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Hyundai Motor faces fresh strike amid slow sales
South Korea's top carmaker, Hyundai Motor, faces a fresh interruption to domestic production after its militant union called for a four-day partial strike for up to three hours from December 5 in protest at a delayed wage deal. The strike comes after workers suspended production for two days this week at their main plant in the southeastern city of Ulsan due to disagreement over the expanded production of Hyundai's new compact SUV, Kona. The suspension caused p
December 1, 2017
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Mayor hopes to turn Seoul into 'solar' city
The mayor of Seoul unveiled what appeared to be a costly project to turn Seoul into a "solar" city with a solar energy system built everywhere in homes and buildings for complete energy self-reliance. By 2020, Mayor Park Won-soon hopes to expand the use of solar energy and produce electricity equivalent to one nuclear power plant in the capital crowded with nearly 20 percent of South Korea's total population of 51 million. "We
November 21, 2017
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S. Korea's first offshore wind power farm makes debut on Jeju island
South Korea's first offshore wind power plant made its debut on the southern island of Jeju which has led a campaign to expand the use of renewable and eco-friendly energy in a country heavily dependent on imported fossil fuel. The offshore wind farm built by Korea South-East Power Co., a state utility company, is capable of generating 85,000 megawatts of electricity annually, enough to provide power to up to 24,000 households. The complex has ten wind power turbines erec
November 17, 2017
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Hyundai unveils new roadmap to bolster regional autonomy
In an effort to cope with sluggish sales in China and the United States, South Korea's Hyundai auto group has unveiled a new roadmap aimed at reforming its global operations by 2020 to strengthen the autonomy of regional headquarters. Hyundai's global operations would be split into nine regions -- South Korea, China, North America, Europe, India, Russia, Middle East and Asia Pacific. China would have a different concept of management because production and sales t
November 7, 2017
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State utility firm supports Northeast power grid project
The head of South Korea's utility company, KEPCO, supported President Moon Jae-in's initiative to set up a Northeast Asia power grid that would also encompass Japan, China and Russia. At the third Eastern Economic Forum in Vladivostok on September 7, Moon called for the construction of a super grid through cooperation with Russia to enhance energy cooperation as part of his proposal to establish an economic community in Northeast Asia. Korea Electric Power Corp.
November 2, 2017
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KEPCO demands cautious but quick approach in buying into Toshiba
An aerial view of South Korea's largest nuclear power complex near the southern port city of Busan. The head of Korea Electric Power Corp. (KEPCO), which produces home-made nuclear reactors, called for caution in buying into a nuclear power project involving Japan's Toshiba to build reactors in Britain as it requires state approval. Japan's Toshiba owns 60 percent of the joint venture named NuGen with the remainder controlled by French utility company Engie. Th
November 2, 2017
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SK hynix continues record-breaking march in Q3 earnings: Yonhap
SK hynix Inc., a major chipmaker, said Thursday its third-quarter net profit reached an all-time high, apparently helped by strong global prices of chips. Net profit came to a record high of 3.05 trillion won (2.7 billion US dollars), rising sharply from 597 billion won posted a year earlier, the company said in a regulatory filing. Operating profit also reached a historic high of 3.7 trillion won in the July-September period, rising sharply from 725 billion won poste
October 26, 2017
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Hyundai Motor vows to step up investment in China
Unfazed by a business setback in China, South Korea's leading carmaker Hyundai Motor vowed to step up marketing with a diversified lineup of new sport utility vehicles and eco-friendly cars in the world's biggest auto market. Hyundai's investor relations executive Koo Ja-young told a conference call that the company would expand the lineup of SUV models from four to seven in China by 2020 while releasing eco-friendly cars. "We will strengthen o
October 26, 2017
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S. Korea, China hold defense ministers talks: Yonhap
The defense chiefs of South Korea and China held their first bilateral talks nearly in two years, an official said. South Korean Defense Minister Song Young-moo met with his Chinese counterpart Chang Wanquan for about half an hour in Clark, the Philippines, on the margins of a regional security forum. The meeting came as Seoul hopes to warm relations with Beijing, which have been chilled by a row over the deployment of the THAAD missile defense system on the peninsula.
October 24, 2017
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Moon compromises nuclear policy but no mention on spent fuel
President Moon Jae-in accepted public recommendations for the resumption of work on two unfished reactors while sticking to his "nuclear-exit" policy of phasing out nuclear power plants and replace them with natural gas and renewable energy. Construction near the southeastern port city of Busan would resume soon because Moon agreed to respect recommendations made by an independent state commission. "As the government has already
October 23, 2017
