Cho Sung-hwan, CEO of Hyundai Motor Group’s auto parts affiliate Hyundai Mobis, has been elected president of the International Organization for Standardization, the company said Friday. Cho is the first Korean to take the highest position at ISO, a non-profit organization that develops and publishes more than 24,000 international standards for various industries, and has 167 national standard bodies as members. South Korea has been a member since 1963. Cho was elected from a

SK Group Chairman Chey Tae-won has met with Zambian President Hakainde Hichilema in New York and discussed ways for cooperation in shoring up the raw materials supply chain, the business group said Friday. In the meeting, Chey highlighted that Zambia's copper mines offer interesting opportunities to companies, like SK, that engage in manufacturing of copper foil, a critical component used in lithium-ion battery cells, SK said. Copper foil is as thin as one-fifteenth of the width of a human

DRAM prices are estimated to post a quarterly decline of 13-18 percent in the fourth quarter, steeper than the previous quarter, a report said Friday, as consumer demand for electronic devices remains stagnant and macroeconomic conditions aggravated. Research firm TrendForce said rising inflation has significantly weakened the appetite for consumer products, likely to put cold water on the year-end holiday shopping demand. Lower demand, it said, would lead to DRAM's bigger price drops from

LG Energy Solution said Friday it has signed supply agreements with three Canadian mineral companies to secure key raw materials used in lithium-ion batteries for electric vehicles. Under the arrangement with Electra Battery Materials, the Toronto-based battery materials refiner will supply 7,000 metric tons of cobalt sulfate to LG Energy Solution for three years beginning in 2023, the South Korean battery maker said in a release. LGES signed a memorandum of understanding with Avalon Advanced Ma

SK Telecom, South Korea's largest wireless carrier, ranks No. 1 in terms of 5G network download speed, an industry report showed Friday. According to global mobile industry tracker Opensignal, the average download speed using SK Telecom's 5G network was recorded at 469.6 megabits per second, 2.55 times faster than the 184.2 Mbps average among global mobile carriers. LG Uplus Corp., the country's third-largest mobile carrier, ranked second, with 429.6 Mbps, followed by Bulgaria

Having majored in business administration in university and with eight years of previous work experience at the Korea SMEs and Startups Agency, Cheon Yeong-seok, co-CEO of robot startup Twinny, had always dreamed of one day starting his own business. Looking back though, Cheon said it had never crossed his mind in his 20s and early 30s that he would end up starting his dream company with his twin brother, Hong-seok, a electrical engineering Ph.D. graduate of the Korea Advanced Institute of Scien

Samsung Electronics Vice Chairman Lee Jae-yong's planned meeting next month with SoftBank founder Masayoshi Son raises the expectation that the South Korean tech giant could find a breakthrough with a new round of investment for future growth in the field of semiconductors. On his arrival to Seoul after a two-week trip overseas, the 54-year-old told reporters Wednesday afternoon that he is scheduled to hold talks with Son in Seoul and that he believes the Japanese tycoon might bring up the issue

Noting growing uncertainties surrounding the escalating US-China rivalry, SK Group Chairman Chey Tae-won said Wednesday that his priority at the moment is bracing for business survival itself, not seeking profits or efficiency. “The most urgent task is finding the way of survival under any circumstances,” the tycoon said at a press conference in Washington, where he was visiting to inspect local operations. “Rather than focusing on maximizing profits or efficiency like in the p

The head of the Korea Enterprises Federation has met a delegation from the European Parliament to stress the need for bolstering cooperation between European Union and South Korea amid the supply chain crisis and inflation risks. "Korea and the EU are mutually important trade and investment partners. Even during the pandemic, we saw the most trade and investment ever based on the free trade agreement held between Korea and EU last year,” said KEF Chairman Sohn Kyung-shik at a luncheon

Science Ministry to announce pangovernmental digital road map soon

KB Financial Group said Thursday it is making efforts to support the overseas expansion of homegrown startups. The financial giant held a launch ceremony for KB Global Fintech Lab in Singapore, with Kim Moon-hwan, director of the Korea SMEs and Startups Agency, local startup officials and KB executives including KB Financial Group Vice Chairman Yang Jong-hee in attendance. The newly launched lab will support domestic and international startups entering the global market and help them utilize glo

KAIST to build New York Campus by 2025: NYU