Industry

  • Seoul to conduct civil defense drill next week
    Seoul to conduct civil defense drill next week SEOUL, August 16 (AJU PRESS) - A four-day nationwide civil defense drill will be conducted next week, according to the Seoul Metropolitan Government. Dubbed the "Ulchi civil defense exercise," the annual drill aims to enhance the country's preparedness for emergencies and ensure that citizens are familiar with evacuation procedures and safety measures. Next week's drill will involve approximately 140,000 participants from over 170 organizations, including the Seoul Metropolit August 16, 2024
  • Defense chiefs of S. Korea, US, Japan to meet in Tokyo next week
    Defense chiefs of S. Korea, US, Japan to meet in Tokyo next week South Korean Defense Minister Shin Won-sik (far right) shakes hands with U.S. Secretary of Defense Lloyd Austin (center) and Japan's Defense Minister Minoru Kihara (far left) at IISS Shangri-La Dialogue in Singapore on June 2, 2024. Yonhap SEOUL, July 26 (AJU PRESS) - The defense chiefs of South Korea, U.S. and Japan will gather for talks in Tokyo next week to bolster trilateral cooperation and tighten security on the Korean Peninsula. They last met on the sidelines of the IISS Shangri-L July 26, 2024
  • SK Innovation, SK E&S boards discuss proposed merger
    SK Innovation, SK E&S boards discuss proposed merger SEOUL, July 17 (AJU PRESS) - SK Group's two energy subsidiaries, SK Innovation and SK E&S, are holding board meetings on Wednesday to discuss a merger proposal, which could result in the creation of a mega energy company with assets worth 106 trillion won ($76.8 billion) as early as November. As part of a business restructuring effort, SK Group has been pushing for a merger between SK Innovation, the energy intermediate holding company, and SK E&S, which is considered a valuable unl July 17, 2024
  • SK Ecoplant to merge with 2 promising group units ahead of IPO
    SK Ecoplant to merge with 2 promising group units ahead of IPO SEOUL, July 17 (AJU PRESS) - SK Ecoplant, a construction arm of SK Group, is expected to absorb two group companies as part of efforts to improve its bottom line ahead of its planned public offering. Industry sources said SK Ecoplant’s board may approve its integration of SK Materials Airplus, an industrial gas company, and Essencore, a semiconductor processing and distribution unit, on Thursday. SK Materials Airplus produces industrial gases required for semiconductor processes and supp July 17, 2024
  • Geopolitical tensions propel earnings of Korean defense companies
    Geopolitical tensions propel earnings of Korean defense companies SEOUL, July 11 (AJU PRESS) - Korean defense companies are expected to have more than doubled their operating profits in the second quarter, as exports sharply increased amid global geopolitical tensions and Europe's defense buildup, analysts said. Combined sales of five domestic defense contractors -- Hanwha Aerospace, Poongsan, Hyundai Rotem, Korea Aerospace Industries (KAI), and LIG Nex1 -- are estimated to grow 25.5 percent year-on-year to 6.4 trillion won ($4.6 billion) in the April-Jun July 11, 2024
  • Samsung expects over 15-fold increase in second-quarter operating profit amid AI boom
    Samsung expects over 15-fold increase in second-quarter operating profit amid AI boom SEOUL, July 5 (AJU PRESS) - Samsung Electronics expects its operating profit to have jumped more than 15-fold in the second quarter, driven by surging demand for memory chips amid the artificial intelligence boom. In its preliminary earnings guidance issued on Friday, the Korean tech giant estimated its operating profit increased by 1452.24 percent year-on-year to 10.4 trillion won during the April-June period, while revenue swelled by 23.31 percent to 74 trillion won, both far exceeding expect July 5, 2024
  • Canadian Embassy celebrates founding day with hockey tournament in Seoul
    Canadian Embassy celebrates founding day with hockey tournament in Seoul SEOUL, July 2 (AJU PRESS) - The Embassy of Canada to Korea held a street hockey tournament in central Seoul on Monday. Held in a garden near the embassy, the friendly tournament was part of celebrations for the 157th anniversary of the country's founding, also called Canada Day. The tournament came after last week's port call of His Majesty's Canadian Ship (HMCS) Montréal in Korea's western port city of Incheon. The frigate's crew members joined in Monday's tourna July 2, 2024
  • LIG Nex1 displays guided missiles at defense exhibition in Kuala Lumpur
    LIG Nex1 displays guided missiles at defense exhibition in Kuala Lumpur SEOUL, May 08 (AJU PRESS) - LIG Nex1 is displaying its mid-range surface-to-air missile defense system "Cheongung-II" at the Defence Services Asia (DSA), which kicked off on Monday for a four-day run in Kuala Lumpur, Malaysia. More than 1,200 companies from some 60 countries are participating in the defense exhibition hosted by the Malaysian government. The Cheongung-II, also known as M-SAM, features the function of intercepting ballistic missiles at an altitude of about 20 kilomet May 8, 2024
  • LG Energy Solution will use generative AI to boost work performance
    LG Energy Solution will use generative AI to boost work performance SEOUL, April 15 (AJU PRESS) - LG Energy Solution, the battery-making arm of South Korea's LG Group, will implement generative artificial intelligence-based technologies to improve work efficiency. The company intends to utilize this AI solution to analyze customer demands. The company said Sunday it adopted a generative AI solution that analyzes YouTube video clips and summarizes the latest trends in batteries, electric vehicle-related policies, and other work-related trends. Summarized con April 15, 2024
  • Indias foreign affairs minister visits Seoul for economic cooperation
    India's foreign affairs minister visits Seoul for economic cooperation SEOUL -- Through a joint committee in Seoul, India's foreign affairs minister reached a consensus with his South Korean counterpart to upgrade economic cooperation in defense, supply chains, technology, and infrastructure. This was the first dialogue in six years since the joint committee meeting held in New Delhi in December 2018. South Korea's foreign affairs ministry said India's external affairs minister Subrahmanyam Jaishankar attended the joint committee meeting on March 6 wit March 8, 2024