SEOUL, July 4 (Korea Bizwire) — Lotte Energy Materials Corp. aims to boost its global market share in high-end copper foil manufacturing to 30 percent over the next five years, with a push to expand its presence in Europe and North America, its CEO said Tuesday. The new copper foil unit under South Korea’s Lotte [...]
SEOUL, July 4 (Korea Bizwire) — South Korea’s food and beverage industry is grappling with difficulties due to the increasing likelihood of the artificial sweetener aspartame being classified as a potential carcinogen. According to a Reuters report, the International Agency for Research on Cancer (IARC), an international organization operating under the World Health Organization (WHO), [...]
SEOUL, July 3 (Korea Bizwire) — POSCO Holdings Inc. said Monday it will invest 121 trillion won (US$92 billion) by 2030 in an effort to boost its competitive edge in steelmaking and new growth engines. South Korea’s leading steelmaker said 73 trillion won — more than 60 percent of the total — will be used [...]
SEOUL, July 3 (Korea Bizwire) — Japanese products are making significant strides in the imported beer market. Previously, Japanese beers experienced a significant decline in market share due to product boycotts, allowing Chinese and Dutch beers to claim the top two spots for the last couple of years. The popularity of Japanese beer is evident [...]
SEOUL, July 3 (Korea Bizwire) — With growing national concern over the discharge of contaminated water from the crippled Fukushima Daiichi nuclear power plant in Japan, domestic companies have shown renewed interest in land-based salmon farming. Global demand for salmon is increasing, but catches have declined due to global warming and the recent “contaminated water [...]
SEJONG, June 30 (Korea Bizwire) — South Korea’s forklift exports jumped nearly 57 percent on-year in the first five months of 2023, data showed Friday, following a rebound in the global construction industry. Exports of forklifts reached US$525 million from January to May this year, reaching a record-high amount for the period, according to the [...]
SEOUL, June 30 (Korea Bizwire) — A series of conglomerate affiliates are carrying out massive capital increases or experiencing credit rating downgrades due to a rise in their financial burden. SK Innovation Co. held a board meeting last week where it decided to increase paid-in capital by 1.18 trillion won (US$901 million) through shareholder allocation [...]
SEOUL, June 29 (Korea Bizwire) — Hanwha TotalEnergies Petrochemical Co. said Thursday it has completed the construction of a pilot line to produce a high functional copolymer used in industrial components like car parts and wire coating. The pilot facility, located in Daesan, about 83 kilometers south of Seoul, will produce polyolefin elastomers (POE) and [...]
SEOUL, June 28 (Korea Bizwire) — Hyundai Engineering Co. said Tuesday it held a completion ceremony for South Korea’s tallest modular apartment building, located in Yongin, Gyeonggi Province. Modular buildings are constructed by pre-producing primary construction materials in a factory and assembling them on-site. The 13-story building comprises 106 homes. According to the Building Act, [...]
SEOUL, June 28 (Korea Bizwire) — CJ Logistics Corp., a major South Korean logistics company, said Wednesday it will invest 600 billion won (US$461.7 million), along with the Korea Ocean Business Corp. (KOBC), to build three new logistics centers in the United States by 2027. CJ Logistics and the KOBC signed a memorandum of agreement [...]