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,

Industry July 7, 2021

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.

Industry July 6, 2021

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

Industry July 6, 2021

Minecraft is a 3D computer game where players can build anything. Often described as “online Legos,” the bestselling video game of all time involves building blocks and creating structures across different environments and terrains. Rated as suitable for ages 7 and up, some schools have started to incorporate Minecraft into the classroom, as kids can naturally learn teamwork, problem-solving skills and basic programming while playing the game with friends and helping each other bu

Industry July 4, 2021

Hanwha Group Chairman Kim Seung-yeon met with Edwin John Feulner Jr., the founder of the Heritage Foundation, in Seoul on Wednesday, continuing their friendship that dates back almost 40 years, the Korean group said Thursday. Meeting over dinner at the Plaza Hotel Seoul, Kim and the former president of the Heritage Foundation exchanged candid thoughts on many things including how relations between South Korea and the US can prosper in the post-coronavirus era, Hanwha said. Kim was accompan

Industry July 1, 2021

GS Caltex said Thursday it will help partner firms across its supply chain to improve business practices in accordance with environmental, social and corporate governance management principles. According to the South Korean total energy company, about 320 partners will conduct self-examinations on their ESG capabilities and submit the results by July 9. After review, GS Caltex will provide risk management consultations. In 2019, GS Caltex developed an ESG questionnaire and 107 partners car

Industry July 1, 2021

SK Innovation on Thursday officially announced the split-off of its battery business, with plans to list the fast-growing business on the US stock market. During a briefing session held at Conrad Seoul in Yeouido, western Seoul, SKI President and CEO Kim Jun said that the company is mulling an initial public offering of the envisioned battery-focused firm on Nasdaq, or both on Nasdaq and South Korea’s main bourse Kospi. “The exact timing of the split-off and IPO hasn’t bee

Industry July 1, 2021

Expectations are running high among South Korean game developers after China recently granted a business license to another Korean game, just the third since 2017, but experts warn that the unexpected approval does not signal an overall shift in China’s hostile licensing policy concerning Korean games. On Monday, Chinese authorities issued a business license to Black Desert Mobile, a mobile version of Pearl Abyss’ hit game of the same name. The news was met with surprise, coming

Industry June 30, 2021

In an ambitious push for a global audience, South Korean game firm Netmarble on Tuesday showcased Marvel Future Revolution, an open world role-playing game featuring Iron Man, Doctor Strange, Captain America and other beloved characters from Marvel Comics. During a media showcase held at its headquarters in Guro-gu, western Seoul, Netmarble executives unveiled the details of the new title, set for a global launch in 240 countries and territories in the second half of the year. The event also

Industry June 29, 2021

The world’s leading lithium-ion battery manufacturer LG Energy Solution on Tuesday signed a non-binding agreement with Australian mineral firm Infinity Lithium to source lithium hydroxide, a key material for high-nickel electric vehicle batteries. Under the agreement, LGES gains priority access to 10,000 metric tons of lithium hydroxide each year from Infinity’s San Jose lithium project in Spain for an initial five years. LGES also has the option to offtake additional volumes for

Industry June 29, 2021

South Korean conglomerates Hanwha Group and Hyundai Motor Group are in a tight race to develop flying cars, with an aim to launch a commercial air taxi service in the next four to five years. If realized, the service would address many urban problems like traffic congestion and air pollution. It could fundamentally change the way people commute, work and live, the companies say. Technology-wise, the firms are not far off from building a passenger craft that takes off and lands vertically.

Industry June 28, 2021

Google‘s plan to force all in-app purchases made through its independent billing system faces an uphill battle in South Korea, with local lawmakers considering a legislative bill to prevent “unilateral” pricing policy changes of major platform business operators. The National Assembly‘s Science, ICT, Broadcasting and Communications Committee on Monday held a meeting to decide whether they should table the anti-Google bill. The committee’s six lawmakers held an a

Industry June 28, 2021

Krafton, a South Korean game maker seeking an initial public offering in the country’s main stock market, faces delay in its listing plan amid ongoing scrutiny from both regulators and the market over its ‘overrated’ valuation. On Friday, the Financial Supervisory Service, the country’s financial regulator, ordered the game developer to correct its registration statement. The move is likely to delay the firm’s debut on the Kospi bourse, initially set for July

Industry June 27, 2021

Kolon Industries said Thursday it will inject 236.9 billion won ($208.6 million) to double the annual production capacity of aramid, a key raw material for fifth-generation network cables and electric vehicles, from the current 7,500 metric tons to 15,000 tons by 2023. According to the textile and chemical unit of Kolon Group, this is the second three-year expansion of its aramid plant in Gumi, North Gyeongsang Province. From 2017 to 2020, the company expanded the facility’s capacity 5

Industry June 24, 2021

A consortium of LG CNS and RaonSecure said Thursday that it has won a state-led project to develop South Korea’s first digital identification. The IT solution affiliate of LG Group and the local cybersecurity solutions provider will together develop a digital version of the driver’s license by the end of this year for a project commissioned by the Ministry of the Interior and Safety and the Korea Minting, Security Printing and ID Card Operating Corp. Currently, three major telecom

Technology June 24, 2021