South Korea on Tuesday once again urged Japan to resolve their trade dispute through consultations in accordance with the World Trade Organization regulations, according to government officials. Japan unilaterally announced its decision to impose tighter export controls against Korea three months ago. On July 4, it tightened export controls for three high-tech materials: fluorinated polyimide, photoresist and hydrogen fluoride.“The export restrictions are still in place. The number of expo

The government is moving to strengthen taxation of high-income influencers and content creators on social networking services, including YouTubers, to prevent tax evasion, according to documents submitted to lawmakers on Monday.  According to Rep. Kang Byung-won of the Democratic Party of Korea, the Finance Ministry has been collecting foreign exchange receipts exceeding $10,000 per person from the Bank of Korea, and using the data for tax reports and investigation of high-income influencer

INNOVATION AWARDS -- Korean four-dimensional radar technology firm Bitsensing CEO Lee Jae-eun (center) poses for a photo with Manfred Martin, a professor at RWTH Aachen University, at the fifth KGCCI Innovation Awards ceremony held at the Sebitseom floating islands in Seoul on Friday. During the event, Bitsensing and three other companies, including 42 Maru, BASF Korea and Henkel Korea, received innovation awards in the presence of high-ranking executives from the Korean-German business communit

The new chief executive officer of aerospace and defense company Korea Aerospace Industries has urged his employees to focus all of their capabilities on winning orders to overcome the management crisis, the firm said Sunday. “Despite the harsh environment, KAI has achieved remarkable growth through the efforts of its employees and partner companies as well as support from the government. However, the company is in a crisis due to stagnant sales and orders over the past five years,&rd

SK Innovation on Sunday expressed regret over the patent infringement lawsuit recently filed against it by LG Chem with a US court, as they had agreed five years ago not to sue each other on one particular patent case.Vowing a befitting response as the legal battle rages, SK Innovation said, “We will respond strongly by taking all possible legal actions,” lashing out at LG Chem for failing to create a virtuous cycle through fair and cooperative competition.The remarks came as LG Chem

Samsung Heavy Industries has become the first shipbuilder to develop the world’s first fuel cell-powered aframax crude oil tankers in response to the International Maritime Organization regulations strictly limiting carbon dioxide emissions. Samsung Heavy said Thursday it acquired Approval in Principle, or AiP, by Oslo-based international accredited registrar and classification society DNV GL, for its fuel cell-powered aframax crude oil tanker. AiP is a process to verify technological

South Korea’s LG CNS, an information technology services subsidiary of LG Corp., said Thursday it is set to establish a joint venture specializing in cloud conversion and operations with Megazone Cloud, the largest cloud management company here.The companies aim to take the lead in the cloud conversion market through their JV. They have signed a joint investment agreement. After discussing the detailed implementation plan for about three months they hope to finalize the JV’s establis

Hyundai Heavy Industries said Thursday it has partnered with Korean steelmaker Posco to localize materials for liquefied natural gas tankers. HHI said it has recently applied Posco’s 9 percent nickel steel to fuel tanks -- with a model name of Hi-CIX -- for 180,000-ton LNG propulsion vessels in order to localize and stabilize the supply of core materials for cryogenic tanks. Nine percent nickel steel is a material that can maintain strength and toughness even in cryogenic environments

Posco International, a trading subsidiary of Posco, has become the first Korean company to complete construction of an overseas grain export terminal, as it went into full operation, the firm said Wednesday. The new grain terminal at the Ukrainian Black Sea port of Nikolayev, which is owned by Posco International with a 75 percent stake, is one of the largest export ports in the southern Black Sea. It is capable of shipping 2.5 million tons of grains such as wheat, corn and soybeans annually.The

South Korean aerospace and defense company Korea Aerospace Industries said Tuesday it was successful in flying an unmanned helicopter in its first flight. The company said its unmanned helicopter NI-600VT, or Night Intruder-600 Vertical Take-off & Landing, showed hovering and horizontal direction conversion functions at the Goheung Aerospace Center located in South Jeolla Province. And the copter confirmed its flight control performance and safety. The NI-600VT copter is a reformed vers

