War of nerves between Korean rivals already heating up in still nascent memory chip market

Foreign laborers account for nearly 15 percent of construction workers here, according to a local report Sunday. According to the Construction Workers Mutual Aid Association, the number of foreign construction workers came to 109,865 as of March this year, accounting for 14.8 percent of the total 741,698 workers at construction sites. Of them, 99,836 were men, up 4,147 on-year, while the number of women increased slightly to 10,029. The increase was fastest among workers in their 20s, with a 22.

Mercedes-Benz Korea said Sunday that a total of 11 South Korean college students have visited the carmaker’s facilities in Germany, including a smart factory in Sindelfingen and an AMG factory as part of an industry-university cooperation program, named Mercedes-Benz Mobile Academy. Since the program’s 2014 launch, more than 150 students have visited the European country. “I hope this year’s headquarters visit program will serve as a good referendum for the young traine

Amid Samsung-Apple dominance, Nothing Technology eyes No. 3 spot in Korean smartphone market

With full-electric Ioniq 5 N, carmaker aims to boost mass market appeal of high-performance cars

Korea Eximbank announced Sunday that it had signed a trilateral memorandum of understanding with Korea Trade Insurance Corporation (K-Sure) and Bank Gospodarstwa Krajowego from Poland to enhance economic and financial cooperation between the two countries. BGK, established in 1924 for the country’s economic and industrial development, is the sole state-owned bank in Poland that provides loans and operates and manages government funds. The signing event was held Thursday at BGK’s head

South Korea’s Ministry of Food and Drug Safety said Friday it has decided to allow companies here to retain their existing internal standards for the use of aspartame in foods and beverages, despite the assessment of a WHO agency concluding that the artificial sweetener is "possibly carcinogenic to humans." The International Agency for Research on Cancer announced Friday it has determined aspartame should be reclassified as a Group 2B carcinogen on the basis of limited cancer in

Kia’s manufacturing plant located in Anantapur, India, celebrated the manufacturing of its 1 millionth vehicle after four years on Thursday. Since setting up production in India in 2019, Kia has produced some 532,450 units of the compact SUV Seltos, accounting for the majority of those made there. Other vehicles produced there include 332,450 of compact SUV Sonet, 120,516 Carens and 14,574 of the Carnival minivan. At a ceremony celebrating the plant’s manufacturing milestone, executi

Korean private equity fund KDB-Consus Value has selected Hana Financial Group as the preferred bidder to acquire KDB Life Insurance, according to state-run policy lender Korea Development Bank on Thursday. Back in 2010, the PEF was established jointly by KDB and Consus Asset to buy a controlling stake in what was formerly known as Kumho Life Insurance -- now KDB Life Insurance -- for 650 billion won ($514.5 million). On July 7, the PEF accepted bidders who are willing to acquire a 92.73 percent

Daewoong Group subsidiary Daewoong Bio Inc. on Friday unveiled a vision to scale up its antibiotics business to 100 billion won ($79 million) in value, amid the slowing market for antibiotics. Daewoong Bio said it has invested 50 billion won to build a new plant for manufacturing Cephalosporin, or beta-lactam antimicrobials used to manage a wide range of bacterial infections, in Hwaseong-si, Gyeonggi Province. The firm's existing Cephalosporin manufacturing plant in Seongnam-si, Gyeonggi Pr

The official Starbucks Korea mobile application was hacked on Monday, resulting in the theft of approximately 8 million won ($6,300) from the in-app cards of some 90 customers. A recent post from someone on an online forum alleged that unauthorized payments worth a total of 2.8 million won were made in one day via their Starbucks app in 11 separate transactions, both online and in-store. "A payment of 300,000 won was made online from my account linked to the Starbucks app, then an additiona

South Korean shipbuilder Hanwha Ocean Co. was selected Friday as the preferred bidder to build two next-generation frigates for the country's Navy, sources said. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co., edged out domestic rival HD Hyundai Heavy Industries Co. in the bidding for the Navy's fifth and sixth Ulsan-class frigates with enhanced anti-submarine and anti-air capabilities, according to the industry and military sources. It marks the first time for

Hyundai Motor CEO Chang Jae-hoon (left) and Till Wartenberg, head of N brand, pose for a photo next to the Ioniq 5 N, the carmaker’s first all-electric high-performance car, at the unveiling event held during the Festival of Speed in Goodwood House, West Sussex, England, Thursday. The first electric variant of the N brand boasts 487kW of power and 770Nm of torque, equipped with advanced features such as an 84 kWh high-power battery pack and a heat control system specifically designed for

Hunetplus, a next-generation semiconductor and display materials company, said Thursday that it has successfully developed a deposition mask for OLED display panel fabrication using organic and inorganic hybrid materials. Conventional deposition masks used in OLED displays, also known as fine metal masks, are metallic plates that deposit light-emitting organic materials to an accurate location on a substrate during the OLED display manufacturing process. By doing so, they ensure the precise depo

Steel giant aims to become global top 5 in production capacity, No. 1 in profitability