Most Popular
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Can Jennie break the K-pop solo artist slump?
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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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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K-pop CEOs sidestep key issues at National Assembly audit
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Samsung Heavy to appeal arbitration ruling over drill rig deal dispute
Samsung Heavy Industries said Monday that it will lodge an appeal at a British arbitration court over the recent ruling that it has to refund the money received from a Swedish client for a delayed shipbuilding deal. The London Court of International Arbitration ruled Friday that the South Korean shipbuilder should return the prepaid money and the interest -- worth 463.2 billion won ($408.89 million) to Swedish shipping line company Stena. The court said that Stena’s cancellation of a de
March 8, 2021
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Conglomerates hasten to add women to boards
South Korea’s top-tier businesses are making hurried moves to secure female figures for their boards of directors, aiming to finalize the appointments for their forthcoming annual shareholders’ meetings later this month. The key driving factor is the Capital Market and Financial Investment Business Act, which applies enhanced standards for companies’ gender equity and major shareholders’ voting rights. Under the new rules, which are to take effect in August 2022, lis
March 8, 2021
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Posco International aims to produce 10,000 tons of fuel cell separators by 2027
Posco International aims to increase the production of fuel cell separators for electric vehicles to 10,000 tons by 2027, the company said Monday. The firm, through its wholly-owned subsidiary Posco SPS (Steel Processing & Service), currently produces 1,400 tons of Poss470FC, the stainless separator essential in utilizing hydrogen as an energy source for fuel cell EVs. The current volume covers around 35,000 FCEVs. Poss470FC boasts a thinness of 0.1 millimeters, and it is produced in an
March 8, 2021
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Samsung Heavy to appeal arbitration ruling for drill rig
Samsung Heavy Industries Co. said Monday that it plans to appeal a British arbitration ruling that ordered the South Korean shipbuilder to return money received from Swedish company Stena for a shipbuilding deal. The London Court of International Arbitration (LCIA), one of the world's leading arbitral institutions, ruled Friday that Samsung Heavy should refund prepaid money and accrued interest worth 463.2 billion ($409.7 million) to Stena, Samsung Heavy said in an emailed statement. The court
March 8, 2021
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KITA seeks to operate new convention center in Vietnam
The Korea International Trade Association (KITA) said Monday it has won a new contract in Vietnam to operate a newly built convention center in Vietnam, in line with its efforts to revitalize its virus-hit exhibition business and penetrate deeper into Southeast Asia. Under the agreement, KITA and its convention business arm, the Convention & Exhibition Center (COEX), will operate Vietnam's largest convention center located in Binh Duong, just north of Ho Chi Minh City, for the next three ye
March 8, 2021
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Samsung to launch Galaxy A42 5G smartphone in S. Korea this week
Samsung Electronics Co. said Monday it will release a new 5G budget smartphone in South Korea this week to expand its dominant status on home turf. Samsung said the Galaxy A42 5G smartphone will be launched here Friday with a price tag of 449,900 won ($400), the cheapest among 5G smartphone models sold in South Korea. The A42 5G was already released in select markets in Europe and Southeast Asia last year. The latest smartphone, equipped with a 6.6-inch display, comes with a rear quad-camera
March 8, 2021
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SK hynix starts mass-production of mobile DRAM offering industry's largest capacity
SK hynix Inc., South Korea's No. 2 chipmaker, said Monday it has begun mass-production of a mobile DRAM that offers the industry's largest capacity. SK hynix said 18-gigabyte low-power double data rate (LPDDR) 5 is in mass production and that the company supplied its very first products to Asus' gaming smartphone, the Republic of Gamers 5. The world's largest DRAM producer said its latest chip will be ideal for premium smartphones to support high-resolution games and videos. The company expect
March 8, 2021
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LG Innotek joins hands with Microsoft for cloud-supporting 3D sensing cameras
LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has joined hands with Microsoft Corp. to better expand its presence in the 3D sensing component market. Under the partnership, the two sides will collaborate on the development and supply of Time of Flight (ToF) modules dedicated for Microsoft's cloud platform Azure. A ToF module is a core 3D sensing camera component that can recognize three-dimensionality, spatial information and movement of an object by using the
March 8, 2021
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S-Oil acquires 20% stake in hydrogen fuel cell developer
S-Oil said Sunday it has purchased a 20 percent stake in advanced hydrogen fuel cell developer Fuel Cell Innovations. According to the South Korean refinery, the strategic investment will allow S-Oil to become the biggest shareholder of FCI and secure technologies for next-generation solid oxide fuel cells, or SOFCs. Compared to conventional fuel cells, SOFCs have a competitive edge in price, as they use nickel as a catalyst, instead of platinum, to generate electricity. They can also turn m
March 7, 2021
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Hanwha heir to spearhead group’s ‘shortcut to space’
Kim Dong-kwan, the heir apparent of South Korea’s defense-to-finance conglomerate Hanwha and the mastermind behind its advancements in the solar power industry, will lead the group’s space satellite business, the group said Sunday. The 37-year-old chief executive of Hanwha Solutions and the eldest son of Hanwha Group chairman Kim Seung-youn will head aerospace task force “Space Hub,” which will comprise key personnel and engineers from Hanwha affiliates. The move fo
