SEOUL, July 3 (Korea Bizwire) — A new act will enable South Korea to establish a national committee in charge of ensuring the country follows a stable, long-term education policy regardless of a change of government, officials said Saturday. Earlier this week, the National Assembly’s plenary meeting passed a relevant act on the establishment and [...]
SEOUL, July 2 (Korea Bizwire) — An appeals court on Friday upheld a lower court’s decision to nullify the bulk of financial penalties imposed in 2017 by the South Korean government on the local unit of German automaker BMW for falsifying documents on gas emissions required for domestic sales. The Seoul High Court approved the [...]
SEOUL, July 2 (Korea Bizwire) — Demand for luxury goods continue to rise despite price hikes and the COVID-19 pandemic. Chanel, a high-end fashion house, has already raised prices in South Korea twice this year. The French luxury brand raised the price of the Classic Flap Bag Medium from 8.64 million won (US$7,600) to 9.71 [...]
SEOUL, July 2 (Korea Bizwire) — The Constitutional Court ruled that banning the use of cellphones while driving does not violate the constitution. The court reached a consensus that a provision stipulated in the Road Traffic Act that bans the use of mobile phones while driving is in alignment with the constitution, the court said [...]
SEOUL, July 2 (Korea Bizwire) — South Korean automaker Hyundai Motor Co. said Friday its fleets of Xcient fuel cell trucks have surpassed 1 million kilometers of driving since they hit the roads in Switzerland nearly a year ago. Hyundai Motor has shipped a total of 46 Xcient heavy-duty truck trucks to the European nation [...]
SEOUL, July 2 (Korea Bizwire) — South Korea’s leading shipbuilder Samsung Heavy Industries Co. said Thursday that it had developed the world’s first fuel cell-powered liquefied natural gas (LNG) carrier that can operate without engines. The company said that in collaboration with U.S.-based Bloom Energy, it developed a solid oxide fuel cell (SOFC)-powered LNG carrier [...]
SEOUL, July 1 (Korea Bizwire) — South Korea’s imports of Japanese etching gas fell below US$10 million for the first time in 17 years as a result of the efforts made by the government and the industry to develop production capabilities and diversify supply channels. Etching gas, also known as hydrogen fluoride, is one of [...]
SEOUL, July 1 (Korea Bizwire) — Starting Thursday, foreigners will be allowed to stay in South Korea only until their passport expiration date, the justice ministry said. But considering traveling restrictions amid the coronavirus pandemic, the Ministry of Justice has decided to grant a grace period until June 2022 and allow foreign nationals to stay [...]
SEOUL, July 1 (Korea Bizwire) — Hanwha Group, a South Korean energy-to-defense conglomerate, said Thursday it has sold part of its stake in U.S. electric truck maker Nikola Corp. for US$53.7 million. Green Nikola Holdings, Hanwha’s U.S. subsidiary, sold 2.9 million Nikola shares, which lowered its ownership from 5.6 percent to 4.86 percent, according to [...]
SEOUL, July 1 (Korea Bizwire) — Korean Air Lines Co., South Korea’s biggest airline, on Wednesday signed a memorandum of understanding with major oil refiner Hyundai Oilbank Co. for the establishment of an eco-friendly aviation fuel ecosystem. Bio-aviation fuel that is composed of grains, plant material, seaweed or animal fats can reduce carbon emissions by [...]