SEOUL, Sept. 11 (Korea Bizwire) — Facility investments by South Korean information and communications technology (ICT) companies grew at the slowest pace in 1 1/2 years in the second quarter amid chipmakers’ weak spending, central bank data showed Tuesday. ICT firms’ investment in new plants and equipment expanded 6.4 percent on-year in the April-June period, [...]
SEOUL, Sept. 7 (Korea Bizwire) — The causes of large-scale industrial accidents at South Korean shipyards lie in the multi-layer subcontract practice prevalent in the industry, says an investigation committee launched by Ministry of Employment and Labor (MOEL). The committee was formed in response to major accidents in the shipbuilding industry in 2017, including a [...]
SEOUL, Sept. 6 (Korea Bizwire) — White-collar employees and engineers at SK hynix Inc. on Thursday announced the launch of a new labor union, calling for the management to adopt a transparent evaluation system for workers. The SK hynix division of the Korean Chemical & Textile & Food Workers’ Union said it has officially opened [...]
SEOUL, Sept. 5 (Korea Bizwire) — Local researchers have found a new way to produce synthetic graphite, a highly useful substance, from inexpensive petroleum. The Korea Research Institute of Chemical Technology (KRICT) announced yesterday that Dr. Im Ji-seon’s research team had developed technology that can produce “pitch” using oil residue for the first time in [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korean manufacturers of car batteries are anticipated to benefit from Beijing’s latest move to cut subsidies provided to Chinese companies, industry watchers said Monday. Chinese-based electric car battery maker OptimumNano Energy recently announced that it will suspend its production line for six months citing financial problems. BYD, China’s [...]
SEOUL, Sept. 2 (Korea Bizwire) — South Korea’s major shipbuilders’ troubles caused by drop off in work are being exacerbated by an ongoing labor-management standoff that may further complicate efforts by shipyards to get back on track, industry watchers said Sunday. Hyundai Heavy Industries Co. (HHI), Samsung Heavy Industries Co. and Daewoo Shipbuilding and Marine [...]
SEOUL, Aug. 30 (Korea Bizwire) — South Korea’s top steelmaker, POSCO, recently created a new task force to prepare for potential business opportunities in North Korea, the company’s chief said Thursday. POSCO CEO Choi Jeong-woo told reporters earlier in the day that the firm and its affiliates have initiated a new team to manage all [...]
BUSAN, Aug. 29 (Korea Bizwire) — The “Venta Maersk,” setting out to be the first container ship to navigate a route that would pass the North Pole, is expected to leave Busan later today. The vessel owned by Maersk, a Danish business conglomerate, has the capacity to load 2,600 containers, each measuring 20 feet. The [...]
SEOUL, Aug. 24 (Korea Bizwire) — SK Innovation Co., South Korea’s largest refiner by sales, said Friday it will invest in a 820 billion won (US$730 million) battery plant in China, a move aimed at meeting growing demand for car batteries. In a joint venture with BAIC Motor Corporation., Ltd. and Beijing Electronics Holding Co., [...]
SEOUL, Aug. 21 (Korea Bizwire) — LG Electronics Inc., which announced its plan to build a solar module factory in the United States, is currently facing hurdles in carrying out the project amid Washington’s move to slap heavy tariffs on Chinese parts, industry sources said Tuesday. According to the sources, the U.S. government declined a [...]