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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Hanwha, HMM, KR partner on carbon-free ship technologies

Hanwha Group’s four affiliates have signed an agreement with Korea’s largest shipping company and a leading vessel technology organization to promote carbon neutrality in global maritime transportation. Hanwha Power Systems, a clean energy developer under the mega conglomerate, said on Thursday that the group signed a memorandum of understanding (MOU) with HMM and Korean Register (KR) in Busan the previous day. The signing took place on the sidelines of KORMARINE 2025, a global maritime exhibition. The tripartite partnership aims to jointly develop a propulsion system based on fuel cells and ammonia gas turbines for 7,000- to 8,000-ton vessels. They will also develop a hybrid propulsion system using fuel cells and batteries for 2,000-ton feeder vessels. The three parties will cooperate to design the systems, calculate the project’s profitability and develop new types of vessels to utilize the systems. Each party to the MOU will contribute its expertise to achieve the shared goals. Hanwha — through its affiliates Hanwha Power Systems, Hanwha Ocean, Hanwha Aerospace and Hanwha Sys

Oct 23, 2025By Ko Dong-hwan
Hanwha, HMM, KR partner on carbon-free ship technologies

PHOTO Kia extends sponsorship contract with Rafael Nadal

Spanish tennis player Rafael Nadal, left, poses with Kia CEO Song Ho-sung after extending his sponsorship contract with the carmaker at Kia’s Unplugged Ground cultural space in Seoul, Thursday. The Korean automaker has sponsored the tennis legend for 21 years since 2004. Courtesy of Kia

Oct 23, 2025By Lee Min-hyungphoto
[PHOTO] Kia extends sponsorship contract with Rafael Nadal

Tennessee governor meets with SK On CEO to strengthen investment ties

Gov. Bill Lee of the U.S. state of Tennessee on Thursday met with the head of SK On to discuss ways to enhance cooperation and strengthen ties, industry sources said. Lee visited SK On's headquarters in central Seoul earlier in the day and had talks with Lee Seok-hee, chief executive officer (CEO) of the Korean battery manufacturer, according to the sources. During the meeting, they discussed the planned operation of SK On's plant under construction in Tennessee by BlueOval SK, a joint venture between SK On and Ford Motor, as well as measures to strengthen cooperation with the local community. BlueOval SK is building a 45 gigawatt-hour (GWh) battery plant in Tennessee as part of its 16 trillion-won ($11.2 billion) investment plan to build three manufacturing facilities in the United States. The facility is scheduled to begin operations next year. During his Seoul stay, Gov. Lee is also expected to meet with South Korean companies investing in Tennessee, including LG Chem, LG Energy Solution and LG Electronics. LG Chem is building a cathode materials plant in Clarksville, while LG Energy S

Oct 23, 2025By Yonhap
Tennessee governor meets with SK On CEO to strengthen investment ties

GM showcases mobility vision, technologies at Korean expo

GM Korea said Thursday that its parent company, General Motors, is taking part in a Korean mobility expo to present its future vision for electrification and key next-generation technologies. GM is showcasing a wide range of models, including Cadillac's first all-electric sport utility vehicle (SUV), the Lyriq, as well as future vehicle technologies at the Daegu International Future Auto & Mobility Expo 2025 (DIFA) in Daegu, 310 kilometers southeast of Seoul. The event runs from Wednesday through Saturday, GM Korea said in a press release. The Detroit-based carmaker is focusing on highlighting its global strategies and latest initiatives to respond to the rapidly evolving mobility industry, together with GM Technical Center Korea (GMTCK), one of GM's core global engineering hubs, it said. GMTCK serves as GM Korea's research and development (R&D) unit. "DIFA is an important stage where the present and future of the global mobility industry come together. Through this event, GM aims to present its vision for future technologies in electrification, advanced driving and digital innovation,"

Oct 23, 2025By Yonhap
GM showcases mobility vision, technologies at Korean expo

LG Electronics to join automotive software marketplace SDVerse

LG Electronics said Thursday it will join the global automotive software marketplace SDVerse as part of its push to lead the emerging software-defined vehicle (SDV) market through expanded partnerships with key industry players. SDVerse is a business-to-business (B2B) open platform for buying and selling automotive software. It was jointly developed by General Motors, Magna International and Wipro, and connects global carmakers, auto parts suppliers and software developers. The platform aims to create a matchmaking marketplace for buyers and sellers of embedded automotive software through an independent, industry-driven sourcing and procurement process. By joining SDVerse, LG Electronics said it plans to bolster its competitiveness in the automotive components business and strengthen ties within the global automotive software ecosystem. The company will showcase various mobility solutions on the platform, including LG Alphaware, its in-house software suite for SDVs. LG Electronics, traditionally known for its home appliances, has made constant efforts to diversify its business portfolio a

