Most Popular
-
1
'Culinary Class Wars' producers deny trying to spice up results
-
2
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
S. Korea, Singapore seal supply chain agreement
-
6
Netflix, streaming platforms come under fire for loose ratings
-
7
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
8
20 minors registered as CEOs making over 100 million won
-
9
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
10
Korean language teaching expert says demand has outstripped supply
-
Kakao co-CEO Yeo wins another 4-year term
Kakao Corp. said Thursday co-CEO Yeo Min-soo has been named to lead the operator of South Korea's top mobile messenger, KakaoTalk, for another four years. Kakao said its board of directors also selected Ryu Young-joon, who has served as the chief of Kakao's payment arm, Kakao Pay, as a new co-CEO of Kakao. Yeo, who has been leading Kakao since March 2018, will begin a second four-year term as a co-CEO with Ryu at a board meeting slated for March. "I will faithfully serve my role in this
Nov. 25, 2021
-
Winter season operation curb on coal plants in store to cut dust emissions
South Korea plans to halt the operation of some coal-powered plants over the winter in a move to reduce fine dust emissions, the industry ministry said Thursday. The operation of eight to 16 coal-powered plants will be suspended from December through February, according to the Ministry of Trade, Industry, and Energy. The country now has 53 coal plants. Up to 46 plants can be required to maintain their power output at 80 percent of capacity depending on the fine dust situation, the ministry ad
Nov. 25, 2021
-
2 transport firms fined W340m for bid rigging
South Korea's antitrust regulator said Thursday it has decided to impose a combined fine of 340 million won ($285,000) on two transport companies for rigging bids to win three projects by the country's major shipbuilder, Daewoo Shipbuilding & Marine Engineering Co. In 2014, Sebang Co. and Dongbang Transport Logistics Co. colluded to fix their price quotations on a transport project to make sure Saebang won the deal. After winning the bidding, Sebang assigned part of the order to Dongbang Tr
Nov. 25, 2021
-
Mercedes-Benz Korea to beef up EV lineup
Mercedes-Benz Korea said Thursday it will add an all-electric sedan this year to its EV lineup amid a growing appetite for zero-emission vehicles. The German carmaker introduced the new EQS, the first pure electric sedan built on its dedicated electric modular architecture, during the media day of the 2021 Seoul Motor Show. Under its all-electric brand Mercedes-EQ, the new EQS 450+ AMG Line and EQS 450+ AMG Line Launch Edition models will go on sale in the Korean market within this year
Nov. 25, 2021
-
3 companies to recall over 220,000 vehicles over faulty parts
BMW Korea, GM Asia-Pacific Regional headquarters and Mercedes-Benz Korea will voluntarily recall more than 220,000 vehicles to fix faulty components, the transport ministry said Thursday. This is the latest in a series of recalls by carmakers operating in South Korea due to problems with vehicle components. The three carmakers are recalling a combined 223,330 units in 84 kinds of models, the Ministry of Land, Infrastructure and Transport said in a statement. For instance, BMW plans to gradua
Nov. 25, 2021
-
S. Korea to increase stockpile of rare metals to ensure stable supply
South Korea plans to increase its stockpile of rare metals and expand the list of such items for strategic reserves, the country's finance minister said Wednesday. The move aimed at ensuring stable supply of such materials came in the wake of a recent supply shortage of aqueous urea solution, a key additive for diesel vehicles. The government plans to swiftly boost the stockpile of rare metals to a maximum of 180 days of use from the current 100 days, according to Finance Minister Hong Nam-ki.
Nov. 24, 2021
-
Posco Chemical builds new refractory factory in S. Korea
Posco Chemical Co., a unit of South Korean steel giant Posco, said Wednesday it has completed the construction of a new refractory plant in the southern city of Pohang as part of its efforts to boost production of basic industrial materials. The 49.2 billion won ($41.5 million) plant has an annual production capacity of some 21,700 tons of unfired refractory materials, which will boost the company's combined annual production capacity of the materials by 14 percent to 52,500 tons, it added. Refr
Nov. 24, 2021
-
Hyundai Heavy to set up guidance for offshore green hydrogen plant
Global shipbuilding conglomerate Hyundai Heavy Industries Group said Wednesday it will establish the world's first technical guidance for offshore green hydrogen plants To that end, the group's affiliates -- Korea Shipbuilding & Offshore Engineering Co. (KSOE) and its subsidiary Hyundai Heavy Industries Co. -- have signed a preliminary deal with ABS, a US ship quality assurance and risk management company. The deal is aimed at setting up the world's first guideline for the design of offsho
Nov. 24, 2021
-
[Market Eye] What Samsung's $17b chip investment means to chip industry
Samsung Electronics will invest $17 billion into its foundry sector, a business that makes money by manufacturing chips clients have designed. But some experts say that despite the staggering size of the investment, the South Korean tech giant is unlikely to challenge the global foundry race led by TSMC. Instead of splurging cash, a structural change must occur to catch up with TSMC, a No. 1 foundry player with a global market share of 58 percent as of second quarter this year, they said. &ld
Nov. 24, 2021
-
Hanwha invests $100m in Lancium to address excess renewable energy in Texas
Hanwha Solutions said Wednesday it has invested $100 million in a Houston-based tech company Lancium, which aims to build bitcoin mines across Texas that will run on renewable energy. According to the solar-to-hydrogen business unit of South Korean conglomerate Hanwha Group, Lancium has purchased 9.5 square kilometers of land in Texas and plans to establish over 2,000 megawatts of generating capacity across multiple sites. Lancium develops software and technology that connects bitcoin mines
