Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Samsung considering launching Galaxy S21 FE in US, Europe only amid chip shortages
Samsung Electronics Co. is considering launching the upcoming budget model of the Galaxy S21 smartphone in the United States and Europe only, industry sources said Friday, due to global semiconductor shortages. Samsung is reviewing a plan to release the Galaxy S21 Fan Edition (FE) in the U.S. and Europe after skipping the domestic market and other countries following the tight supply of mobile application processors, according to the sources. The Galaxy S21 FE will be reportedly powered by the
July 9, 2021
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Samsung SDI mulls US battery investment: sources
South Korean battery maker Samsung SDI Co. is considering investment in the United States to meet growing demand for electric vehicles, industry sources said Friday, stoking speculation over potential partnership with major automakers. The battery making arm of Samsung Electronics Co. has been reviewing various options to build a new battery factory in the US to supply potential clients but has remained cautious over its plan despite rising market expectations. "We are considering US inve
July 9, 2021
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Korea pledges W40tr investment for battery leadership
South Korea on Thursday unveiled an ambitious plan to consolidate its leadership in the white-hot battery industry, which included a plan by companies to inject over 40 trillion won ($34.9 billion) by 2030 as well tax incentives and other support from the goverment. Dubbed the “K-battery strategy,” the public-private plan resembles one announced in March for the chip industry as Asia’s fourth-largest economy looks to sharpen its competitive edge in the face of growing chall
July 8, 2021
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IBM Korea taps Won Sung-shik as new chief
IT solutions provider IBM Korea has appointed Won Sung-shik as its new general manager, the firm said Thursday. Won replaces former CEO Song Ki-hong, who has moved to supervise IBM’s ASEAN operations and IBM Korea’s global business service. Won joined IBM Korea in 1991 and served in various divisions including hardware, marketing, global technology services and finance. He spent four years working for SK Telecom, but returned to IBK Korea to lead its business in technology, co
July 8, 2021
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Seoul to offer free hydrogen taxi rides for three days
Twenty hydrogen taxis operating in Seoul will offer free ride for three days next week, H2Korea, a private-public think tank for the hydrogen economy, said Thursday. The event, supported by the Ministry of Trade, Industry and Energy and the state-run Korea Automotive Technology Institute, is to promote the sustainable, eco-friendly hydrogen energy as well as the government’s efforts toward carbon neutrality. It will also mark the first-year anniversary of the Korean New Deal, Presiden
July 8, 2021
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Posco Chemical to build 60,000-ton cathode plant in Pohang
Posco Chemical will establish a new cathode plant with an annual production of 60,000 metric tons in Pohang, North Gyeongsang Province, the company said Thursday. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it will invest 600 billion won ($524.1 million) starting next year to construct the cathode plant on a 120,000-square-meter site inside an industrial complex of the coastal city. Once completed, the Pohang plant will be Posco Chemic
July 8, 2021
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Samsung Display workers end strike
Samsung Display Co. on Thursday signed a wage agreement with its labor union as some of its unionized workers have been staging strikes for the first time in the company's history. The union on Monday accepted the company's proposal of a 4.5 percent raise, which was approved by 83 percent of its members in a vote. The agreement came after six union representatives began industrial actions on June 21, demanding a 6.8 percent hike in base pay, in the first-ever walkout at the world's largest mob
July 8, 2021
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Samsung takes nearly half of smartphone memory market in Q1: report
Samsung Electronics Co. accounted for nearly half of the global smartphone memory market in the first quarter of the year, a report showed Thursday, as it tries to boost its presence in 5G devices. The South Korean tech giant, the world's top memory chip producer, dominated the market with a 49 percent share in the January-March period, according to a report from industry tracker Strategy Analytics. Samsung was followed by its South Korean compatriot SK hynix Inc. with a 23 percent share and U
July 8, 2021
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Samsung Electronics projects record W63tr in Q2 sales
Samsung Electronics expects its quarterly sales to rise to a record-breaking 63 trillion won ($55.4 billion) during the three months ending June this year, an 18.94 percent jump on-year, according to the South Korean IT giant’s earnings guidance Wednesday. The company projected 12.5 trillion won in operating profit, a whopping 53.37 percent spike in the same period, the best figure since the third quarter in 2018 when the firm enjoyed a global chip boom. Compared to the first quarter,
July 7, 2021
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Hyundai Motor, Kia pledge to 100% renewable energy by 2050
South Korean carmakers Hyundai Motor and Kia will join a global clean energy initiative and will transition to 100 percent renewable energy by 2050, the firms’ parent Hyundai Motor Group said Wednesday. The automakers and three other units under the group will submit applications to become members of the RE100, a global initiative of companies and institutions committed to source 100 percent of energy it needs from renewable sources by 2050. The three others are Hyundai Mobis, Hyundai W
July 7, 2021
