Samsung SDI, Volvo Trucks vow to enhance battery partnership

Samsung SDI said Tuesday it is bolstering ties with Volvo Trucks as the two companies celebrate the fifth anniversary of their partnership this year. Samsung SDI CEO Choi Yoon-ho and Martin Lundstedt, CEO and president of Volvo Group, as well as other company officials participated in the celebratory event held at the Korean battery maker’s Cheonan plant in South Chungcheong Province last month. Aside from battery-powered trucks, the two vowed to enhance their partnership on constructi

MobilityNov. 7, 2023

Samsung C&T gears for 2023 Smart City Expo World Congress

The engineering and construction division of Samsung C&T Corporation is taking part in the “2023 Smart City Expo World Congress” held in Barcelona to showcase its innovative smart city model ideas, the company said Tuesday. Kicking off Tuesday, SCEWC is the world’s biggest expo on urban innovation, serving as a meeting point between industry and government leaders. This year, the E&C division of Samsung C&T is presenting a smart city model jointly developed with its

IndustryNov. 7, 2023

[Photo News] Expo bus in Paris

LG Group is launching 2,030 buses, dubbed Busan Expo Bus, in Paris to promote the South Korean port city’s bid to host the 2030 World Expo. The conglomerate will ramp up the promotional activities in the French capital until Nov. 28, when the host city of the upcoming expo is to be decided in a vote during the 173rd General Assembly of the Bureau International des Expositions. (LG Group)

IndustryNov. 7, 2023

Farm online, harvest offline: Virtual farming games attract inflation-weary consumers

Home farming is gaining popularity as inflation continues to drive up the prices of produced goods including eggs and vegetables. Recently, the trend has recently taken an interesting turn, with local e-commerce platforms launching mobile farming games that bear real fruit in the physical world. Lee Jae-ram, a 33-year-old office worker in Seoul, recently received his "harvest" of bananas in a package via mail, the fruit of his farming efforts in the mobile game, Al-Farm. Al-Farm is a g

ConsumerNov. 7, 2023

[KH Explains] Why do Woori, NongHyup hold on to North Korean operations?

In the basement of its Seoul headquarters, South Korean lender Woori Bank has been running a small office that temporarily replaces its branch in North Korea since it pulled out of the North in 2016. In an office a little over 30 square meters in size, a lone manager handles occasional visits from businesspeople who own factories at the now-shuttered Kaesong Industrial Complex, a symbol of inter-Korean business engagement in the North Korean border city of Kaesong. While inter-Korean relations r

IndustryNov. 7, 2023

S. Korea retakes No. 1 spot in global shipbuilding orders in Oct.

South Korea regained the top spot in new global shipbuilding orders for the first time in three months in October, industry data showed Tuesday. Local shipyards clinched orders totaling 1.54 million compensated gross tons to build 18 ships, accounting for 62 percent of the global total of 2.49 million CGTs last month, according to London-based Clarkson Research Services. The world total decreased 44 percent from the same month a year earlier. China placed second with 820,000 tons to construct 34

IndustryNov. 7, 2023

LG Uplus Q3 net income down on higher costs

LG Uplus Corp., South Korea's No. 3 mobile carrier, said Tuesday its third-quarter net profit decreased 8.3 percent from a year earlier despite overall growth in sales due to an increase in costs, in particular, electricity rates. Its net income stood at 156.7 billion won ($120.8 million) in the July-September period on a consolidated basis, compared with 170.8 billion won for the same period last year, the company said in a regulatory filing. Operating income was 254.3 billion won, down 10

IndustryNov. 7, 2023

Seoul shares open lower after record daily gain

South Korean stocks opened lower Tuesday as investors took profit following the previous session's sharpest-ever daily gains prompted by the country's reimposing of a ban on stock short selling. The benchmark Korea Composite Stock Price Index fell 42.25 points, or 1.69 percent, to 2,460.12 in the first 15 minutes of trading. On Monday, the Kospi logged its largest daily gain of 134.03 points, or 5.66 percent, buoyed by the short selling ban that will be in place by the end of June 2024

MarketNov. 7, 2023

Foreign investors remain net sellers of S. Korean stocks in October

Foreign investors sold a net 3.1 trillion won ($2.39 billion) worth of South Korean stocks last month, extending their selling spree to a third consecutive month, data showed Tuesday. Foreigners owned 624.8 trillion won worth of local stocks, accounting for 27.2 percent of total market capitalization after the sell-off, according to the data from the Financial Supervisory Service. By country, Norway was the top net buyer of local stocks last month, net purchasing 600 billion won worth of shares,

MarketNov. 7, 2023

SK On to supply EV batteries to Polestar from 2025

South Korean battery maker SK On said Monday it has clinched a deal with Swedish carmaker Polestar to supply its premium electric vehicle batteries. Under the agreement, the battery manufacturer will supply nickel, manganese and cobalt (NCM) batteries for the Polestar 5, the full-electric version of the carmaker's four-door coupe, from 2025. The size of the deal was not disclosed. The company said the partnership shows that the demand for high-performance NCM batteries is still high in the

