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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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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Man killed by fellow hunter who mistook him for wild boar
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Samsung Heavy completes pilot test of LNG regasfication system
The system, named S-REGAS, is the world's first LNG regasification system for LNG floating storage regasification unit (LNG-FSRU) combined with cold power generation technologies, the shipbuilder said. Cold power generation refers to electric power generation using energy produced during the vaporization process of LNG, which is transported in a liquid state by cooling it to minus 162 C, without emitting carbon dioxide. The S-REGAS can generate 16-megawatt electricity, the company said. A LNG
April 14, 2021
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S. Korea ranks 2nd in global chip sales in 2020: report
South Korea, home to major memory chip suppliers like Samsung Electronics Co. and SK hynix Inc., ranked second in global chip sales last year, a report showed Wednesday, although it had extremely weak presence in the fabless segment. Total integrated circuit (IC) sales from South Korea-based firms represented 21 percent of the global market in 2020, according to the latest McClean Report published by market researcher IC Insights. The United States topped the ranking with a share of 55 percent
April 14, 2021
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Samsung Engineering wins $650m plant deal from Saudi Arabia
Samsung Engineering Co., a plant construction unit of Samsung Group, said Wednesday it has clinched a $650 million deal to build a petrochemical plant in Saudi Arabia. Under the deal with Advanced Global Investment Co., a subsidiary of Saudi Arabia's Advanced Petrochemical Co., Samsung Engineering will build a propane dehydrogenation plant and utilities and offsites at Jubail Industrial City II on Saudi Arabia's eastern coast. The plant, which is set to be completed in 2024, will produce 840,0
April 14, 2021
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S. Korea's chip equipment spending soars 61% in 2020: report
South Korean chipmakers' spending on equipment soared 61 percent last year from a year earlier, the largest growth among major chip producing countries, industry data showed Wednesday. South Korea, home to major memory chip producers Samsung Electronics Co. and SK hynix Inc., spent For the first time, China topped the ranking after its chip manufacturing equipment spending grew 39 percent on-year to $18.72 billion. Taiwan, led by the world's No. 1 foundry maker, Taiwan Semiconductor Manufactur
April 14, 2021
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[Behind the Wheel] Kia’s K8 sporty sedan to challenge Grandeur
In South Korea’s premium luxury sedan market, there is one landmark model that for years has maintained an unrivaled lead -- Hyundai Motor’s Grandeur, which saw 145,000 units sold last year. In a move to grow out of the rivalry frame with the all-time bestseller, Hyundai Motor’s sister brand Kia Corp. has adopted a new strategy, which is to discontinue its semi-large sedan K7 and introduce the K8 as a new, upgraded version to fill in the tier. The all-new K8 also marks the
April 13, 2021
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Samsung SDI to supply battery cells to US EV startup Rivian
South Korean battery maker Samsung SDI Co. will supply battery cells for US electric vehicle startup Rivian's upcoming vehicles, the companies said Tuesday. RJ Scaringe of Rivian, backed by Amazon.com Inc. and Ford Motor Co., said in a statement Samsung SDI has been developing the battery cells for its vehicles as it plans to launch an electric pickup and SUV later this year. Samsung SDI has been partnering with Rivian for its EV lineup, a company spokesperson said, without elaborating on th
April 13, 2021
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Samsung tipped to ramp up US investment as Biden vows more spending: analysts
Samsung Electronics Co., the world's largest memory chip producer, is likely to accelerate its investment in the United States as US President Joe Biden urged more spending in the chipmaking sector to resolve the chip shortage and build up a stable supply chain, analysts here said Tuesday. Samsung was one of the 19 global firms and the only South Korean company that attended the White House's virtual meeting on Monday (local time) where Biden stressed a need to invest in the semiconductor indu
April 13, 2021
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SKIET opens 2nd EV battery separator factory in China
SK IE Technology Co. (SKIET), a battery material subsidiary under SK Innovation Co., said Tuesday its second battery separator factory in China started operations to step up its production capacity. SKIET said it opened its first overseas production line in the southeastern Chinese city of Changzhou in November and began rolling out lithium-ion battery separators at its second factory in the complex. The Changzhou factory's operation increases SKIET's annual production capacity to 510 millio
April 13, 2021
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S. Korean biotech firms eying phase 3 clinical trials of COVID-19 vaccines
Five South Korean biotech companies are pushing for phase three clinical trials of COVID-19 vaccines in the second half of this year, the health ministry said Monday. The government plans to inject about 68.7 billion won ($61 million) this year for the clinical trials of COVID-19 vaccines by SK Bioscience Co., EuBiologics Co., Cellid, Genexine and GeneOne Life Science, the ministry said. The ministry made the announcement in a report to President Moon Jae-in. Also Monday, the Ministry of Food
April 12, 2021
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What next after LG-SK battery dispute end?
