Hyundai Motor Group said Sunday it has signed a memorandum of understanding with photovoltaic solar cells manufacturer Hanwha Q Cell for energy storage systems to use recyclable batteries from electric vehicles.  The two firms held an MOU signing ceremony on Friday, which was attended by Hyundai Motor Group President and head of Strategy and Technology Division Chi Young-cho and Hanwha Q Cell President Kim Hee-chul attended.  Amid the expanding ratio of renewable energy use such as

SEJONG – The online shopping market has become a core factor for the nation’s gross domestic product in recent years, as it makes up a core portion of household consumption. Data from Statistics Korea showed that the monthly turnover of retailers operating online retail operations came to 12.58 trillion won ($10.16 billion) in March. It posted growth of 191.8 percent over five years, from 4.31 trillion won in March 2015. The monthly turnover has continued to surge -- to 5.22 trill

Korean Air said Friday that it will launch a mobile application service for passengers to check whether their baggage is safely loaded. The service will be provided for passengers on international flights from Incheon International Airport starting June 1. The app prevents errors in loading of the luggage by comparing the barcode information of the baggage transferred during check-in with the scan information onboard an aircraft, the firm said. It is available to any Skypass member who inst

Foreign Ministry maintains they are ‘discussing how to respond’

South Korean retail giant E-mart’s online store SSG.com said Friday it has witnessed a spike in its business as worried customers are shunning online grocery delivery platforms of Coupang and Market Kurly whose logistics centers reported virus infections recently. According to SSG.com, the number and sales of early morning deliveries on Friday jumped 14 percent and 37 percent, respectively, compared to last week after two Coupang employees and one Market Kurly employee working at their

South Korean battery maker Samsung SDI said Friday it has started injecting capital into EcoPro EM, a joint venture with EcoPro BM, a supplier of electric vehicle battery materials to Samsung. According to Samsung SDI, it will fund a total of 120 billion won ($96.9 million) with EcoPro BM into EcoPro EM. Samsung SDI and EcoPro BM will contribute 48 billion won and 72 billion won, respectively, to control 40 percent and 60 percent of the JV, respectively. The JV is expected to begin construc

SEJONG -- Top economic policymakers and heads of state-run creditor banks on Friday discussed a self-rescue plan submitted by cash-strapped Doosan Heavy Industries & Construction Co., the finance ministry said Friday. Two state-run creditors -- the Korea Development Bank and the Export-Import Bank of Korea -- have been in talks with Doosan Group, the parent of Doosan Heavy, on a debt restructuring plan for the builder of turbines, power plants and roads. During the Friday meeting, the c

South Korean perfumery startup Blend C recently launched its fragrance brand Balanza, which boasts a range of fine fragrance body washes and hand creams based on organic formulas. Dubbed the “Memory Collection,” the products come in three different scents -- Claro, Suave and Bosque -- based on the idea that each fragrance brings back nostalgic memories from the past. Claro emanates notes of freesia and blue cyclamen, while Bosque is a fresh burst of citrus bergamot with a woody

SK Telecom said Friday it plans to develop an artificial intelligence-based post-production platform to help local firms to export cultural content products abroad. The South Korean telecommunications firm said it has signed a memorandum of understanding with local post-production firm New ID to collaborate on the project. “The latest partnership deal will meet increased foreign demand for Korea’s cultural productions,” the company said. “The two companies expect the

South Korea is seeking to import remdesivir as an emergency treatment for coronavirus patients, based on recommendations by local experts and clinical tests, health officials said Friday. The investigational antiviral drug by US pharmaceutical giant Gilead Sciences Inc. will only be administered to critically ill coronavirus patients, as a group of local infectious disease experts recommended it after checking its effectiveness and safety. The central quarantine control headquarters said it w

LG Group Chairman Koo Kwang-mo emphasized his vision for the future at LG Science Park in Magok, Seoul, to mark the second anniversary of its opening, the group said Friday. On Thursday afternoon, Koo visited the complex and discussed the group’s digital transformation, artificial intelligence and securing talented people, according to the firm. At the site, he asked the employees to create a “culture of bold challenges,” saying, “When you do nothing or do not challe

South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said Friday. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Networks gas stations. SK Energy remains number one. The oil refining firm signed a contract with SK Networks to acquire its retail business of petroleum products on Feb. 28 and reported a bus