DSME succeeds in testing autonomous-driving system for ships

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said Tuesday it has successfully completed the trial of its autonomous navigating system for ships. DSME conducted a two-day test of its testing ship, called DAN-V, equipped with its own autonomous navigating system last week near Jebu Island in Hwaseong City, Gyeonggi Province. The shipbuilder has been preparing for the future market of self-cruising vessels by signing a memorandum of understanding with Gyeonggi Free Econom

Nov. 22, 2022

S. Korea’s first modern automotive car plant to shut down after 60 years

GM Korea, the Korean unit of the US auto giant General Motors, said Tuesday it is shutting down its No. 2 Bupyeong plant in Incheon on Saturday as part of its strategic shift toward more popular models, putting an end to the decades-old history of the nation’s first modern automotive factory. The plant used to produce the carmaker’s Trax SUV and Malibu sedan. But with sales of the models being discontinued this month, the carmaker has decided to stop the operation of the outdated pla

Nov. 22, 2022

Feast for Asian startups kicks off

Fly Asia 2022, a three-day expo for startups in Asia, kicked off on Tuesday at Bexco in Busan. The city government of Busan expects Fly Asia to grow into one of the four largest feasts for startups on the continent. Hundreds of investors, speakers, panels and government officials from 21 countries are taking part in about 40 different programs including conferences, an award ceremony, showcases and networking events through Thursday. Among those who attended the opening on Tuesday were Busan May

Nov. 22, 2022

[Photo News] Robots at hospital

An LG CLOi Servebot, a delivery robot developed by LG Electronics, delivers medicine at a hospital in Yongin, Gyeonggi province. The company said Tuesday it supplied seven CLOi robots to aid medical staff by carrying out tasks such as delivering medications and medical equipment, guiding visitors and making late-night security rounds.

Nov. 22, 2022

LG Chem to build $3.2b battery material plant in US

South Korean battery material supplier LG Chem announced Tuesday plans to build a $3.2 billion facility to manufacture 120,000 metric tons of cathode materials used for electric vehicle batteries annually in Tennessee, the United States. Once construction of the facility on the 1.7-square-kilometer land is completed by 2027, the plant will be able to power batteries mounted on 1.2 million pure electric vehicles that can run 500 kilometers on a single charge. Construction is set to start in the

Nov. 22, 2022

[Herald Interview] Mayor seeks to make Busan an Asian hub for startups

The city of Busan expects some 10,000 people from 42 countries to attend lectures, discussions, business meetings and networking events at the three-day inaugural Fly Asia 2022 that began Tuesday. About 460 investors from around the world and some 900 startups in Asia have signed up to take part in the expo, making it the largest-ever investor-oriented startup event in South Korea. “We have two goals for Fly Asia. One is to lay a stepping stone for startups in the (Busan) region to reach b

Nov. 22, 2022

Kia grabs five J.D. Power residual value awards

South Korean automaker Kia said Tuesday it took home five titles on Thursday in US market research firm J.D. Power's ALG Residual Value Awards, winning the most number of awards among its rivals. J.D. Power’s residual value assesses commercial value, quality, brand awareness and sales strategy to recognize vehicle models that are projected to hold the highest percentage of retail price when resold after three years. The awards are the industry’s standard in recognizing vehicle m

Nov. 22, 2022

Seoul shares open tad higher amid China's COVID-19 woes

Seoul shares opened slightly higher Tuesday amid escalating woes over China's COVID-19 situations. The benchmark Korea Composite Stock Price Index added 2.86 points, or 0.12 percent, to 2,422.36 as of 9:15 a.m. Investors are paying attention to recent COVID-19 developments in China as Beijing could impose stricter antivirus restrictions, which would wreak havoc on its economy. China is South Korea's top trading partner. Overnight, US stocks fell, weighed down by interest-sensitive tech

Nov. 22, 2022

Big firms' inventories soar 36% this year amid global slump

Major South Korean companies' inventories spiked nearly 36 percent in the first nine months of this year amid a global economic slump, a corporate tracker said Tuesday. Combined inventories of 195 out of the country's top 500 firms by sales came to 165.4 trillion won ($122 billion) as of end-September, up 36.2 percent from the end of last year, according to the Leaders Index. It marks the highest third-quarter amount since the institute began data tracking in 2010. In particular, inven

Nov. 22, 2022

Inflation expectations down in Nov. ahead of BOK's rate decision

South Korea's inflation expectations edged down on-month in November ahead of the Bank of Korea's widely-anticipated rate increase this week aimed at bringing price growth under control, a central bank survey showed Tuesday. Ordinary people predicted that consumer prices will grow 4.2 percent over the next year, down 0.1 percentage point from 4.3 percent surveyed the previous month, according to the poll the BOK conducted early this month. The figures are closely watched as their upwar

