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Apr 11, 2021

[#WeFACE] Beyond EVs, Hyundai Motor ponders true meaning of ‘sustainability’

In embracing global ESG trends, auto group focuses on efficiency, balance and long-term business goals

Mobile carriers tipped for robust Q1 earnings on 5G growth

South Korean wireless carriers are estimated to have logged robust earnings in the first quarter on the back of sharp growth in 5G users and their non-telecom businesses, a poll showed Sunday. The combined operating profits of the country's three major mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp. -- are expected to have reached 966.5 billion won ($863.3 million) in the January-March period, up 6.8 percent from the previous year, according to the poll on six local brokerage hou

Apr 11, 2021
SK agrees to pay W2tr to LG to settle EV battery

SK Innovation Co. agreed to pay 2 trillion won ($1.78 billion) to settle an electric vehicle battery dispute with LG Energy Solution Ltd. and withdraw all their other pending litigations to end their two-year legal battle, the two companies said Sunday. The two Korean battery makers announced the results of their agreement, hours before a deadline for an import ban on SK. The US International Trade Commission (ITC) in February sided with LG in a trade secret case and issued a 10-year import ba

Apr 11, 2021
Georgia governor again asks Biden to overturn ITC ruling on SK Innovation

Georgia Gov. Brian Kemp has called upon President Joe Biden to overturn the US International Trade Commission’s ruling against SK Innovation, marking the third such request since the decision made on Feb. 11. In his statement issued on Thursday, local time, Kemp urged that the impact on the $2.6 billion electric vehicle battery production plant in Jackson County will deliver a heavy blow to the regional economy, unless the president takes immediate action. “The jobs of at least 2,

Apr 9, 2021
KAI rolls out KF-21 Boramae, first Korean-made fighter jet

Longtime aspiration for Korean-made fighter jet comes true

Apr 9, 2021
Semiconductor industry urges for government support amid supply shortage

Local semiconductor companies have called on the government for support, in a bid to expand their production facilities against the backdrop of the prolonged global shortage. According to the Ministry of Trade, Industry and Energy, a group of industry representatives from the Korea Semiconductor Industry Association met with Minister Sung Yun-mo during a conference held Friday at the Westin Chosun in central Seoul. The corresponding event came as policymakers and industry officials sought to

Apr 9, 2021
[Newsmaker] Samsung heir's return to jail postponed due to extended hospital stay

Samsung Electronics Vice Chairman Lee Jae-yong, the de facto leader of Samsung Group convicted of bribery, will return to jail later than the scheduled date, industry sources said Friday, after doctors recommended longer hospital care following his appendicitis surgery. Lee was transferred from Seoul Detention Center in Uiwang, Gyeonggi Province, to Samsung Medical Center in southern Seoul on March 19 to receive the surgery after suffering a ruptured appendix. The 52-year-old tycoon was suppos

Apr 9, 2021
GS to ramp up ESG efforts with green biotech startups

GS Group kicked off a mentoring camp with biotech startups on Thursday as part of environmental, social and governance efforts, with plans to pursue eco-friendly business projects together. A total of six startups have been chosen to be part of the camp dubbed the GS Challenge based on their business potential after 85 startups in the biotech field applied for the acceleration program. The South Korean conglomerate known for its energy and retail businesses said it will provide mentoring on tec

Apr 8, 2021
Renault Samsung brings back XM3, eyes growing SUV market

Renault Samsung, the South Korean unit of French carmaker Renault, has successfully brought back its popular XM3 model to the market after dealing with technical issues, officials said Thursday. The subcompact SUV comeback follows after facing a string of challenges right from the beginning. Its launch in March last year came amid the country’s first mass outbreak of COVID-19 but the automaker managed to pull off the event by introducing contactless promotion and sale strategies. Anot

Apr 8, 2021
Daewoo Shipbuilding opens digital center for shipbuilding process

Daewoo Shipbuilding & Marine Engineering Co. said Thursday that it has opened a center to control the shipbuilding process at its shipyards. The center at its Okpo shipyard on Geoje Island, 398 kilometers south of Seoul, is made up of two parts -- the smart production management center and smart sea trial center -- Daewoo Shipbuilding said. The smart production management center will check the locations of blocks being built at the shipyard and will help workers make quick decisions by sha

Apr 8, 2021
Samsung Heavy wins certificates for wind turbine installation vessel

Samsung Heavy Industries Co. said Thursday that it has obtained approvals for its conceptual design for a wind turbine installation vessel (WTIV) from three global ship quality assurance and risk management companies. The three companies are ABS from the United States, DNV GL from Norway and Lloyd's Register from Britain, Samsung Heavy Industries said. A conceptual design refers to the basic concept and characteristics of the vessel before confirming its specifications and required technologi

Apr 8, 2021
KT Sat to expand satellite telecommunications services in Indonesia

KT Sat Co., a satellite service arm of South Korean telecom giant KT Corp., said Thursday it has won an order to establish a high-speed satellite telecommunications network in Indonesia's Papua province. The company said it will take part in the Indonesian government-led project to offer telecommunications services for 3.4 million Indonesians and up to 1,300 schools and public facilities in the province by partnering with local satellite internet service provider DTP. A KT Sat official said th

Apr 8, 2021
Hyundai Motor halts plant amid chip shortage

Automaker to suffer setbacks in Ioniq 5, Kona SUV production

Apr 7, 2021
Hanwha to study building solar panels above crops

South Korea will launch a pilot study into dual-use solar farms where panels are installed above crops so as to maximize the use of limited land space while striving towards a renewable future. Hanwha Q Cells will join a consortium led by Yeungnam University to research and develop necessary systems and standardize the solar farm model. MDS, a local solar company, is also participating in the project. “Solar panels and crops can coexist because crops have limits in the amount of sunlig

Apr 7, 2021
HYBE shares hit a 5-month high after Ithaca acquisition announcement

The stock price for HYBE, the company behind BTS, continues to rise after it announced last week plans to purchase media company Ithaca Holdings. According to Korea Exchange, HYBE’s shares were traded at the price of 271,000 won ($242) per share at 2:08 pm Wednesday, up more than 4 percent from a previous close and extending its rising streak to a fifth day after the announcement of the surprise move. HYBE is traded on the bourse as Big Hit Entertainment, the company’s name before i

Apr 7, 2021

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