Posco Future M sets sales target of W43tr by 2030

South Korean battery materials maker Posco Future M on Monday pledged to secure 42 trillion won ($32.4 billion) in sales and 3.4 trillion won in operating profits by 2030, under a new vision of accelerating eco-friendly future materials business. “We are the one and only total solution provider for rechargeable battery materials that operates a value chain for mining, processing and recycling,” said Posco Future M CEO Kim Jun-hyung in a town hall meeting in Seoul. “Posco Future

MobilityAug. 28, 2023

[Photo News] Hyundai's double podium

Hyundai Motor's Avante N TCR, known as the Elantra in global markets, has achieved a double-podium finish, taking first and second place at the first final race during the 2023 TCR World Tour held at the Jose Carlos Bassi street circuit in San Luis, Argentina from Friday to Sunday, the South Korean automaker said Monday. The triumph marked the third time that Hyundai has taken the top trophy since the 2023 TCR World Tour began in April. With the latest victory, BRC Hyundai N Squadra Corse m

MobilityAug. 28, 2023

NFT conference to explore monetizing digital assets in Web3 era

NFT 2023 Seoul Conference is scheduled to take place on Friday at Coex in southern Seoul to explore the interplay between non-fungible tokens, digital assets such as art and the Web3 framework that enables new decentralized digital asset marketplaces. The event will be organized by The Korea Herald, the nation’s largest English daily, together with ArtToken, an NFT-based art marketplace, and Seoul-based Soongsil University. Other key partners include Crypto.com, Blockchain Today and Bloomi

TechnologyAug. 28, 2023

[KH explains] Is a third-party buyout of Asiana Airlines around the corner?

Amid ongoing delays in a high-profile merger between South Korea’s top two air carriers Korean Air and Asiana Airlines, some market watchers are speculating that strategic investors are preparing for a possible third-party buyout of Asiana. Private equity funds are reportedly releasing requests for proposals to interested parties regarding the 1.8 trillion won ($1.3 billion) Korean Air-Asiana deal to solicit responses, according to some investors. The requests come amid delays in the deal

IndustryAug. 28, 2023

LG Chem leads innovative efforts in carbon neutrality

Amid mounting global calls for sustainable development, South Korea’s largest chemical firm LG Chemical has been researching ways to produce eco-friendly plastics. Under the global campaign of achieving carbon neutrality by 2050, the international race has intensified across the petrochemical industry to reduce carbon emissions, and plastic recycling is considered the most expedient approach. In this aspect, LG Chem has successfully secured a competitive edge over its rivals by developing

IndustryAug. 28, 2023

Samsung recruiting foreign tech talent to work at Korean operations

Samsung Group's key technology affiliates -- Samsung Electronics, Samsung Display and Samsung SDI -- will hire experienced workers with research and development capabilities from outside the country, according to industry sources on Monday. South Korea's largest conglomerate has been carrying out recruiting activities to secure outstanding R&D talent from around the world. It newly introduced the foreign experienced employee recruitment process this year for foreign skilled worke

IndustryAug. 28, 2023

Seoul shares open up after Fed chief's speech

Seoul shares opened higher Monday, tracking gains on Wall Street, as the US Federal Reserve looks set to take a cautious stance in raising rates again. The benchmark Korea Composite Stock Price Index rose 7.25 points, or 0.29 percent, to 2,526.39 in the first 15 minutes of trading. Overnight, US stocks ended in positive territory, with the Dow Jones Industrial Average rising 0.7 percent and the tech-heavy Nasdaq Composite climbing 0.9 percent. In his speech last week in Jackson Hole, Wyoming, Fe

MarketAug. 28, 2023

[Graphic News] Exports of agro-fisheries products fall 3.8% in H1

South Korea’s exports of farm and fisheries products fell 3.8 percent on-year in the first half of the year, data showed. Outbound shipments of agricultural and fisheries goods came to $5.95 billion in the January-June period, down from $6.19 billion a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. Last year’s tally marked an all-time high for the first half of any year, and it was the first time that the figure surpassed the $6 billion mark. This

MarketAug. 28, 2023

E-scooter-only lanes mulled for better safety

South Korea’s Ministry of Land, Infrastructure and Transport on Sunday announced a set of new guidelines to enhance the safety of personality mobility, or PM, vehicles such as electric scooters. As part of the ministry’s revision bill, the new guidelines will be applied for building new roads for better safety of both pedestrians and vehicles, especially dedicated lanes for PM vehicles. The revision mandates that when road management bodies conceptualize or revamp PM-only lanes, they