MobilityNov. 6, 2023

SK Ecoplant to supply advanced fuel cells to Irish data center

South Korean energy and environmental solutions provider SK Ecoplant said Monday that it signed a partnership with Lumcloon Energy, an Irish power generation firm, to supply solid oxide fuel cells for a new data center in Castlestown, Ireland, marking a step toward greener energy utilization in European data centers. On Thursday, SK Ecoplant had a signing ceremony with Lumcloon Energy to integrate fuel cell technology for a new data center located approximately 80 kilometers west of Dublin. This

IndustryNov. 6, 2023

BAT design chief stresses responsible design

Global tobacco giant British American Tobacco Group discussed its future design strategies during a design conference held in Seoul last week, highlighting the social and ethical responsibilities industrial designers must undertake when designing heating tobacco products, according to the company on Monday. "The role of designers is changing, from simply designing products to assuming social and environmental responsibilities. This (new role) is not a choice for individual designers to mak

IndustryNov. 6, 2023

SK Bioscience ramps up global cooperation to improve public health

South Korean pharmaceuticals firm SK Bioscience is ramping up efforts to enhance cooperation with global health care officials, especially in the biopharmaceuticals field in the post-pandemic era. According to the company on Monday, Jean Kaseya, director general of the Africa Centers for Disease Control and Prevention, visited the Korean firm's headquarters on Friday to discuss collaborative measures supporting African countries in developing their own vaccines. During the meeting, the tw

IndustryNov. 6, 2023

LG Electronics opens Alaskan lab to develop HVAC tech in extreme weather

LG Electronics announced Monday that it has launched a research facility in Alaska to enhance the resilience of modern heating and cooling systems, collectively known as HVAC systems, in extremely cold conditions. The LG Advanced Cold Climate Heat Pump Laboratory is part of a collaboration that includes the University of Alaska Anchorage and the University of Alaska Fairbanks. The partnership, made official on Monday as the Consortium for Advanced Heat-pump Research, will tackle the challenge of

IndustryNov. 6, 2023

Daewoong aims to reshape obesity market with patch-type treatment

Daewoong Pharmaceutical said Monday the company will develop a microneedle-based obesity treatment drug. The South Korean pharmaceutical company aims to start a phase 1 clinical trial next year and launch the treatment in 2028. Daewoong Pharmaceutical’s new obesity treatment will contain a synthetic peptide semaglutide, which is similar to glucagon-like peptide-1 (GLP-1), a hormone produced in the gut released in response to food to reduce appetite and the release of insulin. The patch-typ

IndustryNov. 6, 2023

S-Oil awards citizen heroes of this year

South Korean oil refiner S-Oil said Monday it had delivered 140 million won ($107,700) and citizen honor awards to recognize 21 citizens who accomplished feats of heroism by risking their lives to help others this year. Under the partnership with Korea National Council on Social Welfare, the 2023 Hero Neighbors Award ceremony was held at S-Oil headquarters in Seoul, on Monday. A 58-year-old bus driver identified by his family name of Lee, who died while saving his passengers in Osong, North Chun

IndustryNov. 6, 2023

Seoul shares surge to over 11-month high after short selling ban

South Korean stocks surged over 5.6 percent Monday as the country reimposed a ban on stock short selling to crack down on illegal market practices by global investment banks. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index soared 134.03 points, or 5.66 percent, to close at 2,502.37, extending its winning streak to a fourth day. Tech and battery-related stocks led the overall market advance. Trading volume was high at 518.4 million shares wor

MarketNov. 6, 2023

Stock market soars as short selling ban takes effect

Korean stocks surged Monday on the expectation that investors will start to cover their short positions after the country’s financial authorities banned short selling. The main Kospi bourse climbed 5.66 percent, or 134.03 points, from the previous trading day to close at 2,502.37. The secondary Kosdaq jumped 7.34 percent, or 57.4 points, to close at 839.45. Earlier in the day, the buying pressure prompted sidecar curbs on the Kosdaq for the first time in more than three years. The five-m

IndustryNov. 6, 2023

Korean commercial banks mull financing arms export to Poland

South Korean commercial banks are considering loan syndication for the Polish government to finance a weapons purchase deal worth 30 trillion won ($23.1 billion) with Korean arms companies, as state-run banks hit their loan limit for the contract. South Korea's Ministry of Defense on Monday held a meeting with officials from five top local banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to discuss providing loans to the Polish government for an arms export deal, according to sou

IndustryNov. 6, 2023

Samsung family to sell stakes worth W2.6tr to pay tax

Family members of Samsung Group, South Korea’s biggest conglomerate, are selling stakes worth some 2.57 trillion won ($1.97 billion) to pay their inheritance tax bill, according to a regulatory filing on Monday. Hong Ra-hee, the widow of the late former Samsung Group Chairman Lee Kun-hee, and her two daughters, Lee Boo-jin and Lee Seo-hyun, signed a trust contract with Hana Bank to dispose of stakes worth about 2.57 trillion won combined, on Oct. 31. The Samsung heirs began their five-year

IndustryNov. 6, 2023