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Reporter : Lee Kyung-min
Wed, October 5, 2022 | 03:57
Electricity rate hike to put weight on businesses
Local manufacturers are highly likely to experience worse business conditions in the months to come, strained by the government's plan to increase electricity rates for industrial use, compounded further by inflation, the sharp depreciation of the Korean currency against the dollar as well as rapid increases in both borrowing costs and key raw material prices, according to ma...
Nat'l Assembly audits begin Tuesday
The parliamentary audit of 783 government organizations will begin, Tuesday, the first National Assembly scrutiny of the Yoon Suk-yeol administration five months into being in office. The audits by 14 standing committees will continue through Oct. 24.
'China-oriented lithium supply chain hurts local battery ecosystem'
Korea needs to diversify the current global supply chain to reduce its growing reliance on China for lithium, a key raw material needed in order to produce battery cathodes, a report showed, Thursday.
LG chief vows to invest in clean tech despite growing uncertainties
LG Group Chairman Koo Kwang-mo reiterated a group-wide commitment to developing clean tech, a technological basis to advance carbon neutrality by transitioning to renewables and recycling electronics goods waste, the firm said Wednesday.
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.
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