[Hello Indonesia] Unlocking potential of EV partnership

JAKARTA, Indonesia -- The combination of Korea’s top battery manufacturing technology and Indonesia’s abundant minerals makes them ideal partners in the burgeoning electric vehicle market. “If Indonesia, the world's largest nickel producer, cooperates with the Korean battery industry, the synergy they could create would be tremendous,” Korea Battery Industry Association Executive Vice President Park Tae-sung said during a collaborative session on EVs and e-waste ma

IndustryDec. 3, 2023

[Hello Indonesia] Green growth cements Korea-Indonesia ties

JAKARTA, Indonesia -- The partnership between South Korea and Indonesia has grown stronger over the decades through collaborative endeavors, common interests and trust, according to speakers at the Korea-Indonesia Economic Cooperation Forum. Korea, a global powerhouse in science and technology, and Indonesia, one of the fastest-growing economies with large mineral reserves, mark half a century of diplomatic relations this year. Key figures at the forum said the two nations' distinctive comp

IndustryDec. 3, 2023

[KH Explains] Why foreign investors continue to be net buyers despite short selling ban

Contrary to concerns that the short selling ban would lead to an exodus of foreign funds, offshore investments have flooded into Korea over the past month backed by dovish expectations on US interest rates and a chip recovery. Last month, financial authorities in Korea announced a complete ban on short selling from Nov. 6 until the end of June 2024, in a bid to ensure a "fair playing field" for investors. While market watchers predicted that implementing a short selling ban would drive

MarketDec. 3, 2023

Kia's EV9 wins multiple global accolades

Kia's latest large full-electric sport utility vehicle, the EV9, is garnering a slew of global accolades, clenching three major awards and several nominations for major North American and World Car of the Year honors. Kia on Sunday announced the EV9's win of the 2024 Danish Car of the Year's Innovation Award from Danske Motorjournalist, Denmark’s Automobile Journalists Association. In Spain, the car was also named the Moveo Car of the Year 2023 by La Vanguardia, gaining reco

MobilityDec. 3, 2023

[Photo News] New Hana

Hana Financial Group CEO Ham Young-joo (center), Vice Chairman Lee Eun-hyung (second from left) and some 300 officials celebrate the group’s 18th anniversary at its headquarters in central Seoul, Friday. During the event, the Hana employees boasted the new slogan "New Hana" to steer the financial giant’s future. Hana promised to take a big step forward, putting importance on a customer-first strategy and corporate social responsibility. (Hana Financial Group)

IndustryDec. 3, 2023

EcoPro, Samsung SDI clinch W44tr cathode supply deal

EcoPro BM, a battery materials manufacturing subsidiary of EcoPro, said Sunday it has forged a deal with Samsung SDI to supply 44 trillion won ($34 billion) worth of cathode materials for electric vehicle batteries. From next year to 2028, the battery materials company is poised to supply high-nickel cathode materials that consist of more than 80 percent nickel to Samsung SDI’s EV battery manufacturing plant in Hungary. EcoPro BM CEO Joo Jae-hwan, Samsung SDI Vice President Kim Ik-hyeon an

MobilityDec. 3, 2023

Incheon Airport traffic nears pre-pandemic levels

Passenger traffic at Incheon Airport has breached 90 percent of pre-pandemic levels as of November, according to the airport on Sunday. The number of international passengers via the airport was 5.35 million in November, equivalent to 91 percent of the monthly average of 5.88 million in 2019. The overall passenger counts from January to November this year amounted to 50.51 million, reflecting a recovery to 78 percent of the 2019 level. Travelers to popular destinations, including Japan, the US

MobilityDec. 3, 2023

Seoul says FEOC guidance reduces uncertainty, will continue close consultation with US

The Seoul government on Saturday welcomed the release of proposed U.S. guidance on U.S. tax credits for electric vehicles (EVs), noting it will help remove uncertainties surrounding the 2022 Inflation Reduction Act (IRA). The U.S. released the guidance on Friday (U.S. time), defining a "foreign entity of concern" (FEOC) whose battery components and critical minerals may disqualify EVs from U.S. incentives. "Our battery makers have been asking for an early release of FEOC requireme

IndustryDec. 2, 2023

Hyundai Mobis develops world’s first quantum dot car display

Hyundai Mobis, a South Korean auto parts maker affiliated with Hyundai Motor Group, unveiled on Thursday that it has developed the world's first quantum dot display for automobiles with local dimming technology, offering a lower-cost alternative to organic light-emitting diode displays commonly found in luxury vehicles. It marks Hyundai Mobis' entry into the high-end automotive display arena, positioning its quantum dot innovation as a challenger to pillar-to-pillar OLED display format

MobilityDec. 2, 2023

LG Display's new CEO aims for turnaround

LG Display's newly appointed chief executive officer Jeong Cheol-dong emphasized the importance of improving performance for turnaround as he begins his official duty Friday. "Getting out of the red is the most urgent priority, and for that, it is important that we complete the deals as we promised to our customers and achieve our planned targets,” Jeong said, sending his inaugural message to employees via email. "We will put a strong drive on cost innovation across the busi

