SEOUL, Nov. 12 (Korea Bizwire) – South Korean steelmaker POSCO Group said Wednesday it will invest 1.1 trillion won (US$750 million) to secure lithium resources in Australia and Argentina to bolster its rechargeable battery materials business. POSCO will acquire a 30 percent stake in a subholding company to be established by Australian miner Mineral Resources [...]
SEOUL, Nov. 11 (Korea Bizwire) – South Korea’s biotechnology industry output grew nearly 10 percent in 2024 from a year earlier despite persistent global trade uncertainties, industry data showed Tuesday. The country’s biotechnology industry production came to 22.92 trillion won (US$15.7 billion) last year, up from 20.87 trillion won in 2023, the Ministry of Trade, [...]
SEOUL, Nov. 11 (Korea Bizwire) – Hyundai Motor Co. said Tuesday it has been selected as the supplier for an Indonesian electric bus project on the resort island of Bali. The company said its quality competitiveness, after-sales service program and experience in eco-friendly public projects were recognized by the project organizers. Under the agreement, Hyundai [...]
SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s business community reacted with dismay after the government and ruling party agreed to raise the nation’s 2035 greenhouse gas reduction target beyond previous levels, warning that the move could undermine industrial competitiveness and trigger job losses. During a high-level meeting on November 9, policymakers endorsed a plan to [...]
SEOUL, Nov. 11 (Korea Bizwire) — Seoul Metro said Monday it has begun pilot operations of mobile cooling tanks at major subway stations to better respond to the growing risk of battery-related fires. The portable tanks, equipped with wheels for easy movement within stations, are designed to help contain and extinguish fires caused by lithium-ion batteries. [...]
LOS ANGELES, Nov. 11 (Korea Bizwire) — Kia has unveiled the redesigned 2027 Telluride, a fully reimagined second-generation model of its flagship SUV for the North American market, the company said Monday (local time). First introduced in 2019 and produced at Kia’s Georgia plant, the Telluride has become one of the brand’s biggest U.S. success stories, [...]
SEOUL, Nov. 10 (Korea Bizwire) – Korea Aerospace Industries Ltd. (KAI), South Korea’s sole aircraft manufacturer, said Monday it has been selected by U.S. defense giant Lockheed Martin Corp. as a partner to upgrade simulators for the Air Force’s KF-16 fighter jets. KAI will upgrade nine KF-16 simulators previously delivered to the Air Force to [...]
SEOUL, Nov. 10 (Korea Bizwire) – South Korean companies’ operating profitability relative to their assets has nearly halved over the past two decades, a report showed Monday. According to the report by the Korea Chamber of Commerce and Industry (KCCI), the operating return on assets (OROA) of the country’s top 1,000 companies by sales fell [...]
SEOUL, Nov. 10 (Korea Bizwire) — Hanwha Ocean Co. on Monday welcomed China’s decision to suspend its sanctions on U.S. subsidiaries of the South Korean shipbuilder for one year, also expressing hope for its improved ties with Chinese partners. “We welcome the Chinese government’s decision,” Hanwha Ocean said in a statement. “We hope our relationship [...]
SEOUL, Nov. 10 (Korea Bizwire) — South Korea’s aging population is transforming the country’s food service industry, with leading catering companies pivoting toward senior housing and care facilities as a new growth market. According to industry officials, with the number of people aged 65 and older surpassing 10 million for the first time last year, [...]