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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LG Energy Solution pledges to double sales by 2028
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VW poses a dilemma for LGES and SKI
Volkswagen’s latest announcement that it will transition to “prismatic” batteries from “pouch” batteries starting from 2023 poses a dilemma to South Korean battery developers LG Energy Solution and SK Innovation, which have been supplying pouch-type cells to the world’s No. 1 automaker. According to industry experts Wednesday, LGES and SKI are hesitating on moving forward with the development of prismatic batteries even if it means losing VW, because the p
March 17, 2021
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Automakers, chipmakers team up to resolve chip supply shortages
South Korea's automobile and semiconductor business groups on Wednesday said they will join forces in developing key automotive chips domestically, as the global supply shortages of key automotive chips are anticipated to disturb the production of cars. The Korea Semiconductor Industry Association and the Korea Automobile Manufacturers Association inked a memorandum of understanding to roll out joint research projects and seek ways to produce automotive chips domestically. South Korea is the w
March 17, 2021
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Samsung SDI to introduce new, larger battery form factor
Samsung SDI President and CEO Jun Young-hyun on Wednesday confirmed that the company was developing a new and larger form factor for its cylindrical battery cells for electric vehicles. After the Korean battery giant’s 51st shareholders meeting held in Seocho-gu, Seoul, Jun was asked by The Korea Herald on the progress of the company’s development of “4680” cells, which Jun answered, “We are doing our best.” Samsung SDI later explained that Jun’s an
March 17, 2021
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Monthlong shutdown of Samsung's Texas chip plant may cost big: analysts
Samsung Electronics Co. may suffer around 400 billion won ($353 million) in production losses due to a monthlong shutdown of its chip plant in the United States, analysts said Wednesday, amid growing concerns that the production halt could also undermine global smartphone production. Samsung's plant in Austin, Texas, has not been fully operating since Feb. 16 after a severe winter storm caused power outage in the region. The facility reportedly recovered power and water supply, but due to inspe
March 17, 2021
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State-run companies set for regular recruitment for this year
South Korea’s major public corporations in the energy and transportation sectors are to kick off a large-scale open recruitment process for this year, industry officials said Monday. The move is expected to offer rare employment opportunities in an ever-tightening job market, especially as major business groups in the private sector have turned to demand-based recruiting. But one company that shelved its recruitment plan for an indefinite period was the Land & Housing Corp., which i
March 16, 2021
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Korea’s warring battery makers stung by VW’s battery move
While South Korea’s two battery makers continue to war over battery technology patents, a key, common client has decided to migrate to a new type of electric vehicle battery, in an apparent flight to a more stable supply market. Volkswagen, the world’s No. 1 automaker, announced Monday plans to power up to 80 percent of its electric vehicles with prismatic batteries from 2023, signaling a farewell from the pouch-type ones it currently sources from LG Energy Solution and SK I
March 16, 2021
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Tracing the beginning of SK Innovation’s battery business
This is the second installment of a three-part series looking into SK Innovation’s struggles to rise to the global leadership of lithium ion batteries, which have become a key enabler for a global shift toward sustainable mobility. The articles are sponsored by SK Innovation. - Ed. SK Innovation’s journey into the battery business dates back to 1982, when SK Group acquired Korea Oil Corp. and changed its name to Yukong. After the acquisition, Yukong chose future businesses
March 16, 2021
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K-water pledges ESG framework to tackle climate change
The state-run Korea Water Resources Corp., also known as K-water, pledged Tuesday to adopt an environmental, social and corporate governance framework to reform the way it operates. In a discussion with private experts, influencers and green activists on how water can reverse climate change, K-water CEO Park Jae-hyeon revealed that the company had joined the Renewable Energy 100, a global initiative to source 100 percent of the electricity that businesses consume from renewable energy source
March 16, 2021
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Daewoo Shipbuilding wins W265b order for 3 LPG carriers
Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has signed a 265 billion-won ($234 million) deal to build three liquefied petroleum gas (LPG) carriers. Under the deal with a European company, Daewoo Shipbuilding will deliver the 91,000-cubic meter LPG carriers by October 2023, it said. With the latest order, the shipbuilder has obtained orders worth $1.79 billion to build 19 ships, representing 23 percent of its 2021 order target of $7.7 billion. (Yonhap)
March 16, 2021
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Global LCD capacity to fall in 2023 on Korean makers' shutdown: report
The global capacity of liquid crystal displays (LCD) is likely to fall in 2023, a report showed Tuesday, as major South Korean display panel makers will exit from the business dominated by Chinese players. Samsung Display Co. and LG Display Co. -- South Korea's top 2 players -- have announced they will scale down their LCD businesses, with the former pushing its migration to quantum-dot displays, while the latter expands its organic light-emitting diode production. Such moves are expected to d