CompaniesDec. 1, 2023

Short selling ban important for Korean market development: FSC

South Korea's recent temporary ban on stock short selling is aimed at reinforcing the Korean market's fairness and the advancement of the market system, a top financial regulator said Friday. Financial Services Commission Vice Chairman Kim So-young made the remark as he addressed foreign correspondents in Seoul, acknowledging the rising fear among global investors following the country's comprehensive ban of all short selling trades. According to Kim, financial regulators disc

EconomyDec. 1, 2023

Kakao proposes tackling illegal content distribution with Japanese counterparts

Kakao Entertainment, a content arm under Korea’s IT giant Kakao Corp., said Friday that it proposed Japan's manga industry take joint legal action to tackle illegal distribution of webtoons and web novels. In the latest exchange session jointly held by Korea’s Copyright Overseas Promotion Association (COA), an organization of major Korean content companies for overseas copyright protection, and Japan’s Content Overseas Distribution Association (CODA), a leading Japanese

IndustryDec. 1, 2023

Daewoong Pharmaceutical to launch new diabetes treatment in CIS countries

Daewoong Pharmaceutical said Friday it has signed a contract with Russian pharmaceutical company JSC Pharmasyntez to export Envlo, an SGLT-2 inhibitor for diabetes treatment developed by the South Korean pharmaceutical company, to five member countries of the Commonwealth of Independent States, including Russia. Under the agreement, Daewoong Pharmaceutical will supply its SGLT-2 inhibitor to Kazakhstan, Uzbekistan, Belarus, Azerbaijan and Armenia, as well as Russia, once JCS Pharmasyntez compl

CompaniesDec. 1, 2023

Seoul shares sink over 1% on tech, battery losses

South Korean stocks tumbled more than 1 percent Friday as semiconductor and battery shares took a cue from overnight losses in US heavyweights, like Nvidia and Tesla. The local currency sharply fell against the US greenback. The benchmark Korea Composite Stock Price Index lost 30.28 points, or 1.19 percent, to close at 2,505.01. Trading volume was moderate at 504 million shares worth 8.6 trillion won (US$6.59 million), with losers outpacing winners 489 to 386. Institutions and foreigners led the

MarketDec. 1, 2023

S. Korea's exports increase for two consecutive months on chip sales recovery

South Korea's exports rose for the second consecutive month in November as semiconductor shipments rebounded, government data showed Friday. According to data released by the Ministry of Trade, Industry and Energy, South Korea’s exports rose 7.8 percent on-year to $55.8 billion in November. The country’s exports in November are currently the highest this year, surpassing the figure in October when the country’s exports saw a 13-month downturn and increased by 5.1 percent

IndustryDec. 1, 2023

SK chief suggests Korean, Japanese businesses form ‘union’ to overcome global crisis

SK Group Chair Chey Tae-won suggested that South Korean and Japanese business circles form a "union" to handle the global economic crisis triggered by geopolitical conflicts and division, speaking at a forum in Japan on Thursday. "The era of a single global market has passed due to geopolitical conflicts, climate change and digital transformation," said Chey, who doubles as the head of the Korea Chamber of Commerce and Industry, in his opening speech at the Tokyo Forum 2023

IndustryDec. 1, 2023

KAI, SpaceX to launch Korea's next-gen satelllites in 2025

Korea Aerospace Industries announced Friday that it has inked an agreement with US space firm SpaceX to launch South Korea's next-generation mid-sized satellite No. 2 into orbit in 2025. With the latest deal, KAI has entered a second partnership with SpaceX following a similar agreement signed in July 2021 to launch the next-generation mid-sized satellite No. 4. Under the agreement, both No. 2 and No. 4 satellites will be mounted on Space X’s Falcon 9 rocket for launch into space orbi

IndustryDec. 1, 2023

LG Energy Solution CEO emphasizes qualitative growth

Kim Dong-myung, the newly appointed CEO of South Korean battery giant LG Energy Solution, on Friday vowed to execute winning strategies to lead qualitative growth and create a professional culture aimed at achievement. “If the past three years were the era of LG Energy Solution 1.0 where we laid the foundation for quantitative growth and business, now is the time to make the era of LG Energy Solution 2.0 that results in qualitative growth by securing a dominant upper hand among the competi

IndustryDec. 1, 2023

Seoul shares start lower on tech, battery losses

South Korean stocks opened sharply lower Friday led by losses from chip and battery shares, bucking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index lost 24.49 points, or 0.97 percent, to fall to 2,510.8 in the first 15 minutes of trading. The US stocks continued their November rally on optimism that the Federal Reserve is set to end its hawkish mode. The Dow Jones Industrial Average jumped 1.5 percent, and the S&P 500 gained 0.4 percent. In Seoul, market bellw

MarketDec. 1, 2023

S. Korea, US discuss Inflation Reduction Act, chips subsidy rules

South Korea's Trade Minister Ahn Duk-geun met with the US White House Deputy National Security Advisor Mike Pyle on Thursday for talks on lingering uncertainties regarding the Inflation Reduction Act (IRA) and other trade issues of mutual concerns, Seoul's industry ministry said. Ahn asked the US official to pay close attention to South Korean firms' concerns about the potential impact of the IRA, which provides tax credits of up to $7,500 to buyers of electric vehicles (EVs)

EconomyNov. 30, 2023