JINDO, April 16 (Korea Bizwire) — Families of victims of the Sewol ferry disaster returned Friday to the unforgiving sea that swallowed their loved ones seven years ago, a disaster that overturned their lives and left a lasting scar for the nation. Onboard a ship rocking in choppy waters off the southwestern tip of the [...]
SEOUL, April 15 (Korea Bizwire) — Citigroup said Thursday it will exit consumer banking operations in 13 markets including South Korea as part of its global business reorganization. The U.S. banking giant opened its first branch in South Korea in 1967 and launched Citibank Korea Inc. in 2004 after acquiring KorAm Bank. The group announced [...]
SEOUL, April 15 (Korea Bizwire) — Hyundai Motor Co. said Thursday it will launch the IONIQ 5 all-electric vehicle in the domestic market next week as its production resumed this week. Hyundai plans to launch the IONIQ 5 model on Monday, and government subsidies will be available for EV purchases from Wednesday, a company spokesman [...]
DAEJEON, April 15 (Korea Bizwire) — A South Korean research team has developed wearable robot technology that can be used for various physical tasks ranging from delivery to construction work. Wearable robots are largely divided into robotic exoskeletons and suit-type devices. Researchers from the Korea Institute of Machinery and Materials announced Wednesday that they had [...]
SEOUL, April 15 (Korea Bizwire) — The police have stepped up security measures around Muslim communities across the country as safety precautions during the Islamic holy month of Ramadan, according to police sources Thursday. The National Police Agency recently ordered provincial and local police authorities in 18 regions to increase security in Muslim communities during [...]
SEOUL, April 15 (Korea Bizwire) — South Korea said Thursday it will ramp up efforts to promote a homegrown charging technology for electric vehicles (EVs) as an international standard, as the country plans to penetrate deeper into the growing sector. The Korean Agency for Technology and Standards held a virtual meeting with experts from home [...]
SEOUL, April 15 (Korea Bizwire) – SsangYong Motor Co. was placed under court receivership once again Thursday as its Indian parent Mahindra & Mahindra Ltd. has failed to attract an investor amid the prolonged COVID-19 pandemic and its financial status is further worsening. The Seoul Bankruptcy Court approved the debt-rescheduling process for SsangYong Motor as U.S. [...]
SEOUL, April 15 (Korea Bizwire) — The amount of investment in South Korean startups touched a record high in 2020 amid hopes of high returns and policy support, a state-run lender said Thursday. A total of 4.3 trillion won (US$3.85 billion) was invested in startups last year, up from 4.2 trillion won a year earlier [...]
SEOUL, April 15 (Korea Bizwire) — SK Innovation Co. said Wednesday that it will replace the boiler fuel at its Ulsan refining complex, the nation’s first oil refinery, with eco-friendly liquefied natural gas (LNG) fuel starting from July. Since 2019, the refinery-and-battery unit of SK Group has invested a total of 69 billion won (US$61.8 [...]
SEOUL, April 14 (Korea Bizwire) — South Koreans are stepping up protests against Japan’s decision to release contaminated water from its wrecked Fukushima nuclear power plant into the sea, as a dozen government leaders on Wednesday joined civic activists and fishermen in condemning the move as an irreparable disaster for the world’s marine ecosystem. Heads [...]