Korean Air Lines Co. said Friday it has signed a five-year deal with Royal Dutch Shell plc. to purchase sustainable aviation fuel (SAF) from the British firm beginning in 2026 to help combat climate change. SAF is non-conventional aviation fuel derived from alternative raw materials, such as cooking oil waste, household waste and industrial waste gas. SAF has emerged as a key carbon reduction tool in the aviation industry to cope with global climate change as it may reduce carbon emissions by up

South Korean semiconductor chip wafer supplier SK Siltron announced Thursday that it plans to invest a combined 2.3 trillion won ($1.6 billion) over the course of five years until 2026. The capital will be used to increase the production capacity for its wafer plants in Gumi, North Gyeongsang Province. SK Siltron will also create 1,000 new jobs for its wafer plants. As part of the plan, SK Siltron's board on Thursday approved a 855 billion won spending plan to expand the production capacity fo

Volvo Construction Equipment is betting big on its first full-electric excavator ECR25 Electric to take the lead in the construction equipment industry’s nascent but promising transition toward electromobility, according to its Asian chief on Wednesday. “The Korean market already has developed telecommunications infrastructure, and rapidly accepted electric private vehicles during the last few years, so the market also seems to have great potential in case the government strongly sup

Business leaders and experts called for a more balanced approach to regulating the blockchain industry more effectively during a seminar hosted by the American Chamber of Commerce in Korea in Seoul on Thursday. Dunamu CEO Lee Sir-goo criticized the Korean government for putting too much regulatory focus on cryptocurrency assets and their trading even though they are just the “tip of an iceberg.” “We have the technology to provide platforms for token trading and we have the tech

A giant yellow rubber duck, created by Dutch artist Florentijn Hofman, sits on Seokchon Lake in Songpa-gu, southeastern Seoul, Thursday. The art installment, which has returned to Korea after eight years, will be on public display until Oct. 31.

  Hyundai Motor Group will supply 1,700 hydrogen fuel-cell cars to Jeju Island by 2030 as part of joint efforts to build a green hydrogen ecosystem in the country's resort island. A large green hydrogen production facility is planned to be built in Jeju by 2026. This would enable operations of hydrogen-powered vehicles on the island, according to the company, adding that it is working with Trade Ministry, Jeju Special Self-Governing Province, and Korea Southern Power Co. Currently, Jeju has

Corporations spent 1.9 trillion won ($1.3 billion) at golf clubs across the country last year, according to a study on company credit card spending released Thursday by the Golf Consumer Agency of Korea. The study, which was conducted based on data provided by Rep. Yun Chang-hyun’s office, revealed that 27.5 percent of all golf course sales in 2021, or 1.9 trillion won out of 6.9 trillion won, came from company credit cards. The proportion of company card payments among golf course sales h

South Korean retail-to-chemical giant Lotte Group said Thursday its overseas investment has exceeded 7 trillion won ($4.9 billion) this year. So far, the largest overseas project is Lotte Chemical’s Line Project, a $3.9 billion megasized petrochemicals production complex in Banten, Indonesia. It aims to produce 1 million metric tons of ethylene, 520,000 tons of propylene, 250,000 tons of polypropylene and other petrochemical products by 2025. The chemicals unit also plans to build its f

South Korean lithium-ion battery cell maker SK On and Australian mining company Global Lithium Resources have signed a two-year nonbinding agreement over the supply of critical materials for batteries used in electric cars. The two companies agreed to explore future business opportunities including the potential development of downstream battery-grade lithium assets for at least two years in western Australia. Under the agreement, SK On also pledged to support Global Lithium's capital rai

The Korea Enterprises Federation held a meeting with Chinese Ambassador to Korea Xing Haiming at a Seoul hotel on Thursday to discuss ways to further bolster economic ties between the two countries. KEF Chairman Sohn Kyung-shik and other business leaders representing major companies, including Hanwha, Doosan and Hyundai Motor, took part in the annual meeting that was launched in 2020. “Celebrating the 30th anniversary of their bilateral ties this year, South Korea and China are crucial par

Korean Air Lines Co., South Korea's national flag carrier, said Thursday there was a minor collision incident involving its aircraft and an Icelandair plane at London Heathrow airport. No injuries have been reported. The incident occurred during the departure of a Korean Air B777-300ER from the Heathrow airport. "During Korean Air flight KE908's taxiing operation to the runway, the aircraft's left winglet came into contact with Icelandair flight FI454 aircraft's tail rud

South Korea's business sentiment worsened for October amid high commodity costs and aggressive policy tightening in major economies, a central bank poll showed Wednesday. The business sentiment index (BSI) came to 79 for October, down three points from the previous month, according to the survey by the Bank of Korea (BOK). The BSI for manufacturers points fell seven points on-month to 75 and the index for non-manufacturing firms also decreased 1 point to 81. The fall is largely attributed t

Samsung Electronics’ smart home platform SmartThings has hit the 10 million mark in connecting devices and home appliances around the world as of Sept. 12, the South Korean tech giant said Wednesday. Launched in 2018, the app aims to connect small and larger appliances from refrigerators and washing machines to air purifier and dishwashers via smartphones. More recently, Samsung is increasingly teaming up with other brands to bolster connectivity. The number of connected devices has double

SEJONG -- South Korea’s policymakers on Wednesday unveiled their goal of taking up 12 percent of the global auto market and expanding the country's capacity in manufacturing electric vehicles with 3.3 million units a year, expressing its confidence in tackling concerns over US' inflation reduction bill. Setting a target of becoming the world's third-largest automaker, the government will “resolve regulatory barriers” and “offer tax benefits" to help local carmakers

Science Ministry unveils W1.32tr plan on AI technology; aims to double data market size to W50tr