Naver Cloud, the cloud computing arm of Korea's IT giant Naver, said Friday it has teamed up with Philippine fiber optic internet provider Converge ICT Solutions to speed up digital transformation in the Southeast Asian country. Under the deal, the two sides agreed to collaborate to discuss ways to leverage Naver’s expertise to deliver innovative cloud solutions for the specific needs of Filipino customers. Converge is the fastest-growing broadband provider in the Philippines with a f

Korean Air is in talks with Sierra Nevada Corporation, the US aerospace and defense firm, to sell its five B747-8i jets in an apparent move to boost its operational efficiency ahead of its planned merger with Asiana Airlines. According to industry sources on Friday, Korean Air held a board meeting Wednesday and decided to sell the planes to Sierra Nevada. The deal, valued at about 918 billion won ($674 million), is expected to be completed by September 2025. Currently, the company owns nine unit

Daewoo Engineering and Construction has been showcasing its engineering prowess not only domestically but also internationally, winning a series of large-scale bridge construction projects. On home soil, Daewoo E&C constructed the Dongjak Bridge, the first combined railway and roadway bridge in South Korea in 1984. Since then, they have successfully completed numerous bridges, including the Gwangan Bridge, Cheonsa Bridge, and the Geoga Bridge, which features the country’s first underwa

LG CNS on Thursday opened its Gen AI Studio, a new venue for its corporate clients to experience business solutions using generative AI. The latest opening aims to offer systematic assistance to companies that seek to explore generative AI but find themselves uncertain about where to begin. Its programs, consisting of Gen AI Tour, Gen AI Discovery Workshop and Gen AI Prototyping, showcase potential applications of generative AI across industries and value chains. Companies can experience the pro

Korean shipbuilding giant HD Hyundai said Thursday that it has unveiled a prototype for its upcoming uncrewed surface vessel Tenebris at this week’s AI Expo for National Competitiveness in Washington, DC. The recent unveiling, a collaboration with US tech firm Palantir Technologies, comes after the two firms signed a memorandum of understanding in April to jointly develop an USV by 2026. Named after the Latin word for darkness, Tenebris is designed for reconnaissance missions in enemy prox

Switzerland's flag carrier Swiss International Air Lines inaugurated its direct flight from Zurich to Incheon on Wednesday, marking its entry into the Korean market. This marks the first time in 27 years that the airline has introduced flights to Korea since the suspension of the Gimpo-Zurich route in 1998. "The Zurich-Seoul route was a missing piece of our extensive global network," Markus Binkert, chief financial officer of Swiss International Air Lines said during a press confe

LG Display has started talks to sell off its last liquid crystal display manufacturing plant in China in an apparent move to focus on consolidating its leadership in the more advanced organic light-emitting diode display market. According to industry sources on Thursday, LG Display is discussing the issue with Korea’s Ministry of Trade, Industry and Energy as a pricey display plant is considered the nation’s strategic asset whose sales should be approved by the government. In a regul

Hyundai Mobis, the parts and service arm under Hyundai Motor Group, will construct a dedicated electric vehicle module plant in Ulsan, South Korea, with an investment of approximately 90 billion won ($65 million) and completion expected in late 2025. The company signed an investment memorandum of understanding with the Ulsan Metropolitan City on Thursday, with Ulsan Mayor Kim Du-gyeom and Hyundai Mobis CEO Lee Gyu-suk attending the signing ceremony. Located near Hyundai Motor Group's upcomi

Posco Group said Thursday that it was ready to resume the operation of its blast furnace No. 4 in Pohang, North Gyeongsang Province, at the end of June after months of refurbishment work. A blast furnace usually undergoes maintenance every 15 years, during which its operation is suspended to undergo thorough performance and safety checkups and facility upgrades. The No. 4 furnace, completed in 1981, underwent refurbishments in 1994 and 2010. The current third refurbishment started on Feb. 23 to

Korea, home to Samsung, SK, expected to take up 19% of global production, becoming No. 2 after China

Porsche Korea is participating in Art Busan 2024 as an official partner and hosting 'Salon de Panamera' at the Busan Exhibition and Convention Center through Sunday, the German automaker's local office said Thursday. Inspired by Europe's salon culture, the exhibition will showcase Porsche’s brand philosophy of continuous innovation integrated with the brand's unique design by presenting the new Panamera 4, the automaker's latest powerful sporting luxury sedan,

South Korea's SK Hynix has agreed to sell its nearly 50% stake in its foundry unit based in China to a Chinese state-owned enterprise, according to regulatory filings and media reports. SK Hynix System IC said in a regulatory filing that it plans to sell a 21.3% stake in its foundry unit in Wuxi to China's state-owned Wuxi Industry Development Group Company for 205.4 billion won ($150.81 million). In a separate filing, SK Hynix System IC said it will also sell its intangible assets,

Korean Air will sell five of its planes to US aerospace firm Sierra Nevada Corporation, the airline said in an exchange filing on Wednesday. Sierra Nevada recently won a $13 billion US Air Force contract to develop a successor to the E-4B Nightwatch, known as the Doomsday plane due to its ability to survive a nuclear war and act as a command and control centre during emergencies. Sierra Nevada did not immediately respond to a request for comment. The Korean Air planes being sold are four-engined

Takeshi Idezawa, CEO of the Tokyo-based LY Corp., the operator of the messaging app Line, said Wednesday that the company has requested its key shareholder Naver to sell stakes in an apparent move to cut the Korean firm’s control over its management. The decision comes as Naver is under growing pressure from the Japanese government to shed its ownership in Line, the popular app the Korean firm has nurtured over the past 13 years. Currently, almost 70 percent of the Japanese population is k

Government policy to focus more on creating favorable environment for large-scale investments