S-OIL receives regulatory exemption for processing of bio-based raw materials through refining process

SEOUL -- S-OIL, one of South Korea's major oil refiners, has secured government approval to demonstrate the processing of bio-based raw materials, including animal and plant-based oils, within its existing petroleum refining process. This regulatory approval, granted through the sandbox program, allows the refiner to assess the effectiveness of bio-based fuel and chemical production techniques. The regulatory sandbox program provides exemptions for regulations governing new prod

December 28, 2023

Hourly wage of female S. Korean workers surveyed to be about 70% of level of male workers

SEOUL -- The hourly wage of South Korean female workers surveyed to be at about 70 percent of the level of male workers, data released by the labor ministry showed. The wage gap between female and male workers continued to narrow for the last decade and the employment rate gap has also narrowed. On December 27, the labor ministry and family ministry jointly released the first edition of an annual report about the economic activities of women and ways to prevent female workers from

December 27, 2023

S. Korean cosmetics industry struggles to recover from aftermaths of COVID-19 pandemic

SEOUL -- South Korea's cosmetics industry, which took a hard hit from the COVID-19 pandemic, is struggling to recover from the aftermath of the period of isolation and social distancing, data released by the central bank showed. When the first wave of the pandemic hit South Korea in February 2020, the government imposed heavy quarantine guidelines that had people grounded at home to prevent the spread of the infectious disease. Also, the government mandated people to wear facema

December 26, 2023

South Korean budget clothing brands win approval from consumers amid economic recession

SEOUL -- South Korean SPA (specialty retailer of private label apparel) garnered popularity among consumers amid the economic recession induced by high interest rates and increased material prices. Sales of domestic budget clothing brands operated by major retailers increased compared to 2022. South Korean consumers recognize SPA brands as clothing brands that sell reasonable-quality apparel for affordable prices. Consumers in their 20s favor buying clothes from SPA brands because f

December 26, 2023

Convenience store chain Emart24 to make foray into Cambodian market

SEOUL -- Emart24, the convenience store chain of South Korea's retail giant Shinsegae, will open its first store in Cambodia in the first half of 2024. To expand into the Cambodian convenience store market, the company partnered with Saihan Partners, a joint venture between Hanlim Architecture Group, a Seoul-based real estate service provider, and Cambodia's Saisons Brother Holding. Saisons, which started its food and beverage business in 2010, has expanded its business scop

December 22, 2023

Market share of Hyundai and Kia cars in Europe stands at 8.6% in November 2023: data

SEOUL -- Sales of Hyundai and Kia cars in the European market continued to rise in November 2023 to have a market share of 8.3 percent, up 0.1 percent compared to the same period in 2022, data released by the European Automobile Manufacturers Association showed. The European car market stood at about $15 billion with some 13 million newly-registered units in 2022. The number of newly-registered vehicles dropped by 10.4 percent compared to a year ago, but remained larger than the Nor

December 21, 2023

LG Chem breaks ground on largest cathode material plant in US

SEOUL -- South Korea's major chemical company LG Chem has started the construction of the largest cathode plant in the United States. By 2026, the factory in Tennessee will have an annual production capacity of 60,000 tons of cathodes for high-performance batteries that can power about 600,000 electric vehicles with a range of 500 kilometers (310 miles). Along with anodes, cathodes are used to help the conduction of electricity through electrolyte materials. Demands for cathodes

December 20, 2023

Chinese shopping app Aliexpress garners largest number of new users in S. Korea in 2023

SEOUL -- The smartphone application of Aliexpress, the business-to-consumer ecommerce platform operated by China's online shopping giant Alibaba Group, has become the ecommerce app service that garnered the largest number of users in South Korea in 2023. The culture of "Jikgoo," direct buying in the Korean language, became popular among smart consumers about a decade ago. Some South Korean shoppers mainly used online shopping platforms such as Amazon and eBay to gain a

December 20, 2023

LS Cable develops copper flake-based foil material for high-performance batteries

SEOUL -- South Korea's major electrical cable manufacturer LS Cable has developed a new copper foil material for high-performance batteries used in electric vehicles. Unlike conventional foil material made using copper wires, the new material can be made using copper flakes, including leftover scrap copper pieces created during the process of electrical cable and wire production. Copper foils are used in high-performance batteries as current collectors and coatings for electrode

December 20, 2023

S. Korean exports of electric vehicles increase by 40% on-year in first three quarters of 2023

SEOUL -- South Korea's exports of electric vehicles and hydrogen fuel cell electric vehicles in the first three quarters of 2023 showed a growth rate of 40.9 percent on-year, according to data released by a private vehicle technology institute. Data released by Volkswagen, the world's second-largest carmaker, showed that during the first three quarters of 2023, the German automobile company saw a 45 percent increase in its EV sales compared to the same period in 2022. Howeve

December 19, 2023