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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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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LG's Vietnamese smartphone production line to make home appliances
South Korean tech giant LG Electronics Inc. said Tuesday it plans to produce home appliances from its smartphone manufacturing line in northern Vietnam, as the company earlier decided to fully withdraw from the mobile business. Under the plan, the company will complete the transformation within this year while reallocating affected workers, LG Electronics said in a statement. "Exiting smartphone production here is part of LG's plan to restructure our core product portfolio," said Jun
April 20, 2021
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Doosan preparing to tap global hydrogen market
Doosan Group said Tuesday that it has been gearing up to tap the global hydrogen market by forming a task force to conduct market research. Doosan Group formed a task force under its holding company Doosan Corp. to conduct the project that will review the markets of production, distribution and utilization of hydrogen, the group said. Doosan has affiliates under its wing such as power plant builder Doosan Heavy Industries & Construction Co., fuel cell manufacturer Doosan Fuel Cell Co. and
April 20, 2021
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[Feature] Cobalt, China and Korea's battery conundrum
Home to three of the world’s major lithium-ion battery makers, it seems South Korea is well positioned to benefit from the global transition to electric vehicles. A look beneath the surface, however, reveals the local firms’ precarious position in an industry still facing huge uncertainties, ranging from the supply of key raw materials to the future directions of technological innovations. Cobalt, a key component in lithium-ion batteries, offers one way to understand the vulnerab
April 19, 2021
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KIST develops new batteries 40% cheaper, stronger than lithium-ion batteries
The Korea Institute of Science and Technology on Monday said it has developed sodium-ion batteries that are 40 percent cheaper and can store 1.5 times more charge per gram than conventional lithium-ion batteries. The batteries use sodium instead of lithium. As sodium is far more common than lithium -- it’s in regular salt -- this brings down the price significantly. However, sodium ions are bigger and heavier than lithium ions, so existing anode materials -- made of graphite and a small
April 19, 2021
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S. Korea to raise renewable energy quota
South Korea will be able to require big power generation companies to generate up to 25 percent of electricity from renewable energy sources, starting from October this year, raising the previous maximum threshold of 10 percent. The change is in line with a revision of the renewable energy portfolio, or RPS scheme, introduced in 2012, that mandates 22 power distributors with capacity over 500 megawatts to generate a certain percentage of their electricity with renewables. The minimum quota,
April 19, 2021
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Over 70,000 manufacturing jobs moved abroad last year: report
A new analysis has suggested that over 70,000 manufacturing jobs in South Korea moved abroad last year, which accounted for 0.3 percentage point of the country’s unemployment rate. The loss of 72,000 manufacturing jobs came against the backdrop of a tough job market that exacerbated the employment situation, the Korea Economic Research Institute, an organization under the Federation of Korean Industries, said on Monday. “If the 72,000 manufacturing jobs were prevented from moving a
April 19, 2021
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Korea Shipbuilding bags W208b order for 2 oil tankers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday that it has signed a 208 billion won ($185.8 million) deal to build two crude-oil carriers. Under the deal signed with a European company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will build and deliver the 300,000-ton ships from the fourth quarter of 2022, the company said. The deal has an option to construct one more same-sized crude-oil ship, KSOE said. KSOE has won 11, or 42 percent, of 26 crude-oil carriers o
April 19, 2021
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LG Electronics teams up with Bvlgari for rollable TV marketing
LG Electronics Inc. on Monday said it has joined hands with Italian jewelry and luxury goods brand Bvlgari to promote its rollable TV to European customers. The world's second-largest TV maker said it recently held events for high-end customers at Bvlgari shops in Switzerland to introduce the SIGNATURE OLED R TV. "As the target customers for the SIGNATURE OLED R and Bvlgari are those who buy products based on their value, not their price, we believe the joint marketing events will create
April 19, 2021
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Doosan Infracore wins order for 15,000 forklift engines in China
South Korea's construction equipment maker Doosan Infracore Co. said Monday that it has signed a deal to provide 15,000 forklift engines to Linde China Forklift Truck Corp., a Chinese forklift maker. Doosan Infracore will offer small-sized diesel engines and liquefied petroleum gas (LPG) G2 engines from 2023 to 2027, which will be mounted on Linde China Forklift Truck's forklifts under 3.5 tons to be exported to Europe and North America, the company said. Doosan Infracore did not reveal the va
April 19, 2021
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Sales of pickup trucks dip 34% in Q1
Sales of pickup trucks in South Korea tumbled more than 34 percent in the first quarter of the year amid sluggish demand, industry data showed Monday. A total of 5,539 pickup trucks were sold in Asia's fourth-largest economy in the January-March period, down 34.4 percent from a year earlier. SsangYong Motor Co. saw sales of its Rexton Sports come to 4,391 units in the three-month period, down a whopping 42.1 percent from the previous year. GM Korea sold 940 units of the midsized Colorado pick