Nov. 22, 2022

SK hynix reaches settlement in chip cluster dispute

South Korean memory chip manufacturer SK hynix has reached a compromise with Yeoju city over a dispute surrounding the chipmaker's right to use freshwater for new fabrication plants in Yongin, Gyeonggi Province, the government announced Monday. The settlement, with a memorandum of understanding signed on Monday at the National Assembly, opens the doors for SK hynix to proceed the chip cluster project as planned by 2027 on the 4.15 square-kilometer site, which would cost at least 120 trillion won

Nov. 21, 2022

Coupang holds special Black Friday event for import goods

South Korean e-commerce giant Coupang said on Monday it will be holding special promotions for products directly imported from overseas, in commemoration of global shopping event Black Friday. The event, which continues through Sunday, provides discounts and coupons for users who buy directly imported goods from Rocket Delivery, Coupang's 24-hour delivery service. Users of Rocket Jikgu, Coupang's overseas delivery service, will also benefit from the event. The promotions are joined b

Nov. 21, 2022

S. Korean startups post record sales, buoyed by pandemic demands

The Ministry of SMEs and Startups said Monday that local startups saw record-breaking growth in diverse sectors as they work to meet the needs of consumers amid the pandemic. According to the ministry, the number of startups whose sales exceeded 100 billion won ($73.8 million) was 739 companies as of end of 2021, a 16.7 percent increase from a year prior. Of the 739 startups, 569 logged 100 billion won in sales for two consecutive years. A total of 108 companies reached 100 billion won in sales

Nov. 21, 2022

SsangYong Motor unveils wireless charging platform for EVs

SsangYong Motor unveiled its wireless charging platform for electric vehicles under development on Monday at Coex, Seoul during an event hosted by the Ministry of Science and ICT. The carmaker displayed its first all-electric sports utility vehicle Korando e-motion equipped with a 61.6 kWh lithium-ion polymer battery and with a 22kW wireless charging system that can fully charge the electric vehicle in three hours. SsangYong Motor is currently trying to shorten the charging time and also trying

Nov. 21, 2022

Doosan Fuel Cell signs W346.8b deal to supply hydrogen to China

Doosan Fuel Cell, the hydrogen business unit of South Korean conglomerate Doosan Group, signed a contract worth 346.8 billion won ($255 million) to supply hydrogen fuel cell to China’s combined heat and power business operator, the Korean firm said Monday. Doosan Fuel Cell said it will provide a total of 105MW in hydrogen fuel cells to China’s ZKRG Smart Energy Technology (Foshan) Co. Of them, 50MW will be manufactured and assembled in Korea by 2024 while the remaining 55MW will be d

Nov. 21, 2022

Incheon Airport flights to surpass pre-pandemic level by next year

The number of flights landing and departing from Incheon International Airport will exceed pre-pandemic levels by next year. Incheon Airport was allotted 263,004 slots for the next summer season from late March to late October, during the International Air Transport Association Slot Conference held last week, according to Incheon International Airport Corp. on Monday. The Slot Conference is a working conference between IATA and non-IATA airlines worldwide for the allocation of slots at fully coo

Nov. 21, 2022

Korean carmakers to feel IRA pinch next year: report

South Korea’s automotive production is expected to suffer a modest decline next year despite growing global car sales, an industry report said Monday. Some 85.3 million cars are projected to be sold globally next year, a 4.7 percent increase compared to this year’s estimated 81.5 million units, according to the report by the Korea Automotive Technology Institute. The report said the stable supply of automotive semiconductors is driving up car sales overall, despite lingering fears ov

Nov. 21, 2022

Busan hosts Asia startup expo

The city of Busan is hosting an expo for startups in Asia from Tuesday through Thursday at Bexco, under the theme “Connect Asia, Fly to the World.” The city government expects about 10,000 people engaged or interested in startups across Asia to attend Fly Asia 2022, consisting of conferences, an awards ceremony, exhibits and various opportunities for networking. Organized by Busan Techno Park and the Busan Startup Agency Preparation Office, Fly Asia 2022 kicks off with an opening cer

Nov. 21, 2022

[Photo News] Metaverse cooperation

Ryu Young-sang (left), chief executive officer of South Korean mobile carrier SK Telecom, poses for a photo with NTT Docomo CEO Motoyuki Ii at a signing ceremony on Friday in Seoul. SK Telecom announced Monday it has signed a memorandum of understanding with its Japanese counterpart to seek a strategic partnership in the fields of the metaverse, sixth-generation telecommunication infrastructure and media content development.

Nov. 21, 2022

LG Chem gives back to society as 'Green Connector'

Under its vision called “Green Connector,” South Korea’s leading chemical firm LG Chem is expanding its social contribution activities. The vision highlights four areas of focus—education, ecosystem, energy, and economy—in which LG Chem will try to maximize ESG values. LG Chem said Monday it will kick off the third edition of its environment and science education program “Like Green” for elementary and middle school students in December as part of its en

Nov. 21, 2022