Dutch chip equipment giant's new W240b facility in S. Korea to be completed by end of 2024

SK Geocentric, a chemical materials unit of South Korean conglomerate SK Group, said Tuesday it had secured loans worth 475 billion won ($358 million) from global banks, in recognition of the company's future plans for its environmental, social and governance initiatives. SK Geocentric held a signing ceremony for a three-year agreement for sustainability-linked loans with five global financial institutions: France's BNP Paribas, Agricultural Bank of China, Bank of China, Japan's M

To commemorate its 40th anniversary, South Korean clothing manufacturer Hansae is preparing to take a leap forward with its textile business by undertaking an efficient and sustainable working process, according to the company on Tuesday. "We aim to have the company reach one hundred years by discovering new growth engines with a creative and innovative corporate culture," said Kim Ik-hwan, vice chairman of Hansae. As part of its aim to work under a more efficient production process, t

Korean Air Co. said Tuesday that Britain's antitrust regulator has expressed concerns over its planned integration with smaller local rival Asiana Airlines Inc., citing monopoly worries on routes between the two countries. In a statement released Monday, Britain's Competition and Markets Authority said the buyout of Asiana by Korean Air could lead to higher prices for passengers flying between London and Seoul, as well as impacting air cargo services. "Korean Air and Asiana Airlin

Hyundai Motor Group on Monday unveiled a new ambitious plan to build an ecosystem for advanced air mobility (AAM), including flying cars and related infrastructure, in Indonesia’s new capital city of Nusantara that is currently under construction. The Korean auto giant signed a memorandum of understanding with the Nusantara National Capital Authority for the new project on the sidelines of the B-20 Summit Indonesia 2022, which is taking place in Bali this week. Earlier this year, the Ind

South Korea’s Fair Trade Commission chief hinted Monday at tighter scrutiny of local platform operators like Kakao that enjoy an almost monopoly status. Referring to the recent nationwide meltdown of Kakao services following a fire at its main data center, FTC Chairman Han Ki-jeong said there is a need to effectively correct the adverse effects of monopoly power. “We will be revising regulations that hinder innovative companies from entering the online platform market and also regula

Business leaders seek cooperation, partnership opportunities for $500b Neom project

South Korean researchers have developed a portable virus killer that uses ultraviolet rays to take out COVID-19 in a second, the Korea Railroad Research Institute said Monday. According to the KRRI, the newly developed anti-virus equipment weighs 1.8 kilograms, making it easy for workers to carry it around public transportation such as subways and trains. As the UV ray-using virus killer does not have a risk of fire or leave residue, the KRRI said it can be used for disinfection work in places w

Jeju-grown golden kiwis also aim high to reduce dependence on New Zealand's Zespri

All-new Grandeur seeks to renew competition with younger sibling Genesis

South Korean food and beverage giant SPC kicked off a new safety management committee on Monday as part of follow-up measures in response to the recent death of a young employee at its affiliated bread-making factory. According to the food giant, the new committee will supervise industrial safety, working conditions and social responsibilities across the facilities of all SPC subsidiaries, and alert the company of potential accidents. SPC said it will guarantee the committee’s autonomy, st

More than half of new Porsche cars to be fully electric or plug-in hybrid by 2025

SK Group said Sunday it is ramping up efforts to bolster the role of outside board members in a way to help its board of directors play a more active role as the top decision-making body and elevate corporate value ultimately. After giving them more authority like evaluating CEO performance, the chip-to-energy giant said it is launching new measures to boost the board’s expertise and prowess across affiliates. Currently, SK Inc., the holding unit, has a nine-member board consisting of four

Hyundai Motor to work with PT Adaro Minerals Indonesia Tbk for stable aluminum supply

Local dairy companies suffer double whammy of slowing demand, soaring costs