LG Electronics posted 781.4 billion won in operating profit in the third quarter of this year, recording the highest-ever quarterly results.The company is highly likely to surpass 20 trillion won in annual sales in the home electronics sector alone this year, becoming the world’s largest home electr

Samsung Heavy Industries announced on Oct. 30 that it has decided to terminate a shipbuilding contract for two drillships with Transocean, a Swiss shipping company. Drillships are vessel-type facilities for drilling oil and gas wells.Samsung Heavy Industries terminated the shipbuilding contract on O

LG Chem requested an import ban with regard to SK Innovation’s battery pack in the Kia Niro. Kia Motors is likely to be affected by the patent infringement lawsuit LG Chem recently filed with the United States International Trade Commission (USITC).The USITC initiated its investigation for the lawsu

Hyundai Motor Co.’s sales in Saudi Arabia have increased more than 60 percent compared to last year amid rebounding automobile sales in the Middle East country. Hyundai Motor has drawn up a new marketing strategy as the Saudi Arabian automobile market is expanding due to a rise in the number of fema

The operator of van-hailing app Tada has been indicted on charges of violating the transportation law, becoming the latest victim of Korea’s stifling regulations on mobility startups.Mobility-related regulations remain unchanged despite the Korean government’s repeated pledges of reform. As a result

Hyundai Motor announced on Oct. 28 (local time) that it has signed a memorandum of understanding (MOU) with Israel's largest logistics company Taavura to secure future technology.Taavura is a road transport and air cargo services company established in 1955 and has recently expanded its business

Hyundai Heavy Industries Group has obtained approval from Kazakhstan of its plan to merge with Daewoo Shipbuilding & Marine Engineering (DSME).Kazakhstan is the first country to approve the merger plan. Hyundai Heavy Industries Group said on Oct. 29 that Kazakhstan authorities approved its plan with

Korea Southern Power Co. (KOSPO) announced on Oct. 28 that it has issued kangaroo bonds worth US$300 million in Australia for the first time since the company was founded. A kangaroo bond is a foreign bond issued in Australian dollars by non-domestic entities, including corporations, financial insti

Tesla of the United States is eyeing the Korean energy storage system (ESS) market amid lingering concerns about the safety of domestic ESS products.Tesla recently started procedures to obtain a certificate from the Korea Battery Industry Association (KBIA) for ESS sales in Korea. Once its ESS batte

The Korea Institute for Advancement of Technology announced on Oct. 28 that the top 1,000 South Korean companies in terms of R&D investment made a total R&D investment of 49.7 trillion won last year, up 7.9 percent from a year ago.Their R&D investment-to-sales ratio increased from 2.66 percent to 3.

With Hyundai Motor Co. aiming to become the second-largest player in the global electric vehicle (EV) market in 2025, the other Hyundai Motor Group subsidiaries are reforming themselves to work more on auto parts to replace conventional auto parts.For example, the group announced on Oct. 27 that Hyu

SK Engineering & Construction (SK E&C) announced on Oct. 25 that it has signed a memorandum of understanding (MOU) with the Korea Energy Agency and the Ministry of Energy of Uzbekistan to renovate and modernize Mubarek Power Plant in Uzbekistan for about US$200 million.The project aims to modernize

POSCO Chemical is set to ramp up its production of anode materials, a key material for rechargeable batteries.POSCO Chemical announced on Oct. 27 that it has expanded its anode material production capacity by 20,000 tons a year by completing the first stage construction of its second anode material

More than half of South Korean companies currently doing business in China answered in a recent survey that the ongoing trade disputes between the United States and China are adversely affecting their business.The survey covering 212 companies was conducted from Sept. 2 to 27 by the Beijing office o

The Korea Petroleum Association announced on Oct. 24 that four local oil refining companies exported 127.23 million barrels of petroleum products in the third quarter of this year, down 1.1 percent from a year ago. The combined export volume fell for the second consecutive quarter after a 5.7 percen

POSCO chairman Choi Jeong-woo visited the construction site of a lithium extraction demonstration plant at Hombre Muerto Salt Lake in northwest Argentina on Oct. 19.The Argentine salt lake where extraction work is being carried out now has been found to have more lithium reserves and brine than esti

The eighth International Renewable Energy Conference (IREC) kicked off on Oct. 23 at the COEX Convention & Exhibition Center in Seoul. The largest renewable energy conference in the world is attended by more than 3,000 energy sector experts from 63 countries around the world and a total of 30 discus

Hyundai Mobis will band together with Velodyne, the world leader in LiDAR sensors, to develop autonomous driving technology.Hyundai Mobis announced on Oct. 23 that it will make an equity investment of US$50 million in Velodyne to jointly develop autonomous driving technology. Hyundai Mobis plans to

Korea Gas Corp. (KOGAS) held a working group meeting with Gazprom, the world's largest energy company based in Russia, at Oakwood Hotel, Incheon on Oct. 22.About 60 officials from the two companies attended the event, including Choi Yang-mi, head of the Technology Business Division at KOGAS and

Renault Samsung Motors has canceled a plan to produce the follow-up model of the Nissan Qashqai, which was promoted as contract manufacturing of the Nissan Rogue will be terminated early next year.The Nissan Rogue accounted for about half of Renault Samsung's production volume last year."We rece