LG Chem eyes new leap into top science company

LG Chem, South Korea's leading chemical company, unveiled Thursday a new vision to transform into a global top-tier science company, centering on its three business pillars -- electric mobility, sustainable materials and pharmaceuticals. Under the new vision, it has set an ambitious goal of reaching 60 trillion won ($43.6 billion) in sales by 2030. “LG ​​Chem has achieved more than 10 times the sales growth over the past 20 years by diversifying its business portfolio, from battery bu

IndustryApril 25, 2024

Hyundai, Kia seek to boost presence in China market

Hyundai Motor Group on Wednesday unveiled a slew of new vehicles at the 2024 Beijing International Automotive Exhibition, ramping up efforts to boost its sluggish presence in the world's largest automotive market. At the Beijing Auto Show, one of the biggest motor shows that has returned in-person after four years, all three brands of the Korean auto giant -- Hyundai Motor, Kia and Genesis -- promised to introduce electric vehicles tailored for Chinese customers. Unveiling the Ioniq 5 N hig

IndustryApril 25, 2024

Seoul shares dip 1.76 % over tech, battery slump

South Korean stocks plummeted more than 1.7 percent Thursday as investors sought profits following the previous session's sharp rise amid mixed overnight results on Wall Street. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index slumped 47.13 points, or 1.76 percent, to 2,628.62. Trade volume was slim at 304 million shares worth 8.72 trillion won ($ 6.35 billion), with losers outpacing winners 487 to 360. Institutions and foreign investors combined so

MarketApril 25, 2024

[Hello India] Hyundai Motor vows to boost 'clean mobility' in India

Hyundai Motor Group has reiterated the importance of India and reaffirmed its commitment to the burgeoning market as its chief visited the world’s most populous country earlier this week. “India, one of the regions that has contributed the most to the growth of Hyundai Motor Group, has overcome many difficulties such as the global economic recession and supply chain crisis during the COVID-19 pandemic period and continuously came up with good performances,” said Hyundai Motor G

MobilityApril 25, 2024

Korea enters clear growth path as Q1 growth hits 2-year high

South Korea’s economy expanded at the fastest clip in more than two years in the first quarter as private spending and exports picked up, the central bank said Thursday. The country's real gross domestic product grew 1.3 percent on-quarter in the January-March period, accelerating from a 0.6 percent expansion in the fourth quarter last year, according to an advance estimate from the Bank of Korea. The latest GDP figure is a significant improvement from the past eight quarters, during

EconomyApril 25, 2024

7 out of 10 wealthy Koreans offer grim outlook for 2024

The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under Hana Bank based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including

EconomyApril 25, 2024

[KH Explains] Korean shipbuilding stocks rally: Real growth or bubble?

Since mid-March, Korea's leading shipbuilders have seen a significant uptick in their stock prices. Despite a sluggish start to the year due to a saturated order book and limited production capacity, renewed optimism has emerged among investors, possibly due to the anticipated benefits from escalating trade tensions between the US and China, along with the depreciation of the Korean won. Whether the trade war is the exact cause is unclear, particularly due to limited American purchasing pow

MobilityApril 25, 2024

SK hynix profits soar on AI chip boom

SK hynix, the world's second-largest memory chip maker, said Thursday it has returned to profit, thanks to its leadership in advanced memory chips critical to generative artificial intelligence tools, recovering from a long slump in the memory market. The company reported a quarterly operating income of 2.89 trillion won ($2.10 billion) for the January-March period, compared with a loss of 3.4 trillion won marked a year ago. The figure is far higher than the consensus of 1.86 trillion won b

TechnologyApril 25, 2024

Eximbank to nurture regional development specialists

The state-run Export-Import Bank of Korea said Thursday that it planned to dispatch 34 young regional specialists to 13 developing countries under its Economic Development Cooperation Fund, aimed at cultivating a new generation of experts in global development cooperation. As a member of the OECD Development Assistance Committee, South Korea has long been committed to supporting infrastructure development in emerging economies and crafting innovative models for development cooperation. Initiated

IndustryApril 25, 2024

[Photo News] Delivery with robot dog

Kia said Thursday that it has recently conducted a pilot project to deliver parcels with Spot, a four-legged robot developed by Hyundai Motor Group-backed Boston Dynamics, as the company seeks new business models in advanced logistics. In collaboration with CJ Logistics, Hyundai E&C and robotics startup D.Hive, Kia loaded Spot onto CJ's parcel electric truck. Once the delivery car arrived in a residential area, Spot carried each package to its destined household. (Hyundai Motor Group)

MobilityApril 25, 2024

[Photo News] Cleaning the skies

Korean Air conducts its annual aircraft cleaning at its maintenance hangar at Incheon International Airport on Thursday. The Boeing 777-300ER, designated for long-distance routes and boasting the largest fuselage among twin-engine planes in Korea, underwent a meticulous cleaning process to ensure safe and efficient flights. The cleaning process, which encompassed the fuselage, main wing, tail wing and cockpit windshield, took some three hours, with 17 personnel deployed for the task, according t

