Industry

  • Civic jury votes for continued construction of nuclear power plants
    Civic jury votes for continued construction of nuclear power plants By an undisputable margin, a civic jury supported the resumed construction of two unfinished reactors in South Korea, dealing a blow to President Moon Jae-in's "nuclear-exit" policy to phase out nuclear power and replace them with safe renewable energy. Construction of the two reactors, slated for completion in 2022 near the southeastern port city of Busan, would resume soon because Moon has promised to respect any recommendations made by an independen October 20, 2017
  • Energy minister proposes two-track approach in nuclear power
    Energy minister proposes two-track approach in nuclear power South Korea's energy minister proposed a two-track approach in nuclear power, saying the government would actively support exports of home-made reactors while pushing ahead with the gradual shutdown of nuclear power plants at home. The government's "nuclear-exit" policy is "totally different from exports of nuclear power plants", Paik Un-gyu, Minister of Trade, Industry and Energy, told a conference attended by companies involved in the n October 10, 2017
  • S. Korean semiconductor makers forecast to continue record earnings
    S. Korean semiconductor makers forecast to continue record earnings Helped by strong global demand and high prices, Samsung Electronics and SK hynix are expected to continue a record-breaking march in their earnings in the first half of next year, but experts warn of tough competition with Chinese rivals probably from 2019. South Korea's semiconductor exports are expected to exceed 90 billion US dollars this year, compared to $62.2 billion last year, according to a report from the Korea International Trade Association. Samsung, the w October 10, 2017
  • Hyundai Motors sales show signs of recovery in China, and U.S.
    Hyundai Motor's sales show signs of recovery in China, and U.S. South Korea's leading carmaker, Hyundai Motor, seems to be coming out of a business slump in the United States and China. Sales have been slow, but the slowdown is gradually recovering. According to industry sources, Hyundai's sales in China last month reached 85,040 units, up about 60 percent from a month ago, marking the highest level of monthly sales this year. Sales were still 18 percent lower than last year's, but Hyundai is showing a possible r October 4, 2017
  • Toshiba inks deal to sell memory biz to global consortium: Yonhap
    Toshiba inks deal to sell memory biz to global consortium: Yonhap Japanese tech giant Toshiba Corp. said it has signed off on a deal to sell its memory business to a global consortium which includes South Korea's SK hynix Inc. Toshiba earlier decided to start negotiations on selling its memory business to the consortium including participants from South Korea, the United States and Japan. The companies also include Bain Capital, Apple Inc. and Dell Inc., and a handful of other tech firms. The deal is estimated to be worth 2 trill September 28, 2017
  • S. Korea pushes for construction of worlds largest LNG-powered vessel
    S. Korea pushes for construction of world's largest LNG-powered vessel In a bid to acquire related technology and take the upper hand in the global market, South Korea will push for a state-sponsored project to build the world's largest vessel powered by liquefied natural gas (LNG). The project to build a 180,000-ton LNG-propelled vessel for Posco, the country's top steel company, involves shipyards, government bodies, the state-run Korea Development Bank and a research institute, according to the Ministry of Oceans and Fisheries. "This p September 25, 2017
  • Public opinion split over proposed shutdown of two nuclear reactors
    Public opinion split over proposed shutdown of two nuclear reactors Public opinion has been split over President Moon Jae-in's proposal to stop the construction of two nuclear power reactors despite strong support from young voters concerned about safety and environment. On an order from Moon who has promised to replace old nuclear and coal-powered thermal power plants with clean and renewable energy sources, the cabinet decided on June 27 to stop the construction of two reactors, slated for completion in 2022 near the southeastern port ci September 22, 2017
  • Saudi nuclear project reignites S. Korean ambitions for reactor export
    Saudi nuclear project reignites S. Korean ambitions for reactor export Under President Moon Jae-in's clean energy policy, South Korea is reducing its heavy dependence on nuclear energy, but ambitions to export home-made reactors have never been abandoned. South Korea, which has almost no reserves of fossil fuels on its territory, has actively pushed for a nuclear energy program. A 2009 $20 billion contract to build four reactors in the United Arab Emirates paved the way for South Korea's first exports of reactors. Nuclear industry officia September 19, 2017
  • President Moon proposes energy cooperation community in Northeast Asia
    President Moon proposes energy cooperation community in Northeast Asia President Moon Jae-in proposed the creation of a far-reaching energy community in Northeast Asia through cooperation with Russia as ties between South Korea and China get soured by differences over how to tame North Korea. In his address to the third Eastern Economic Forum (EEF) in Vladivostok, Moon called for the construction of a Northeast Asia super grid to enhance energy cooperation, which would lay the foundation for an envisioned economic community. The initi September 7, 2017
  • Hyundai plant in China suspended due to payment dispute: Yonhap
    Hyundai plant in China suspended due to payment dispute: Yonhap Hyundai Motor Co.'s plant in China was forced to suspend operations Tuesday as a German company refused to supply auto components due to payment problems, the South Korean carmaker said. Hyundai's plant in Cangzhou, Hebei District, was brought to a halt as the supplier has stopped delivering air intake components due to delayed payments, a company spokesman said over the phone. "We are in talks with the German partner so work can resume at the No. 4 plant (in September 5, 2017