Ukrainian leader seeks South Korea's reconstruction assistance in nuclear energy, resources, defense industry

Ukrainian President Volodymyr Zelensky has requested South Korea's cooperation in nuclear power, resource development and the defense industry as part of reconstruction efforts of the war-ravaged country, Seoul officials said Saturday. A delegation of government officials and business representatives who visited Kyiv this week to discuss South Korea's potential involvement in reconstruction projects, estimated to be worth around 1,200 trillion won (US$902 billion), returned home Saturd

Sept. 16, 2023

SK hynix did not supply chips to Huawei: vice chairman

SK hynix Vice Chairman Park Jung-ho said Friday his company stopped doing business with Huawei Technologies Co., following US chip sanctions against China in 2020 and has not supplied semiconductors to the Chinese smartphone maker. Last week, the chipmaker said it opened an internal investigation into how its memory chips ended up in a new smartphone made by Huawei, after Bloomberg News reported that the South Korean chipmaker's DRAM -- LPDDR5 -- and NAND Flash memory are used in the Chin

Sept. 15, 2023

[Photo News] SK chief inspects chip cluster

SK Group Chairman Chey Tae-won (right) inspected the construction process at chip-making affiliate SK hynix's Yongin Semiconductor Cluster in Gyeonggi Province, upon his visit to the site with the latter's CEO, Park Jung-ho (left) on Friday. Calling it the "most thoroughly and strategically planned project" in SK hynix history, Chey asked for the utmost efforts in the cluster's success. With a 120 trillion won ($90.3 billion) investment, the world's second-largest m

Sept. 15, 2023

McDonald's Korea introduces kiosks for visually impaired customers

McDonald's Korea said Friday that the company has upgraded its self-service kiosks for visually impaired customers at 15 stores located in Seoul. The company said the new kiosks come with new keypads and headphone jacks, through which visually impaired users can connect their headphones and browse the menu. The 15 stores have been selected based on their proximity to welfare institutions, education institutes and job centers for visually impaired people. McDonald's Korea noted that t

Sept. 15, 2023

Posco Holdings to boost EV battery value chain integration

Posco Holdings said on Friday it has reduced its dependence on China by strengthening the integration of its electric vehicle battery value chain that covers mining and refining minerals, manufacturing materials and recycling batteries. “It’s almost impossible to be a top-tier firm in the battery materials business without the vertical integration of manufacturing,” said Nam Sang-cheol, head of the research and development division at Posco Holdings, during the Korea Advanced B

Sept. 15, 2023

Musinsa kicks off preview show for 2024 spring-summer collection

Musinsa, the largest online fashion platform in South Korea, has kicked off a preview event that showcases local fashion brands' collections for spring-summer 2024, the company said Friday. Under the title of “24ss Musinsa Season Preview,” the company will showcase over 200 products designed by 30 local brands at Musinsa Terrace Seongsu and Musinsa’s three separate offline studios in the Seongsu-dong neighborhood in eastern Seoul. Musinsa's latest event has been organ

Sept. 15, 2023

EcoPro vows to accelerate closed-loop EV battery recycling

South Korean battery materials manufacturer EcoPro said Friday it will boost its closed-loop electric vehicle battery recycling business amid rising concerns over battery waste disposal. Closed-loop recycling refers to the process that can convert a used product back into raw materials to create a new version of the same product. EcoPro operates a battery recycling value chain called Eco-battery Pohang Campus in North Gyeongsang Province where its six subsidiaries -- EcoPro CnG, EcoPro Innovatio

Sept. 15, 2023

S. Korea's economic slowdown to ease on improving exports: finance ministry

South Korea's economic slowdown appears to be gradually easing on signs of a recovery in exports, the finance ministry said Friday, although volatility in global raw material prices is a threat. "The economic slowdown has seen some relief due to the improving trend in exports, including semiconductors, along with the recovery in consumer sentiment and employment," the Ministry of Economy and Finance said in a report. The country's exports fell for the 11th consecutive month i

Sept. 15, 2023

Seoul shares open higher amid hope for Fed's rate hike pause

South Korean stocks started higher Friday as US economic data cemented bets the Federal Reserve will keep its key interest rate unchanged next week. The benchmark Korea Composite Stock Price Index rose 6.78 points, or 0.26 percent, to 2,579.67 in the first 15 minutes of trading. All three US stock indexes rallied Thursday (US time) as strong economic data, including retail sales and producer prices, fueled expectations over a pause in the Fed's rate hike march. Also, the US consumer price i

Sept. 15, 2023

Inflation set to ease in Oct. amid oil price woes: finance minister

South Korea's inflation is anticipated to begin slowing down next month amid lingering woes over soaring oil prices, the top economic policymaker said Friday. "This year, the country's consumer prices are continuing on a path of decline," Finance Minister Choo Kyung-ho said during a government meeting ahead of the Chuseok holiday. He said the country still needs to be vigilant as risks, including higher global crude prices, linger. The Dubai crude price, South Korea's be

