HD Hyundai Marine Solution secures $37m LNG carrier system order from Middle East

HD Hyundai Marine Solution, the ship maintenance unit of HD Hyundai, said Sunday that it has signed a contract with a Middle Eastern shipping company to supply shaft generator systems worth $37 million for 17 LNG carriers. The systems will be delivered sequentially until 2028. The shaft generator system generates electricity by utilizing part of the rotational power from the ship’s main engine. Compared to medium-sized engines traditionally used as power sources, the main engines used fo

IndustrySept. 22, 2024

[KH Explains] Can smart chargers ease tensions over EV fires?

Electric vehicle owners in South Korea’s crowded apartment complexes are beginning to feel like social outcasts. “In my apartment, EV users are sometimes treated like criminals,” said Lee Ho-deok, an EV owner living in a large apartment complex in Seoul’s Mapo district, when describing the tense atmosphere. In a city where over 85 percent of the population lives in multi-unit housing, apartment residents already contend with longstanding issues like noise between floors.

MobilitySept. 22, 2024

Household loan growth slows in September

The growth pace of household loans slowed in September amid fresh loan tightening measures and the extended holiday period, data showed Sunday. As of last Thursday, the accumulative household loan balance at the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NongHyup Bank — totaled 728.9 trillion won ($545.6 billion), reflecting a marginal increase of 2.72 trillion won since the end of August. At the current pace, the monthly increase for September is ex

EconomySept. 22, 2024

Illegal drones cause 122 flight disruptions in four years

A total of 122 flights have been disrupted due to illegal drone activities over the past four years, data showed Thursday, prompting calls for stricter measures and penalties. From September 2020 to August 2024, a total of 506 cases of unauthorized drone activities were detected in the airspace around airports, and 122 cases affected flight operations, according to data from the Incheon International Airport Corporation and Korea Airports Corporation, submitted to Rep. Ahn Tae-jun of the main op

MobilitySept. 21, 2024

Korea’s influential ‘ants’ to rally against capital gains tax

South Korea’s retail investors are trying to exert their influence on the country’s stock market policies, having tasted success in their last campaign. Dubbed as “ants” for their ability to influence policies when they act as a group, the individual investors are backing a proposal by President Yoon Suk Yeol’s administration to scrap a capital gains tax imposed on financial investments. The main opposition Democratic Party opposes the abolition of the levy, say

EconomySept. 21, 2024

Hyundai Motor bolsters hydrogen push in Czech

Hyundai Motor Group has renewed its commitment to the hydrogen fuel cell vehicles industry in the Czech Republic, a booming market for the clean mobility sector. Ken Ramirez, vice president of global commercial vehicle and hydrogen Business division at Hyundai Motor Group, and Skoda Electric CEO Jaromir Silhanek participated in the signing ceremony held in Prague on Friday to join forces in hydrogen-powered mobility. The partnership agreement comes during South Korean President Yoon Suk Yeol&rsq

MobilitySept. 20, 2024

[Exclusive] MBK incapable of running Korea Zinc’s Australia business: Aussie renewable energy CEO

The envisioned takeover of Korea Zinc would wreak havoc on its business in Australia because the demands on private equity firms like prospective buyer MBK Partners are incompatible with the long-term requirements of the industry, according to the chief of Ark Energy, Korea Zinc's Australian renewable energy subsidiary. MBK Partners, a big-name private equity house based in Seoul, recently joined hands with Young Poong to win control of Korea Zinc, the world's largest zinc smelter. Y

IndustrySept. 20, 2024

Yuhan, Janssen halt next-gen cancer drug collaboration

South Korean pharmaceutical giant Yuhan announced Friday it has terminated its collaboration with Janssen Biotech on the development of a next-generation targeted anticancer drug, citing the strong efficacy of its existing treatment, which has reduced the need for further development. According to the company’s regulatory filing, Yuhan and Janssen have amended their research partnership to discontinue the further development of a fourth-generation epidermal growth factor receptor (EGFR) ty

CompaniesSept. 20, 2024

Seoul shares end up on institutional buying

Seoul shares ended higher Friday on institutional buying after the Federal Reserve's first rate cut in more than four years lifted investor sentiment. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.49 percent, or 12.57 points, to close at 2,593.37. The main index rose 0.7 percent this week. Trading volume was moderate at 477.43 million shares worth 13.78 trillion won ($10.4 billion), with gainers exceeding decliners 562 to 319. Over

MarketSept. 20, 2024

Hanwha Ocean unveils zero-emission LNG carrier for greener shipping

Leading Korean shipbuilding and offshore company Hanwha Ocean unveiled its next-generation zero-emission liquefied natural gas carrier, Ocean 1, at Gastech 2024 in a move to spearhead sustainable maritime innovation. The company announced Friday that Ocean 1 was showcased at the conference held in Houston from Sept. 17-20, where it attracted the interest of over 100 major shipbuilding and shipping line representatives. This marks the first time Hanwha has revealed the technologies behind its vis