Oct 23, 2025By Yonhap
LG Electronics to join automotive software marketplace SDVerse

Calls grow to increase subsidies for production, use of sustainable jet fuel

The government has been urged to take additional measures to mandate the use of sustainable aviation fuel (SAF) on all international flights departing from domestic airports. As both oil refiners and airlines face the inevitability of higher costs to produce and use the jet fuel, made from used cooking oil and other renewable energy sources, calls are intensifying for the government to offer tax credits and expanded subsidies to companies working to lower carbon emissions in aviation. In September, the government announced a minimum blending ratio of 1 percent SAF on all outbound flights beginning in 2027, with plans to raise the requirement to 3 to 5 percent by 2030 and 7 to 10 percent by 2035. At the same time, it promised several incentives and support measures to accompany the mandate. The Ministry of Trade and Industry pledged to fund up to 25 percent of facility investment costs and up to 40 percent of research and development costs, while the Ministry of Land, Infrastructure and Transport committed to reduce facility usage fees by 500 million won ($353,000) at Incheon Internation

Oct 23, 2025By Park Jae-hyuk
Calls grow to increase subsidies for production, use of sustainable jet fuel

APEC CEO Summit to serve as platform for insights into future

The upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit is expected to serve as a platform for global business leaders and prominent industry figures to share their views on the future of the global economy and innovation. The APEC CEO Summit is one of the official events of the 2025 APEC program in Gyeongju, North Gyeongsang Province. Unlike other events that focus mainly on economic and government policy for regional prosperity, the CEO Summit is hosted by the Korea Chamber of Commerce and Industry (KCCI), a private business organization, and centers on more practical business discussions, new technologies and emerging industrial trends. Slated for Oct. 28 to 31 in the historic city, the event is expected to draw 1,700 officials and representatives from APEC economies and the world’s leading businesses. Key participants Arguably the event's biggest name is Nvidia CEO Jensen Huang, who will have a special session on Oct. 31 at Gyeongju Arts Center. Nvidia said he will attend the summit to share the company’s vision for accelerating technological innovation and global growth

Oct 23, 2025By Nam Hyun-woo
APEC CEO Summit to serve as platform for insights into future

Samsung Group's market capitalization tops $634 bil. for 1st time: data

Samsung Group's entire market capitalization surpassed $630 billion for the first time on Wednesday, driven by semiconductor maker Samsung Electronics' bullish run, data showed. Samsung Group's total market capitalization stood at 907.9 trillion won ($634.4 billion), up 67 percent from 543.3 trillion won at the end of last year, according to the data from the Korea Exchange. The increase was largely attributed to a sharp increase in the share price of Samsung Electronics, which swelled 85.3 percent from 53,200 won on Dec. 31 to 98,600 won Wednesday. Samsung Electronics' share price rose sharply in recent weeks, boosted by a tech rally on Wall Street and a positive outlook for the chip sector amid a boom in the artificial intelligence (AI) market.

Oct 22, 2025By Yonhap
Samsung Group's market capitalization tops $634 bil. for 1st time: data

Shaheen project underway without capacity cut

ULSAN — Construction of Korea’s largest petrochemical facility was in full swing near S-Oil’s plant in the southeastern port city of Ulsan Tuesday. Despite a government recommendation that the struggling petrochemical industry reduce output at naphtha cracking centers (NCCs), the Saudi Aramco-owned refiner was proceeding with the over $7 billion Shaheen project as planned. As of Tuesday, the project was more than 85 percent complete. A supervisor from Hyundai E&C told reporters that last-minute efforts were underway to finish work that began in March 2023. Hyundai E&C leads a consortium of construction firms involved in the project, including Hyundai Engineering, Lotte E&C and DL E&C. “Just a year ago, the project was about 40 percent finished,” the supervisor said at an observatory overlooking the construction site. “Around 11,000 workers from Ulsan and nearby cities come to the site every day.” There had been speculation that S-Oil might cut the new facility’s capacity to join domestic petrochemical firms’ joint efforts to lower combined output at NCCs nationwide by up

Oct 22, 2025By Park Jae-hyuk
Shaheen project underway without capacity cut

PHOTO For safer ESS

Samsung SDI CEO Choi Joo-sun, third from left, and Korea Electrical Safety Corp. CEO Nam Hwa-yeong, second from left, pose at the battery maker's plant in Yongin, Gyeonggi Province, Monday, after signing a memorandum of understanding to bolster safety of energy storage system (ESS) products. Samsung SDI said Wednesday the agreement was signed to align with the government's plan to increase ESS supplies for energy transitions. Courtesy of Samsung SDI

Oct 22, 2025By Park Jae-hyukphoto
[PHOTO] For safer ESS
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