Sept. 15, 2023

[Graphic News] S. Korea’s lipstick exports set to hit new record in 2023

South Korea’s exports of lipsticks are anticipated to hit a new record in 2023, the customs agency said, on the back of increasing demand, as people have taken off face masks around the globe. The outlook came as exports of the products reached a record high of $198 million over the January-July period, soaring 63.5 percent on-year, according to data compiled by the Korea Customs Service. The agency said the sharp growth came as social distancing measures were eased around the world, with

Sept. 15, 2023

Samsung secures upper hand in patent fight against BOE

Samsung Display has gained an upper hand in its legal fight over patent infringement against its Chinese rival BOE Technology, as the US trade agency backed the Korean firm's claims. On Monday, the US International Trade Commission, an independent, quasi-judicial federal agency, upheld all interpretations of Samsung’s claims in its five patent infringement cases against the Chinese firm. The latest pretrial order comes after a hearing in June to examine eight technical terms with diff

Sept. 14, 2023

Posco teams up with CF Industries to produce blue ammonia in US

Posco Holdings said Thursday that the company has agreed to cooperate with CF Industries, the world's largest ammonia producer, to co-produce blue ammonia in the US. CF Industries operates ammonia manufacturing plants across the US and Canada, with an annual manufacturing capacity of around 9 million metric tons. Under the agreement signed in Seoul earlier in the day, Posco Holdings and CF Industries will work together on a blue ammonia project in Louisiana. The two companies will build a n

Sept. 14, 2023

Seoul shares rally to hit more than 1-week high on eased rate hike woes

South Korean stocks jumped more than 1.5 percent to hit a more than one-week high Thursday as investors were boosted by the latest US inflation data that would tone down the Fed's hawkish view on interest rates. The local currency increased against the US greenback. The benchmark Korea Composite Stock Price Index gained 38.19 points, or 1.51 percent, to finish at 2,572.89, the highest since Sept. 5, when the index finished at 2,582.18. Trading volume was moderate at 406.1 million shares wor

Sept. 14, 2023

S. Korea becomes EU’s 7th-largest source of imports: KITA

South Korea has risen to become the European Union's seventh-largest source of imports in the first four months of this year, eclipsing Japan and Russia for the first time, according to the Korea International Trade Association on Thursday. The value of the EU's imports from Korea climbed 10.7 percent on-year from January to April while the European trade bloc’s total imports dropped 8.6 percent during the same period, a report released by KITA showed. Its imports from Korea in t

Sept. 14, 2023

FTC chief vows strict scrutiny over platform monopolies

SEJONG -- Fair Trade Commission Chairman Han Ki-jeong on Thursday vowed that the antitrust regulator will continuously make efforts to promote fair and innovative competition in the fast-evolving digital market, while closely monitoring platform monopolization. “As the paradigm shift to the digital economy is expected to proceed rapidly, we’ll strive to establish institutional foundations for the digital market,” Han said in a press conference held at the Sejong Government Comp

Sept. 14, 2023

[Photo News] Apgujeong gets green light for face-lift

Apartment complexes are seen in Apgujeong-dong, Gangnam-gu, Seoul, Thursday. A city construction commitee under the Seoul Metropolitan Government passed a revision to relax reconstruction regulations placed on aging apartment complexes in the wealthy neighborhood. With the passage of the plan, obsolete buildings can be rebuilt as high-rise complexes with 50-plus floors. (Yonhap)

Sept. 14, 2023

LG Chem teams up with Italy's Eni SM for Korea's first integrated biofuel plant by 2026

South Korean chemical giant LG Chem said Thursday it is teaming up with Eni Sustainable Mobility, the Italian renewable fuel specialist, to build a hydro-treated vegetable oil (HVO) plant by 2026. They plan to finalize the investment decision by 2024 following a thorough feasibility analysis covering technical and economic aspects. The biorefinery is expected to have a production facility with an annual output of nearly 300,000 metric tons. This facility is slated to be located at LG Chem's

Sept. 14, 2023

Hanwha Aerospace to test out uncrewed vehicle for US military bid

Hanwha Aerospace said on Thursday that its multipurpose uncrewed vehicle, Arion-SMET, will be tested at a US Marine Corps facility in Hawaii in December for potential integration into the US Army. This marks the first time a Korean-made vehicle of this type will undergo such testing. It is part of Hanwha's efforts to solidify its stature in the global aerospace and defense market by 2030. The testing follows Hanwha's recent contract with the US Department of Defense to join the Foreign

Sept. 14, 2023

DS Dansuk to finish new biodiesel refinery next year

Resource recycling company DS Dansuk held the groundbreaking ceremony of its new Hydrotreated Vegetable Oil refinery in Pyeongtaek, Gyeonggi Province, Wednesday, the firm said Thursday. Aiming to finish the construction by next July, the second-generation biodiesel refinery is an extension of the company’s first biodiesel plant in Pyeongtaek. DS Dansuk will invest 35.7 billion won ($27 million) in the construction, the company said. The ceremony was attended by about 70 employees, includin

Sept. 14, 2023