Business
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S. Korea to beef up key strategic industries under 'New Growth Strategy 4.0'
SEOUL -- The Ministry of Economy and Finance has announced a new growth strategy to help South Korea keep its technological competitive edge in the country’s three strategic industries -- semiconductors, batteries and displays. On February 20, the ministry unveiled "New Growth Strategy 4.0" aimed at finding new economic engines. It plans to work out more than 30 detailed tasks to support the key industries. The ministry said that it will begin to implement around
February 21, 2023 -
Avikus to provide autonomous boat solution 'NeuBoat' for recreational boat owners in US
SEOUL -- Avikus, an autonomous shipbuilder affiliated with South Korea's HD Hyundai, will demonstrate its autonomous boat solution called "NeuBoat" in the United States. The company will begin a beta-test for its autonomous boat solution involving participants selected from visitors of an annual global boat show held in Miami. According to data released by market research firm Mordor Intelligence, the global recreational boating market which stood at $27.3 billion in
February 20, 2023 -
LG Electronics receives vehicle cybersecurity certificate from UNECE
SEOUL -- LG Electronics is seeking to strengthen its global competitiveness in the global automobile market by receiving Cybersecurity Management System (CSMS) certification. The certification allows the electronics giant to provide various components including infotainment systems mainly in Europe. The South Korean electronics maker said in a statement on February 20 that it has received a vehicle CSMS certification from the international certification testing organization, TUV
February 20, 2023 -
Manufacturing confidence improves for March, raising hope for economic rebound
SEOUL -- South Korea's manufacturing confidence for March improved for the fourth straight month, raising hope for a rebound in both exports and domestic demand, a survey by the Korea Institute for Industrial Economics & Trade (KIET) said February 20. The KIET-devised professional survey index (PSI) for the manufacturing sector's business conditions stood at 101 for next month, up from 90 for February. The index showed an upward movement for the fourth straight month.
February 20, 2023 -
Ticketing agencies Interpark and Triple to adopt luggage tracking service for first time
SEOUL -- Interpark, a popular online ticketing agency operated by South Korea's online leisure and accommodation service company Yanolja, and its brother company Triple will adopt a real-time airport luggage tracking service for the first time as a travel and leisure ticket seller in the country. According to Incheon International Airport, South Korea's main gateway, an annual average of 62.6 million luggage is processed at the airport and about two out of every one million
February 20, 2023 -
[Weekly Stock Market] Investors to focus on BOK's interest rate decision
SEOUL -- The benchmark Korea Stock Price Index (KOSPI) ended last week slightly lower closing at 2,451.21 points (-0.75 percent) pressured by higher-than-expected U.S. inflation and consumer data which all increased the likelihood
February 19, 2023 -
LG Chem acquires 5.7% stake in US lithium firm to secure material for EV batteries
SEOUL -- LG Chem, a chemical unit of South Korea's LG Group, has signed a deal with U.S.-based Piedmont Lithium to acquire a 5.7 percent stake in the latter for $75 million (96 billion won), the company said February 17. LG said that the contract is aimed at securing a stable supply of lithium, a key material for the production of electric vehicle batteries. Through the investment, LG Chem has won rights to preferential negotiations with Piedmont for the purchase of 10,000
February 17, 2023 -
State footwear tech institute commercializes new outsole production technique
SEOUL -- A joint research team led by a footwear technology institute operated by the trade ministry has developed and commercialized an outsole production technique that saves time and costs. Outsoles made using the technique is about 27 percent lighter than conventional soles. Normally, an outsole, the most-outer layer of a shoe foot sole, is manufactured through seven or eight steps that involve the molding, cutting, buffing, cleaning and drying of the rubbery layer before it
February 17, 2023 -
$115 million fund to be created to help develop low-carbon steel products
SEOUL -- The Ministry of Industry, Trade and Energy plans to create a 150 billion won ($115 million) fund jointly with domestic steelmakers to help them develop low-carbon products. The ministry announced the plan on February 16 as part of a steel industry development strategy to promote steelmakers' transition to a low-carton production structure. The creation of the fund is aimed at coping with the Carbon Border Adjustment Mechanism (CBAM) adopted by the European Union (E
February 17, 2023 -
SK geo centric to build plastic recycling factory in France's northeastern region
SEOUL -- SK geo centric, a chemical company affiliated with South Korea's SK Group, will jointly build a plastic recycling factory with SUEZ, a France-based water and waste management company, and Canadian plastic recycling company Loop Industries, in the northeast region of France. The factory with an annual production capacity of 70,000 tons will be completed in 2027. The construction project is in response to SK geo centric's agreement with the two companies in June 2022
February 17, 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