Incheon International Airport has become one of the top five airports in the world in terms of the number of international passengers.The number of international passengers who used the airport reached 67.68 million in 2018, the largest since the airport’s opening on March 29, 2001, Incheon Internat

Hyundai Mobis has disclosed its plan to complete the development of artificial intelligence (AI) technology for image recognition within this year and load it onto autonomous vehicles that are scheduled for mass production in 2022.Hyundai Mobis held a meeting at the 2019 Seoul Motor Show underway at

Statistics Korea announced on March 31 that South Korea’s semiconductor manufacturing sector posted an operating ratio index of 97.1 last month, down 4 percentage points from the previous month. That point is the lowest in 43 months.The index had been as high as 114.1 in October 2018, but fell for f

Creditors of cash-strapped Kumho Asiana Group are reportedly planning to demand that the group sell off prime assets and present a viable debt repayment plan.They are considering extension of a one-year memorandum of understanding (MOU) on improving its financial standing later this week if they can

Orion Corp. said on March 28 that Choco Pie’s cumulative global sales reached 5.24 trillion won last year. Orion launched the popular product in 1974.Last year, about 2.3 billion units were sold in 60 countries around the world. This is enough to wrap around the Earth more than four times, and it ha

Hur Young-in, chairman of SPC Group, has set up a bridgehead to penetrate the 44 trillion won (US$38.73 billion) Chinese bakery market. The group announced on March 28 that it has completed the construction of SPC Tianjin plant, which will be used as a key production base for the Chinese bakery mark

Samsung Heavy Industries Co. said in a regulatory filing on March 27 that Petrobras America Inc. has filed a damage lawsuit against it over excessive charter fees for a drillship built and delivered in 2011.Petrobras America is a U.S. subsidiary of Brazil’s state-run oil and gas company Petrobras In

SK Corp. announced on March 28 that it would invest US$150 million in Blue Racer Midstream, a U.S. natural gas gathering and processing (G&P) company.The investment is in line with the company’s strategy to strengthen its energy business in the North American market, which is growing rapidly on the

Question Corp., the operator of the blockchain mobile platform HealthCoin, has donated 10 million won to World Vision for a water sanitation project in India.A donation ceremony was held at the World Vision headquarters in Yeouido, Seoul on March 28 with the attendance of Lee Joo-kyung, CEO of Quest

CJ CheilJedang Corp. aims to achieve 3 trillion won in sales this year in the bio business. The bio industry has emerged as the company's main business of CJ as it accomplished sales of 2.27 trillion won last year. The company plans to invest more than 80 billion won, the highest amount in the b

Ilyang Pharmaceutical announced on March 27 that it will start clinical trials in Europe to develop its self-developed drug into a Parkinson's disease (PD) treatment.Ilyang Pharmaceutical recently held a briefing on pre-clinical results at a clinical hospital in France to conduct clinical trials

SK Innovation will invest 430 billion won (US$378 million) in Poland to build a Li-ion battery separator (LiBS) plant.SK Innovation announced on March 27 that it will expand investment to accelerate the growth of its materials business, which is to be spun off on April 1.The plant will be built on a

Korea Electric Power Corp.’s plan to develop coal mines in the Bylong Valley of New South Wales (NSW), Australia, is facing stiff opposition from local residents and environmentalist groups.KEPCO plans to develop a series of open-cut and underground coal mines in the valley, which is northeast of Mu

Despite growing demand for polysilicon, leading Korean solar panel manufacturers including OCI and Hanwha Chemical have announced their intention to reduce or give up domestic production due to an increase in electricity charges. Industry analysts say that these companies are weighed down by a gradu

Korea Gas Corp. (KOGAS) is beginning to obtain good results in overseas projects, offsetting the losses incurred in resource development projects.The state-run company is pushing ahead with a total of 25 projects in 23 countries around the world in order to secure a stable supply of natural gas and

LS Cable Asia announced on March 25 that LS Vina, its Vietnamese manufacturing subsidiary, would supply US$50 million worth of power cables to a large-scale solar power plant project in Vietnam. The contract volume corresponds to about 14 percent of LS Vina's sales last year.LS Vina signed the c

Competition among the big three Korean shipbuilders is intensifying as the shipbuilding industry is expected to recover, led by the LNG carrier segment.Samsung Heavy Industries ranked second in the world in terms of order backlog in February, said Clarkson Research, a U.K. shipping industry analyst,

Unionized workers of Hanwha Total Petrochemicals Co. went on a general strike on March 23 after their wage talks with the management fell apart. The union plans to continue the walkout through 7 a.m. on March 28. Beginning last August, Hanwha Total’s management and labor union held 11 meetings on a

Korea Southern Power Co. (KOSPO), a subsidiary of Korea Electric Power Corp. (KEPCO), will participate in a U.S. liquefied natural gas (LNG) project worth 1.19 trillion won (US$1.07 billion).KOSPO formed a creditor group with Daelim Energy Co. and U.S.-based power energy firm Indeck Energy Services

Hyundai Motor is considering producing the small sports utility vehicle (SUV) “Venue” in India prior to Korea. The Venue is smaller than the Kona, a subcompact SUV that will be launched this year.It is very unusual to produce a completely new model at an overseas factory, except for strategic models