IndustryApril 25, 2024

Senior officials from S. Korea, US discuss cooperation in chip industry

Senior trade officials from South Korea and the United States have discussed ways to broaden cooperation in the semiconductor sector, officials said Thursday. Deputy Minister for Trade Yang Byeong-nae met with his US counterpart, Ramin Toloui, in Seoul earlier in the day during which Yang asked Toloui to offer sufficient support for South Korean firms seeking to invest in the US Last week, the US government revealed a plan to grant Samsung Electronics Co. up to $6.4 billion to support its chipma

IndustryApril 25, 2024

Seoul shares open weaker on tech, battery slump

South Korean stocks opened weaker Thursday as investors sought profits following the previous session's sharp rise amid mixed overnight results on Wall Street. The benchmark Korea Composite Stock Price Index fell 26.04 points, or 0.97 percent, to 2,649.71 in the first 15 minutes of trading. On Wednesday, the main index spiked nearly 2 percent, backed by chipmakers and batterymakers. Overnight, Wall Street closed mixed as a disappointing earnings report from Meta Platforms put investors on e

EconomyApril 25, 2024

SK hynix pledges W20tr to ramp up DRAM production at home

SK hynix, the world's second-largest memory chip maker, said Wednesday it will expand the production capacity of next-generation DRAM, including High Bandwidth Memory, which is critical to generative artificial intelligence tools, in response to rapidly increasing demand for AI chips. The decision came as the board of directors approved the plan during a meeting held later in the day to build the M15X fab in Cheongju, North Chungcheong Province, for a new DRAM production site, according to

TechnologyApril 24, 2024

Samsung Biologics Q1 earnings hit all-time high

Samsung Biologics, a leading contract development and manufacturing organization, announced Wednesday that the company’s earnings in the first quarter this year hit an all-time high. In the January-March period, Samsung Biologics’ sales increased by 31.3 percent on-year to 946.9 billion won ($690 million) from the previous year’s 720.9 billion won. Its operating profit also reached 221.3 billion won, up 15 percent on-year. “The operation of the fourth plant has largely co

IndustryApril 24, 2024

SK Leaveo to produce biodegradable wet wipes

SK Leaveo, a subsidiary of South Korean chemical giant SKC specializing in biodegradable materials, has formed a partnership with paper product manufacturer KleanNara to create a new line of biodegradable hygiene products, starting with eco-friendly wet wipes. Under a newly signed agreement on Wednesday, SK Leaveo and KleanNara will focus on producing hygiene products that are not only sustainable but also practical for everyday use. The collaboration aims to harness new materials such as poly

IndustryApril 24, 2024

Orion's Turtle Chips sales soar in US

The popularity of the Orion brand's Turtle Chips continued to grow in the US last year, boosting its annual sales to around 12 billion won ($8.8 million). Orion, a South Korean confectionery and snack manufacturer, is supplying the chips at the snack bars of major firms such as Google and Netflix, the company said Wednesday. According to Orion, the annual sales of Turtle Chips in the US reached 12 billion, around 200 times higher than the figure in 2017 when the company first launched the s

IndustryApril 24, 2024

Seoul shares jump 2% on rally in techs, batteries

South Korean stocks soared 2 percent Wednesday as tech, secondary battery and other market heavyweights rallied following overnight gains on Wall Street. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index climbed 52.73 points, or 2.01 percent, to 2,675.75. Trade volume was moderate at 319 million shares worth 10.06 trillion won ($7.34 billion). Winners outpaced losers 610 to 270. Institutions and foreign investors combined bought a net 855.3 billion won, w

MarketApril 24, 2024

Korean investment in US almost doubles from pre-pandemic: report

South Korea's investment in the US increased about 1.8 times last year compared to the pre-COVID-19 period as major conglomerates set up large-scale facilities in the eastern part of the country, a report from a business lobby group showed Wednesday. According to the report published by the Korea Chamber of Commerce and Industry, the total Korean investment in the US stood at $27.7 billion last year, up 75 percent from $15.8 billion in 2019. Large conglomerates like Samsung Electronics, SK

EconomyApril 24, 2024

Korea’s homegrown nanosatellite successfully launches into space

South Korea launched its first homegrown earth observation nanosatellite into orbit as part of the country’s project to create a satellite constellation by 2027, the Science Ministry said Wednesday. The Earth observation satellite, named NEONSAT-1, lifted off aboard Rocket Lab's Electron rocket from a spaceport in Mahia, New Zealand. The Ministry of Science and ICT said the satellite was deployed into space at an altitude of 520 kilometers and successfully separated from the launch ve

TechnologyApril 24, 2024