Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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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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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Large firms cut pollutant emissions in half over 5 years
Large companies in South Korea have more than halved their air pollutant emissions over the past five years amid the government's anti-coal policies, a corporate tracker said Wednesday. Air pollutant emissions by 166 plants of 77 large businesses came to 139,112 tons in 2020, down 56 percent from 316,013 five years earlier, according to CEO Score. The environment ministry designates seven materials -- nitrogen oxide, dust, sulfur oxide, hydrogen fluoride, ammonia, carbon monoxide and hydrogen
July 28, 2021
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Hyundai workers accept company's wage offers amid pandemic
Unionized workers at Hyundai Motor Co. voted to accept the company's wage offerings for the year amid the extended COVID-19 pandemic, the union said Wednesday. In a vote held Tuesday, 56 percent of 42,745 workers who cast a ballot approved this year's wage agreement between the labor union and management, the company said in a statement. Hyundai and its 48,534-member union reached the wage deal without a strike for the third consecutive year. They will sign the wage deal Thursday, it said. Th
July 28, 2021
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'High-tech training behind S. Korean archery powerhouse’
South Korea’s archery team won three golds at the Tokyo Olympic games. It’s an astonishing result of the blood, sweat and tears of the athletes but also a huge feat for Hyundai Motor Group which has been supporting the team with state of the art technologies. The conglomerate said Tuesday it has applied five fields of technology -- including artificial intelligence, biometric information, big data and 3D printing -- to enhance accuracy and provide customized strategies for the nat
July 27, 2021
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Battery swapping: Stupid idea or next trend?
Plucking batteries from electric vehicles and popping in fresh ones. This idea has existed since at least the late 2000s, but has apparently not been taken seriously by leading players in the sector. In the lens of pessimists, the whiz-bang tech is nothing more than a relic of the early era of electric cars, when it used to take hours to recharge. Now, rapid chargers can juice batteries in less than 30 minutes and evolving technologies will make those times only shorter. Critics dismiss ba
July 27, 2021
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Samsung expands royalty-free program for small firms
South Korea's top tech giant Samsung Electronics Co. will open another batch of royalty-free technologies in line with the government's efforts to promote shared growth among conglomerates and small and medium-sized firms, the industry ministry said Tuesday. Under the move, the world's top memory chip maker will allow 99 businesses to use its 172 cases of patents without paying royalties. The latest step will raise the number of patents shared by Samsung since 2015 to a whopping 784. Since 201
July 27, 2021
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Hyundai's Xcient fuel cell trucks to hit the road in California
South Korean automaker Hyundai Motor Co. said Tuesday its fleet of 30 Xcient fuel cell trucks will hit roads in California by early 2023, which will be the largest deployment of zero-emission commercial vehicles in the United States. Hyundai Motor said it will team up with public and private partners to deploy 30 Xcient heavy-duty trucks for regional freight distribution in Northern California by the second quarter of 2023. A consortium jointly led by the Center for Transportation and the En
July 27, 2021
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AfreecaTV sees operating profit jump 97% in Q2
AfreecaTV’s operating profit in the second quarter surged 97 percent on-year to 21.5 billion won ($18.6 million), the company announced Monday. The revenue of South Korea’s biggest livestreaming platform jumped 44 percent to 65 billion won while net profit shot up 85 percent to 18.9 billion won buoyed by robust advertising sales. “AfreecaTV Ads Manager, the firm’s newly launched advertising platform, propelled the strong advertisement sales. The beginning of new sea
July 26, 2021
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SK partners with Joyvio Group, eyes Chinese alternative food market
To make inroads into China’s fast growing alternative food market, SK said Monday it has joined Chinese food service company Joyvio Group to form a fund worth 100 billion won ($86.7 million). According to the holding firm of South Korea’s third largest conglomerate SK Group, the envisioned Sustainable Food & Consumption Fund will invest in promising food tech companies that specialize in plant-based meat, fermentation and vertical farming. SK will inject 18 billion won of t
July 26, 2021
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Paseco sells over 100,000 window AC units in 3 months
Paseco, the largest window air conditioner-maker in South Korea, sold more than 100,000 units in the past three months, the company said Monday. The sales boost propelled aggregate sales of Paseco’s window ACs to hit 250,000 units since introducing the home appliance in 2019. A window AC is a single-unit air conditioner installed on windows. Paseco, previously more well-known for oil heaters, is a leading player in the market, taking up an estimated 60 percent of the market share. P
July 26, 2021
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SsangYong unveils design sketch of new SUV
Financially troubled SsangYong Motor Corp. on Monday revealed a design sketch of its new sport utility vehicle under development as it tries to revive sales with next-generation models. The SUV-focused automaker teased the design sketch of the new SUV codenamed KR10, saying its design language is "Powered by Toughness." SsangYong said its upcoming SUVs will be equipped with "eco-friendly power trains" to meet growing market demand. Last month, the automaker said it will la
