South Korea’s exports rose on-year for 12 months in a row to $55.55 billion in October, its second highest monthly figure ever, as recoveries in major markets led to strong demand for semiconductors and petrochemical products. Overseas shipments last month surged 24 percent from a year ago, marking an eighth straight month of double digit growth, the Ministry of Trade, Industry and Energy said on Monday. The largest-ever monthly exports figure was 55.83 billion in September. “Desp

Seoul and Washington have agreed to set up a hotline to discuss cooperation for the stable supply of semiconductors, and raised the level of an existing dialogue channel for industrial cooperation amid a worldwide shortage of chips. The South Korean government also repeatedly expressed concern over a recent US request for Samsung Electronics as well as other global chipmakers to provide information on their supply chains by Nov. 8, the Ministry of Trade, Industry and Energy said Tuesday. Seoul

As part of efforts to grow together with the local community, Mercedes-Benz Korea has continued to invest in research and development, training automotive experts and supporting startups, in addition to expanding its network of service centers. The German automaker runs 60 official showrooms, 75 service centers, four of which opened this year, with more than 1,250 work bays, the largest network for an import car brand in Korea. Mercedes-Benz opened its training academy in Korea in 2015, its t

SK Plasma, a subsidiary of SK Discovery, said on Thursday it has been selected as the provider of blood products to Singapore for six years from 2023. As the first South Korean pharmaceutical company to win an order in Singapore’s state-run blood product project, SK Plasma will sign a contract with the Southeast Asian country this year, and produce albumin and human immunoglobulin using blood plasma from Singapore. Singapore’s Health Sciences Authority is known for having high qual

As part of its long-term vision to shift to eco-friendly energy, Korea Gas Corp. plans to push ahead with four new businesses using liquefied natural gas. LNG is considered an eco-friendly fuel as it emits 100 percent less sulfur oxides and dust compared to existing fuels for ships, 20 percent less carbon dioxide and up to 99 percent less fine dust. As the International Maritime Organization limited the sulfur content of ships’ fuel oil to 0.5 percent, global demand for LNG-powered ships

Once the US Federal Reserve begins to pull back next year the stimulus they have provided during the pandemic, it could slow South Korea’s exports to emerging economies that are fiscally fragile, a state-run think tank has warned. A report by the Institute for International Trade under the Korea International Trade Association showed that the US “tapering” after global financial crises in the past increased uncertainties in emerging economies and affected Korea’s exports

　Beer importer The IB Korea said it has begun local sales of an agave wine-based cocktail named Uptown Margarita, a brand of Texas-based distillery and winery Southern Champion. 　After the 1.5-liter Uptown Margarita showed strong sales, The IB Korea imported the 750-milliliter Uptown Margarita and 750-ml Uptown Pina Colada as well, and plans to begin sales of mini cocktails named BuzzBalls next month. 　The Uptown Wine Cocktails are currently sold at E-mart, GS25, Lotte Big Market and Mega Mar

  　LIG Nex1 is showcasing a range of cutting-edge technologies under development, including large cargo drones powered by hydrogen fuel cells at the Seoul International Aerospace and Defense Exhibition, being held from Tuesday through Saturday.   　The defense company is also presenting the Korean Positioning System, a local version of the Global Positioning System, at the biennial defense exhibit at Seoul Air Base.   　The KPS, a 3.72 trillion-won ($3.15 billion) project that wil

LG Innotek said on Monday it is running an open audition program where its employees make proposals to explore new businesses. Employees of the electronic components supplier present their ideas to “i-Lab,” short for “innovation lab,” through video conferences, and get “likes,” questions and feedback from other employees on a real time basis. The 10 ideas that get the most “likes” will be reviewed by management, including the company’s chie

With the reorganization of global supply chains and accelerating digital transformation since the outbreak of the COVID-19 pandemic, securing cutting-edge technologies in fields such as artificial intelligence and semiconductors is becoming ever more crucial. In addition to investing heavily in technological development, countries around the world are strengthening protection of trade secrets and control of technological exports to prevent leaking their core technologies to rivals. The South K

As the grueling seven-year patent war between Samsung and Apple through 2018 showed, intellectual property rights can be used as spears and shields in the global fight for technological hegemony. Amid an intensifying patent war and the COVID-19 pandemic, applications for intellectual property rights in South Korea rose 12.3 percent from a year ago to 284,135 cases in the first half of this year, and the figure is expected to break 600,000 this year. To keep the spirt of innovation alive, the

Ordering food and receiving it inside your car without reaching for a wallet is the latest fad in the auto industry. Hyundai Motor and Kia Motors last year introduced “Car Pay” which allows drivers to pay for gas and parking by tapping on a touchpad in their vehicles. It became a popular form of contactless payment as the pandemic drew on. Renault Samsung Motors unveiled an in-car payment system that can do more in its new XM3 SUV which hit showrooms in June. Passengers can order

　Hyundai Motor’s luxury brand Genesis unveiled on Thursday the GV60, its first electric car based on its exclusive EV-dedicated modular platform. 　The coupe-style crossover SUV is fitted with a 77.4 kilowatt-hour battery and can travel up to 451 kilometers on a single charge, the automaker said in a statement. 　Priced at between 60 and 70 million won ($50,570-$59,000), the GV60 comes in three types: rear-wheel drive, four-wheel drive and a four-wheel performance version. 　The GV60 is t

The government said Wednesday that it would try to freeze utility fees until the end of this year in an effort to stabilize prices amid rising costs for raw materials such as oil. 　 The Finance Ministry said there had been no talk of raising railroad and road fees, which include train fares, highway tolls, intercity and express bus fares, and wholesale regional water supply costs. 　 “While rates of local utilities such as gas, water and sewage, transport and garbage bags are to be determi

　Luis Chavit Singson, chairman of the Philippines’ LCS Group of Companies, sees a lot of business potential on South Korea’s eastern coast, having recently committed $100 million investment in a residential, commercial and resort development project there, the group said on Sunday. 　LSG Group recently announced its investment by 2025 in the Mangsang District 1 development project in the East Coast Free Economic Zone (EFEZ), its first such project in Korea.  　The tycoon, who