LG Energy Solution joins hands with Huayou Cobalt to build battery recycling plant

LG Energy Solution Ltd. (LGES) said Tuesday it has signed a joint venture agreement with a Chinese mining company to build a battery recycling plant to secure raw materials for lithium-ion battery components. The joint venture deal with Zhejiang Huayou Cobalt Co. will commit the two companies to build two factories to extract nickel, cobalt and lithium -- key components for lithium-ion batteries used in electric vehicles -- from scrap batteries and used batteries, the South Korean battery maker

IndustryJuly 26, 2022

Seoul shares open lower ahead of US rate decision

Seoul shares opened lower Tuesday as investors remain wary over a widely expected rate hike by the Federal Reserve this week to combat soaring inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.04 points, or 0.33 percent, to trade at 2,395.65 in the first 15 minutes of trading. The Fed is expected to raise borrowing costs by 0.75 percentage point, which would put the US benchmark rate in a range of 2.25-2.5 percent. Also, some major companies, including Samsung Electronics

MarketJuly 26, 2022

S. Korean economy grows at faster pace in Q2 on robust private spending

The South Korean economy grew at a faster pace in the second quarter than three months earlier as private spending picked up due to eased COVID-19 restrictions despite a fall in exports, the central bank said Tuesday. The country's gross domestic product (GDP), the broadest measure of economic performance, grew 0.7 percent on-quarter in the April-June period, accelerating from a 0.6 percent increase in the first quarter, according to an advance estimate from the Bank of Korea (BOK). It mark

EconomyJuly 26, 2022

Bank of Korea warns against worsening wage-price spiral

The higher people expect prices to soar, the worse a wage spiral becomes as rising living costs prompt bigger wages, with persistent inflation on the rise, the Bank of Korea said Monday in a report. “Prices and wages look like they have nothing to do with each other, but in the long run, data consistently shows they do,” the report said, referring to surging prices in Korea. Inflation hit a 24-year high of six percent in June, prompting the central bank to back its first-t

EconomyJuly 25, 2022

Daewoo E&C develops property technology for work efficiency, customer satisfaction

South Korean company Daewoo Engineering & Construction will apply property technology it has developed to its construction procedures to optimize work efficiency and customer satisfaction, according to the company on Monday. Property technology is currently recognized as a game changer in the real estate market, utilizing the latest technologies such as big data, artificial intelligence and virtual reality to carry out real estate-related work more efficiently. Daewoo E&C’s pro

IndustryJuly 25, 2022

[Photo News] Summer Extravaganza

A woman performs a hydroflying show at Caribbean Bay, Yongin, Gyeonggi Province, Monday.

TechnologyJuly 25, 2022

Seoul shares end higher on institutional buying

South Korean stocks closed higher Monday, as institutions and foreigners went on a buying mode, with automakers and car parts suppliers leading the gains. The Korean won declined against the US dollar. The Korea Composite Stock Price Index (KOSPI) gained 10.55 points, or 0.44 percent, to close at 2,403.69. Trading volume was moderate at 316.23 million shares worth 5.77 trillion won ($4.39 billion), with gainers outstripping losers 427 to 400. Institutions and foreign investors bought a net 193.2

MarketJuly 25, 2022

AmCham resumes Washington Doorknock program

The American Chamber of Commerce in Korea will resume the “Doorknock” program this year after a three-year hiatus caused by the COVID-19 pandemic, it said Monday. AmCham’s delegation of top-level executives, including AmCham Chairman and CEO James Kim, will be in Washington D.C. from this Wednesday to Friday to meet with key figures of the Biden Administration and Congress, it added. The delegation has secured more than 25 senior-level meetings with officials from various sec

IndustryJuly 25, 2022

Debate reopens on 10 year-old supermarket shutdown rules

Sundays are often a day for family shopping, but supermarkets in South Korea don’t operate every second and fourth Sunday of each month. Under the mandatory shutdown rules, designated to protect mom-and-pop stores nearby from losing sales to discount store chains, supermarkets have closed twice a month for the last 10 years. But the ability to shop every Sunday may become possible again with tens of thousands of consumers asking the presidential office to scrap the rule. According to

ConsumerJuly 25, 2022

LG Energy Solution's lock-up period set to end

With LG Energy Solution’s stock lock-up period ending this week, market eyes are on institutional investors‘ movement, as massive sales of shares may impact a market that remains sluggish with low trading volume. According to the Financial Supervisory Service’s electronic disclosure system, the lock-up period for LG Energy Solutions shares owned by institutional investors -- 9,960,365 shares (4.26 percent of all shares) since the battery company was listed on January 27 -- wi

MarketJuly 25, 2022

Dunamu to build metaverse map to aid global relief initiative

Dunamu, the operator of one of South Korea’s largest crypto exchanges, has teamed up with the international humanitarian medical non-governmental organization Doctors Without Borders to build a map on its metaverse platform to help the global medical initiative, officials said Monday. Dunamu and Doctors Without Borders, also known as Medecins Sans Frontieres, signed a memorandum to build a partnership on contributions in accordance with the environmental, social and governance movement i

TechnologyJuly 25, 2022

Will FTX actually acquire Bithumb?

