Hyundai Steel wins eco-friendly certification for low-carbon steel beams

South Korea’s second-largest steelmaker said Friday that it has obtained a low-carbon product certification for its flagship H-beam steel product from the Ministry of Environment, the first to do so in the domestic steel industry. With the latest attainment, Hyundai Steel has secured Environmental Product Declaration certifications for a total of 13 products and a low-carbon product certification for one item. Low-carbon product certification is granted to products with carbon emissions be

IndustryMay 26, 2023

5 Nuri rocket satellites make successful communication

  With South Korea’s homegrown Nuri rocket’s successful launch to space, five out of eight satellites carried on board made two-way communication with ground stations, the Ministry of Science and ICT said Friday. The country’s King Sejong Station in Antarctica received the first signal from the main payload NEXTSat-2 or second next-generation small satellite at 7:07 p.m. Thursday, according to the ministry. A ground station in Daejeon also made contact with the satellite a

TechnologyMay 26, 2023

Seoul shares up on big-cap chip rally

South Korean stocks ended slightly higher Friday, as chip giants rose sharply on hopes for a market turnaround despite concerns about a deal on the United States' debt ceiling. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 4.12 points, or 0.16 percent, to close at 2,558.81, ending a two-day decline. Trading volume was a bit slim at 618.73 million shares worth 9.26 trillion won ($6.99 billion), with losers far outpacing gainers 672 to

MarketMay 26, 2023

Celltrion seeks approval for Stelara biosimilar in EU

Celltrion said Friday that the company has submitted a marketing authorization application for CT-P43, the company's ustekinumab biosimilar referencing Stelara, to the European Medicines Agency. Stelara is one of Janssen's top-selling drugs. In 2022, Stelara generated $9.7 billion in revenue, according to a report released by Statista. The global market for ustekinumab last year was estimated at $17.7 billion, Celltrion added. Celltrion said its CT-P43, like the reference drug Stelara,

TechnologyMay 26, 2023

Hyundai-LG Energy Solution to set up EV battery plant in US

Hyundai Motor Group said Friday that it has agreed with LG Energy Solution to jointly build an electric vehicle battery manufacturing plant in the US, expanding their footing in the burgeoning clean car market there. Under a joint investment of 5.7 trillion won ($4.3 billion), the two companies plan to start construction of the plant later this year. With an annual production capacity of 30 gigawatt-hours, enough to supply approximately 300,000 fully electric cars, the plant will commence operat

MobilityMay 26, 2023

Naver upgrades search engine with AI

South Korean internet giant Naver has carried out an extensive renewal of the interface of its search engine to maximize user experience for super-personalized results based on artificial intelligence, the company said Friday. Naver, which operates the country’s No. 1 web portal and search engine, said it has optimized the platform for AI search, responding to rising competition with the emergence of generative AI. Naver adopted the “Air Search” algorithm for its search engine

IndustryMay 26, 2023

Seoul shares open tad higher on chip rally

South Korean stocks opened a tad higher Friday on sharp gains of major chipmakers amid lingering uncertainties over negotiations on the United States' debt ceiling to avoid a default. The benchmark Korea Composite Stock Price Index added 3.77 points, or 0.15 percent, to 2,558.46 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite jumped 1.71 percent, after Nvidia surged more than 24 percent after the company posted stronger-than-expected revenue guidance. But the

MarketMay 26, 2023

S. Korea to seek tariff-rate quota on pork, mackerel

SEJONG -- South Korea plans to adopt tariff-rate quotas on imports of pork and mackerel in the near future in line with efforts to tame rising foodstuffs prices amid prolonged inflation, a senior official said Friday. The tariff-rate quota is a system under which products are imported with favorable duty conditions within a designated volume. The amount imported beyond the limit is applied with higher tariffs. "As there are price instabilities in some agriculture, livestock, and fishery p

EconomyMay 26, 2023

[Test Drive] Kona Electric flaunts longer range, bigger space

The all-new Kona Electric -- Hyundai Motor’s latest all-electric compact sport utility vehicle -- is looking to lure customers with a roomier interior, longer driving range and sound riding experience. The South Korean automaker on Tuesday held a test drive event for local journalists to ride the Kona EV over a 172-kilometer-long course beginning from Hanam, Gyeonggi Province and ending in Sokcho, Gangwon Province. At first glance, the all-electric SUV did not appear too “compact.&rd

MobilityMay 26, 2023

Korea launches 3rd Nuri rocket

GOHEUNG, South Jeolla Province -- South Korea successfully conducted the third launch of the homegrown Nuri rocket Thursday, as the satellite launch vehicle reached the targeted altitude and released satellites into orbit, marking another space milestone for the country. “Following the success of the Nuri rocket’s second launch last year, today’s third launch affirmed the Nuri rocket’s flight capability and secured reliability. At the same time, it was a chance to reaffir

