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Business

Sun, July 3, 2022 | 16:58

Pandemic-led device boom ends for Samsung, LG

Samsung Electronics and LG Electronics are set to announce falling sales of home appliances and TVs in the second quarter as people have been spending more time outside rather than staying home, according to industry officials and analysts, Sunday. Sluggish demand for home appliances and TVs led by several negative factors such as Russia's invasion of Ukraine, China's lockdow...

Baek Byung-yeul | 2022-07-03 16:43

LG Energy Solution accelerates establishment of smart factory systems

Kwon Young-soo, vice chairman and CEO of LG Energy Solution, left for Europe to check the progress of establishing a smart factory system in its battery-manufacturing plant in Poland and to discuss ways to expand technological cooperation with clients there, the battery company said Sunday.

Baek Byung-yeul | 2022-07-03 16:43

Korea's bio industry at turning point after pandemic

SK Bioscience, Samsung Biologics and other Korean biotech companies are soaring to new heights as they succeed in locally developing vaccines, winning orders to manufacture the drugs and developing treatments for COVID-19, according industry officials, Thursday. “It is obvious that the pandemic raised the importance of securing proprietary vaccine development and manufacturin...

Baek Byung-yeul | 2022-07-03 10:25

EV fires could hinder transition to eco-friendly vehicles

Unexpected electric vehicle (EV) fires that have made headlines recently are causing concern that they could hold back the rapid transition to eco-friendly vehicles. On June 4, a Hyundai IONIQ 5 EV collided with a toll gate and was engulfed in flames within seconds. The driver and a passenger died as they could not escape from the burning car, and it took seven hours to extin...

Kim Hyun-bin | 2022-07-02 09:38

Korea strengthens cooperation with Poland in nuclear energy, defense

Korea is gearing up to strengthen its partnership with Poland in the areas of nuclear energy, defense and advanced IT technologies. The move is part of the Yoon Suk-yeol administration's drive to find new overseas markets for Korean products, according to the trade and industry ministry, Friday.

Lee Kyung-min | 2022-07-01 17:00

Prime minister welcomes US firms relocating Asian headquarters to Korea

The American Chamber of Commerce in Korea (AMCHAM) has won support from the Yoon Suk-yeol administration for its major goal of making Korea the regional headquarters of Asia for multinational companies. During a special meeting hosted by AMCHAM, Friday, Prime Minister Han Duck-soo said that the government is open to resolving problems facing foreign businesspeople who seek to...

Park Jae-hyuk | 2022-07-01 16:39

Apple criticized for exploiting loophole in Korea's in-app payment regulations

Apple has drawn criticism from app developers for essentially forcing them to use its own billing system instead of clearly offering multiple options. Korean law mandates that apps distributed by app market operators be allowed to offer an alternative payment processing option within their apps. In its latest announcement, Thursday, the U.S. tech giant said that apps distribu...

Park Jae-hyuk | 2022-07-01 16:18

Hyundai Motor Group launches investment unit in US for future businesses

Hyundai Motor Group established a new investment unit in the U.S. as part of the investment pledge made by Hyundai Motor Group Chairman Chung Euisun during U.S. President Joe Biden's visit to Korea in May. According to the announcement of the Financial Supervisory Service, Hyundai Motor Group established the affiliate, “HMG Global Limited Liability Company (LLC),” in Delaware...

Kim Hyun-bin | 2022-07-01 16:00

Baemin, Coupang Eats scramble to retain delivery drivers

The number of food delivery workers has been declining since the government eased quarantine rules for the COVID-19 pandemic in early May, as fewer people get their food delivered, according to industry officials, Thursday.

Kim Jae-heun | 2022-07-01 08:35

Gov't braces for soaring power demand in summer

The government is bolstering energy reserves to prevent possible blackouts triggered by an earlier and more intense heatwave in the summer, with electricity demand this year expected to peak in the second week of August, the Ministry of Trade, Industry and Energy said Thursday.

Lee Kyung-min | 2022-06-30 16:36

Summer electricity demand forecast to creep up over heat wave

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