March 7, 2021
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SK Innovation to sell stake in US shale oil mines
SK Innovation Co., South Korea's leading refiner, said Sunday it will sell its stake in US shale oil mines to a local glycerin company as part of its business reorganization strategy. SK Innovation said its US affiliate SK E&P America will finalize the deal this month to sell its entire stake in shale gas mines in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy Corp. The company didn't provide the value of the deal. SK Innovation is stepping up its decarbonizat
March 7, 2021
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Samsung ranks 3rd in 2020 smartwatch market: report
Samsung Electronics Co. was the world's third-largest smartwatch vendor last year, a report showed Friday, as its rivals Apple Inc. and Huawei Technologies Co. expanded their sales. Samsung's smartwatch shipments suffered a 1 percent on-year drop to 9.1 million units in 2020, according to market researcher Counterpoint Research. Apple further extended its dominance after its smartwatch shipments jumped 19 percent on-year to 33.9 million units last year, thanks to the performance of its Apple W
March 5, 2021
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Samsung unveils new smartphone suitable for tough work environments
Samsung Electronics Co. on Friday introduced a new smartphone with high durability designed to meet the needs of those working outdoors or in factories. "The Galaxy XCover 5, designed to withstand "tough work environments, is a device that addresses the challenges employers in the field often face, from ensuring protection of sensitive material to durable use in any environment," said Mark Notton, senior director of mobile product portfolio at Samsung Electronics Europe. "W
March 5, 2021
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LG Electronics basks in robust home appliance rental biz
The rental business of LG Electronics Inc., a major home appliance maker in South Korea, experienced sharp growth last year, a report showed Friday, as the company eyes to further boost its competitiveness in the sector riding on the rise of the pandemic-induced stay-at-home economy. Sales of LG's rental business stood at 591.1 billion won ($524 million) in 2020, up 34 percent from a year earlier, its audit report showed. Compared with 2018, revenues from its rental business have more than dou
March 5, 2021
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Samsung donates $1m to community partners in Texas for winter storm relief efforts
Samsung Electronics Co. said Friday it donated $1 million to community partners in Texas to support their winter storm relief efforts. The South Korean tech giant said its donation will be used to provide food, water, health services and shelters in the US state where severe weather caused big damages, including a power outage. "People are in need, and Samsung wants to help," said Choi Kyung-sik, CEO of Samsung Electronics North America. "We remain committed to the communities w
March 5, 2021
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Hyundai Motor, LG Energy agree on EV battery replacement cost sharing
Hyundai Motor said Thursday that it has reached an agreement with LG Energy Solutions on their respective cost burden for replacing the problematic LG-manufactured car batteries used in three of Hyundai’s electric-powered vehicles. The LG battery maker is to assume 70 percent of the total costs, while the carmaker will shoulder the remaining 30 percent, according to officials. The two companies did not specify the detailed amount, but respective amounts have been reflected in the t
March 5, 2021
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Korea partners with UAE for hydrogen economy
South Korea signed an agreement with the United Arab Emirates on Thursday to cooperate on the hydrogen economy, further expanding their partnership currently focused on nuclear energy, oil and gas. During the Korea-UAE Industry and Energy Cooperation Forum held online, South Korean Minister of Trade, Industry and Energy Sung Yun-mo and UAE Minister of Industry and Advanced Technology Al Jaber inked a memorandum of understanding to share hydrogen trade regulations and policies and establish a
March 4, 2021
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Government tightens grip on LH land speculation scandal
A new interagency task force on Thursday launched a high-profile investigation looking into allegations that employees of the state-run Land & Housing Corp. used confidential information to make speculative land purchases in residential development zones. The Moon Jae-in administration’s stern response was seen as a move to minimize the negative impact on its real estate policies and also an attempt to dial down escalating political debates that have dragged in incumbent Land Ministe
March 4, 2021
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US to review impact of LG-SK battery battle on Biden’s green policies
The US Transportation Department will brief President Joe Biden on how a recent court decision to impose a 10-year import ban on SK Innovation will impact his green transportation goals. During a hearing held Wednesday, freshman Sen. Raphael Warnock, a Democrat from Georgia, asked Polly Trottenberg, nominee for deputy secretary of the transportation department, whether she would provide the president an analysis of the ruling’s expected effect on his green transportation goals.
March 4, 2021
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Korea Shipbuilding to work on safety design regulation for hydrogen-fueled ships
The Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Thursday it has inked a deal with the Korean Register of Shipping (KR), a South Korean ship quality assurance and risk management company, to jointly come up with safety design regulation for hydrogen-fueled ships. The safety design regulation to be created for the first time in the world will be submitted to the International Maritime Organization (IMO) by 2022, Korea Shipbuilding said. Ships are usually required to be built
March 4, 2021