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Archive by category Business

KEPCO Unveils Korea’s Largest Ammonia Combustion Test Facility to Advance Green Power

SEOUL, May 22 (Korea Bizwire) — Korea Electric Power Corporation (KEPCO) announced the completion of the country’s largest ammonia combustion testing facility on Tuesday, as the state-run utility accelerates efforts to commercialize carbon-neutral power generation technologies. Located at KEPCO’s Power Research Institute, the new 1-megawatt testbed is designed to verify high-efficiency, low-emission combustion of ammonia—a [...]

Jeju Surpasses 40,000 Electric Vehicles as EV Adoption Nears 10% of All Cars

JEJU, May 22 (Korea Bizwire) — The number of electric vehicles actively operating on Jeju Island has surpassed 40,000, signaling a milestone in the island’s decade-long push toward greener transportation. According to the Jeju Provincial Government on Wednesday, as of the end of April 2025, a total of 40,267 electric vehicles were registered and actively in use [...]

Seoul Shares Gain Nearly 1 Pct on Bio, Heavy Industry Gains

SEOUL, May 21 (Korea Bizwire) — South Korean stocks finished nearly 1 percent higher Wednesday to snap a two-day fall, as investors bolstered bio, heavy industry and other blue chips despite overnight losses on Wall Street. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 23.78 points, [...]

Celltrion Expects Limited Impact from U.S. Executive Order on Price Reduction

SEOUL, May 21 (Korea Bizwire) — Celltrion Inc., a leading South Korean biopharmaceutical company, said Wednesday it expects limited impact from recent U.S. policy developments stemming from a drug pricing executive order signed by President Donald Trump. Last week, Trump announced an executive order introducing a most-favored nation (MFN) pricing model, intended to align U.S. [...]

Hyundai E&C Becomes First Korean Builder to Exhibit at Prestigious RHS Flower Show in the UK

SEOUL, May 21 (Korea Bizwire) — Hyundai Engineering & Construction announced Wednesday that it will become the first South Korean construction firm to showcase a garden installation at a major European horticultural exhibition, the RHS Flower Show at Wentworth Woodhouse 2025, organized by the Royal Horticultural Society in the United Kingdom. The RHS Flower Shows, with [...]

SK Bioscience Wins Patent Lawsuit Against Pfizer Over Pneumococcal Vaccine

SEOUL, May 21 (Korea Bizwire) — SK bioscience Co., a biotech arm of South Korea’s SK Group, said Wednesday it has won a patent lawsuit against global pharmaceutical giant Pfizer Inc. over pneumococcal vaccine components. In 2020, Pfizer filed a lawsuit with a Korean court, claiming that SK bioscience’s export of 13-valent pneumococcal conjugate vaccine [...]

FDA Conducts Routine Inspection at Samsung Biologics’ Songdo Facilities

SEOUL, May 21 (Korea Bizwire) — The U.S. Food and Drug Administration (FDA) is currently conducting an on-site inspection of Samsung Biologics Co.’s production facilities in South Korea, industry sources said Wednesday. According to the sources, the FDA launched the inspection at the company’s facilities in Songdo, west of Seoul, and is scheduled to continue [...]

Hoban Construction Tests Painting Robot for Safer, Greener Building Sites

SEOUL, May 21 (Korea Bizwire) — Hoban Construction has successfully completed a pilot test of a smart robotic system designed to automate exterior wall painting at construction sites, the company announced Tuesday. The robot, named “Rollot,” was developed by automation specialist WPS, a startup discovered through Hoban’s open innovation program. Rollot moves vertically along wires [...]

Ethnic Korean Chinese Workers Dominate South Korea’s Construction Sector, Report Finds

SEOUL, May 21 (Korea Bizwire) — Roughly 230,000 foreign nationals worked in South Korea’s construction industry in 2024, accounting for 14.7% of the sector’s total workforce, according to a new report released Tuesday by the Construction Workers Mutual Aid Association. Of these, over 83% were ethnic Korean Chinese, or Joseonjok, highlighting their dominant role in [...]

HD Hyundai Construction Equipment Unveils Smart Factory to Anchor Global Production

SEOUL, May 21(Korea Bizwire) — HD Hyundai Construction Equipment, a core subsidiary of HD Hyundai, has completed the transformation of its Ulsan plant into a next-generation smart factory designed to serve as a global production hub, the company announced Tuesday. At a ceremony held May 20 at its Ulsan campus, HD Hyundai Chairman Kwon Oh-gap, [...]