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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GS Caltex makes S. Korea’s 1st ‘carbon neutral’ crude oil purchase
GS Caltex said Thursday it has purchased 2 million barrels of crude oil certified as “carbon neutral” at the point of production, becoming the first South Korean firm to buy carbon neutral crude oil. According to the total energy company, the carbon neutral oil is extracted from Sweden-based Lundin Energy’s Johan Sverdrup oil field in Norway. The offshore field, certified as carbon neutral under product testing company Intertek’s CarbonZero standard, emits 0.45 kilogr
June 17, 2021
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Saudi Aramco selects S-Oil as ‘best performing’ affiliate
S-Oil won the excellence award from Saudi Arabian oil giant Aramco which honors high-achievers among the group’s refining and petrochemical affiliates at home and abroad. It was awarded the best performance award, the top prize in the operational excellence category at Saudi Aramco 2021 President’s Affiliates Excellence Awards, S-Oil said on Thursday. Saudi Aramco assesses the business results of its downstream affiliates every year and presents awards in four categories -- hea
June 17, 2021
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LG Energy Solution batteries power world’s largest ESS project
LG Energy Solution said Thursday it has completed the supply of its new battery system TR1300 to the world’s largest energy storage systems project in California, which is able to power 225,000 households during peak hours. According to the South Korean battery manufacturer, the 1.2-gigawatt-hour ESS facility, developed by Texas-based power generation firm Vistra, is equipped with 4,500 TR1300 battery racks. Vistra connected the energy storage systems to the power grid and began oper
June 17, 2021
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Merck Korea offers technology education program for students in Gyeonggi Province
Merck Korea is offering education on semiconductor and display solutions to local high school and college students studying related subjects, as part of its ESG initiative, the company said Thursday. According to the Korean unit of the science and technology company, the new education program comes after Kai Beckmann, member of the executive board of Merck and CEO of the Electronics, and Gyeonggi Province Gov. Lee Jae-myung agreed on a partnership in April. During their meeting, the two sid
June 17, 2021
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State asset manager KAMCO sells W200b in ESG bonds
South Korea's state-run Korea Asset Management Corp. (KAMCO) said Thursday it has sold 200 billion won ($177 million) in environment, social and governance (ESG) bonds to help support pandemic-hit households and companies. The five-year bonds, which mark KAMCO's first ESG debt sale in line with standards set by the International Capital Market Association, carry an annual interest rate of 1.884 percent. The state asset manager said the proceeds will be used in helping the vulnerable by purchas
June 17, 2021
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LG Energy completes battery supply to world's largest ESS project
South Korean battery maker LG Energy Solution Ltd. said Thursday it has completed the supply of its battery system to the world's largest energy storage system (ESS) that has come online in the United States. LG Energy, a battery unit under LG Chem Ltd., said its lithium-ion batteries are now running on US power generation firm Vistra Energy's 1.2 gigawatt-hour (GWh) ESS facility in California. In December, Vistra connected the ESS facility to its 1,020-MW combined cycle gas turbine power pla
June 17, 2021
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Samsung ranks 2nd in European wearables market in Q1: report
Samsung Electronics Co. was the second-largest vendor of wearable devices in Europe in the first quarter of the year, although its market share declined as archrival Apple Inc. expanded its presence. Samsung posted a 16.1 percent market share in the January-March period in the European market, down from a 16.8 percent share a year earlier, according to the latest report from market researcher International Data Corp. (IDC). The South Korean tech giant shipped 3.5 million wearable products in
June 17, 2021
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Top steelmaker Posco estimated to log record earnings for Q2
South Korea's leading steelmaker Posco is likely to post a record operating income for the second quarter of the year on a recovery in global demand, according to market forecasts Thursday. Eight local brokerages' median estimate for Posco's operating profit stands at 1.93 trillion won ($1.73 billion) for the April-June, up more than 10 times from a year earlier, according to an analysis of their forecasts by Yonhap Infomax, the financial news arm of Yonhap News Agency. The figure marks the la
June 17, 2021
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Large companies prefer year-round hiring of experienced workers
South Korean conglomerates appear to be gradually changing their recruitment methods in favor of experienced workers and year-round recruitment of new employees. A public organization said Wednesday that major domestic companies are planning to fill about 40 percent of their new job openings with experienced workers, as opposed to fresh university graduates, in the second quarter of this year. According to the Korea Employment Information Service (KEIS), 137 out of the nation's top 500 compani
June 16, 2021
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Small firms to face 52-hour workweek in July without grace period
Small businesses with five to 49 employees will be required to enforce a 52-hour workweek next month as planned by the government, the labor ministry said Wednesday, rejecting industry demands for a grace period. The Ministry of Employment and Labor said it commissioned a survey of 1,300 small businesses in April and 93 percent of them responded that they were ready to implement the system starting July 1 as scheduled. Around 82 percent said they had already begun. In the manufacturing sector
