Biden’s visit gives big boost to securing clients and suppliers in the US for new chips

South Korean robotics maker Rainbow Robotics said Monday that it recorded 3.6 billion won ($2.8 million) in sales in the first quarter this year, up 182 percent on-year.  The Korean robot maker said the local market’s demand for collaborative robots that work with humans has pulled up its sales, as well as increased exports of its device that tracks certain targets with accuracy to the global market. Its operating profit came to 600 million won.  Collaborative robots assist hu

South Korean furniture and home appliance brand Coway said Friday that it has launched a new customizable bed frame product to reflect consumer trends shifting towards personalization. The product, Coway My Frame, allows consumers to customize the bed’s color, height and design. They can choose from a wide range of color and style combinations for the bed frame‘s headboard and sideboard, according to the furniture maker. Customers can alter the design later to accommodate lifestyl

Posco said it will supply 2,100 tons of hot-rolled steel material to be used in a hyperloop, or a high-speed transportation system where pressurized vehicles travel through a low-pressure tube, at a test facility in the Netherlands. The steelmaker said it will begin supplying the PosLoop355, specially developed to be used for the hyperloop tube, to Hardt, the Dutch company that is building the European Hyperloop Center, from next month. The PosLoop355 absorbs vibrations at 1.7 times the rate o

South Korean vaccine maker SK Bioscience Co. said Monday it has secured a $31.3 million deal from the Pan American Health Organization (PAHO) to supply chickenpox vaccines to Latin American countries. SK Bioscience said it has recently delivered its first batch of shipments of SKY Varicella, the company's chickenpox vaccine introduced in 2018, to Central and South American countries through PAHO. SK Bioscience said it won the deal from PAHO in February. PAHO is an international public healt

Biden’s choice of S. Korea as first destination of Asia trip shows US’ dire need of bilateral effort to achieve ‘economic security’

Lotte World Tower, the world’s fifth-tallest building, located in Jamsil, Seoul, is illuminated with images of US and Korean flags and messages welcoming the US president during his three-day visit to Korea. President Joe Biden left Sunday afternoon for the second leg of his Asia tour.

South Korean carmaker surprises with combined $10.5b investment in US

Hyundai Steel has signed a memorandum of understanding with the Korea Institute of Energy Research to push for comprehensive cooperation on technologies in the energy and environment sectors with the goal of leading the steel industry’s movement towards carbon neutrality. According to the South Korean steelmaker, Hyundai Steel CEO Ahn Dong-il and KIER President Kim Jong-nam attended the MOU ceremony held at the KIER in Daejeon on Friday. The two sides agreed to work together to develop

SK ecoplant, the engineering and construction unit of South Korean conglomerate SK group, has partnered with Malaysia’s state-operated waste management firm Cenviro to expand its environmental business in the global market. 　 SK ecoplant inked a share purchase agreement on Friday with Malaysian sovereign wealth fund Khazanah Nasional to acquire 30 percent of Cenviro shares. The Malaysian waste management company is wholly owned by Khazanah Nasional. Cenviro built Malaysia’s first

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later in the day for his three-day state visit for summit talks with President Yoon Suk-yeol. His planned meeting with the Hyundai Motor chief comes amid reports that the South Korean auto giant will announce a $7 billion inv

South Korea's Hyundai Motor Group said Saturday it will invest US$5.54 billion to build a dedicated electric vehicle and car battery manufacturing plant in the United States to further solidify its electrification push in the world's most important automobile market. The announcement comes as US President Joe Biden is visiting South Korea as part of his first trip to Asia amid ongoing tension with China and continued provocations from North Korea. Hyundai Motor Group plans to start constructi

Moda Moda extending sales network connecting US, China and Japan

S-Oil Chief Executive Officer Hussain A. Al-Qahtani on Friday apologized over the explosion of its refinery in Ulsan, about 415 kilometers southwest of Seoul, and promised to take all measures possible to prevent such incident from happening again. “I would like to express my deepest condolences and apologies to the deceased who lost his life from an incident in S-Oil Onsan Refinery and to his family. My apologies also go out to the injured workers and local residents close to the refine

General Motors on Friday named Roberto Rampel, current president of GM Technical Center Korea, as president and CEO of GM Korea. Rempel, an engineering specialist, will start his term on June 1 when his predecessor Kaher Kazem leaves for his new role as executive vice president of SAIC-GM in China. GM expressed high hopes for the new CEO in winning more customers in both domestic and exports markets, and improving the overall competitiveness of GM’s Korean operations. “The GM K