China asks for 'friendly consultation' in Malaysia dispute

Jul 16, 2019

China appeals for 'friendly consultation' in Malaysia's dispute with a state-owned Chinese company over a multimillion-dollar pipeline project

BEIJING — China's government has expressed hope Malaysia's dispute with a state-owned Chinese company building two multimillion-dollar gas pipeline projects can be resolved through "friendly consultation."

A foreign ministry spokesman said Tuesday the project being built by a subsidiary of China National Petroleum Corp. was "carried out in accordance with the contract."

Malaysian Prime Minister Mahathir Mohamad said Monday his government had seized over 1 billion ringgit ($243) from the bank account of China Petroleum Pipeline Bureau because the projects worth 9.4 billion ringgit ($2.3 billion) had been cancelled. He said Malaysia was entitled to it as 80 percent of the cost had been paid but only 13 percent of work done.

Chinese spokesman, Geng Shuang, said "for problems arising in cooperation, the two sides should properly resolve them through friendly consultation."

More News

Korean NPU maker DEEPX's new chip wins CES Innovation Award

Nov 10, 2026

Korean NPU maker DEEPX's new chip wins CES Innovation Award

Korean neural processing unit (NPU) developer DEEPX's new artificial intelligence (AI) chip has been named a CES 2027 Innovation Awards honoree in the AI category, the company said Tuesday. The CES Innovation Awards recognize products based on their technological capabilities, design and innovation. The award-winning chip is DX-M2, an ultra-low-power generative AI chip designed to run large language models (LLMs) and vision-language models (VLMs) directly on robots and industrial devices. It is built on Samsung Electronics' 2-nanometer foundry process and designed to perform generative AI inference while consuming approximately 5 watts of power. While conventional on-device AI chips primarily focus on image recognition and object detection, the DX-M2 is designed to enable devices to understand their surroundings and make decisions using generative AI. DEEPX expects the chip to reduce reliance on cloud computing and expand AI applications in robots, smart devices and industrial systems. The DX-M2 completed its mask tape-out earlier this month, which is the process of transferring finalized

LG Innotek wins CES Innovation Award with automotive lighting module

Nov 10, 2026

LG Innotek wins CES Innovation Award with automotive lighting module

LG Innotek said Tuesday that its next-generation automotive lighting module, Nexlide C+, has won a CES 2027 Innovation Award, marking the third consecutive year that its Nexlide series has received the recognition. Nexlide is LG Innotek's flexible automotive lighting brand which uses the company’s own optical design, light distribution technologies and advanced materials to enable various lighting designs in a thinner profile. LG Innotek holds more than 700 patents related to surface lighting technology. Nexlide C+ won the recognition with its capability to display two or more three-dimensional images through a single lighting module. For example, the same module can show diagonal patterns when viewed from the left and vertical patterns when viewed from the right, creating different visual effects depending on the viewing angle. The technology can be used in various parts of a vehicle, including taillights, front grille lighting and interior ambient lighting. Nexlide C+ is also less than 3 millimeters thick, allowing it to fit into narrow spaces inside vehicles. LG Innotek said it is t

Shinsegae Q3 net income soars 146.4% to $88.5 mil.

Nov 10, 2026

Shinsegae Q3 net income soars 146.4% to $88.5 mil.

Shinsegae, the operator of Korea's major department store chain, on Tuesday reported its third-quarter net profit of 119 billion won ($88.5 million), a 146.4 percent jump from a year earlier. The retailer said in a regulatory filing that operating profit for the July-September period increased 64.7 percent on-year to 164.3 billion won. Revenue also inched up 1.2 percent to 1.65 trillion won. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 84.5 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Genesis GV90 sets sights on BMW, Mercedes-Benz in full-size luxury SUV market

Nov 10, 2026

Genesis GV90 sets sights on BMW, Mercedes-Benz in full-size luxury SUV market

Genesis is stepping up competition in the full-size luxury SUV market with the full-electric GV90, taking aim at German rivals — BMW and Mercedes-Benz — as it seeks to carve out a bigger share of the lucrative high-end segment. The brand unveiled on Tuesday pricing for the GV90, its first full-size flagship SUV, starting at 139.5 million won ($103,000) in Korea. This places the vehicle in a similar price range to the BMW X7 and Mercedes-Benz GLS, positioning Genesis to compete directly for buyers who have traditionally favored German luxury SUVs. The launch represents a significant test for Genesis, which has spent years building its reputation as a premium brand, but has yet to establish the same level of recognition as BMW and Mercedes-Benz in the upper reaches of the luxury market. The GV90 sets itself apart from its rivals with an all-electric powertrain, along with a focus on rear-seat comfort and advanced technology. It uses a 123.5-kilowatt-hour battery, the largest among Hyundai Motor Group's electric vehicles (EVs), and can travel up to 500 kilometers on a single charge. The

