LS Cable, Korea‘s leading cable manufacturer, said on Monday that the company clinched a deal to supply submarine cables worth 62 billion won ($54 million) for the Singapore Powergrid’s project. Under the contract, LS Cable would provide cables starting early next year and finish replacing the 30-year old submarine cables by the end of same year, it said. This is the first time for LS Cable to export its submarine cables to a country in Southeast Asian region, LS Cable added.  (Yonhap)Starting w

Industry July 17, 2017

GS Retail on Monday said that its delivery service unit CVS Net had signed a contract with China’s major delivery service solutions company SF Express to provide overseas delivery services to local customers.Under the agreement, CVS Net will offer overseas delivery services at lower costs, especially for those to and from the US, China and Japan. Customers who send parcels to the countries will receive around 10 percent discount.  (Yonhap)Among CVS Net’s total international shipment requests, ar

Industry July 17, 2017

Tension reached a new high Friday after South Korean nuclear power operator Korea Hydro & Nuclear Power held an impromptu board meeting Friday and voted to temporarily suspend the construction of new nuclear power plants against vehement opposition from the labor union and some nearby residents.In an emergency meeting called at a nearby hotel instead of the company headquarters in Gyeongju, North Gyeongsang Province, 12 members of the board out of 13 voted in favor of the suspension.The construc

Industry July 14, 2017

Adding the final touch to its full sport utility vehicle lineup, Kia Motors on Thursday rolled out its new compact SUV Stonic, which Korea’s second-largest automaker hopes will revive lagging sales.Kia’s SUV lineup now ranges from the full-size Mohave and mid-size Sorento, to the Sportage, hybrid Niro and compact Stonic. With the Stonic, Kia Motors aims to target consumers in their 20s and 30s, who prioritize price, fuel economy and design, the company said. Starting Thursday, Kia Motors’ subcom

Mobility July 13, 2017

South Korea’s state-run utility provider Kepco said it would submit its nuclear reactor design early next year for a generic design assessment by the British government, the company said Wednesday.“It is the first time for the British government to consider Kepco’s APR 1400 as an option for the country’s nuclear power plant construction project at Moorside,” Kepco’s official said. (Yonhap)In March, the British government approved Westinghouse’s nuclear reactor model, AP 1000. But the government

Industry July 12, 2017

Hyundai Motor received some 7,100 orders for its new subcompact sport utility vehicle Kona, the company said Tuesday at an event promoting the vehicle. Preorders of the Kona, the company’s first subcompact SUV, surpassed 5,000 before official sales began in Korea on June 27. The total number of orders reached 7,100 two weeks later. Hyundai Motor’s Kona (Hyundai Motor)Hyundai Motor has displayed Kona vehicles at its exhibition centers nationwide over the past week to promote sales.“There are more

Mobility July 11, 2017

The state-led C1 Gas Refinery R&D Center hosted an international symposium last month in Seoul to discuss latest biotechnologies used in gas conversion, officials said Monday.The event was held in Sogang University on June 30 and invited Lanzatech, a biofuel company equipped with advanced technology to turn industrial waste gases into low-carbon fuels, along with local companies. Researchers of C1 Gas Refinery R&D Center pose for a photo. (CGRC)Among discussions at the symposium were global mark

Companies July 10, 2017

Mercedes-Benz maintained the top spot in Korea’s imported auto market, beating its rival BMW in the first half of this year, data showed Sunday.According to the Korea Automobile Importers and Distributors Association, BMW sold 28,998 cars in the Korean auto market, while Mercedes-Benz recorded sales of 37,723 units.  (Yonhap)BMW’s market share accounted for 24.54 percent, while Mercedes-Benz’s reached 31.93 percent.In February, BMW rolled out its 5-series with the hope of boosting its sales in A

Mobility July 9, 2017

The tourism industry here is expected to continue to suffer from plunging revenues and a record-breaking cross-border deficit due to a lack of progress made between the leaders of South Korea and China over the THAAD dispute.Between March and May, the number of Chinese tourists in Korea plunged to 841,952, down 57.7 percent from the last year’s 1.98 million, according to the Korea Tourism Organization’s data Sunday.Of the total number of tourists that visited Korea in 2016, 46.8 percent or 8 mil

Industry July 9, 2017

Korea’s local trading volume of renewable-based electricity reached a record high last year, mainly due to increases in the use of biomass and by-product gas, data from Korea Power Exchange showed. The trading volume of electricity using renewable sources increased by 9.8 percent on-year to reach 19.35 million megawatt-hours from 17.62 million MWh in 2015. (Yonhap)The increase in the trading volume of electricity using renewables was largely attributed to an increase in generation using by-produ

Industry July 6, 2017

A forum was held Thursday led by the Korea Trade Commission, a quasi-judicial body under the Ministry of Trade, Industry and Energy, to discuss trade remedy rules and promote global fair trade.The 2017 Seoul International Forum on Trade Remedies was attended by Vice Trade Minister Lee In-ho, 15 representatives from 14 overseas trade agencies and some 300 experts. Korea Trade Commission Chairman Shin Hi-tack (sixth from right, front row) and representatives of trade remedy agencies from across th

Industry July 6, 2017

Kumho Tire will sponsor the 2017 Kumho Tire Women’s Open at Weihai Point Hotel and Golf Resort in Shandong, China, from Friday to Sunday, the company said Wednesday. Kumho Tire has been holding Korea Ladies Professional Golf Association tournaments since 2013. This is the fifth time the company will be holding the event.  (Kumho Tire)A total of 123 Korean and Chinese golfers will compete in the golf event, including Korean pro golfer Jang Ha-na and China’s Peng Shanshan, both of whom the company

Companies July 5, 2017

Lexus Korea on Tuesday rolled out its new flagship LC Coupe in Seoul, featuring the company’s latest technologies and automobile platform.LC 500h is Lexus’s new hybrid model that has adopted its latest Multi Stage Hybrid System, which offers the vehicle 359 horsepower and a 10-speed transmission. The system allows the hybrid vehicle to reach 100 kilometers per hour in under five seconds as well, the company said. Lexus Korea CEO Akihisa Yoshida speaks at an event unveiling LC Coup at the Toyota

Mobility July 4, 2017

Coffee-flavored milk products may not always contain less caffeine than coffee products, a health report by Seoul City showed Monday.The Seoul Metropolitan Government’s Research Institute of Public Health and Environment looked into 106 drinks containing caffeine and found that five products, including coffee-flavored milk products, had caffeine content that went beyond the recommended daily allowance for youths, which is 125 milligrams per serving.  (Yonhap)Of the five products with caffeine co

Industry July 3, 2017

South Korea‘s state-run gas giant Korea Gas signed a series of agreements with US energy companies to secure more natural gas for the country, as well as to find more partnerships and investment opportunities in the US market. Korea Gas signed four separate memorandum of understandings with US companies including Exxon Mobil, Energy Transfer, Alaska Gasline Development Corp., Sempra Energy and Woodside Petroleum. “Kogas plans to explore feasibilities of each pact and decide on future investments

Industry June 30, 2017