South Korea’s unionized cargo truckers continued their sixth day of a general strike on Sunday, posing a fresh threat to the local economy amid lingering woes over higher inflation and supply chain disruptions.  Cargo truckers here began a nationwide indefinite strike on Tuesday, urging the government to extend a freight rate system that guarantees a basic level of pay. Drivers say that without the higher rate, they feel under pressure to drive dangerously fast to make ends meet.&nb

Industry June 12, 2022

Manufacturers in the fields of auto, steel and construction that rely heavily on supply deliveries via freight trucks expressed concerns over intensifying logistics disruptions caused by a unionized cargo drivers’ strike on Thursday.  According to the industry on Thursday, the country’s largest automaker Hyundai Motor Group has suspended operations of four factories inside its Ulsan plant due to delay in auto parts supply. Some 6,000 units of vehicles, including flagship model

Industry June 9, 2022

South Korea’s unionized cargo truckers staged a nationwide, indefinite strike starting Monday midnight, marking the first major labor-government conflict since President Yoon Suk-yeol took office last month amid a worsening market economy and sharp price hikes here. According to the union, a majority of the 25,000-member Cargo Truckers Solidarity, affiliated with the Korean Confederation of Trade Unions, and a large number of non-unionized truckers have joined the general strike. They are

Social Affairs June 7, 2022

The country’s largest air carrier Korean Air will develop common bulkhead propellant tanks for small satellite launch vehicles by 2027 as part of the Ministry of Science and ICT’s Space Pioneer project, the company said Friday.  Under a ministry-led program, some 211.5 billion won ($170 million) will be spent until 2030 on developing the country’s bulkhead propellant tanks for small satellite launch vehicles, a device for umbilical release and mobile launch pad, as well

Mobility June 3, 2022

South Korea’s Transport Ministry said Friday that it would lift restrictions on the operation of international flights and also expand the number of outbound routes, getting ready to go back to pre-pandemic status. Authorities said measures for aviation industry’s normalization will be applied from Wednesday. The ministry has approved some 762 international flights per week for June, 230 more flights added compared to in May, but said it was also willing to give more approvals if

Mobility June 3, 2022

After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 115,000 tons of grains including wheats and corns are stored. Transportation of grains wa

Industry June 2, 2022

SK Telecom CEO Ryu Young-sang on Thursday showed confidence in debuting the telecom giant’s own urban air mobility (UAM) service by 2025, touting UAM or flying vehicles as a “game changer” that will offer solutions to resolving social costs of traffic-related issues.  “Today’s business environment is being reshaped at an unprecedented speed since COVID-19,” Ryu said in a column released via the company’s website.  “UAM used to be consi

Industry June 2, 2022

Accelerated by soaring labor costs, the reduced number of workers willing to take labor-intensive jobs and pandemic-triggered noncontact services, South Korea has seen a growing number of businesses deploying front-line service robots that have begun replacing humans in performing mundane and routine tasks.  Korea’s service robot market will grow to an accumulative 230,000 robots by 2025, worth 2.8 trillion won ($2.25 billion) in value, according to market data compiled by the Inter

Industry June 1, 2022

The race for leadership of South Korea’s flying car market intensified Tuesday, with SK Telecom, Hyundai Motor Group and Kakao Mobility announcing their bid by forging consortiums with local companies.  SKT, Hyundai Motor Group and Kakao Mobility submitted their business proposals to join the K-UAM Grand Challenge, a government-led program to select an urban air mobility business operator. They are vying for the lucrative sector that is expected to surpass 1,800 trillion w

Mobility May 31, 2022

Carmakers’ efforts to turn vehicles into moveable spaces for media platforms will lead to more collaborations between carmakers, content providers and IT companies, as well as the growth of related markets, according to the industry on Monday.  Carmakers have been seeking ways to upgrade the in-car entertainment experience, by developing software for playing games and watching videos. Carmakers are also introducing wide multi-screens that can also satisfy passengers in the back seat

Mobility May 30, 2022

Hyundai Motor Group’s luxury Genesis G90, which is set to hit the market in the fourth quarter this year, will feature level 3 autonomous driving with a maximum speed limit of 60 kilometers per hour.  According to industry sources Sunday, the Korean auto giant has recently decided to lower the speed limit of the new system in line with international standards set by the UN Economic Commission for Europe, even though there is no such regulation here.  In South Korea, level 3 se

Mobility May 29, 2022

South Korea’s manufacturing and retail conglomerates released a combined 115 trillion won ($90 billion) investment plan on Thursday to achieve low-carbon digital transformation and create new jobs, joining a relay of announcements heralding a business-friendly new administration. Steelmaking giant Posco Group said it would invest 53 trillion won to pursue eco-friendly steelmaking by deploying electric furnaces. It said it would secure new technologies and raw materials that are crucial f

Industry May 26, 2022

Hyundai Motor Group on Thursday unveiled its vision for a human-focused future mobility ecosystem and related platforms at the World Economic Forum in Davos, Switzerland. The Korean carmaker said its president and Chief Innovation Officer Chi Young-cho presented the necessity of global collaboration for the future of the automotive industry as well as the need to establish a human-focused mobility ecosystem.  According to Chi, companies in the vehicle manufacturing, auto parts making and

Mobility May 26, 2022

Hyundai Steel said Thursday that it has set up its new and unique steel production system using an electric furnace called Hy-Cube, with a goal to produce low-carbon, high-quality steel products toward 2030.  Hy-Cube refers to Hy3 or Hyundai Hydrogen Hybrid, a process of melting raw iron material to remove impurities when adding new components by using a new electric furnace concept called Hy-Arc.  With this new electric furnace, Hyundai Steel plans to minimize carbon emissions by u

Industry May 26, 2022

South Korean steelmaking giant Posco said Wednesday that its high manganese steel which withstands extremely low temperatures has received technical approval from global energy firm ExxonMobil for usage in LNG storage tanks. The two firms joined in a technical partnership in 2020 to expand the use of high manganese steel which Posco succeeded in mass-producing for the first time in the world. High manganese steel is a new type of material that Posco has developed in 2013, by adding 10 to 30 p

Industry May 25, 2022