Insurance companies face costly claims for damage coverage for nearly 7,000 flooded cars -- among which at least 1,900 are from luxury brands -- after heavy rain battered Seoul and Gyeonggi Province this week. According to the General Insurance Association of Korea, 12 automobile damage insurance companies received a total of 6,853 claims for flooded cars as of 9 a.m. Wednesday, The number of claims for flooded imported luxury cars received by the country’s five largest insurance compani

Industry Aug. 10, 2022

Insurance companies are expected to face costly claims for flooded cars as a result of the heavy rain that has inundated Seoul’s Gangnam area since Monday night. Twelve automobile damage insurance companies received more than 4,791 claims for flooded cars overnight, according to the General Insurance Association of Korea, as of 2 p.m. Tuesday. The estimated damage amounts to 65.86 billion won ($50.42 million) but is expected to increase as torrential rain is forecast to continue through

Mobility Aug. 9, 2022

Avikus, an in-house venture under Hyundai Heavy Industries Group, became the first autonomous navigation software company to sell Level 2 autonomous navigation solutions in the world. Avikus signed order contracts with two South Korean shipping companies, SK Shipping and Sinokor Merchant Marine, to install Hyundai intelligent Navigation Assistant System (HiNAS) 2.0 on a total of 23 large vessels, including container ships and LNG carriers, starting from August 2023, the company said Tuesday. H

Mobility Aug. 9, 2022

Electricity demand could hit an all-time high this week as scorching weather continues and workers return from summer vacations. According to Korea Power Exchange on Monday, the country’s maximum power demand is expected to surpass 90,000 megawatts this week. The Ministry of Trade, Industry and Energy had forecast in June that electricity demand would rise to the 91.7-95.7 gigawatt range in the second week of August, up from 91.1 gigawatts last year. The country’s electricity dem

Industry Aug. 8, 2022

South Korea’s first lunar orbiter Danuri launched into space on Friday morning, and successfully reached the ballistic lunar transfer trajectory, a path that will take it toward the moon, the Ministry of Science and ICT said. The Korea Aerospace Research Institute confirmed from its ground control station that Danuri successfully separated from the projectile and reached the target ballistic lunar transfer orbit, the ministry said. Danuri separated from the SpaceX Falcon rocket at aroun

Technology Aug. 5, 2022

Two German carmakers are in a tight race to take the top spot in South Korea’s imported car market this year, with BMW chasing its rival Mercedes-Benz closely to dethrone it from its seven-year run in the No. 1 position. According to the Korea Automobile Importers and Distributors Association on Thursday, BMW sold a total of 5,490 units last month, outpacing Mercedes-Benz which sold 5,456 units in the same period. This was the third month this year after January and June that BMW has sol

Mobility Aug. 4, 2022

Sizzling temperatures that hit the country last month led to record-breaking electricity demand, data showed Monday. According to Korea Power Exchange, the country’s average maximum power demand stood at 82,007 megawatts last month, up 1.0 percent on-year -- the highest since records began in June 2005. The sudden surge of power consumption resulted from many households and buildings turning up the air conditioning due to the scorching heat wave and tropical nights across the nation thro

Industry Aug. 1, 2022

South Korea’s antitrust regulator has decided to put a brake on its plan to hold foreign business leaders of large corporations here amid looming concerns it could trigger a trade dispute with the US. According to multiple sources at the government and local reports, the Fair Trade Commission has canceled its plan to make a preliminary announcement next week on the revision of the enforcement decree of the monopoly regulation and fair trade act that aimed at designating foreigners as the

Industry July 31, 2022

Design-wise, the new Seltos is not much different from the old version but in terms of performance, Kia’s facelifted compact SUV has changed so remarkably that it almost seems like a complete reworking. From the front, it is hard to tell the difference between the new Seltos and the previous version launched in 2019, while the rear has an updated bumper and new tail lightening. The car’s signature Starmap lighting has been applied across the width of the car and combined with an LE

Mobility July 31, 2022

Hyundai Motor and its sister company Kia signed a joint research agreement Wednesday with six government-funded research institutes that encompass aeronautics and space capabilities to develop mobility for moon surface exploration, the companies said Wednesday. Through this joint research, they will not only develop technologies needed to make mobility for moon surface exploration but also come up with specific strategies and methods to operate such mobility on the harsh environmental and geogr

Industry July 27, 2022

Posco International, the trading arm of Posco Group, is supplying Incheon Airport with 23,000 tons of structural steel to be used in expanding the airport’s second passenger terminal. They will be supplying curtain walls and roofing materials made with eco-friendly materials until Incheon Airport finishes the construction of Terminal 2 by 2024, according to Posco International. A curtain wall is an outer covering of a building made of lightweight aluminum and steel that does not carry th

Industry July 26, 2022

The American Chamber of Commerce in Korea will resume the “Doorknock” program this year after a three-year hiatus caused by the COVID-19 pandemic, it said Monday. AmCham’s delegation of top-level executives, including AmCham Chairman and CEO James Kim, will be in Washington D.C. from this Wednesday to Friday to meet with key figures of the Biden Administration and Congress, it added. The delegation has secured more than 25 senior-level meetings with officials from various sec

Industry July 25, 2022

The American Chamber of Commerce in Korea on Friday welcomed the Yoon Suk-yeol administration’s policy to expand corporate tax breaks, which are aimed at promoting active investments and job creation. “AmCham greatly appreciates the willingness of the Korean Government to listen and promptly respond to the concerns and recommendations of AmCham and the foreign business community,” Chairman and CEO of AmCham Korea James Kim said in a statement. “I also appreciate that th

Industry July 22, 2022

South Korean battery maker LG Energy Solution is poised to bolster business cooperation with US carmaker Ford. LG Energy Solution said Friday that it would provide more batteries for Ford, which has recently seen growing demand for its electric vehicles, such as the Mustang Mach-E and E-Transit. The battery maker has been supplying batteries for these two models since the second half of 2020. To supply more batteries to Ford, the battery maker will double its battery assembly lines in its bat

Industry July 22, 2022

Samsung SDI held a ground-breaking ceremony on Thursday for its new cylindrical battery-making plant in Malaysia. The company will invest 1.7 trillion won ($1.3 billion) in the new battery factory to have its construction finished by 2025 in response to the growing demand for cylindrical batteries. Starting from 2024, a year before the factory’s scheduled completion, the battery maker will manufacture cylindrical batteries known as 21700, which are a 21-millimeter-wide and 70-millimeter-

Industry July 21, 2022