While South Korea’s two battery makers continue to war over battery technology patents, a key, common client has decided to migrate to a new type of electric vehicle battery, in an apparent flight to a more stable supply market. Volkswagen, the world’s No. 1 automaker, announced Monday plans to power up to 80 percent of its electric vehicles with prismatic batteries from 2023, signaling a farewell from the pouch-type ones it currently sources from LG Energy Solution and SK I

Burger chain reports 7% growth in 2020; vows to use more domestically produced ingredients, hire 500 new full-time employees this year

Back in ’90s, aspiring total energy solutions provider even built its own electric vehicles to test batteries

The state-run Korea Water Resources Corp., also known as K-water, pledged Tuesday to adopt an environmental, social and corporate governance framework to reform the way it operates. In a discussion with private experts, influencers and green activists on how water can reverse climate change, K-water CEO Park Jae-hyeon revealed that the company had joined the Renewable Energy 100, a global initiative to source 100 percent of the electricity that businesses consume from renewable energy source

Daewoo Shipbuilding & Marine Engineering Co. said Tuesday that it has signed a 265 billion-won ($234 million) deal to build three liquefied petroleum gas (LPG) carriers. Under the deal with a European company, Daewoo Shipbuilding will deliver the 91,000-cubic meter LPG carriers by October 2023, it said. With the latest order, the shipbuilder has obtained orders worth $1.79 billion to build 19 ships, representing 23 percent of its 2021 order target of $7.7 billion. (Yonhap)

The global capacity of liquid crystal displays (LCD) is likely to fall in 2023, a report showed Tuesday, as major South Korean display panel makers will exit from the business dominated by Chinese players. Samsung Display Co. and LG Display Co. -- South Korea's top 2 players -- have announced they will scale down their LCD businesses, with the former pushing its migration to quantum-dot displays, while the latter expands its organic light-emitting diode production. Such moves are expected to d

South Korea's ICT ministry said Tuesday a 12-inch semiconductor wafer test bed was established here in line with the country's efforts to boost development of homegrown chip technology. Previously, the absence of the test bed had led many local small and medium-sized chip component companies to rely on overseas testing facilities, according to the Ministry of Science and ICT. The country's major chipmakers, such as Samsung Electronics Co. and SK hynix Inc., require evaluations of chip componen

T'way Air, a South Korean low-cost carrier, said Tuesday it will begin introducing three A330-300 chartered planes late this year to prepare for the post coronavirus era. T'way Air plans to inject the three A330-300s into mid- and long-haul international routes to Kyrgyzstan, Australia and Croatia, the company said in a statement. The budget carrier has 27 B737-800 chartered planes and currently serves six international routes and six domestic routes. It served 47 international and three domes

The founder of South Korea's top mobile messenger operator Kakao Corp. said Tuesday that he will donate half of his wealth -- currently estimated to be more than 10 trillion won ($8.9 billion). "Through this pledge today, we commit to give more than half of our wealth back to society during our lifetime," Kim Beom-su said in a message posted on the website of the Giving Pledge. Giving Pledge, created by Bill and Melinda Gates and Warren Buffett, is a global campaign by the world's we

Samsung Display Co., a major display maker in South Korea, said Tuesday it targets to expand its presence in the gaming display market with its OLED panels for smartphones. Samsung Display said its 6.78-inch OLED panel is used in Asus' Republic of Gamers (ROG) Phone 5 launched last week, and it aims to sell more OLED displays to those who make gaming IT devices. "With more people practicing social distancing by staying at home, the number of online gamers has surged, and end-product manuf

Samsung Electronics Co. said Tuesday it has been selected as the sole vendor to supply 5G network equipment and solutions to a Canadian telecommunications firm. Under the deal with Saskatchewan Telecommunications Holding Corp. (SaskTel), Samsung will provide the Canadian company with the 4G/5G radio unit, massive multiple input, multiple output (MIMO) radio technology, network virtualization software and maintenance services. The South Korean tech giant said it is also the first time that the

Samsung Electronics Co. was the third-largest vendor of wearable devices in the fourth quarter of 2020, a market report showed Tuesday, amid soaring global demand for wearbles despite the pandemic. The South Korean tech giant shipped 13 million units of wearable devices in the October-December period, up 20.5 percent from a year earlier, although its market share dropped to 8.5 percent from 9 percent a year ago, according to the latest report from market tracker International Data Corp. (IDC).

The South Korean unit of Google Inc. has decided to lower its planned commission rate for app developers, parliamentary and industry sources said Monday, amid complaints from software makers over steep fees. Google Korea reported to parliament's committee on science and technology that it will cut the 30 percent rate on in-app purchases to 15 percent for app developers whose annual sales generated from its Play store are less than US$1 million, according to the sources. The new policy will take

With de-facto chief Lee Jae-yong in jail, drama appears to be brewing ahead of Samsung Electronics’ upcoming general shareholders meeting, amid growing calls for improved checks and balances within its corporate governance system. In a new blow to the current management led by the jailed executive vice chairman and son of the late Samsung Chairman Lee Kun-hee, a proxy adviser recommended voting against the reappointment of three outside directors. But the National Pension Service, the

Kia Corp., South Korea’s second-largest carmaker and an affiliate of Hyundai Motor Group, on Monday revealed the design of the EV6, its first all-electric model to use the group’s exclusive electric vehicle platform, ahead of the global unveiling slated for later this month. The EV6 is notable for the electric-global modular platform, or E-GMP, and will also be the first electric vehicle launched since Kia Motors changed its name to Kia Corp. The car’s defining feature, a