Refiners are shifting their business focus from refining margins to biofuels. They are looking to grow their eco-friendly biofuel business, as the use of biofuels may rise in order to reduce carbon in line with a global low-carbon agenda.According to industry sources on Oct. 17, the European Union (
On Dec. 31 last year, Hyundai Motor signed a memorandum of understanding (MOU) with the Saudi Arabian government to expand car production within Saudi Arabia.Industry sources reported on the 17th that Hyundai is set to finalize this agreement with the Saudi government this month, merely nine months
Flitto (CEO Simon Lee, KOSDAQ 300080), a global integrated language platform and AI data solution provider, announced on the 16th its participation as an exhibitor at Expand North Star 2023, a highly anticipated expo along with GITEX Global. The AI data company will be joining the expo ecosystem as
Airbus SE has once again emphasized its commitment to establishing a Research and Development (R&D) center in South Korea. It has been confirmed that the aerospace giant plans to supply over 60 aircraft to domestic airlines in the near future.Speaking at a press conference on Oct. 16 at the Lotte Ho
Korean battery material, parts, and equipment companies preparing to enter the North American market are turning their eyes to Canada instead of the United States. This is because Korean battery makers such as LG Energy Solution, Samsung SDI, and SK on have proactively announced large-scale investme
Worries have surfaced that South Korea’s steel industry, which relies heavily on blast furnaces, could face significant challenges amid speculation that the United States and the European Union (EU) are discreetly working on standards for an “Eco-friendly Steel Club” that may be advantageous to thei
South Korea has signed a Free Trade Agreement (FTA) with the United Arab Emirates (UAE), marking its first such agreement with a Middle Eastern country and its 24th FTA overall.The Ministry of Trade, Industry and Energy announced that Ahn Deok-geun and Thani bin Ahmed Al Zeyoudi concluded Comprehens
The United States has refrozen Korea’s payment for Iran’s crude oil exports that South Korea transferred to a Qatari bank as part of a prisoner swap deal between the United States and Iran.On Oct. 12 (local time), the U.S. government said that Iran will not be able to get its hands on US$6 billion t
Korea and Saudi Arabia have agreed to expand cooperation in the biotech, gaming, and automotive sectors while implementing existing economic cooperation tasks in infrastructure.The Ministry of Trade, Industry and Energy (MOTIE) announced the agreement at the Four Seasons Hotel in Seoul, during the f
On Oct. 11, SK Chairman Chey Tae-won met with a visiting U.S. Senate delegation, including Senator Chuck Schumer, the Democratic Senate Majority Leader, and five other senators at SK’s Seorin Building. SK Group announced on Oct. 12 that they had exchanged views on a comprehensive range of economic c
A site in Kokomo, Indiana, the United States has been selected as the home of the second joint venture EV battery plant between Samsung SDI and Stellantis.Samsung SDI and Stellantis announced on Oct. 11 that they have selected the site for the second plant of their joint venture, StarPlus Energy, ne
On Oct. 11, Hyundai Rotem announced that it had received a pamphlet from the local government of Ukraine, expressing gratitude for the pivotal role their railway vehicles played in safely evacuating war refugees.The top right of the pamphlet reads, “Hyundai trains became one of the lifelines for Ukr
On Oct. 11, HD Korea Shipbuilding & Offshore Engineering announced at Seoul Square a concluded investment agreement with the pioneering fuel cell company Elcogen AS. The agreement sees the shipbuilding giant investing a total of 45 million euros (US$48 million).The event was graced by the presence o
Expectations are rising that South Korean electric mobility companies might counteract the rapid market penetration of cheaper Chinese alternatives by next year. Particularly, South Korean SMEs, medium-sized businesses, and startups are strategizing to differentiate themselves from Chinese products
Following LG Energy Solution’s recent massive electric vehicle battery supply contract with Toyota, the world’s top-selling automaker, LG Chem has also sealed a deal with Toyota to supply cathode materials, an essential component for secondary batteries.On Oct. 6, LG Chem announced that it had enter
Beijing Hyundai, a joint venture between Hyundai Motor Company and its Chinese partner, has lowered its asking price for the Chongqing factory by 30%.According to reports by Reuters and local Chinese auto media outlets on Oct. 9 (local time), Beijing Hyundai specified in the documents submitted to t
LG Display and LG Chem have successfully localized the production of core materials for Organic Light Emitting Diodes (OLED), which were previously entirely imported.According to LG Display on Sept. 9, both companies have independently developed the OLED core material “p-dopant,” which was previousl
Hana Financial Group recently attended an investor relations (IR) presentation targeting foreign investors in the Netherlands. This marks their third IR this year in Europe, following the joint financial IR in Singapore last May and the one in Hong Kong in September.On Oct. 6 (local time), Chairman
On Oct. 5, LIG Nex1 held a meeting in MegazoneCloud’s conference room and signed a business agreement with MegazoneCloud and Amazon Web Services Korea for “Future Space and Defense Cloud Transition.”With this agreement, the three companies plan to collaborate on the development of cloud transition t
LG Energy Solution has secured a long-term agreement with Toyota, the world’s largest automaker, ensuring that it will now supply electric vehicle (EV) batteries to all of the top five global automakers, namely Toyota, Volkswagen, Renault-Nissan, Hyundai, and GM.On Oct. 5, LG Energy Solution announc