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LS Electric ramps up readiness for energy expressway project with HVDC solutions

LS Electric is ramping up readiness for the nation’s west coast energy expressway project with high-voltage direct current (HVDC) solutions. The project is considered part of President Lee Jae Myung’s flagship energy policy, worth 11 trillion won ($7.93 billion). Under the project, the government aims to build undersea HVDC systems along the west coast by 2030 in a move to preemptively deal with soaring electricity demand while reducing Korea’s reliance on foreign firms. LS Electric is drawing increasing attention as the nation’s leading provider of HVDC solutions. In 2013, the company was designated as the exclusive HVDC converter system provider here, and has since expanded its footing as a reliable player for large-scale power infrastructure projects here and abroad. The company recently completed development for Korea’s first 500-megawatt-class voltage source converter transformer, the largest of its kind here. The equipment is set for commercialization and will be deployed at a HVDC converter station in the western port city of Incheon. The company is also accelerating its

Aug 25, 2025By Lee Min-hyung
LS Electric ramps up readiness for energy expressway project with HVDC solutions

Hanwha Ocean to inject additional $70 mil. into US shipyard

Hanwha Ocean, a major Korean shipbuilder, will invest an additional $70 million "to expand" its shipyard in Philadelphia, according to the White House's website Monday. Hanwha Group acquired Philly Shipyard for 140 billion won ($100 million) last year to enter the U.S. shipbuilding market, with a long-term goal of securing U.S. Navy contracts. Two group affiliates, Hanwha Ocean and defense solutions provider Hanwha Systems, hold 40 percent and 60 percent stakes in the shipyard, respectively. Hanwha Ocean aims to boost the shipyard's annual shipbuilding capacity to eight to 10 vessels by 2035 from the current 1 to 1.5. It also seeks to increase annual sales tenfold, from $400 million to $4 billion, over the same period. Hanwha Ocean has yet to confirm the additional investment. Hanwha Philly Shipyard is the first U.S. shipyard acquired by a Korean shipbuilder and has emerged as a centerpiece of bilateral shipbuilding cooperation between Seoul and Washington, dubbed "Make American Shipbuilding Great Again" (MASGA). U.S. President Donald Trump has stressed the need to revive the U.S. shipbuil

Aug 25, 2025By Yonhap
Hanwha Ocean to inject additional $70 mil. into US shipyard

SK hynix starts mass production of new QLC NAND flash with higher density

Korean chipmaker SK hynix said Monday it has begun mass production of a new quadruple level cell (QLC) NAND flash to address the growing need for high-performance products in the artificial intelligence sector (AI). The 321-layer 2Tb QLC1 NAND flash product has doubled the data transfer speed, with writing and reading performance also rising 56 percent and 18 percent, respectively, according to the company. "This achievement marks the world's first implementation of more than 300 layers using QLC technology, setting a new benchmark in NAND density," SK hynix said. "The company plans to release the product in the first half of next year following completion of global customer validation," it added. SK hynix said it developed the 2Tb device to maximize cost competitiveness. The new product also paves the way for greater parallel processing and significantly enhances simultaneous read performance. NAND flash memory products are widely used in smartphones and laptops. Unlike mobile dynamic random access memory (DRAM), flash memory can preserve data even when it has no power supply. "With the s

Aug 25, 2025By Yonhap
SK hynix starts mass production of new QLC NAND flash with higher density

Hyundai Motor union votes on potential strike for higher wages

Unionized workers of Hyundai Motor began hitting the polls Monday to decide whether to stage a strike amid stalled wage negotiations. The labor union said the vote began at 8 a.m. and will end at 5 p.m., with the outcome of the electronic vote to be released immediately after its closure. The union and management have held 17 rounds of wage talks this year but have yet to narrow their differences over the union's demand for higher wages and performance-based bonuses. The union is demanding a 141,300 won ($102) increase in the monthly base pay per worker and 30 percent of Hyundai's annual net profit to be distributed as performance-based pay. The union is also calling for bonuses worth nine months of salary per worker, up from the current seven and a half months, as well as raising the retirement age from 60 to 64. Hyundai Motor's net income rose 7.8 percent on-year to 13.22 trillion won in 2024. The union said it decided to hold a vote after management failed to present its own proposals. Should more than half of union members vote in favor of a strike, the 42,000-member union will secure t

Aug 25, 2025By Yonhap
Hyundai Motor union votes on potential strike for higher wages

PHOTO Samsung chairman flies to Washington

Samsung Electronics Executive Chairman Lee Jae-yong arrives at Seoul Gimpo Business Aviation Center in Seoul's Gangseo District, Sunday, to leave for Washington as a member of Korea's business delegation to discuss and renew economic partnerships with the United States on the occasion of President Lee Jae Myung's summit with U.S. President Donald Trump. Along with Lee, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and a number of Korea's top business leaders departed for the U.S. Yonhap

