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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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Hyundai to again suspend plant over chip shortage
Hyundai Motor Co. said Friday it will again suspend the Sonata-producing plant in South Korea for two days next week due to an electronic parts shortage. Hyundai will halt the operation of the Asan plant, 100 kilometers south of Seoul, which produces the Grandeur and Sonata sedans, on Monday and Tuesday, a company spokesman said over the phone. The company already suspended the Asan plant on Monday and Tuesday of this week due to the lack of powertrain control units. It expects the four-day s
April 16, 2021
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SsangYong Motor faces another court receivership
SsangYong Motor, the cash-strapped South Korean affiliate of Indian carmaker Mahindra & Mahindra, was put under court receivership Thursday, marking the second such case in 12 years. The Seoul Bankruptcy Court approved the corporate rehabilitation procedure as US-based vehicle importer HAAH Automotive Holdings backed down on its letter of intent to acquire the ailing automaker. The US investor, which previously held talks to acquire a majority stake, was due to submit its official lett
April 15, 2021
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Authorities to step up safety checks of imported kimchi
South Korea will introduce measures to ensure the safety of imported kimchi, such as conducting onsite inspections at around 100 kimchi production facilities overseas by 2025, the Ministry of Food and Drug said Thursday. The move came after a video of a kimchi-processing plant in China went viral in South Korea for exposing its poor hygiene and sanitation conditions. In the clip, a naked man is seen swishing cabbages back and forth through a waist-deep pool of unidentifiable brownish liquid,
April 15, 2021
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Hanwha Solutions to issue 1st overseas green bonds worth 1 billion yuan
Hanwha Solutions will issue its first overseas green bonds worth 1 billion yuan ($152.9 million) starting from Monday, the company said. The yuan-denominated bonds, with a three-year maturity, carries a rate of 3 percent and will be guaranteed 50 percent each by the state-run Export-Import Bank of Korea and Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank. When swapped to the Korean won, the green bonds will offer an annual interest rate of approximately 0
April 15, 2021
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LG-GM to launch 2nd US battery factory
LG Energy Solution and General Motors will build a new electric vehicle battery plant in Tennessee, their second in the US, the US automaker’s South Korean unit confirmed Thursday. The new factory will be similar in scope and scale to their first plant, a $2.3 billion facility currently under construction in Ohio. Set for commercial operation next year, the Ohio plant is designed to churn out enough batteries for 35 gigawatt-hours per year. LG Energy Solution and GM have set up a joint
April 15, 2021
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LG Electronics to invest $20.5m in US washing machine plant expansion
LG Electronics Inc. said Thursday it will invest $20.5 million to expand its washing machine factory in the United States in a move to meet growing demand in the country. The home appliance maker said the investment will create 334 new jobs at the plant in Clarksville, Tennessee, bringing its total workers to 1,000. LG has invested $360 million to build the plant, which has been operational since late 2018 and currently has the capacity to produce more than 1 million front- and top-load washer
April 15, 2021
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S. Korea eyes to set global standards for EV wireless charging
South Korea said Thursday it will ramp up efforts to promote a homegrown charging technology for electric vehicles (EVs) as an international standard, as the country plans to penetrate deeper into the growing sector. The Korean Agency for Technology and Standards held a virtual meeting with experts from home and abroad to further foster the wireless charging technology for EVs with a capacity of 50 kilowatts, according to the Ministry of Trade, Industry, and Energy. South Korea proposed the te
April 15, 2021
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S. Korea launches research on clean energy source for internal combustion cars
South Korea said Thursday it plans to study deeper into electrofuel, a clean energy source that can be used by internal combustion engine cars, in line with its vision to go carbon neutral. Under the plan, local businesses and institutions launched a research team to carry out research and development projects for the alternative resource, according to the Ministry of Trade, Industry and Energy. Electrofuel refers to an environment-friendly energy source that can be used in traditional fossil-
April 15, 2021
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LG-GM joint venture to build second US battery plant in Tennessee
A joint venture between South Korean battery maker LG Energy Solution Ltd. and US automaker General Motors Corp. will build its second battery factory in Tennessee to step up production, industry sources said Thursday. Ultium Cells, a joint venture between LG and GM, has picked a site in Tennessee for their second electric vehicle (EV) battery plant, which will be similar in scope to its $2.3 billion Ohio plant, according to sources familiar with the matter. The two companies will jointly anno
April 15, 2021
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[Newsmaker] Samsung heir Lee returns to prison after surgery
Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group convicted of bribery, returned to prison Thursday, about a month after an appendicitis surgery, sources said. Lee was transferred to Samsung Medical Center in southern Seoul on March 19 to receive an emergency surgery after suffering a ruptured appendix. The 52-year-old tycoon was supposed to return to Seoul Detention Center in Uiwang, Gyeonggi Province, last Friday but was advised
