Hyundai to develop own cheaper batteries for EVs

Hyundai Motor Group is expected to develop its own price-competitive lithium iron phosphate, or LFP, batteries for electric vehicles late next year to reduce dependence on China-made batteries, industry sources said Monday. According to media reports, under the two-year joint project with Korea-based battery makers that started this year, Hyundai will complete development of LFP batteries in 2024. The batteries will be installed in Hyundai and Kia’s small and entry-level electric cars and

MobilityNov. 6, 2023

CJ debuts K-food delivery service in UK

South Korean food giant CJ CheilJedang announced Monday that it has launched the delivery service brand “Bibigo to-go” in the United Kingdom, in an effort to ramp up Korean food’s presence in the global market. Under a partnership with the UK-based food brand operator Peckwater Brands, Bibigo to-go is now available on major food delivery platforms including UberEats, Deliveroo, and Just Eat. The menus were mainly developed from the Bibigo products sold in the UK. Before the off

IndustryNov. 6, 2023

Coupang opens 2nd fullfillment center in Taiwan

South Korea’s e-commerce giant Coupang said Monday it has opened its second logistics center in Taiwan a year after starting its foray into the market, with plans to launch a third one in the first half of next year. The new fulfillment center, located in the northwestern city of Taoyuan, is a highly automated facility using artificial intelligence and machine learning to predict and analyze customer demand and inventory. The inaugural ceremony of the second fulfillment center was held in

IndustryNov. 6, 2023

Fed's rate-pause guess is overstated: Summers

The Federal Reserve's rate hike may not have come to an end given strong economic performance, although long-term neutral interest rate will come down to a 2 percent range, former US Treasury Secretary Lawrence Summers said Monday. Early this month, the Fed held its benchmark lending rate steady between 5.25 and 5.50 percent for a second consecutive time as it keeps striving to bring down inflation to its 2-percent target. But it left open the possibility of a rate change later to achieve &

EconomyNov. 6, 2023

Seoul shares open higher on stock short selling ban

South Korean stocks opened higher Monday as the country launched a temporary ban on stock short selling to crack down on illegal market practices by global investment banks. The benchmark Korea Composite Stock Price Index climbed 48.16 points, or 2.03 percent, to 2,416.50 in the first 15 minutes of trading. On Sunday, the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility

MarketNov. 6, 2023

[Test Drive] Upgraded Polestar 2 dons Iron Man mask

The upgraded Polestar 2 offers longer driving distance with stronger performance and looks to woo trend-conscious, younger customers with a more minimalistic design than ever. The Korea Herald had a chance to check out the Swedish electric vehicle maker’s newest product in the country during a test drive over a course of about 100 kilometers last week. The EV was launched in the country on Oct. 26. The upgraded Polestar 2 inherits the design philosophy of the Polestar 3, the brand’s

MobilityNov. 6, 2023

Yoon regards illegal stock short selling serious 'malady': presidential office

President Yoon Suk Yeol considers illegal stock short sellers as a serious social "malady," his office said Sunday following the financial regulator's decision to ban stock short selling through the first half of next year. The remarks came as the Financial Services Commission announced the ban on stock short selling, effective starting Monday through the end of June 2024, citing concerns about growing market volatility and the illegal short selling practices undermining market st

IndustryNov. 5, 2023

Samsung family members selling W2.6 trillion worth of shares to cover inheritance taxes

Members of Samsung Group's owning family are set to sell nearly 2.6 trillion won ($2 billion) worth of shares in Samsung affiliates to cover inheritance taxes, a regulatory filing showed Sunday. Since the death of late Samsung Chairman Lee Kun-hee in October 2020, his family members have been paying inheritance taxes in installments for the assets inherited according to a five-year plan. The total inheritance tax amounted to 12 trillion won. According to the regulatory filing with the Fin

IndustryNov. 5, 2023

Korea suspends stock short selling until start of July 2024

South Korea's financial regulator said Sunday that it will temporarily ban stock short selling until the second half of next year, amid efforts to crack down on illegal short selling by global investment banks. The move will be effective as of Monday and until the start of July 2024, according to the Financial Services Commission. "(The FSC) has decided to fully suspend stock short selling until (the end of) the first half of next year since there exist concerns that the expansion of

IndustryNov. 5, 2023

World Cup in Saudi Arabia sparks human rights protest

The appointment of Saudi Arabia as the host for the 2034 FIFA World Cup has elicited a backlash from multiple human rights groups over the nation's contentious rights record, coming just weeks before the final decision on its bid for the World Expo 2030. FIFA President Gianni Infantino confirmed the host as the only bidder last Tuesday after Australia withdrew its bid hours before the Tuesday deadline. Critics are primarily concerned about the potential exploitation of migrant workers who w

