SK Ecoplant eyes bigger footing in Vietnam’s solar market

South Korean energy and environmental solutions provider SK Ecoplant said Tuesday that it is ramping up efforts to seek a bigger footing in Vietnam’s solar panel market with a recent solar panel installation within an industrial complex. The company held a ceremony on Monday to celebrate the completion of a solar panel rooftop for a plant owned by Samil Vina, a Vietnam-based textile exporter located in Dong Nai province. All energy generated from the 1-megawatt solar power plant will be us

CompaniesJune 11, 2024

Hyundai Mobis unveils giant panoramic display for cars

Hyundai Mobis, the parts and service arm of Hyundai Motor Group, said Tuesday it has showcased M.VICS 5.0, the new addition to the company’s in-vehicle digital cockpit series, as part of its efforts to lead the global competition in electrified vehicle parts technology development. First launched in 2021, the M.VICS series is an infotainment system installed in front of the driver and passenger seats, providing various driving information and media content while enabling external communica

CompaniesJune 11, 2024

KB Kookmin Card's Indonesia unit marks 30th anniversary

KB Kookmin Card on Monday celebrated the 30th anniversary of its Indonesian subsidiary, KB Finansia Multi Finance, in the capital city Jakarta. Established in 1994, KB FMF is a credit finance corporation that primarily offers mortgages for used cars and motorcycles, as well as installment financing for durable goods. KB Kookmin Card acquired shares of KB FMF in July 2020, integrating it as a subsidiary. KB Kookmin Card CEO Lee Chang-kwon attended the event and encouraged local employees, present

MarketJune 11, 2024

[Photo News] Summer poem

Korean refiner S-Oil displays a refreshed billboard at its headquarters in Mapo-gu, western Seoul, on Tuesday with "Diary of a Grass Leaf" by Korean poet Han Sang-soon. It reads: "Sunshine, you make me sparkle in shades of green." Set against a backdrop of a lush, sunlit forest, the display is designed to convey a refreshing feeling of summer. This update continues S-Oil’s tradition since 2016 of integrating cultural elements into its corporate environment to inspire em

CompaniesJune 11, 2024

DP policy chief says 'no budget' for oil exploration project without data

The chief policymaker of the main opposition Democratic Party said Tuesday no extra budget should be allowed for a project for potential offshore oil and gas reserves in the East Sea unless relevant data is submitted. The remark came amid growing controversies surrounding Act-Geo, the US geoscience firm that gave a positive assessment of the potential reserves, including one that the company had signed a contract with state-run Korea National Oil Corp. when it was subject to operational restrict

IndustryJune 11, 2024

Seoul shares open higher on Wall Street gains

South Korean stocks opened slightly higher Tuesday, tracking overnight gains on Wall Street ahead of a US Fed meeting. The benchmark Korea Composite Stock Price Index added 9.99 points, or 0.37 percent, to 2,711.16 in the first 15 minutes of trading. The positive start follows overnight gains on Wall Street, with investors taking caution ahead of the US Federal Open Market Committee meeting slated for Tuesday and Wednesday. The Dow Jones Industrial Average added 0.18 percent to close at 38,868.0

MarketJune 11, 2024

Ongoing scrutiny plagues Act-Geo's credentials

The proposed deepwater oil and gas field development off the coast of Yeongil Bay in Pohang, South Korea, is under intense scrutiny, with debates surrounding the reliability of the discovery and the credibility of Act-Geo, the US consulting firm behind the survey. The Ministry of Trade, Industry and Energy has been actively addressing these concerns, including allegations of a fake Korean-language website for Act-Geo that was quickly found to be fraudulent on Monday. Doubts about Act-Geo's

IndustryJune 10, 2024

S-Oil donates W325m to Korea Coast Guard

South Korean oil refiner S-Oil on Monday delivered a donation of 325 million won ($235,728) to the Korea Coast Guard (KCG), as part of its ongoing program to support the country’s maritime officers. The donation will be used to award honorary maritime officers, support the officers with medical expenses and provide tuition scholarships for children of officers who died while on duty. “Maritime officers, who take risks to save lives despite difficult sea conditions, are the real heroe

IndustryJune 10, 2024

GS E&C, Seoul team up for after-school child care

GS Engineering & Construction announced Monday that the company would cooperate with the Seoul Metropolitan Office of Education to open new after-school care facilities for elementary school students to help low-income households and families with working parents. The Seoul Metropolitan Government is currently trying to expand after-school care programs for elementary school students to help families save expenses on private after-school classes. As part of its plan, the government is introd

IndustryJune 10, 2024

Seoul shares close lower ahead of US Fed meeting; won sharply down

South Korean shares closed lower Monday as investors took to the sidelines ahead of the US Federal Reserve's rate-setting meeting later this week. The local currency sharply lost ground against the US dollar. The benchmark Korea Composite Stock Price Index lost 21.5 points, or 0.79 percent, to close at 2,701.17. Trade volume was moderate at 499.3 million shares worth 11.16 trillion won ($8.1 billion), with losers outnumbering gainers 499 to 381. Retail investors scooped up a net 553.8 billi

