Korean battery, clean energy firms expected to benefit from US tax incentives

South Korean battery and energy firms that have already built production sites in the United States are expected to receive tax credits from the US Inflation Reduction Act, Korea's Ministry of Trade, Industry and Energy said Friday. The US Department of Treasury earlier unveiled proposed guidelines for manufacturers looking to receive consumer tax credits for making eco-friendly energy components such as batteries for electric vehicles and solar panels. The incentive, named the Section 45X Advan

IndustryDec. 15, 2023

Samsung's AI model to be trained on 20,000 telecom-related academic papers

Samsung Electronics inked a partnership with the Korean Institute of Communications and Information Sciences for access to telecommunication-related academic papers to use in the training of its artificial intelligence program, the company said on Friday. Samsung Executive President Cheun Kyung-whoon leading Samsung Research signed the agreement with Korean Institute of Communications and Information Sciences President Hong Een-kee at the company's research and development campus in Seoul o

IndustryDec. 15, 2023

Hyundai Kona EV remains eligible for French EV incentives

Hyundai Motor's all-electric compact sports utility vehicle, the Kona Electric, will continue to be eligible for cash incentives offered by the French government to buyers of electric vehicles. Paris on Thursday released a list of 78 EVs from 22 brands eligible for the government incentives. According to the announcement, Kona was the only Korean vehicle that remained eligible, whereas Kia’s two hybrid vehicles -- the Niro and Soul -- were excluded from the list. The new eligibility l

MobilityDec. 15, 2023

Samsung chief returns from Netherlands, satisfied with ASML deal

Samsung Electronics Chairman Lee Jae-yong hinted at his satisfaction over his trip to the Netherlands with President Yoon Suk Yeol on Friday, saying that most of the achievements made there were focused on semiconductors. "About 90 percent of the achievements made in the trip to the Netherlands are on semiconductors,” Lee told reporters when asked about the achievements of the trip, at Gimpo International Airport on Friday, with a satisfied smile on his face. Lee returned from the tri

IndustryDec. 15, 2023

Closing gender gap will boost Korea's national income: IMF chief

Empowering women in economic activities is needed to help South Korea increase its national income and birth rate while making workplaces more equitable for women will result in higher growth and financial stability for businesses, the International Monetary Fund chief said during a forum held in Seoul on Thursday. “Korea has recently made significant progress in increasing women’s economic participation, but it still has among the highest gender gaps for rich countries,” IMF

EconomyDec. 15, 2023

Food exports rise 2.1% through Nov.

South Korea's exports of foodstuffs and related industrial products gained 2.1 percent on-year through November, data showed Friday, on the back of stronger demand for kimchi and instant noodles. Exports in the food segment have reached $10.9 billion as of November, according to the Ministry of Agriculture, Food and Rural Affairs. Over the period, exports of kimchi, a traditional Korean side dish typically made from fermented cabbage, climbed 9.9 percent to $142.4 million. Exports of instan

EconomyDec. 15, 2023

Seoul shares open higher amid Fed rate cut hope

South Korean stocks opened higher Friday, tracking overnight gains from Wall Street, as investors remained buoyed by the Federal Reserve's possible rate cuts next year. The benchmark Korea Composite Stock Price Index rose 20.26 points, or 0.8 percent, to 2,564.44 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.43 percent higher, and the tech-heavy Nasdaq Composite added 0.19 percent. In Seoul, leading tech giant Samsung Electronics rose 0.96 percent,

MarketDec. 15, 2023

Taihan Cable eyes W526b share sale for facility investment

Taihan Cable & Solution Co. said Thursday it will raise 526 billion won ($406 million) in a rights issue to expand its production facilities amid rising demand for submarine cable products. Taihan Cable plans to issue 62 million common shares at 8,480 won per share, and the shares will be sold to its existing shareholders, the company said in a regulatory filing. The South Korean cable company said it will use 470 billion won out of the proceeds to build its second domestic submarine cable p

IndustryDec. 14, 2023

KAI signs MOUs with Polish defense firms for FA-50 jet maintenance

Korea Aerospace Industries Co. (KAI) said Thursday it has partnered with two defense industry companies in Poland to establish a support system for maintenance and related services for its FA-50 fighter jets exported by KAI. KAI said it signed a memorandum of understandings with WZL-2 and WCBKT, subsidiaries of Poland's state-owned defense group PGZ, for the establishment of the support system for FA-50s in Warsaw on Monday. In July 2022, KAI signed a $3 billion deal with Poland to export 4

IndustryDec. 14, 2023

Posco develops production system for battery-grade lithium

Posco Holdings announced Thursday that the group has developed a key system used to acquire lithium hydroxide together with local secondary battery company W-Scope Korea. Posco Holdings has been using a membrane electrodialysis process to produce battery-grade lithium hydroxide from lithium brine and ore. But the group was solely dependent on imports of components used in its membrane electrodialysis process. “The development of the membrane electrodialysis system used to acquire lithium h

