Samsung Heavy Industries Co. said Monday that it plans to appeal a British arbitration ruling that ordered the South Korean shipbuilder to return money received from Swedish company Stena for a shipbuilding deal. The London Court of International Arbitration (LCIA), one of the world's leading arbitral institutions, ruled Friday that Samsung Heavy should refund prepaid money and accrued interest worth 463.2 billion ($409.7 million) to Stena, Samsung Heavy said in an emailed statement. The court

The Korea International Trade Association (KITA) said Monday it has won a new contract in Vietnam to operate a newly built convention center in Vietnam, in line with its efforts to revitalize its virus-hit exhibition business and penetrate deeper into Southeast Asia. Under the agreement, KITA and its convention business arm, the Convention & Exhibition Center (COEX), will operate Vietnam's largest convention center located in Binh Duong, just north of Ho Chi Minh City, for the next three ye

Samsung Electronics Co. said Monday it will release a new 5G budget smartphone in South Korea this week to expand its dominant status on home turf. Samsung said the Galaxy A42 5G smartphone will be launched here Friday with a price tag of 449,900 won ($400), the cheapest among 5G smartphone models sold in South Korea. The A42 5G was already released in select markets in Europe and Southeast Asia last year. The latest smartphone, equipped with a 6.6-inch display, comes with a rear quad-camera

SK hynix Inc., South Korea's No. 2 chipmaker, said Monday it has begun mass-production of a mobile DRAM that offers the industry's largest capacity. SK hynix said 18-gigabyte low-power double data rate (LPDDR) 5 is in mass production and that the company supplied its very first products to Asus' gaming smartphone, the Republic of Gamers 5. The world's largest DRAM producer said its latest chip will be ideal for premium smartphones to support high-resolution games and videos. The company expect

LG Innotek Co., a major electronics parts maker in South Korea, said Monday it has joined hands with Microsoft Corp. to better expand its presence in the 3D sensing component market. Under the partnership, the two sides will collaborate on the development and supply of Time of Flight (ToF) modules dedicated for Microsoft's cloud platform Azure. A ToF module is a core 3D sensing camera component that can recognize three-dimensionality, spatial information and movement of an object by using the

ITC says fault clearly with SK Innovation, but political lobbying may prevent early resolution

S-Oil said Sunday it has purchased a 20 percent stake in advanced hydrogen fuel cell developer Fuel Cell Innovations. According to the South Korean refinery, the strategic investment will allow S-Oil to become the biggest shareholder of FCI and secure technologies for next-generation solid oxide fuel cells, or SOFCs. Compared to conventional fuel cells, SOFCs have a competitive edge in price, as they use nickel as a catalyst, instead of platinum, to generate electricity. They can also turn m

Kim Dong-kwan, the heir apparent of South Korea’s defense-to-finance conglomerate Hanwha and the mastermind behind its advancements in the solar power industry, will lead the group’s space satellite business, the group said Sunday. The 37-year-old chief executive of Hanwha Solutions and the eldest son of Hanwha Group chairman Kim Seung-youn will head aerospace task force “Space Hub,” which will comprise key personnel and engineers from Hanwha affiliates. The move fo

  An employee looks at works created by local artists on display at a lobby area of SK Telecom’s headquarters building in central Seoul. The South Korean telecommunications firm said Sunday that the company would continue installing artwork there to support local artists who have been deprived of opportunities to introduce their works amid the COVID-19 pandemic. (SKT)  

The South Korean government will discuss with providers of online services to set up detailed guidelines for the country’s “Netflix Law,” industry sources said Sunday. The Ministry of Science and ICT will hold a meeting this week with officials from Google, Facebook, Netflix, Naver, Kakao and Wavve. The companies are expected to use the session to clarify terms in the revised Telecommunications Business Act, which could potentially disrupt their business activities in the

Philip Morris Korea’s manufacturing director talks being a woman in the tobacco industry in celebration of International Women’s Day

Antitrust watchdog seeks to impose more responsibilities on e-commerce retailers

SK Innovation Co., South Korea's leading refiner, said Sunday it will sell its stake in US shale oil mines to a local glycerin company as part of its business reorganization strategy. SK Innovation said its US affiliate SK E&P America will finalize the deal this month to sell its entire stake in shale gas mines in Oklahoma and Texas and related facilities to Texas-based BenchMark Energy Corp. The company didn't provide the value of the deal. SK Innovation is stepping up its decarbonizat

From mental health to entertainment, bikes have a good reason to be popular in these unprecedented times

The Portofino M is showcased for the first time in Korea at the Banpo Ferrari showroom in southern Seoul.  The brand new Italian car shows off an enhanced V8 engine with 620 electrical horsepower, upgrading from the previous edition with 600 electrical horsepower.  The sleek model boasts its luxury with a smooth, yet stylish design. (Photos : Yonhap) By Yoon Chae-won (choenayoon@heraldcorp.com)