SEOUL, July 6 (Korea Bizwire) — South Korea plans to introduce an integrated defense system to counter hostile unmanned aircraft at key military and government facilities for the first time, officials said Thursday. The Defense Acquisition Program Administration (DAPA) recently put up a notice for the 48.5 billion-won (US$37.2 million) project on its procurement website [...]
SEOUL, July 6 (Korea Bizwire) — South Korea has removed tariffs on imports of naphtha and crude oil used to produce the material, the finance ministry said Thursday, in line with efforts to support the local petrochemical industry. Under the measure, the tariffs on all naphtha imports will be lowered to zero through the end [...]
SEOUL, July 6 (Korea Bizwire) — Overseas orders for industrial plants won by South Korean builders spiked more than 40 percent on-year in the first half of 2023 on brisk demand from the Middle East and Africa, data showed Thursday. Local builders clinched US$13.05 billion worth of plant orders from abroad in the January-June period, [...]
SEOUL, July 6 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday its joint venture with Stellantis N.V. has reached an agreement with the Canadian governments on the terms of subsidies for the construction of its electric vehicle (EV) battery plant in Ontario. The binding agreement puts the construction of the battery module manufacturing [...]
SEOUL, July 6 (Korea Bizwire) — Compared to other age groups, individuals in their 60s experienced the highest growth in the number of new car registrations during the first half of this year, indicating a strong demand for the establishment of new businesses with limited capital. According to local market tracker CarIsYou, the number of [...]
SEOUL, July 6 (Korea Bizwire) — The government has decided to expand public care services to address a blind spot by including youth and middle-aged individuals. The Ministry of Health and Welfare on Wednesday announced its plan to provide daily life support services to middle-aged individuals (aged 40-64) who require care services due to diseases, [...]
SEOUL, July 6 (Korea Bizwire) — HD Hyundai Heavy Industries Co., the world’s leading shipbuilder by orders, said Wednesday it has developed an eco-friendly heating, ventilation, and air conditioning (HVAC) system for ships using ammonia as a refrigerant. HD Hyundai Heavy has won an approval in principle (AIP) for the system from the American Bureau [...]
SEOUL, July 6 (Korea Bizwire) — SK Chemicals Co. said Wednesday it has utilized its chemically recycled PET (CR-PET) to create new packaging for food giant Ottogi Co.’s port cutlets and steak sauces. The company emphasized that it was the first in the local food industry to develop and commercialize food containers using 100 percent [...]
SEOUL, July 6 (Korea Bizwire) — Employees of KT Corp., South Korea’s No. 2 wireless carrier, have lost a lawsuit against their employer, claiming that their salaries were reduced due to the company’s peak wage system. The suit, filed by some 1,300 KT employees seeking the cancellation of the peak wage system, had its original [...]
SYDNEY, Australia, July 5 (Korea Bizwire) — ATFX, a global leading online trading CFDs broker, has announced its acquisition of Rakuten Securities Australia Pty Ltd (“RSA”), a subsidiary of Rakuten Securities, Inc., further strengthening its position in the Australian market and expanding its global footprint. This strategic move marks a significant milestone for ATFX as [...]