Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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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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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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3 regional clusters named for space development
The South Korean government has designated three regions -- South Jeolla Province, South Gyeongsang Province and Daejeon city -- as clusters for the space industry, the Ministry of Science and ICT announced Wednesday. The decision was made during a National Space Committee meeting held earlier in the day. Prime Minister Han Duck-soo presided over the meeting, which took place for the first time since the Yoon administration took office in May. South Jeolla Province, home of the Naro Space Center
Dec. 21, 2022
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SK to offer glimpse of daily life in carbon-neutral future
SK Inc., the strategic investment arm of SK Group, said Wednesday it will present a glimpse of the future drawn by its “carbon-neutral” technologies at the upcoming Consumer Electronics Show in Las Vegas early next month. SK Inc.’s showroom at the trade show will exhibit its envisioned energy life cycle encompassing production to consumption, that cuts the energy usage with its advanced eco-friendly technologies. Their technologies will include a next-generation sodium-cooled f
Dec. 21, 2022
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Hyundai delivers cash prize to World Cup footballers
Hyundai Motor Group said Wednesday it awarded cash prizes to six South Korean soccer players who play for Jeonbuk Hyundai Motor Football Club (JBFC) for their excellent performance at the FIFA World Cup Qatar 2022. The automaker cashed out a total of 240 million won ($186,000) for the players, awarding 40 million won each. The recipients of the award included defenders Kim Jin-su and Kim Moon-hwan, goalkeeper Song Bum-keun, forward Cho Gue-sung, midfielder Paik Seung-ho, and striker Song Min-kyu
Dec. 21, 2022
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LG Chem invests in battery recycling startup for N. America venture
Major South Korean chemical firm LG Chem Ltd. said Wednesday it is buying a stake in a local battery recycling startup for a joint venture in North America, accelerating efforts to secure key components for electric vehicle batteries. LG Chem signed the agreement Tuesday with JaeYoung Tech Ltd. to invest 24 billion won ($18.7 million). JaeYoung Tech, located in the South Korean industrial city of Gumi, about 200 kilometers southeast of Seoul, was established in 2016 and engages in the recycling
Dec. 21, 2022
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Loan guarantees among conglomerate units jump 21% this year
Loan guarantees among affiliates of South Korea's top 30 conglomerates surged nearly 21 percent in the first nine months of the year due to a credit crunch stemming from high interest rates, a corporate tracker said Wednesday. The debt payment guarantees among 207 out of the groups' affiliates totaled 87.7 trillion won ($68.1 billion) as of end-September, up 20.7 percent from nine months earlier, according to CEO Score. Compared with the end of 2020, the amount was up a whopping 52.3 p
Dec. 21, 2022
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[From the scene] Posco bets big on Argentina saltwater to top battery materials market
SALTA, Argentina -- When Posco purchased a 17,500-hectare salt lake in the Argentinian highlands of Salta four years ago, little did they know they would strike gold -- or something even better. Last year, a survey conducted by US consulting firm Montgomery & Associates found that the lake contains 13.5 million metric tons of lithium reserves, more than six times Posco’s initial estimate of 2.2 million tons in 2018. The Mars-like landscape, 4,000 meters above sea level and some 1,500 k
Dec. 20, 2022
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LG chief stresses customer values in New Year’s message
LG Group Chairman and CEO Koo Kwang-mo urged the company's staff and executives to take the lead in creating customer-friendly values, calling them “customer value creators,” in his New Year’s speech for 2023, Tuesday. Delivering the video speech via email to staff around the world, Koo said employees should promote the "virtuous cycle" of growth -- where staff members’ personal growth create touching experiences for users, which in turn accumulate to suppo
Dec. 20, 2022
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Samsung chief heading to Vietnam to inspect new R&D center
Samsung Electronics Chairman Lee Jae-yong is expected to head to Vietnam this week to celebrate the completion of the company’s new research and development center, according to industry sources on Tuesday. Upon the meeting, sources say, the Samsung chief is also likely to hold a meeting with Vietnamese President Nguyen Xuan Phuc. The ceremony is scheduled to be held on Thursday in Hanoi, with key officials of the Vietnamese government in attendance. In order to attend the ceremony, Lee ca
Dec. 20, 2022
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Paengiyeon inks W1tr deal to supply firetrucks to Thailand
South Korean export-to-electronic parts company Paengiyeon said Tuesday it has secured a 1 trillion won ($767 billion) deal with the Thai government to supply 2,247 firetrucks to 76 states across the Southeast Asian country. The company said it signed a memorandum of understanding with a local agency representing the Thai government called Consult US on Dec. 19. The firetrucks, equipped with a 35-meter extendable ladder, will be manufactured in Korea, the company added. “Through the latest
Dec. 20, 2022
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Big firms' capacity utilization dips below 80% in Q3
South Korean large companies operated below 80 percent of their capacity in the third quarter of the year due to the global economic downturn, a corporate tracker said Tuesday. The average capacity utilization rate of 200 out of the country's top 500 firms by sales came to 78.4 percent in the July-September period, according to the Leaders Index. It was down 2.1 percentage points from a year earlier and even lower than the 79.4 percent posted in the third quarter of 2020, months after the c
