Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Global Business Forum discusses opportunities in Saudi Arabia
Saudi Arabian Ambassador to Korea Sami Alsadhan expressed hopes for greater cooperation between the two countries beyond construction and energy to smart infrastructure, hydrogen and other new industries at the Global Business Forum held in Seoul on April 26. Korea is a strategic partner in "Saudi Arabia Vision 2030," a reform blueprint to reduce the Middle Eastern country’s dependence on oil, diversify its economy and develop public service sectors such as health, education, i
May 3, 2023
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Kakao Games' Q1 profit tumbles 85% due to one-off factor
Kakao Games Corp., the gaming unit of South Korean tech giant Kakao Corp., said Wednesday its first-quarter net profit tumbled 85 percent due to an account loss from its investment in a local developer. Kakao Games logged a net profit of 4.2 billion won ($3.1 million) on a consolidated basis in the January-March period, compared with a net profit of 28.3 billion won a year earlier, the company said in a regulatory filing. Its operating profit plunged 73.1 percent on-year to 11.3 billion won. Sal
May 3, 2023
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SK Geocentric to build plastic recycling factory with Canadian company
SK Geocentric Co., a chemical unit under South Korea's SK Group, said Wednesday it has signed a joint venture agreement with a Canadian partner to build a plastic waste recycling factory in Korea. SK Geocentric and Loop Industries, a Quebec-based company, will establish a 51:49 joint venture in charge of building a depolymerization recycling factory by 2025, the Seoul-based company said in a release. The depolymerization refers to a recycling of waste PET plastics and polyester fiber to the
May 3, 2023
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SK On to develop key EV battery material with US graphite company
South Korean battery maker SK On Co. said Wednesday it has signed an agreement with a US graphite company to develop battery-grade anode materials in an effort to bolster the sourcing of raw materials. The joint development agreement, inked with Westwater Resources Inc., calls for the two companies to work together to develop high-performance anode materials tailored for SK On batteries, the Seoul-based battery-making unit of SK Group said in a release. Anodes are one of the key components for e
May 3, 2023
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[Graphic News] Global EV battery market to grow fivefold to $616b in 2035
The global electric vehicle battery market is forecast to post rapid growth to $616 billion in 2035, a market tracker said, with the China-based production likely to sharply shrink amid the EV-related policy revamps in the United States and Europe. The projection marks a fivefold increase from $121 billion estimated for this year, according to a report by SNE Research, a Seoul-based energy market tracker. Demand for EV battery production is expected to reach 5.3 terawatt-hours globally in 2035,
May 3, 2023
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HD Korea Shipbuilding scores W2.8tr order for 12 gas carriers
HD Korea Shipbuilding & Offshore Engineering, an intermediate holding company of South Korean heavy industries conglomerate HD Hyundai, has bagged 12 orders for liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers worth 2.79 trillion won ($2.08 billion) in a span of less than a week. According to the shipbuilder, HD KSOE on Tuesday signed a contract with an Oceanian customer to build two 200,000-cubic-meter LNG carriers. The shipbuilder inked a contract with a European cust
May 2, 2023
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KB invites global financial experts to find biz opportunities
KB Financial Group announced Tuesday that it will host an event on Thursday to invite key figures in the global financial industry to present its businesses and growth strategies while looking for collaborative opportunities. The banking giant's cocktail reception, which will take place in Songdo, Incheon, is designed to promote the excellence of Korean finance and KB Financial's business competitiveness on the occasion of the 56th Annual Meeting of the Asian Development Bank held in I
May 2, 2023
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Boost promised for advanced chip industry
The South Korean government on Tuesday vowed to support the advanced chip industry, highlighting the rise of new technologies, including artificial intelligence. At a gathering of fabless companies hosted by the Ministry of Trade, Industry and Energy, Vice Trade Minister Chang Young-jin highlighted the importance of advanced semiconductors and its growth potential. “The semiconductor industry has been No. 1 in exports for 10 consecutive years, and is the pillar of our economy and industrie
May 2, 2023
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Chaebol chiefs have hands full after summit
South Korea’s top chaebol chiefs who accompanied President Yoon Suk Yeol on his state visit to Washington last week have returned with their hands full of hot-button issues, including the increasingly protectionist policies in the all-important US market. With no immediate breakthrough in related talks between the two countries, industry watchers say the business leaders seem to be in a rush to study the industrial implications of the summit talks and come up with follow-up measures. After
May 1, 2023
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Samsung to raise wafer input for R&D
Samsung Electronics, which recently recorded its worst operating profit in the first quarter, is expected to increase its spending to raise wafer input for research and development, according to industry sources on Monday. Kyung Kye-hyun, the CEO in charge of the tech giant’s Device Solutions Division overseeing global memory operations, System LSI, said the company will increase its wafer input to “gain the upper hand in technology for future products,” speaking at a staff bus
May 1, 2023
