Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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S. Korea, Singapore seal supply chain agreement
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Korean language teaching expert says demand has outstripped supply
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Conscripting women to lead to 'more babies,' claims military think tank
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6 companies to recall over 34,000 vehicles over faulty parts
Hyundai Motor Co., Mercedes-Benz Korea and four other companies will voluntarily recall more than 34,000 vehicles to fix faulty components, the transport ministry said Wednesday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The six companies, including Hyundai's smaller affiliate Kia Corp., Toyota Motors Corp. and Stellantis Korea, are recalling a combined 34,639 units of 13 different models, the Ministry of Land, In
Dec. 22, 2021
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Posco International to invest W162b in Mexico EV parts factory
In a bid to penetrate the US electric vehicle market, Posco International said Tuesday it is opening a Mexico office to oversee the production plant of a core component. The component, the rotor motor core, is used to generate electricity in electric motors. The decision has been approved by the board, the trading arm of Korea’s leading steelmaker said. Some 52 billion won ($43.6 million) will be invested in building the facility, of which 80 percent will be funded by Posco Internat
Dec. 22, 2021
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Hanwha to inject W338b for caustic soda production
Hanwha Solutions said Tuesday it will spend 338 billion won ($283.3 million) to add 270,000 tons of production capacity of caustic soda, a key raw material for electric vehicle batteries. According to the chemical and energy unit of South Korean conglomerate Hanwha Group, the investment will allow the company to ramp up the annual production capacity of caustic soda at its petrochemical plant in Yeosu, South Jeolla Province, to 1.11 million tons from the current 840,000 tons. “Hanwha
Dec. 21, 2021
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Incheon Airport forges W600b deal with Indonesian airport
Incheon International Airport Corp. has inked a 600 billion won ($503 million) deal to operate and develop Hang Nadim International Airport in Indonesia for 25 years starting next year, officials said Tuesday. It is the first overseas airport operation and development project Incheon International Airport Corp. has undertaken, they added. The deal was signed by Incheon International Airport Corp. and Batam Indonesia Free Zone Authority to operate and develop the Indonesian airport in Batam, Ri
Dec. 21, 2021
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Kyobo Life submits preliminary IPO application
Kyobo Life Insurance, the No. 3 life insurer in South Korea, has applied for a preliminary approval to list its shares on the country's main bourse, the stock market operator said Tuesday. Kyobo Life Insurance submitted the application with the Korea Exchange (KRX) for an initial public offering (IPO) and picked NH Investment and Securities Co. as the lead manager for the envisioned stock listing, according to the operator. Other details were not disclosed. In November, Kyobo Life Insurance s
Dec. 21, 2021
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GS E&C completes New Selander Bridge project in Tanzania
South Korean builder GS E&C has completed its construction of New Selander Bridge in Tanzania, the largest development project funded by the South Korean government in Africa. New Selander Bridge is also the first bridge project GS E&C has worked on in Tanzania. It will officially open for use on Dec. 27. Located in Dar es Salaam, the largest city and financial hub of Tanzania, the New Selander Bridge is 670 meters long. It is a new type of bridge that has combined the characteristics
Dec. 21, 2021
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Hyundai Motor Group raises global EV sales target to 1.7m in 2026: CEO
Hyundai Motor Group raised its global electric vehicle (EV) sales target for 2026 to 1.7 million units from 1 million units, its chief executive has said, underscoring the automaker's push to meet the growing EV demand. Hyundai Motor CEO Chang Jae-hoon made the remark in an interview with the US-based Automotive News published on Tuesday, saying that the company will double the EV lineup to at least 13 models by 2026. "That's very ambitious. Next year, we expect to sell about 220,
Dec. 21, 2021
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Is chip party coming to an end?
