South Korean home appliance maker Coway said Sunday it has been expanding its eco-friendly management in 2022 through clean energy and environment preservation projects. Coway has been installing solar energy plants on the rooftops of its facilities since 2013. Most recently it began construction of a solar power plant in October on the roof of its global sleep technology subsidiary iOBED’s plant in Paju, Gyeonggi Province. The solar plant will begin operation in the first half of 2023, an

Jeep’s electric SUV offers electric, hybrid and e-save modes for drivers

The number of international flight passengers exceeded domestic travelers for the first time since the onset of the coronavirus pandemic in 2020, data showed Sunday, with the figure still remaining at half the pre-pandemic levels. According to data from the Ministry of Land, Infrastructure and Transport, the number of international flight passengers was 3.08 million in November, while the figure for domestic flight passengers was 2.85 million. It was the first time the country saw the number of

Samsung, SK hynix to enjoy 8% tax break on home soil, compared to 25% offered by US

South Korean steelmaker Posco and local gas containment equipment manufacturer Energyn have localized the production of hydrogen storage tanks, according to Posco on Sunday. Hydrogen storage tanks are used to store highly compressed, gaseous hydrogen in electric vehicle charging stations. Currently, US-based global provider of gas containment equipment FIBA Technologies dominates Korea's hydrogen storage tank market. However, Energyn, a Korean producer of various modules for hydrogen chargi

Cumulative imported vehicle registrations in South Korea have exceeded 3 million units, as a growing number of customers purchase foreign brands instead of local ones, government data showed Sunday. The number of imported car registrations had reached 3.17 million, or 12 percent of the country's overall car registrations of 25.46 million, as of the end of November, according to the Ministry of Land, Infrastructure and Transport. In 2011, the country's import car registrations stood at

SKC Co., a chemical materials unit of SK Group, said Sunday it will present a range of key products, including a semiconductor glass substrate, battery-grade copper foil and bioplastics, at an upcoming US tech exhibition next week. The glass substrate, considered a "game changer" in semiconductor packaging, will be unveiled to the public for the first time at the Consumer Electronics Show due to take place in Las Vegas from Jan. 5-8, SKC said. SKC is investing up to $600 million to bui

Lee Jae-yong wears a Samsung brand publicly for the first time

South Korean battery giants -- LG Energy Solutions, Samsung SDI and SK On -- are expected to see a combined sales of some 50 trillion won ($39 billion), marking a record-breaking year amid burgeoning demand for electric vehicles overseas. LG Energy Solutions’ revenue this year is estimated to surge on-year by 41.4 percent to 25.2 trillion won, according to data from market tracker FnGuide. Net profit would skyrocket 95.3 percent to 1.5 trillion won, surpassing the 1 trillion won mark for

Celltrion announced Friday that it completed submission of a biologics license application for subcutaneous version of biosimilar to anti-inflammatory medicine Remicade the US drug regulator. CT-P13 SC, or Remsima SC, is Celltrion’s subcutaneous formulation of the company’s infliximab biosimilar referencing Johnson & Johnson’s rheumatoid arthritis treatment Remicade. CT-P13 SC is the world’s first SC formulation of biosimilar infliximab, which has earned sales approva

LegoChem Biosciences, a South Korean drug company, announced on Friday that the company signed a technology transfer agreement with US multinational biopharmaceutical company Amgen to transfer antibody-drug conjugate technology. The contract could potentially be worth 1.6 trillion won ($1.2 billion), the Korean firm stated in a public disclosure. ADC is a medicine that can deliver highly potent chemotherapy agents to kill cancer cells. Under the contract, LegoChem Biosciences will transfer an an

South Korean defense company Korea Aerospace Industries said Friday it signed a 302 billion won ($235 million) deal with Korea’s Defense Acquisition Program Administration to provide light armed helicopters (LAH). Under the contract, KAI will supply the South Korean military with 10 LAH units starting in December 2024. The deal also requires KAI to provide integrated product support, including training for first-time operators and a maintenance float. The KAI LAH is the second domestically

Prosecutors questioned the chairman of Hankook Tire & Technology Co., the nation's leading tiremaker, on Friday over alleged unfair intra-affiliate trading. The Seoul Central District Prosecutors Office brought in Cho Hyun-bum for questioning as part of an investigation into the alleged violation of a law that bans unfair business practices among the group's affiliates. The investigation came after the antitrust regulator decided to impose a fine of over 8 billion won ($6.2 million

SK Group Chairman Chey Tae-won painted a gloomy outlook for the semiconductors industry, but predicted the downturn will not last long, as chip cycles have tended to grow shorter. “In the long run, semiconductors have always gone up and down, and recently, semiconductor cycles have become very short. In the old days, it took three years, but these days it seems to be shortened to one year,” said Chey, who also serves as the chairman of the Korea Chamber of Commerce and Industry,

Samsung Bioepis and Chong Kun Dang are expected to launch their biosimilar versions of Lucentis, an age-related macular degeneration, or AMD, medicine sold by Novartis and Roche, according to industry sources as reported in local media on Thursday. AMD is an eye disease that can blur a patient's central vision. In terms of sales, the local market for AMD medicines is estimated to reach around 32 billion won ($25 million) as of last year, while the global market is estimated to be worth 4.4