South Korea received the second-largest amount of new shipbuilding orders in the first quarter of the year after China, with global shipbuilding orders plunging 71 percent amid the spreading coronavirus outbreak, industry data showed. 　South Korea won new shipbuilding orders totaling 360,000 compensated gross tons in the January-March period, accounting for 16 percent of overall orders around the globe totaling 2.33 million CGTs, according to the data from Clarkson Research Services. 　Ch

Asiana Airlines Inc., the country's second-biggest carrier, on Sunday announced self-rescue plans, such as extending unpaid leave for employees, to minimize the fallout from the coronavirus pandemic. Under the measure, all employees will be advised to take at least 15 days of unpaid leave each month until business circumstances normalize, the company said in a press release. The company also plans to ask flight attendants and domestic airport employees to apply for two-month paid leaves. To

The South Korean electronics sector is continuing to push through its original plans of business investment and expansion for 2020 despite the uncertainty cast by the COVID-19 pandemic. According to industry sources Sunday, the Korean electronics companies spanning batteries, displays and semiconductors are showing no signs of drawing back from their overseas plant construction timelines. On the semiconductors frontier, Samsung Electronics is aided by the Foreign Affairs Ministry as it talks

Posco International said Sunday it has sent 100 virus test kits that can run 10,000 tests to Myanmar, as part of its relief efforts for the COVID-19 pandemic. According to the company, it has successfully delivered the test kits developed by Korean firm BioSewoom to Myanmar’s Ministry of Health and Sports. The cost of 170 million won ($140,000) was shared by Posco International and its consortium partner companies -- Myanmar Oil and Gas Enterprise, Oil and Natural Gas Corp., Gas Autho

Although the COVID-19 crisis has dampened overall consumer sentiment, sales of home appliances remain strong, according to industry sources Sunday. With people spending more time at home to practice social distancing, home appliance sales are booming. The government’s subsidy program to support purchases of energy-efficient home appliances is also contributing to the sales growth. According to Lotte Himart, 10 home appliances categorized as energy-efficient saw combined sales go up b

As continued losses in the second quarter are expected for the aviation industry over COVID-19 pandemic, the South Korean government is expected to roll out an upgraded support measure for cash-strapped air carriers this week, according to the government sources on Sunday.  According to the government, the fifth round of emergency economic council meetings presided over by President Moon Jae-in is set to take place this week.  President Moon has been reiterating the need to support

SK Energy on Sunday announced plans to accelerate its digital reform to innovate the conventional oil refinery business. The subsidiary of SK Innovation, South Korea’s leading energy firm, said it has finalized three directions for the digital transformation of its business model. The company is seeking digital operational excellency, accompanied by a green and next-generation platform. SK Energy has decided to expand the smart plant system that combines artificial intelligence and

The United States International Trade Commission said Sunday that it has accepted a request from SK Innovation to review a high-profile case between the company and LG Chem concerning the alleged theft of trade secrets. The ITC said it would “review the initial determination in its entirety.” Previously, the ITC found that SK Innovation stole trade secrets about lithium-ion batteries for electric vehicles, in the process of recruiting former LG Chem employees since 2017. Publishe

Sales of the botulinum toxin product Meditoxin, from South Korean drugmaker Medytox, have been banned due to apprehensions about an unapproved ingredient, authorities said Friday. The Ministry of Food and Drug Safety said it will indefinitely suspend the manufacturing, selling and use of Meditoxin, adding that it was canceling its approval for Meditoxin products containing doses of 2, 4 and 6 milliliters. The ministry made the decision after the prosecution revealed the results of an investi

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SK E&S has sold its entire stake in a Chinese private gas company to prevent a liquidity crisis as demand in the energy market plunged since the global coronavirus pandemic. The energy unit of SK Group said it sold all of its 10.25 percent stake (535 million shares) in China Gas Holdings through a block deal on the Hong Kong Stock Exchange the previous day in a regulatory filing Friday. The sale price was 1.8 trillion won ($1.4 billion), 11.1 percent off the closing price of the contra

Capital spending by global chipmakers is expected to dip 3 percent on-year to $99 billion in 2020, with the industry remaining unscathed by the coronavirus outbreak so far, a market tracker said Friday. The expected decline comes after capital expenditures by Samsung Electronics Co. and other heavyweights fell 3 percent last year, the first on-year drop since 2015, according to IC Insights. Capex by three memory majors -- industry leader Samsung, No. 2 player SK hynix Inc. and US chipmaker Mi

Hyundai Motor is set to provide about 60 rooms in its human resources development center in Paju as temporary quarantine lodgings for people entering South Korea, the automaker said Friday. The facilities are places where people who enter the country without symptoms can stay until they are notified of the results of coronavirus tests. The company will also provide outdoor parking lots for the installation of test facilities. In March, Hyundai Motor Group provided two training centers in Gye

As oil prices continue to fall, airlines will not impose fuel surcharges on international and domestic airline tickets issued in May, according to the industry Friday. Fuel surcharges are imposed in steps when the average value per gallon (3.785 liters) of Singapore’s jet fuel is 150 cents and over. From March 16 to Wednesday -- the period that determines fuel surcharges for international routes for May -- the average price of Singapore’s jet fuel was $27.60 per barrel and 65.72 c

Apple will reopen its Seoul store on Saturday, the company said Thursday. The branch, located in Garosugil in Gangnam-gu, will be the first store outside of China to reopen. Apple previously closed all stores outside of China amid the viral COVID-19 pandemic, and hundreds of Apple Stores around the globe remain closed. “South Korea has shown great progress during the spread of COVID-19 and we’re excited to announce the re-opening of Apple Garosugil. We look forward to seeing our