Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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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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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Korea’s renewable energy too expensive, shunned by private companies
Local companies have little incentive to migrate to clean energy for their electricity needs, as power prices charged by renewable energy producers and suppliers are still higher than the cost of offsetting carbon emissions. According to Ministry of Trade, Industry and Energy data obtained by Rep. Hong Jung-min of the ruling Democratic Party, purchasing electricity generated by renewables is about 50 percent more expensive than offsetting greenhouse gas emissions through buying carbon credit
Oct. 5, 2021
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FKI urges Japan’s new Cabinet to lift export restrictions against Korea
Japan’s export restrictions on three key industrial materials critical for South Korea’s chip and display industries has had little impact against the target materials, but worsened overall trade between the two countries, a major business representation group here said Tuesday. Releasing an analysis, the Federation of Korean Industries urged Japan and its new Prime Minister Fumio Kishida to lift the export restrictions the country imposed against Korea in July 2019. According t
Oct. 5, 2021
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Hanjin Heavy bags W311b order for 4 container carriers
South Korean shipbuilder Hanjin Heavy Industries & Construction Co. said Tuesday that it has obtained a 310.5 billion won ($261.4 million) order to build four container carriers. Under the deal with a European shipper, Hanjin Heavy will deliver the vessels by November, 2023, the company said in a regulatory filing. In April, creditors of Hanjin Heavy, led by the state-run Korea Development Bank (KDB), signed a deal with a consortium led by local builder Dongbu Corp. to sell it a 66.85 percen
Oct. 5, 2021
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Daewoo Shipbuilding gets approval for design of cyber safety solutions for ship
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Tuesday that it has won approval for the design of its cyber safety solutions for ships from ABS, a US ship quality assurance and risk management company. The solutions, named DSME Smartship Solutions (DS4), will be used to protect the data and software of ships from outside hacking, the shipbuilder said in an emailed statement. The PDA (product design assessment) approval for the DS4 means the DS4 is designed under the standard for th
Oct. 5, 2021
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Apple Watch 7 to be launched in S. Korea next week
Apple Inc.'s new smartwatch will be launched in South Korea next week, the US tech titan said Tuesday, as it eyes to beef up its presence on the home turf of its archrival Samsung Electronics Co. Apple Watch Series 7 will be available here from Oct. 15, with preorders starting from Friday, according to the company. Its starting price has been set at 499,000 won ($420). Apple's latest smartwatch features a nearly 20-percent-larger screen and 40-percent-thinner bezel than its predecessor at 1.7 mi
Oct. 5, 2021
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LG Electronics' innovation group expanded for future growth
LG Electronics Inc. said Tuesday it has expanded its technology discussion group as the company tries to better explore its future growth engines. LG Electronics said its Innovation Council now involves other LG Group affiliates, including South Korea's No. 1 chemical company LG Chem Ltd., telecommunications giant LG Uplus Corp. and IT service arm LG CNS Co. The Innovation Council, a networking group with industry experts, was launched by LG Electronics in July 2020 to seek new business opportun
Oct. 5, 2021
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Samsung Display continues to dominate smartphone panel market in H1: report
Samsung Display Co., a major display panel maker in South Korea, dominated the global smartphone panel market in the first half of the year, a report showed Tuesday, though its market share declined slightly from a year earlier. Samsung Display, an affiliate of top smartphone maker Samsung Electronics Co., grabbed a 48 percent revenue share in the global smartphone display panel market in the first six months of 2021, down from a 50 percent share a year earlier, according to a report from market
Oct. 5, 2021
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Samsung Electronics, union to have 1st wage talks
Samsung Electronics Co. and its union will have their first wage talks Tuesday as the tech giant is moving to create a healthy labor-management culture following its leader's commitment to scrap the conglomerate's "no labor union" policy. Representatives from Samsung's management and the union will hold the first round of wage talks at its plant in Yongin, 49 kilometers south of Seoul. It will be the first wage negotiations since Lee Jae-yong, the leader of Samsung Group, in May 2020 v
Oct. 5, 2021
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Convenience stores continue to see higher sales in pandemic
Sales at local convenience stores continued to increase despite economic setbacks from COVID-19, government data showed Monday. The convenience store sector was the only retail sector that continued to post growth during the first eight months of this year, the Ministry of Trade, Industry and Energy added. During the January-August period, sales at convenience stores increased by 6 percent on average from a year earlier. The trend was especially strong in March and April, when the respective
Oct. 4, 2021
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Lee Soo-man named in leaked offshore data, S.M. Entertainment denies wrongdoing
South Korean entertainment mogul Lee Soo-man, who founded S.M. Entertainment, has been named in a major offshore financial data leak known as the “Pandora Papers.” Local media outlet Newstapa, which is part of a global investigation team into the files leaked to the International Consortium of Investigative Journalists, reported Sunday that a “pile of evidence” has been found for paper companies set up in connection to Lee in Hong Kong. S.M. Entertainment, home to some
