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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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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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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Posco International expands eco-friendly energy business in Australia
Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to di
June 16, 2022
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Kepco demands Q3 electricity rate hike
The state-run Korea Electric Power Corp. demanded an electricity rate hike for the three months starting July amid rising fuel costs and record losses. The company on Thursday submitted its rate outline to the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance, which will make the decision. Electricity rates consist of a basic fuel cost, a climate environment fee and a fuel cost adjustment fee. Kepco is proposing a fuel cost adjustment fee hike of 3 won (0.2 cent) p
June 16, 2022
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Global startup fair NextRise kicks off in Seoul
The largest fair in South Korea for startups wishing to go abroad kicked off on Thursday in Seoul. The aim is to help the nation‘s budding enterprises attract investment and forge partnerships with big corporations. The annual event titled NextRise is hosted by the Korea International Trade Association and Korea Development Bank. This year’s event will be held for two days, starting on Thursday and ending Friday. The event, taking place at COEX, Samseong-dong, Seoul, features pres
June 16, 2022
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SK Geocentric teams up with French, Canadian firms on plastic waste recycling
SK Geocentric Co., a chemical unit under South Korea's SK Group, said Thursday it has signed an initial deal with France's Suez S.A. and a Canadian partner to build a joint plastic waste recycling plant in the European country. The agreement with the French water management company and Loop Industries, a Quebec-based plastic waste recycling firm, commit the three to work together to build an annual 70,000-ton plastic recycling plant in France, SK Geocentric said in a release, without p
June 16, 2022
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[Exclusive] Samsung Biologics to join RE100
SAN DIEGO -- Samsung Biologics, the world’s largest contract development and manufacturing organization by production capacity, will join the global RE100 renewable energy initiative as early as next month, a source familiar with the matter said Wednesday. Led by the Climate Group in partnership with CDP, formerly known as Carbon Disclosure Project, the RE100 initiative commits members to using 100 percent renewable electricity. Among the 372 members of the RE100 as of Wednes
June 16, 2022
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BMW, Volvo, Maserati to recall over 8,000 vehicles in S. Korea over faulty parts
BMW Group Korea and three other carmakers will voluntarily recall around 8,200 vehicles to fix part defects and software errors, Seoul's transport ministry said Thursday. BMW will recall 6,684 cars of 23 models, including the X4 xDrive20d M Sport Package, after detecting a problem with their fuel filter heater, according to the Ministry of Land, Infrastructure and Transport. Volvo Trucks Korea will also recall a total of 1,295 vehicles from four models, as software errors in their communica
June 16, 2022
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Cargo truckers end strike; damage bill tops W2.5tr
The country’s unionized cargo truckers ended a weeklong strike and returned to work Wednesday after reaching a tentative late-night agreement with the government on the extension of a minimum wage system based on a freight rate. The sit-in protest, which caused a major supply disruption across the country, has left industrial businesses with a damage bill worth some 2.5 trillion won ($1.93 billion), companies said. Of them, steelmakers saw the most damage at 1.15 trillion won, followed b
June 15, 2022
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[Photo News] Logistics Robot
CLOi CarryBot, an autonomous mobile robot made by LG Electronics, carries parcels at a distribution center on Wednesday. LG Electronics, on the same day, said it has signed a memorandum of understanding with CJ Logistics to jointly develop next-generation logistics robots.
June 15, 2022
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[Newsmaker] Should e-cigarettes be subject to more regulation?