April 19, 2021
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[From the Scene] Posco Chemical bets future on battery materials
GWANGYANG, South Jeolla Province -- The moment reporters stepped inside Posco Chemical’s battery materials plant the size of 20 football fields, they were immediately overwhelmed by a howling sound echoing inside the facility every 30 seconds. The mysterious noise emitting from the beige-painted equipment sounded as if whales were crying in pain. “It’s the ultrasound carving cathode particles,” Kim Woo-joong, a safety manager of the plant, shouted over the din, throu
April 18, 2021
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2 medical device firms ordered to correct unfair biz practice
South Korea's antitrust regulator said Sunday it has decided to order two importers of medical devices to take corrective actions over their unfair business practice. Abbott Korea Co. and Medtronic Korea Co. provided financial support to doctors for their participation in overseas seminars between 2014 and 2019 in a bid to encourage them to use their imported cardiovascular stent, according to the Korea Fair Trade Commission (KFTC). The commission also decided to fine Abbott Korea 16 million w
April 18, 2021
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[Newsmaker] S. Korea to allow three more airports to run 'flights to nowhere'
South Korea will allow three more airports to run international "flights to nowhere" to help the pandemic-hit airline and duty-free industry ride out the prolonged crisis, the transport ministry said Sunday. Flights to nowhere start and end at the same airport and offer tax-free sales, while passengers are exempted from mandatory COVID-19 testing and the quarantine process after arrival. Starting from May, airlines will be allowed to operate international flights without destinations
April 18, 2021
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Seoul Botanic Park attracts over 10m visitors since opening
The Seoul Botanic Park has attracted more than 10 million visitors since its opening 30 months ago, the city government said Sunday. Located in western Seoul, the park began to accept visitors in October 2018 before formally opening in May 2019. It is the country's first botanic park built inside a city, with a forest, lake, wetlands and greenhouses laid across 500,000 square meters of land, according to the city government. A total of 10.04 million people have visited the park since October
April 18, 2021
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Govt. meets with business tycoons, steps up support for chip industry
South Korea’s top fiscal policymaker and conglomerate leaders meet Friday to promote public-private cooperation amid the post-coronavirus economy and pending market challenges including the semiconductor supply shortage. “We are now facing a watershed moment in which the industrial circles and the government have to join forces in order to overcome incumbent challenges,” said Deputy Prime Minister and Finance Minister Hong Nam-ki. During his meeting with the chiefs of domesti
April 16, 2021
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[Newsmaker] Posco C&C severs ties with Myanmar’s military conglomerate MEHL
Posco C&C decided to end their business partnership with Myanma Economic Holdings Public Company Limited (MEHL), one of Myanmar’s two largest military holding companies, the company said Friday. The affiliate of South Korea’s steel giant Posco said it will end its partnership with MEHL by purchasing all the stakes MEHL has in their joint venture, Myanmar Posco C&C Co., following public outcry against Myanmar military’s brutal crackdown on its citizens after a coup in
April 16, 2021
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Kakao founder sells W500b worth of stocks as part of donation pledge
The founder of South Korea's top mobile messenger operator Kakao Corp. and his wholly-owned company has sold 500 billion won ($447 million) worth of stocks in Kakao part of his pledge to donate half of his assets, a filing showed Friday. The move came after Kim Beom-su, who serves as Kakao's chairman, pledged in February this year to donate more than half of his assets, which at the time was estimated to be worth more than 10 trillion won. In March, he joined the Giving Pledge, a global campai
April 16, 2021
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S. Korea to boost spending on R&D for next-generation cars
South Korea said Friday it plans to increase investment in research & development (R&D) on key technologies for next-generation vehicles in a bid to help local automakers take the lead in the market. Finance Minister Hong Nam-ki said the government will spend 367.9 billion won ($328 million) in supporting R&D on next-generation autos this year, up 37 percent from the previous year. "It is urgent to make an investment in R&D on next-generation vehicles in a preemptive manne
April 16, 2021
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Hanjin Heavy slumps after takeover deal
Shares in Hanjin Heavy Industries & Construction Co. slumped Friday after its creditors signed a deal to sell the financially troubled shipbuilder. Hanjin Heavy fell 4.08 percent to 7,750 won ($6.90) as of 10:48 a.m. Creditors of Hanjin Heavy, led by the state-run Korea Development Bank (KDB), signed a deal with a consortium led by local builder Dongbu Corp. to sell it a 66.85 percent stake in the company Thursday. The consortium plans to complete the acquisition of the company by August
April 16, 2021
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S. Korean consortium to produce Russia's Sputnik V vaccine for export
South Korean biotech company Huons Global said Friday that it has signed a technology transfer deal with Russia's sovereign wealth fund to produce a Russian COVID-19 vaccine in South Korea. Under the agreement with the Russian Direct Investment Fund, the Huons Global-led consortium will manufacture Sputnik V in South Korea. Three other participants in the consortium are two South Korean companies -- Humedix and Boran Pharma -- and Singapore's Prestige BioPharma. Huons Global said it is set to
April 16, 2021