With 80 workbays and over 130 technicians, Seongdong Service Center reigns as largest among auto importers in S. Korea

SK Energy, a leading oil company under SK Innovation, said Sunday it has opened the country's first hydrogen charging station for large cargo trucks in Ulsan, an industrial city on the southern coast. With the charging capacity of 80 kilograms per hour, the hydrogen fueling station can charge 16 passenger cars per hour or 40 large trucks a day. Of the 7 billion won ($5.3 million) joint investment with the Korean government and Ulsan city, SK Energy shelled out 1.3 billion won to build a 1

The average unit price for Korean car exports hit an all-time high of $21,276 last year, thanks to the popularity of ecofriendly cars and recreational vehicles, data from the Korea Automobile Manufacturers Association showed Sunday. The price is a 40.5 percent jump from $15,147 in 2017. Last month, the average unit price reached $22,515. In 2022, the auto export volume surged on-year by 12.7 percent to 2.3 million units, while the total export price jumped 18 percent to $48.9 billion. The figu

HD Hyundai said Sunday it will sponsor the 29th Dream Concert slated for May 27 in Busan, a competing candidate for World Expo 2030. This iconic K-pop concert, which has been sponsored by the shipbuilder since 1995, will take place in Busan for the first time to support the Expo bid. This year’s concert will be the official closing event for the World Climate Industry Expo in May. The photo shows the Dream Concert that took place in Jamsil, Seoul, last year.

Jungheung Group Vice Chairman Jung Won-ju met with Vietnam's Binh Duong Provincial People's Committee Chairman Vo Van Minh to discuss potential investment in the Vietnamese region. During the meeting at the headquarters of Jungheung subsidiary Daewoo Engineering & Construction on Thursday, the city asked for investment from Daewoo E&C, as Binh Duong is planning infrastructure and smart city projects along with new city development. "Vietnam is the most important hub of Dae

Consumer appliances giant has set Asia as strategic region

South Korea has temporarily suspended the Kori-2 nuclear reactor for safety inspections and improvements required to extend its operations, its operator said Sunday. The No. 2 reactor at the Kori Nuclear Power Plant, located in Busan, 325 kilometers southeast of Seoul, was halted at 10 p.m. Saturday upon the expiry of its 40-year permission to operate, according to the Korea Hydro & Nuclear Power Co. The industry ministry earlier said that the suspension was inevitable as the process to exte

South Korea's exports of instant noodles jumped 14.3 percent on-year in the first three months of 2023 to reach the highest figure for any first quarter ever amid the growing popularity of the Korean culture, data showed Sunday. The country exported $208 million worth of instant noodles, or "ramyeon" in Korean, in the January-March period, up from $181.93 million a year earlier, according to the Korea Agro-Fisheries and Food Trade Corp. It is the first time that the first-quarter

Foreign Minister Park Jin visited Hyundai Motor's factory in the southern Indian city of Chennai, as part of his trip celebrating the 50th anniversary of diplomatic relations between Seoul and New Delhi, South Korea's foreign ministry said Sunday. According to the ministry, Park met with Hyundai Motor workers and toured the plant Saturday. Park thanked them for helping improve bilateral ties between South Korea and India by creating more than 9,000 jobs and developing auto and other re

LG Electronics said Friday it predicted its first-quarter operating earnings at 1.5 trillion won ($1.14 billion), which will likely be the company’s second-highest profit for the January-March period, outpacing Samsung Electronics' financial result for the first time in more than a decade. In its earnings guidance, the consumer electronics giant estimated its January-March operating profit will likely fall 23 percent from a year ago. The operating income exceeded the local analyst con

Hyundai Card said on Friday that global rating agency Fitch revised its outlook on the Hyundai Motor Group's credit card unit to positive from stable while retaining its credit rating at BBB. It is the card company's first revision from the ratings firm in 11 years, as its rating and outlook had stayed at BBB stable since July 2012. In a rating action commentary released on March 30, Fitch attributed the rating upgrade mainly to Hyundai Motor Group -- the parent company of Hyundai

Financial authorities and prosecutors jointly raided tech giant Kakao Corp. on the suspicion that it participated in stock price manipulation during its takeover of K-pop agency SM Entertainment. The Financial Services Commission on Thursday sent a team of 40 investigators to Kakao and its affiliate Kakao Entertainment in Pangyo, Gyeonggi Province to seize internal documents and other related data. Authorities are looking into the possibility that Kakao violated the Capital Markets Act when

South Korea posted a current account deficit for the second consecutive month in February, central bank data showed Friday, as the country's raw material imports grew while outbound shipments continued to slump. The current account balance in February saw a deficit of $520 million, after logging the biggest-ever deficit of $4.21 trillion in January. When looking into the data in more detail, the trade balance for goods posted a deficit of $1.3 billion, marking a $5.65 billion decrease com

Samsung Electronics said Friday it was cutting its chip production to a “meaningful level” after reporting a worse-than-expected 96 percent plunge in its quarterly operating profit estimate amid the global chip downturn. “We’re adjusting to a lower memory production at a meaningful level centering on products that have secured enough inventory to respond to future demand, in addition to optimizing line operations that are already underway,” the company said in a sta

Upon arrival in Korea last week, an on-site inspection delegation from the Bureau International des Expositions (BIE), the regulating body of World Expos, paid a visit to Gwanghwamun, central Seoul, to look around a slew of exhibition booths set up by the nation’s top conglomerates. LG Group operated a huge booth, titled "Better Future for All with LG," where diverse technological innovations were showcased to impress the BIE delegation and express Korea’s strong will to ho