Industry

  • Mattis says U.S. takes N. Koreas missile capability very seriously: Yonhap
    Mattis says U.S. takes N. Korea's missile capability 'very seriously': Yonhap WASHINGTON -- The United States takes the threat of North Korea's ballistic missiles "very seriously," U.S. Defense Secretary Jim Mattis said in the wake of recent diplomatic efforts to denuclearize the regime. Mattis was speaking at a press conference in Alaska en route to China, South Korea and Japan. "That capability still exists today, so clearly we take that very, very seriously," he said, referring to North Korea's ability to launch in June 27, 2018
  • Bosch to strengthen powertrain business in S. Korea: Yonhap
    Bosch to strengthen powertrain business in S. Korea: Yonhap SEOUL -- Robert Bosch GmbH, a German engineering and electronics company, will strengthen its electrical powertrain business in South Korea as it expects the mass market for electric cars to take off in 2020, a company executive said Tuesday. Bosch won 20 contracts to produce electrical powertrain systems worth a combined five trillion won ($4.5 billion) globally last year and aims to win further deals in new markets, the company said in a statement. "We believe in the co June 26, 2018
  • Hyundai Motor forges ESS partnership with Wärtsilä of Finland
    Hyundai Motor forges ESS partnership with Wärtsilä of Finland SEOUL -- South Korea's Hyundai auto group announced a strategic partnership with Wärtsilä of Finland Tuesday to accelerate the development and commercialization of a new energy storage system (ESS) that recycles electric car batteries. The two companies will jointly promote the development of ESS products while Hyundai will collect electric car batteries and convert them into ESS. Wärtsilä manufactures and services power sources and other equipme June 26, 2018
  • Hyundai Heavy decides to shut down dockyard for offshore facilities
    Hyundai Heavy decides to shut down dockyard for offshore facilities SEOUL -- With no more work to do, Hyundai Heavy Industries, the world's largest shipyard, made an inevitable choice Friday to close its dockyard for offshore plants, admitting it has failed to win any orders due to competition with Chinese and Singaporean rivals.. Hyundai Heavy CEO Kang Hwan-goo said that a drydock in the industrial city of Ulsan for offshore facilities such as floating production storage and offloading (FPSO) units would be shut down after it sent the la June 22, 2018
  • Renewable energy supply more than doubles in S. Korea
    Renewable energy supply more than doubles in S. Korea SEOUL -- Helped by active government supports and investments, renewable energy is more widely used than before in South Korea. Government data showed renewable energy supply more than doubled to 1185.5 megawatts in the first half of the year from 469.2 megawatts a year ago. Meanwhile, the utilization rate of nuclear power plants fell from 75.2 percent in the first quarter of last year to an average of 56 percent this year due to some nuclear reactors being tempor June 18, 2018
  • Nuclear power plant operator agrees to shut down old reactor
    Nuclear power plant operator agrees to shut down old reactor SEOUL -- Bowing to President Moon Jae-in's campaign to replace fossil-fueled power plants with clean and renewable energy sources, the state-run operator of South Korean nuclear power plants agreed Friday to shut down an old nuclear reactor and abandon the planned construction of four new plants. Korea Hydro & Nuclear Power (KHNP) CEO Chung Jae-hoon said that the company's board has endorsed the permanent closure of the Wolsong-1 nuclear reactor June 15, 2018
  • SKs construction arm bids for Philippine thermal power plant project
    SK's construction arm bids for Philippine thermal power plant project SEOUL -- SK Engineering and Construction, a construction arm of South Korea's SK Group, has joined the race to participate in a state project worth $2 billion to build two coal-fueled thermal power plants in the Philippines. SK E&C said Friday that it signed a letter of intent during Philippine President Rodrigo Duterte's visit to Soth Korea last week to bid for the 2.2 trillion ($2 billion) project to build two power plants capable producing 600 megawatts of electri June 15, 2018
  • S. Korean nuclear plant operator seeks new business opportunities abroad
    S. Korean nuclear plant operator seeks new business opportunities abroad SEOUL -- To head off a challenge posed by a sudden policy shift, the operator of South Korean nuclear power plants vowed to find a new growth model abroad by exporting technology and business know-how to Slovakia and other emerging markets. Korea Hydro & Nuclear Power (KHNP), which depends heavily on sales of electricity produced at 24 nuclear reactors at home, has been hit by falling profits, as President Moon Jae-in pushes ahead with a str June 8, 2018
  • GM Korea to launch Equinox, Traverse SUVs to jump-start sales: Yonhap
    GM Korea to launch Equinox, Traverse SUVs to jump-start sales: Yonhap SEOUL -- GM Korea Co., the South Korean unit of General Motors Co., said it will launch two Chevrolet sport utility vehicles in the domestic market to revive its lackluster sales. "The Equinox (midsize SUV) will go on sale in the Korean market on Thursday. The Traverse (large-size SUV) will be the next Chevrolet SUV in the domestic market after the Equinox," GM President and Chief Executive Kaher Kazem said during a press event in Busan, some 450 kilometers s June 7, 2018
  • Doosan Heavy uses SAP platform to develop power plant digital solutions
    Doosan Heavy uses SAP platform to develop power plant digital solutions SEOUL -- Doosan Heavy Industries & Construction, a key contractor in South Korea's nuclear power industry, has forged a business partnership with SAP, a multinational software company, to develop digital solutions for its power equipment and desalination businesses. Doosan Heavy, a Doosan Group subsidiary, said Thursday that a memorandum of understanding was signed between the two companies during a business technology event hosted by SAP a June 7, 2018