SK Innovation replaces heads of key subsidiaries

SK Innovation said Thursday that three of its key subsidiaries -- SK Energy, SK Geocentric and SK IE Technology -- have appointed new company heads with technological expertise to tackle business uncertainties and strengthen core competitiveness. The announcement comes eight days before the mega-merger of SK Innovation and SK E&S, two major energy affiliates of SK Group, which will create Korea’s largest energy giant with combined assets of 100 trillion won ($723.6 billion). The newly

IndustryOct. 24, 2024

Korea Zinc shares soar 30% amid prolonged ownership fight

Shares of Korea Zinc, the world’s largest zinc smelter, jumped almost 30 percent on Thursday amid speculation that the prolonged power struggle between the current management and the MBK Partners-Young Poong coalition could push the share price up further in the coming weeks. The shares of Korea Zinc closed at 1.13 million won ($825), up 262,000 won or 29.91 percent from the previous day, hitting the upper circuit limit. The uptick comes after the tender offer of the current management clo

MarketOct. 24, 2024

Samsung mobile chief upbeat on Galaxy S24 sales

Samsung Electronics's mobile business chief Roh Tae-moon has pinned high hopes on the latest flagship Galaxy S24 series to drive up the company's smartphone business this year overall. Speaking to the employees in a regular town hall meeting on Wednesday, Roh reiterated the company's goal of creating an "ecosystem of Galaxy AI" to introduce the artificial intelligence model to all of its mobile devices, according to industry sources. "Galaxy has led the way into the

IndustryOct. 24, 2024

SK hynix reports earnings surprise in Q3 on AI chip boom

SK hynix, the world’s second-largest memory chip maker by revenue, said Thursday it logged all-time high profit, sales and net income in the July-September period this year, riding on the robust demand for its artificial intelligence chips. The company reported a quarterly operating profit of 7.03 trillion won ($5.1 billion), compared with a loss of 1.79 trillion won a year ago. The figure is higher than the consensus of 6.76 trillion won by local analysts provided by market intelligence F

TechnologyOct. 24, 2024

Hyundai Motor's Q3 profit missses estimates

Hyundai Motor Company reported 3.58 trillion won ($2.5 billion) in third-quarter operating profit Thursday, down 6.5 percent from the same quarter last year and missing the market consensus of 3.9 trillion won. The automaker explained in a conference call that a proactive warranty extension for the North American Grand Santa Fe, a sport utility vehicle, caused a provision of about 320 billion won and affected the lower-than-expected operating profit for the July to Sept. period. Despite the dip

CompaniesOct. 24, 2024

Hyundai Glovis adopts fire control system for safer EV shipping

Hyundai Glovis, Hyundai Motor Group's logistics and distribution subsidiary, said Thursday that it has equipped its automobile carriers with a fire suppression system to prevent potential incidents while delivering electric vehicles. The EV-Drill Lance system is designed to quench electric vehicle fires. High-pressure water flowing from a fire hydrant spins turbines, enabling the drill to pierce to the bottom of a car. Water can then flow into the battery pack and fully extinguish the fire

IndustryOct. 24, 2024

Why ex-Elliott activist fund is building stake in SK

London-based hedge fund Palliser Capital was recently found to have held a stake of more than 1 percent in SK Square, the investment arm of SK Group, for years, triggering speculation about another round of activist campaigns against the nation’s second-largest conglomerate. According to industry sources on Thursday, the fund -- founded by Chief Investment Officer James Smith, who previously worked at Elliott Investment Management -- held several meetings with SK Square executives recently

IndustryOct. 24, 2024

Doosan Enerbility to support Kazakhstan's energy modernization

Doosan Enerbility has signed an agreement with Kazakhstan’s Ministry of Energy to help modernize the country’s power infrastructure, the Korean nuclear power plant builder announced Thursday. The memorandum of understanding was formalized during a Wednesday visit by Kazakhstan’s Energy Minister Almassadam Satkaliyev to Doosan’s headquarters in Changwon, South Gyeongsang Province. Accompanying the minister were senior officials, including the heads of Kazakhstan’s nu

IndustryOct. 24, 2024

Seoul shares open lower on US losses

Seoul shares opened lower Thursday, tracking losses on Wall Street amid concerns over a slower pace of the US Federal Reserve's rate cuts. The benchmark Korea Composite Stock Price Index fell 8.92 points, or 0.34 percent, to 2,590.70 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.96 percent to 42,514.95, while the tech-heavy Nasdaq Composite declined 1.6 percent to 18,276.65. In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics

MarketOct. 24, 2024

Hyundai Rotem to develop world's 1st hydrogen fuel-based tank: sources

Hyundai Rotem Co., a South Korean defense solutions company, has been working on developing the world's first hydrogen fuel-based tank for the military, industry sources said Wednesday. In collaboration with the Agency for Defense Development and other defense technology research institutes, Hyundai Rotem is designing a next-generation tank model as part of its plans to upgrade the K2 main battle tank, according to the sources. This new tank, which is planned for production after 2040, wi