Nov. 24, 2021
-
KAI invests in AI company for future technologies
Korea Aerospace Industries announced Wednesday that it will acquire a 10 percent stake in Konan Technology, a company specialized in AI and big data. This investment in shares comes as an effort to acquire future industry-related technology by implementing AI, big data and deep learning into the aviation and defense sectors. KAI and Konan Technology will work together on developing an AI-based prognostics and health management system that can be used on Korean Utility Helicopter, KF-21, FA-50,
Nov. 24, 2021
-
Korean firms supply core auto parts of Rivian’s initial models
South Korean manufacturers are seeking to expand their presence in the electric vehicle market through a partnership with Rivian, the burgeoning US electric vehicle maker that has been in the global spotlight for its potential to become the next Tesla. According to the industry, Posco International is supplying some 145 billion won ($122 million) of half shafts for 340,000 vehicles produced by Rivian. Domestic partner Erae AMS will work alongside it to begin delivering the ordered amount next
Nov. 24, 2021
-
Hyundai Doosan Infracore ties up with SK Ecoplant for smart construction technologies
Construction equipment maker Hyundai Doosan Infracore Co. said Wednesday it has signed a deal with local builder SK Ecoplant to improve digital technologies related to construction site management. Under the deal, Hyundai Doosan Infracore will develop new technologies using its cloud-based construction site management platform XiteCloud, which will be demonstrated on the construction sites of SK Ecoplant, the company said. Thanks to growing demand for the construction technology digitalization
Nov. 24, 2021
-
Imported commercial car sales fall 26% in Oct.
Sales of imported commercial vehicles in South Korea fell 26 percent in October from a year earlier amid the extended COVID-19 pandemic, an industry association said Wednesday. The number of newly registered imported commercial vehicles declined to 336 units last month from 452 a year ago, the Korea Automobile Importers and Distributors Association (KAIDA) said in a statement. Decreased sales of Mercedes-Benz, Volvo and Scania trucks weighed on the monthly result, KAIDA said. From January to
Nov. 24, 2021
-
Imports of golf equipment at record high in first 10 months of this year
South Korea's imports of golf equipment rose to a record high in the first 10 months of this year on the back of strong demand amid the pandemic, customs data showed Wednesday. The imports of golf clubs and other related equipment reached $601 million in the January-October period, up 29.3 percent from the previous year, according to the data from the Korea Customs Service. The reading hit an all-time high for any first 10 month period of the year. It was also higher than the yearly imports of
Nov. 24, 2021
-
Foreign companies discuss resolving intergenerational tension in workplace
The American Chamber of Commerce in Korea and Morgan Phillips Korea co-hosted a webinar Tuesday to discuss generational disparity in the workplace with four CEOs of leading global companies. Speakers across different generations included O.H. Kwon, president of Qualcomm APAC, Robert Wilkinson, managing director of Colliers, Oh Ji-won, country chair of Shell Companies in Korea, and Tyler Joo, marketing director of global brands at AB InBbev. The moderator of the conversation, Christina Ahn, ma
Nov. 23, 2021
-
SKC, Daesang, LX Int‘l forge JV to produce biodegradable plastic
SK Group’s chemical unit SKC, food company Daesang and trading company LX International have forged a joint venture to develop and distribute a petroleum-based biodegradable plastic called PBAT, the companies said Tuesday. SKC will contribute 104 billion won ($87.5 million), while Daesang and LX will provide 40 billion won and 36 billion won, respectively, for the joint venture. Once commercialization starts, the joint venture will become the second-largest manufacturer of the material
Nov. 23, 2021
-
[Hydrogen Korea] Korea Shipbuilding looks to turn hydrogen leaks to power source
Chill hydrogen to liquid at minus 253 degrees Celsius and the volume shrinks to one-eight-hundredth of its size. As hydrogen is too bulky as a gas, liquidating it is being looked at for transportation. But there is a problem: Under normal storage, liquid hydrogen boils off at the rate of 2-3 percent a day. By the time it arrives at Korean shores, as much as 20-30 percent of the tank would be empty. For South Korea, the evaporation issue is a major one, as the Asia’s No. 4 economy pla
Nov. 23, 2021
-
LG Electronics chief expected to be promoted to vice chairman
Kwon Bong-seok, the CEO of LG Electronics, is likely to be promoted as the new vice chairman of LG Corp., the holdings firm of South Korean conglomerate LG Group. According to LG Group on Tuesday, LG Electronics and LG Corp. are scheduled to hold their respective board meetings Thursday and finalize the executive reshuffle. Kwon Bong-seok is expected to fill in the shoes of Kwon Young-soo, who was appointed in October as the new CEO of LG Energy Solution, the battery unit of LG Group. The
Nov. 23, 2021
-
[Advertorial] LG Chem underscores 5 win-win growth strategies
LG Chem Vice Chairman Shin Hak-cheol on Tuesday emphasized five inclusive growth strategies to bolster the transparency and competitiveness of its suppliers. According to South Korea’s leading chemical company, the five principles are creating a fair trade culture; providing financial support and improving payment conditions; pursuing mutual growth through safe environments and eco-friendly business; building the capacity of suppliers; and sharing information and exchanging ideas. To
Nov. 23, 2021