Hyundai Glovis partners with ocean plastic disposal company to remove global marine wastes

SEOUL -- Hyundai Glovis, the logistics wing of Hyundai auto group, partnered with The Ocean Cleanup, a Netherlands-based non-profit environmental engineering organization, to launch a project designed to collect marine waste-related data and collect waste plastics. According to the United Nations, about 460 million tons of plastic products are produced annually and only about 10 percent is recycled. Many uncollected plastics end up in rivers and oceans where they threaten the lives of

July 6, 2023

LG Energy Solution and Stellantis to resume construction of EV battery factory in Canada after subsidies deal

SEOUL -- A joint venture between South Korean battery maker LG Energy Solution and American carmaker Stellantis will resume the construction of a five-billion Canadian-dollar electric vehicle battery plant in Ontario, Canada after the companies reached a financial deal with the governments of Canada and Ontario. LG Energy Solution (LGES) and Stellantis announced their joint Ontario battery plant investment in March 2022 but things changed when the United States passed the Inflation Red

July 6, 2023

JM. Wave wins state approval to convert internal combustion engine trucks into electric vehicles

SEOUL -- JM. Wave, a South Korean carmaker specializing in electric vehicle conversion, won government approval to convert internal combustion engine trucks into electric models. The company will dismantle various old and damaged trucks weighing about one ton (1,000 kilograms) to recreate them into electric trucks. It has been difficult for the South Korean car manufacturer to carry out electric vehicle (EV) conversion businesses due to government restrictions. Through a regulatory san

July 5, 2023

SK bioscience to transfer influenza vaccine production technology to Thailand's state-run drugmaker

SEOUL -- SK bioscience, the developer of South Korea's first homemade COVID-19 vaccine, will transfer production technology for cell-based influenza vaccine to a state-run pharmaceutical firm in Thailand. After completing the transfer process, the Thai company aims to utilize SK biosciences technology called "SKYCellflu" for a national immunization project. Cell-based flu vaccines, created using mammalian cells such as kidney cells from monkeys and dogs, are considered to

July 5, 2023

Convenience store chain Emart24 opens third store in Singapore

SEOUL -- The convenience store chain of South Korea's retail giant Shinsegae has opened its third store in Singapore less than seven months after the launch of its first store in December 2022. Visitors can enjoy various types of South Korean snacks including instant noodles known as Ramyeon and Tteokbokki, finger-sized rice cakes simmered in fiery-red spicy chili sauce. The store also has a dining spot where consumers can eat meal kits. Emart24 said in a statement on July 5 th

July 5, 2023

S. Korea establishes alliance to accelerate development and distribution of small modular reactors

SEOUL -- South Korea has set up an alliance of administrative organizations and private companies to promote the development and distribution of small modular reactors that are smaller and safer than conventional nuclear reactors. Small modular reactors (SMRs) can address the limitations of light-water reactors using low-enriched uranium that cost a lot to replace nuclear fuel and require a vast emergency evacuation zone, nonproliferation, and waste management. Small reactors desig

July 4, 2023

S. Korea records lowest inflation rate in 2% range for first time in 21 months

SEOUL -- South Korea has recorded an inflation rate in the two percent range for the first time in 21 months after inflationary pressures have steadily decreased. According to data released by the state statistical information service on July 4, the consumer price index (CPI) in June 2023 stood at 11.12, up by 2.7 percent compared to the same period last year. This is the first time the inflation rate dropped below three percent since September 2021 (2.4 percent). The inflation r

July 4, 2023

​Exports of S. Korean instant noodles Ramyeon surpass $400 mln in first half of 2023

SEOUL -- Exports of South Korean instant noodles known as Ramyeon soared 16.4 percent year-on-year to a record high of $446.2 million in the first half of 2023, state data showed. The instant noodles that appeared in many South Korean films including the Oscar-winning film "Parasite" and live streaming content have created a global online phenomenon, with consumers uploading themselves eating hot noodles onto YouTube. According to data provided by state-run trade statistics

July 4, 2023

Eastern city selected as regulation-free zone to incubate drone-related businesses

SEOUL -- The eastern city of Wonju has been selected as the drone regulation-free zone for two consecutive years, providing opportunities for the city with a population of some 333,000 people to incubate and nurture drone-related businesses and technology. Drones are now widely used in various sectors including the military, surveillance, building structure inspection, and entertainment. The global market for drones is growing at an average annual growth rate of 42.78 percent to stan

July 3, 2023

Hanwha Q Cells tops solar module markets in US: market data

SEOUL -- Hanwha Q Cells, the solar cell-making wing of South Korea's Hanwha Group, has topped the residential and commercial solar module markets in the United States in the first half of 2023. The South Korean company, which is operating a solar module factory in Georgia, will invest more than 3 trillion won ($2.3 billion) to expand its production facility in the U.S. to overcome the Inflation Reduction Act. Under the Inflation Reduction Act (IRA), companies that build solar m

July 3, 2023