South Korean blockchain experts on Monday were divided over whether FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is actually seeking to buy local exchange Bithumb. Skeptics claimed that the Bahamian crypto exchange has no reason to purchase Bithumb at the moment with the financial authorities seeking to tighten regulations here and with the “stable condition” of the Korean exchange operator. “For the moment, there is no reason for FTX to ent

MarketJuly 25, 2022

Samsung starts shipping world’s first 3nm chips

Samsung Electronics has started shipping chips produced using the world’s most advanced 3-nanometer manufacturing technology, which has drastically improved power consumption and performance. On Monday, the tech giant held a ceremony to celebrate the departure of the first batch of 3nm chips from its chip-making complex in Hwaseong, Gyeonggi Province, with some 100 company and government officials in attendance. The 3nm technology is Samsung’s secret weapon to outpacing its rival

TechnologyJuly 25, 2022

Audi Korea expands electric, compact car lineups

Audi sold a total of 25,615 vehicles in South Korea last year, marking the third-largest sales volume among import carmakers here. The German automaker said it has focused on expanding its lineup to include compact vehicles such as the Audi Q3 and A3, as well as electric cars e-tron S and Q4 e-tron. In 2021, Audi sold 1,553 electric cars, the largest number of electric cars sold among premium import car brands. In December, it launched the Audi e-tron GT and RS e-tron GT, which are at the van

MobilityJuly 25, 2022

GS E&C stresses green tech projects in sustainability report

GS Engineering and Construction said Monday it has released its annual sustainability report for 2022, introducing its environmental, social and corporate governance-related activities. In the report, the South Korean builder said it had launched its Research Institute for Future Technology in March. Through its continued investment in future technology, GS E&C said it had developed water saving, biogas facility modulation, carbon dioxide to hydrogen conversion, and eco-friendly water desal

IndustryJuly 25, 2022

Samsung Card's net rises 12 pct in H1 on increased consumer spending

Samsung Card Co., a major South Korean credit card firm, said Monday its net profit increased in the first half of this year, helped by recovery in consumer sentiment amid the pandemic. Samsung Card's consolidated net profit stood at 315.9 billion won ($241 million) in the January-June period, up 12 percent from a year earlier, according to the firm's regulatory filing. Operating profit increased 12.1 percent to 426.1 billion won, with sales revenue rising 10 percent to 1.94 trillion w

IndustryJuly 25, 2022

OECD leading index for S. Korea dips for 13th month in June

A leading economic index for South Korea dropped for the 13th straight month in June, data showed Monday, amid soaring material costs and growing financial instability. The composite leading indicator (CLI) of economic activity for South Korea came to 98.87 for June, down from the previous month's 99.09, according to the data from the Organization for Economic Cooperation and Development (OECD). The index for South Korea had been contracting since May last year, when it rose to 101.95. Sinc

EconomyJuly 25, 2022

Seoul shares open higher amid lingering recession woes

South Korean shares opened higher Monday amid lingering concerns that the global economy is teetering on the brink of a recession. The benchmark Korea Composite Stock Price Index added 9.94 points, or 0.42 percent, to trade at 2,403.08 in the first 15 minutes of trading. Foreigners and institutions went on a buying mode, while retail investors sold shares. Last Friday, U.S. stocks ended lower on tech losses. The Dow Jones Industrial Average fell 0.43 percent, the tech-heavy Nasdaq Composite decr

MarketJuly 25, 2022

Renault Korea Motors makes car repair service available anytime, anywhere

Renault Korea Motors is hoping to better cater to customer needs with a service that allows car owners to drop off their vehicles at the automaker’s repair shops anytime, anywhere across the country. The carmaker introduced its “Drop the Keys” service in April, which allows drivers to bring in their cars for check-ups and repair anytime of the week. Local auto repair stores usually close around 6-7 p.m. on weekdays and earlier on Saturdays, while most of them do not operate

MobilityJuly 25, 2022

Korea’s postal chief attends alliance meeting in Spain

Korea Post chief Son Seung-hyun, attended the Kahala Post Group chief executive officers meeting held in Madrid on Thursday, the nation’s postal service provider said. The Kahala Post Group is an international alliance of postal administrations created in 2002 to promote international mail delivery and to carry out strategic projects. It currently has 11 member states. The effects of COVID-19 on international mail, and methods to improve its quality were discussed at the meeting, said K

IndustryJuly 25, 2022