IndustryDec. 14, 2023

IMF chief calls for regulatory efforts to control crypto assets

Regulating digital currency is a major priority on the global agenda, International Monetary Fund Managing Director Kristalina Georgieva said at an international conference held in Seoul on Thursday. "We must consider the effects if crypto assets become widespread. The scenario is not far-fetched," Georgieva said in her opening speech at the event co-hosted by the Ministry of Finance, Bank of Korea, Financial Service Commission, and the International Monetary Fund. The event was held u

EconomyDec. 14, 2023

Seoul shares spike 1.3% on US rate cut hope

South Korean stocks rose sharply Thursday as investors scooped up major tech shares while cheering the US Federal Reserve's hint over rate cuts in 2024. The benchmark Korea Composite Stock Price Index shot up 33.52 points, or 1.34 percent, to close at 2,544.18. Trade volume was high at 522.5 million shares worth 12.78 trillion won ($9.8 billion), with winners outpacing losers 463 to 418. Foreigners bought a net 624.2 billion won, while individuals dumped a net 1.33 trillion won. Institution

MarketDec. 14, 2023

Kia to unveil 5 new concept cars at CES 2024

Kia will present its future sustainable mobility strategies and unveil five new concept vehicles for the first time at the CES tech show in Las Vegas early next month, the Korean automaker said Thursday. Returning to CES for the first time since 2019, Kia said it will redefine the “Purpose-Built vehicle,” or PBV, the brand’s total mobility solution, to “Platform Beyond Vehicle” to offer experience-based values that suggest new business and lifestyles. The automaker

MobilityDec. 14, 2023

[KH Explains] HMM sell-off talks enter stormy waters

The attempt to sell off South Korea’s largest container shipper HMM has been delayed while the two bidders -- Dongwon Group and Harim Group -- continue to battle over the bidding process. Dongwon last week filed a complaint over the fairness of the bidding process and raised the possibility of taking legal action if the state-run Korea Development Bank and the Korea Ocean Business Corporation, the owners of 39.879 million shares in HMM, accept Harim Group’s proposal, which has reques

IndustryDec. 14, 2023

[Herald Interview] SES AI bolsters battery partnership with Hyundai Motor on EV, UAM

SES AI Corp., a Boston-based company pioneering in lithium-metal batteries, is strengthening business ties with Hyundai Motor Group in developing the next-generation power source for electric vehicles and Urban Air Mobility. “Of the three production lines in Korea, we are preparing one for developing B-Sample lithium-metal batteries for EVs in Uiwang, near Seoul, with Hyundai Motor Group,” said SES AI Corp. CEO Qichao Hu during an interview with The Korea Herald in Seoul on Wednesday

MobilityDec. 14, 2023

SK to unveil net-zero vision at CES

SK Group said Thursday it will present its blueprint for a world free from the climate crisis -- the net-zero world -- via low-carbon technology at the Consumer Electronics Show 2024, the world's largest consumer electronics show, slated to open in Las Vegas next month. SK’s seven affiliates, including SK Inc., SK Innovation, SK hynix, SK Telecom and SK E&S, will jointly operate a pavilion under the theme of “Inspire Happiness” during the four-day annual US tech show

TechnologyDec. 14, 2023

Lunit to acquire Volpara Health for W252b

Korean artificial intelligence-based cancer diagnostics company Lunit will acquire global breast cancer solutions provider Volpara Health, in a deal worth 252.5 billion won ($194.7 million), the company said Thursday. Lunit said this is the first time for it to join forces with another company via mergers and acquisitions, a significant step forward in realizing its mission to combat cancer with AI. Under the scheme implementation agreement, Lunit will acquire all of Volpara’s shares for 1

IndustryDec. 14, 2023

CJ Foodville secures W70b in funding for US expansion

CJ Foodville, the operator of bakery chain Tous Les Jours and a subsidiary of South Korean food giant CJ Group, said Thursday it has secured funding worth 70 billion won ($54 million) from Seoul-based Arges Private Equity. With the new investment, Arges has become the second largest shareholder of CJ Foodville with a 12.3 percent stake. The funding comes three months after the private equity firm was chosen as the preferred bidder to acquire 1.29 million new shares of CJ Foodville in August. CJ

IndustryDec. 14, 2023

Gimbap, kimchi-jjigae prices go up, as cost of eating out keeps rising

State-run agency data showed Thursday that the average price for gimbap and kimchi-jjigae, two of the most popular eating-out options in South Korea, rose in November to 3,292 won ($2.50) and 7,923 won, respectively. The price for a roll of gimbap has been moving upward since breaking the 3,000-won mark for the first time in August of 2022, according to the Korea Consumer Agency, an affiliate of the Korea Fair Trade Commission. Price for a bowl of kimchi-jjigae -- conventionally served with a bo

EconomyDec. 14, 2023

Seoul shares open sharply higher as Fed hints at rate cuts

South Korean stocks opened sharply higher Thursday as investors cheered the US Federal Reserve's hint at possible rate cuts next year. The benchmark Korea Composite Stock Price Index rose 36.26 points, or 1.44 percent, to 2,546.92 in the first 15 minutes of trading. Overnight, the Federal Reserve announced its decision to keep its rate between 5.25 and 5.50 percent, and hinted that its hiking campaign may be near or at an end. In Seoul, top tech giant Samsung Electronics gained 1.65 percent

MarketDec. 14, 2023