LG Energy Solution raises $1b from green bond sales to finance battery projects

South Korean battery maker LG Energy Solution said Tuesday it has raised $1 billion worth of global green bonds to finance its global production facilities. It marks the company's first foray into the global green bond market. Green bonds are bonds specifically designed to provide capital to industries and projects combating climate change, including batteries, an alternative to fossil fuels. This $1 billion bond comprises two portions: $400 million set to mature in 3 years and the remainin

IndustrySept. 19, 2023

Samsung’s guide dog school marks 30th anniversary

Samsung Group’s guide dog school, which began operations after the late Chairman Lee Kun-hee’s new management declaration in September 1993, celebrated its 30-year anniversary Tuesday. Samsung held a ceremony commemorating the occasion at Samsung Guide Dog School in Yongin, Gyeonggi-do, sharing gratitude for the late chairman’s insights, philosophy and passion for his dogs. Lee Kun-hee established Korea’s first school for dogs, aimed at training them for work with the vis

IndustrySept. 19, 2023

SC Bank’s new commercial features Kim Young-ok

Standard Chartered Bank Korea said Tuesday it started a commercial campaign for its new savings product featuring Kim Young-ok, the oldest working actress in Korea. Under the slogan “You still don’t know? Let’s be clear! Jaeil EZ account,” the new commercial features Kim, 85, as a restaurant owner, telling diners the benefits of the new Jaeil EZ account in a humorous and friendly manner. The bank also chose Korean rock band Itzi’s “Emergency Room” as the

IndustrySept. 19, 2023

BAT tackles trash dumping with flower gardens

BAT Rothmans, the Korean unit of British America Tobacco, said Tuesday it started a flower planting campaign dubbed “Kkot BAT,” with the aim to save alleys from litter and cigarette butts. “Kkot,” meaning “flower,” and “BAT," meaning “plot” in Korean, this new campaign lays lively flower pots or flower beds in neighborhoods suffering from littering and illegal waste disposal. Acknowledging the roles of citizens in this campaign, BAT Roth

IndustrySept. 19, 2023

LG Electronics hosts conference to boost smart TV biz

LG Electronics Inc. said Tuesday it held a global conference aimed at enhancing its smart TV content and platform business. The South Korean tech company said some 300 content developers and business partners from 30 countries attended the webOS Partner Summit, held at LG Science Park in western Seoul, to extend the ecosystem and values of webOS, LG's own smart TV operating system. LG is "seeking to make a paradigm shift" away from a hardware maker to "a media and entertainme

IndustrySept. 19, 2023

Seoul shares open tad higher ahead of Fed meeting

South Korean stocks started weaker Tuesday as investors take a cautious approach ahead of a US rate-setting meeting later this week. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to 2,577.28 in the first 15 minutes of trading. Overnight, US stocks also closed little changed. The Dow Jones Industrial Average grew 0.02 percent, the tech-heavy Nasdaq Composite inched up 0.01 percent, and the S&P 500 rose 0.07 percent. The Federal Reserve will hold the Federa

MarketSept. 19, 2023

Samsung Biologics signs $242m deal with BMS

Samsung Biologics said Monday that the company signed a $242 million contract manufacturing deal with Bristol-Myers Squibb subsidiary Swords Laboratories to produce immunotherapy treatments until 2030. Under the latest contract, Samsung Biologics will produce the flagship immunotherapies of BMS at the company’s fourth plant over the next seven years. BMS, the world's seventh-largest biopharmaceutical company as of 2022 in terms of its sales, has been a client of Samsung Biologics sinc

IndustrySept. 18, 2023

Seoul shares dip over 1% on tech losses

South Korean stocks tumbled more than 1 percent Monday led by sharp losses in semiconductor and tech shares ahead of a US rate-setting meeting. The local currency gained ground against the dollar. The benchmark Korea Composite Stock Price Index lost 26.56 points, or 1.02 percent, to finish at 2,574.72, erasing the previous session's 1.1 percent jump. Trading volume was moderate at 408.4 million shares worth 8.6 trillion won ($6.5 billion), with decliners outpacing winners 548 to 330. Offsho

MarketSept. 18, 2023

ACE Engineering gains foothold in US

ACE Engineering, the nation's energy storage system supplier, said Monday it has successfully participated in RE+ 2023, celebrating the launch of “Big Rock 1” project with key players of the renewable energy industry. Held from Sept. 11-14 in Las Vegas, RE+ 2023 is North America's largest renewable energy convention. ACE Engineering showcased its exhibition booth there along with 1,300 global companies and 30,000 attendees. Having more than 30 meetings with renewable ener

IndustrySept. 18, 2023

SK, Netflix settle yearslong legal battle over net usage fees, vow to work together

SK Broadband Co., a major South Korean internet service provider, said Monday that it will end a yearslong legal battle over network usage fees against US streaming giant Netflix. “We agreed to withdraw all disputes in the interests of the greater success of both companies, reflecting the common intention of putting values on customers first,” an SK Broadband official said without giving details of the agreement. “But our position on the necessity of network usage fees remains

