HD Hyundai and Shell to collaborate on next-gen liquefied hydrogen carriers

  HD Hyundai announced Friday a partnership with Shell to advance liquefied hydrogen (LH2) transportation technologies. HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Heavy Industries, both integral parts of HD Hyundai's shipbuilding division, have signed a joint development agreement with Shell International Trading and Shipping Company Ltd. The agreement was signed at the HD Hyundai Global Research and Development Center in Gyeonggi Province. Executives in attendance incl

IndustryMay 24, 2024

Seoul shares dip over 1% on rate woes

South Korean stocks closed lower for the fourth consecutive day Friday on deepening concerns over a possible delay in US rate cuts. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 34.21 points, or 1.26 percent, to close at 2,687.60. Trade volume was moderate at 491.3 million shares worth 12.01 trillion won (US$8.8 billion), with losers sharply outnumbering winners 618 to 263. Foreigners and institutions dumped local shares worth 377.4 billion w

MarketMay 24, 2024

Posco’s steel technology brings aesthetics to cultural heritage restoration

Posco has harnessed its cutting-edge steel technology in the delicate task of South Korean cultural heritage restoration, transforming conventional sites in Seoul into vibrant spaces of public art and relaxation. At the heart of this project is PosART, or Posco Advanced Resolution printing Technology. It is an innovative steel sheet developed from PosMAC, or Posco Magnesium Alloy Coating Product, Posco’s proprietary corrosion-resistant steel. PosART also boasts the ability to render vivi

IndustryMay 24, 2024

Celltrion's Omlyclo gets EU nod as first Xolair biosimilar

  Korean biosimilar giant Celltrion announced Thursday that its anti-IgE antibody biosimilar Omlyclo has been approved in Europe, after a series of clinical trials with the reference product Novartis' Xolair. Omlyclo, also called by project name CT-P39, received formal product approval from the European Commission on Tuesday, approximately two months after receiving the initial approval recommendation from the Committee for Medicinal Products for Human Use under the European Medicines Agenc

IndustryMay 24, 2024

Samsung denies report on HBM chips failing Nvidia tests

Samsung Electronics, the world's No. 1 memory chipmaker, on Friday denied a report that its high bandwidth memory chips had yet to pass Nvidia's tests for use in the US chip giant's AI processors. Samsung said testing for HBM supply is progressing "smoothly" with various global partners. "We are currently working closely with multiple companies and continuously testing technology and performance,” the Korean tech giant said in a statement. “We are cond

TechnologyMay 24, 2024

Seoul shares open lower tracking Wall Street slump

South Korean stocks opened sharply lower Friday, tracking overnight losses on Wall Street amid lowering hopes for the US Federal Reserve's early rate cuts. The benchmark Korea Composite Stock Price Index shed 34.27 points, or 1.26 percent, to 2,687.54 in the first 15 minutes of trading. The S&P 500 fell 0.7 percent, the Dow Jones Industrial Average slid 1.5 percent, and the tech-heavy Nasdaq Composite went down 0.4 percent as hotter-than-expected economic reports raised speculations the

MarketMay 24, 2024

Kia EV3 aims for mass appeal with best-in-class range, pricing

Kia unveiled its latest electric vehicle, the EV3, a subcompact electric sport utility vehicle designed to attract mainstream consumers and drive mass adoption of EVs, during an online media conference Thursday. Made for nimble city driving, the EV3 serves as the entry-level model in Kia’s EV lineup that boasts a range of up to 600 km according to the Worldwide Harmonized Light Vehicle Test Procedure, or WLTP, marking it as best-in-class for its size. It is equipped with a front-wheel-driv

MobilityMay 23, 2024

[From the Scene] Korean Air's new operations center highlights full commitment to safety

GIMPO, Gyeonggi Province -- Korean Air has unveiled its newly revamped Operations and Customer Center after 23 years, emphasizing the airline's increased focus on risk management in light of variables such as the merger with Asiana Airlines and the introduction of newer aircraft. "Air operations are possible only when real-time communications, from transportation to operation to cabin maintenance, are smoothly organized and seamlessly prepared," said Korean Air President Woo Kee-h

IndustryMay 23, 2024

Seoul shares close almost flat on Fed minutes despite chip gains

South Korean stocks closed almost flat Thursday as an increase in big-cap semiconductor shares was offset by hawkish tones in the latest minutes of the US Federal Reserve. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index edged down 1.65 points, or 0.06 percent, to close at 2,721.81. Trade volume was moderate at 421.6 million shares worth 11.3 trillion won ($8.3 billion), with losers beating winners 530 to 349. Individual investors and institutions un

MarketMay 23, 2024

South Korea unveils W26tr support program for chip industry

South Korean President Yoon Suk Yeol on Thursday unveiled a national support program worth 26 trillion won ($19 billion) to boost the country's semiconductor industry, in a move to up its game amid the global competition. The comprehensive chip support package includes financial programs, research and development strategies and infrastructure support. But it came short of direct subsidies which industry players here have been requesting to compete with international rivals. "With tax c

