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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Korea Consumer Agency vice president promoted as new chief
Korea Consumer Agency Vice President Jang Deok-jin has been appointed as the 16th president of the consumer agency, the Fair Trade Commission announced Monday. After passing the 31st state examination for administrative officials, Jang served for the FTC as head of the Seoul regional office, director general of planning and coordination, director general of the consumer policy bureau and as a standing commissioner. In March 2019, Jang was appointed as vice president of the consumer agency.
July 19, 2021
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Posco partners with Doosan to develop ammonia-extracted hydrogen gas turbines
Posco is partnering with Doosan Heavy Industries & Construction to develop ammonia hydrogen extraction technology, as well as gas turbines that use the hydrogen as fuel, the company said Monday. The country’s leading steelmaker said it signed a memorandum of understanding with Doosan Heavy Industries & Construction and the Research Institute of Industrial Science & Technology, in a ceremony held online Monday. Ammonia is a compound of hydrogen and nitrogen. Using ammonia a
July 19, 2021
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Samsung Electronics unveils 1,000-inch commercial micro LED display
Samsung Electronics on Monday announced the global launch of a commercial version of its Micro LED display “The Wall” where customers can customize the size of the display even larger than 1,000 inches. According to the South Korean tech giant, The Wall IWA, despite its vast size, supports high-definition images thanks to enhanced upscaling capabilities. “The latest model is mounted with artificial intelligence processor chips each comprised of 16 neural networks that can
July 19, 2021
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Samsung Heavy wins approval in principle for offshore floater
Samsung Heavy Industries Co. said Monday that it has obtained approval in principle (AIP) for its independently developed offshore floater for wind power turbines from DNV, a Norwegian ship quality assurance and risk management company. Approval in principle (AIP) for the floater means a certification agency has reviewed its basic design and confirmed that it meets the agency's technical requirements and standards for safety. The 9.5-megawatt floater will help reduce the construction period of
July 19, 2021
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Power crisis looms in Korea as scorching heat continues
Alarm bells are ringing over power security this summer, as the heat wave has driven electricity demand to historic highs already before August, the hottest month of summer, arrives. The electricity reserve margin, the difference between the supply capacity and demand, fell close to 10 percent last week, recording the season’s lowest 10.1 percent on Tuesday, with the remaining supply capacity dipping to 8.8 gigawatts. A reserve ratio under 10 percent, or a remaining capacity under 10 G
July 18, 2021
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SpaceX to launch Korea’s midsize satellite in 2023
SpaceX will send South Korea’s next-generation midsize satellite into orbit in 2023, Korea Aerospace Industries said Sunday. KAI, the nation’s sole aircraft manufacturer, which developed KF-21 fighters, plans to launch four midsize satellites by 2025 -- No. 2 in 2022, No. 3 and No. 4 in 2023 and No. 5 in 2025. SpaceX rocket will carry the No. 4 into orbit, which will monitor Korean agriculture. KAI selected SpaceX in an open bidding. Though the launch will take place in the US,
July 18, 2021
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[Green Paradox] Blue hydrogen has a methane problem
Amid the global transition to clean fuel, conventional oil and gas companies appear to have found a way to stay relevant: blue hydrogen. Hydrogen, typically produced by breaking methane inside liquefied natural gas into hydrogen and carbon, is labeled as blue, when all carbon emissions from this process are captured, stored, or reused. This decarbonized hydrogen offers the oil and gas companies a path toward clean fuels while drawing on their existing gas production, transportation and sto
July 18, 2021
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LG Electronics to transition to 100% renewable by 2050
LG Electronics said Sunday that it will shift to renewable energy for 100 percent of its needs by 2050, doubling down on its previous pledge to go carbon neutral by 2030. According to the South Korean tech giant, the transition will begin at its North American headquarters in Englewood, New Jersey, which will switch entirely to electricity generated by renewables by the end of this year. All its overseas production bases will follow suit by 2025. This will allow LG Electronics to source 50
July 18, 2021
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EU grants 90m euros to SK Innovation’s Hungary battery plant
SK Innovation will receive subsidies worth 90 million euros ($106.2 million) from the European Union for its second battery factory in Hungary, the firm said Sunday. According to the South Korean battery-to-petrochemical giant, the state aid will take up roughly 8 percent of the total investment worth 945 billion won ($827.1 million) required for the 10-gigwatt-hour battery factory under construction in the northwestern Hungarian city of Komarom. The facility is set for completion this year a
July 18, 2021
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Renault Samsung to suspend production at Busan plant next week on chip shortages
Renault Samsung Motors Corp. will temporarily suspend production at its plant in the southeastern port city of Busan due to shortages of chips for vehicles, the company said Sunday. The South Korean unit of Renault S.A. will close down its plant in Busan, 453 kilometers southeast of Seoul, on Monday for two days, it said. It will be the first time that the Renault Samsung plant has been shut down due to chip shortages, though rivals Hyundai Motor Co., Kia Corp. and GM Korea Co. have suspended
