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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Convenience stores frequented by men more than women: data
South Korean men shop at a convenience store more often than women, with men in their 20s visiting most often among all age groups of both men and women, at nine times a month on average, according to data released by Samsung Card on Thursday. In the first quarter this year, men using the firm’s card visited a convenience store 6.3 times a month on average, while women shopped there 3.9 times a month on average. How many users were surveyed were not known but as of September last year,
May 26, 2022
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SK to spend W247tr on chips, battery, biopharma over next five years
SK Group said Thursday it is investing a total of 247 trillion won ($195 billion) over the next five years to shore up its three growth pillars of semiconductors, batteries and biopharmaceuticals to create some 50,000 new jobs for the local economy. Amid lingering uncertainty over economic slowdown and geopolitical risks, the nation’s second-largest conglomerate, whose key units include SK hynix, SK Telecom and SK On, called new investment and talent acquisition are crucial for it to see
May 26, 2022
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Hyundai Steel deploys electric furnace as low-carbon strategy
Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030. Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc. With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u
May 26, 2022
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Hanwha CEO attends Davos forum as member of Yoon’s delegation
Hanwha Solutions CEO Kim Dong-kwan attended the World Economic Forum in Davos, Switzerland, as the only entrepreneur among President Yoon Suk-yeol’s delegation, the energy-to-material firm said Thursday. During the four-day forum which started Monday, Kim met with Daniel Yergin, vice chairman of S&P Global, and discussed the Russia-Ukraine war’s impact on the energy industry and geopolitical dynamics, according to Hanwha Solutions. Kim also helped arrange a meeting between fo
May 26, 2022
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LS Cable & System increases cooperation with local SMEs
South Korean cablemaker LS Cable & System has been accelerating its cooperation with local small and medium-sized enterprises to foster shared prosperity. LS Cable & System said Thursday that it has launched a local area network cable testing device in collaboration with Kangwon Electronics, a local company specializing in hardware and software wholesale. The newly developed device allows for the fast and accurate inspection of LAN cables for short circuits and wiring errors. It was
May 26, 2022
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Number of startup businesses falls 3.4% in Q1
The number of startups in South Korea dropped 3.4 percent in the first quarter of the year due largely to a one-off factor, government data showed Thursday. A total of 348,732 startup businesses were set up in the January-March period, compared with 360,846 a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups. The ministry attributed the decline mainly to a base effect as there had been a sharp increase in the number of newly set-up re
May 26, 2022
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Yoon vows bold infrastructure investment for SMEs' innovative growth
President Yoon Suk-yeol said Wednesday the government will support small and medium enterprises (SMEs) with bold infrastructure investment that will enhance their competitiveness and innovation. Yoon also vowed to make efforts to create "fair" market environments for the co-existence of large firms and SMEs, during his speech at an SMEs event organized by the Korea Federation of SMEs at the presidential complex in Seoul. "The government will help SMEs with bold infrastructure
May 25, 2022
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Posco’s high manganese steel gets technical approval from ExxonMobil
South Korean steelmaking giant Posco said Wednesday that its high manganese steel which withstands extremely low temperatures has received technical approval from global energy firm ExxonMobil for usage in LNG storage tanks. The two firms joined in a technical partnership in 2020 to expand the use of high manganese steel which Posco succeeded in mass-producing for the first time in the world. High manganese steel is a new type of material that Posco has developed in 2013, by adding 10 to 30 p
May 25, 2022
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SC Korea offers special interest rate of up to 2%
Standard Chartered Bank Korea said it will offer a special interest rate of up to 2 percent per annum to new customers opening a checking account by May 31. Launched in July last year, the SC My Signature account has been popular for its stable interest rate amid high market volatility. For those with over 100 million won ($79,140) in SC bank transactions, an interest rate of up to 1.7 percent will be applied to the amount in deposit for 31 or more days, the bank said. For those making their
May 25, 2022
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S. Korean leather company recognized by BMW for sustainability
South Korean recycled leather company ATKO Planning said Wednesday that it has been selected by German carmaker BMW as a potential business partner at a startup pitching event held at the Seoul Trade Exhibition Center on April 21. The annual event, BMW Startup Garage Open Innovation Pitching Day, is co-hosted by the automaker, the Korea Venture Investment Corp., and Korea’s trade promotion agency Kotra to select local enterprises that could work with BMW to accelerate the automaker&rsquo
May 25, 2022
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T'way Air adds 3 A330-300s to resume flights amid eased virus curbs