IndustrySept. 20, 2024

Porsche Korea appoints new CEO

Porsche Korea announced on Friday the appointment of Mathias Busse as its new Chief Executive Officer and Representative Director. Busse, currently serving as Senior Director for the German market at Volkswagen Commercial Vehicles, will succeed Holger Gerrmann, who has led the company since 2019. Busse brings over 25 years of experience in the automotive industry, having held key leadership roles such as CEO of Porsche Taiwan Motors and Porsche Retail Hamburg GmbH. “We are grateful to have

CompaniesSept. 20, 2024

Xiaomi takes 2nd spot after Samsung in August smartphone sales

Chinese smartphone makers are swiftly growing their presence in the global market, taking over the entry-to-mid-tier segment while creating a buzz with unique premium models to narrow the competitive gap with top players Samsung and Apple. In August, Chinese firm Xiaomi claimed second in terms of global monthly sell-through volumes for the first time in three years, beating Apple, market tracker Counterpoint Research said Thursday. Samsung Electronics retained the top spot. August is usually see

IndustrySept. 20, 2024

LIG Nex1 clinches W3.7tr deal to export missile defense system to Iraq

South Korea’s defense firm LIG Nex1 said Friday it has signed a 3.7 trillion won ($2.78 billion) deal with Iraq’s defense ministry to export its medium-range surface-to-air missile defense system Cheongung-II. This is the third export contract worth over 1 trillion won that LIG Nex1 has clinched, following those with the United Arab Emirates and Saudi Arabia. Cheongung-II includes four launch vehicles with eight tubes, multi-function radar and traffic management command. It will be p

IndustrySept. 20, 2024

Cabbage prices soar 70% amid heat wave

Vegetable prices in South Korea have surged amid an unprecedented heat wave that has gripped the country for weeks, with the price of napa cabbage rising nearly 70 percent compared to last year. The price of a head of cabbage, the main ingredient for kimchi, retailed at 9,337 won ($7.02) on Thursday, according to the Korea Agro-Fisheries & Food Trade Corp. This marks a 69.5 percent jump compared to the same time last year and a 32.7 percent increase over the three-year average price. Continu

ConsumerSept. 20, 2024

Seoul shares open higher, tracking Wall Street gains

Seoul shares opened higher Friday, tracking gains on Wall Street, after the US Federal Reserve's first rate cut in more than four years lifted investor sentiment. The benchmark Korea Composite Stock Price Index rose 1.09 percent, or 28.01 points, to 2,608.81 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 1.3 percent to 42,025.19 points, and the tech-heavy Nasdaq Composite jumped 2.5 percent to 18,013.98. On Wednesday, the Fed kicked off its monetary-ea

MarketSept. 20, 2024

Hyundai Motor officially becomes KT’s largest shareholder

Hyundai Motor Group has officially become the largest shareholder of KT, one of the three main mobile carriers in Korea, the government said Thursday. After months of review, the Ministry of Science and ICT decided to approve the change in KT's largest shareholder, concluding that it does not harm the public interest. In March this year, the National Pension Service, the former biggest shareholder of KT, sold about 2.88 million shares of KT to lower its stake to 7.51 percent from 8.53 perce

CompaniesSept. 19, 2024

Bank of Korea eyes rate cut after US Fed's historic pivot

Following the US Federal Reserve's historic half-point rate cut, expectations are rising that South Korea may follow suit, while closely monitoring its overheated real estate market and soaring household debt. On Wednesday, following a two-day Federal Open Market Committee meeting, the Fed cut its benchmark rate by 50 basis points, marking its first reduction in over four years since the COVID-19 pandemic outbreak in 2020 and the first half-point cut since the 2008 global financial crisis.

EconomySept. 19, 2024

Seoul shares end higher after Fed's rate cut

Seoul shares ended higher Thursday as investors cheered the US Federal Reserve's first rate cut in more than four years. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 0.21 percent, or 5.39 points, to close at 2,580.80. Trading volume was moderate at 378.78 million shares worth 12.6 trillion won ($9.5 billion), with gainers exceeding decliners 497 to 371. The Fed cut its overnight lending rate to a range of 4.75 percent to 5 percent a

MarketSept. 19, 2024

MBK defends Korea Zinc bid, refutes Chinese capital accusation

Seoul-based private equity house MBK Partners said Thursday it hopes Korea Zinc will be acquired by a Korean conglomerate, not a Chinese one, if its buyout attempt of the world’s biggest zinc refiner turns out to be a successful venture. “MBK Partners is not a foreign fund. We do not have any plan to sell Korea Zinc to Chinese capital,” MBK Partners Vice Chairman Kim Kwang-il said at a press conference held in central Seoul on Thursday. The press event was held to shrug off the

IndustrySept. 19, 2024

GS Caltex supplies eco-friendly fuel to Japan’s Narita Airport

South Korean oil refiner GS Caltex said Thursday that it has supplied some 5,000 kiloliters of sustainable aviation fuel to Japan’s Narita International Airport, as part of its efforts to expand its carbon reduction business. The fuel was produced by GS Caltex by blending conventional aviation fuel with sustainable aviation fuel provided by Neste, a leading biofuel producer in Finland. The supply deal was facilitated by Japanese trading company Itochu Narita Airport plans to sell the fuel

CompaniesSept. 19, 2024