July 18, 2021
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SK Innovation to get 90m euro in incentives from Hungary for battery plant project
South Korea's SK Innovation Co. will receive incentives worth 90 million euro ($106 million) from the Hungarian government for investing in the country with a project to build a battery plant, the company said Sunday. The energy and chemical subsidiary of the nation's No. 3 conglomerate, SK Group, has been constructing its second battery plant in Europe with an annual production capacity of 10 gigawatt hours in Komarom, a northwestern city of the European country, the company said. SK Innovati
July 18, 2021
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SK hynix to post strong Q2 earnings on price hikes: analysts
SK hynix Inc., South Korea's No. 2 chipmaker, is expected to deliver strong second-quarter earnings, analysts here said Friday, due to a rise in memory chip prices. SK hynix was estimated to log 9.92 trillion won ($8.6 billion) in sales in the April-June period, up 15.3 percent from a year earlier, while its operating profit was projected to reach 2.76 trillion won, up 41.8 percent from a year ago, according to the data from 11 local brokerage houses compiled by Yonhap Infomax, the financial n
July 16, 2021
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Hankook Tire supplies tires for BMW X3, X4 M models
Hankook Tire & Technology Co., the world's sixth-largest tiremaker by sales, said Friday it began supplying tires for BMW's high-performance X3 M and X4 M models this year. Hankook Tire has provided the high-performance Ventus S1 evo Z tires for the performance SUV models since the first half, the company said in a statement. BMW M is one of the world's three major sports racing brands, along with Mercedes-Benz's AMG and Audi's Renn Sport (RS) brands. To enhance its global brand image,
July 16, 2021
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Blockchain firm AMAXG forays into NFT & metaverse
South Korean blockchain company AMAXG has recently taken steps to grow a platform business specializing in the metaverse and nonfungible tokens amid the rise of these virtual technologies. The metaverse refers to a collective virtual shared space. Extended reality is the foundation of the metaverse, as it makes diverse activities possible in the virtual world through virtual reality and augmented reality technology. AMAXG seeks to put the metaverse to practical use and commercialize virtual a
July 15, 2021
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EU climate package stirs Korean industry
The European Union’s sweeping plans, announced Wednesday, to cut emissions are expected to hurt South Korea’s steel and other carbon-intensive industries, experts and industry officials said Thursday. The EU announced a comprehensive climate package that revolves around three key proposals: imposing tariffs on carbon-intensive imports starting 2026; banning the sales of cars running on fossil fuels starting 2035; and forcing clean fuel in the aviation and maritime sectors. What
July 15, 2021
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Korea Shipbuilding achieves annual order target of $14.9b
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday that it has attained its annual order target by winning a 457.1 billion-won ($398.4 million) order for two LNG carriers. With the deal with an Asian company, KSOE has clinched orders valued at $15.2 billion in total so far this year, surpassing its annual order target of $14.9 billion ifor the year, the company said. Hyundai Heavy Industries Co., a unit of KSOE, will build and deliver t
July 15, 2021
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LG Chem to invest W6tr in battery materials
LG Chem on Wednesday announced plans to invest 10 trillion won ($8.6 billion) over the next four years in battery materials, eco-friendly plastics and new drug development. “LG Chem is no longer a petrochemical company. More than 30 projects including mergers and acquisitions, joint ventures and strategic investments are currently under review to reshuffle the business portfolio,” Vice Chairman Shin Hak-cheol said during an online press conference. Nearly 6 trillion won of the
July 14, 2021
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Daewoo Shipbuilding wins W725b order for offshore platform
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has secured a 725 billion-won ($630 million) order to build a fixed offshore facility from Qatar's oil and natural gas company North Oil Co. The fixed platform, a type of offshore platform used for the production of oil and gas, will be used to increase the production of oil in the Middle Eastern country's largest oil field, Al-Shaheen, Daewoo Shipbuilding said in an emailed statement. The shipbuilder plans to deliver th
July 14, 2021
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HanmiGlobal, Hewlett Packard Enterprise join forces to bring data centers to Korea
Construction project management firm HanmiGlobal will work with Hewlett Packard Enterprise, a cloud service provider, to promote South Korea as the next data center hub of Asia, the two firms announced Wednesday. The two companies signed a memorandum of understanding on the marketing and management of data center construction projects, as political uncertainties in Hong Kong are prompting foreign companies to consider relocating their data centers in Asia. Under the agreement, HanmiGlobal w
July 14, 2021
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Hyundai Heavy workers end weeklong strike after tentative deal
Unionized workers at Hyundai Heavy Industries Co., South Korea's top shipbuilder, stopped their weeklong walkout after a tentative deal was struck, the union said Wednesday. The workers started their strike on July 6, occupying a shipbuilding crane in Ulsan, 414 kilometers southeast of Seoul, to press the management to offer tangible proposals after the wage deal fell through. The tentative deal includes a basic pay raise of 41,000 won ($35.6) for 2020, reversing a wage freeze that was include
July 14, 2021