SK Energy becomes first to export green aviation fuel to Europe

SK Energy announced Sunday that it has exported sustainable aviation fuel to Europe, becoming the first South Korean oil refiner to do so as part of its transition to low-carbon aviation. The SAF, made from bio-based feedstocks such as used cooking oil and animal fats, was produced using a coprocessing method and shipped to Europe, where airlines are now required to blend at least 2 percent SAF into aviation fuel under new regulations. Europe is currently the only region enforcing such a mandate

Jan. 5, 2025

AWS, Microsoft spur competition in Korea’s cloud service market

Major Korean companies are strengthening their partnerships with global cloud service providers such as Amazon Web Services and Microsoft, aiming to enhance their role in the cloud managed services market here and abroad, said industry sources Saturday. The domestic managed service provider, or MSP, market has traditionally been led by mid-sized firms such as Megazone Cloud and Bespin Global, with others like GS Neotek and Metanet Tplatform rapidly increasing their market share. The relative abs

Jan. 4, 2025

Business leaders unite to tackle uncertainty at KCCI's New Year event

The Korea Chamber of Commerce and Industry, a major South Korean business lobby, hosted a New Year’s gathering with national business leaders to foster unity and collaboration in response to economic challenges that lie ahead, Friday. The gathering drew around 600 attendees, including KCCI Chair Chey Tae-won and Minister of Trade, Industry and Energy Ahn Duk-geun. Top executives from major companies such as Samsung, SK, Hyundai Motor and LG, were present, along with some 30 leaders of regional c

Jan. 3, 2025

Jeju Air to cut 1,900 flights by March

Embattled Korean air carrier Jeju Air has decided to cut around 1,900 domestic and international flights by March to enhance operational safety checks, in the wake of the devastating passenger plane crash tragedy at Muan International Airport in South Jeolla Province on Dec. 29, 2024. “As for international flights, the reductions will primarily occur on major routes with high frequencies, such as those to Japan and Southeast Asia,” said Song Kyung-hoon, head of Jeju Air’s management support divi

Jan. 3, 2025

Korea's overseas construction orders hit $1tr milestone

South Korea’s cumulative overseas construction orders surpassed the $1 trillion milestone just before the turn of the new year, underscoring the country's sustained growth and global appeal. The achievement comes 59 years after Hyundai Engineering & Construction secured its first overseas order in November 1965, constructing the Taphani-Narathiwat highway in Thailand. According to the Transport Ministry on Friday, the cumulative overseas construction order amount exceeded $1 trillion last month,

Jan. 3, 2025

YouthMeta unveils AI-powered crypto chart for beginners

South Korean crypto data aggregator YouthMeta announced Friday the launch of its Goya Smart Chart, an AI-driven tool designed to offer advanced investment strategies for cryptocurrency traders, particularly beginners. YouthMeta has provided a cryptocurrency price prediction service through its Goya Premium Chart, suggesting the best time to buy and sell the more than 200 crypto assets listed on leading crypto bourse Binance. Building on its predecessor, the new platform employs AI-powered supple

Jan. 3, 2025

[Photo News] Bright new journey

Woori Financial Group Chairman Yim Jong-yong (center) on Thursday invited eight young individuals about to embark on a journey of change, including children entering elementary school and young adults preparing for independence, for a luncheon at Woori Bank’s central Seoul headquarters. During the event, Yim delivered gifts to support their new beginnings, expressing hope that the meeting would foster meaningful and lasting connections. "Woori Financial is committed to providing extensive suppor

Jan. 3, 2025

SK hynix to showcase cutting-edge AI memory solutions at CES

SK hynix said Friday it will showcase its innovative artificial intelligence memory technology at CES 2025, the world's largest consumer electronics and IT trade show, scheduled to open in Las Vegas next week. “We will broadly introduce solutions optimized for on-device AI and next-generation AI memory, as well as representative AI memory products such as HBM and eSSD at this CES,” said Justin Kim, chief marketing officer at SK hynix. “Through this, we will publicize our technological competitiv

