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South Korea is making steady progress in key areas of the “fourth industrial revolution,” helping the country maintain its growth going forward, the government said on July 1. There has been a solid rise in demand in such areas as speakers that use artificial intelligence, drones, self-drivin...
Samsung Heavy Industries, a major South Korean shipbuilder, said on July 1 that it has clinched a $120 million deal to build a special-purpose vessel for a European company. The shipbuilder said it is set to deliver the vessel to the client by March 2022. Samsung Heavy declined to identify its ...
British American Tobacco said on June 27 it is betting big on robust exports from its South Korean production facility, bucking its slump in the domestic market. “BAT Korea will explore new export markets in Japan and Southeast Asia, in particular, for sustainable growth,” a company official ...
Kumho Asiana Group, a South Korean airline-to-petrochemical conglomerate, said on June 27 it will begin the process to sell its airline unit next month as part of its broad restructuring efforts. At a shareholders meeting, Han Chang-soo, president and chief executive of Asiana Airlines, said, “...
South Korean textile and chemical giant Hyosung Group and Saudi Arabian oil company Saudi Aramco signed a memorandum of understanding that includes potential partnership to build a carbon fiber factory, the Korean company said June 27. Hyosung Chairman Cho Hyun-joon met with Saudi Aramco CEO Amin ...
Hyundai Glovis, a logistics unit of South Korea’s Hyundai Motor Group, on June 20 said it has set up a truck-based freight transport company in the United States. Through its US affiliate Glovis America, Hyundai Glovis has established Global Expedited Transportation, to enter the local truck-b...
Asiana Airlines said on June 20 it has added a A350 passenger jet to its fleet to better serve on international routes. Its ninth A350 will run on mid- and long-haul routes to cities like Los Angeles, London, Paris and Singapore, the company said in a statement. Asiana plans to bring the 10...
Doosan Bobcat, a construction equipment unit of Doosan Group, said June 20 that it has paid off $150 million worth of loans earlier than scheduled to improve its financial status. The company said it has repaid a batch of its long-term loans that was set to mature in May 2024. With the debt re...
CJ Group companies are planning to build two massive cultural facilities themed after Hallyu, or the Korean Wave of popular culture, just northwest of Seoul, company officials said on June 19. CJ ENM, an entertainment and mass media giant owned by CJ Group, has agreed to build the cultural faci...
GS Engineering & Construction said June 19 it has secured a $24 million project to build two solar power plants in Ukraine. The company will build a solar power plant with a capacity of 12.6 megawatts and another with 11.5 MW capacity in the Zakarpattia region in southwestern Ukraine. The compa...
Korean Air said on June 19 it has signed a deal to purchase 30 B787 passenger jets to enhance its fleet, with the delivery set to begin next year. The firm signed a memorandum of understanding with Boeing to purchase 20 B787-10 planes and 10 B787-9s at the 53rd International Paris Air Show, the...
South Korea’s major refiners are likely to see weak earnings for the second quarter as they struggle to improve their margins, industry analysts here said on June 17. The benchmark Singapore complex gross refining margin for the second quarter of this year was estimated at $3.5 per barrel -- a...
South Korea’s biggest mobile carrier SK Telecom said on June 16 it will develop the sixth-generation network technology with Nokia and Ericsson, as the Korean government seeks to enhance economic ties with Nordic countries. The telecom firm signed memorandums of understanding for research and de...
An Incheon court on June 13 issued suspended prison terms to the widow and elder daughter of the late Korean Air Chairman Cho Yang-ho for smuggling luxury goods by making use of the airline’s planes. The Incheon District Court sentenced the late chairman’s wife, Lee Myung-hee, 70, to six mont...
SKC, a chemical unit of SK Group, said on June 13 it has decided to acquire KCF Technologies, the world’s top producer of copper foil for lithium-ion batteries, in a bid to diversify its business portfolio. The South Korean firm said it will buy a 100 percent stake in KCFT, currently owned by ...
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