TV businesses of Samsung, LG face mounting pressure from rising LCD panel prices

Nov 10, 2026

TV businesses of Samsung, LG face mounting pressure from rising LCD panel prices

Samsung Electronics and LG Electronics are expected to face growing pressure on their TV businesses, as rising prices of Chinese-made LCD panels drive up production costs, particularly for low- and mid-range TVs. According to market tracker Omdia, the cash cost of a 65-inch LCD TV open cell is projected to rise from $112 in 2025 to $116.80 this year and $124.55 in 2027, as higher component and material prices increase manufacturing costs. An open cell refers to an LCD panel before the backlight and other components are assembled into a complete display module. Omdia noted that three Chinese panel makers — CSOT, HKC and BOE — sent official letters to their clients outlining plans to raise prices for some panels starting in September or the fourth quarter. According to another market tracker, TrendForce, LCD panel prices have remained flat, with 55-inch and 65-inch panels holding steady at $123 and $173, respectively, in October and November. However, Omdia expects LCD TV panel makers to successfully raise prices in December as “rising costs approach a tipping point.” LG Electronic

IWF Korea mentors North Jeolla startups on global expansion

Nov 10, 2026

IWF Korea mentors North Jeolla startups on global expansion

The International Women's Forum Korea (IWF Korea) held one-on-one mentoring sessions for local startups in North Jeolla Province on Saturday to help them evaluate their business strategies and prepare for overseas expansion. IWF Korea said Tuesday that it hosted the "Local Startup Value-Up: Local to Global" mentoring program in Jeonju, North Jeolla Province. The program was organized as part of the 2026 J-Startup Festa and held in conjunction with the 11th Startup Jeonbuk Entrepreneurship Expo in Jeonju's Hanok Village. It was jointly sponsored by the Ministry of SMEs and Startups, North Jeolla Province and the city of Jeonju, with the Jeonbuk Center for Creative Economy and Innovation, the Jeonbuk Business Agency, investment firm Krypton and IWF Korea participating in its organization. The initiative aimed to help local startups leverage regional assets and brands, strengthen their competitiveness as they grow and expand into overseas markets. “Startups based in regional communities can pursue growth with global markets in mind from the very beginning," said Kim Ji-won, organizing co

Samsung supports 1,000 startups, helping attract $1.6 bil. in investment

Nov 10, 2026

Samsung supports 1,000 startups, helping attract $1.6 bil. in investment

Samsung Electronics said Tuesday it has supported 1,000 startups, helping attract a cumulative 2.2 trillion won ($1.6 billion) in investment. Notably, the Korean tech giant selects promising entrepreneurs and startups for its C-Lab initiative, choosing 30 companies this year, the company said. Of the selected startups, 15 are currently conducting technology verification projects with Samsung Electronics, with the company seeking to identify further opportunities for business collaborations. Twelve of the startups are based outside the Seoul metropolitan area, Samsung said. Samsung has operated regional C-Lab hubs in the central city of Daegu and the southwestern city of Gwangju since 2023 to foster regional economic development. At an event held Tuesday at its R&D center in southern Seoul, representatives from six startups took the stage to share their growth stories and examples of business collaboration. One of the startups was Config Intelligence, a two-year-old startup, is developing data technologies to train and deploy artificial intelligence (AI) systems for robots. The company has a

Hanwha Aerospace secures Korea's 1st approval for vessel-use hydrogen fuel cell

Nov 10, 2026

Hanwha Aerospace secures Korea's 1st approval for vessel-use hydrogen fuel cell

Hanwha Aerospace said Tuesday it has become the first company in Korea to win type approval for a marine hydrogen fuel cell from the Korean Register, the country’s ship classification society. The company said this is only the fifth time worldwide that a classification society has granted type approval to a hydrogen fuel cell for ships. Classification societies are independent bodies that set and enforce technical standards for how ships are built and operated. Type approval certifies that a product meets international maritime standards and the society’s own rules. Without it, a hydrogen fuel cell cannot be installed on ships or on offshore structures such as drilling vessels. To receive approval, the manufacturer must prove both performance and safety in harsh sea conditions. Hanwha Aerospace said its system passed marine environment tests for conditions such as vibration and tilting. It also passed the Korean Register’s review of its manufacturing process and quality control system. Hydrogen fuel cells make electricity from a reaction between hydrogen and oxygen, and their only

