Business
-
LG Chem secures $18.8 bln deal to supply EV battery electrode material to General Motors
SEOUL -- South Korea's major chemical company LG Chem secured a nine-year deal worth 25 trillion won ($18.8 billion) to supply key materials for electric vehicle batteries to General Motors. The global automaker will receive more than 500,000 tons of cathode materials, enough for over five million electric vehicles with a range of 500 kilometers (310.7 miles) on a single charge. Along with anodes, cathodes are used to help the conduction of electricity through electrolyte mate
February 7, 2024 -
Pulmuone's plant-based protein snack 'Tofu Bar' garners explosive popularity in Japan
SEOUL -- South Korea's food company Pulmuone has recorded 2.16 billion yen ($14.6 million) in sales of plant-based protein snack "Tofu Bar" in Japan in 2023, marking a 241 percent increase from 2021. An average of 80,000 units of the high-protein food are sold daily at some 30,000 convenience stores in Japan including 7-Eleven and FamilyMart. The plant-based snack, which provides 10 grams (0.02 pounds) of protein per bar, was released in Japan in November 2020, throu
February 7, 2024 -
Samsung's leader Jay Y. Lee acquitted of 2015 merger case
SEOUL -- The leader of South Korea’s top conglomerate, Samsung, was acquitted in a merger case of Samsung C&T, a Samsung Group unit involved in trade, and Cheil Industries, the apparel and resort unit. The prosecution has claimed that the group's chairman conducted the 2015 merger for a stable succession of management rights. The Seoul Central District Court ruled on February 5 that there is no evidence to prove Samsung Chairman Jay Y. Lee's charges. The prosecut
February 5, 2024 -
LS Electric's subsidiary completes construction of EV parts plant in Mexico
SEOUL -- LS e-Mobility Solutions, an electric vehicle component producer affiliated with South Korea's power solution provider LS Electric, has completed the construction of a plant in Mexico. Through the new plant that can produce up to five million electric vehicle relays and four million battery disconnect units annually, LS e-Mobility Solutions aims to strengthen its presence in the North American electric vehicle market. LS Electric said on February 5 that LS e-Mobility S
February 5, 2024 -
HD Hyundai to make foray into floating offshore nuclear power market
SEOUL -- South Korea's HD Hyundai will make a foray into the floating offshore nuclear power market. Compared to conventional land-based plants, offshore nuclear power plants are recognized for their enhanced safety during natural disasters such as earthquakes and tsunamis, as well as a reduced probability of local conflicts during the site acquisition process. The company will work with global nuclear power firms, focusing on small modular reactors such as TerraPower, an America
February 5, 2024 -
Viet Nam continues to stand as S. Korea's 3rd-largest trade partner in 2023
SEOUL -- Viet Nam maintained its position as South Korea's third-largest trade partner in 2023. The main product category that was shipped to Viet Nam was semiconductors, followed by flat-screen displays and petroleum-based products. South Korea forged a diplomatic relationship with the Republic of Vietnam in 1956 but it was severed in 1975 due to the fall of Saigon during the Viet Nam War (1955~1975). South Korea established diplomatic ties with the Socialist Republic of Viet
February 5, 2024 -
Shinsegae's convenience store chain to make foray into Cambodia
SEOUL -- Riding Hallyu (Korean cultural wave), Emart24, a convenience store chain operated by South Korea's retail giant Shinsegae, is set to make a foray into Cambodia. The 24-hour supermarket store franchise will offer South Korean products including food and everyday necessities. Convenience stores in South Korea are shops full of surprises that also play the role of a cultural center. While the stores offer daily necessities such as socks, and tee-shirts, they also sell Hall
February 2, 2024 -
S. Koreans spent $171.1 bln through ecommerce platforms in 2023: market data
SEOUL -- South Koreans spent a total of more than 227 trillion won ($171.1 billion) through ecommerce platforms in 2023, earmarking the biggest-ever recorded amount since the total online transaction exceeded 200 trillion won in 2022. According to a survey of 1,001 South Korean adults randomly contacted through their mobile phone numbers, conducted by South Korean pollster Gallup Korea in July 2023, 97 percent of adults used smartphones. People aged 60 years and more showed a dist
February 2, 2024 -
Domestic sales of eco-friendly vehicles increase 24.3% on-year in 2023
SEOUL -- South Korea's domestic sales of eco-friendly vehicles including electric vehicles, hybrid vehicles, and hydrogen fuel cell vehicles, stood at 558,112 units in 2023, up 24.3 percent year-on-year. It was the first time the country saw annual sales of environmentally-friendly vehicles exceed 500,000 units. South Korea's transport ministry data shows that there are 25.94 million registered vehicles as of December 2023, 2.12 million vehicles are eco-friendly cars -- hy
February 1, 2024 -
POSCO International partners with UAE's state oil producer for blue hydrogen business
SEOUL -- POSCO International, a trading arm of South Korea's steel group POSCO, will work with an Abu Dhabi-based state oil company to push for blue hydrogen business. After creating a blue hydrogen infrastructure, POSCO International will supply the clean energy source to POSCO's steel plant in South Korea’s southern industrial city of Gwangyang starting in 2029. Blue hydrogen is favored by industries because of its reasonable production cost compared to green hydro
January 31, 2024
-
Yoon condemns North Korean troop deployment to Russia
-
VISUALS: Farmers stack harvested rice in price protest
-
Rosé of BLACKPINK racks up 100 million views on YouTube with latest single
-
Samsung expands Galaxy AI language support to 20 languages
-
Korean builders test robot delivery services at apartment complexes
-
Activities spotted at North Korea's demolished inter-Korean road site
-
Hyundai Motor reports drop in quarterly operating profit on warranty costs
-
US expresses concern over North Korean troops in Russia
-
LG Electronics Q3 profit falls despite record sales
-
Myanmar rebels seize key rare earth mining hub, disrupting military junta's revenue