TechnologyMay 25, 2023

Super typhoon leaves Korean travelers stranded in Guam, Saipan

Hundreds of Korean travelers who traveled to Northern Mariana Islands including Guam and Saipan are left stranded on the islands as of Thursday, with Super Typhoon Mawar lashing the territory with strongest downpour of wind and rain the region has seen in decades. According to Hana Tour, a Korean travel agency, approximately 230 travelers failed to take the return flight home on Tuesday due to the storm. "We heard from the local sources in Guam that Guam's airports will be closed until

MobilityMay 25, 2023

SC Bank holds prize event for new special interest account holders

Standard Chartered Bank Korea is holding an event for first-time customers who sign up for its Jaeil EZ Account – an occasional deposit and withdrawal account that provides an annual pretax interest rate of up to 3.6 percent even if customers deposit money for just one day. The event, which continues until May 31, offers prizes to a few chosen customers among those who open an account and submit an entry by May 31. One event entry will be additionally counted for every 1 million won ($754)

MarketMay 25, 2023

Posco completes steel plant in China to meet EV demand

South Korean steel giant Posco said Thursday that the company completed a new high-strength steel plant in China in a preemptive measure to respond to soaring demand from the burgeoning Chinese electric vehicle market. The new facility, located at Posco-CSPC (China Suzhou Processing Center), is a plant specialized in producing “Giga Steel,” the brand name for Posco’s advanced ultra-high tensile strength steel. The company said the advanced high-strength steel product can withst

IndustryMay 25, 2023

[Herald 70th] 'Korea-US-Japan joint efforts on trade, strategic tech crucial'

Forging robust security and economic alliances with the United States and Japan is crucial for South Korea to embrace a reshaped global geopolitical paradigm, said Jun Kwang-woo, chairman of the Institute for Global Economics. “The trilateral allies must bolster their economic cooperation and pursue shared strategic priorities,” to deal with “the looming global geo-economic challenges, accompanied by supply chain disruptions and an energy crisis, result from the post-pandemic

EconomyMay 25, 2023

Seoul shares down for 2nd day on US debt ceiling woes

South Korean stocks ended lower for the second day in a row Thursday, as uncertainties linger over talks on the United States' debt ceiling to avoid a federal default. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 12.76 points, or 0.5 percent, to close at 2,554.69. Trading volume was moderate at 903.89 million shares worth 9.27 trillion won ($6.99 billion), with losers outpacing gainers 681 to 182. The index opened slightly higher, despi

MarketMay 25, 2023

LG starts mass production of EV chargers

LG Electronics said Thursday it has kicked off mass production of electric vehicle chargers, officially tapping into the burgeoning market. Celebrating the production of its first EV charger, the company introduced four new models in the works at a ceremony at LG Digital Park in Pyeongtaek, Gyeonggi Province, Wednesday. During the event, the company announced the rebranding of its EV charger affiliate AppleMango to HiEV Charger. “The start of EV charger production marks a significant miles

IndustryMay 25, 2023

Korean food makers win legal fights against Chinese counterfeiters

Korean food makers have won in legal fights against Chinese counterfeiters in a series of lawsuits filed in China, according to the Korea Food Industry Association on Thursday. Of the total seven cases raised, the Chinese court recently ruled in favor of Korean firms in five cases at the first trial stage. Following the rulings, the Chinese companies in question are now required to pay compensation worth 250,000 yuan ($35,353) to CJ CheilJedang, 350,000 yuan to Samyang Food, and 200,000 yuan to

IndustryMay 25, 2023

SK On secures $944m funding to boost output

South Korean electric vehicle battery maker SK On has attracted $944 million in funding as part of its push to expand its presence in the burgeoning EV market. According to its parent company SK Innovation on Wednesday, $800 million will be secured from a consortium led by MBK Partners, the Korea-based private equity firm, which is composed of financial investors from the US and the Middle East. Another $144 million will be attracted from SNB Capital, an investment banking arm under Saudi Nati

MobilityMay 25, 2023

Colliers Korea closes $780m in real estate deals

Colliers Korea, the Korean branch of the Canadian commercial real estate firm, said Wednesday that it has successfully closed three deals with a total value of $780 million. "By concluding these three transactions this month, my team has shown that there are still plenty of opportunities for the smart investors (in Seoul), despite the high-interest rate environment," Colliers Korea Managing Director Robert Wilkinson said in a statement. According to Colliers Korea, the deals encompass

IndustryMay 25, 2023

Hyundai Mobis develops ‘communicative’ headlamp

Hyundai Mobis, a car parts maker affiliated with Hyundai Motor Group, said Thursday it has developed a new headlamp that displays road signs on the road to prevent nighttime accidents. The high-definition lighting system visualizes road signs in texts or images and projects them on the road surface in real time. If there is a construction site ahead, the lamp shows a relevant symbol to alarm the driver. The lamp also projects a crosswalk sign at night to help secure pedestrians’ safety. Th

MobilityMay 25, 2023