IndustryOct. 23, 2024

[Contribution] SGATAR in Seoul: NTS driving cooperation in tax administration

By Choi Jae-bong, Vice Commissioner of National Tax Service Nestled in the southeastern corner of France lies the small sovereign state of Monaco, a tranquil city-state renowned for actress Grace Kelly and Formula 1 racing. However, in 1962, this peaceful city-state found itself at the center of a tense standoff along its borders due to a conflict over taxation between French tax authorities and taxpayers. Taking advantage of the fact that Monaco has no income tax, many French taxpayers sought

EconomyOct. 23, 2024

Seoul shares end higher on tech, auto gains; won slips for 8th day

Seoul shares closed higher Wednesday on tech and auto gains amid concerns over a possible slower pace in the Federal Reserve's rate cuts. The Korean won continued to slip against the US dollar. The benchmark Korea Composite Stock Price Index rose 28.92 points, or 1.1 percent, to close at 2,599.62. Trade volume was moderate at 345.96 million shares worth 9.25 trillion won ($6.7 billion), with gainers outpacing losers 448 to 408. Institutions and foreigners bought a combined 510 billion won w

MarketOct. 23, 2024

[KH Explains] Tesla’s vague robotaxi vision may let Hyundai-Waymo narrow gap

Tesla’s recent unveiling of its Robotaxi prototype has generated some buzz, but the absence of critical details leaves room for competitors -- such as Hyundai Motor Group -- to potentially make up ground in the race toward autonomous vehicles. While Tesla remains a dominant force in electric vehicles and self-driving technology, its latest announcement raises as many questions as it does excitement. At the Tesla event named "We, Robot," held at Warner Bros. Studios in Burbank,

MobilityOct. 23, 2024

[From the Scene] S-Oil’s Shaheen project on track for 2026 completion

ULSAN -- The construction site of S-Oil’s Shaheen project at its Onsan plant in Ulsan showed little to no activity Tuesday afternoon. Although the day’s workflow had seemingly stopped due to heavy downpours in the morning, the officials from S-Oil and Hyundai Engineering & Construction said the building process of the Shaheen project had already reached 40 percent completion. “Four major construction firms -- Hyundai E&C, Hyundai Engineering, Lotte E&C and DL E&

CompaniesOct. 23, 2024

Debt-ridden Kepco raises electric bills for businesses

The state-run Korea Electric Power Corporation decided Wednesday to raise industrial electricity rates by an average of 9.7 percent from Thursday, prompting immediate complaints among local businesses already reeling from rising costs and unfavorable foreign exchange rates. "The government and Kepco had no choice but to comprehensively consider the ongoing difficulties faced by the public and small business owners, as well as an economic situation in which consumer sentiment has not yet rec

IndustryOct. 23, 2024

Samsung SDI showcases next-gen battery lineup at mobility show

Samsung SDI said Wednesday it has showcased its battery lineup, ranging from the prismatic battery P6 to the next-generation all-solid-state battery, at the Daegu International Future Auto & Mobility Expo. The company’s all-solid-state battery for electric vehicles boasts an energy density of 900 watt-hours per liter with a cathode-free structure. It is known to be theoretically safer than conventional lithium-ion batteries that use flammable liquid electrolytes. It sent samples to cli

MobilityOct. 23, 2024

SK’s flu vaccine spreading across Asia

South Korean pharmaceutical company SK Bioscience said Wednesday that its SKYCellflu has become the first influenza vaccine from Korea approved by the Food and Drug Agency of Indonesia. Indonesia’s pharmaceutical market has been growing significantly. According to market tracker Insights10, the country’s flu vaccine market is expected to increase from $38.5 million in 2022 to $69.1 million by 2030. Due to its geography spanning both the Northern and Southern hemispheres, Indonesia re

IndustryOct. 23, 2024

Gochujang heats up US as Americans seek out ‘swicy’ food

As the new trend of spicy-sweet -- "swicy" -- flavors has been gaining ground in the US restaurant scene, Korean gochujang (red chile pepper paste) is gaining popularity. According to a Tuesday report from CNBC, more Americans are seeking bold flavors, and gochujang has become one of the key ingredients fueling this movement. “Common menu items have paired fruity flavors with chili powder or used sauces like hot honey and gochujang, a red chile (pepper) paste that’s a pop

IndustryOct. 23, 2024

[Photo News] Hana opens 99th nursery

Hana Financial Group announced Wednesday that it has opened the 99th nursery of its "100 Nursery Building Project" in Dongdaemun, central Seoul. The latest facility, "Hoegi Hana Nursery," is a public child care center serving multicultural families, offering space for up to 60 infants and children under five. The five-story building includes playrooms and an outdoor playground. Since launching the initiative in 2018, Hana Financial Group has partnered with regional government

IndustryOct. 23, 2024

SPC invited to Macron’s exclusive dinner in Paris

South Korean bakery giant SPC Group said Wednesday that President Hur Jin-soo attended a dinner banquet hosted by French President Emmanuel Macron at Elysee Palace in Paris earlier this week. He was the only Korean business leader to be invited to the exclusive event marking the 60th anniversary of SIAL Paris, one of the world’s largest food trade fairs. The dinner brought together around 40 global business leaders from major food and distribution companies, including the Netherlands&rsquo

CompaniesOct. 23, 2024