SK Group Chairman Chey Tae-won called for an incentive system that compensates for companies’ ESG -- environmental, social and governance -- efforts, according to industry sources Sunday. Speaking at Beijing Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and Peking University, Chey stressed the necessity of an ESG incentive system that provides reasonable compensations for companies to promote ESG value creation in both private and public sectors. Chey s

Industry Dec. 6, 2020

Just like how the idea of magic rails against common knowledge, Magical Atelier appears to defy the odds, being an unconventional game that transgresses the basic laws of typical Korean mobile games. For busy commuters, mobile games are supposed to be simple and easy to play. Also, they must include elements that can trigger competition among as many users as possible to guarantee profitability. Magical Atelier, developed by Smilegate, meets neither of the two criteria. Released in South K

Industry Dec. 3, 2020

China has granted a license to a game made by a South Korean company for the first time in nearly four years, finally lifting an implicit ban on Korean games that has persisted since 2017. According to Korean mobile game developer Com2us, Summoners War: Lost Centuria has been given a foreign game service license from China‘s National Press and Publication Administration, the first such license issued since March 2017. In 2017, Korea deployed the US anti-missile Terminal High Altitude D

Industry Dec. 3, 2020

Posco Group said Thursday its salt lake in Argentina contains 13.5 million metric tons of lithium reserves, more than six times greater than initial calculation of 2.2 million tons. Based on the massive reserves, which are enough for 370 million electric vehicles, the group aims to establish a robust value chain of EV battery raw materials. According to the South Korean steel giant, the latest exploration of the Hombre Muerto salt lake in northern Argentina conducted with a US consulting firm

Industry Dec. 3, 2020

Hanwha Q Cells has become the world’s first solar module manufacturer to pass international product testing institute TUV Rheinland’s new Quality Controlled PV certification. TUV Rheinland’s QCPV certification is an extended stress test program based on International Electrotechnical Commission technical standards. Compared to the IEC’s certification, which only conducts a short-term credibility test on solar modules, the QCPV certification comprises three stages: shor

Industry Dec. 2, 2020

LG Chem's battery business has been officially launched as the wholly-owned “LG Energy Solution” Tuesday, taking its first independent step as the world‘s leading batterymaker and overall energy solution provider. LG Energy Solution will be led by Chief Executive Officer Kim Jong-hyun, whose mission is to almost quadruple the revenue of the battery business to 30 trillion won ($27 billion) by 2024 from the 8.2 trillion won it made last year. “LG Energy Solution has led

Industry Dec. 1, 2020

Nikola shares nose-dived 26.9 percent Monday after General Motors announced that it would revoke its initial plan to acquire an 11 percent stake once worth $2 billion in the electric truck startup. Upon the news, attention in South Korea quickly shifted to Hanwha Solutions and its President Kim Dong-kwan, who decided in November 2018 to invest $100 million to acquire a 6.13 percent stake in Nikola. Nikola, which was touted as a promising partner for Hanwha’s renewable energy push, ha

Industry Dec. 1, 2020

S-Oil on Monday awarded 140 million won ($127,000) to 19 people here who risked their lives to save others. At the annual Hero Citizens Award Ceremony held at its headquarters in Mapo-gu in western Seoul, the South Korean refinery delivered 10 million won each to two community heroes who suffered injuries while helping others. It also presented 10 million won each to eight individuals and four groups totaling nine people who carried out acts of self-sacrifice. Awardees include Shin Dong-ju

Industry Nov. 30, 2020

LS Cable & System is expanding its portfolio and entering the solar power business by acquiring international technology and safety certifications for its cables and supplying them to massive solar power projects. The world‘s third-largest wire and cable maker by sales says it has supplied its cables to more than 30 solar power projects, including South Korea’s biggest solar power plant in Haenam, South Jeolla Province. “Based on its knowledge from working with submari

Industry Nov. 30, 2020

Former Hyundai Motor Group Chairman Chung Mong-koo has been discharged from the hospital in healthy condition after about four months of treatment for colonic diverticulitis, according to industry sources Friday. The former chairman was discharged earlier Friday and is expected to stay at his home in Hannam-dong, central Seoul. Chung had been hospitalized for the chronic illness since mid-July. Though Chung was scheduled to be discharged as soon as his condition was brought under control,

Industry Nov. 27, 2020

Doosan Solus stocks rose to 49,400 won ($44.70) on Friday, a 6.7 percent increase from a day prior, following a local news report that the company is in talks with Tesla to supply copper foil for electric vehicles in Europe. According to the news report, the material solutions unit of Doosan Group is expected to sign an agreement on general terms and conditions to provide copper foil for Tesla electric vehicles in Europe. The exact size and the length of the contract will be decided after th

Industry Nov. 27, 2020

Korea Gas Corp. said Thursday it has successfully carried out the world’s first ship-to-ship liquefied natural gas bunkering test, which examines whether an LNG carrier works properly before it begins commercial operation. LNG bunkering is the process of transferring gas to a ship. On Tuesday, after loading 2,000 metric tons of LNG at Tongyeong in South Gyeongsang Province, Kogas’ LNG carrier SM Jeju LNG2 entered the Okpo Shipyard of Daewoo Shipbuilding & Marine Engineering

Industry Nov. 27, 2020

Hanwha Systems said Friday it has won a deal worth 45 billion won ($40.7 million) to develop a next-generation space radar that can detect and track space objects with precision. According to the defense and information technology service unit of Hanwha Group, it has won the Defense Industry Technology Center’s research and development project for the space radar worth 45 billion won. For the next five years, Hanwha Systems will develop three core technologies including the precise d

Industry Nov. 27, 2020

Netflix confirmed Thursday that it has established a branch office in Korea named Netflix Entertainment Korea to double down on its commitment to original content produced here. Launched in September, Netflix Entertainment Korea is responsible for content discovery, support and investment, while the existing Netflix Services Korea will carry on its overall service operation in the country. Netflix has run separate content branches in countries where the performance of original content is p

Industry Nov. 26, 2020

Hyundai Motor Chairman Chung Euisun on Wednesday held a meeting with Lotte Group Chairman Shin Dong-bin at Lotte Chemical’s advanced materials plant in Uiwang, Gyeonggi Province, according to news reports Wednesday. The two chiefs reportedly discussed how to apply Lotte Chemical’s new materials under development to Hyundai Motor’s future eco-friendly vehicles such as electric vehicles and hydrogen vehicles. However, neither Hyundai Motor Group not Lotte Group officials said

Industry Nov. 25, 2020