South Korea’s state-run Korea Gas Corp. signed a long-term agreement with British energy company BP to buy US liquefied natural gas, the first LNG deal between the two countries under the Donald Trump administration, officials said on Tuesday. On Monday, Korea Gas Corp. signed a 15-year contract with BP in Washington to purchase 1.58 million tons of US liquefied natural gas on a yearly basis starting from 2025. The seller, BP, can extend the term for three years if desired.The signing

Doosan Heavy Industries’ high dependence on nuclear and fossil fuel power has led to serious financial troubles, and it is time for the firm to undergo a forensic audit, as its financial results raise important fiduciary questions, according to a US-based energy economics institute on Monday. “The past five years have been dire for its shareholders and the stock prices of the firm have fallen 74.8 percent,” said Melissa Brown, director of energy finance studies at the Inst

South Korean industrial conglomerate Hyosung’s spandex plant in India went into commercial operation Friday, the firm said Monday. The plant, near Aurangabad Industrial City on a site that covers about 400,000 square meters, is capable of producing 18,000 tons of spandex per year. Hyosung, which entered India in 2007, generates more than $300 million in annual sales there. The company established an ultra-high-voltage breaker production plant in Pune in 2016.CEO Cho Hyun-joon said, &l

In response to the complaint filed by the South Korean government with the World Trade Organization on the subject of Japan’s export control measures, Tokyo has expressed its willingness to have bilateral consultations with Seoul, a day before the 10-working day deadline set by the WTO, officials said Friday. Japan’s response could be the first step in resolving the Korea-Japan trade dispute triggered by Japan’s export restrictions.  “The Japanese government has resp

Pattaya on the eastern coast of the Gulf of Thailand may be better known for its nightlife and water sports. But the city also offers the Kaan show, a theatrical experience that combines live-action and cinema, stage performance and advanced technologies. The 60-minute show is inspired by classic Thai literature. It features more than 90 actors performing magic supported by production staff with international experience, advanced technologies and a state-of-the-art audiovisual system. 

South Korean steelmaker Posco said Thursday it has launched a startup committee to foster companies in the cities of Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, and to enhance communication among startups, regional governments and agencies. The committee, which comprises 197 startups, is supported by 17 regional governments and organizations, including the Research Institute of Industrial Science & Technology, Postech and Techno Parks. It plans to periodical

South Korean steelmaker Posco is ready for commercial sales of super-alloy stainless steel for scrubbers necessary for vessels that should abide by new environmental rules by the International Maritime Organization, the company said Wednesday.This year, Posco succeeded in commercializing super-alloy stainless steel, labeled S31254, for vessel scrubbers, and it has been supplying the steel to clients including Hyundai Heavy Industries Power Systems, Kangrim Heavy Industries and STI. Installi

South Korea has urged China to terminate its anti-dumping measures on Korean polycrystalline silicon for solar panels, claiming they do not pose any domestic threat, officials said Wednesday. A delegation led by Chung Hae-kwan, director general of Trade Ministry’s trade legal affairs, attended a hearing in Beijing together with officials of related Korean companies, including OCI and Hanwha Chemical. The Chinese government has imposed anti-dumping duties on Korean and US polycrystalline si

South Korea excluded Japan from its export controls whitelist Wednesday in retaliation for Tokyo’s earlier decision to remove Seoul from its list of favored trade partners, as bilateral relations have slumped to the lowest levels since normalizing diplomatic ties in 1965.“The Ministry of Trade, Industry and Energy has published the revision of the nation’s trade controls on strategic items in an official gazette and it took effect from Wednesday,” said the ministry spokes

Hanwha Total Petrochemical has completed the expansion of its ethylene production plant and has begun commercial operation with an aim of generating 590 billion won ($496 million) more in sales each year, the firm said Tuesday. The petrochemicals firm has injected a combined 540 billion won since April 2017 to complete the side gas cracker of the naphtha cracking center in South Chungcheong Province. The new facilities are capable of producing 310,000 metric tons of ethylene and 130,000 tons of