Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday. Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there,...

The country’s unionized cargo truckers ended a weeklong strike and returned to work Wednesday after reaching a tentative late-night agreement with the government on the extension of a minimum wage system based on a freight rate. The sit-in protest, which caused a major supply disruption across the country, has left industrial businesses with a damage bill worth some 2.5 trillion won ($1.93 billi...

The unionized cargo truckers’ continued strike is putting South Korea’s trade competitiveness at risk, business representatives said Tuesday, stressing that not only big companies, but also small firms, would face a bigger burden. “Followed by auto chip shortages and global shipping issues over the Russia-Ukraine war, the price of raw materials has already soared to the top level,” said Yoon Ky...

The ongoing strike by unionized cargo truckers which began last week appears to have caused at least 1.6 trillion won ($1.2 billion) in losses, the Industry Ministry said on Monday. Carmakers may have seen some 257 billion won in losses as the sit-in protest paralyzed supply deliveries, preventing 5,400 vehicles from being produced. The estimated losses were calculated by setting the price of a ...

A promotional image unveils the entire exterior of SsangYong Motor's new mid-sized SUV Torres. Under the brand slogan, “Adventurous,” the SUV maker mixed retro and future-oriented design elements while securing a large cargo space of up to 703 liters, capable of storing four caddie bags and more. Other technological features like Lane Keeping Assist and Forward Collision Warning have been added ...

South Korea’s unionized cargo truckers continued their sixth day of a general strike on Sunday, posing a fresh threat to the local economy amid lingering woes over higher inflation and supply chain disruptions. Cargo truckers here began a nationwide indefinite strike on Tuesday, urging the government to extend a freight rate system that guarantees a basic level of pay. Drivers say that without t...

Manufacturers in the fields of auto, steel and construction that rely heavily on supply deliveries via freight trucks expressed concerns over intensifying logistics disruptions caused by a unionized cargo drivers’ strike on Thursday. According to the industry on Thursday, the country’s largest automaker Hyundai Motor Group has suspended operations of four factories inside its Ulsan plant due to ...

South Korea’s unionized cargo truckers staged a nationwide, indefinite strike starting Monday midnight, marking the first major labor-government conflict since President Yoon Suk-yeol took office last month amid a worsening market economy and sharp price hikes here. According to the union, a majority of the 25,000-member Cargo Truckers Solidarity, affiliated with the Korean Confederation of Trad...

The country’s largest air carrier Korean Air will develop common bulkhead propellant tanks for small satellite launch vehicles by 2027 as part of the Ministry of Science and ICT’s Space Pioneer project, the company said Friday. Under a ministry-led program, some 211.5 billion won ($170 million) will be spent until 2030 on developing the country’s bulkhead propellant tanks for small satellite lau...

South Korea’s Transport Ministry said Friday that it would lift restrictions on the operation of international flights and also expand the number of outbound routes, getting ready to go back to pre-pandemic status. Authorities said measures for aviation industry’s normalization will be applied from Wednesday. The ministry has approved some 762 international flights per week for June, 230 more f...

After a months-long supply disruption due to the war in Ukraine, Posco International said Thursday that it has partially resumed operation of its grain export terminal located in the country’s eastern border area. According to the company, its operation resumption follows its clients’ request for supply. Some 2,000 tons of wheat have been exported its terminal in Mykolaiv this week, where some 1...

SK Telecom CEO Ryu Young-sang on Thursday showed confidence in debuting the telecom giant’s own urban air mobility (UAM) service by 2025, touting UAM or flying vehicles as a “game changer” that will offer solutions to resolving social costs of traffic-related issues. “Today’s business environment is being reshaped at an unprecedented speed since COVID-19,” Ryu said in a column released via the c...

Samsung Electronics is set to launch its first robot product in August -- a wearable medical robot called Gait Enhancing & Motivating System. Its name will be Fitsam, according to the patent that Samsung has registered with the Korean Intellectual Property Office. The Samsung wearable robot can be attached to the ankle, knee or hips to enhance the muscle strength of users with walking difficultie...

Touting its expertise in accumulated transportation data and mobility platform operation experience as its biggest asset, top Korean IT firm Kakao Group’s taxi-hailing service division Kakao Mobility has also stepped into the UAM business. By forming a consortium comprising LG Uplus, GS Caltex, domestic drone solutions company Pablo Air, low-cost carrier Jeju Air and British UAM manufacturer Ver...

Mercedes-Benz has also launched the industry’s largest 56-inch touchscreen, called Hyperscreen, for its flagship EV model EQS. It is powered by MBUX, short for Mercedes-Benz User Experience. MBUX was introduced in 2018 as one of the more capable automaker-created, voice-controlled infotainment systems on the market. Models with MBUX have been on the Korean market at 170 million won ($137,000) fro...