Business
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S. Korean battery industry unshaken by US' new Guidelines for Inflation Reduction Act
SEOUL -- South Korea's battery and copper foil industries are likely to stay unshaken by detailed guidelines for the Inflation Reduction Act released by the United States government. The act is designed to tackle the climate crisis and secure the U.S.'s position as a world leader in domestic clean energy manufacturing by providing more opportunities to American workers and domestic firms. Through a new guidance released on March 31, the U.S. Department of the Treasury said
April 3, 2023 -
HD Hyundai's subsidiary wins $183 mln product tanker order from Africa
SEOUL -- Hyundai Mipo Dockyard, a shipbuilder affiliated with HD Hyundai, has sealed a 240.1 billion won ($183 million) worth shipbuilding order for vessels capable of carrying petrochemical products with an African shipping company. After building vessels in the southern port city of Ulsan, a total of four ships will be delivered to Africa starting in the second half of 2025. HD Hyundai said in a statement on March 31 that each ordered ship costs about $46.2 million. The company h
March 31, 2023 -
Mareum Design to make foray into Chinese pickup market with electric trucks
SEOUL -- Mareum Design, a car design company in South Korea, aims to secure its foothold in the Chinese small-sized pickup truck market through its two electric truck models -- a one-ton class model and a 0.5-ton class model. The vehicles set to be commercialized in China in the first half of 2024 would be manufactured by a Chinese company through a consignment production method. IR3 E-Pickup weighing about 0.5 tons and the one-ton truck called IR5 E-Light were showcased at Seoul M
March 31, 2023 -
S. Korea to set safety standards on EV batteries recycled for ESS and portable power banks
SEOUL -- South Korea will set new safety standards on discarded electric vehicles that are recycled and reused in the construction of energy storage systems or power banks, which are portable battery packs for outdoor use. The number of discarded batteries is expected to skyrocket in the late 2020s and is to cause serious environmental and safety issues if no preemptive actions are taken. According to the Ministry of Environment, about 31,700 units of electric vehicle (EV) batterie
March 31, 2023 -
LG Chem breaks ground for plastic recycling and aerogel insulation plant in southwestern port city
SEOUL -- In an effort to create a sustainable production cycle for recycled plastic products, LG Chem, the chemical unit of South Korea's LG Group, has broken ground for a 310-billion-won ($230 million) plant in the southwestern port city of Dangjin. The plant will have a super-critical pyrolysis facility to break down plastics to create oil and a production facility for the company's aerogel insulation product. Pyrolysis involves extreme heat and pressure to break down pla
March 30, 2023 -
First British export finance expert in Seoul appointed to facilitate trade deals with S. Korean companies
SEOUL -- To boost trade relations with South Korea, Britain's export credit agency has appointed an export finance expert who will serve as a middleman between British exporters and South Korean companies. The finance executive will also work closely with Britain's industry ministry to facilitate trade activities in South Korea, which is London's 18th largest export market. According to data released by the British Embassy in Seoul, Britain's total exports to South
March 30, 2023 -
SK Biopharmaceuticals receive drug ministry's approval for clinical phase 3 trial plan for anti--epileptic drug
SEOUL -- SK Biopharmaceuticals said that the company has received approval from the drug ministry for the clinical phase 3 trial plan for its investigational new drug -- the anti-epileptic drug Cenobamate. The drug is specially designed for primary generalized tonic-clonic seizures in adolescents. This clinical trial is part of a multinational clinical trial to evaluate the efficacy and safety of Cenobamate in patients with primary generalized tonic-clonic seizures aged between 11
March 30, 2023 -
LG Electronics wins top ESG award at 2023 Energy Star
SEOUL -- LG Electronics has received the top sustainability-related awards at an annual event hosted by the United States' environmental protection agency and the Department of Energy, which is in charge of the US energy policy. The ceremony titled "The Energy Star Awards" has been held to reward companies that contributed to the environment and energy sector since 1993. According to data released by LG, the company has sold Energy Star-certified items every six secon
March 29, 2023 -
Hanwha Systems to develop low-orbit satellite communication technology for military use
SEOUL -- Hanwha Systems, a key defense contractor involved in the development of antennas and other crucial equipment in South Korea, will nurture low-orbit satellite communication technology targeting the overseas military communications market. The core technology of low-orbit satellite communication will be used in the defense sector, as seen in Russia-Ukraine battlefields where troops relied on low-orbit satellite communication after ground networks were destroyed. Low-orbit sa
March 28, 2023 -
Busan partners with marine science council to build world's first prototype floating community
SEOUL -- A marine science council will join a United Nations project to build the world's first prototype of a floating community in South Korea's southern port city of Busan. The academic council will offer science and technology-related advice to Busan for the establishment of floating cities which have been presented as a solution to ensure climate resilience. In November 2021, UN-Habitat, a UN agency that oversees sustainable urban development, selected Busan as a partn
March 27, 2023
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast
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TikTok hosts creator summit in Saudi Arabia