership said Tuesday. Other large corporations seeking to start chauffeur services are prohibited from entering the industry worth 3 trillion won ($2.4 billion) in the cited period as well. Although the decisi

MobilityMay 24, 2022

Samsung unveils largest-ever W450tr investment for chip supremacy

South Korea’s largest conglomerate Samsung announced Tuesday plans to invest a combined 450 trillion won ($355.8 billion) and create some 1 million jobs in Korea over the course of five years -- the largest ever in the group’s history -- in order to maintain its competitive edge and navigate uncertainties. Samsung also chose chip design, foundry and biotechnology as the major three pillars of its future growth in its investment guidance. The groupwide plan is expected to set the

TechnologyMay 24, 2022

Google's in-app payment policy leads to content price hikes

With Google poised to begin removing applications that disobey its mandatory in-app payment policy from June 2, South Korean content providers are raising consumer charges as the global IT giant's billing rules require hefty fee rates. Google's in-app payment system means that consumers must use the internal payment system developed by the app market operator, also Google, when purchasing paid content from apps in Google's Play Store. For app developers using Google's in-app billing system,

TechnologyMay 24, 2022

Hyundai Motor Group, Microsoft partners to measure EV battery life

Hyundai Motor Group and Microsoft Korea have collaborated to make a “digital twin” of the Ioniq 5 to accurately analyze performance of the battery that is critical for electric vehicles. According to the automaker, the digital twin works by making an identical product of a device on a virtual platform so it can experiment with artificial intelligence, machine learning and data analysis models by applying different settings such as climate, driving patterns and road conditions to co

IndustryMay 24, 2022