March 16, 2021
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S. Korea creates 12-inch chip wafer test bed
South Korea's ICT ministry said Tuesday a 12-inch semiconductor wafer test bed was established here in line with the country's efforts to boost development of homegrown chip technology. Previously, the absence of the test bed had led many local small and medium-sized chip component companies to rely on overseas testing facilities, according to the Ministry of Science and ICT. The country's major chipmakers, such as Samsung Electronics Co. and SK hynix Inc., require evaluations of chip componen
March 16, 2021
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[Newsmaker] Kakao founder pledges to donate half of assets
The founder of South Korea's top mobile messenger operator Kakao Corp. said Tuesday that he will donate half of his wealth -- currently estimated to be more than 10 trillion won ($8.9 billion). "Through this pledge today, we commit to give more than half of our wealth back to society during our lifetime," Kim Beom-su said in a message posted on the website of the Giving Pledge. Giving Pledge, created by Bill and Melinda Gates and Warren Buffett, is a global campaign by the world's we
March 16, 2021
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Samsung Display to aggressively target gaming display market with OLED panels
Samsung Display Co., a major display maker in South Korea, said Tuesday it targets to expand its presence in the gaming display market with its OLED panels for smartphones. Samsung Display said its 6.78-inch OLED panel is used in Asus' Republic of Gamers (ROG) Phone 5 launched last week, and it aims to sell more OLED displays to those who make gaming IT devices. "With more people practicing social distancing by staying at home, the number of online gamers has surged, and end-product manuf
March 16, 2021
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Samsung to supply 5G network equipment to Canada's SaskTel
Samsung Electronics Co. said Tuesday it has been selected as the sole vendor to supply 5G network equipment and solutions to a Canadian telecommunications firm. Under the deal with Saskatchewan Telecommunications Holding Corp. (SaskTel), Samsung will provide the Canadian company with the 4G/5G radio unit, massive multiple input, multiple output (MIMO) radio technology, network virtualization software and maintenance services. The South Korean tech giant said it is also the first time that the
March 16, 2021
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Samsung ranks third in Q4 wearables market: report
Samsung Electronics Co. was the third-largest vendor of wearable devices in the fourth quarter of 2020, a market report showed Tuesday, amid soaring global demand for wearbles despite the pandemic. The South Korean tech giant shipped 13 million units of wearable devices in the October-December period, up 20.5 percent from a year earlier, although its market share dropped to 8.5 percent from 9 percent a year ago, according to the latest report from market tracker International Data Corp. (IDC).
March 16, 2021
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Kia fully unveils design of first E-GMP-based model, EV6
Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Monday revealed the design of the EV6, its first all-electric model to use the group’s exclusive electric vehicle platform, ahead of the global unveiling slated for later this month. The EV6 is notable for the electric-global modular platform, or E-GMP, and will also be the first electric vehicle launched since Kia Motors changed its name to Kia Corp. The car’s defining feature, a
March 15, 2021
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Kumho Petrochem aspires to expand ‘beyond conventional boundaries’
After posting better-than-expected business output last year despite the COVID-19 pandemic, Kumho Petrochemical is now bracing for another leap forward, seeking to gain an upper hand in the post-coronavirus industry, officials said Monday. The company’s core direction is to grow beyond the conventional petrochemical sector, to expand high value-added products, and to diversify the market use of newly growing materials. Last year, the company posted 740 billion won ($651.4 million) in o
March 15, 2021
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Brinkmanship on both sides as battery dispute continues
The verdict on the trade secret dispute between South Korea’s two leading battery makers came out weeks ago. But the warring rivals show no sign of ending their hostility, with both parties going to extreme lengths to woo the highest official of the US to their side. US President Joe Biden could make or break SK Innovation’s electric vehicle battery business in the states, as he has the right to overturn the US International Trade Court’s decision last month that slapped a 10
March 15, 2021
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Korea Shipbuilding wins w823b in orders for 10 ships
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Monday it has bagged orders worth a combined 823 billion won ($725 million) to build 10 vessels. Under a deal with an African company, three 91,000-cubic meter liquefied petroleum gas (LPG) carriers to be built by Hyundai Samho Heavy Industries Co., a unit of KSOE, will start being delivered in the second half of 2022, KSOE said. In a separate deal with an Oceanian company, Hyundai Mipo Dockyard Co., another unit of KSOE, will const
March 15, 2021
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Kepco starts injecting fuel rods into UAE's second nuclear reactor
South Korea's state-run utility Korea Electric Power Corp. (Kepco) said Monday it has started a process to insert fuel rods into the second reactor in the Barakah nuclear plant of the United Arab Emirates (UAE). Kepco and the Emirates Nuclear Energy Corp. (ENEC) said they kicked off the process starting last week. South Korea completed the insertion of fuel rods into the first reactor in March last year. The fuel rod injection came after the UAE issued an operating license for the second unit
March 15, 2021