South Korean textile and chemical conglomerate Hyosung Group is gaining a double boost from the prolonged pandemic and the global transition to electric and hydrogen vehicles. Hyosung TNC, the fiber production unit of Hyosung Group and the world’s No. 1 spandex producer by capacity, is witnessing a surge in spandex sales as more people choose to work and exercise at home. “Due to the COVID-19 outbreak, people are spending more time at home, for telecommuting for instance, and th

Industry Feb. 2, 2021

New and existing employees at South Korean gaming giant Nexon have been given a generous pay boost as part of a drive to attract talent amid the coronavirus outbreak, the company said Monday. Nexon said it raised the annual starting salary of new developers and other staffers who joined the company starting this year to 50 million won ($44,722) and 45 million won, respectively. The average starting salary of university graduates at a company with 500 or more employees is 344.7 million won,

Industry Feb. 1, 2021

LG Energy Solution has the most patents for electric vehicle batteries that are officially registered with the patent offices of five major countries, industry data showed Monday. According to the global patent information service WIPS ON, LG Energy Solution’s EV battery patents -- excluding utility patents -- registered with patent offices in Korea, Japan, China, Europe and the US amounted to 23,610, the largest among battery companies in the world. LG Energy Solution was followed by

Industry Feb. 1, 2021

Almost three years have passed since LG Energy Solution sued SK Innovation through the US International Trade Commission and the US District Court of Delaware for allegedly stealing its electric vehicle battery trade secrets. As the legal wrangling nears a conclusion, the USITC is set to deliver its final ruling on Feb. 10. From South Korean Prime Minister Chung Se-kyun to congressmen in Georgia and Tennessee, pressure is mounting on both parties to patch things up, but a huge discrepancy i

Industry Feb. 1, 2021

As South Korea accelerates its transition to electric vehicles, the question arises – is there a future for the country’s more than 10,000 gas stations? Unlike conventional petroleum- or gas-powered cars, electric vehicles run on electricity, which is relatively price stable and easily accessible. This means drivers can charge their car batteries at home, in public parking lots or elsewhere where charging systems are installed. In the face of a fundamental change to the retail

Industry Jan. 31, 2021

State-run Korea National Oil Corp. is seeking to sell off its stakes in oil and gas fields in the British, Dutch and Danish North Sea, according to foreign media reports. The KNOC, whose debt ratio stood at 3,415.5 percent in 2019, is attempting to dispose of parts or all of its North Sea subsidiary Dana Petroleum to secure liquidity. Dana Petroleum is a British oil company acquired 100 percent by the KNOC. Dana Petroleum in January launched a process to sell a 10 percent stake in the Gre

Industry Jan. 29, 2021

Doosan Heavy Industries’ two coal-fired plants worth 1 trillion won ($896.7 million) in Vietnam have been connected to the country’s electricity grid, according to foreign media reports. In 2015, Doosan won Song Hau 1 project that consists of two 600-megawatt thermal power plants from the Vietnam Oil and Gas Group. The plant No. 1 was synchronized in November, and plant No. 2 was synchronized Wednesday. When a power plant is synchronized, its means the plant is successfully est

Industry Jan. 29, 2021

SK Innovation’s revenue fell to 34.16 trillion won ($34.16 billion) last year, a 30.7 percent plunge from 49.87 trillion won on-year, as the pandemic dealt a massive blow to its petrochemical business. According to the South Korean battery-to-petrochemical giant’s regulatory filing on Friday, the company posted an operating loss worth 2.5 trillion won, swinging to red from an operating profit 1.2 trillion won in 2019. The revenue of SK Innovation’ petrochemical business,

Industry Jan. 29, 2021

Lime, the world’s leading provider of rented electric scooters and electric bikes, will soon launch electric mopeds in Seoul, the company said Thursday. According to Lime, the e-mopeds will be introduced in selected cities in South Korea. Lime is also in discussions with Washington and Paris about introducing its e-mopeds there in the coming months. “Lime’s addition of e-mopeds makes it the first and only micro-mobility provider to offer three shared electric vehicle type

Industry Jan. 28, 2021

In a rare move, South Korean Prime Minister Chung Se-kyun on Thursday openly called for a swift resolution to the US court battle between LG Energy Solution and SK Innovation over battery patents, describing it as an “embarrassment.” “Both firms should take a step back and resolve this issue swiftly,” said Chung on Thursday, answering a question from a reporter as to whether he would be willing to intervene in the matter. “K-battery will open up a great future

Industry Jan. 28, 2021

As employment restrictions placed on Hanwha Group Chairman Kim Seung-youn are set to be lifted next month, industry watchers are paying attention to his possible return to the boardroom of the group’s core companies. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for the breach of trust and had to resign from the representative director’s position at seven affiliates including the holdings firm Hanwha Corp. He has also been barred from seeki

Industry Jan. 28, 2021

LG Chem Vice Chairman and CEO Shin Hak-cheol shared the company’s strategies on tackling climate change at the World Economic Forum on Wednesday. During the “Mobilizing Action on Climate Change” session, which was held online, Shin suggested three keywords to business and industry leaders to address climate change -- commit, operationalize and engage.   “In 2019, LG Chem emitted 10.5 million metric tons of carbon dioxide. If we keep growing at the current ra

Industry Jan. 27, 2021

GS Caltex said Wednesday it has recently unveiled a 6-minute-long video on YouTube that shows the essence of company’s 53 years of history. Titled “Energy Plus Journey,” the clip chronicles the company’s beginning as the nation’s first private oil company in 1967 and the journey it took to become today’s energy giant. The video, created with an aim of sharing GS Caltex’s vision with a global audience, supports 10 languages including Korean, English,

Industry Jan. 27, 2021

Nexon founder Kim Jung-ju has pledged to donate 10 billion won ($9 million) for the construction of children’s hospitals, making good on his promise to give back to society. The 52-year-old chief of NXC, the holding company of South Korean gaming giant Nexon, has delivered half of the money -- 2.5 billon each -- to Daejeon Chungnam Public Children’s Rehabilitation Hospital and Nexon Children’s Palliative Care Center at Seoul National University Hospital, according to local me

Industry Jan. 27, 2021

As AirPods and Galaxy Buds become ever more popular, the demand for micro batteries has spiked, benefiting South Korean battery manufactures LG Energy Solution and Samsung SDI. According to Counterpoint Research data, the size of the global wireless earphone market is estimated to have reached 220 million units last year from 120 million units from a year prior. Accordingly, the global micro battery market is estimated to have enjoyed a 90 percent growth, a major boon for LG Energy Solution&

Industry Jan. 27, 2021