Posco Chemical starts building high-nickel cathode plant

Posco Chemical, a chemical and battery materials producer under steel giant Posco Group, said Thursday that it had kicked off construction for a new plant that can produce 30,000 metric tons of high-purity nickel cathodes, a key material used in electric vehicle batteries. Targeting to begin operations in 2024, the new factory will be established on over 120,000 square meters of land in Pohang, North Gyeongsang Province, with an annual production capacity at 30,000 tons.  The firm, which

IndustryApril 7, 2022

Grain import prices to climb further: institute

SEJONG -- Import prices of grain will likely continue to climb during the second quarter of the year amid deepening inflationary pressure worldwide, a state-funded agency predicted. According to the Korea Rural Economic Institute, the projection index for import prices for edible grain and fodder grain reached 158.5 and 163.1, respectively, in the period of April to June. This is a rise by 10.4 percent and 13.6 percent compared to a quarter earlier, under the assumption that the price level wa

EconomyApril 7, 2022

US firms willing to invest more in Korea: AmCham survey

A majority of American businesses in South Korea were optimistic that investment here will continue over the next two years, and picked Korea as the second most preferred location for regional headquarters in Asia after Singapore, survey results showed on Thursday. In an annual survey of member companies by the American Chamber of Commerce in Korea, 44 percent of the respondents said they will increase investment in Korea through 2024, while another 42.9 percent said there will be no change to

IndustryApril 7, 2022

Samsung poised to beat earnings estimates in Q1

Samsung Electronics said Thursday it was highly likely to report its best quarterly earnings in the first quarter this year on upbeat sales of memory chips and smartphones. According to its earnings guidance, the tech giant projected its operating profits at 14.1 trillion won ($11.5 billion) for the first three months of the year, a 50.03 percent increase from a year earlier. The figure topped estimates consensus of 13.8 trillion won among local securities firms compiled by market tracker Fn

TechnologyApril 7, 2022

Kakao Mobility eyes overseas expansion

Kakao Mobility, the country’s leading taxi-hailing service operator, said Thursday it will expand its domestic-focused business, with its next-generation mobility technology and user-friendly service. “This year will be the starting point of Kakao Mobility to enter the global market, as we move ‘Beyond Korea,’” said Kakao Mobility CEO Ryu Geung-sun in an online press conference. Ryu said the company will expand its taxi-hailing service -- currently available in s

TechnologyApril 7, 2022

Ernst & Young Han Young names Sae-A chairman top entrepreneur of year

Global accounting firm Ernst & Young’s Korean member firm Ernst & Young Han Young (EY Korea) on Wednesday handed its top master entrepreneur award to local apparel manufacturer Global Sae-A Chairman Kim Woong-ki, the firm said Thursday. Kim was recognized at the 15th EY Entrepreneur of The Year Award ceremony held at Seoul Shilla Hotel. Ernst & Young’s annual award – currently stretching across 60 countries and 145 cities worldwide -- recognizes busines

IndustryApril 7, 2022

Bidding war heats up for SsangYong Motor

Chemical-to-financial conglomerate KG Group has jumped into what has become a fierce bidding war for SsangYong Motor, the debt-ridden carmaker owned by India’s Mahindra Group, in a 1.5 trillion won ($1.2 billion) deal.  According to industry insiders Thursday, KG Group recently submitted its letter of intent to acquire SsangYong Motor to the lead manager of the deal, EY Hanyoung. KG Group was founded in 2003 based on the country’s first fertilizer company Gyeonggi Chemical, w

IndustryApril 7, 2022

KT bets big on content biz, targets W5tr in sales by 2025

South Korean telecommunications operator KT vowed Thursday to nearly double sales by 2025 through fostering its value chain in the media business focused on original content production and securing intellectual property rights. KT Studio Genie, the firm’s wholly owned content production subsidiary launched last year, will play a key part in the value chain by manufacturing original contents, the telecom operator said in a press briefing. Through the value chain, KT expects to increase

IndustryApril 7, 2022

[Herald Interview] SK-backed US startup out to empower Asia’s carbon goal

The Asia-Pacific region is responsible for more than half of carbon dioxide emissions worldwide. While net-zero carbon emissions mandates in the region pose promising economic opportunities, green technology players’ expansion to the Asia-Pacific from outside the region may seem like a murky prospect. “There is a choice between trying to build it ourselves, or finding a compatible vision and strategic capability to make engagements with the market more successful,” Cam Hosie,

TechnologyApril 7, 2022

FDI pledges to S. Korea up 15% in Q1 despite global uncertainties

Foreign direct investment (FDI) pledges to South Korea jumped 14.9 percent in the first quarter from a year earlier to reach the highest first-quarter figure ever, data showed Thursday. The country received $5.45 billion worth of FDI commitments in the January-March period, compared with $4.74 billion logged a year earlier, according to the Ministry of Trade, Industry and Energy. The amount of investment that actually arrived in South Korea stood at $4.33 billion, marking a 2.6 percent on-year d