Dec. 20, 2022
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COVID-19 test kit exports hit all-time low with ebbing pandemic
Data showed Monday exports of COVID-19 test kits in November hit an all-time low since the pandemic spread globally in 2020. Exports of COVID-19 test kits in November logged $74.47 million, or 96 billion won, according to the Korea Customs Service. The figure marks the lowest since April 2020, when the first wave of the pandemic spread widely across the globe. At its peak, exports of test kits hit over $500 million in each of January and February this year. The decrease in exports mirrored the d
Dec. 19, 2022
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Sales of cold medicine at convenience stores shoot up
Sales of over-the-counter medicines at convenience stores in South Korea have increased amid the latest resurgence of COVID-19 infections and outbreak of seasonal influenza. Since November 2012, the government has allowed convenience stores to sell several kinds of over-the-counter medicine. According to convenience store chain GS25, sales of cold medicines between Dec. 1 and 15 increased by 128.3 percent on-year. Sales of other over-the-counter medicines also went up 78.1 percent during the per
Dec. 19, 2022
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Lodging and restaurant jobs limit fall in youth employment
The number of young adults under 30 working in South Korea’s lodging and restaurant businesses rose by a combined 134,000 people on-year in November, but about 70 percent of those new jobs were part-time or daywork, according to data from Statistics Korea. The data showed that out of the 3.91 million workers aged 15-29, 652,000, or 16.6 percent, worked in the lodging and restaurant industries in November. This was a 3.4 percentage-point increase from a year earlier. The lodging and restaur
Dec. 19, 2022
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Samsung, SK hynix to face grim Q4 due to weak demand: report
South Korea's leading semiconductor makers Samsung Electronics and SK hynix face a grim outlook in their fourth quarter sales due to sluggish demand for memory chips, a report said on Monday. In a report, Daol Investment and Securities forecast that Samsung Electronics, the world's largest memory chip and mobile phone maker, would log sales of 73.2 trillion won ($56.2 billion) in the fourth quarter this year, down 4.4 percent than the previous year. Operating profit would plunge by 4
Dec. 19, 2022
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[Feature] Unstaffed store with ever-changing prices offers glimpse of future
Every time the clock's long hand strikes 12, electronic price indicators in this uncrewed convenience store change to reflect data the store's artificial algorithm collects on each product's expiration date, remaining stock and local demand. Customers are required to follow a few simple steps to shop there. They check the changes in price, scan each product's bar code via smartphone and make transactions through the phone. They then can exit the store with an armful of grocer
Dec. 19, 2022
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FCI builds gigafactory for fuel cell and electrolyzer in the coastal city of Pohang
Korean energy solution provider Fuel Cell Innovations gives a fresh momentum to the new Hydrogen Fuel Cell Industrial Park in the coastal city of Pohang with a fuel cell and electrolyzer GW scale manufacturing plant. The energy company plans to invest a total of 150 billion won ($115 million) by 2027 to produce key hydrogen fuel cell components in an automated plant at Pohang’s Blue Valley National Industrial Complex. The company renewed its commitment to cooperating with Pohang
Dec. 19, 2022
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Lee Tae-won, FCI researcher turned CEO
With nearly 25 years of experience in the energy-related technology development field, Fuel Cell Innovations Chief Executive Officer Lee Tae-won is a veteran engineer. An expert in fuel cells, batteries, hydrogen, energy storage systems, and carbon capture, Lee has held the reins at FCI since the company was established in 2018, steering its key policies. After obtaining his doctoral degree in Chemical Engineering at Columbia University in 1996, Lee worked as a fuel cell and
Dec. 19, 2022
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[Feature] Korean streaming services overhaul strategies as growth slows
Faced with faltering subscriber counts and deteriorating profitability, South Korea's over-the-top (OTT) media, or video streaming services, are making seismic changes as they seek strategies to achieve sustainable business growth. Despite the growing popularity of streaming services worldwide, local firms’ profits have worsened due to their heavy investment in content. The three major domestic streaming services -- Tving, Watcha and Wavve -- have logged an accumulated deficit of 157
Dec. 19, 2022
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LG Display to end LCD TV panel production as early as year-end
LG Display Co., a major South Korean display maker, is expected to stop producing liquid-crystal display panels for TV by the end of this year at the earliest, industry sources said Monday, amid falling profitability and fierce competition from Chinese rivals. The company said in a regulatory filing last week that it was reviewing an end of production at its LCD TV panel factory in Paju, north of Seoul, without specifying the exact date of production suspension. The panel maker has been scaling
Dec. 19, 2022
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Top executives of Korean conglomerates join CES, WEF next year
Top executives of South Korea’s largest businesses are embarking on a business charm offensive in a move to expand their global presence. Many executives are now expected to participate in upcoming global business events, such as the World Economic Forum and the Consumer Electronics Show next year in a move to get face-to-face contact with their industry peers. So far, only SK Group Chairman Chey Tae-won has confirmed his trip to the WEF in Davos, Switzerland. However, there are chances fo
Dec. 18, 2022