Daewoo Shipbuilding & Marine Engineering has obtained a 1.07 trillion won ($850 million) order to build four LNG carriers for a Qatari state oil firm, it said in a regulatory filing Tuesday. The order is the first batch of a $20 billion deal that three South Korean shipbuilders -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries -- had signed with Qatar in 2020. DSME said Tuesday that it will build the LNG carriers in the Okpo shipyard,

Mixer trucks are seen parked at a garage in Anyang, Gyeonggi Province, on Wednesday, the second day of the Cargo Truckers Solidarity strike. South Korean truckers, under the hard-line umbrella group Korean Confederation of Trade Unions, went on an indefinite strike a day earlier, demanding the expansion of the Safe Trucking Freight Rates System and an increase in freight charges.

The global market share of Korean-made battery electric vehicles (BEVs) and lithium-ion batteries shrank last year with greater competition from Chinese and German makers, according to a report released on Wednesday by a major business lobby group. Based on statistics from the International Trade Center, the Federation of Korean Industries (FKI) analyzed the changing landscape of the global BEV and lithium-ion battery industry which is growing at over 20 percent on annual average. BEVs refer t

South Korea stepped closer to establishing an industrial ecology for hydrogen, as revisions to a regulation defining how companies should use hydrogen and what types of government support they would be given for exploring the latest technology will be promulgated as early as this week. The revised hydrogen law involves certifying and defining clean hydrogen, selling and usage requirements of clean hydrogen, and regulatory support for the purchase and supply of hydrogen power. According to the

South Korean retail companies have been on a shopping spree recently, purchasing real estate in Seoul’s major commercial districts and preparing for new business development. According to data from the Financial Supervisory Service, on May 31 fashion company CreaS F&C finalized the purchase of 1,950 square meters of land and a 9,338-square-meter building in Nonhyeon-dong, within Seoul’s Gangnam-gu. Based on the deal worth 130 billion won ($103.6 million), the firm stated that

South Korean chemicals-to-materials firm SKC has inked a deal to sell its polyester film business to Seoul-based private equity firm Hahn & Co. for 1.6 trillion won ($1.27 billion) following a split-off, according to the firm’s regulatory filing Wednesday. The deal, involving operations in Korea, China and the United States and film processing unit SKC Hi-Tech & Marketing, is anticipated to reach closure before the end of this year, the filing said. All polyethylene film-related

SK Group said Wednesday its annual SK Global Forum will be held this week in San Jose, California, with some 30 company executives and local experts gathering to discuss the conglomerate’s future growth drivers. During the three-day event that kicks off Friday in the US, five affiliates -- SK Innovation, SK Telecom, SK hynix, SK Siltron and SK C&C -- will hold sessions to share their business plans and market trends. SK Innovation, the energy and materials unit, will offer a bluepr

Petrochemicals-to-battery materials company LG Chem has become the third most valuable chemical brand in the world, up a notch from a year earlier, data showed Wednesday. LG Chem’s brand value, estimated at $4.3 billion, followed that of Germany-based BASF and Saudi Arabia-based Sabic, according to London-headquartered consulting firm Brand Finance. LG Chem’s brand valuation rose over 19 percent compared to the estimate of the previous year. This is the highest point LG Chem has

Hanwha Q Cells, the solar solutions unit of South Korean conglomerate Hanwha Group, said Wednesday it is building a new solar power plant in the US state of Wyoming under an electricity supply deal with an energy firm. The power supply deal with an unidentified firm calls for Hanwha to supply electricity to an energy company at negotiated prices on a long-term basis, it said in a release. It did not provide other details about the contract. The construction of the 150-megawatt solar power plant

With the arrival of the coronavirus pandemic’s endemic phase, South Korea’s duty-free shops are starting to see their long-awaited business recovery with a growing number of group tours, industry sources said Tuesday. According to a Lotte Duty Free official, some 150 tourists from Malaysia shopped at the Myeongdong branch for an hour on Tuesday before returning to their country. “It’s the first time in two years since COVID-19 started that a group of over 100 tourists

Samsung Biologics has signed an intent letter for a contract manufacturing organization deal worth $81 million with multinational pharmaceutical firm Norvatis Pharma, the South Korean company announced Tuesday. According to the contract manufacturing giant’s regulatory filing, the two sides on Friday signed the initial contract, which is equivalent to 6.41 percent of the company’s annual sales of 1.57 trillion won ($1.25 billion) last year. It did not reveal which of Novartis&rsquo

Samsung chief’s two-week trip coincides with 29th anniversary of “New Management” declared in Frankfurt by his late father

LG Innotek said it has agreed to support some 200 partner firms’ efforts to improve their environmental, social and corporate governance. The electronic component maker signed a deal with the Korea Commission for Corporate Partnership to jointly develop ESG indexes for its partner companies, provide education, assessments and consulting services. The commission has signed similar agreements with 11 companies in chemicals and retail among others, and the one with LG Innotek was the first

Jeju Air, South Korea's biggest budget carrier, will provide cheap tickets, modernize aircraft and expand its business spectrum to secure its future growth in the post-pandemic era, its chief executive said Tuesday. As both domestic and international travel demands are slowly picking up, Jeju Air CEO Kim E-bae said the company has come to a point where it should make a decision on how to maintain its leading role in the low-cost carrier market. "As an LCC, our key competitiveness lies in

A hole-in-one should be a cause for rejoicing on the golf course, but the cost of such celebrations are driving more golfers to insure themselves against their own success. An ace can be costly in Korea, as the golfer traditionally pays for an after party, donates a commemorative tree, pays for a follow-up match and tips the caddies. Short-term golf insurance products that cover holes-in-one are becoming increasingly popular in South Korea. Samsung Fire & Marine Insurance, the insurance