Tighter rules from the US limiting China-made materials in batteries eligible for electric vehicle tax credits might ironically offer a boon for Chinese companies, who hold huge stakes in joint ventures with South Korean battery manufacturers. The Joe Biden administration on Friday announced new guidance for the Inflation Reduction Act barring electric car buyers from claiming a $7,500 tax credit in case the product uses materials from China and other countries deemed a “Foreign Entity of

GS Group, the South Korean energy, retail and construction conglomerate, on Wednesday said it promoted 50 executives across its affiliates, the most the group has carried out in its annual reshuffle since its establishment in 2005. The promotions include Kim Seong-min, new CEO at GS Caltex, Yoo Jae-young, CEO of GS Power, and Cheong Yong-han, CEO of GS Entec. Kim, along with Hur Sae-hong, the incumbent CEO of GS Caltex, will serve as independent heads of the oil refiner. GS Group last month appo

Despite Busan’s disappointing loss in its bid to host the 2030 World Expo, Korea's economic circle viewed its rallying efforts in the past year and a half as having "expanded the horizon" for companies with new opportunities in the global market. Saudi Arabia's Riyadh was chosen to host the World Expo in 2030 on Tuesday, garnering 119 votes out of 165 in a secret ballot held during the Bureau International des Expositions general assembly in Paris. Busan and Rome were k

SEOUL, South Korea, Nov. 28, 2023 /PRNewswire/ -- AI startup Wayne Hills Bryant A.I. (Hereinafter referred to as Wayne Hills) from South Korea has introduced Human Avatar A.I., a new service designed to create lifelike virtual avatars from simple text inputs. This technology, which allows for the creation of virtual characters complete with lip synchronization and narration, is set to revolutionize content creation in media, broadcasting, and entertainment. ※ Source: Wayne Hills Bryant

Fainders.AI has teamed up with GS25, the largest convenience store brand in Korea, to launch an autonomous store in Seoul, South Korea SEOUL, South Korea, Nov. 23, 2023 /PRNewswire/ -- The new autonomous convenience store is powered by Fainders.AI's latest vision AI technology. The latest store, operated by the largest Korean convenience chain in GS retail, is the second store powered by Fainders.AI's technology, which opened in October 2023. Autonomous convenience store is powe

Marking the 140th anniversary of diplomatic relations between Korea and the United Kingdom, the two countries' business leaders held a forum in London to seek cooperation in diverse sectors, from energy and defense to supply chains. The event, held Wednesday on the sidelines of President Yoon Suk Yeol’s state visit to the UK, was co-hosted by the Federation of Korean Industries and the UK's Department for Business and Trade. Yoon delivered a congratulatory speech at the forum, st

Even in the chilly winter season, when the air gets cold and the sun sets fast, there are still good reasons to take a walk: warm, delicious street snacks. As winter approaches, street vendors attract customers with sweet and savory snacks that one can hold in a hand and enjoy while walking along the street. "The cold, dark way home from work in winter feels even more exhausting than in mild weather, but when I find a street snack truck or a vendor, it really cheers me up," said Lee Hy

South Korean energy-to-retail conglomerate GS Group announced Monday that it is searching for startups and future entrepreneurs to join its incubator program it runs with Seoul National University. “The GS Challenges with SNU” is a joint program with Seoul Techno Holdings, which supports the commercialization of SNU's in-school technology. It provides local startups the opportunities to meet diverse actors outside the business for solutions. Startups with less than five years of

President Yoon Suk Yeol embarked on a series of state visits to Saudi Arabia and Qatar on Saturday with economic cooperation high on the agenda despite ongoing turmoil over the war between Israel and Hamas. On the first leg of his trip, Yoon will visit Riyadh from Saturday to Tuesday, and hold a summit with Saudi Crown Prince and Prime Minister Mohammed bin Salman before attending various economic events. The summit will come nearly a year after the crown prince visited Seoul last November and t

South Korean President Yoon Suk Yeol will embark on state visits to Saudi Arabia and Qatar this weekend to bolster economic and future-oriented tech collaborations with the Middle East countries, amid mounting regional security concerns over the Israel-Hamas conflict. Kim Tae-hyo, first deputy director of South Korea's National Security Office, told reporters Thursday that Yoon is scheduled to visit Riyadh, the Saudi Arabian capital, from Saturday to Tuesday, followed by Doha, Qatar, fo

LG Chem Ltd. and GS Caltex Corp. plan to produce a prototype of a material for biodegradable plastics next year, as they step up cooperation for the development of the eco-friendly raw material, the companies said Friday. LG Chem and GS Caltex signed an agreement in 2021 to develop technology for the production of the material called 3-Hydroxypropionic Acid (3HP). Plastic made from 3HP can be used to replace various disposable materials. In July of last year, they started construction on a plant

South Korean oil refiner GS Caltex announced Thursday that it has secured a partnership with Posco International to expand their presence in the biofuel industry, accelerating efforts toward a green transformation. The agreement was signed at the Posco Center in Gangnam, Seoul, Thursday, with top executives including GS Caltex CEO Hur Sae-hong and Posco International Vice Chairman and CEO Jeong Tak in attendance. Through a joint venture, the two will build the new refinery facility in Kalimantan

ZHONGSHAN, China, Oct. 12, 2023 /PRNewswire/ -- The industry enters the peak season with booming business opportunities in the golden autumn. Catching the eye of global lighting professionals, the 29th China (Guzhen) International Lighting Fair ("Lighting Fair") is to be held in Guzhen Town, Zhongshan City, Guangdong Province, China from October 22 to 26, 2023! On the theme of "Guzhen Lights up the World", Guzhen Lighting Fair is positioned to be specialized, market-oriente

BMW Korea said Thursday it will install 1,000 new chargers for electric vehicles in South Korea next year, almost doubling the number of its EV chargers in the country. Under its “Charging Next” project, BMW Korea plans to make the new chargers compatible with all EVs, not just BMW EVs. The German automaker currently operates 920 charging points nationwide and plans to complete the installation of more to reach a total of 1,100 by the end of the year. With the additional 1,000 charge

Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the