Aug 24, 2025By Ko Dong-hwanphoto
[PHOTO] Samsung chairman flies to Washington

Korean biz leaders head to US for Lee-Trump summit

Top executives from Korea's major conglomerates left for the United States on Sunday to join the economic delegation for President Lee Jae Myung's upcoming summit with U.S. President Donald Trump. Around noon, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and Hanwha Group Vice Chairman Kim Dong-kwan left for the U.S. as part of the presidential economic delegation. Asked about his role, Chey said briefly, "I will do my best." Other business leaders in the delegation include Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, CJ Group Chairman Lee Jae-hyun, Korean Air Chairman Cho Won-tae and HD Hyundai Executive Vice Chairman Chung Ki-sun. The summit — set for Monday (local time) in Washington — follows a recent trade deal that lowered U.S. reciprocal tariffs on Korean goods from 25 percent to 15 percent in exchange for Korea's pledge of $350 billion in investment and $100 billion in U.S. energy purchases. Of the pledged investment, $150 billion will go toward Seoul's shipbuilding cooperation initiative, dubbed "Make American S

Aug 24, 2025By Yonhap
Korean biz leaders head to US for Lee-Trump summit

Lotte courts job seekers in Vietnam

Lotte Group held its first global job fair in Vietnam on Friday (local time), courting prospective employees in Korea’s third-largest trading partner and a key market for the conglomerate. According to the group, Sunday, its retail and urban development affiliates visited Hanoi for Lotte Global Job Fair at L7 West Lake Hanoi by Lotte. Lotte Department Store, Lotte Mart, Hotel Lotte, Lotte World, Lotte Property & Development and Lotte Innovate joined the fair. The fair is the first leg in the group's global job fair campaign, as Lotte seeks to hire 500 global recruits this year. The event in Hanoi welcomed visitors with booths introducing Lotte, its businesses in Vietnam and the career opportunities it offers. Three pavilions — Life with Lotte, Career with Lotte and Fun with Lotte — comprised the themes for Lotte's presentation. The companies’ human resource officials at the fair offered consultations and conducted mock interviews. Bui Phuong Anh, one of the Vietnamese participants who applied for a position in Lotte Department Store’s marketing division, said the company’s bu

Aug 24, 2025By Ko Dong-hwan
Lotte courts job seekers in Vietnam

Hyundai, Kia's cumulative eco-friendly car sales top 1.5 mil. in US

Hyundai Motor and its affiliate Kia said Sunday their cumulative sales of eco-friendly vehicles in the United States surpassed 1.5 million units last month. Combined sales of their environment-friendly models reached 1,515,145 units as of July, 14 years after the automakers rolled out such vehicles in the world's largest automobile market, company data showed. Amid a slowdown in electric vehicle (EV) demand, Hyundai and Kia have increased their focus on gasoline hybrid and premium models in the U.S. while continuing to maintain their EV lineups. Best-selling models include Hyundai's Tucson hybrid SUV, Sonata hybrid sedan and all-electric Ioniq 5, along with Kia's Sportage and Sorento hybrid SUVs. Hyundai plans to add a hybrid version of its flagship Palisade SUV for U.S. customers, while Kia is preparing to launch the EV4 compact electric sedan. In July alone, the two carmakers sold a combined 157,353 vehicles in the U.S., up 13 percent from a year earlier, the data showed.

Aug 24, 2025By Yonhap
Hyundai, Kia's cumulative eco-friendly car sales top 1.5 mil. in US

GM Korea urges Seoul to reconsider before passage of pro-labor bill

Hector Villarreal, chief executive officer (CEO) of GM Korea, has asked the government to reconsider a controversial pro-labor "yellow envelope bill" ahead of its passage in parliament, industry sources said Sunday. Villarreal made the request Thursday during a meeting between labor ministry officials and executives from the automobile, shipbuilding and steel industries, according to the sources. Expressing serious concerns over the bill, Villarreal reportedly said Korea already carries high risks in corporate-labor relations and warned that parent company General Motors may reassess its Korean operations if the legislation is adopted. While stopping short of directly mentioning a withdrawal, he hinted that GM Korea would no longer serve as a core production base in Asia for global markets under the new law, the sources said. Speculation about a possible GM exit has been growing amid sluggish sales, a lack of new models, and a 25 percent U.S. tariff on imported vehicles imposed in April. The tariff was cut to 15 percent in late July after last-minute negotiations in exchange for Korea's $

Aug 24, 2025By Yonhap
GM Korea urges Seoul to reconsider before passage of pro-labor bill

Korea’s imported car market undergoes major transition to eco-friendly vehicles

The nation’s imported car market is entering a major transition toward the mass adoption of eco-friendly vehicles, driven by rapid sales growth from brands such as Tesla and Lexus, which have established strong identities in electric vehicles (EVs) and hybrid cars, respectively, according to data and industry officials on Friday. The trend is evidenced by the two carmakers’ sharp sales growth in Korea. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Tesla's sales soared 32.4 percent year-on-year to 26,569 between January and July. While Tesla ranked third in total auto sales during the same period, behind BMW Korea and Mercedes-Benz Korea, its rise poses a serious challenge to the German carmakers, as the U.S. EV maker led the market in electric vehicle sales. In July, Tesla rose to fame as the nation’s top-selling foreign carmaker, buoyed by strong demand for its Model Y electric SUV. Tesla sold 7,357 cars last month alone, up 12.2 percent from a year earlier, outpacing BMW Korea, which sold 6,490 vehicles during the same period. Industry

Aug 23, 2025By Lee Min-hyung
Korea’s imported car market undergoes major transition to eco-friendly vehicles
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