CJ CheilJedang to spur overseas growth with new Hungary, US plants

South Korean food company CJ CheilJedang announced Thursday it plans to build new production facilities in Hungary and the US as part of efforts to expand its presence in global markets. The company said it has secured a site in Dunavarsany, Hungary, and has begun designing the facility. Covering 115,000 square meters with an investment of 100 billion won ($71.5 million), the plant will feature advanced automated production lines. Production is expected to begin in the second half of 2026, focus

CompaniesNov. 21, 2024

LG Chem to secure massive supply of lithium from ExxonMobil

LG Chem has forged a deal with US energy giant ExxonMobil to secure up to 100,000 metric tons of lithium, a key material for cathodes used in electric vehicle batteries. According to the company, LG Chem Vice Chairman and CEO Shin Hak-cheol and ExxonMobil Senior Vice President Dan Holton signed a memorandum of understanding on Wednesday in Seoul. The deal price was not revealed immediately. Under the agreement, ExxonMobil will supply lithium extracted from its Arkansas brine fields to LG Chem&r

MobilityNov. 21, 2024

Main opposition pushes to ease, not postpone, crypto tax

The main opposition Democratic Party of Korea is planning to pass a bill that raises the threshold for a planned tax on virtual asset-related gains, up to 50 million won ($35,800) per from the previously planned threshold of 2.5 million won, sources said Thursday. The original scheme for crypto tax gains would have taxed crypto-related income of over 2.5 million won per year starting January 2023, but it has been pushed back two years. The bill will raise the threshold for tax exemption, but the

PoliticsNov. 21, 2024

[Herald Interview] Canada’s Genesis Fertilizers teams up with Korean builder for sustainable agriculture

In a step toward sustainable agriculture, Canadian fertilizer company Genesis Fertilizers has signed a $35 million front-end engineering design, or FEED, contract with South Korea's DL Engineering & Construction to develop a low-carbon nitrogen fertilizer plant in Saskatchewan. Genesis Fertilizers CEO Jason Mann highlighted the plant’s innovative approach, emphasizing its role in global food security. “We capture 95 percent of the CO2 emissions, making this one of the world&

IndustryNov. 21, 2024

LG Uplus taps IT strategist as new CEO

LG Uplus, one of the nation's top three telecom carriers, announced Thursday that it has appointed Hong Bum-shik, head of corporate strategy at LG Corp., LG Group’s holding unit, as its new CEO. Hong, who earned a master’s degree in international affairs at Columbia University, served in strategist roles at SK Telecom and Bain and Company. He then joined LG Corp. in 2019 to oversee the group’s business strategy and nurture new growth drivers. He is also considered a merg

IndustryNov. 21, 2024

KG Mobility’s Tivoli hits 300,000 units sold in Korea

KG Mobility’s compact SUV Tivoli has surpassed 300,000 units sold in South Korea, with its global cumulative sales exceeding 420,000 units since its debut in 2015. The Tivoli has gained traction for its affordability, practical designs and consistent updates, making it a popular choice for first-time SUV buyers and young drivers. In its first year, the car captured 54.7 percent of the domestic compact SUV market, which grew from 28,000 units in 2014 to more than 82,000 units by 2015. As of

MobilityNov. 21, 2024

Hyundai Ioniq 9 debuts as electric SUV with home-like comfort

GOYANG, South Korea -- Hyundai Motor is expanding its electric vehicle lineup with the launch of the Ioniq 9, the company’s first large, all-electric sport utility vehicle. The Ioniq 9 is set to make its official global debut at the Los Angeles Auto Show on Thursday, following an exclusive media preview for South Korean journalists at Hyundai Motorstudio Goyang a day earlier. Originally teased as the SEVEN concept back in 2021, the Ioniq 9 has evolved into a production-ready model designed

MobilityNov. 21, 2024

KEC makes inroads into Europe with massive Turkey highway project

Korea Expressway Corporation is making progress on its largest overseas project to date, a highway in Turkey that could serve as a gateway for expanding its expertise into Europe and beyond. The company celebrated a key milestone last month by signing a financial agreement for the Nakkas-Basaksehir Motorway in Istanbul. The expressway, at 2.1 trillion won (about $1.5 billion), is part of Turkey’s ambitious efforts to improve regional transportation. A critical link in Turkey’s high

EconomyNov. 21, 2024

[Herald Interview] Korea Expressway CEO leads push to export Korean road expertise globally

Faced with a slowdown in South Korea’s domestic construction market, Korea Expressway Corp. is looking overseas to fuel its future growth. In a conversation with The Korea Herald, CEO Ham Jin-gyu outlined how the state-run organization is expanding into international markets to meet the growing demand for road infrastructure expertise, from construction to long-term operation and maintenance. “For us, overseas business is not just an option -- it’s a necessity,” Ham said.

