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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Samsung launches new shoe care appliance
Samsung Electronics Co. on Thursday launched a shoe refresher as the South Korean tech giant eyes bolstering its sales with new lifestyle appliances amid the pandemic. Samsung's BESPOKE ShoeDresser is a footwear care appliance that can deodorize, dehumidify and dry shoes. The product, which can manage a maximum three pairs of shoes, comes in four colors -- cotta white, cotta charcoal, glam greenery and glam sun yellow. It will be sold between 999,900 won ($890) and 1.099 million won here. Sam
May 27, 2021
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S. Korea to invest W90b on development of clean fuel
South Korea said Thursday it plans to allocate 90 billion won ($80.6 million) by next year to carry out research and development projects for electrofuel, in line with its vision to go carbon neutral by 2050. Electrofuel refers to an environment-friendly energy source that can be used in traditional fossil fuel-powered automobiles. It is produced by synthesizing hydrogen and other gases, including carbon dioxide and nitrogen. South Korea announced last year it will effectively reduce its emiss
May 27, 2021
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S. Korea's exports of grapes set fresh high in 2020
South Korea's exports of grapes shot up 35 percent on-year in 2020 to set a new record high, data showed Thursday, on the back of the growing popularity of local agricultural products overseas. Outbound shipments of grapes came to $30.7 million in 2020, compared with $22.8 million posted a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. Over the first four months of 2021, exports of grapes came to $7.2 million, also up nearly 50 percent from
May 27, 2021
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Regulator approves SK hynix's acquisition of Intel's NAND biz
South Korea's antitrust watchdog said Thursday it has approved SK hynix Inc.'s deal to acquire Intel Corp.'s NAND business. Last October, SK hynix, the country's No. 2 chipmaker, signed a deal to buy Intel's non-volatile memory unit for $9 billion, and submitted an application for approval to Seoul's Fair Trade Commission (FTC) in January. SK hynix previously received approval from regulators in the United States and Europe. Antitrust reviews from five other countries, including China and Bri
May 27, 2021
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Samsung expands presence in NAND flash market in Q1: report
Samsung Electronics Co. further expanded its leadership in the global NAND flash market in the first quarter of the year, a report showed Thursday, despite an overall decline in chip prices. The South Korean tech giant, also the leader in the DRAM sector, had a 33.5 percent share of the global NAND flash market in terms of revenue in the January-March period, up 0.6 percentage point from a quarter earlier, according to market tracker TrendForce. Samsung's revenue from NAND flash products came
May 27, 2021
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Businesses shun hiring amid COVID-19
South Korea’s major businesses saw their total number of staffers shrink by nearly 10,000 since the onset of the COVID-19 pandemic as conglomerates reduced new recruits and distributers carried out restructuring, industry data showed Wednesday. Meanwhile, the number of irregular workers in the country soared by almost 2,000 during the same period, reflecting the overall deterioration in the quality of jobs. According to a survey conducted by corporate tracker CEO Score of 309 of the n
May 26, 2021
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Battery makers all out for market initiative in US, EU
As the battery electric vehicle market remains strong, South Korea’s battery makers are aggressively adding momentum to their global investments and are seeking production capacities in the US and EU markets, data showed Wednesday. According to energy market researcher SNE Research, global demand for battery electric vehicles is expected to reach 51.8 million by 2030, up 17 times from the end of 2020. The corresponding demand for batteries will likely expand some 23 times during the
May 26, 2021
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Korean-German Chamber of Commerce appoints new president
The Korean-German Chamber of Commerce and Industry announced Wednesday it has appointed Martin Henkelmann as the institution’s new CEO and president. Henkelmann practiced as a lawyer in Germany and has more than 20 years of experience working with private companies and government organizations. He built his career at the German Insurance Association, one of the largest business associations in his home country. Henkelmann later moved on to the public sector, taking leadership roles at
May 26, 2021
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Posco begins construction of lithium hydroxide plant in Gwangyang
Posco broke ground on a 760 billion-won plant for lithium hydroxide, a key material for electric vehicle batteries, in Gwangyang, South Jeolla Province, the company said Wednesday. The factory, to occupy a 196,000-square-meter plot inside the Yulchon Industrial Complex in Gwangyang, would have an annual production capacity of 43,000 metric tons of lithium hydroxide, a volume enough to produce 1 billion electric vehicles, the company said. The construction is expected to complete in 2023.
