US suppliers to China's SMIC face licensing woes

Mar 04, 2021 23:21 pm UTC| Economy

The US has been slow to approve licenses for American companies to sell chipmaking equipment to Chinas Semiconductor Manufacturing International Corp (SMIC), with an estimated $5 billion worth of parts and components...

S. Korea, UAE expand collaboration in hydrogen industry

Mar 04, 2021 23:16 pm UTC| Economy

South Korea and the UAE have agreed to joint venture into hydrogen and other sustainable resources in line with their carbon reduction goals. According to South Koreas Industry Minister Sung Yun-mo, who held a virtual...

S. Korea's economy skids for first time in 22 years

Mar 04, 2021 16:09 pm UTC| Economy

South Koreas economy shrank one percent last year, marking the first annual contraction in 22 years, as the pandemic shuttered service industry jobs and curtailed spending. It was in1998 when the countrys economy last...

S. Korea imports record-high 54,127 tons of wine in 2020

Mar 04, 2021 07:49 am UTC| Economy

South Korea imported a record-high 54,127 tons of wines last year, up 24.4 percent from the previous year, as more of its citizens indulged in drinking at home due to the pandemic. According to the data by the Korea...

Hyundai Heavy collaborates with Saudi Aramco in hydrogen project

Mar 04, 2021 07:44 am UTC| Economy

Hyundai Heavy Industries Holdings has signed a deal to import liquefied petroleum gas from state-run oil firm Saudi Aramco to produce blue hydrogen. Under the deal, Hyundai Oilbank, HHIHs refining unit, will import...

Nippon Steel to increase R&D investment to speed up decarbonization

Mar 03, 2021 22:56 pm UTC| Economy

Nippon Steel will increase spending on research and development (RD) to hasten decarbonization in steelmaking and address climate change issues. The worlds No. 3 steelmaker is facing growing pressure to cut carbon...

Sumitomo Mitsui likely to halt financing all kinds of coal-powered plants

Mar 03, 2021 22:48 pm UTC| Economy

Japans Sumitomo Mitsui Financial Group (SMFG) is likely to stop providing new financing to coal-fired power plants, including more environmentally friendly projects, due to growing pressure from global investors and...