EconomyNov. 21, 2024

Samsung Electronics introduces 2nd-generation AI model, Gauss 2

Samsung Electronics Co. on Thursday unveiled the Samsung Gauss2, the second generation of its generative artificial intelligence model, at an annual tech conference. During a keynote address of the online Samsung Developer Conference Korea 2024, the company highlighted the improved performance, efficiency and various application possibilities of its latest AI model. Samsung Gauss, first introduced last year, is aimed at enhancing the work efficiency of workers by facilitating tasks, such as comp

IndustryNov. 21, 2024

Celltrion to buy back its shares for 5th time this year

South Korean biopharmaceutical firm Celltrion Inc. said Thursday it will spend around 100 billion won ($71.5 million) to buy back its shares for the fifth time this year in a bid to increase its shareholder value. The buyback of a combined 583,431 shares will begin Friday, according to the company. It will mark the fifth share buyback by Celltrion this year, following such moves in March, April, June and October. The accumulative value of the company's share buyback this year is expected to

IndustryNov. 21, 2024

Lotte Group says total assets stand at W139t, shrugging off liquidity concerns

Lotte Group, one of South Korea's largest conglomerates, on Thursday refuted concerns of a liquidity crisis, stating its total assets, including deposits, reached 139 trillion won ($99.4 billion) as of last month. The group's assets include 37.5 trillion won worth of shares, real estate valued at 56 trillion won, and disposable deposits of 15.4 trillion won, according to a statement. The clarification came in response to rumors suggesting Lotte may face a liquidity crisis due to challe

IndustryNov. 21, 2024

SK hynix begins production of world's first 321-layer NAND flash memory chips

SK hynix said Thursday it has started mass production of the industry's first triple-level cell-based 321-layer NAND flash memory chips. NAND flash memory is a non-volatile memory storage medium widely used in memory cards, USB drives, solid-state drives (SSDs), and smartphones for general storage and data transfer. It stacks memory cells vertically and is categorized into single-, multi-, triple-, and quadruple-level cells. SK hynix announced that it has become the world's first suppl

TechnologyNov. 21, 2024

EU says T'way Air's commitments in Korean Air-Asiana merger fulfilled; final approval yet pending

South Korea's exports increased 5.8 percent on-year in the first 20 days of this month, driven primarily by strong global demand for semiconductors and ships, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October,

IndustryNov. 21, 2024

LG Chem signs deal with Exxon Mobil to secure 100,000 tons of lithium carbonate

LG Chem Ltd., South Korea's leading chemical company, said Thursday it has signed an initial agreement with US energy giant Exxon Mobil Corp. to secure a supply of up to 100,000 tons of lithium carbonate, a key material for creating cathodes for batteries. Under the memorandum of understanding, Exxon Mobil will provide the lithium carbonate to LG Chem for 10 years starting in 2030, the Korean company said. The two companies also plan to conduct joint research projects on various materials,

IndustryNov. 21, 2024

Exports increase 5.8% in Nov. 1-20 period

South Korea's exports increased 5.8 percent on-year in the first 20 days of November, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October, exports rose 4.6 percent on-year to $57.5 billion, the 13th straight mont

EconomyNov. 21, 2024

Seoul shares start lower after Nvidia results

South Korean stocks opened a tad lower Thursday as investors remained cautious following US chip giant Nvidia's earnings report. The benchmark Korea Composite Stock Price Index lost 3.75 points, or 0.15 percent, to 2,478.54 in the first 15 minutes of trading. Overnight, US stocks ended mixed. The Dow Jones Industrial Average rose 0.32 percent and the Nasdaq Composite dropped 0.11 percent before Nvidia released its quarterly report after the bell. Nvidia reported third-quarter earnings that

MarketNov. 21, 2024