April 15, 2021
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FKI kicks off ESG alliance, names Samyang chief as chairman
The Federation of Korean Industries, one of the leading business representations here, said Wednesday that it has launched an organization solely dedicated to dealing with environmental, social, and governance issues. The role of the new organization, named “K-ESG Alliance,” will be to share ESG-related information with member companies and hold ESG conferences for global investors, officials said. The alliance will be led by Kim Yoon, chairman of Samyang Holdings, the holding unit
April 14, 2021
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Hyundai Engineering set for IPO within year
Hyundai Engineering Co., the plant engineering affiliate of South Korea’s second-largest conglomerate in market capitalization, Hyundai Motor Group, is set for its market debut, industry officials said Wednesday. The IPO comes in line with the auto group’s continued efforts to reform its corporate structure and to realign affiliates under Chairman Chung Euisun, after officially assuming the top post in October last year. Last Friday, the company sent requests for proposals to
April 14, 2021
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LG Chem expands carbon nanotube production to 1,700 tons
LG Chem said Wednesday that it had increased its production capacity of carbon nanotubes from 500 metric tons to 1,700 tons to meet growing demand for the raw material used in electric vehicle batteries. According to South Korea’s leading petrochemical company, it has begun the commercial operation of a second carbon nanotube facility with an annual production capacity of 1,200 tons in Yeosu, South Jeolla Province. “Carbon nanotubes manufactured from the plant No. 2 will be sup
April 14, 2021
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Posco International aims to become global food company
Posco International aims to expand its food business to become one of the world’s top 10 food trading companies, amid growing concerns over rising food prices, the South Korean trading company said Wednesday. The company cited the FAO Food Price Index, which tracks monthly changes in international prices of commonly traded food commodities. According to the food price index, the figure for March marked the 10th consecutive monthly increase, increasing 2.1 percent from the month before.
April 14, 2021
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Hyundai Motor launches fast EV charging stations in highway rest areas
South Korean auto giant Hyundai Motor Group said Wednesday it will operate high-speed charging stations on major highways to expand the charging infrastructure for its upcoming electric vehicles (EVs). The group said it will open 12 fast EV charging stations equipped with 72 chargers in highway rest areas across the nation on Thursday, and add eight more in major urban areas this year. Hyundai Motor Co. and Kia Motors Corp.'s EVs made on the automotive group's dedicated platform will be able t
April 14, 2021
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KT fined W165m for mobile service activation delay
South Korea's telecommunications regulator said Wednesday it fined local telecom giant KT Corp. 165 million won ($147,000) for delaying activation of its mobile network services for nearly 20,000 users who had preordered Galaxy Note 20 smartphones last year without proper cause. The Korea Communications Commission said KT violated local telecommunications laws by delaying network activation for up to six days for 19,465 users who had preordered the devices from Samsung Electronics Co. from Augu
April 14, 2021
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GS Retail fined W5.4b for unfair biz practice
South Korea's antitrust regulator said Wednesday it has decided to fine GS Retail Co. 5.4 billion won ($4.8 million), the largest-ever fine on a retail operator, for its unfair business practice. GS Retail, the operator of super supermarket unit GS The Fresh, took profits from multiple suppliers without proper reasons and engaged in other unfair business practices between 2015 and 2018, according to the Korea Fair Trade Commission (KFTC). GS Retail gained a profit of 3.9 billion won between 20
April 14, 2021
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Hyundai Electric to expand electric charging business
Hyundai Electric & Energy Systems Co.(HE) said Wednesday that it has signed initial deals with local operators of charging stations for electric vehicles (EV) to provide electricity. Under the deals, HE will provide electricity collected from operators of renewable energies, such as solar energy, to EV charging station operators, including Mooving, Pumpkin and Charzin. HE is an energy solution unit of global shipbuilding giant Hyundai Heavy Industries Holdings Co. (HHIH). HHIH's oil refin
April 14, 2021
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Samsung, LG win dozens of awards at int'l design competitions
South Korea's two major electronics firms -- Samsung Electronics Co. and LG Electronics Inc. -- said Wednesday they have won dozens of honors at renowned international design competitions with their products. Samsung, the world's largest smartphone and TV vendor, said it has received a record 71 accolades at the International Forum (iF) Design Award 2021. The company said it won 36 prizes for product design, which include two Gold Award honors for its BESPOKE AX9000N air purifier and BESPOKE C
April 14, 2021
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Hyundai E&C bags $150m order from Singapore
Hyundai Engineering & Construction Co., a major builder in South Korea, said Wednesday it has won a $150 million order to build a underground substation in Singapore. Under a letter of award from Singapore's SP Group, Hyundai E&C said it will handle earth retaining stabilizing structure and piling works of a 34-story office tower and the construction of the underground substation along with the operation support center in Pasir Panjang, the southwest region of Singapore. The constructi
April 14, 2021