EconomyNov. 5, 2023

[Hello Indonesia] Korea, Indonesia to bolster ties on future growth drivers

South Korea and Indonesia, marking the 50th anniversary of diplomatic ties this year, are seeking to further extend their economic cooperation in key areas from electric mobility and infrastructure to finance, as both countries are eager to nurture future growth drivers. Over the past five decades, the two countries have enhanced their economic and business partnership. The trade volume has surged from $185 million in 1973 to $26 billion in 2022, with Indonesia becoming Korea’s 11th-larges

EconomyNov. 5, 2023

[KH explains] Korean Air-Asiana merger may gain traction, yet challenges linger

Korean Air's acquisition of Asiana Airlines got a step closer to getting antitrust approval from the European Commission, as the nation’s largest air carrier submitted a revised merger plan that includes a selloff of Asiana’s cargo operation and giving up more routes to European cities. Industry watchers, however, say uncertainty remains about the high-profile 1.8 trillion won ($1.3 billion) deal that also awaits approval from Japan and the US. “The chances are now higher

IndustryNov. 5, 2023

Hyundai, Kia report robust EV US sales, shrug off impact of IRA

Hyundai Motor Group reported robust growth in electric vehicle sales in the US this year, shrugging off the impact of not being eligible for consumer tax credits for EVs under the Inflation Reduction Act. According to the carmaker Sunday, Hyundai and Kia sold a combined 77,772 EVs in the US during the January-October period this year, a 53.7 percent surge from a year ago. Hyundai alone sold 51,563 vehicles, more than doubling from the same period last year. The carmaker’s cumulative EV sal

MobilityNov. 5, 2023

[From the Scene] Samsung bets big on package substrates for future chips

SEJONG -- With the increasing demand for next-generation semiconductors globally, Samsung Electro-Mechanics, an electronic parts manufacturing affiliate of Samsung Electronics, has been seeking to take the lead in the chip package substrate market. On Thursday, Samsung invited a group of reporters to its manufacturing site in Sejong, where a new plant for chip package substrates, the fifth of its kind there, is being built to be completed by May next year. "For next-generation chip packages

TechnologyNov. 5, 2023

Hana Bank to offer W100b in support for small business owners

Hana Bank is set to roll out a comprehensive financial support scheme worth 100 billion won ($75.6 million) to support small and medium-sized businesses, amid a prolonged economic slowdown and high interest rates. The program aims to offer cashback on interest payments, subsidies on utility and telecommunication bills as well as consulting services to a total of 308,500 individual business owners, according to the bank Sunday. It will be implemented in phases starting next month, alongside its

EconomyNov. 5, 2023

S. Korea to set up task force to put rising prices under control

The South Korean government will set up a task force to focus on price controls for key food items, such as milk and coffee, in response to the recent spike in food prices, officials said Sunday. Under the TF, government officials will be responsible for monitoring the prices of each of the seven price-sensitive food items to keep a close eye on their prices, according to the Ministry of Agriculture, Food and Rural Affairs. The items comprise instant noodles, bread, snacks, coffee, ice cream, su

EconomyNov. 5, 2023

South Korea lining up banks to help finance $22 billion arms sale to Poland

SEOUL -- After hitting statutory limits on import-export lending, South Korea is gathering local banks to help Poland buy $22 billion worth of weapons in Seoul's largest arms sale, five people familiar with the matter told Reuters. "Five local banks are reviewing a syndicated loan as a support measure" to help Poland finance its purchase of South Korean rocket artillery systems and fighter jets, a South Korean government official said, speaking on condition of anonymity to discuss

DefenseNov. 3, 2023

Naver touts AI progress as earnings hit record high

Naver CEO Choi Soo-yeon on Friday expressed her satisfaction with the company’s business results regarding its upgraded, hyperscale generative artificial intelligence model, HyperClova X, unveiled in August. “Based on what we’ve observed and experienced so far, we seem to be having better results than we expected," Choi said when asked about the level of the IT giant’s hyperscale AI-based business when compared to her prior expectations, during the company’s ea

TechnologyNov. 3, 2023

Seoul shares up for 3rd session on Fed's rate freeze

South Korean stocks advanced for the third consecutive session Friday amid hope that the US rate-hike cycle has come to an end. The local currency sharply rose against the greenback. The benchmark Korea Composite Stock Price Index shot up 25.22 points, or 1.08 percent, to close at 2,368.34. Trading volume was moderate at 567 million shares worth 7.86 trillion won ($5.94 billion), with gainers outnumbering losers 717 to 159. Foreigners dumped a net 134.8 billion won worth of local shares, and ind

MarketNov. 3, 2023

LG CNS, NYC, AmCham Korea forge partnerships on digital transformation

Korean IT solutions provider LG CNS forged a trilateral partnership with New York City and the American Chamber of Commerce in Korea, agreeing to work together on the digital transformation of New York, the company said on Friday. The three signed a memorandum of understanding for digital transformation partnerships at New York City Hall, with LG CNS CEO Hyun Shin-gyoon, New York City Mayor Eric Adams and AmCham Chairman James Kim in attendance. “With this digital transformation partne

IndustryNov. 3, 2023