IndustryMay 23, 2024

[From the Scene] Global transport leaders call for greener moves

LEIPZIG, Germany -- Global transport leaders have called for the importance of bolstering environmentally friendly transportation during these times of climate, health and geopolitical crisis at this year’s International Transport Forum’s annual summit in Leipzig, Germany. “The world is facing what can be described as a polycrisis, in other words, a situation with multiple simultaneous disruptions that interact and can quickly spill over from one area to another,” said IT

MobilityMay 23, 2024

BOK holds rate at 3.5%, ups growth outlook

The Bank of Korea held the base policy rate at 3.5 percent for the 11th consecutive time Thursday, while raising the country’s economic growth estimate from the previous 2.1 percent to 2.5 percent. The central bank’s monetary policy board unanimously agreed to keep the key rate at the current level, BOK Gov. Rhee Chang-yong said at a press conference held shortly after the rate-setting decision. “With the strengthened upward pressure on the inflation outlook from April, it will

EconomyMay 23, 2024

LG, UNESCO to develop online education course on AI ethics

LG AI Research, LG Group’s artificial intelligence think tank, said Wednesday that it has inked a strategic partnership with UNESCO to develop an education course on AI ethics. The partnership, signed on the sidelines of this week’s AI Seoul Summit, LG and UNCESO agreed to convene an advisory group of international experts within the year. The education course is slated to be launched by the end of 2025, and LG said some progress could be shared at the AI Action Summit in Paris next

TechnologyMay 23, 2024

Ex-US Speaker McCarthy meets with S. Korean business leaders

Former US House Speaker Kevin McCarthy met with South Korean business leaders on Thursday to exchange views on economic and trade issues between the two countries months before the upcoming US presidential election, a local business lobby said. McCarthy had a breakfast meeting in Seoul with some 20 Korean businesspeople, including representatives from Hyundai Motor Co., SK Group, LG Group and Hanwha Group, arranged by the Federation of Korean Industries. During the event, the participants discus

EconomyMay 23, 2024

Seoul shares open lower on Fed minutes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street spooked by hawkish tones in the latest minutes of the US Federal Reserve. The benchmark Korea Composite Stock Price Index shed 15.57 points, or 0.57 percent, to 2,707.89 in the first 15 minutes of trading. In the United States, S&P 500 fell 0.3 percent, the Dow Jones Industrial Average lost 0.5 percent, and the tech-heavy Nasdaq Composite went down 0.2 percent as the Fed minutes showed the disappointment of i

MarketMay 23, 2024

[Photo News] Green heroes honored

The winners of this year’s H.eco Awards pose for a group photo with Choi Jin-young, president of Herald Media Group, the organizer of the annual award and the H.eco Forum, during an award ceremony held at Some Sevit, Seoul, Wednesday. From left: Choi, and the four award winners Jung Ju-yeon, founder and executive director of Wear Again; Jin Gwan-woo, founder of Soom-Tan-Geot-Deul; Byeon Su-bin, president of Diphda Jeju; Julian Quintart, a goodwill ambassador for EU Climate Actions. Also

IndustryMay 22, 2024

A.Virtual's air sanitizer hits Dubai market

Air sterilization solutions provider A.Virtual said Wednesday it would introduce its air sanitizer to the Dubai market through a partnership with Sharaf DG, the largest electronics retailer in the Middle East. A.Virtual's air sanitizer with sterilization capabilities will be exclusively available in Sharaf DG's five stores in Dubai, located in Dubai Mall, Deira City Centre, Times Square Centre, Mirdif City Centre and Dubai Hills. Sharaf DG operates over 40 stores across the Middle East

TechnologyMay 22, 2024

Hyundai Rotem, STX sign $60m armored vehicle deal with Peru

Korean defense company Hyundai Rotem and trading firm STX signed a $60 million contract with Fabrica de Armas y Municiones del Ejercito SAC, the Peruvian state arms procurement agency, to export K-808 White Tiger wheeled armored vehicles. It is Korea's first export of armored vehicles to Latin America, according to Hyundai Rotem on Wednesday. Under the contract, Hyundai Rotem and STX will supply 30 units of K-808 vehicles to Peru by the end of 2024. Hyundai Rotem will be responsible for pro

IndustryMay 22, 2024

Hanwha Q Cells' EnFin completes $250m ABS sales

EnFin, the US-based residential solar financing subsidiary of Hanwha Q Cells, has recently completed the sales of the first asset-backed securities worth $250 million, the Korean energy solution provider said Wednesday. EnFin provides financial solutions to consumers who install solar panels in their homes. The company began its operation in January 2023. According to Hanwha Q Cells, the ABS sales comprise bonds backed by thousands of consumer loans. RBC Capital Markets acted as the sole structu

IndustryMay 22, 2024

Seoul shares close nearly flat ahead of Fed minutes

South Korean stocks ended nearly flat Wednesday as investors sat on the sidelines ahead of the release of the US Federal Open Market Committee's meeting minutes. The benchmark Korea Composite Stock Price Index edged down 0.72 points, or 0.03 percent, to close at 2,723.46. Trade volume was moderate at 476 million shares worth 12.1 trillion won ($8.92 billion), with losers beating winners 474 to 402. Foreigners bought a net 296 billion won worth of local shares, while individuals offloaded a

MarketMay 22, 2024