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Reporter : Lee Kyung-min
Thu, February 9, 2023 | 08:36
Korea to invest $65 bil. to advance car industry
The government will seek a more than 12-fold increase in global sales of Korean-made electric vehicles (EVs) over the next eight years, pushing the country's market share up to 12 percent from 5 percent by 2030, the industry ministry said Wednesday. This is part of a long-term growth strategy to solidify the global standings of domestic carmakers, underpinned by government as...
GS E&C, BASF to cooperate in modular carbon capture device standardization
GS Engineering & Construction (E&C), a construction affiliate of GS Group, will fortify cooperation with BASF, a German multinational chemical firm, to standardize modular carbon capture devices, the Korean firm said Tuesday. This is part of its long-term business portfolio reorientation, strengthened to prioritize green modularization defined by the ability to create differe...
POSCO, LX riding high on soaring raw materials prices
POSCO International and LX International, the trading affiliates of steel giant POSCO and LX Group, respectively, are registering an unexpected earnings surprise, a rare boon propelled by a spike in global key raw material prices, coupled with the sharp depreciation of the Korean won against the greenback, industry officials and market watchers said Monday.
Agriculture minister to attend G20 meeting
Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun will attend the G20 agriculture ministers' meeting in Bali, Indonesia, Wednesday, the ministry said Monday. The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).
Discord over rest area food prices prompts Korea Expressway Corp. CEO to resign
Korea Expressway Corp. (KEX) CEO Kim Jin-sook resigned Friday, apparently due to intensifying scrutiny brought on by discord with the land ministry over lowering food prices at expressway rest stops. Her three-year term began in April 2020 under the previous Moon Jae-in administration. Minister of Land, Infrastructure and Transport Won Hee-ryong called for a comprehensive aud...
Gov't to promote locally produced wheat, soybeans to raise food self-sufficiency
The government is accelerating efforts to improve the quality and promote the consumption of locally produced wheat over the next five years, as part of measures to raise the food self-sufficiency rate to over 55 percent.
Renewable energy industry hit by solar panel irregularities
A slew of irregularities and alleged lax management of the renewable energy industry under the previous Moon Jae-in administration are fueling concerns that the entire green energy sector will become collateral damage and fall behind the country's advanced peers, experts said Tuesday. Due punishment for any attempt to defraud the government's grant schemes or collusion among ...
Cooperation to tackle food, climate crisis
Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun, right, and U.S. Ambassador to Korea Philip Goldberg shake hands at a restaurant in Seoul, Tuesday. The two agreed to strengthen cooperation in the agricultural sector, as part of joint efforts to tackle food and climate change issues. Courtesy of Ministry of Agriculture, Food and Rural Affairs
Debt-ridden KEPCO under fire for hefty employee bonuses
Korea Electric Power Corp. (KEPCO), the country's largest utility firm, and 11 of its subsidiaries spent about 2.5 trillion won ($1.7 billion) on employee bonuses over the past five years, according to data provided by a ruling party lawmaker, Tuesday, in what he said was the “height of irresponsible greed” of state-run firms at the expense of taxpayers.
New FTC head vows removal of anti-competitive practices
Fair Trade Commission (FTC) Chairman Han Ki-jeong pledged Monday to gradually ease anti-competitive practices in the market, pursuing a broader policy directive to restore fair competition underpinned by healthy market principles. Unnecessary, unclear and outdated regulations will be removed to help the country's large conglomerates, long bogged down by a lack of predictabili...