SK Inc., the holding company of South Korean conglomerate SK Group, said Wednesday it has signed an initial deal with a US hydrogen maker to set up a joint venture as part of efforts to bolster its clean energy business. The memorandum of understanding (MOU), signed with Monolith Materials Inc., aims to create a joint venture to produce green hydrogen and carbon black products in South Korea, the company said in a release. Monolith will provide the technology and training, and SK will oversee

South Korean drugmaker Celltrion said Tuesday that the company has submitted an application to the European Medicines Agency for approval of the sale of its anti-cancer biosimilar candidate CT-P16. CT-P16 is a biosimilar of Roche’s Avastin, an anti-cancer treatment that kills cancer cells by preventing the growth of blood vessels. Avastin, which can treat numerous cancers, including metastatic colorectal cancer, has been Roche’s bestselling cancer drug. The patents on Avastin, h

Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday pledged not to use drugs for any reason at a Seoul court, where he was tried for illegal drug use. He made the promise while attending the court hearing of his trial at Seoul Central District Court. He is accused of having illegally used propofol, a short-acting medication that results in a decreased level of consciousness. During Tuesday’s session, public prosecutors requested the court issue a fine of 70 million won ($58,400)

JTI Korea has released a new cigarette from its global tobacco brand MEVIUS, as part of efforts to expand its product lineup and provide more options for consumers. The new MEVIUS Sky Blue Longs has the same thickness as the existing MEVIUS Sky Blue, but comes with a 15-millimeter increase in length. The new product is designed for consumers who want a longer experience with MEVIUS‘ “unique soft taste” and “high product quality,” the company said Tuesday. The mov

For the proliferation of electric vehicles in South Korea, it is key to upgrade power systems installed at apartment buildings, the predominant type of housing in urban areas here, according to a recent study. Without significant improvement in residential buildings’ electricity capacity, the rush to install chargers at home parking spaces will entail blackout risks, the Korea Automotive Technology Institute said in its report published Tuesday. In August, the government said it would

Samsung Electronics started its mass production of the industry’s smallest 14-nano DRAM based on extreme ultraviolet technology. The South Korean tech giant announced Tuesday that the 5-layer memory product was made with the world’s most advanced technology currently in use. Samsung shipped the first samples of EUV DRAM modules to customers in March last year. The manufacturing process has increased wafer productivity by approximately 20 percent and reduced power consumption by

The Ministry of Trade, Industry and Energy said Tuesday it will host the Carbon Neutral Expo, Korea’s largest energy exhibition, from Wednesday to Friday at Kintex in Ilsan, Gyeonggi Province. Carbon Neutral Expo, Korea’s largest energy exhibition, consists of around 1,200 exhibition booths with 300 companies participating. The expo will be co-hosted with the Korea Energy Show 2021, which marks its 40th anniversary this year. A total of 297 organizations and businesses will partic

Organic light-emitting diode displays largely produced by South Korea’s leading panel makers LG Display and Samsung Display are being deployed in more devices, squeezing out cheaper liquid crystal displays at a remarkable rate. As the market for the thinner and more flexible display panels expands, Apple is planning to adopt OLED panels for its new iPad series scheduled for 2023 for the first time, industry sources said Monday. Apple has sourced OLED panels for iPhones from both LG and

LG Electronics is expected to report its highest-ever quarterly sales in the third quarter of this year, but a sharply lower operating profit due to provision expenses for a US recall. The South Korean electronics firm on Tuesday announced its earnings guidance for the July-September period -- 18.7 trillion won ($15.5 billion) in estimated revenue and 540.7 billion won in estimated operating profits. LG Electronics’ revenue exceeded a previous record set in the second quarter of this y

SK Telecom Co. said Tuesday its shareholders approved the company's plan to launch a non-telecom spinoff in the latest move to make aggressive investments in new tech and semiconductor businesses. The corporate restructuring -- the first since the company's foundation in 1984 -- is designed to split South Korea's largest wireless carrier into two, spinning off a new investment company as SK Square. "The main purpose of the company's spinoff is to maximize shareholder value," Park Jun

The first son of Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries Holdings Co. (HHIH), has been appointed the new CEO of the holding company, Hyundai Heavy Industries Group said Tuesday. Chung Mong-joon holds a 26.6 percent stake in HHIH, the holding company of the world's largest shipbuilding group, and his eldest son, Chung Ki-sun owns, a 5.26 percent stake in the company. The junior Chung, 39, has been also named the chief executive of Korea Shipbuilding & Offshore

S-Oil said Tuesday it will import blue hydrogen produced by Saudi Aramco to South Korea and establish a hydrogen ecosystem with consortium partners. According to the South Korean refinery, it will convert the blue hydrogen into ammonia and transport it to Korea. Saudi Aramco is the parent company of S-Oil’s major shareholder Aramco Overseas Company. The imported ammonia will then be cracked into blue hydrogen or be supplied without conversion to its consortium partners, including Samsu

Hyundai Motor is to open a self-driving technology test bed at its R&D Center to speed up development, the automaker said Tuesday. Hyundai Motor, South Korea’s biggest carmaker, said it has been setting up the infrastructure needed for researchers to try out different autonomous driving technologies at its Namyang R&D Center. Located in Hwaseong, Gyeonggi Province, the Namyang center is the main research institute for Hyundai Motor Group’s automotive affiliates, Hyundai an

Retail giant Shinsegae Group is in breach of the constitution over its workplace policy that prohibits employees from partaking in political activities, lawmaker Song OK-joo’s office said on Tuesday. Supermarket chain Emart has a workplace policy banning staff from distributing handouts or putting up banners and posters as well as staging a protest without permission from the company, a review of the company’s internal rules found. Rep. Song’s office found that a similar work

South Korea‘s top tobacco maker KT&G plans to build a forest as part of their efforts to help tackle the global climate crisis. The opening ceremony for the project took place last Wednesday with officials from KT&G, Eastern Province Forest Service and social enterprise Tree Planet. The new project is designed to contribute to carbon neutrality with trees planted to pull in carbon dioxide and fine dust, helping reducing greenhouse gas. Once the forest has been built, the plan wi