MarketJune 10, 2024

US poised to replace China as Korea’s top export destination

South Korea's exports to the United States are likely to exceed those to China this year for the first time in 22 years, according to a joint report released Monday by Statistics Korea, the Trade Ministry, and the Ministry of SMEs and Startup. From January to May, exports to the US amounted to $53.3 billion, approximately $610 million more than exports to China which stood at $52.69 billion. Large companies have already shifted their export trend since last year, while small and medium-size

IndustryJune 10, 2024

KCCI opens office in Germany for AI, energy collaboration

The Korea Chamber of Commerce and Industry, South Korea’s major business group, said Monday it launched an office in Frankfurt to build a broader network in Germany where the largest number of Korean companies are doing business in Europe. Germany, home to smart factories embedding artificial intelligence and clean energy technology, is Korea's largest trading partner in Europe. Korea is the second-largest export market in the Asia-Pacific region after China. “The office located

IndustryJune 10, 2024

IEEE honors Korea’s contribution to CDMA commercialization

South Korean tech firms and a local research center were recognized by the Institute of Electrical and Electronics Engineers (IEEE), the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity, on Monday, for their significant contribution to commercializing the world's first code division multiple access network used in mobile phones in 1996. The Electronics and Telecommunications Research Institute, Samsung Electronics, LG E

TechnologyJune 10, 2024

Busan mobility show to bank on hybrid, EV debuts

The 2024 Busan International Mobility Show will take place later this month amid challenges faced by traditional auto shows worldwide, with Hyundai-Kia, Renault Korea and BMW Korea expected to unveil their latest electric and hybrid models. The biannual event, hosted at the Busan Exhibition and Convention Center, will commence with a press day on June 27 and continue until July 7. This year’s show coincides with the decline of long-standing auto exhibitions like the Geneva Motor Show, whic

MobilityJune 10, 2024

[KH Explains] How Hanwha Qcells thwarts China surge in US solar market

In the wake of a generative artificial intelligence-driven energy surge and favorable regulatory shifts, Hanwha Solutions’ Qcells is poised to benefit from massive government subsidies in the US solar market. As many US solar companies have been scaling back investments due to the influx of inexpensive Chinese solar products, the Korean solar panel maker is seizing the opportunity to become the only company with a fully integrated local solar value chain that allows it to benefit from a co

IndustryJune 10, 2024

[Photo News] For child protection

Mercedes-Benz Korea's corporate social responsibility committee has donated 500 million won ($363,000) to a child protection agency in Busan, the German automaker's local office said Monday. The donation was part of some 1 billion won raised through the auto importer's charity run held in Busan in April. In this photo, Mathias (left), CEO of Mercedes-Benz Korea, and Park Heong-joon, mayor of Busan, hold up the donation certificate during the delivery ceremony at Busan City Hall on

MobilityJune 10, 2024

400,000 minors own Samsung Electronics shares worth W1.54tr

The number of underage stakeholders in Samsung Electronics, the country's largest company by market capitalization, has surged nearly 21 times in four years, reaching almost 400,000. According to the Korea Securities Depository's securities data portal, as of the end of last year, there were 391,869 Samsung Electronics shareholders under the age of 20, making up 8.38 percent of the total 4,672,130 shareholders. The total value of Samsung Electronics shares owned by these underage inves

MarketJune 10, 2024

Financial authorities to develop monitoring platform for illegal short selling by March next year

The financial regulator said Monday it plans to develop a real-time monitoring system for naked stock short selling by March next year. The plan comes amid an ongoing ban on stock short selling, which was originally set to end at the end of this month. "A considerable amount of time is required to develop a centralized naked short selling monitoring system, as well as an effective algorithm to detect illegal stock short selling," the Financial Supervisory Service said in a press releas

EconomyJune 10, 2024

Seoul shares open sharply lower ahead of Fed meeting

Seoul shares opened sharply lower Monday ahead of the US Federal Open Market Committee meeting this week. The benchmark Korea Composite Stock Price Index lost 28.47 points, or 1.05 percent, to 2,694.20 in the first 15 minutes of trading. The weak start follows losses on Wall Street last week. The Dow Jones Industrial Average lost 87.18 points, or 0.22 percent, to close at 38,798.99 on Friday, following stronger-than-expected employment data that weakened hopes for a US rate cut. The US Federal R

MarketJune 10, 2024

Doubts persist over oil project despite expert briefing

Doubts persist over the potential of newly identified oil and gas reserves off South Korea’s southeastern coast, despite a press briefing on Friday led by the expert behind the discovery to address public concerns about the drilling project's feasibility and the credentials of the company involved. Since the announcement a week ago, the claim has triggered a wave of public attention, expressing both excitement and skepticism, with the government providing multiple clarifications for rumors

IndustryJune 9, 2024