LG Innotek said on Monday it is running an open audition program where its employees make proposals to explore new businesses. Employees of the electronic components supplier present their ideas to “i-Lab,” short for “innovation lab,” through video conferences, and get “likes,” questions and feedback from other employees on a real time basis. The 10 ideas that get the most “likes” will be reviewed by management, including the company’s chie

The presidential committee on carbon neutrality on Monday unveiled two upgraded policy road maps, including scrapping coal-fired power generation, to achieve South Korea's net-zero emissions goal by 2050. Presided over by President Moon Jae-in, the committee held its second general meeting in Seoul to review and approve agendas for the country's carbon neutrality and green house gas (GHG) reduction plans. In August, the committee announced a draft for three scenarios for the country's 2050 n

Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday. The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed. Market watchers said the gas prices may climb further as glob

SEONGNAM -- South Korea will kick off a biennial defense exhibition this week to showcase cutting-edge military hardware and technologies, including stealth fighters, hydrogen-fuel drones and laser weapons, organizers said Monday. The Seoul International Aerospace & Defense Exhibition (ADEX) will begin its five-day run on Tuesday at Seoul Air Base in Seongnam, just south of Seoul, as the security landscape in Northeast Asia is fraught with uncertainties stemming from a muscle-flexing China

South Korean stocks retreated Monday as investors attempted to cash in gains from the key stock index's three-day advance. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 8.38 points, or 0.28 percent, to close at 3,006.68 points. Trading volume was moderate at about 912 million shares worth some 10.5 trillion won ($8.8 billion), with losers outnumbering gainers 429 to 413. Foreigners bought a net 38 billion won, while institutions sold 4

Unification Minister Lee In-young on Monday stressed the need for talks with North Korea on the regime’s demand that the South drop its “double standards” as a condition of progress on inter-Korean relations.  During a parliamentary audit session, Lee responded to a question on whether Seoul could accept Pyongyang’s call for an end to what it called “double standards” -- meaning the way the South characterizes the firing of ballistic missiles by the Nor

GS Energy said Monday it will bring blue hydrogen produced by Abu Dhabi National Oil Co., the United Arab Emirates’ biggest energy producer, to South Korea as part of its environmental, social and governance efforts towards creating a hydrogen economy. According to the energy unit of South Korean conglomerate GS Group, the blue hydrogen will be extracted from natural gas in Abu Dhabi and brought to Korea in the form of ammonia. GS Energy will then use the ammonia as a fuel to generate ele

The annual KIAF Seoul closed Sunday, attracting a record number of visitors and sales during the five-day fair at Coex in southern Seoul. Marking its 20th anniversary, the fair has become the hottest festival in the country among art fans, attracting interest in art among the general public. Around 5,000 people visited on the first day of the “VVIP” opening, raising 35 billion won ($29.5 million) in sales, surpassing the total sales of 31 billion won in 2019 when the fair was held p

Police and fire officials searched the National Assembly complex in Seoul on Monday after a lawmaker's office received a bomb threat by phone, officials said Monday. According to police and parliament officials, an unidentified person made the call around 2 p.m., saying an explosive has been placed somewhere at the complex and a secretary of the lawmaker's office alerted security personnel there about the call. Dozens of firefighters and police officers, along with a bomb squad and 10 fire tr

  North Korea may resume long-range ballistic missile tests next year, the US Defense Intelligence Agency said, warning that the regime is unlikely to renounce its weapons of mass destruction as it believes they are critical to the country’s survival. 　 The DIA, which provides intelligence to the Defense Department, released a report Friday examining Pyongyang’s military program, strategy and intentions, stressing that the North will continue to pose a “critical security

The used phone upcycling program of Samsung Electronics has been chosen as an exemplary case of responsible business management. According to the mobile industry on Monday, the South Korean tech giant’s “Galaxy Upcycling at Home” program received the circular transition award at this year’s Reuters Responsible Business Awards. The award is an annual event that has been taking place since 2009 to acknowledge excellent sustainability business strategies. Samsung Electron

Former Foreign Minister Kang Kyung-wha on Monday met with the chief of an umbrella labor union and asked for support for her bid to become the next director general of the International Labour Organization (ILO). "I decided to run for the seat because I thought the experiences, career and the international network I have reasonably match the leadership credentials demanded by ILO," Kang said during her meeting with Kim Dong-myung, chief of the Federation of Korean Trade Unions. &quo

Stock-secured borrowing by the families of South Korea’s conglomerate founders amounted to almost 5 trillion won ($4.3 billion), led by managerial transfers and business restructuring, data showed Monday.  According to local market analysis company Leaders Index, as of October the nation’s 29 family-controlled conglomerates had received a combined 4.82 trillion won worth of loans backed by stocks in the groups’ affiliates, up 92 percent from 2.5 trillion in the first half

South Korea will reduce its greenhouse gas emissions by 40 percent from the 2018 levels by 2030, sharply raising its previous goal as part of efforts to curb the pace of climate change, President Moon Jae-in said Monday. Moon also confirmed that South Korea will achieve carbon neutrality by 2050, as the nation started tackling the challenge of responding to climate change and attaining sustainable growth simultaneously. The goal of cutting greenhouse gas emissions was sharply raised from 26.3

Korea opens COVID-19 vaccinations to 16- and 17-year-olds