The government said Thursday it will launch a system to monitor some 20 key raw materials, such as magnesium and tungsten, to ensure stable supplies and prevent the recurrence of a crisis similar to the urea solution supply crunch. The "early warning system" for the designated raw materials is aimed at prioritizing the supply management of materials highly dependent on imports so as to prevent shortages. The system intends to expedite the process in which the government takes necessa

Posco on Thursday unveiled Korea’s largest walkable art installation named Space Walk in the southeastern port city of Pohang, where the company is based. The 333-meter curved steel track that looks like a roller coaster stands in the city’s Hwanho Park, and the Pohang steel mill, Youngil Bay and Youngildae Beach can be seen while walking on it. Some 317 tons of steel, all produced by Posco, were used to create the sculpture by German artists Heike Mutter and Ulrich Genth. Space W

The music video of Blackpink’s “As If It’s Your Last” surpassed 1.1 billion views on YouTube on Thursday, according to label YG Entertainment. 　 The band now has four music videos -- including those of “Ddu-du Ddu-du,” “Kill This Love” and “Boombayah” -- that reached the milestone, the most for a K-pop artist. 　 “As If It’s Your Last” came out in June 2017 as a single and the dance number was included in YouTube&rsquo

Energy company GS Caltex and leading chemical firm LG Chem are jointly developing technology to mass produce eco-friendly raw materials, the firms announced Thursday. The top officials of the two companies met at LG Science Park in Seoul to sign a joint development agreement aimed at developing and mass producing a biodegradable plastic material called 3HP (Hydroxypropionic acid). 3HP is an eco-friendly substance produced through microbial fermentation of glucose and amorphous glycerol. It i

South Korea’s Shinhan Financial Group Chairman Cho Yong-byoung was elected as a member of the Leadership Council, under the United Nations sustainability initiative between the organization and the global finance sector, the firm said Thursday. The United Nations Environment Programme Finance Initiative was created in 1992 between the UNEP and the financial sector to better encourage the adoption of sustainability in financial institutions around the world. So far 450 global financial in

Samsung Electronics Vice Chairman Lee Jae-yong poses with Noubar Afeyan, co-founder of Moderna, at the headquarters of Flagship Pioneering, a biopharmaceutical investment firm invested by Afeyan in Cambridge, Massachusetts, Tuesday.  Lee discussed cooperation measures for the COVID-19 vaccine with the Moderna co-founder, as Samsung Biologics is currently bottling Moderna’s vaccine at its plant in Songdo, Incheon, Samsung said.

 Samsung Electronics unveiled its strategy to strengthen the foundry industry ecosystem as it announced new design tools and technologies crucial for 3-nanometer process for its foundry customers at a forum on Thursday. At its third annual Samsung Advanced Foundry Ecosystem forum held online, the chipmaker‘s foundry unit said it has also secured over 80 electronic design automation tools and technologies optimized for semiconductor design infra and package solution. It is pivotal

Hanwha Solutions said Thursday that the company has invested $160 million in securing low-carbon photovoltaic materials amid a growing demand for renewable energy in the United States. The energy affiliate of South Korean conglomerate Hanwha Group said it agreed to purchase a 16.67 percent stake in REC Silicon for $160 million. The investment will make the Hanwha company a co-leading shareholder of the polysilicon manufacturer along with Aker Horizons, a Norway-headquartered investment fir

Hyundai Livart’s first smart furniture production plant and distribution center has begun operations, according to Hyundai Group’s furniture arm Hyundai Livart on Thursday. Located in Yongin, Gyeonggi Province, the 85,950-square-meter Smart Work Center hosts an automated furniture production plant and massive distribution facilities. It is the first smart furniture factory not only in Korea, but in all of Asia, the company said. The smart factory is controlled by an IT system t

South Korea saw the highest number of new COVID-19 cases since the start of the pandemic Thursday, just 17 days into its return to normal scheme. The Korea Disease Control and Prevention Agency said 3,292 cases were registered in the preceding 24 hours, exceeding the 3,000 mark for the second day in a row. The previous one-day record was 3,270 cases on Sept. 25, in the aftermath of Chuseok holiday season. The new all-time high comes as the country takes its first step toward normal life, wit

By Myung-Soo Hong, Professor of Law, Myongji University The trade ministers of South Korea and the US are meeting in Seoul for the first time in 10 years on Nov. 18, 2021. During the meeting, it is expected that various economic and trade related pending issues will be discussed. One of the issues which may be discussed is the Korea Fair Trade Commission’s ongoing review of the possibility of designating US corporations and individual US citizens as the “same person” (i.e., h

Renters in posh Seoul neighborhoods struggle to stay afoot as housing boom pushes rents to extreme -- but lure of social status remains powerful

BUSAN -- South Korea’s largest gaming convention, G-Star kicked off in Busan Wednesday, showcasing the latest games and technologies by major game-related firms from both home and abroad. Arguably the biggest exhibition held since the “living with COVID-19” scheme took effect earlier this month, G-Star put in its utmost effort to be an example of a successful offline event. G-Star 2021 is a hybrid online-offline event with the participation of leading gaming and tech firms