Hyundai Heavy Industries faces many obstacles to acquire state-funded Daewoo Shipbuilding & Marine Engineering as it has to win approval from around 30 nations, including its Asian rivals and European clients. When the world’s two biggest shipyards are merged, their combined market share will be 21 percent, and above all, the market share of liquefied natural gas carriers would reach 63 percent....

South Korea plans to turn the nation’s robotics technology into a 15 trillion-won ($13.3 billion) industry, with the aim of becoming the fourth-largest player in the world by 2023. “Traditional manufacturing sectors can be transformed into future industries by making use of robots,” said President Moon Jae-in at a briefing session on the nation’s robot development strategy at the headquarters of...

South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. “S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,...

South Korea needs to be ready for any implications associated with possible changes in US trade policy ahead of the US election next year, according to the Korea International Trade Association on Thursday. “This year is highly likely to be a watershed of the US trade policy that will determine the re-election of the President Donald Trump. Korean companies need to come up with countermeasures f...

South Korea is slated to set a goal of entirely shifting commercial vehicles -- including trucks and construction machinery -- to run on fuel cell energy by 2035 in its efforts to address serious fine dust problems, according to plans released by Transport Minister-nominee Choi Jeong-ho. Hydrogen-powered trains are also expected to be commercialized after 2025. The ministry’s plan was released o...

South Korean steelmaker Posco has launched a joint promotion on Wednesday to promote SsangYong Motor’s new sport utility vehicle Korando, by exhibiting them in its headquarters in Seoul. This promotion is part of Posco’s campaign “Business with Posco” aimed for mutual growth with its partners, clients and suppliers. On the day, Posco Chairman Choi Jeong-woo joined a test-drive event of SsangYon...

LS Cable & System said Tuesday it has launched cables capable of supplying shore-side electricity to vessels with the hope of replacing the conventional ways of power supply that results in air pollution. The cable is used to supply vessels anchored at a port with power from shore-side facilities. The firm hopes this will replace the conventional way of generating power, which is made during th...

Hyundai Motor Group said Tuesday it will invest $300 million in India’s largest ride-hailing platform Ola, its biggest investment so far. Under the agreement, Hyundai Motor, Kia Motors and Ola will collaborate on developing fleet and mobility solutions, as well as building India-specific electric vehicles and infrastructure, the firm said. Through the partnership, Ola drivers will get various f...

LG Electronics has partnered with Gwangju City to foster an industrial ecosystem focused on air quality, amid growing concerns over air pollution in South Korea, according to the government. Fostering such an industrial ecosystem is one of the government’s regional initiatives to stimulate the recovery of 14 regions that are facing industrial hollowing out. The effort will focus on the developme...

Posco Daewoo has decided to rebrand itself as Posco International during a general shareholders meeting, according to the trading arm of South Korea’s largest steelmaker Monday. The firm said the change of the name is aimed at shaping its identity as a global trading company, leading global business of Posco Group and raising the future valuation. “The launch of Posco International is an import...

South Korea’s largest 10 conglomerates held record-high cash reserves last year, as they earned more on thriving chip businesses but spent less on fears of a sluggish economic outlook. According to local corporate tracker Chaebul.com on Sunday, the nation’s 10 biggest business groups by assets had combined cash reserves of around 248 trillion won ($218 billion) last year, up 12.2 percent from 20...

Late on a Saturday afternoon, Itaewon was nothing like the way it is described in most Seoul tourism books. People could be seen walking down the street in sparse numbers. Stores were almost empty. Some had gone out of business and displayed “for rent” signs in their windows. Granted, this neighborhood is better known for its nightlife, but it was too quiet for a place once known as a “magnet” ...

The Korea Fair Trade Commission said Thursday it asked Google to change some of its terms and conditions related to copyright infringement, as the first competition authorities in the world to do so. Google’s video-streaming platform currently allows the firm to arbitrarily delete and reuse video posted by users. The antitrust watchdog said it is unfair that even if a user deletes his or her vi...

Under legislation passed Wednesday morning, anyone in South Korea can now buy a liquefied petroleum gas-fueled vehicle. Previously, only taxis and rental cars could use LPG fuel. The bill, proposed by Rep. Yoon Han-hong of the main opposition Liberty Korea Party and calling for the complete deregulation of LPG vehicles, passed during the plenary session of the National Assembly’s industry commit...

The Korean Fair Trade Commission chief is slated to share the nation’s competition policies and law enforcement with European nations during his seven-day trip to the continent this week. During his stay, Kim Sang-jo is slated to have a bilateral meeting with the European Union’s top antitrust official, give a keynote speech at the International Workshop on Competition Policy in Serbia and parti...