IndustryApril 7, 2022

Kakao Mobility to invest W50b to support biz partners

Kakao Mobility Corp., South Korea's leading taxi-hailing firm, said Thursday that it will invest 50 billion won ($41 million) to support its business partners to spearhead shared growth. The investment is part of a 300 billion-won fund created by its parent firm, internet giant Kakao Corp., to support small business partners over the next five years. "Kakao Mobility aims to support the mobility ecosystem so that it can accomplish shared growth through the coexistence fund," Ryu Geung-s

EconomyApril 7, 2022

Korea Aerospace wins aircraft parts order in Israel

Korea Aerospace Industries Co., South Korea's sole aircraft manufacturer, said Thursday it has received a plane parts order from Israel Aerospace Industries Ltd. (IAI). KAI obtained an order to supply "future mid cabin fairing package parts" for Israel's largest aerospace and defense company's G280 twin-engine business jet, the company said in a statement. KAI didn't provide the contract's value and other details. KAI received aircraft parts deals for the G280 business jet in 2019 and

IndustryApril 7, 2022

Seoul stocks open lower as Fed's minutes signal bolder rate hikes

South Korean shares opened lower Thursday, tracking overnight falls on Wall Street, as the US central bank hinted at faster rate hikes to curb inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 18.66 points, or 0.68 percent, to reach 2,716.37 as of 9:15 a.m. Overnight, the US stock market tumbled, after the Federal Reserve's minutes of its March meeting showed that the officials are considering raising rates by a half-percentage point, rather than the usual quarter-point, an

MarketApril 7, 2022

Private companies to take over role of securing raw materials

Private companies will take over from state firms in pursuing raw materials such as lithium, cobalt and nickel to better respond to supply shortages stemming from global political unrest, President-elect Yoon Suk-yeol’s transition committee said Wednesday. “The supply bottlenecks are getting worse because geopolitical unrest is taking place worldwide and supply chains are held hostage. Demand for raw materials is growing since more electric vehicles and renewable energy are using th

EconomyApril 6, 2022

Seoul shares down on rate hike, Ukraine woes

South Korean stocks ended lower Wednesday, as the US central bank's more hawkish stance on rate hikes sparked worries about a global economic slowdown amid uncertainties surrounding Ukraine and China's growth. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 24.17 points, or 0.88 percent, to close at 2,735.03 points. Trading volume was moderate at around 1.29 billion shares worth some 10.85 trillion won (US$8.90 billion), with losers outnumbering ga

MarketApril 6, 2022

KOMSCO, Kyrgyzstan sign MOU for digital cooperation

The state-owned Korea Minting, Security Printing and ID Card Operating Corporation said Wednesday it has signed a memorandum of understanding with Kyrgyzstan‘s Ministry of Digital Development to digitize government-issued documents, including identification cards and certificates of tax payment. In 2017, KOMSCO supplied Kyrgyzstan with IC chip-containing resident cards as part of its official development assistance efforts. The recent MOU aims to adapt these physical documents into mobile

IndustryApril 6, 2022

Incheon airport to adopt new security screening system

Starting in September, passengers departing from Incheon International Airport won’t need to take out their laptops or liquid items from their carry-on bags.  According to Incheon International Airport on Wednesday, it will adopt a smart security screening system to shorten the entire departure process by applying advanced technology which will automatically detect prohibited liquids and hazardous items including weapons, radioactive materials and certain types of lithium batteries.

MobilityApril 6, 2022

Rsquare to launch commercial real estate services in Vietnam

Korea’s real estate platform Rsquare said Wednesday it will provide commercial real estate services in Vietnam with Shinhan Bank’s branch in Vietnam. The firm will offer brokerage service, asset management, interior construction, residential property consulting and property inspection for Shinhan Bank Vietnam clients. According to Rsquare, it has compiled data on over 10,000 offices and commercial buildings in major Vietnamese cities including Ho Chi Minh City and Hanoi. “U

TechnologyApril 6, 2022

Kakao to expand overseas revenue by 30% by 2025

South Korean IT platform giant Kakao will expand its overseas revenue by 30 percent in the next three years to diversify its heavily domestic business-reliant income source, the company said on Wednesday. “The 56 overseas branches aim to boost their sales revenue by 40 percent this year. By 2025, we plan to increase overseas revenue to account for 30 percent of total sales, compared to the current 10 percent,” said Kim Sung-su, co-head of Kakao’s corporate alignment center.

TechnologyApril 6, 2022

Hyundai Motor invests in Netmarble’s virtual human projects

Metaverse Entertainment, a subsidiary of Netmarble F&C, has attracted 2 billion won ($1.6 million) in investment from Hyundai Motor Group’s tech fund Zer01ne, according to Netmarble on Wednesday. Netmarble F&C is a development arm of the nation’s top mobile game developer. Netmarble said the latest funding was based on the auto giant’s tech fund’s valuation of the metaverse company at 100 billion won. With the investment, Netmarble said virtual humans being

MarketApril 6, 2022