Taxi fares have experienced their most significant on-year surge since the 1997 Asian financial crisis, causing commuters like Kim Jung-ah, an office worker in Gangnam, Seoul, to feel the financial strain. Kim, who currently has a cast on her leg, relies on taxis for her daily commute to work, a journey that typically takes 10 to 15 minutes. “I spend around 8,000 to 9,000 won just for the short 10-minute ride to my office,” Kim said. "If I had the option, I'd seriously cons

BYD draws largest crowd during press day at IAA Mobility 2023

Hanwha Group Vice Chairman Kim Dong-kwan (second from left) speaks to Polish President Andrzej Duda (third from left) during the MSPO defense trade show held in Kielce, Poland, Tuesday. During the booth tour, the Polish leader was briefed on Hanwha’s diverse defense technologies, including the 30,000-ton Jangbogo-III Batch-II submarine. (Hanwha Group)

SK Ecoplant, the construction and energy arm of SK Group, signed a memorandum of understanding with Posco International on Wednesday with an aim to foray into the European market with recycled plastic technology. On Tuesday, the companies secured their partnership at SK Ecoplant’s headquarters in central Seoul. Under the agreement, the two companies will cooperate on providing raw materials for recycled plastic, including the Recycled Polyester chip (RPET), to the Europe market. Made from

KT Corp. said Wednesday that it discussed bolstering its partnership with Canada's Vector Institute, a nonprofit firm dedicated to artificial intelligence research, to advance its latest AI technologies. The two parties have already been collaborating in the area of AI research and business development since its partnership agreed in September last year. On Tuesday, Vector Institute CEO Tony Gaffney visited KT’s R&D center in Seocho-gu, Seoul, during which more concrete steps were

LG Electronics CEO Cho Joo-wan (right) visits the exhibition booth of Canadian auto parts maker Magna at IAA Mobility, one of the world's largest automotive trade shows, in Munich on Tuesday. The Korean tech giant said the CEO discussed various ways to bolster its partnership in electric vehicle parts with Magna Powertrain President Diba Ilunga. "In alliance with Magna, we'll strengthen our position in the global electronics market and proactively address the future of mobility, i

Major South Korean defense companies have showed off tanks, guided weapons and other key weapons systems at an annual arms exhibition under way in Poland, as they seek to solidify their presence in the European country on the back of successful deals signed last year. The 31st International Defense Industry Exhibition, or MSPO, got under way Tuesday for a four-day run in Kielce, Poland, after South Korean companies secured major deals last year to supply K2 tanks, K9 self-propelled howitzers, FA

SK Enmove, the lubricant-making unit of SK Group, on Tuesday unveiled its new ZIC e-FLO brand to expand its presence in the burgeoning energy-efficient fluid market for electric vehicles and data centers. The new strategy builds upon ZIC's legacy as a pioneering lubricant brand in Korea, evolving its range to focus on power efficiency, driven in part by the industry's broader shift toward sustainable energy solutions. "ZIC's vision now extends beyond traditional engine oils,

DHL Express Korea, the South Korean unit of the international express logistics service provider DHL Express, said Tuesday it started the full-fledged operation of a high-tech logistics terminal in Incheon after completing a three-year expansion project that has boosted cargo handling capacity threefold. The global logistics firm invested 131 million euros ($141 million) to renovate and expand the DHL Incheon Gateway in 2019 in order to transform the facility into the largest logistics gateway i

South Korean energy firm GS Caltex and the country's flag carrier Korean Air said Tuesday that an aircraft using biojet fuel aimed at decreasing the aviation industry's carbon footprint was scheduled to take off toward Los Angeles. During a pilot operation ceremony at Incheon Airport on Tuesday, Kim Chang-soo, GS Caltex's executive vice president and director of Mobility & Marketing; Cho Sung-bae, Korean Air's senior vice president of procurement; and representatives from

Siemens Korea VP confident of German firm's tech integrating automation, software

Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer house mortgage loans. KakaoBank and K-Bank account for 2 percent of the total ho

IRA tax credits not blank check, experts warn

Tech giant makes its motor show debut, together with Samsung SDI, Samsung Display

Large glass roof will be applied to 4 cars on new, electric-first platform