July 26, 2021
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LG Electronics launches upgraded wireless earbuds
LG Electronics Inc. on Monday unveiled its upgraded wireless earbuds with enhanced sound and hygiene features as the tech giant eyes to increase wearable sales. Three new models of the LG TONE Free -- TONE-TFP9, TONE-TFP8 and TONE-TFP5 -- were launched in South Korea with prices ranging from 169,000 won (US$146) to 249,000 won. They will be available in North America and Europe later this month. In collaboration with Ergonomic Design Technology Lab at POSTECH, a leading science technology univ
July 26, 2021
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S. Korean units of foreign auto trio suffer worst slump in over 2 decades
South Korean units of three foreign carmakers suffered the worst sales slump since 1998 in the first half of this year in the face of toughening competition with their Korean rivals and luxury German brands, industry data showed Monday. The Korean units of GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. together sold 88,625 units in the domestic market in the first six months of the year, plunging 35.4 percent from a year earlier, according to the data by the Korean Automobil
July 26, 2021
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SK Group launches in-house emissions certification body
SK Group has established an in-house body dedicated to reviewing and verifying its subsidiaries’ programs to reduce greenhouse gas emissions, the conglomerate said Sunday. The SK carbon certification center, installed under the auspices of the group’s top decision-making body, the Supex Council, will work to ensure the implementation of the “SK Carbon Standard,” its own set of principles and guidelines to realize the group’s net zero vision. Last month, the chie
July 25, 2021
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[Photo News] Smart devices useful during COVID-19 pandemic
Visitors are looking around electronic products displayed at the 11th Korea Smart Device x Small Electronics Trade Show 2021, an annual trade fair for small electronics. Robot speakers are showing off their moves at a booth set up in the trade show. Small home refrigerators featuring cute character designs attract visitors to the trade fair. “Watch YouTube videos in an old-fashion way!” A local company exhibits smartphone holders look like old-fashioned TVs. An exhibitor de
July 24, 2021
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S.Korea now has 15 unicorn companies
Fifteen local startups have officially reached unicorn status, according to the Ministry of SME and Startups on Tuesday. The ministry said that three startups -- Zigbang, Dunamu, and Market Kurly -- have joined a select group of firms with a valuation exceeding $1 billion. Not all companies with high valuations are given the unicorn status. Unicorn companies should neither be listed on the stock exchange nor merged with another company. Coupang, for instance, was excluded from the group of loc
July 24, 2021
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[News Focus] Heatwave brings reality check for Korea’s power supply
South Korea has reactivated three nuclear reactors in the space of a week, as fears of a power supply shortage gripped the nation amid a smothering early-summer heat wave. At 1:10 a.m. on Friday, Korea Hydro & Nuclear Power restarted operations of the 700-megawatt Wolsong No.3 nuclear reactor, the third switched on since July 18. It followed Shin Wolsong No. 1 and Shin Kori No.4 which went back online earlier than scheduled amid tight power supplies. All three had been closed for mainte
July 23, 2021
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Korea Shipbuilding wins combined W1.56tr orders for 7 LNG carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has signed orders worth a combined 1.56 trillion won ($ 1.4 billion) to build seven LNG carriers. A 678 billion-won deal with an Asian company calls for Hyundai Heavy Industries Co., a unit of KSOE, to construct three LNG carriers by the end of 2024, KSOE said in a regulatory filing. Hyundai Samho Heavy Industries Co., another unit of KSOE, has obtained a 462.7 billion-won deal with a European company to build two LNG carr
July 23, 2021
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LIG Nex1 launches ESG committee
South Korean aerospace and defense firm LIG Nex1 said Friday it had established a committee dedicated to overseeing the company’s operations and initiatives in environmental, social and governance fields. The committee will designate one of the outside directors as the chairman and hold regular semi-annual meetings and occasional meetings to set strategies and policies for the firm’s long-term ESG goals. Since 2009, LIG Nex1 has had a corporate social responsibility task force.
July 23, 2021
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Summer appliance sales soaring amid scorching heat
Sales of summer appliances, including air conditioners and fans, are soaring in South Korea, industry sources said Friday, as the sweltering heat continues to scorch the country. With the daily temperature reaching as high as 38 C in some regions, demand for air conditioners and other cooling appliances is also going up with the stay-at-home trend remaining solid amid the fourth wave of the pandemic here, people in the electronics industry said. Samsung Electronics Co. said its domestic air co
July 23, 2021
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Samsung offering special trade-in program in US for new foldable smartphones
Samsung Electronics Co., the world's largest smartphone maker, is running a special trade-in program in the United States for its upcoming new foldable smartphones, industry insiders said Friday, amid its push to expand its customer base of foldable handsets. Samsung's US unit recently opened a reservation page that allows people to exchange up to two of their old devices for a new foldable smartphone to be launched next month. The South Korean tech giant earlier this week confirmed that its n
July 23, 2021