June 16, 2021
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LG Energy Solution to host 1st battery forum with Nobel laureate
LG Energy Solution will host an international battery forum on June 22 to discuss next-generation batteries with renowned scholars including Nobel laureate Michael Stanley Whittingham. The “LG Energy Solution Innovation Forum 2021,” which will be held from 9 a.m. to 4:30 p.m., is the first such event to be held by LGES after its split-off from LG Chem in December, the company said Wednesday. The forum will be held online due to the ongoing COVID-19 pandemic and is open to the g
June 16, 2021
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Eastar Jet acquisition race hangs on SJ budget plan
The acquisition of South Korea’s low-cost carrier Eastar Jet continues to face uncertainties, with two major bidders vying neck-and-neck as of Wednesday after rivals dropped out earlier in the week. The two bidders are local construction firm SJ Co. and a consortium led by underwear manufacturer Ssang Bang Wool and equipment maker Kanglim, according to sources. SJ’s bidding price is estimated to stand at 80 billion won ($71.6 million), falling short of the estimated 100 billion
June 16, 2021
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Hyundai Motor chief underlines self-driving, robotics vision during US trip
Hyundai Motor Group Chairman Chung Euisun visited an autonomous vehicle venture and a robotics firm during his trip to the US, as part of the group’s vision to grow through future mobility solutions, the automaker said Wednesday. Chung, who left for the US on Sunday, headed for Motional, a $4 billion, Boston-based joint venture kicked off in March last year by Hyundai Motor and US mobility startup Aptiv. After meeting with Motional’s executive members to discuss the technology dev
June 16, 2021
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DataStreams donates big data platform TeraONE to Cyber University of Korea
DataStreams said Wednesday it has signed an agreement with the Cyber University of Korea to cultivate artificial intelligence and big data talents and donated its big data platform TeraONE worth 500 million won ($447,270) to the university. The signing ceremony, which was held at the university’s studio, was attended by CUK President Kim Jin-sung, CUK Research and Business Foundation chief Han Woon-young, DataStreams CEO Lee Young-sang and DataStreams director Lee Sang-ok. The agreeme
June 16, 2021
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Daewoo Shipbuilding to develop cybersecurity for smart ships
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it will develop cybersecurity technologies for remote autonomous ships and smart ships. To that end, the shipbuilder will team up with local cybersecurity companies, including maritime cybersecurity startup DSLAP Company, and Korea University by 2022, it said. The project was also helped by the ocean ministry amid growing demand for cybersecurity for remote autonomous ships, smart ships and smart battleships that have been
June 16, 2021
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S. Korea tightens regulations on pet-related businesses
South Korea on Wednesday announced a new set of measures for pet-related businesses to better protect animal rights in line with the growing number of pets in the country. Under the measures, puppy farms are obligated to make the width and length of cages at least 2.5 times the size of caged animals, according to the Ministry of Agriculture, Food and Rural Affairs. Starting in 2023, the farms should also have at least one staff member for every 50 dogs or cats, compared with the previous 75.
June 16, 2021
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Kia partners with Uber to supply EVs in Europe
Kia Corp., South Korea's second-biggest carmaker, said Wednesday it has partnered with US ride-hailing company Uber Technologies Inc. to supply its electric vehicles in Europe. The strategic partnership is aimed at promoting the adoption of EVs and the expansion of the EV charging infrastructure in major European cities, Kia said in a statement. Kia will provide the Niro and other electrified models to Uber drivers at discounted prices in 20 European countries, the statement said. The partner
June 16, 2021
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Seoul, Tokyo urged to allow special entry for vaccinated biz people
South Korean and Japanese businesspeople urged their governments Wednesday to issue special entry permits for fully vaccinated entrepreneurs in an effort to promote bilateral economic cooperation. The call was made at a meeting between Japanese Ambassador Koichi Aiboshi and South Korean and Japanese businessmen, which was hosted by the Federation of Korean Industries, the lobby for South Korea's family-controlled conglomerates. Citing bilateral travel restrictions as the biggest hurdle, busine
June 16, 2021
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Sales of big firms' Chinese units sink 28% over 4 years
Sales of South Korean large firms' Chinese units have tumbled nearly 28 percent over the past four years due to a bilateral row over the deployment of an advanced US missile defense system here and other reasons, a corporate tracker said Wednesday. According to CEO Score, 320 Chinese production units of 113 large corporations posted 103.98 trillion won ($93 billion) in combined sales in 2020, down 27.5 percent from four years earlier. The plunge resulted from the spat between Seoul and Beijing
June 16, 2021
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Lawmakers, entrepreneurs, scientists establish joint ESG forum
Amid growing awareness of the importance of environmental, social and corporate governance principles, South Korea’s lawmakers, entrepreneurs and scientists gathered Tuesday to promote sustainable growth by launching an ESG forum. Attending the kickoff event were lawmakers from the ruling Democratic Party of Korea, including Reps. Lee Won-wook, Hong Ihk-pyo and Lee Yong-bin, and representatives of organizations such as the Korea Enterprises Federation, the Korea Chamber of Commerce and I
June 15, 2021