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Aggressive Recruiting from China Shakes S. Korea’s Semiconductor Industry

Aggressive Recruiting from China Shakes S. Korea’s Semiconductor Industry

SEOUL, Dec. 17 (Korea Bizwire) — The CTO of HiSilicon Technologies Co., the semiconductor design company of China’s Huawei Technologies Co., was previously employed as an executive director at Samsung Electronics Co. The industry was shocked when Huawei successfully poached the high-ranking Samsung executive. He was the key figure who had developed Samsung Electronics’ 10-nanometer [...]

Minimum Wage Hike Improves Productivity in Manufacturing Sector

Minimum Wage Hike Improves Productivity in Manufacturing Sector

SEOUL, Dec. 14 (Korea Bizwire) — An increase in the minimum wage has helped improve productivity at South Korean manufacturing firms in general, but its impact varied by sector and size of business, a report said Friday. South Korea’s minimum wage has gradually increased since the government first implemented the policy in 1988. Between 2011-2016, [...]

S. Korea to Build 30,000 Smart Factories by 2022

S. Korea to Build 30,000 Smart Factories by 2022

SEOUL, Dec. 13 (Korea Bizwire) — The South Korean government said Thursday it will greatly expand the number of smart factories and industrial complexes that adopt advanced technologies by 2022 to upgrade the nation’s manufacturing industry. The Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups jointly announced support measures for [...]

Global Shipping Companies Express Interest in Port of Incheon

Global Shipping Companies Express Interest in Port of Incheon

SEOUL, Dec. 12 (Korea Bizwire) — Global shipping companies have started to take an interest in the Port of Incheon, South Korea’s second-largest port and a potential gateway to new shipping routes. With interest rising, expectations are starting to grow that new shipping routes will follow. According to a statement from the Incheon Port Authority [...]

S. Korean Shipbuilders Fare Well on Surge of LNG Carrier Orders

S. Korean Shipbuilders Fare Well on Surge of LNG Carrier Orders

SEOUL, Dec. 9 (Korea Bizwire) – South Korea’s major shipyards have shown decent performances this year on the back of a surge in orders to build LNG carriers, industry data showed Sunday. For the year up to Thursday, 52 orders for LNG carriers were received by local entities, with Hyundai Heavy Industries Co. bagging the [...]

U.N. Maritime Agency OKs POSCO’s Steel for LNG Tanks

U.N. Maritime Agency OKs POSCO’s Steel for LNG Tanks

SEJONG, Dec. 9 (Korea Bizwire) — The U.N. maritime agency has approved guidelines on the application of POSCO’s steel product, officials said Friday, paving the way for global sales of high manganese austenitic steel for liquefied natural gas (LNG) tanks. The International Maritime Organization (IMO) made the decision in favor of POSCO’s steel for cryogenic [...]

Most S. Korean Manufacturers Rule Out Reshoring: Poll

Most S. Korean Manufacturers Rule Out Reshoring: Poll

SEOUL, Nov. 28 (Korea Bizwire) — An absolute majority of South Korean manufacturers with offshore plants are not considering returning home due mainly to the need to expand overseas markets, a poll showed Wednesday. The survey of 150 such manufacturing companies, taken by the Korea Economic Research Institute (KERI), showed 96 percent of respondents have [...]

SK Innovation to Invest 1.14 tln Won in U.S. Battery Plant

SK Innovation to Invest 1.14 tln Won in U.S. Battery Plant

SEOUL, Nov. 26 (Korea Bizwire) — SK Innovation Co., South Korea’s top energy-chemical business, said Monday that it will invest 1.14 trillion won (US$1.01 billion) to build an electric vehicle (EV) battery plant in the United States. The company said it has decided to construct the 9.8 gigawatt-hour capacity battery plant in the city of [...]

Samsung Delivers Apology to Victims of Work-related Diseases

Samsung Delivers Apology to Victims of Work-related Diseases

SEOUL, Nov. 23 (Korea Bizwire) — Samsung Electronics Co. made a formal apology Friday to all victims of work-related diseases who were employed at the company’s chip and display production lines, settling the long-standing dispute that lasted for more than a decade. Samsung Electronics President and CEO Kim Ki-nam, who heads the tech giant’s crucial [...]

S. Korea Unveils Measures for Troubled Smaller Shipyards

S. Korea Unveils Measures for Troubled Smaller Shipyards

SEOUL, Nov. 22 (Korea Bizwire) — South Korea announced Thursday a package of measures to help ease the hardships of small and midsized shipbuilders that are struggling from a lack of new orders. The shipbuilding industry, once a cornerstone of the South Korea’s economic growth and job creation, has been reeling from mounting losses caused [...]