SEOUL, June 1 (Korea Bizwire) — LG Energy Solution has commenced mass production of lithium iron phosphate (LFP) batteries for energy storage systems (ESS) at its plant in Holland, Michigan, becoming the first major global battery manufacturer to operate a large-scale ESS LFP production line in the United States. The new batteries are long-cell-based, pouch-type LFP [...]
SEOUL, June 1 (Korea Bizwire) — Despite renewed speculation over a possible withdrawal of General Motors from South Korea in the wake of the Trump administration’s proposed 25% tariff on imported automobiles, GM’s top financial executive has dismissed any immediate plans to cut production at GM Korea, citing strong vehicle profitability and a favorable outlook for [...]
SEOUL, May 31 (Korea Bizwire) — The global gene therapy market is projected to soar to $36.6 billion (approximately 50 trillion won) by 2032, growing at a compound annual rate of 19.4%, according to a report released by the Korea Biotechnology Industry Organization on Thursday. Citing research from U.S. market analysis firm MarketsandMarkets, the report [...]
SEOUL, May 31 (Korea Bizwire) — Korean Air announced Friday the release of its first upcycled merchandise using parts from a retired Airbus A380 aircraft, marking a new phase in the airline’s sustainability-driven product line. The carrier introduced two limited-edition items — name tags and golf ball markers — crafted from the fuselage of aircraft [...]
SEOUL, May 31 (Korea Bizwire) — The accelerating shift from traditional pay TV to online streaming platforms is deepening South Korea’s cord-cutting trend, as the number of pay TV subscribers continued to decline in the second half of 2024. According to a report released Thursday by the Ministry of Science and ICT, the total number [...]
SEOUL, May 30 (Korea Bizwire) — South Korea’s economy showed renewed signs of weakness in April, with industrial production, consumption, and investment all posting declines — the first “triple minus” since January — as the impact of new U.S. auto tariffs begins to ripple through key sectors. According to data released Friday by Statistics Korea, [...]
SEOUL, May 30 (Korea Bizwire) — POSCO Holdings, South Korea’s leading steelmaker, said Friday it has opened a resource-focused research center in Australia to help secure future growth drivers through local partnerships. The Australia Critical Minerals R&D Lab, the first overseas facility of its kind established by a South Korean steelmaker, aims to enhance technological [...]
SEOUL, May 30 (Korea Bizwire) — Hyundai Engineering & Construction (Hyundai E&C) Co. said Friday it will withdraw from a national project to build a new international airport in South Korea’s southeastern port city of Busan, citing difficulties in meeting the completion deadline sought by the government. “It is impossible to ensure a safe construction [...]
SEOUL, May 30 (Korea Bizwire) — HD Hyundai Samho Heavy Industries Co., a South Korean shipbuilder, said Friday it has secured a 386.8 billion-won (US$280 million) order to build two container carriers for a client in the Oceania region. The vessels will be delivered in phases to an undisclosed shipping company in Oceania by March [...]
SEOUL, May 30 (Korea Bizwire) — South Korea is exploring the commercial potential of hydrogen combustion engines as an alternative path to decarbonizing heavy-duty vehicles, the Ministry of Environment announced Thursday. The ministry will host a policy forum on May 30 at Seoul’s Ferrum Tower to discuss strategies for expanding hydrogen-powered transportation. The event, organized [...]