SEOGWIPO, Jeju Island -- SK Group Chairman said Thursday he will come up with countermeasures against Japan’s strengthened export control of three materials crucial for chip fabrications in a calm manner, stressing that a knee-jerk reaction would not help resolve the matter.“(The best way to resolve the matter) is to seek what we can do the best steadily and everyone (finds a breakthrough) from our respective positions. This case won’t work even with any dramatic plans,”

Industry July 18, 2019

SEOGWIPO, Jeju Island -- Amid the growing tension between South Korea and Japan, the head of the largest organization representing businesses here urged the government and political parties to provide full support to cope with Tokyo’s trade restrictions. Stressing on the need to face challenges in a calm manner and seek countermeasures, Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, asked the Moon Jae-in administration to aid businesses seeking alternatives. 

Industry July 17, 2019

South Korean energy-to-industrial equipment company Doosan Corp. has agreed with UK-based Ceres Power to develop solid oxide fuel cell power systems for commercial buildings here, the companies said Tuesday.The two signed a collaboration and licensing agreement to jointly develop SOFC power systems targeted at the Korean commercial buildings market, in which the two see business potential alongside the Korean government’s plan of increasing the use of fuel cell electric systems in autos, f

Industry July 16, 2019

Jean-Marc Otero del Val, co-CEO of Hanwha Total Petrochemical, a 50-50 venture between South Korean conglomerate Hanwha and French petrochemical firm Total, has been elected as a representative of French Foreign Trade Advisors’ Korea division, the company said Tuesday. The advisory group, Les Conseiller du Commerce Exterieur, has more than 2,600 members in 145 countries where French companies have made inroads. The organization’s branch in Korea is operated by executives of French fi

Industry July 16, 2019

Israeli President Reuven Rivlin said he hopes to see expanding cooperation between the Middle East country’s startups and South Korean carmaker Hyundai Motor in the fields of smart, connected and green mobility, the company said Monday.In his visit to the Hyundai R&D Center in Namyang, Gyeonggi Province, the Israeli leader met the carmaker’s de facto chief, Executive Vice Chairman Chung Euisun, vowing to take the lead in the development of future cars by strengthening partnership

Mobility July 15, 2019

Experts from the US, Japan and Southeast Asia voiced concerns over the escalating trade dispute between South Korea and Japan, saying Tokyo’s restrictive measures aimed at Korean chipmakers would not only have “serious consequences” to the already depressed information technology industry, but also impede the flow of world trade and the principle of market liberalization. Japan’s toughened export control measures on three materials crucial for chip fabrication and its pla

Industry July 15, 2019

Hyundai Motor announced Thursday the launch of its smallest sport utility vehicle Venue, setting an annual sales target of 15,000 units in the future and 8,000 units within the year. The Venue completes the carmaker’s SUV lineup, in which it has invested heavily in recent years, defying market criticism of its reliance on midsized sedans. This latest addition to its SUV lineup takes its place alongside the flagship Palisade, the Santa Fe compact, the Tucson subcompact and the entry-level K

Mobility July 11, 2019

An emergency meeting with President Moon Jae-in was arranged on Wednesday with chiefs of the country’s major businesses to seek short- and long-term solutions to the problem of import-dependent manufacturing chains here, but it also appeared to have placed a burden on firms caught in the diplomatic crossfire between South Korea and Japan. Some industry observers raised concerns that it could send the “wrong signal,” instigating Tokyo to take additional restrictive measures.At t

Industry July 10, 2019

The chief of South Korean retail giant Lotte Group -- with deep family roots in Japan -- is attempting to douse the flames following a diplomatic row between Tokyo and Seoul early this month that will hamper operations of domestic conglomerates.Lotte Chairman Shin Dong-bin has embarked on a trip to the neighboring country amid the spat over Japan’s decision to restrict shipments of key materials used by Korean chipmakers and display makers, according to the firm. The chairman, along w

Industry July 9, 2019

A trading unit of SK Innovation, which owns the country’s largest refiner SK Energy, will quadruple its offshore low-sulfur fuel supply in 2020 to meet the growing demand for diesel fuel with substantially lowered sulfur content under toughening emission control regulations, the company said Monday.SK Trading International plans to increase its oil blending capacity from 23,000 barrels per day to 90,000 barrels next year, aiming to become the No. 1 provider of low-sulfur fuel in Asia. The

Industry July 8, 2019

Amid intensifying fears over Japan’s retaliatory moves against Korea, leaders of major South Korean conglomerates were invited to a private meeting with top policymakers on Sunday to discuss countermeasures, according to reports. Economy and Finance Minister Hong Nam-ki and Kim Sang-jo, presidential chief of staff for policy, were to meet Hyundai Motor Executive Vice Chairman Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Gwang-mo, Yonhap News Agency reported, citin

Industry July 7, 2019

The South Korean government said Wednesday that it has started a legal review for filing a complaint with the World Trade Organization over Japan’s export restrictions -- widely seen as the neighboring country’s retaliation against the ruling by Korea’s top court on wartime forced labor.Trade officials here believe that Japan’s move to limit exports of key materials used to produce semiconductor and displays violates the WTO’s ban on states’ control of exports

Technology July 3, 2019

The South Korean government said Wednesday that it has started to conduct a legal review on its complaint to the World Trade Organization over Japan’s export restrictions -- widely seen as the neighboring country’s retaliation against the ruling by Korea’s top court on wartime forced labor.Trade officials here believe that Japan’s move to limit exports of key materials used to produce semiconductor and displays violates the WTO’s ban on states’ control of expo

Technology July 3, 2019

In celebration of the company’s 49th anniversary, the chief of Samsung SDI urged staff on Monday to secure exclusive battery technology by creating an innovative corporate culture.“We can achieve sustainable growth only if we build (and) innovate corporate culture at a time of intensifying market competition for leadership in the future,” said Jun Young-hyun, CEO and president of Samsung SDI, a battery making unit under Samsung Electronics. “Through our innovative DNA, wh

Industry July 1, 2019

Jungheung Group, a major South Korean construction conglomerate based in Gwangju, announced Monday that it has become the largest shareholder of Herald Corp., the parent company of The Korea Herald and The Herald Business.As part of its strategy to diversify its construction-focused business, Jungheung completed acquisition of 47.8 percent stake in Herald Corp. late last month, pledging to innovate with the Seoul-based media company through strategic investments. Upon inauguration as the new cha

Industry July 1, 2019