T'way Air, a South Korean low-cost carrier, said Wednesday it has added three A330-300 planes to its fleet to open a new route and resume flights on international routes amid eased COVID-19 virus curbs. In February, T'way Air brought in its first A330-300 plane and has been operating it on the Gimpo-Jeju route since March 22. The second one arrived last month and the third has just been added. With the latest two A330-300s, T'way Air plans to open the Incheon-Singapore route and t
May 25, 2022
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Samsung SDI, Stellantis to set up $2.5b Indiana battery plant
South Korean battery maker Samsung SDI Co. said Wednesday it is investing $1.29 billion in an electric vehicle battery plant to be built in the US state of Indiana under a joint venture with Stellantis N.V. Samsung SDI will own a 51 percent stake in the $2.5 billion joint venture company set up with the Chrysler parent, and its investment could increase to as much as $1.57 billion in the long term, it said in a regulatory filing. Samsung SDI and Stellantis may boost their investment in the proje
May 25, 2022
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Woori Bank employee, his brother indicted for embezzling 61 bln won
An employee of Woori Bank and his brother were indicted on Tuesday on charges of embezzling more than 60 billion won (US$47.4 million) from one of the nation's largest commercial banks. The Seoul Central District Prosecutors Office said it indicted the brothers for embezzlement and violating the law on flight of domestic property. The employee, identified only by his surname Jeon, was also charged with forgery of documents. The employee was arrested on April
May 24, 2022
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Hanwha Group to spend W37.6tr to nurture energy, aerospace sectors
Energy-to-defense giant Hanwha Group unveiled Tuesday an investment plan of 37.6 trillion won ($29.7 billion) into the energy, carbon neutrality, defense and aerospace sectors over the next five years. Under such investment plan, the group expects to create some 20,000 new jobs. The group said some 20 trillion won will be injected into its business operations in Korea. This is equivalent to the group’s combined 22.6 trillion-won investment made over the past five years local
May 24, 2022
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Hyundai E&C, Westinghouse join hands to build nuclear power plants
Hyundai Engineering & Construction has signed a strategic cooperation agreement with the nuclear power industry leader Westinghouse Electric Company to jointly build next generation nuclear power plants. This is the first time that a Korean firm has formed a partnership with the US nuclear power company. Under the agreement, Hyundai Engineering & Construction will be participating in engineering, procurement, and construction of next-generation nuclear power plants such as the AP1000 p
May 24, 2022
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Energy ministry to place power price cap to stem Kepco hemorrhage
SEJONG -- The government has mapped out a measure to address the mounting deficit of the state-run Korea Electric Power Corp., which posted an all-time high operating loss of 7.7 trillion won ($6.1 billion) in the first quarter of the year. The Ministry of Trade, Industry and Energy said Tuesday that it would place a cap on the “system marginal price,” the price KEPCO pays when purchasing power from private power generation companies. The cap would be placed temporarily whenev
May 24, 2022
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Hyundai Motor Group, Microsoft partners to measure EV battery life
Hyundai Motor Group and Microsoft Korea have collaborated to make a “digital twin” of the Ioniq 5 to accurately analyze performance of the battery that is critical for electric vehicles. According to the automaker, the digital twin works by making an identical product of a device on a virtual platform so it can experiment with artificial intelligence, machine learning and data analysis models by applying different settings such as climate, driving patterns and road conditions to co
May 24, 2022
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Chaebol groups, startups join hands to reshape corporate culture
From big chaebol groups to fledgling startups, South Korean businesses on Tuesday pledged to work together to revamp the nation’s rigid corporate culture and seek innovation in dealing with social challenges. An event hosted by the Korea Chamber of Commerce and Industry announced the “New Entrepreneurship” initiative, under which they plan to carry out joint and individual projects to create more jobs and tackle other social issues such as climate change. A total of 76 entr
May 24, 2022
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Hyundai Steel, KIGAM to cooperate on carbon neutral tech
Hyundai Steel said it signed a deal with the Korea Institute of Geoscience and Mineral Resources (KIGAM) on technological cooperation to move faster towards carbon neutrality. The steelmaker said the state-funded think tank’s mineral-related technologies will be used to recycle materials and resources, and analyze raw materials as part of efforts to run low-carbon steel mills in the long run. Through cooperation with KIGAM, Hyundai Steel said it will be able to add value to waste materia
May 24, 2022
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Daewoo Shipbuilding builds 3D-printed ABS model ship
South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has successfully constructed a 3D-printed plastic model vessel that could help cut costs and improve productivity. Daewoo Shipbuilding said it has joined hands with U.S. 3D printer maker Ingersoll in building the 10-meter-class, twin-skeg ship made of acrylonitrile-butadiene-styrene (ABS), which will be tested in its research lab in Siheung, about 26 kilometers southwest of Seoul. It represents the first 3D-printe
May 24, 2022