SEOUL, Dec. 3 (Korea Bizwire) — Korean Air Co. and Hyundai Rotem Co. said Wednesday they will jointly develop a reusable 35-ton-class methane rocket engine — a core technology for next-generation launch vehicles — by October 2030 under a government-backed 49 billion-won (US$33 million) program. Under the program, overseen by the Korea Research Institute for [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korea’s Hyundai Motor Group said Wednesday it has unveiled its first mass-produced mobility robot platform, designed for various industrial and everyday applications, at a major robotics exhibition in Japan. The group, whose major affiliates include Hyundai Motor Co. and Kia Corp., showcased the Mobile Eccentric Droid (MobED) at [...]
SEOUL, Dec. 3 (Korea Bizwire) — A majority of South Korean companies that repurchased their own shares over the past five years did so under the banner of “enhancing shareholder value,” but most of those shares were ultimately used to protect management control or meet internal financial needs, not to benefit investors, according to new [...]
SEOUL, Dec. 3 (Korea Bizwire) — Seoul’s luxury housing market posted one of the world’s sharpest price increases over the past year, rising more than 25 percent and ranking second among major global cities, according to new data released Tuesday. In its latest Prime Global Cities Index, British property consultancy Knight Frank reported that prices for [...]
SEOUL, Dec. 3 (Korea Bizwire) — E-commerce giant Coupang Inc. is facing a growing number of class-action lawsuits after a massive data breach compromised the personal information of nearly 34 million users, marking one of the largest such incidents in South Korea to date. On Monday, law firm Chung filed the first complaint on behalf [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korea aims to triple its onshore wind power capacity to 6 gigawatts (GW) by 2030 while lowering generation costs as part of efforts to expand the use of eco-friendly energy and achieve carbon neutrality, the climate ministry said Wednesday. The goal was announced at the inaugural meeting of [...]
SEOUL, Dec. 3 (Korea Bizwire) — South Korea’s construction downturn is continuing to weigh heavily on the nation’s banks, with major lenders reporting persistently high levels of bad loans tied to the troubled sector. According to third-quarter disclosures released on Wednesday, the country’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — [...]
SEOUL, Dec. 2 (Korea Bizwire) — Two senior Coupang executives sold tens of millions of won worth of company stock shortly after a massive data breach occurred — but before the company acknowledged the incident — raising concerns about potential insider trading. According to a Dec. 2 filing with the U.S. Securities and Exchange Commission (SEC), [...]
GOYANG, Dec. 2 (Korea Bizwire) — Korea Aerospace University (KAU) announced Monday that its research team has successfully completed what it says is the world’s first solar-powered UAV flight test on the Antarctic continent, marking a milestone for autonomous aviation in extreme environments. The test flights, conducted Nov. 8–17 near South Korea’s Jang Bogo Station with [...]
JEJU, Dec. 2 (Korea Bizwire) — South Korea took a major step toward expanding its private-sector space industry on Tuesday as Hanwha Systems opened the nation’s largest commercial satellite manufacturing complex on Jeju Island. The new Hanwha Jeju Space Center, located in Seogwipo’s Hawon Techno Campus, spans 30,000 square meters—roughly the size of four soccer fields—and [...]