All four financial firms bolstered their reserves following pressure from President Yoon Suk Yeol to prepare for a future financial market slowdown

Posco Group's general trading arm Posco International said Thursday the company has seen a significant improvement in terms of performance, according to its first quarterly earnings report released since merging with Posco Energy on January. In a regulatory filing, Posco International said it recorded 8.3 trillion won ($6.1 billion) in sales from January to March, a 16 percent decrease from the same period from a year earlier. However, the company added that it generally saw a jump in its p

South Korea’s second-largest steelmaker Hyundai Steel on Wednesday disclosed its roadmap for carbon neutrality, dubbed “Pathway to Green Steel,” with an aim to achieve net zero by 2050. For its mid-term goal, the company renewed its commitment to reducing direct and indirect carbon emissions by 12 percent by 2030. “Advanced countries around the world are focusing on securing an earlier edge in the climate sector and protecting their own industries,” said Hyundai Ste

South Korean steelmaker Posco Group said Thursday that it has teamed up with German industrial giant Siemens to enhance the competitiveness of the steel industry during their meeting in Seoul, Tuesday. Posco Vice Chairman Kim Hak-dong and Siemens CEO Roland Busch held the meeting to strengthen mutual cooperation between the two groups and find new business opportunities. Siemens is Europe's largest engineering company pushing for business in a range of fields including factory automation, e

No. 1 memory chip maker eyes rebound in Q2, pinning hopes on production cuts to elevate profitability

WASHINGTON--President Yoon Suk Yeol met with Tesla CEO Elon Musk on Wednesday and asked for his investment in a gigafactory in South Korea, a presidential official said. The meeting took place at Musk's request during Yoon's state visit to the United States, according to senior presidential secretary for economic affairs Choi Sang-mok. Yoon said South Korea boasts world-class manufactured robots and an advanced labor force, making it an ideal location to run a gigafactory. "Shou

Shinsegae DF and Hotel Shilla were selected Wednesday as new duty-free operators at Incheon International Airport, the Korea Customs Service said. Shinsegae and Shilla were awarded licenses to operate duty-free shops in DF 1 zone and DF 2 zone, respectively, for 10 years starting from July. The shops sell perfumes, cosmetics, alcohol and tobacco. Five companies, including Hyundai Department Store Duty Free, Lotte Duty Free and China Duty Free Group, competed for the rights to run duty-free store

Kia vows to boost China sales by launching new EV every year until 2030

The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development. The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden. The agreement is the first of its kind signed betwe

  Business leaders from South Korea and the United States signed dozens of non-binding deals and discuss ways to enhance cooperation in semiconductors, future vehicles and clean energy on Tuesday. During President Yoon Suk Yeol's state visit to the US marking the 70th anniversary of the US-South Korean alliance, two events hosted by the Federation of Korean Industries – the Korea-US Business Roundtable and the Korea-US Business Forum were held at the US Chamber of Commerce in Washingt

Hyundai-SK On, Samsung SDI-GM announce big spending plans to beef up battery production

The SDX Foundation chairman warned that innovative changes to our old perception of the climate crisis must occur within the next 10 years, or it will be impossible to prevent catastrophic consequences. “Although our generation only worked hard for our family and society, the outcome has unfortunately led to passing on a deteriorated environment to our children,” said SDX Foundation Chairman Jhun Ha-jin, 65, during a ReWorld Forum in Seoul on Wednesday. “Due to this unfortunate

Renault Korea’s new QM6 SUV is more than just your typical SUV -- it is also equipped with the much-loved perks of a sedan. SUVs are usually known to offer a less comfortable riding experience compared to sedans due to the bigger tires causing higher road impact. With an improved power train, reduced noise, an upgraded exterior and additional convenience features, Renault’s QM6 presents a solution to this issue by keeping the performance and capabilities of an SUV while incorporating

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Wednesday that a collaborative research team supported by KGC and Konyang University has found a potential mechanism to reduce cognitive decline in Alzheimer's disease in red ginseng polysaccharides. Alzheimer's is the most common type of dementia, which occurs when amyloid beta, a proposed cause of Alzheimer's, aggregates and accumulates in the brain. Konyang University’s Research Institute for Demen

South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma