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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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S. Korea, Singapore seal supply chain agreement
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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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GS Energy to bring in annual 200,000 tons of blue ammonia from UAE
GS Energy Corp., an energy unit of South Korean conglomerate GS Group, has secured a deal to annually bring in about 200,000 tons of blue ammonia from the United Arab Emirates (UAE) from 2025, according to the company. GS Energy announced Tuesday it has joined a project led by Abu Dhabi National Oil Co. (ADNOC) to build a production facility to co-develop the clean energy compound in a city west of Abu Dhabi. GS Energy will hold a 10 percent stake in the project. Further details on the terms o
Nov. 17, 2021
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S. Korea to burn hydrogen, ammonia at thermal power plants
The South Korean government announced Tuesday it will develop hydrogen and ammonia as feedstock for thermal power generation in order to gradually phase out the use of fossil fuels. According to the Ministry of Trade, Industry and Energy, the government has launched a public-private council to lead the research, with an aim of introducing hydrogen and ammonia in the fuel mix as early as 2030. The ministry’s plan envisions more than half of South Korea’s coal-fired thermal power pl
Nov. 16, 2021
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Pandemic gives rise to new outdoor tennis, golf facilities: data
Since the outbreak of the COVID-19 pandemic, outdoor sports facilities and counseling centers have enjoyed a business boom, while internet cafes and karaoke rooms struggled, fresh data shows. According to Shinhan Card’s Big Data Lab on Tuesday, which analyzed new business openings in the January-September period in 2020 and 2021, tennis courts and outdoor golf courses saw a jump of 174 percent and 131 percent, respectively, during the nine-month period. Golf has enjoyed expl
Nov. 16, 2021
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Samsung narrows down list of candidates for $17b chip plant in US
Samsung Electronics Co. appears to be moving closer to making a final decision on the site for its new chip fabrication plant in the United States, as global semiconductor companies have engaged in increasingly fierce competition amid a global chip crunch. The South Korean tech giant was found to have withdrawn its application filed in January with Manor Independent School District (ISD) in Travis County, Texas, for corporate tax incentives regarding its new chip plant, the Texas comptroller's
Nov. 16, 2021
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[Hydrogen Korea] Korea Gas Corp. aims to lead the hydrogen way
Korea Gas Corp. was born in the aftermath of the global oil crises of the 1970s, with a mission to lead a fuel transition to natural gas. Nearly four decades later, the company is being asked to step up, as South Korea plans another grand energy transition to hydrogen. “In the aftermath of the global oil crisis, Korea decided to switch its national fuel to natural gas and formed Kogas (in 1983). Since then, Kogas led the natural gas transition and experienced every step along the way,&
Nov. 16, 2021
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SK in final talks for investment in US gene therapy firm
SK Inc., the holding company of South Korea's No. 3 conglomerate SK Group, said Tuesday it is in the final talks to invest in a US gene therapy company, in its latest move to expand its foothold in global biopharmaceuticals. SK said it plans to sign a formal deal soon with the Center for Breakthrough Medicines (CBM), a Philadelphia-based contract development manufacturing organization (CDMO), before the end of this year. Details on the terms of the investment were not available. With
Nov. 16, 2021
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DataStreams chief wins global management award
Big data platform company DataStreams said its CEO Lee Young-sang won a global management award from Maekyung Media Group last week. Founded 20 years ago, DataStreams is a leading company in the local big data solutions market and is taking steps to get listed on the Kosdaq. The company also plans to set up corporations in the US, Vietnam and China, and a joint venture with a Vietnamese partner next year to explore the Southeast Asian market. DataStreams has won a number of orders this year i
Nov. 16, 2021
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Tobacco association to sue over e-cigarette taxes
The Korea Electronic Cigarette Association said it is planning to file a constitutional lawsuit over the tax rate on liquid e-cigarettes known as “dipping tobacco.” The association argues the tax is 6.6 times higher than the rate applied to conventional cigarettes, despite it being less harmful. Unlike cigarettes, which are taxed per 20 sticks, dipping tobacco is taxed per gram. When converted into 20 pouches of dipping tobacco, which is roughly equivalent to 20 cigarettes, the tax i
Nov. 16, 2021
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Hyundai Rotem wins W207.8b railway deal in Taiwan
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Tuesday it has obtained a 207.8 billion won ($176 million) railway project in Taiwan. Hyundai Rotem formed a consortium with Taiwan's ST Engineering Electronic Ltd. to receive the deal from the Kaohsiung Mass Rapid Transit Bureau, the company said in a statement. Under the deal, Hyundai Rotem will supply electric multiple units, electricity and railway systems in the project to extend the existing Kaohsiung Red L
Nov. 16, 2021
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Vietnam OKs Korean Air-Asiana combination
Korean Air Lines Co. said Tuesday it has received regulatory approval from Vietnam for its integration with smaller local rival Asiana Airlines Inc. Korean Air expects the latest approval to help speed up its process to acquire Asiana Airlines. In January, Korean Air submitted documents to anti-trust regulators of 14 countries for the review of its business combination with Asiana. As of Tuesday, it had received approvals from six countries -- Vietnam, Thailand, Turkey, Taiwan, Malay