Lotte Chilsung, Thailand's CP Group sign MOU for beverage partnership

Nov 10, 2026

Lotte Chilsung, Thailand's CP Group sign MOU for beverage partnership

Lotte Chilsung Beverage said Tuesday it has partnered with Thailand's Charoen Pokphand (CP) Group to expand sales of its beverage and bottled water products in the Southeast Asian country. Under a memorandum of understanding (MOU) signed with CP Group's retail unit, CP AXTRA, Lotte Chilsung will expand its export product portfolio in Thailand and supply customized products exclusively through CP AXTRA's retail network, the company said in a press release. "This agreement is significant as it lays the groundwork for long-term cooperation with CP AXTRA, which operates a nationwide retail network in Thailand," a company official said. Lotte Wellfood also joined the agreement, with plans to jointly develop products tailored to local consumer preferences with CP AXTRA and expand its presence in the Thai market. CP Group has business interests spanning food production, distribution and telecommunications.

POSCO International completes $700 mil. LNG terminal expansion in Gwangyang

Nov 10, 2026

POSCO International completes $700 mil. LNG terminal expansion in Gwangyang

POSCO International, the energy and trading arm of POSCO Group, completed its second liquefied natural gas (LNG) terminal in Gwangyang, cementing its position as Korea's top private natural gas operator and reinforcing domestic supply lines. The company held a completion ceremony Tuesday at the Gwangyang LNG terminal, attended by about 100 people, including government officials, business representatives and executives from POSCO Group. The project cost 949.2 billion won ($700 million) and took 47 months to complete, adding two storage tanks, each with a capacity of 200,000 cubic meters, along with supporting facilities. The development also includes a berth capable of accommodating LNG carriers with capacities of up to 270,000 cubic meters and a separate bunkering berth for vessels of up to 20,000 cubic meters. With the completion of the second terminal, the combined storage capacity of POSCO International's first and second terminals has increased from 930,000 kiloliters to 1.33 million kiloliters, the largest capacity operated by a single private company in Korea. The company said the f

Ceragem earns 9 CES Innovation Awards for AI-powered health care products

Nov 10, 2026

Ceragem earns 9 CES Innovation Awards for AI-powered health care products

Health care equipment maker Ceragem has won nine CES 2027 Innovation Awards for eight products on Tuesday, marking its fourth consecutive year of recognition and bringing its cumulative total to 30 awards. The company has previously won three awards in 2024, six in 2025 and 12 in 2026. This year’s awards include products designed to meet the health care needs of different age groups, from infants and young children to older adults. The eight award-winning products are: Ceragem artificial intelligence (AI) Wellness Home, Therapier AI Multi Boosting Capsule, Youridm AI Muscle Longevity System, AI Sleep Recovery Pillow, AI Pet Wellness Suite, AI Neuro Focus Office Chair, Senior Wellness Sofa with AI Adaptive Care and AI Sensor Pod & Smart Crib. Ceragem AI Wellness Home, which won an award in the AI category, uses physical AI to analyze users' biometric data and daily routines, assess their health status and automatically adjust connected home environments and health care devices to their needs. The platform brings together connected devices, health data and services to deliver personalize

LS Eco Energy makes push for world's 1st mass production of samarium

Nov 10, 2026

LS Eco Energy makes push for world's 1st mass production of samarium

LS Eco Energy, a subsidiary of LS Cable & System, said Tuesday it will begin trial production of samarium metal in December, with the goal of becoming the world's first company to mass-produce the key material for permanent magnets using non-Chinese raw materials. The move is part of the company's efforts to establish a supply chain independent of China ahead of new U.S. restrictions on rare earth materials used in defense applications. According to the company, LS Eco Energy is investing 11.6 billion won ($8 million) to build a samarium metal production facility at its subsidiary LSCV in Ho Chi Minh City, Vietnam. The company plans to begin trial production in December before moving to full-scale mass production. The facility's annual output of 240 tons of samarium metal would be sufficient to produce approximately 700 to 1,000 tons of samarium-cobalt (SmCo) permanent magnets. Samarium is a key material for SmCo permanent magnets, which retain their magnetic strength at high temperatures. SmCo magnets are used in aerospace and defense applications, including fighter jets and missiles. St

Recommended

Futurally

Get the latest news and have a look at the innovations and technologies that are shaping the future and changing the world here in Futurally.

ABOUT US
Newsletter

Copyright © 2015 - 2026 Futurally. All Rights Reserved.