IndustrySept. 18, 2023

S-Oil donates to dedicated firefighters

South Korean oil refiner S-Oil said Monday it has donated 470 million won ($354,000) to dedicated firefighters, under a partnership with the National Fire Agency and Korea National Council on Social Welfare. This year’s donation will be used for the treatment of injured firefighters as well as scholarship funds for the children of firefighters who died on duty, the company said. Grants will also be given as awards for selected "Hero Firefighters." The donation ceremony was held a

IndustrySept. 18, 2023

[Test Drive] Volvo C40 Recharge introduces one-pedal driving

GANGNEUNG -- Manual cars, typically older models, have three pedals: an accelerator, a brake and a clutch. Automatic vehicles have two pedals: an accelerator and a brake. Battery electric vehicles still come with the same two pedals. The C40 Recharge, Volvo’s EV crossover, however, has taken it a step further, presenting an opportunity to essentially drive with only one pedal. The Korea Herald had the chance to test the C40 Recharge from Gangeung to Goseong in Gangwon Province as part of a

MobilitySept. 18, 2023

Kolon’s spunbond nonwoven fabrics earn EPD certification

Korean chemical and textile company Kolon Industries said Monday that its two spunbond nonwoven fabric products, Finon and Finon Eco, were certified by the international standard for Environmental Product Declaration, a first within the industry here. The company said it also received endorsements from two European certification bodies -- the EPD International AB in Sweden and the DP Norge in Norway. The EPD system provides a comprehensive assessment of a product's environmental impact. It

IndustrySept. 18, 2023

STX Green Logis unveils vision for ‘Korean DHL’

STX Green Logis, the South Korean shipping and logistics company that made its stock debut on Friday, renewed its vision on Monday to become the Korean version of German logistics giant DHL. In August, the company spun off from Korean trading company STX to maximize its specialty in the logistics sector and increase operational efficiency overall. On its first day of trading, shares closed at 32,600 won ($24), a 29.8 percent surge from the initial public offering price. For its plans going forwa

IndustrySept. 18, 2023

[Photo News] Hana concert tints weekend in green

K-pop girl band IVE performs during the Hana Playlist Concert held at Yonsei University in Seoul, Sunday. Other singers in the lineup included singer and producer Psy, folk duo MeloMance, ballad singer Sung Si-kyung and K-pop boy band Zerobaseone. The two-day event was hosted by Hana Financial Group as part of its ongoing cultural projects aimed at raising its brand awareness. (Hana Financial Group)

IndustrySept. 18, 2023

Toss Bank unveils foreigner-friendly ID verification service

In a bid to attract more foreign clients, Toss Bank, a Korean internet-only bank, introduced a new service on Monday to make it easier for foreigners to verify their identity. The new service extracts facial features from the photo on foreign resident registration cards and compares them to photographs in a database of the Ministry of Justice to verify the authenticity of the foreign resident registration. “When we tried to verify the authenticity of foreign resident registration cards usi

IndustrySept. 18, 2023

Art Token joins hands with Anicube for K-art's global expansion

Non-fungible token platform company Art Token said Monday that it recently joined hands with Anicube Entertainment, a music metaverse platform company, in a move to drive the global expansion of Korean digital art content. The latest partnership was inked at Art Token's headquarters in Gangnam, southern Seoul earlier last week, with top executives including Art Token CEO Hong Ji-sook and Anicube Content Market Business Head Lee Cheol-jae in attendance. Under the agreement, Art Token aims

IndustrySept. 18, 2023

[Photo News] EVs in NYC to promote Busan Expo bid

Hyundai Motor Group’s latest electric vehicles – the Ioniq 5, Ioniq 6 and Genesis G80 EV – reading “Busan is Ready” are displayed in downtown New York City on Sunday. With graphics designed by graffiti artist Jay Flow, the cars are scheduled to drive around the city’s landmarks during this week’s UN General Assembly to promote Busan’s bid to host the 2030 World Expo. (Hyundai Motor Group)

MobilitySept. 18, 2023

[Photo News] New Mercedes-Benz Korea CEO

Mercedes-Benz Korea CEO Mathias Vaitl, whose official term as CEO started earlier this month, speaks at the awards ceremony for the “Korea TechMasters” technical skills competition held at the Mercedes-Benz Korea Training Academy in Yongin, Gyeonggi Province, Friday. The German carmaker’s two separate automotive training programs, Ausbildung and Automotive Mechatronic Traineeship, also kicked off this year’s sessions a day prior. (Mercedes-Benz Korea)

IndustrySept. 18, 2023

[KH Explain] KB's chair candidate hopes to break out of pod

KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further strengthening KB's Cambodian unit, KB Prasac Bank, which is already doing

IndustrySept. 18, 2023