South Korea’s fight against smoking has had some success. In 1998, when the first nationwide survey of smoking prevalence was conducted in the country, more than 35 out of every 100 Korean adults were smokers. Now, it is just about 19. A closer look at the data, however, reveals some disturbing trends: e-cigarettes and unconventional tobacco products are gaining a strong foothold here, on top of growing tobacco use among youth and women. The country’s latest anti-smoking campai
June 15, 2022
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Korea Shipbuilding wins W617.3b order for 2 LNG carriers
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday it has inked a 617.3 billion-won ($477 million) contract with an Oceanian shipping company to build two liquefied natural gas (LNG) carriers. Under the deal, Hyundai Samho Heavy Industries Co., a KSOE affiliate, will construct the 174,000-cubic-meter vessels and deliver them to the undisclosed shipper by the first half of 2026. KSOE has bagged orders to build 111 ships worth $13.54 billion so far this year, achieving 77.6 percen
June 15, 2022
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Lotte hints at major portfolio shift to expand bio businesses
SAN DIEGO -- Lotte Group, South Korea’s fifth-largest conglomerate, will look to bolster its recently launched bio sector by scaling down the current four main business areas -- chemicals, food, hotels and retail -- and possibly putting one of them up for sale. “Our goal is to grow our bio and health interests into a portfolio that matches our four main portfolios,” Lee Hun-ki, Lotte Holdings’ executive vice president, said in a press meeting near the BIO International
June 15, 2022
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LG to enter logistics market with robotic tech
LG Electronics Inc. said Wednesday that it will enter the fast-growing logistics market with its robotic technology as part of efforts to become an automated logistics solutions provider. The tech giant said it will sign a memorandum of understanding with major parcel delivery firm CJ Logistics Corp. later in the day to co-develop integrated robotic solutions for parcel sorting and picking. LG said it will supply CJ Logistics with its robot, CLOi CarryBot, and other solutions to be used in a maj
June 15, 2022
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Fitch cuts 2022 growth outlook for S. Korea to 2.4%
Global credit appraiser Fitch Ratings on Wednesday lowered its 2022 growth outlook for the South Korean economy to 2.4 percent, citing the fallout of the protracted war between Russia and Ukraine and China's economic slowdown. The latest outlook is a 0.3 percentage-point drop from its March estimate of 2.7 percent growth for Asia's fourth-largest economy. Fitch said slower global growth and China's economic slowdown are posing "external challenges" to the South Korean ec
June 15, 2022
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[Photo News] Crypto falling
Cryptocurrency prices displayed at a Bithumb customer service center in Seoul on Wednesday shows bitcoin‘s price dropping below 30 million won ($23,335) for the first time in 1 1/2 years.
June 14, 2022
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[From the Scene] Korean biotech firms take spotlight at BIO International
SAN DIEGO -- South Korea became one of the countries with the largest number of companies taking part in this year’s BIO International Convention, showing how Asia’s fourth-largest economy has become a rising player in the global biotechnology industry. According to a biotech industry official participating in the convention in San Diego, over 3,200 companies from across the globe signed up to attend the event. Of them, 255 are from South Korea. That is the second largest for a cou
June 14, 2022
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Cargo trucker strike sparks worries over trade competitiveness
The unionized cargo truckers’ continued strike is putting South Korea’s trade competitiveness at risk, business representatives said Tuesday, stressing that not only big companies, but also small firms, would face a bigger burden. “Followed by auto chip shortages and global shipping issues over the Russia-Ukraine war, the price of raw materials has already soared to the top level,” said Yoon Kyung-sun from the Korea Automobile Manufacturers Association at a press confer
June 14, 2022
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6 logistics firms fined over price fixing
South Korea's antitrust regulator said Tuesday it has decided to impose a combined 6.53 billion-won ($5.06 million) fine on six logistics firms for fixing prices. Industry leader CJ Logistics Corp., Dongbang Transport Logistics and four others colluded to fix price quotes in order to win bids for loading and unloading work at ports that was offered by top steelmaker POSCO between 2016 and 2018, according to the Fair Trade Commission (FTC). They colluded to divide volumes of work in advance
June 14, 2022
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Hyosung honorary chairman receives award for bridging Japan, China
Honorary Chairman Cho Seok-rae of South Korean conglomerate Hyosung Group was awarded the 2022 14th YoungSan Diplomat Award on Tuesday for leading economic cooperation between South Korea, Japan and China. The nonprofit Seoul Forum for International Affairs presents the YoungSan Diplomat Award each year to individuals who have contributed in improving Korea’s image and national interests on the international stage. “As a leader of the business sector and a graduate of engineer
June 14, 2022
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SK Innovation invests in US ammonia fuel cell firm
SK Innovation said on Tuesday it is investing $30 million in a US ammonia-based fuel cell startup for technological cooperation as it taps into new businesses to establish a “green portfolio.” SK Innovation and Amogy signed a memorandum of understanding on Sunday in San Jose, California, to work together to develop ammonia-based fuel cell system technology and expand markets. Founded in 2020 by four MIT Ph.D. alumni, Amogy focuses on research and development to produce compact ammo
June 14, 2022
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Air Busan to expand international routes in July
Air Busan Co., a budget carrier unit of Asiana Airlines Inc., said Tuesday it will open more international flight routes next month in response to eased travel restrictions. In July, Air Busan will newly open three international routes -- Busan-Nah Trang, Incheon-Da Nang, and Incheon-Fukuoka routes -- and reopen the previously suspended five routes from Busan to Ulan Bator, Osaka, Sapporo, Cebu, and Kota Kinabalu of Malaysia, the company said in a statement. The carrier aims to operate a total o
June 14, 2022