For the late SK Group Chairman Chey Jong-hyun, the 1970s oil shock was a wake-up call, a moment of reckoning that a petrochemical company cannot and should not let its destiny be dictated by the price of oil. When SK Group acquired domestic petrochemical company Ukong in 1980, which later became today’s SK Innovation, Chey had a clear vision that reaped rewards for decades. “Countries all over the world are trying to develop alternative energy after suffering from the 1970s oil cr

South Korea’s tech industry is forecast to report a better performance in the third quarter than the second, owing to pent-up demand amid the ongoing COVID-19 pandemic, according to financial sources on Sunday. Industry bellwether Samsung Electronics is expected to post over 10 trillion won ($8.58 billion) in operating profit in the July to September period, which would be up about 32 percent from the company’s Q3 operating profit last year. “Samsung’s mobile busines

South Korea's major tech giants are anticipated to enjoy better-than-expected earnings during the third quarter, a poll showed Sunday, as they were able to save costs amid the global new coronavirus pandemic. Samsung Electronics Co. is expected to post an operating profit of 10.3 trillion won ($8.85 billion) in the July-September period, up 32.56 percent from a year earlier, according to the market consensus compiled by Yonhap Infomax, the financial arm of Yonhap News Agency. The world's top

LG Uplus Corp., a major South Korean mobile carrier, said Sunday it is joining forces with Google to jointly develop 5G mobile edge computing (MEC) technology. Under the partnership, LG Uplus will work with Google Cloud, which will provide its artificial intelligence and machine learning technologies, to develop new services that utilize MEC on the telecom operator's 5G network. MEC is a key technology in delivering ultra-low latency data communication in 5G networks, and it is expected to b

A worker at a Hyundai Motor plant in the southeastern city of Ulsan tested positive for the new coronavirus, local sources said Saturday. The man in his mid-30s was confirmed in the morning to have contracted COVID-19 and is now in good health, the municipality said. Sources said later he is a Hyundai Motor employee and works at the facility management department, not at assembly lines. Authorities are tracing his contacts and plan to test 25 people, including his co-workers, for the vir

Hanwha Defense’s seven-year-long efforts to export its anti-air systems to India went up in smoke after the country decided to make the systems on its own to give a boost to the domestic industry, according to local media reports. In a recent meeting chaired by Defense Minister Rajnath Singh, the Indian Defense Ministry scrapped two arms import contracts that were in the final stages, including a $2.5 billion program to procure anti-air systems from South Korea. The tender for the prog

Samsung Electronics announced Friday that the company has officially launched the Galaxy Z Fold 2 in overseas markets. The company’s new foldable smartphone will be available in around 40 nations, including the US, Singapore, Thailand, England and France. The official launch date in the South Korean market has been delayed to Sept. 23 due to a large number of preorders, which currently stands at 80,000, the company said. Samsung Electronics said it plans to launch the new booklike fol

Hanwha Q Cells said Friday that it has become the first company to receive the highest grade under the government’s carbon certification program for solar modules. According to the South Korean solar cell and module manufacturer, seven of its solar modules earned grade 1 certification from the Industry Ministry. They will be available starting next month, a company official said.  Launched July 22, the ministry’s program divides solar modules into three categories based on

BMW Motorrad, the German motorcycle brand, said Friday that it has officially launched its latest model, the new R 18, in South Korea. The new motorcycle, featuring a classic design and the latest technology, was unveiled at BMW’s Hockenheim Motorrad exhibition hall in Bundang, Seongnam, Gyeonggi Province. BMW said the new R 18 borrows both technologically and visually from famous models such as the BMW R 5 -- a popular model launched in 1936 -- shifting the focus back onto the ess

  South Korean tech firms are joining the race for the growing remote work market, industry officials said Friday, as businesses brace for a drawn-out fight against the COVID-19 pandemic. The country's workplaces have been reshaped this year as many companies opt to keep their workers out of offices to avoid infection risks. A July survey by the Korea Economic Research Institute found that 75 percent of the country's largest companies have introduced flexible working systems, reflecting

Kia Motors Corp., South Korea's No. 2 carmaker, said Friday it will suspend two plants near Seoul until this weekend following the confirmation of COVID-19 cases there days earlier. A total of 13 coronavirus cases have been traced to the plants in Gwangmyeong, just south of Seoul, including four family members of the workers. The plants with a combined workforce of 6,000 remained shuttered Friday for the third consecutive day after the automaker halted their operations late Wednesday in the w

LG Uplus Corp., a major South Korean mobile carrier, said Friday it plans to roll out its 5G-powered autonomous robot next year.The robot -- which is being developed in partnership with autonomous mobility firm Unmanned Solution -- has recently demonstrated its abilities at local refiner Hyundai Oilbank Co.'s facility in Seosan, 150 kilometers south of Seoul, LG Uplus said. The robot was able to roam around the compound on its own with a margin of error of 10 centimeters and carry out safety p