SEOUL, Jan. 10 (Korea Bizwire) — In a stark reversal of fortune, South Korea’s leading battery manufacturers are bracing for significant fourth-quarter losses as the electric vehicle market faces a prolonged period of stagnating demand. LG Energy Solution, one of the country’s top battery makers, reported an operating loss of 225.5 billion won in the fourth [...]
SINAN, Jan. 7 (Korea Bizwire) — A county in South Korea’s South Jeolla Province is breaking new ground with the nation’s first offshore wind power fund designed specifically for local residents. Sinan County announced on January 6 that it had signed a memorandum of understanding with Sinan Ui Offshore Wind and Root Energy to establish a [...]
SEOUL, Jan. 3 (Korea Bizwire) — In a breakthrough for sustainable recycling, researchers led by Professor Kyung-Jin Kim of Kyungpook National University, in collaboration with CJ CheilJedang, have developed the world’s most efficient biocatalyst for breaking down polyethylene terephthalate (PET) plastics. The Ministry of Science and ICT announced the achievement on January 2, highlighting its potential [...]
ULSAN, South Korea, Jan. 1 (Korea Bizwire) — A striking media art installation that captivated visitors at CES 2024 in Las Vegas has found a permanent home in Ulsan’s petrochemical complex. Renamed the Magic Sphere, the 6-meter-wide LED sculpture, formerly known as the “Wonder Globe,” was unveiled during a lighting ceremony at SK Innovation’s Ulsan Complex [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korea’s demand for hydrogen fuel in the mobility sector jumped 64 percent in 2024 from a year earlier, driven by the increasing number of hydrogen buses in the country, data showed Friday. The country’s hydrogen fuel demand in the mobility sector reached 9,499 tons this year, compared with [...]
SEOUL, Dec. 26 (Korea Bizwire) – As global competition in advanced industries intensifies, more than half of South Korean companies in cutting-edge sectors, including biotechnology, batteries, and semiconductors, view the country’s regulatory environment as excessively stringent compared to international competitors. A survey conducted by the Korea Chamber of Commerce and Industry (KCCI) among 433 companies [...]
SEOUL, Dec. 26 (Korea Bizwire) — Samsung Heavy Industries Co., the world’s third-largest shipbuilder by orders, said Thursday it has received a 742 billion-won (US$508 million) order to build two very large ethane carriers for an Asian shipper by 2027. The South Korean shipbuilder did not offer further details of the deal, including the name [...]
SEOUL, Dec. 24 (Korea Bizwire) – South Korea’s government unveiled a set of measures on December 23 to enhance the competitiveness of its petrochemical industry, which has been grappling with a structural downturn fueled by global oversupply. Industry leaders welcomed the initiative, emphasizing the urgency of swift action to prevent a deeper crisis. Support for [...]
SEOUL, Dec. 24 (Korea Bizwire) — South Korea has revised a maritime resource development rule to offer more business predictability for investors in an ongoing project to search for oil and gas in the East Sea, the industry ministry said Tuesday. The revised enforcement decree on submarine mineral resources development was passed during a Cabinet [...]
SEOUL, Dec. 23 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Monday it has reached an agreement with Qualcomm Technologies Inc. to jointly accelerate the commercialization of system-on-chip-based battery management system (SoC-based BMS) diagnostic solutions. Under the agreement, LGES’ new advanced BMS software will be made available on the [...]