COVID-19 has been a perfect Christmas gift for major chipmakers this year, as the pandemic brought an unprecedented chip demand across the spectrum, from smartphones, laptops and PCs to data centers. To meet the surging demand, foundry giants -- TSMC, Samsung Electronics and Intel -- together have pledged to spend hundreds of billions of dollars throughout the next few years to expand their production capacities. But market watchers warn caution over the aggressive expansion, citing that t
Dec. 21, 2021
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Final testing of Korean COVID-19 vaccine begins
Health authorities started the last stage of testing for SK Bioscience’s coronavirus vaccine GBP510 this week, the National Institute of Health said Tuesday. As a home-grown COVID-19 vaccine closest to becoming the country’s first vaccine to be authorized, GBP510 is currently in the third and last phase of its clinical trial. “The last and most important step for the commercialization of the first Korea-made COVID-19 vaccine has begun,” said Kwon Jun-wook, director of
Dec. 21, 2021
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Samsung holds global strategy meeting for next year
Samsung Electronics Co. began a two-day companywide global strategy meeting, industry sources said Tuesday, the first since it appointed new CEOs in its first major reshuffle in three years and streamlined its structure after 10 years earlier this month. The biannual meeting used to take place in-person with attendance of hundreds of senior executives from at-home and abroad to discuss the company's global strategy and other core business issues. But it has moved online since last year amid the
Dec. 21, 2021
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Krafton invests $5m in Indian dating app 'FRND'
Krafton Inc., the South Korean gaming giant behind the global smash hit "PlayerUnknown's Battlegrounds" (PUBG), said Monday that it has invested $5 million in the Indian dating app FRND. The investment into FRND is part of a Series A round of funding worth $6.5 million that includes other investors, such as India Quotient and Elevation Capital, the company said. A Series A round of financing is the first round of financing that a startup receives from a venture capital firm. FRND is
Dec. 20, 2021
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LG chairman urges customer-centric innovation
LG Group chairman and Chief Executive Officer Koo Kwang-mo urged its staff and executives across the world to focus on creating a “valuable user experience” for customers in his New Year’s speech for 2022. Koo, who serves in the top post of South Korea’s fourth-largest family-owned conglomerate, stressed in the mission statement that its staff should think outside the box and explore what is beyond the quality of goods and services, provided by the group dedicated to el
Dec. 20, 2021
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From cryptocurrency to EVs, ‘green’ chips are all the rage
“Green” chips, or low-power semiconductors, have become bestsellers among both crypto miners and electric vehicle makers looking to increase their profitability and driving range. According to industry sources Monday, major chipmakers including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics are producing advanced, low-power chips at full throttle, as miners of cryptocurrencies desperately search for chips that consume less electricity. “Conventional chips c
Dec. 20, 2021
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Hanwha Q Cells’ low-carbon panels go online in France
Hanwha Q Cells said Monday that its low-carbon solar panels began generating electricity at TotalEnergies’ 55-megawatt solar farm in Gien, France. According to the solar business unit of Hanwha Group, its 126,000 solar panels will produce up to 64 gigawatt-hours of electricity per year -- enough for 71,000 people -- at Total’s solar farm that spans 107 football fields. “Over the course of 30 years, the solar farm will curb carbon emissions worth 550,000 metric tons,”
Dec. 20, 2021
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Hyundai Heavy to present next-generation shipping mobility at CES 2022
South Korean shipbuilding giant Hyundai Heavy Industries Group said Monday that it will showcase its latest and next-generation mobility technologies at the upcoming Consumer Electronics Show (CES), making its debut at the major tech trade show. The tech fair, better known as CES, is set to run for four days from Jan. 5-8 in Las Vegas. Hyundai Heavy Industries Co. and its affiliates will offer a glimpse into the future of shipping mobility, with focus on autonomous navigation. They will also
Dec. 20, 2021
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IMM takes 41% stake in GS Power for W1.1tr
Local investment house IMM Investment has acquired a 41 percent stake in GS Power, a subsidiary owned by GS Energy, an energy arm of GS Group, for 1.1 trillion won ($926 million), officials said Friday. GS Energy will maintain a 51 percent majority, after selling 3,136 shares totaling 1.1 trillion won. Last year, GS Energy bought back the 50 percent stake it sold to a local consortium of banks in 2012. A GS Energy official said the sell-off is part of broader efforts to fund ESG projects, whic
Dec. 19, 2021
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Hankook Tire resumes operations at its plants in S. Korea after strike
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said it resumed operations at its two plants in South Korea on Sunday, 26 days after a strike began over this year's wage deal. The deal reached Friday includes a 6 percent increase in basic monthly pay, 5 million won ($4,200) in performance-based pay and a bonus of 2 million won per worker. The agreement ended the strike that began Nov. 24. It marked the first strike since the foundation of the company's labor un
Dec. 19, 2021
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[Photo News] Korean Air drones inspect airplanes
Korean Air said Thursday that it has developed drones for airplane inspection. At an airship hangar located in Gangseo-gu, eastern Seoul, Korean Air demonstrated a group of drones inspecting a Boeing 737 aircraft in front of officials from the Ministry of Land and Transportation. The drone used in the demonstration weighs only 5.5 kilograms and is relatively small in size, with the width and length both coming in at 1 meter. Four drones move in groups when they inspect an airplane, sharing
Dec. 18, 2021
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British helicopter operator pre-orders 'Butterfly' air taxis being co-developed by Hanwha
British helicopter operator Bristow Group Inc. has pre-ordered about 20-50 electric air mobility aircraft being jointly developed by South Korea's Hanwha Systems Co. and US Overair, according to industry sources Friday. Overair, the California-based air taxi startup, signed a memorandum of understanding with Bristow on Thursday (local time), to collaborate on the development and commercialization plans for "Butterfly," an all-electric vertical take-off and landing (eVTOL) aircraft, or
Dec. 17, 2021
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Hyundai Motor Group makes generational change through largest ever reshuffle
Marking a shift in generation after Chairman Chung Euisun took office, Hyundai Motor Group announced its regular reshuffle Friday, the largest yet with more than 200 promotions to senior positions. Many executives from the older generation, such as Hyundai Motor Vice Chairman Yoon Yeo-chul stepped down, with younger figures newly appointed to senior positions. That includes Choo Kyo-woong, the 47-years old former head of electrical and electronic systems development, who has been promoted as
Dec. 17, 2021