May 26, 2021
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LG CNS introduces upgraded security services under new brand
LG CNS Co., South Korea's major IT service firm, on Wednesday introduced upgraded security services under a new brand in a move to expand its presence in the cybersecurity sector. LG CNS said all of its security-related services, covering from cloud to smart factories, will be named under the brand of SecuXper, which combines the words "security" and "expert." With the new brand, LG CNS said it reinforced its security workforce, which includes some 200 cybersecurity exper
May 26, 2021
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Doosan Infracore wins orders for 75 excavators from Saudi Arabia
South Korea's top construction equipment maker Doosan Infracore Co. said Wednesday that it has signed a deal to provide 75 excavators to Saudi Arabian builders. The deal consists of 70 22-ton excavators and five 50-ton excavators, the company said in an emailed statement. But it did not reveal the value of the deal. The excavators will be used for the construction of Neom City being built in the western part of the Middle Eastern country and to maintain and repair the country's power generat
May 26, 2021
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KT to develop insurance programs for service robots
KT Corp., a major telecom firm in South Korea, said Wednesday it has joined hands with a local insurer to develop insurance coverage programs for service robots. KT signed a partnership with DB Insurance Co. to offer insurance programs dedicated solely to artificial intelligence (AI)-powered services. Starting next month, the telecom giant will collect data on possible robotics errors and accidents for a year under the liability coverage program offered by DB Insurance. Based on that data, th
May 26, 2021
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LG Electronics to run nighttime clerkless shops in S. Korea
LG Electronics Inc. said Wednesday it will run some of its shops in South Korea clerkless during nighttime as the home appliance maker tries to attract more consumers amid the pandemic-induced contactless trend. LG said its nine stores, including six shops in Seoul, will operate without clerks from 8:30 p.m. to midnight daily, becoming the first electronics firm in the country to adopt such a system. Users can enter unmanned shops after scanning a QR code. Inside the store, they can use kios
May 26, 2021
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SK nexilis to build copper foil factory in Europe
SK nexilis Co., a chemical unit of South Korean conglomerate SK Group, said Wednesday it will build a new copper foil factory in Europe to meet growing demand for the essential material for rechargeable batteries. SK nexilis, the copper making unit under SKC Inc. said it will expand its manufacturing capacity to over 200,000 tons a year by 2025, up from the current capacity of 43,000 tons. Copper foil is as thin as one-fifteenth of human hair and is used as the anode current collector
May 26, 2021
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[News Focus] Luxury market for EVs flourishes as global rivals catch up with Tesla
For many drivers who aspire to move to eco-friendly battery electric vehicles this year, one of the key variables is the availability of government subsidies. Amounts vary depending on the market price of the car. When it comes to high-end demand, however, subsidies apparently made no difference as luxury BEVs aggressively expanded their presence, especially against global market champion Tesla, industry data showed this week. According to data compiled by the Carisyou Data Lab on vehicle regi
May 25, 2021
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SK global chemical receives highest mark for eco-friendly operation
SK global chemical received the highest mark on a United Nations environment-friendly certification thanks to its plastic upcycling technology, the company said Tuesday. According to the company, it received the top score for the Guidelines for Reducing Plastic Waste & Sustainable Ocean and Climate Action Acceleration (GRP) certificate, which the Association for Supporting the Sustainable Development Goals of the UN announces every May. The GRP certificate is aimed to encourage companies
May 25, 2021
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S. Korea to offer tax benefits, other support for auto chip parts makers
South Korea plans to provide tax incentives and financial support to makers of automotive chip parts and other key parts and materials, the finance minister said Tuesday. Hong Nam-ki said the country plans to offer support to corporate projects to develop eight key parts and materials, including automotive chip parts and rare-earth permanent magnets used for electric vehicles. Hong said at a meeting on the parts and material industries that the move will help attract private investments worth
May 25, 2021
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Samsung tops Q1 TV market with record share: report
Samsung Electronics Co. maintained its status as the world's leading TV vendor with a record market share in the first quarter, a report showed Tuesday, as the tech giant posted robust growth on the back of its QLED and large TVs. Samsung represented 32.9 percent of the global TV market in terms of sales revenue in the January-March period, its largest share for a first quarter, according to data from industry researcher Omdia. Samsung was followed by its South Korean rival LG Electronics Inc.
May 25, 2021
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Dyson launches new vacuum cleaners with dust-detecting laser technology
British home appliance maker Dyson Ltd. on Tuesday launched two new brands of vacuum cleaners equipped with dust-detecting laser technology as the company tries to expand sales here amid the pandemic-induced stay-at-home trend. Dyson's V15 Detect and V12 Detect Slim cordless vacuum cleaners will be sold in South Korea with price tags of 1.24 million won ($1,100) and 1.09 million won, respectively. The two vacuum cleaners were already launched in select markets earlier this year. Dyson said t
May 25, 2021
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S. Korea's exports of kimchi up 35% in Jan.-April
South Korea's exports of kimchi advanced a whopping 35 percent on-year in the first four months of 2021, data showed Tuesday, on the growing demand for healthier foodstuffs amid the new coronavirus pandemic. Outbound shipments of kimchi reached $61.1 million over the January-April period, according to the Ministry of Agriculture, Food and Rural Affairs. Kimchi is a traditional Korean side dish normally made of fermented cabbage, salt and hot peppers and is eaten with almost all meals. The fer
May 25, 2021