A building housing Samsung Electronics Co.'s Ukraine operation was damaged following Russia's missile attack on Kyiv on Monday, officials said. Earlier in the day, Russia shelled several cities in Ukraine, including Kyiv, leaving at least five dead in the capital city alone, according to news reports. An official from Samsung Electronics confirmed that some of the building's windows were shattered following the attack, although a missile did not directly hit the location but landed some 150 m

Hanwha Engineering and Construction will withdraw from the 14 trillion won ($10.1 billion) Bismayah New City construction project in Iraq as the Iraqi government has failed to make payment. According to Hanwha E&C on Monday, its parent firm Hanwha Corp. informed the Iraq National Investment Commission last Friday it would revoke the contract due to the outstanding construction cost payment. The revocation comes into effect in three weeks. In May 2012, the firm had won the development project

With the Korean won falling sharply against the US dollar, cross-border shopping on US platforms has become less attractive to Korean shoppers in a peak season that includes Black Friday in the US, sources said Monday. According to Statistics Korea data, transaction volume of cross-border shopping from the country to the US increased on-year by a mere 6.4 percent to 512.3 billion won ($358.9 million) in second quarter. Last year, the figure had spiked 25.7 percent compared to 2020. Noting that l

ULSAN -- A green transition of Ulsan Industrial District, home to oil refineries, petrochemical plants, auto manufacturing facilities and shipbuilding sites, is crucial to alleviating the cost of carbon emissions and keeping the products' competitive edge in the global market, an Ulsan high-ranking official told reporters on Thursday. "Ulsan is now focusing on how it can diversify energy sources for the industrial complex," said Noh Dong-wan, director-general of innovative industry bu

LG says automation at Changwon plant has decreased employee burnout

Steel-to-chemical material firm Posco Holdings and lithium-ion battery cell manufacturer LG Energy Solution signed a more comprehensive agreement for electric vehicle battery material supply, the companies announced Monday. Based on the nonbinding agreement signed on Friday, Posco Holding is to ink a long-term deal to supply cathode materials and anode materials to LG Energy Solution before the end of 2022, according to South Korea's largest battery cell maker by batteries supplied to cars.

SK hynix vows 'utmost efforts' to get US license while Samsung remains mum

South Korea's antitrust regulator, the Fair Trade Commission, is likely to go through an organizational reform to enhance its role in investigating antitrust cases and while focusing less on policy formulation, related ministries said Sunday. The plan set to be carried out by the end of this year, would have the agency focus more on regulating unfair practices, they said. Currently, the FTC is consists of a committee and a secretariat. The committee is the decision-making body that has nine

  The first-ever expo for electric and autonomous driving agricultural machinery will be held from Nov. 8 to 10 in Jeju, according to the expo organizing committee Sunday. Officially titled ‘IEVE : The 1st Electric and Autonomous Agricuture,' the expo is co-hosted by the International Electric Vehicle Expo, Korea Global EV Association Network, Jeju Special Self-Governing Province and the Korea Agricultural Machinery Forum. The expo organizing committee appointed Oh Young-hun, governor

LG Electronics said Sunday it has supplied autonomous robots to two locations of shopping mall chain Aeon in Japan. The multipurpose customer service robots, branded as the LG CLOi GuideBot, have recently begun operating in Aeon malls in Toki, a suburb of Nagoya, and Narita, 60 kilometers east of Tokyo, according to the South Korean tech giant, without specifying dates. The robots feature two 27-inch flat-panel displays with touch-screen functions at the front and the rear side. They can also co

Hanwha Aerospace Co., an aerospace business unit of chemical-to-financial conglomerate Hanwha Group, has been selected as preferred bidder for South Korea's space rocket-upgrading project, the company said Friday. Hanwha Aerospace beat the country's sole aircraft manufacturer Korea Aerospace Industries Co. (KAI) in the 300-billion won ($213 million) project spearheaded by state-run Korea Aerospace Research Institute (KARI), the company said in a statement. "Hanwha Aerospace will c

Duty-free shops eye Southeast Asia, use Hallyu marketing to attract broader consumer base

SEJONG -- The nation’s rice output is projected to decrease by 78,000 tons in 2022 on-year in the wake of a curtailed rice paddy size as well as shortage in rainfalls, Statistics Korea said Friday. According to the state-run agency, rice production nationwide will likely decline by 2 percent on-year from 3.88 million tons in 2021 to 3.8 million tons in 2022. The size of rice paddies is estimated to have contracted by 0.7 percent from 7,320 square kilometers (732,000 hectare) to 7,270 squ

Falling chip prices, oversupply dampen chipmakers’ earnings outlook

Energy-to-construction conglomerate GS Group said Thursday it has signed an agreement with South Korea's top steel maker Posco to establish a joint venture for battery recycling business to create synergy in the rapidly expanding industry. Named Posco-GS Eco Materials, the joint venture will be 51 percent owned by Posco Holdings and 49 percent owned by GS Energy. It will be established within this year. Posco and GS said they saw new business opportunity amid shifting industry ecosystem and