The dramatic reconciliation between archrivals LG Energy Solution and SK Innovation has allowed the latter to salvage its two electric vehicle battery factories in the US state of Georgia and supply batteries to Volkswagen and Ford as planned. But further challenges lie ahead, industry analysts said Monday. The two-year dispute between LG Energy Solution and SK Innovation over battery technologies jeopardized the operations of the Georgia plant. This battery supply chain risk motivated majo
April 12, 2021
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Pan Ocean signs another bunkering ship deal with Shell
Pan Ocean Co., South Korea's second-largest shipper by sales, said Monday it has signed another deal with global oil giant Shell NA LNG, LLC (Shell) for the lease of a liquefied natural gas (LNG) bunkering ship for six years. Under the $55-million deal, the 18,000-cubic meter LNG bunkering ship to be built by Hyundai Mipo Dockyard Co. will be put into operation for Shell by May 2023, the company said. The deal to be effective by May 2029 has an option to extend the lease period by two years.
April 12, 2021
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Posco Q1 operating earnings up 120% to W1.55tr
South Korea's leading steelmaker Posco estimated Monday its first-quarter operating profit hit the highest point in 10 years on robust demand amid global economic recovery from the COVID-19 pandemic. Operating profit for the January-March quarter jumped to 1.55 trillion won ($1.4 billion) from 705.3 billion won during the same period of last year, the company said in a regulatory filing. It marked the highest quarterly operating profit since the steelmaker reported 1.7 trillion won in the se
April 12, 2021
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Korea Shipbuilding wins W227b in orders for 3 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has obtained a combined 227 billion won ($202 million) worth of orders to build three liquefied petroleum gas (LPG) carriers. Under the deal with an Asian company, Hyundai Samho Heavy Industries Co., a unit of KSOE, will deliver two 86,000-cubic meter LPG carriers starting in the first half of 2023, KSOE said. Another deal with an Oceanian company calls for Hyundai Mipo Dockyard Co., another KSOE unit, to deliver a 40,000-
April 12, 2021
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Korean battery makers rally after battery dispute settlement
Shares of two Korean battery makers spiked Monday as they ended a two-year legal dispute over electric vehicle (EV) battery technology, which cleared uncertainty over their businesses. On Sunday, LG Chem-owned LG Energy Solution Ltd. and SK Innovation Co. reached a last-minute settlement in a bitter US trade dispute, just one day before an import ban on SK was to take effect. SK Innovation agreed to pay 2 trillion won ($1.78 billion) in compensation, half in cash and half in royalty, to its bi
April 12, 2021
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[#WeFACE] Beyond EVs, Hyundai Motor ponders true meaning of ‘sustainability’
The Korea Herald is publishing a series of interviews with executives of South Korea’s leading corporations on their responses to environmental, social and corporate governance, or ESG, issues, which have become central factors globally in measuring the sustainability of an investment or business decision. -- Ed. For Hyundai Motor Group, South Korea’s second-largest conglomerate by assets and its top automaker, the increasingly popular concept of ESG -- an emphasis on envir
April 11, 2021
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Mobile carriers tipped for robust Q1 earnings on 5G growth
South Korean wireless carriers are estimated to have logged robust earnings in the first quarter on the back of sharp growth in 5G users and their non-telecom businesses, a poll showed Sunday. The combined operating profits of the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are expected to have reached 966.5 billion won ($863.3 million) in the January-March period, up 6.8 percent from the previous year, according to the poll on six local brokerage hou
April 11, 2021
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SK agrees to pay W2tr to LG to settle EV battery
SK Innovation Co. agreed to pay 2 trillion won ($1.78 billion) to settle an electric vehicle battery dispute with LG Energy Solution Ltd. and withdraw all their other pending litigations to end their two-year legal battle, the two companies said Sunday. The two Korean battery makers announced the results of their agreement, hours before a deadline for an import ban on SK. The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ba
April 11, 2021
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Georgia governor again asks Biden to overturn ITC ruling on SK Innovation
Georgia Gov. Brian Kemp has called upon President Joe Biden to overturn the US International Trade Commission’s ruling against SK Innovation, marking the third such request since the decision made on Feb. 11. In his statement issued on Thursday, local time, Kemp urged that the impact on the $2.6 billion electric vehicle battery production plant in Jackson County will deliver a heavy blow to the regional economy, unless the president takes immediate action. “The jobs of at least 2,
April 9, 2021
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KAI rolls out KF-21 Boramae, first Korean-made fighter jet
At a commencement ceremony of the Korea Air Force Academy on March 20, 2001, late President Kim Dae-jung made a promise to the cadets, “We’ll let you cadets ride fighter jets developed by Korea.” The seed planted by Kim came to fruition two decades later. KF-21 Boramae, the country’s first prototype of a domestically developed fighter jet, was unveiled Friday at a rollout ceremony at Korea Aerospace Industries’ manufacturing facility in Sacheon, South Gyeongsang
April 9, 2021
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Semiconductor industry urges for government support amid supply shortage
Local semiconductor companies have called on the government for support, in a bid to expand their production facilities against the backdrop of the prolonged global shortage. According to the Ministry of Trade, Industry and Energy, a group of industry representatives from the Korea Semiconductor Industry Association met with Minister Sung Yun-mo during a conference held Friday at the Westin Chosun in central Seoul. The corresponding event came as policymakers and industry officials sought to
April 9, 2021