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SK hynix suffers huge operating loss due to slumping memory chip business
SEOUL -- SK hynix, the world’s second-largest memory chip producer, suffered an operating loss of 1.7 trillion won ($1.37 billion) in the fourth quarter of last year, driven by sagging global demand amid an economic slowdown, the company said February 1. It marked the first time since the third quarter of 2012 that the company has posted an operating loss. The loss was in stark contrast to a profit of 4.21 trillion won in the last quarter of 2021. The company’s sales nosedived 3
February 1, 2023
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Falling semiconductor exports to take toll on economic growth
SEOUL -- Falling exports of semiconductors are likely to lower the country’s economic growth to as low as 1 percent this year, according to a report released on January 25 by the Korea Chamber of Commerce and Industry (KCCI). The report predicted that if semiconductor exports decline 10 percent, the economic growth rate will drop by 0.64 percentage point. It also said that the growth rate will decrease further by 1.27 percentage points if semiconductor exports fall 20 percent. The KCCI
January 25, 2023
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Korean, UAE firms sign contracts, MOUs worth $6.1 billion
SEOUL -- Domestic companies are vying to strike a deal with United Arab Emirates’ firms after the UAE promised to invest $30 billion (about 37 trillion won) in South Korea. On January 16, the Ministry of Trade, Industry and Energy held a Korea-UAE business forum in Abu Dhabi to help South Korean corporations look for UAE partners as part of efforts to increase exports to the Middle Eastern country and explore business opportunities there. The business forum came after President Yoon Su
January 17, 2023
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UAE decides to invest $30 billion in South Korea
SEOUL -- The United Arab Emirates (UAE) has decided to invest $30 billion (about 37 trillion won) in South Korea’s nuclear power, energy and defense sectors, the presidential office said on January 15. The decision came during a summit between President Yoon Suk-yeol and his UAE counterpart Mohamed bin Zayed Al Nahyan in Abu Dhabi. The office quoted the UAE president as telling Yoon that the Middle Eastern country has made the investment decision with confidence in the Republic of Kore
January 16, 2023
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SK Energy forms alliance to commercialize one-stop hydrogen fuel-powered EV charging station
SEOUL -- South Korea's oil company SK Energy has partnered with three other companies to develop and commercialize an electric vehicle charging station that is powered by hydrogen fuel. The so-called urban-type hydrogen fuel power plants are designed to generate electricity using hydrogen and provide power to EV charging stations and nearby power grids. SK Energy is one of the largest oil companies in South Korea, but the petroleum product distributor had been diversifying its business to
December 28, 2022
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ASML breaks ground for lithography cluster in S. Korea
SEOUL -- The construction of ASML Holding N.V.'s lithography cluster began after the Dutch manufacturer of crucial chip-making equipment pledged close cooperation with South Korean semiconductor companies which have expanded their investment to cement their top position in memory chip production and enhance their competitive power in the global foundry market. ASML CEO Peter Wennink hosted a groundbreaking ceremony on November 16 in Hwaseong, about 30 kilometers (18 miles) southwest of Seou
November 16, 2022
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Demonstration center for autonomous boast starts operation in southern port city
SEOUL -- A demonstration center for autonomous vessels was placed into operation in the southern port city of Ulsan, serving as South Korea's main intellectual hub for acquiring core self-saling technologies. Thanks to the development of artificial intelligence and super-fast processor chips, the global autonomous vessel market is estimated to reach $3.9 billion by the end of 2022. The market for self-sailing ships will grow at an annual average growth rate of 9.6 percent to reach $8.2 bil
November 3, 2022
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Hyundai shipyard's lashing-free container ship secures design approval from international societies
SEOUL -- The world's first lashing-free container ship, designed by South Korea's Hyundai shipbuilding group, has secured design approval from international societies. The ship does not require extra fixing work and uses a new concept device called "Portable Bench" that receives the load of containers stacked on the top of the deck and delivers it to the hull. Container lashing is the process of securing containers together on board a ship to prevent containers from moving fro
November 1, 2022
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BTS members allowed to participate in limited group activities while in military service
SEOUL -- All BTS members will be able to gather for limited group activities such as concerts outside barracks while in obligatory military service if top commanders make an exceptional judgment that their reunion will promote national interest. The share price of their agency is on the rise with investors believing that uncertainties have been resolved. Under pressure to clarify its official position about the allowable range of performance after enlistment, the defense ministry said that BTS
October 18, 2022
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Hyundai shipyard wins $337 million order to build FSRU for Excelerate Energy
SEOUL -- South Korea's Hyundai shipbuilding group clinched an order worth 475.7 billion won ($337 million) to build a floating storage regasification unit (FSRU), which is a special type of tanker fitted with equipment to gently warm liquefied natural gas (LNG) back into a gaseous state so it can be piped to customers on land. The 170,000 cubic meter FSRU vessel will be delivered to Excelerate Energy, a U.S.-based market leader in floating LNG regasification solutions, by the end of June 2
October 5, 2022