Oct. 4, 2021
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22 firms fined W10.4b for price fixing
South Korea's antitrust regulator said Monday it has decided to fine 22 companies a combined 10.4 billion won ($8.8 million) for colluding to fix prices over projects to set up firefighting equipment. Johnson Controls Korea and 22 firms colluded to fix their quotations between 2011 and 2017 for 304 rounds of bidding by 13 builders to select operators in charge of installing firefighting equipment, according to the Korea Fair Trade Commission (KFTC). Setting up firefighting-related devices and
Oct. 4, 2021
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[From the Scene] At Expo Dubai, a journey through Korea’s present, future
DUBAI, United Arab Emirates -- The Korea Pavilion at the pandemic-delayed Expo 2020 Dubai finally opened Friday, taking visitors on a journey of the present and future of Korea. The fifth-largest exhibition site at the fair, which was the world’s largest event since the global virus crisis, the Korea exhibit dazzled visitors with 1,597 colorful, rotating cubes mounted outside the building in what is meant to represent the dynamism of its culture and people. Inside, a plethora of advance
Oct. 4, 2021
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SK Innovation to double EV battery researchers by 2023
South Korean battery maker SK Innovation Co. said Monday that it plans to double the number of researchers to develop electric vehicles (EV) batteries from the current level by 2023. SK Innovation CEO and President Kim Jun made the announcement at a global forum in San Francisco on Saturday (US time). The forum is meant to recruit battery researchers and beef up SK Innovation's network with the US universities and research institutes. SK Innovation did not elaborate on the current level of its
Oct. 4, 2021
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Farmland the size of Gangnam converted to solar farms during Moon administration
President Moon Jae-in‘s aggressive push for renewable energy has incentivized increasingly more farmers to repurpose their land as solar farms, drawing concerns over South Korea’s food security. According to Ministry of Trade, Industry and Energy data obtained by Rep. Yoon Young-seok of the main opposition People Power Party, farmland amounting to the size of Gangnam -- the third largest district in Seoul – has been transformed into solar farms over the past five years. I
Oct. 3, 2021
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No nuclear, no coal, but no LNG too?
South Korea’s energy policy faces mounting uncertainties as two ministries appear to hold different views over liquefied natural gas, or LNG. According to industry sources Friday, the Environment Ministry is mulling to exclude LNG from its green classification system set for launch later this year. The classification system aims to evaluate the environmental sustainability of industries and judge which one is green and promote public and private investments. Industries excluded from
Oct. 3, 2021
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Solus Advanced Materials‘ bio biz sets off as Solus Biotech
Solus Advanced Materials, formerly known as Doosan Solus, said Friday it had split off its bio division as a wholly owned subsidiary Solus Biotech to target the global mRNA vaccine market. The new bio subsidiary will be led by Seo Kwang-byeok, the current CEO of Solus Advanced Materials, and target an annual revenue of 120 billion won ($100 million) by 2025. Solus Biotech supplies organic compounds to global manufacturers of cosmetic, food and pharmaceutical products. The firm commands 95
Oct. 1, 2021
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SsangYong's Sept. sales plunge 40% on lower demand
SsangYong Motor Co. said Friday its sales plunged 40 percent last month from a year earlier on weaker domestic demand. SsangYong Motor sold 5,950 vehicles in September, down from 9,834 units a year earlier, the company said in a statement. Domestic sales dropped 53 percent to 3,859 units last month from 8,208, while exports rose 29 percent to 2,091 units from 1,626 during the same period, it said. From January to September, sales fell 17 percent to 61,854 autos from 74,707 during the same period
Oct. 1, 2021
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Korea's global battery market share rises, but so does foreign reliance on key materials
South Korea commands almost half of the world’s secondary battery market, but the country‘s reliance on imported materials is growing to an alarming level, data showed Friday. According to the Ministry of Trade, Industry and Energy data obtained by Rep. Kim Kyung-man, the nation’s share of the global secondary battery market spiked from 34.7 percent in 2018 to 44.1 percent in 2020. The country is home to three of the world‘s major battery producers, LG Energy Solution
Oct. 1, 2021
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SK On, SK Innovation’s battery split-off, officially launched with Jee as CEO
SK Innovation said Friday it has officially carved out its battery division into a wholly owned subsidiary, SK On. According to SK Innovation, the firm’s board of directors approved the split-off and appointed Jee Dong-seob as the chief of SK On. Some 1,400 staff and executives who belonged to SK Innovation’s battery business will be relocated to SK On to continue electric vehicle battery, battery-as-a-service and energy storage system businesses. Jee, a former executive of SK
Oct. 1, 2021
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SK Inc. invests $55m more in Perfect Day, doubles down on alternatives to animal protein
SK Inc. said Friday it has injected an additional $55 million into a San Francisco-based alternative protein firm Perfect Day to wade further into the global alternative food market. According to the holding firm of South Korea’s third-largest conglomerate SK Group, the investment was made together with STIC Investments, a leading private equity fund here. This is SK Inc.’s second investment in Perfect Day, after a 54 billion-won ($45.4 million) investment last year. The invest
Oct. 1, 2021