SK Signet to supply more than 1,000 ultra-fast EV chargers to US EV charging network operator

SEOUL -- SK Signet, an electric vehicle charger manufacturer affiliated with South Korea's conglomerate SK Group, has secured an order to provide more than 1,000 electric vehicle chargers with a capacity of more than 400 kilowatts to Francis Energy, an Oklahoma-based EV charger operator. Through the contract, the South Korean EV charger maker will receive subsidies from the United States government pushing for the national electric vehicle infrastructure (NEVI) project. The U.S. go

July 17, 2023

Samsung shipyard wins $3.1 bln contract to build 16 methanol-powered container ships

SEOUL -- Samsung Heavy Industries has won a contract worth about four trillion won ($3.1 billion) from an Asia-based client to build 16 methanol-powered container cargo ships. The vessels will be delivered to the client by the end of 2027. Unlike natural gas which requires high pressure and cryogenic temperatures, methanol is easy to store and transport even at room temperature and general atmospheric pressure. It is relatively less expensive to build an initial infrastructure. Methano

July 17, 2023

Hyundai showcases high-performance EV 'IONIQ 5 N'

SEOUL -- Hyundai Motor has unveiled its very first high-performance electric vehicle model called "IONIQ 5 N," which is the beefed-up version of the IONIQ 5 released in 2021. The electric sport utility vehicle boasts a style of everyday sportscar while having the capability to race on professional motor tracks. Hyundai's N brand was first launched in 2015 to benchmark other high-performance brands such as AMG of Mercedes Benz, M of BMW and RS of Audi. Currently

July 14, 2023

S. Korea's labor and management to try reaching agreement on minimum wage for 2024

SEOUL -- South Korea's Minimum Wage Council consisting of government, labor, and management representatives will engage in a plenary meeting to reach an agreement on the minimum wage for 2024. During the 12th plenary meeting on the 11th, labor and management presented the third and fourth revised proposals consecutively. The labor sector demanded 11,540 won ($9.05) through the third revised proposal, while the management sector demanded 9,720 won. Subsequently, they proposed 11,140

July 13, 2023

State electricity company to work with Australian firms to produce eco-friendly cement

SEOUL -- Korea Hydro & Nuclear Power, the state operator of nuclear power plants, will join South Australia's state project to produce eco-friendly cement using green hydrogen. The South Korean company aims to secure a bridgehead for the green hydrogen business in Australia by participating in the project designed to reduce carbon emissions in the country's southern region. Green hydrogen is a type of hydrogen fuel that does not use any fossil fuel during its manufacturing

July 11, 2023

Yuhan to temporarily provide homemade new drug to lung cancer patients for free

SEOUL -- For the first time in South Korea, Yuhan Corporation, a drug maker, has decided to provide its new drug called "Leclaza" (ingredient: Lazertinib) to lung cancer patients who are receiving their first-line treatment. The drug maker will provide unlimited free access to its cancer drug until South Korea's drug ministry includes Leclaza in health insurance coverage. Leclaza is a domestically developed targeted anti-cancer agent. It was approved by the drug ministr

July 11, 2023

S. Korean web content industry secures $5.2 mln export deal in Europe

SEOUL -- At an event designed to promote South Korean web-based content such as digital comics and novels in Paris, domestic companies, secured an export deal worth about $5.2 million. The Korea Creative Content Agency, a government body charged with governing cultural content, said in a statement that 15 domestic firms recorded export contracts of some $5,276,000 at the "2023 K-Story & Comics in Europe." More than 300 business counseling services were conducted by th

July 10, 2023

LS Electric to establish power distribution plant in Texas

SEOUL -- LS Electric, a power solution provider affiliated with South Korea's LS Group, will build a power distribution infrastructure in Texas targeting South Korean factories located in North America. The facility, which is set to be located near Samsung's semiconductor foundry, will provide its electricity distribution system for domestic companies specializing in semiconductors, secondary batteries, and home appliances. In November 2022, LS Electric partnered with Samsung

July 10, 2023

LG Chem's virtual marine forest garners explosive popularity on metaverse platform Zepeto

SEOUL -- A virtual marine forest platform where users can grow seagrasses and clean up ocean waste has gained more than one million users on Zepeto, a metaverse platform created by South Korea's largest portal site Naver. The virtual marine forest platform, made by the chemical unit of South Korea's LG Group, is designed to raise awareness about blue carbon, an essential part of ocean ecosystems. Blue carbon is organic carbon captured and deposited by organisms such as seag

July 7, 2023

Samsung Electronics records operating profit of $459 mln in 2Q 2023, down 95.74 percent on-year

SEOUL -- Due to global sluggish global smartphone and semiconductor market, Samsung Electronics saw its sales and operating profit decrease in the second quarter of 2023. According to the data released by the Semiconductor Industry Association, global semiconductor sales totaled $40.7 billion in May 2023, up 1.7 percent on-month but 21.1 percent less than the $51.7 billion recorded in May 2022. The company announced its preliminary sales report on July 7 and said that Samsung recorde

July 7, 2023