South Korean food company Daesang said Wednesday it had completed a sample production of cadaverine, a biologically derived chemical that can replace petroleum-based substances in the production of nylon and other polymers. This comes in an effort to expand its business in white biotechnology -- a process that uses living cells from plants, enzymes and microorganisms to produce value-added chemicals, materials and fuel at a lower carbon cost. "We are conducting research and development of v

Industry June 14, 2023

Hyundai Motor’s electric compact Kona Electric is set to hit the 300,000 mark in cumulative sales next month, solidifying its position as one of the bestselling electric vehicles manufactured in Korea. As of April, a total of 285,138 Kona Electric cars have been sold since its official debut in 2018, according to the carmaker’s investor relations data released on Monday. Overseas sales accounted for 258,663 units -- nearly seven times the amount of domestic sales. Over 50,000 units w

Mobility June 12, 2023

HD Korea Shipbuilding and Offshore Engineering said Thursday it has participated in Nor-Shipping 2023, an exhibition where Norwegian and international companies showcase solutions and innovations for maritime business and sustainable ocean development. HD Hyundai President Chung Ki-sun and HD Korea Shipbuilding & Offshore Engineering Vice Chairman Ka Sam-hyun also attended the event, which was held in the Norwegian capital of Oslo from Tuesday through Friday. During their visit, the top ex

Industry June 8, 2023

Information technology service provider LG CNS said Wednesday it signed a deal with US tech conglomerate Honeywell to spur innovation in the smart factory industry. Smart factories are digitized factories that depend on device connection, machinery and production systems to collect and share data for the optimization of manufacturing and supply chain management. They involve various innovative technologies such as artificial intelligence and cloud computing. The two companies agreed to work toge

Technology June 7, 2023

Over 70 percent of those who own lavish penthouses at Signiel Seoul – an upscale residence located throughout the 42nd to 71st floors of Korea’s tallest building, Lotte World Tower – were revealed to be corporations, according to a news report by the Herald Business on Monday. The Signiel Seoul, which was completed in April of 2017, has a total of 223 housing units, including seven penthouses and 11 duplex-type sub-penthouses. Based on real estate registrations, the Herald Busi

Market June 7, 2023

South Korea’s second-biggest carmaker Kia said Monday it has appointed John Buckingham, a UK veteran automotive designer, as the exterior design chief of its next design group. Buckingham has worked in the automotive industry since 2005 when he joined BMW as an exterior designer. While working at the BMW Designworks studio in Los Angeles, he also led the design of the 8 Series concept. Then, he moved to UK luxury carmaker Bentley in 2018 and to Faraday Future, the US-based electric vehicle

Mobility June 5, 2023

Hyundai Oilbank is ramping up efforts to fulfill its environmental, social and governance goals by accelerating its sustainable businesses and contributing to social enrichment, the company said Friday. As part of the efforts, the company is set to build an eco-friendly power plant that uses both liquefied natural gas and blue hydrogen as fuel. Hyundai E&F, the oil company's power generation affiliate, will build a power plant with a capacity of 230 metric tons of steam per hour and 2

Industry June 2, 2023

LG Chem CEO Shin Hak-cheol traveled to Japan to host a recruitment event, as the company seeks talent to boost its material, biotechnology and equipment sectors, the chemical firm said Friday. Shin hosted the “Business and Campus Tour” at the Intercontinental Tokyo Bay Hotel on Thursday, which invited some 40 doctoral candidates and master's students in science and engineering from seven major universities in Japan, including the University of Tokyo and Kyoto University. “

Industry June 2, 2023

Hyundai Motor Company launched a revamped version of the Palisade in Korea with enhanced safety features on Friday. For the latest Palisade 2024, the automaker introduced a new trim, dubbed Le Blanc, which has been equipped with various customer-preferred specs, including a smart power tailgate, 20-inch wheels, organic leather sheets, wireless smartphone charging and a surround-view monitor. The new Palisade 2024 has also been revamped with new safety features, including blind collision warning

Mobility June 2, 2023

Hyundai Mobis said Thursday it has begun the construction of its new electric vehicle battery system plant in Indonesia in its latest push for expansion into Southeast Asia’s burgeoning EV market. The automotive parts unit affiliated with Hyundai Motor Group held a groundbreaking ceremony for the plant in West Java, along the outskirts of Jakarta, on Wednesday, with local government and company officials in attendance, including Governor of the West Java Province Mochamad Ridwan Kamil and

Industry June 1, 2023

Hana Financial Group and Mirae Asset Securities said Thursday that they have signed a joint deal for business cooperation in Web3 and security tokens in efforts to lead the way into the future of digital finance. “Through our solid partnership, we will actively take up opportunities for change and lead the way for innovation in digital finance by providing new values and experiences,” Hana Financial Group Chairman Ham Young-joo said. Web3 is a new version of the internet incorporatin

Market June 1, 2023

LG Innotek said Wednesday it has developed a new flexible three-dimensional lighting module for vehicles. Dubbed "Nexlide-M," the product boasts brighter, clearer and more uniform light emission, making it more visible in daylight, the company said. "The Nexlide-M is the whole package -- it has excellent functions and beautiful design," said Yoo In-soo, head of LG Innotek's Motor and Lighting business. In particular, it is able to emit clearer light while with minimal nu

Mobility May 31, 2023

Posco International and LX International said Wednesday that they have teamed up to complete a new massive LNG terminal in Dangjin, South Chungcheong Province, by 2027. The two companies signed an agreement the same day with the city and provincial governments to expedite the project. The Dangjin LNG Terminal will be located on a 193,000-square-meter site at a port in the city of Dangjin. The size is equivalent to about 27 soccer fields. The terminal will consist of two 270,000-kiloliter storage

Industry May 31, 2023

Samsung Electronics said Monday it is offering a self-repair service program in South Korea for key products, including Galaxy smartphones, laptops and TVs, following the program's debut in the US last year. Under the program, the tech giant allows consumers to purchase parts and tools online to repair their devices themselves without having to visit a service center. The first products in the lineup for the service include the Galaxy S20, S21 and S22 smartphones, Galaxy Book Pro laptops an

Technology May 30, 2023

Posco International said Monday it has signed a contract with Faru Graphite Corporation, a Tanzanian subsidiary of Australian mining company Black Rock Mining, to be supplied with natural graphite, a key material for rechargeable batteries. This comes as part of the trading and energy company’s full-fledged efforts to secure a global value chain for battery materials for electric vehicles. Under the contract, Posco International will invest $10 million to receive a supply of 750,000 tons o

Industry May 29, 2023