MobilityAug. 27, 2023

[Photo News] Soaring fuel prices

Gasoline and diesel prices are displayed at a gas station in Seoul on Sunday, as diesel averaged over 1,600 won ($1.2) per liter, marking a six-month high following seven continuous weeks of rising gas prices. (Yonhap)

EconomyAug. 27, 2023

‘Samsung needs control tower’: compliance committee chief

Samsung Group is a "massive aircraft carrier" and so it needs a control tower for better efficiency and unity, the chief of the tech giant's compliance committee said in an interview with a local news outlet on Aug. 23. "A small sailing boat does not need a control tower, but Samsung is a giant aircraft carrier. Unless the company’s different divisions completely divide to stand on their own, the lack of a control tower can lead to problems in efficiency and unity,&rd

IndustryAug. 27, 2023

Inflation fears grow on high fuel costs

The on-year growth in consumer prices is likely to bounce back to the 3 percent range from this month due to the spike in international oil prices. While inflation in Korea has been easing off this year, the Finance Ministry expects it to climb back, reaching the 3 percent range before coming down again in October. Korea's on-year growth in consumer prices has been showing signs of slowing down this year. It came down to 4.8 percent in February from 5.2 percent in January, and stayed in the

EconomyAug. 27, 2023

[Photo News] Samsung Galaxy Z Flip 5 arrives in Japan

Campaign clips for Samsung Electronics’ latest Galaxy Z Flip5 are played on the digital signage boards in Sibuya, the busy shopping district in Tokyo, Sunday. Preorders started for the new foldable phones in Japan last Tuesday, with their official launch set for Sept. 1. (Samsung Electronics)

IndustryAug. 27, 2023

Food trade agency chief wins leadership award

Kim Chun-jin, CEO of the Korea Agro-Fisheries & Food Trade Corp., won the 2023 South Korea Leadership Award presented by the Korean Association for Public Administration on Thursday. The chief of the state-run food trade agency was recognized for bolstering a low-carbon diet campaign called “Green Food Day” in collaboration with 522 organizations based around world. The campaign urges global populations to produce eco-friendly certified agricultural products, reduce waste in the

IndustryAug. 27, 2023

LG Energy Solution grows together with workers

South Korea’s leading battery maker LG Energy Solution strives to create a happier corporate culture, under the philosophy that corporate growth is achievable when employees are truly satisfied with their workplace. The nation’s overall corporate culture is now moving away from its obsolete hierarchical culture along with the rise of the so-called “MZ Generation” -- millennials and Generation Z, who were born between the early 1980s to early 2010s -- putting importance on

IndustryAug. 27, 2023

[Photo News] World's first wireless OLED TV

LG Electronics on Sunday debuted the world’s first wireless OLED TV globally. The tech giant’s 97-inch LG Signature OLED M TV and its 83-inch and 77-inch variants will hit the European market following release in North America and South Korea. (LG Electronics)

IndustryAug. 27, 2023

[Test Drive] Hyundai’s Santa Fe returns with off-road updates

The first Korean-made sport utility vehicle, Hyundai’s Santa Fe, has returned with its biggest update since its debut in 2000, with improved off-road features in design and performance. Touting the All New Santa Fe as a mid-sized family vehicle that can cater to both city commuters and outdoor enthusiasts, the carmaker laid out an ambitious sales target for next year -- 135,000 units in North America, 16,000 units in Europe and 70,000 units in Korea. “From the beginning, the Santa

MobilityAug. 27, 2023

[Photo News] Hanwha Ocean rebranded

Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, said Sunday that it completed the rebranding process at its Geoje shipyard in South Gyeongsang Province, almost three months after Hanwha Group took over the cash-strapped shipbuilder in May. The four gigantic orange cranes are now adorned with Hanwha Ocean’s new logo. (Hanwha Ocean)

MarketAug. 27, 2023

Hana donates educational supplies for Mexican students

Hana Financial Group said Sunday that it has donated educational supplies for students of a female boarding school in Mexico to support their English education. Escuela Villa de las Ninas, located in the state of Chalco, was founded by the Korean Catholic congregation called the Sisters of Mary in 1991, with the aim of funding the education of female students from economically disadvantaged backgrounds. Currently, the school is housing some 3,300 students in its dormitories. The donation cerem

IndustryAug. 27, 2023

Exports of fisheries products fall 12% this year: data

South Korea's exports of fisheries products fell more than 10 percent on-year during the first seven months of 2023, data showed Sunday. Outbound shipments of marine products came to $1.75 billion in the January-July period, down 11.5 percent from a year earlier, according to the data by the Korea Agro-Fisheries & Food Trade Corp. (aT). Global sales of major fisheries goods suffered a decline, with exports of tuna skidding 21.1 percent to $322 million and those of pollack sinking 82.8 p

EconomyAug. 27, 2023