The government has finalized its energy mix for 2020-2034, aiming to increase the use of renewables while reducing the dependence on nuclear and coal-fired power plants. According to the Ninth Basic Plan for Electricity Supply and Demand approved by a review committee affiliated with the Ministry of Trade, Industry and Energy, renewable energy will account for 40.3 percent of South Korea’s nameplate capacity in 2034, reaching 77.8 gigawatts, from 20.2 gigawatts in 2020. Renewables&rsqu

South Korea said Tuesday it plans to invest around 5 trillion won ($4.5 billion) in research and development (R&D) projects in 2021 to foster new growth engines while seeking green growth. The amount marks a 19 percent jump from 4.1 trillion won allocated this year, according to the Ministry of Trade, Industry and Energy. "The policy reflects the government's willingness to expand investment in R&D projects in new areas despite the economic fallout from the COVID-19 pandemic,"

Business sentiment for January worsened as the COVID-19 pandemic shows no signs of a slowdown despite tougher social distancing rules, a survey showed Tuesday. The business survey index (BSI) of the country's top 600 companies by sales came to 91.7 for January, down from the 98.9 for December, the Korea Economic Research Institute (KERI) said in a statement. A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. "The third wave of

　Samsung Electronics was the top global smartphone manufacturer in the third quarter of the year, a report showed, as demand for its mobile devices increased in advanced markets amid the pandemic. 　Samsung led the industry in terms of smartphone production with 78 million units in the July-September period, up 42 percent from a quarter earlier, and accounted for 23.2 percent of the total share, according to market researcher TrendForce. 　Samsung was followed by Chinese players Oppo and Xi

A South Korean research team has built the world’s largest dataset and new browsing tools for the study of large-scale genomic rearrangements that could potentially cause cancer, the Korea Advanced Institute of Science and Technology said Monday. Researchers led by KAIST professor Jung In-kyung and Korean Bioinformation Center professor Lee Byung-wook have collected and processed around 230 billion raw reads including 220 Hi-C samples. Based on the data, the team has completed constructi

The US is expected to become the most promising market for local carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to big data analysis released Monday. The state-run Korea Trade-Investment Promotion Agency’s report looks into market prospects of major markets overseas for Korean exporters expected to lead the post-pandemic economic recovery. Markets that would show solid demand for automobiles in 2021 include the US, Germany, the UK and

DH chooses to ditch runner-up apps to acquire market champion Baemin

S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment. The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining

Report reveals uneven impacts of COVID-19 on small business landscape

As environmentally-friendly vehicles grow in popularity, consumer claims of defects in their electric vehicles have multiplied in recent years, latest data shows. According to the Ministry of Land, Infrastructure and Transport and Korea Transportation Safety Authority on Monday, the number of electric vehicles registered in the country is 131,923 as of November, a 12-fold increase from 10,855 at the end of 2016. Complaints of faulty vehicle parts grew even faster during the period. A total o

Local convenience store chain GS25 is bringing instant vegan tteokbokki to its stores, the company said Monday. Tteokbokki is a popular Korean street food of rice cakes in chili sauces. 　 The products, under the name Veggie Garden, are 100 percent meatless, and have been certified vegan by the Korea Agency of Vegan Certification and Services, a non-profit organization that has been approved by the Ministry of Food and Drug Safety. The company said the products have removed all possible conta

South Korea said Monday it will gradually diversify its energy mix by using more sustainable sources, such as solar power, and scale back the use of coal and nuclear power, in line with the country's goal to achieve zero carbon emissions by 2050. Under the ninth basic plan on the electricity supply, which will run through 2034, sustainable energy sources will take up 8.6 percent of the country's energy mix, soaring from this year's 3.3 percent, according to the Ministry of Trade, Industry and E

China's antitrust watchdog has approved the merger between two South Korean shipbuilding giants, sources said Monday, possibly paving the way for the creation of the world's largest shipyard. China's State Administration for Market Regulation has recently sent Korea Shipbuilding & Offshore Engineering Co. (KSOE) a notice that its planned merger with Daewoo Shipbuilding & Marine Engineering Co. (DSME) doesn't violate any antitrust rules or hurt fair competition in the world's second-larg

Hanwha Solutions Corp., a South Korean energy solutions company, said Monday it has signed a deal to acquire US hydrogen tank firm Cimarron Composites LLC as part of a diversification strategy. Hanwha Solutions plans to complete the process to take over an entire stake in the US industrial tank equipment maker by April, the company said in a statement. "The company will invest $100 million, including the acquisition capital, in Cimarron by 2025," the statement said. The acquisition

South Korea's top internet portal operator, Naver Corp., said Monday its live streaming platform, V Live, has surpassed an accumulated 100 million downloads globally. Launched in August 2015, V Live allows K-pop celebrities to broadcast live videos on the internet and chat live with fans from around the globe. Naver said the service has 85 percent of visitors from overseas and is available online, as well as on Google's Android and Apple's iOS platforms.Naver said the number of live concert sh