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Samsung to switch all company cars to eco-friendly vehicles by 2030
Samsung Electronics Co. said Wednesday it plans to switch all of its company cars to environment friendly vehicles by 2030, joining South Korea's efforts to reduce emissions of greenhouse gases largely responsible for global warming. The South Korean tech giant vowed to replace around 800 corporate fleet cars, including executive sedans and logistics vehicles, with eco-friendly ones by 2030 after signing a green mobility agreement with the country's environment ministry. Samsung's partner com
July 7, 2021
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Government action needed to help local firms catch up with global transition to clean energy
Carbon neutrality is likely to act as a virtual trade barrier for South Korean companies to approach global markets and the government should act more proactively to help local firms not to fall behind the global trend toward cleaner energy, a POSCO executive said Wednesday. Speaking at a forum held by the Federation of Korean Industries in Seoul, Kim Hak-dong, the head of POSCO’s steel business unit called for governmental support to help Korean companies to catch up with global competi
July 7, 2021
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LG Electronics expects solid Q2 earnings on home appliance biz
LG Electronics Inc. said Wednesday it expected a solid performance in the second quarter as its home appliance business apparently continued to ride on robust demand of premium products amid the pandemic. In its earnings guidance, the South Korean tech giant projected its operating profit at 1.1 trillion won ($967 million) for the April-June period, up 65.5 percent from a year earlier. Its second-quarter operating income estimate, however, was lower than the market consensus of 1.2 trillion wo
July 7, 2021
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Samsung expects estimate-beating Q2 earnings on robust chip biz
Samsung Electronics Co. on Wednesday expected market estimate-beating second-quarter earnings as its semiconductor business apparently offset a tepid performance from its mobile business. In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.5 trillion won ($11 billion) for the April-June period, up 53.4 percent from a year ago. Its second-quarter operating income estimate beat the market consensus of 11.2 trillion won in a survey by Yonhap Infomax, the fi
July 7, 2021
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S. Korea, EU to cooperate on fighting climate change
SEJONG -- South Korea and the European Union on Tuesday agreed to work together against climate change in line with their shared target to achieve zero net emissions of carbon by 2050. Industry Minister Moon Sung-wook met Frans Timmermans, who serves as the executive vice president for the European Green Deal, in Seoul to share ideas on ways to cooperate in coping with climate change, according to the Ministry of Trade, Industry and Energy. It was the first time for a high-ranking European cli
July 6, 2021
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[Newsmaker] Self-made man behind Jungheung’s surprise bid for Daewoo
Behind the surprise bid of Jungheung for the control of a much-larger rival, Daewoo Engineering & Construction, is a self-made entrepreneur little known outside the construction field: Jung Chang-sun, the chairman and founder of Jungheung Group. Jungheung, founded in the southern city of Gwangju, grabbed headlines on Tuesday after it was selected as the preferred bidder of Daewoo E&C, the nation’s sixth-largest builder with a proud but checkered history. Local media put Jungheung
July 6, 2021
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Korea kicks off standardization of next-gen EV technologies
The Ministry of Industry, Trade and Energy on Tuesday launched an electric vehicle standardization forum to establish ground rules for five industries based on future technology, including wireless charging and water-cooled rapid chargers. Formed by the Korean Agency for Technology and Standards under the Industry Ministry, the industry-academia-research cooperation platform will also lead standardization efforts in vehicle-to-grid technology, electric motorcycles and solid-state batteries.
July 6, 2021
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Nuclear energy essential for Korea‘s decarbonization goal: FKI
South Korea needs nuclear energy to achieve its decarbonization goal and go in tandem with the global low-carbon drive, as the country has conditions unfavorable to rely mainly on renewables, the Federation of Korean Industries said Tuesday. In a statement, the nation’s major business lobbying group cited the World Economic Forum’s energy transition index -- which benchmarks 115 economies on the current performance of their energy systems across various aspects -- to highlight Ko
July 6, 2021
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Hyundai Rotem wins W335.4b deal in Tanzania
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Tuesday it has received a 335.4 billion-won ($297 million) order for electric locomotives and electric multiple units in Tanzania. Hyundai Rotem will supply 80 electric locomotives and 17 electric multiple units to the Tanzanian railway corporation by 2024, the company said in a statement. It is the first time for the company to win an order in Tanzania. Hyundai Rotem expects to win further deals as the local gove
July 6, 2021
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Imported carmakers to bring 53 all-electric models to S. Korea by 2023
Imported carmakers are planning to introduce 53 all-electric models in South Korea by 2023 as they quickly move toward future vehicle technologies amid toughened regulations, the chief of a trade association of foreign automakers here said Tuesday. They also plan to launch 46 mild hybrid electric vehicles, as well as 32 hybrid and plug-in hybrid electric vehicles, for the next three years, Rene Koneberg, chairman of the Korea Automobile Importers and Distributors Association (KAIDA), said in a
July 6, 2021