Korean gov't debt-to-GDP ratio hits record high

SEOUL, September 20 (AJP) – Korea's government debt-to-GDP ratio reached a record high in the first quarter of this year, according to data from the Bank for International Settlements (BIS) updated on Monday. The ratio stood at 45.4 percent at the end of March, marking the first time it has exceeded 45 percent since the BIS began tracking the data in the fourth quarter of 1990. This figure represents a notable increase from 44 percent at the end of 2023. The BIS estimat

September 20, 2024

LIG Nex1 signs 3.7 trillion won missile deal with Iraq

SEOUL, September 20 (AJP) – Korean defense firm LIG Nex1 has secured a contract worth about 3.7 trillion won ($2.78 billion) to supply medium-range surface-to-air missiles to Iraq, the company announced on Friday. The deal, signed in Baghdad, on Thursday, involves the export of the domestically developed Cheongung II missile system, capable of intercepting both ballistic missiles and aircraft. Iraq is the third Middle Eastern country to adopt the Korean air defense system,

September 20, 2024

S-Oil signs MOU with T'way Air for sustainable aviation fuel supply

SEOUL, September 19 (AJP) - Korean oil refiner S-Oil Corp. has signed a memorandum of understanding (MOU) with low cost carrier T'way Air to supply sustainable aviation fuel (SAF) and collaborate on joint marketing initiatives, the companies announced on Thursday. Under the agreement, S-Oil will provide SAF for T'way Air's commercial flights to Japan starting this month, with plans to expand supply for future routes. The partnership aims to promote sustainable growth in

September 19, 2024

Korea's imports of Chinese EVs surpass 1 trillion won

SEOUL, September 19 (AJP) - Korea’s imports of Chinese electric vehicles (EVs) have exceeded 1 trillion won ($848 million) in the first seven months of 2024, government data showed Wednesday. The Ministry of Trade, Industry and Energy and the Korea International Trade Association reported that Chinese EVs accounted for 65.8 percent of Korea's total EV imports from January to July, reaching 1 trillion won, a staggering 848 percent increase compared to the same period last

September 19, 2024

Hanwha Ocean commits to strengthening workplace safety following worker fatalities

SEOUL, September 19 (AJP) - Korea's Hanwha Ocean has pledged investments to strengthen workplace safety systems, following recent worker fatalities. On Sept. 9, a worker in his 40s fell 30 meters from a container ship under construction at Hanwha Ocean's Okpo shipyard on the southern island of Geoje. He was severely injured and transported to the hospital in cardiac arrest but ultimately passed away. Earlier this year, the Korean shipbuilder reported fatal accidents at it

September 19, 2024

Taihan Cable wins first U.S. HVDC contract

SEOUL, September 19 (AJP) - Korea's major power cable manufacturer Taihan Cable & Solution said on Thursday it secured its first high-voltage direct current (HVDC) project in the United States. The company has been selected to supply cables for a 320kV voltage-sourced converter HVDC and 500kV high-voltage alternating current (HVAC) project in California. The contract, awarded by U.S. power company LS Power Grid California, is valued at about 90 billion won ($67 million).

September 19, 2024

GS Caltex exports commercial-scale bio aviation fuel to Japan

SEOUL, September 19 (AJP) — GS Caltex has exported sustainable aviation fuel (SAF) to Japan, the Korean oil company said Thursday. The company supplied about 5,000 kiloliters of CORSIA SAF, blended with conventional aviation fuel, to Narita Airport in Japan last Friday through Itochu Corp. It marked the first commercial-scale sale of CORSIA SAF by a Korean refiner, certified by the International Civil Aviation Organization (ICAO). The fuel will be sold to Japanese airlines

September 19, 2024

Samsung launching AI-based washer-dryer in Peru, Argentina

SEOUL, September 19 (AJP) — Samsung Electronics said Thursday it is launching its AI-powered Bespoke AI Combo washer-dryer in Peru, Argentina and other Latin American markets this month. At the forefront of Samsung's AI home appliance strategy, the all-in-one washer-dryer allows users to wash and dry clothes without needing to transfer them between machines. It features a high-efficiency inverter heat pump system and offers drying performance comparable to standalone dryer

September 19, 2024

SK Group provides $300,000 for Viet Nam's typhoon recovery

SEOUL, September 18 (AJP) - SK Group, which has maintained a strong cooperative relationship with Viet Nam, will donate $300,000 to assist in the recovery efforts following the recent typhoon damage in the Southeast Asian country. The group announced Wednesday that it plans to deliver the $300,000 donation to Viet Nam's Fatherland Front Central Committee later this month. The funds will be used for local relief supplies and aid activities. Recently, northern Vietnam has bee

September 18, 2024

Autonomous robot collects recyclables and patrols in Seoul park

SEOUL, September 17 (AJP) - An autonomous robot developed by Robotis is collecting recyclables and patrolling for safety at a park in Yangcheon, a district in southwestern Seoul, the Korean robot manufacturer said Tuesday. The robot named Gaemi arrives at the designated location to collect recyclables when called via QR codes. Equipped with separate bins for plastic, paper and cans, it automatically returns to its charging station after collection and heads to a depot to unload recy

September 17, 2024