Korea seeks to cut renewable energy budget, increase nuclear funding

SEOUL, Sept. 5 (AJP) - Korea's government plans to reduce its budget for renewable energy support by about 7.7 percent next year while increasing funding for nuclear power, according to budget proposals submitted to the National Assembly on Thursday. The Ministry of Trade, Industry and Energy's 2025 budget allocates 571.7 billion won ($428 million) for renewable energy support, down from 619.6 billion won in 2024. The budget for nuclear industry programs, including the d

September 5, 2024

Samsung unveils new laptop with advanced AI capabilities

SEOUL, Sept. 4 (AJP) - Samsung Electronics has introduced its latest laptop, the Galaxy Book5 Pro 360, featuring Intel's next-generation AI chipset. The device is equipped with the Intel Core Ultra Processor Series 2, supporting up to 47 tera operations per second (TOPS) neural processing unit (NPU) and enhancing AI application compatibility and graphics performance. The laptop integrates with Galaxy smartphones, allowing users to access Galaxy AI features on the PC's la

September 4, 2024

Amid declining sales, Audi closes several service centers in Korea

SEOUL, Sept. 4 (AJP) - German luxury automaker Audi is grappling with declining sales in Korea, leading to the closure of several local service centers. Audi's new vehicle registrations in Korea from January to July this year totaled 4,524 units, marking a 59.4 percent decrease compared to the same period last year, according to data from the Korea Automobile Importers & Distributors Association (KAIDA). In July, Audi registered 921 vehicles, placing seventh among importe

September 4, 2024

KAI showcases latest fighters, helicopters at Egypt air show

SEOUL, Sept. 4 (AJP) - Korea Aerospace Industries (KAI), one of the country's largest aerospace and defense companies, said on Wednesday it is showcasing aircraft at the Egypt International Air Show (EIAS) in El Alamein, aiming to expand its presence in African and Middle Eastern markets. The three-day event, which opened Tuesday, features about 200 companies from 80 countries displaying approximately 50 military and commercial aircraft. KAI is presenting its FA-50 multi-purpose

September 4, 2024

POSCO secures stake in world's second-largest graphite reserve in Tanzania

SEOUL, Sept. 4 (AJP) - POSCO International, the trading arm of Korea's steel group POSCO, has agreed to invest $40 million in a graphite mine project in Tanzania. The Ministry of Trade, Industry, and Energy announced Tuesday the company signed a deal to increase the POSCO group’s stake in Black Rock Mining (BRM), which owns the Mahenge graphite mine, to 19.9 percent. POSCO Holdings had previously invested $7.5 million in the Australian company. The Mahenge mine is es

September 4, 2024

Bus drivers in Gyeonggi withdraw strike plan after reaching last-minute deal

SEOUL, Sept. 4 (AJP) - Unionized bus drivers in Gyeonggi Province withdrew their strike plan on Wednesday after reaching a last-minute settlement with their employers. The two sides agreed to a 7 percent wage increase, lower than the unions’ original demands of 12.32 percent and 21.86 percent, following a 12-hour negotiation that concluded at 3 a.m. The federation of unions, which represents 16,000 drivers from 45 companies in the province surrounding Seoul, had planned t

September 4, 2024

Bulgarian minster visits Hyundai E&C over nuclear power project

SEOUL, Sept. 3 (AJP) – Bulgarian Energy Minister Vladimir Malinov visited Hyundai Engineering and Construction in Seoul to discuss cooperation on the nation’s nuclear power plant project, the company announced Tuesday. The leading Korean construction company was selected in February as the preferred bidder for a project to build two additional nuclear reactors at the Kozloduy nuclear power complex. During his visit on Monday, the minister met with Hyundai E&C CEO

September 3, 2024

Gyeonggi bus drivers, companies in last-minute talks to avert strike

SEOUL, Sept. 3 (AJP) - Unionized bus drivers in Gyeonggi Province and their employers engaged in eleventh-hour talks Tuesday, the eve of a threatened strike that could disrupt nearly 90 percent of bus operations in the nation’s most populous province. The federation of bus labor unions in the province surrounding Seoul plans to launch a walkout at 4 a.m. Wednesday if it fails to reach an agreement with the bus management association. The two sides began negotiations over wa

September 3, 2024

Mid-sized business lobby calls for labor market flexibility

SEOUL, Sept. 3 (AJP) - The head of Korea’s mid-sized companies' association on Tuesday called for greater labor market flexibility during a meeting with the new chief of the presidential council on labor policies. Choi Jin-shik, chair of the Federation of Middle Market Enterprises of Korea (FOMEK), visited Kwon Gi-seob, the newly appointed chairman of the Economic, Social and Labor Council (ESLC), the tripartite panel representing the government, businesses, and labor unio

September 3, 2024

LG Electronics establishes heat pump research consortium in China

SEOUL, Sept. 2 (AJP) - LG Electronics has established a heat pump research consortium in Harbin, China, as part of its efforts to expand its presence in the heating, ventilation, and air conditioning (HVAC) market, which is crucial for AI and high-capacity data centers. The launch of the Chinese Consortium for Advanced Heat Pump Research (CCAHR) marks the completion of LG's global research and development triangle for HVAC, following similar initiatives in Alaska, U.S., and Oslo

September 2, 2024