Jan. 3, 2025

Paris Baguette reshuffles global division to seek foothold in Middle East, Africa

South Korean bakery giant SPC Group announced Friday that its flagship brand Paris Baguette launched a division overseeing the Asia-Pacific, Middle Eastern and African markets. The new division under Paris Baguette's overseas business unit will be in charge of operations in the Middle East, Africa and Oceania, expanding its role beyond existing markets in Southeast Asia. Hana Lee, who previously managed Southeast Asian operations, has been appointed CEO of the newly formed bureau, while Moon Tae

Jan. 3, 2025

Samsung Electronics to unveil new TV with 3D audio tech co-developed with Google at CES 2025

Samsung Electronics Co. said Friday it will unveil a new television featuring new three-dimensional audio technology developed in partnership with Google at the upcoming CES 2025. The 3D audio technology, Eclipsa Audio, will be integrated into its 2025 TV and soundbar lineup to be premiered at this year's CES starting on Tuesday in Las Vegas, according to Samsung Electronics. The technology creates an immersive 3D sound experience by dynamically adjusting audio data, such as sound location, inte

Jan. 3, 2025

HD Korea Shipbuilding aims to win $18 b order in 2025

HD Korea Shipbuilding & Offshore Engineering Co. said Friday it aims to win over US$18 billion worth of orders this year, partly by focusing on high-end and environmentally friendly ships. This year's annual order target of $18.12 billion is 34 percent higher than last year's target of $13.5 billion, but 12 percent lower than the amount actually secured last year at $20.56 billion, the company said in a regulatory filing. HD KSOE is a subholding company under HD Hyundai, formerly known as Hyunda

Jan. 3, 2025

Hyundai's 5 EV models subject to US tax credit

Hyundai‘s 5 EV models subject to US tax credit Hyundai Motor Group's five electric vehicle (EV) models will be subject to the US tax credit program for EV purchases this year for the first time, industry sources said Thursday. According to the sources, purchasers of Hyundai and its sister Kia's five EV models -- Ioniq 5, Ioniq 9, EV6, EV9 and Genesis GV70 -- will be able to receive up to US$7,500 in tax benefit, a key component of the Biden administration's so-called Inflation Reduction Act (IRA

Jan. 2, 2025

New Hana Bank CEO to prioritize customer centricity

Lee Ho-sung, the new chief of Hana Bank under Hana Financial Group, commenced his official term on Thursday, pledging to prioritize customer satisfaction. “Let’s restore the customer-focused sales DNA of Hana and join the journey to become the leading bank,” Lee said in his inauguration speech during a ceremony held at the bank’s headquarters in Myeong-dong, central Seoul on Thursday. Lee highlighted the need to expand the customer base for sustainable growth, innovation of business models to se

Jan. 2, 2025

Jeju Air dismisses financial impact of mass cancellations

Amid growing concerns over Jeju Air's liquidity following a surge in booking cancellations after the Muan Airport tragedy, the airline dismissed such worries, asserting that there will be no issues with liquidity. "The number of cancellations since the incident has clearly been higher than before, but new bookings continue, although at a reduced rate," said Song Kyung-hoon, head of Jeju Air’s management support division, during a press briefing held in western Seoul on Thursday. Song also said t

Jan. 2, 2025

Rising to the challenge: CEOs bet on technology, resilience for New Year

Against backdrop of political turmoil, economic uncertainties, Korea's corporate giants look to future with AI, sustainable growth. After enduring a tumultuous year marked by political upheaval and economic slowdown, Korean companies have stepped into 2025 with a sense of urgency and ambition. The gravity of this year’s challenge is apparent, as the economy continues to grapple with political turmoil at home while anticipating sweeping policy shifts under the second Trump administration in Washi

Jan. 2, 2025