With hydrogen, SK aims to ‘buy time’ for green innovations to mature

Samsung Electronics reduced chip production in Xian where Chinese authorities placed a strict lockdown last week to contain the prolonged pandemic. According to Samsung Newsroom Thursday, the South Korean IT giant “decided to temporarily adjust operations” at its chip factory in Xian. The decision was made to protect the health and safety of its employees and partners, according to the press re...

LG Chem Ltd., South Korea's leading electric vehicle battery maker, will invest 475.4 billion won ($400 million) in cathode materials plant, the trade ministry said Wednesday. LG Chem will set up LG Battery Core Material to produce 60,000 tons a year of cathode materials and create 187 jobs for three years, the Ministry of Trade, Industry and Energy said in a statement. The company plans to beg...

Samsung SDI has unveiled its new battery brand “PRiMX,” which stands for a prime battery for maximum experience, to better convey its corporate identity that pursues super-gap technology. The rebranding portrays the philosophy of the firm’s new CEO Choi Yoon-ho, who took the post earlier this month. In his inaugural speech, Choi said, “Let’s together embark on a journey of true No. 1 ... based o...

Samsung Electronics has invested in Ready Player Me, a 3D avatar platform for the metaverse that allows users to explore virtual worlds with one consistent identity, according to a press release Wednesday. Samsung Next, Samsung Electronics’ subsidiary investing in startups with promising technologies, participated in a $13 million series A funding round led by a venture capital Taavet+Sten. Acc...

South Korea’s top steelmaker Posco said it was named the world’s most competitive steelmaker in a global industry report for the 12th consecutive year. In an annual assessment of 35 steelmakers worldwide, global steel information service provider World Steel Dynamics gave Posco the top mark of 8.54 points out of 10, according to the South Korean company. The WSD report, which ranks the steelmak...

Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Tuesday it has received a 583 billion won ($490 million) order to build two patrol frigates for the Philippines. KSOE is the shipbuilding subholding company of Hyundai Heavy Industries Group, the world's biggest shipbuilder by orders. Under the deal signed with the Southeast Asian country's defense ministry, KSOE's main affiliate Hyundai...

GC Pharma has recently launched a new high-content multivitamin called B-max Meta B. B-max Meta B contains 30 milligrams of bisbentiamine that passes through the blood brain barrier to help the human brain’s metabolism, the company said. The product also has high amounts of vitamin B12, vitamin D, magnesium and zinc to aid people in controlling their health, it added. The new supplementary mult...

Samsung Biologics, the major biopharmaceutical unit of Korea’s Samsung Group, has become a global manufacturing hub for COVID-19 vaccines and drugs, joining forces with global drugmakers to curb the widespread pandemic. In the last two years, the pharmaceutical giant has landed contracts with five companies -- Eli Lilly, AstraZeneca, Moderna, GreenLight Biosciences and GlaxoSmithKline -- to manu...

Posco Energy surrenders exclusive rights in Asia to Connecticut-based FuelCell Energy

Since its market entry to South Korea in 1988, Forever Living Products, the US aloe product manufacturer, has been offering high quality aloe products ranging from cosmetics to dietary supplements to Korean customers. “Aloe can be a great source of enhancing one’s immune system, especially at this time when COVID-19 pandemic is ongoing. It is highly recommended to take care of one’s immune syste...

A family of four in South Korea will see electricity bills rise as much as 2,000 won ($1.69) per month in 2022 as Korea Electric Power Corp. decided to raise utility prices 5.6 percent to mitigate its soaring debt accumulated due in part to its aggressive pursuit of renewable energy. According to NH Investment & Securities on Tuesday, the state-run utility will charge 11.8 won more per kilowatt-...

State pension operators, including the National Pension Service, have offloaded more than 10 trillion won ($8.4 billion) worth of top-cap Samsung Electronics shares so far this year, and instead bought stakes in Kakao Pay, Krafton and Samsung Biologics, data from the Korea Exchange showed Tuesday. They dumped a combined 24.5 trillion won of local shares from the beginning of the year to Monday. ...

Hyundai Motor’s kickoff moves to metaverse for first time

South Korea's oldest coal-powered plant will be shut down for good this week, the energy ministry said Tuesday, in line with the government's plan to shift toward renewable energy and to reduce fine dust. Honam Coal Power Plant, located in Yeosu, 450 kilometers south of Seoul, will stop operations Friday, according to the Ministry of Trade, Industry and Energy. The plant has been in operation si...