Posco Chemical signed with LG Chem to supply the latter with anode for electric vehicle batteries through end-2022, the companies said Tuesday. The deal is worth 1.8 trillion won ($1.54 billion).An anode is a core material that determines the capacity and output of a battery.  The anode Posco Chemical will provide LG Chem is high-nickel NCM, short for nickel, cobalt and managnese. The greater percentage nickel accounts for in an anode, the better output the battery has, making it better sui

GS Engineering and Construction said Tuesday it has taken over two European manufacturers of prefabricated houses, and is set to finish the acquisition process of an American company, aiming to expand its business in the global market. According to GS E&C, the company signed the takeover contract with Danwood, a Polish company specializing in wood prefab houses, in Bialystok, Poland, Tuesday. At the signing ceremony, GS E&C President of New Business Huh Yoon-hong, Enterprise Investor Pre

South Korean household and personal care product maker Aekyung Group said Tuesday it has purchased a site at Songdo, Incheon, for its envisioned research and development center.The company has signed a contract with Incheon Free Economic Zone to buy the 28,722-square-meter site inside the high-tech industry cluster Sector B in Songdo International City, for 34.5 billion won ($29.5 million).The group’s major subsidiaries, Aekyung Petrochemical and Aekyung, have invested in the site at a 60:

LG Hausys is increasing its presence in North America by operating its third engineered stone production line at a plant there. The South Korean construction and interior materials company is also introducing its new product lineup at the Kitchen & Bath Industry Show 2020 in Las Vegas, which runs through Thursday. At the show, the company has introduced 20 artificial marble products, it said in a statement released Tuesday. “The company this year will try to attend exhibits and events,

South Korea’s ICT Ministry on Tuesday gave its thumbs up to the merger of SK Broadband and T-broad, the second-largest cable TV operator here. The ministry has also listed conditions aimed at minimizing side effects from new service providers that could drive out relatively small-sized media businesses across the country. The government has been cautious over the merger as it is the first case between nationwide IPTV operator and a local cable system operator.The conditions include sp

South Korea's two tech giants -- Samsung Electronics Co. and LG Electronics Inc. -- said Tuesday they will unveil their new home appliance products at a US trade show for the kitchen and bath market, highlighting their built-in design and artificial intelligence solutions. Samsung and LG are among the 600 exhibitors at the Kitchen & Bath Industry Show 2020, set to kick off its three-day run in Las Vegas, Nevada, on Tuesday (local time). The two companies already showcased their latest home a

Hyundai Merchant Marine Co., South Korea's biggest shipping company by sales, said Tuesday it aims for a 25 percent rise in its 2020 sales on the back of increased cargo-shipping demand.Hyundai Merchant Marine's sales came to 4.16 trillion won ($3.5) in the January-September period. Sales for the fourth quarter have yet to be released.Hyundai Merchant Marine also said it could shift to an operating profit in the third quarter this year, citing increased cargo-shipping demand and its April joinin

LG Electronics Inc., a major South Korean electronics maker, said Tuesday it has launched its premium wireless earphones in the United States to expand global sales. The LG TONE Free HBS-FL7, Bluetooth wireless earbuds, is now available in the U.S. market, according to LG. The company added it also plans to sell the product in Europe and other Asian countries this year. LG's totally wireless stereo earbuds made their debut last year in South Korea.Its wireless earphones applied tuning and digita

South Korea said Tuesday it will invest 1.2 trillion won ($1 billion) in research and developmentn projects for medical instruments over the next six years to foster the area as one of the new growth engines for Asia's No. 4 economy.The spending will be aimed at beefing up global competitiveness of local medical instruments and provide the public with better medical services, according to the joint statement by industry, science, welfare and drug safety ministries.The country will also aim to pe

Renault Samsung Motors Corp.'s union on Tuesday suspended partial strikes to resume negotiations with the company over wages for the year of 2019. Renault Samsung workers have staged partial strikes at its sole plant in Busan, 453 kilometers south of Seoul, for higher wages in the past 19 days. It caused production losses of about 10,400 vehicles worth about 200 billion won ($173 million), according to the automaker. To avoid further losses resulting from walkouts, the company has partially shut

Samsung Electronics Co. on Tuesday announced the promotion of executives in a follow-up to the recent reshuffle of its major business heads. Samsung said 162 executives earned promotions in the annual reshuffle, with 14 moving up to executive vice president positions.Twenty four executives got early promotions in the reshuffle, six more than in the 2018 reshuffle. The group usually announces personnel reshuffles in December, but the appointments were delayed as trials involving Samsung heir Lee

KT Corp., South Korea's major telecommunications firm, said Monday it has developed a 5G-powered medical service with a Seoul hospital to provide better patient care. KT said it built a 5G network at the Samsung Medical Center and successfully applied its 5G technology to medical practices last week.KT and the SMC have been working together since September 2019 after signing a partnership to develop 5G-powered medical services. Through its 5G network, KT said medical staff at the SMC can now hav

The Korea Communications Commission on Monday conditionally approved a merger between SK Telecom’s pay TV unit, SK Broadband, and T-broad, the country’s No. 2 cable TV operator. After its meeting on Monday, the KCC announced that it had approved the merger under 14 conditions and three suggestions, which will require the company to protect users’ rights and serve the public interest. The KCC will deliver the results of its review to the ICT Ministry, which is expected to issue

Red ginseng health supplement brand CheongKwanJang of Korea Ginseng Corp. said Monday it has collaborated with Spain’s renowned chocolate and nougat brand Vicens.The products, released last month, are the result of a partnership between the 120-year-old South Korean firm and Vicens -- with 250 years of tradition -- to introduce six different chocolate types featuring red ginseng. Vicens has been making chocolates and turrons (nougats) since its establishment in 1775. The latest collaborati

Semiconductors, usually South Korea’s main export item, accounted for less than 20 percent of all exports in 2019, data compiled by the Korea International Trade Association, the Trade Ministry and the Korea Customs Service showed.On the other hand, automobiles, on the back of buoyed sales of sport utility vehicles and eco-friendly cars, were the country’s No. 2 export item. While the actual number of cars delivered overseas dropped by 1.9 percent from 2018, their export value increa