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Exports decline for 7 consecutive months amid chip slump
South Korea’s exports declined for the seventh consecutive month in April, as the chip industry experienced the worst slump of sagging demand and prices, the Trade Ministry said Monday. The Ministry of Trade, Industry and Energy reported that the country witnessed its outbound shipments decline 14.2 percent on-year to stand at $49.6 billion in April. While inbound shipments also decreased by 13.3 percent to log $52.23 billion, the country's trade landed in the red for the 14th month, loggi
May 1, 2023
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Private lunch with Hyundai Motor chief to be auctioned
Hyundai Motor Group Executive Chair Chung Euisun will join a lunch auction event to better connect with the younger generation, the Federation of Korean Industries said Monday. The business lobby has invited the Hyundai Motor chief, along with car-sharing company SoCar CEO Park Jae-uk and TV celebrity Noh Hong-chul, to take part in the event, similar to billionaire Warren Buffett's famous charity lunch. A total of 30 people will be selected for the power lunches targeted at the “MZ ge
May 1, 2023
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SKIET to supply battery separators for EVs to China's Sunwoda
SK IE Technology, an electronics materials maker affiliated with SK Group, said Monday it is supplying battery separators to Chinese battery maker Sunwoda Electronic, paving the way for it to secure a footing in China’s burgeoning electric vehicle market. The two companies recently signed a memorandum of understanding at Sunwoda’s headquarters in Shenzhen, with senior executives of both companies in attendance. A battery separator is one of the key components of EV batteries, as it p
May 1, 2023
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Doosan rides Rockwell's presence for 'cobot' expansion in North America
South Korean industrial giant Doosan Corp. is set to expand its presence in the North American market through a strategic partnership with Rockwell Automation, the preeminent industrial automation solutions provider in the US. Doosan said Sunday its robotics unit, Doosan Robotics, and Rockwell signed a memorandum of understanding in Washington last Tuesday in commemoration of the 70th anniversary of the Korea-US alliance. Under the agreement, Doosan will exclusively supply collaborative robots,
April 30, 2023
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Minister visits Boston Dynamics, Hyundai Motor’s robotics pioneer
The South Korean government plans to unveil its industry strategy for advanced robots before the end of the first half of the year as the country looks to foster its robotics sector and competitiveness on the global stage, according to Trade Minister Lee Chang-yang. “The Korean government will provide support for strengthening the competitiveness of cutting-edge robot companies, creating a new market and establishing global footholds,” said Lee during his visit to Boston Dynamics --
April 30, 2023
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Doosan signs MOU for expansion in US smart factory market
Doosan Corp., the holding company of South Korea's energy-to-construction equipment conglomerate, said Sunday it has signed an initial pact with a US industrial automation firm to expand into the US smart factory market. On April 25, Doosan Corp. signed a memorandum of understanding with Rockwell Automation, Inc. to develop robotic and other technologies for automation facilities, smart factory construction, and other solutions for their global customers, Doosan said in a statement. Under t
April 30, 2023
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[Weekender] Korea in midst of golf wear craze
Kim Min-young, a white-collar office worker in her 30s, said that in light of the start of golf season -- which customarily runs from April to September -- she recently spent some 700,000 won ($523) on clothes from the newly released spring and summer collection launched by her favorite golf wear brand. "When my friends and I go to golf courses for a game, there's definitely that tension of scanning who is using what and who is wearing what -- and what brands the products are from,&q
April 29, 2023
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WTO confirms Korea's win in dispute over US washer safeguard tariffs
GENEVA -- The World Trade Organization (WTO) on Friday confirmed a ruling in favor of South Korea in a dispute over the United States' safeguard measures on large-sized residential washers and parts, officials said. The WTO's dispute settlement body endorsed a report issued by an appeals panel in February that it could not see any violation of WTO rules by South Korea in all of the five core issues surrounding the matter, South Korea's Permanent Mission in Geneva said. In May 2018
April 29, 2023
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S. Korea calls on US to resolve legal dispute on nuclear reactor export to Czech Republic
South Korean Industry Minister Lee Chang-yang called on the United States to make joint efforts to resolve a legal dispute over Seoul’s potential export of nuclear reactors to the Czech Republic, the Industry Ministry said Friday. Lee raised the issue during a meeting with US Secretary of Energy Jennifer Granholm in Washington on Thursday, on the sidelines of President Yoon Suk Yeol’s state visit. During the talks, the two sides also agreed to strengthen bilateral cooperation on clea
April 28, 2023
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S. Korea, US agree to minimize US CHIPS Act-induced uncertainties
South Korean Industry Minister Lee Chang-yang and US Secretary of Commerce Gina Raimondo agreed to minimize uncertainties and business burdens chipmakers face over the US’ semiconductor subsidy program, Seoul’s Industry Ministry said Friday. The two sides held their first Supply Chain and Commercial Dialogue, or SCCD, in Washington on Thursday and released a joint declaration statement, vowing to work closely together to minimize the impacts of the US’ CHIPS Act and Inflation R
April 28, 2023