Nov. 16, 2021
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Finnair to open Busan-Helsinki route in March
Finland's flag carrier Finnair said Tuesday it will open the Busan-Helsinki route early next year, being the first European carrier that offers flight services from the port city to the Finnish capital city. Finnair plans to inject an A350 plane to operate three flights a week in late March, the company said in a statement. "On top of the existing Incheon-Helsinki route, the Busan-Helsinki route will be able to meet rising transfer passengers heading for Asian and other European cities, a
Nov. 16, 2021
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S. Korea to import more urea solution to ease supply shortage
South Korea said Monday local firms have inked deals to import urea solution from other countries, including Malaysia and Mexico, a move expected to help ease a supply shortage of the key fluid needed in diesel cars to cut emissions. Three Korean firms have signed contracts to import a combined 1.28 million liters of urea solution from Malaysia, Mexico and Australia, according to the government. South Korea needs 600,000 liters of the solution for diesel cars per day. A fourth South Korean fir
Nov. 15, 2021
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Hyundai Electric to build eco-friendly energy system in industrial complex
Hyundai Electric & Energy Systems Co. (HE) said Monday it will launch a 26.6-billion won ($22.5 million) project to build an eco-friendly electricity generation and supply system in an industrial complex in South Korea. To that end, HE signed a deal to carry out the project with Korea Industrial Complex Corp., an operator of industrial complexes in South Korea, the company said. HE has formed a consortium with 13 entities, including industrial artificial intelligence company Thingspire, to
Nov. 15, 2021
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[Newsmaker] Small business revenue bounces back amid ‘living with COVID-19’
Small business revenue has returned to pre-pandemic levels after the government kicked off the “living with COVID-19” scheme designed to gradually open up the economy, according to new data. According to Korea Credit Data’s database on Monday, revenue from small businesses during the first week of November saw a 10.4 percent jump on average compared to the same time one year ago. It was also up 2.6 percent compared to the previous week. Compared to the same week in 2019, befo
Nov. 15, 2021
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Solus Advanced Materials buys copper foil plant site in Canada
Solus Advanced Materials is extending its business to North America having secured a copper foil production base in Canada. The South Korean battery foil maker previously named Doosan Solus announced Monday that it has purchased a copper foil plant site with an annual production capacity of 60,000 tons in Quebec, Canada. The factory was previously a Solus property. Established in 2001 by the firm’s European unit Circuit Foil Luxembourg, it ceased operation in 2014, when Solus was acquir
Nov. 15, 2021
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Taihan Cable and Solution clinches $60b deal in California
Taihan Cable & Solution, a maker of electric wires and steel products for electricity and communication, has clinched a $60 billion deal to supply medium voltage cables in California, the company said Monday. The contract, which calls for provision of the cables over the next three years until October 2024, is another megasized order the Korean firm has received in the US, following a $42 billion deal for ultrahigh voltage cables in September. It puts the total orders the company has
Nov. 15, 2021
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SsangYong Motor Q3 net narrows on self-help measures
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., said Monday its third-quarter net losses narrowed from a year earlier due to self-help measures. SsangYong Motor's net losses narrowed to 59.29 billion won ($50 million) for the three months ended in September from 102.44 billion won in the year-ago period, the company said in a statement. "An extended global chip shortage affected vehicle production and sales but employees' acceptance of pay cuts
Nov. 15, 2021
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S. Korea's 2021 rice output rises for first time in 6 years
South Korea's rice output rose for the first time in six years due mainly to favorable weather conditions and an increase in the cultivation area, data showed Monday. The country's rice production reached 3.88 million tons in 2021, up 10.7 percent from a record low of 3.51 million tons the previous year, according to the data compiled by Statistics Korea. It marked the first rebound since 2015 when rice output rose 2 percent on-year to 4.33 million tons. The figure declined for the fifth strai
Nov. 15, 2021
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S. Korea customs seizes 4 tons of smuggled urea solution
The South Korean customs agency said Monday it has confiscated some 4 tons of smuggled urea solution and is planning to distribute them to the market. The Korea Customs Service (KCS) said it had caught a group of local importers Friday for attempting to bring in 416 10-kilogram containers of urea solution hidden in lawfully imported goods from China through the western port of Incheon. The service said it was investigating those smugglers of urea solution, a key fluid used in diesel vehicles t
Nov. 15, 2021
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S. Korea's EV sales nearly double this year, 7th-largest worldwide
Sales of electric vehicles (EVs) in South Korea almost doubled in the first three quarters of this year from a year earlier, ranking seventh in the world, data showed Monday. A total of 71,006 EVs were sold in Asia's fourth-largest economy in the January-September period, up 96 percent from a year earlier, according to the data from the Korea Automotive Technology Institute. The figure was the seventh-largest in the world. China sold the largest number of EVs with 1.76 million units in the nin
Nov. 15, 2021