Indiscriminate attacks by Yemen’s Islamist Houthi rebels have forced major shipping companies to divert their routes around the Cape of Good Hope off the southern tip of Africa instead of the Suez Canal in the Red Sea, costing them up to US$1.5 million to US$2 million more in fuel costs per ship, ac
The Ministry of Land, Infrastructure, and Transport (MOLIT) announced on Dec. 26 that it will launch the KASS, which provides precise positioning signals by correcting positioning errors on Dec. 28. The service can decrease the scope of errors (15 to 33 meters) that occur when using GPS signals to 1
The Supreme Court’s ruling that it is not illegal to have employees work more than 52 hours in a week, regardless of the number of hours worked per day, is expected to allow small and medium-sized enterprises (SMEs) to make their working hours more flexible and cut labor costs.On Dec. 25, the Suprem
HD Hyundai announced that it will build HD Hyundai’s artificial intelligence (AI) platform based on Google Cloud’s technologies and solutions.Through this collaboration with Google, HD Hyundai plans to accelerate its digital transformation by introducing generative AI technology to its core business
Italy will be scratched off the list of the world’s top 10 economies by 2038 with South Korea replacing it, according to the Center for Economics and Business Research (CEBR), a British think tank.According to a report by Bloomberg on Dec. 26, the CEBR continued its forecast that South Korea will be
The recently sold Hyundai Motor Russia plant, acquired by a Russian company for a mere 10,000 rubles, approximately 140,000 won (US$108), is showing signs of resuming operations early next year.Interfax reported on Dec. 26 (local time) that the Hyundai Motor plant in St. Petersburg, Russia is expect
As a consequence of the aftermath of the Russia-Ukraine war, Samsung Heavy Industries has suspended the production of blocks and components for 10 out of 15 liquefied natural gas (LNG) carriers contracted with a Russian shipyard. This move aligns with the international community’s collaborative effo
Taihan Cable & Solution announced on Dec. 26 that it has secured an order for a 380 kilovolt (kV) high-voltage power grid project from Germany’s TenneT. The contract is valued at 60 billion won (US$46.28 million).The project involves the construction of a 380 kV underground cable network to expand t
The public takeover bid for Hankook & Company by MBK Partners, in collaboration with Advisor Cho Hyun-sik of Hankook & Company, has fallen through.On Dec. 26, Ventura, the special purpose company (SPC) of MBK Partners Special Situation Fund (SS) No. 2, announced, “The public takeover of Hankook & Co
Harim Group, selected as the preferred bidder for the acquisition of HMM, announced in its official statement on Dec. 26 that it intends to utilize HMM’s cash reserves, or retained earnings, to enhance global competitiveness.In the statement, Harim Group emphasized, “The cash assets held by HMM shou
Inception Lab,Artificial Intelligence Computer Diagnosis Research Lab in Korea, will receive an innovation award at CES 2024 in Las Vegas, USA, scheduled for January next year.The Consumer Technology Association (CTA), the organizer of CES, evaluates and awards innovation prizes to outstanding produ
SK on, a battery subsidiary of SK Innovation, is collaborating with domestic and foreign companies possessing global-level core technologies to advance the intelligence of battery production equipment.On the afternoon of Dec. 26, SK on announced the signing of a six-party memorandum of understanding
Samsung Biologics announced on Dec. 26 that it will participate in the “2024 J.P. Morgan Healthcare Conference (JPMHC)” taking place from Jan. 8 to 11 in San Francisco, California, in the U.S.John Rim, CEO of Samsung Biologics, is scheduled to present on Jan. 9 at 3:45 p.m. local time in the Grand B
Generative artificial intelligence (AI) smartphones are forecasted to lead market trends starting from 2024 with smartphone manufacturers planning to incorporate generative AI functions into their devices. Industry leaders like Samsung Electronics, with its Galaxy AI, are expected to dominate this e
Micron Technology, alongside other leading artificial intelligence (AI) semiconductor companies like Intel, has ramped up efforts to challenge industry front runners. According to semiconductor industry sources on Dec. 24, Micron, the third-largest DRAM manufacturer globally, is currently undergoing
LG Electronics is intensifying its foray into the automotive market by enhancing its capabilities in car security platforms. The company plans to expand its market presence by strengthening global marketing and incorporating security technologies into its infotainment systems and telematics componen
The rivalry in the advanced 2-nanometer (nm) semiconductor process among leading chipmakers from South Korea, Taiwan, and the United States is expected to intensify next year.According to industry reports on Dec. 25, global foundry leaders – Taiwan’s TSMC (first in the industry), South Korea’s Samsu
Samsung Electronics has postponed the start of mass production at its new semiconductor factory in Taylor, Texas, to the year after next. Initially, mass production was expected to begin by next year. The delay is speculated to be due to issues related to U.S. government subsidies and various permit
The world’s leading automakers are adopting technologies developed by Korean startups. In particular, major German automakers Benz and BMW are active in using them.PiQuant is a Korean company that develops spectroscopy-based component detection and measurement devices and solutions, and has develope
The Korea International Trade Association (KITA) on Dec. 25 released a report on how to secure raw materials to foster Korea’s electric vehicle battery recycling industry. The report was written based on forecasts from SNE Research, a market research firm specializing in energy.The size of the globa