SEOUL, Oct. 19 (Korea Bizwire) – Kia’s labor and management recently reached a preliminary agreement on wages, and it includes an unusually large compensation package. What happened is that the labor union successfully used the “employment inheritance” issue as leverage. In simpler terms, they got significant compensation in exchange for removing a clause that should have been [...]
SEOUL, Oct. 12 (Korea Bizwire) — KT&G Corp., South Korea’s dominant tobacco company, said Thursday it has begun construction in Kazakhstan of its fourth overseas plant as part of its expansion strategy. KT&G aims to complete the plant’s construction by 2025 to export its products to the Eurasian region, the company said in a statement. [...]
WASHINGTON, Oct. 10 (Korea Bizwire) — From a legacy self-propelled howitzer to a new unmanned ground vehicle and a high-tech drone, a dozen South Korean companies showcased their advanced defense products at a major U.S. defense exhibition in Washington on Tuesday. The Association of the United States Army (AUSA) 2023 Annual Meeting and Exposition kicked [...]
POSCO is connecting with younger audiences by creating unique content, “Fantasteel – The Beginning of the New Iron Age,” in partnership with Nexon’s online game “Wars of Pracia”. SEOUL, Oct. 9 (Korea Bizwire) – Businesses in the so-called ‘junghujangdae’ industries, unfamiliar to the general public, are striving to craft a friendly image by creating compelling [...]
SEOUL, Oct. 7 (Korea Bizwire) –The Ppuri industry, which is crucial for the Korean manufacturing sector, is expected to rely more on foreign workers. This industry encompasses various manufacturing processes like casting, mold making, plastic processing, welding, surface treatment, and heat treatment. Recent data on the Korean labor market shows that 9.2 percent of workers [...]
SEOUL, Oct. 5 (Korea Bizwire) — Doosan Robotics Inc., South Korea’s largest collaborative robot supplier, made a successful market debut Thursday after raising the largest initial public offering (IPO) this year. Doosan Robotics was trading at 50,900 won (US$38) on Seoul’s main bourse as of 9:20 a.m., up 97 percent from its IPO price of [...]
SEOUL, Sept. 28 (Korea Bizwire) — Global fabrication capacity for 200-millimeter wafers is forecast to jump 14 percent over the next three years, a recent report showed Thursday, as demand for chips used in electric vehicles (EVs), in particular, is sharply rising. “The development of powertrain inverters and charging stations for EVs in particular is [...]
SEOUL, Sept. 28 (Korea Bizwire) – Samsung Engineering announced on Wednesday that it had received a $19.5 million FEED (Front End Engineering Design) contract for a petrochemical plant in Saudi Arabia. The project, commissioned by Alujain National Industrial Co., involves the basic design of a propane dehydrogenation (PDH) plant with an annual capacity of 600,000 tons [...]
MOSCOW/SEOUL, Sept. 25 (Korea Bizwire) — A Russian company will purchase Hyundai Motor Co.’s manufacturing plant in St. Petersburg, which has been dormant since March 2022, Russian media reported Monday citing its industry minister. The deal will include a two-year option for the South Korean automaker to repurchase the facility, according to TASS and RIA [...]
SEOUL, Sept. 26 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, decided Tuesday to set up a steel pipe subsidiary as part of efforts to boost competitiveness by streamlining its business portfolio. The plan, which was approved at a board meeting, calls for completing the establishment of the envisioned subsidiary by the [...]