Hyundai Glovis, China's Huayou partner on battery recycling

Hyundai Glovis has partnered up with Chinese firm Huayou Cobalt to create an extensive recycling network for electric vehicle batteries, aiming to lead the way in sustainable battery management. Hyundai Glovis, a Korean logistics and distribution powerhouse, inked a memorandum of understanding with Zhejiang Huayou Recycling Technology, or Huayou Recycling, a subsidiary of cobalt giant Huayou Cobalt. Known for being the world's top producer of cobalt -- a crucial element for EV batteries --

MobilityAug. 5, 2024

[Photo News] Hyundai chair welcomes new employees

Hyundai Group Chair Hyun Jeong-eun (center, front row) poses with the company's newest recruits during the 2024 training completion ceremony held last Wednesday at the group’s headquarters in central Seoul. During the event, Hyun distributed employee cards to approximately 50 new employees and delivered a message of support. She emphasized Hyundai’s core value of positivity, encouraging the recruits to embrace their new roles with enthusiasm and dedication. (Hyundai Group)

IndustryAug. 5, 2024

FSC chief vows to curb household debts, stabilize financial market

The head of South Korea's financial regulator said Monday that he will redouble efforts to reduce high household debts via the implementation of tighter curbs. Kim Byoung-hwan, the chief of the Financial Services Commission, also said the regulator will remain vigilant against potential volatility in the financial market. "The very reason for our financial system's vulnerability to external shocks is relatively high indebtedness and dependence on debts," he said. "We nee

EconomyAug. 5, 2024

Seoul shares open sharply lower on continuing US slowdown fears

South Korean stocks started sharply lower Monday as investor sentiment was dampened by continuing fears of a US economic slowdown. The benchmark Korea Composite Stock Price Index (Kospi) fell 100.4 points, or 3.75 percent, to 2,575.79 in the first 15 minutes of trading. On Friday, the Kospi slumped 3.65 percent to a two-month low of 2,676.19 after US unemployment claims hit the highest in almost a year, fueling concerns over the world's largest economy. Moreover, the US unemployment rate, r

MarketAug. 5, 2024

S. Korea opens anti-dumping probe into hydrocarbon resin imports from China, Taiwan

South Korea has opened an anti-dumping investigation into hydrocarbon resin imports from China and Taiwan after a local company has claimed cheap imports from the countries were damaging the local industry, according to informed sources Sunday. According to the sources, the Korea Trade Commission of the Ministry of Trade, Industry and Energy has recently begun the investigation into four Chinese companies and three Taiwanese companies, following a petition from Kolon Industries Inc. The South Ko

IndustryAug. 4, 2024

Authorities to tighten control over financial services by e-commerce

The South Korean government is considering stricter regulations on e-commerce platforms' involvement in financial services, aiming to avert another payment failure crisis amid ongoing investigations into cases involving Tmon and WeMakePrice. According to industry sources, local financial regulators are contemplating measures to prevent the platforms from controlling vendor capital by legally separating payment gateway (PG) services from e-commerce platforms. A payment gateway facilitates el

IndustryAug. 4, 2024

Shinhan Card launches joint venture with Kazakh autodealer Aster

South Korea's leading card firm, Shinhan Card, has strengthened its foothold in Kazakhstan's auto finance market by establishing a joint venture with the nation's top used-car seller Aster Auto. Shinhan Finance, the Kazakh unit of Shinhan Card, announced on Sunday the launch of this joint venture with Aster Auto. This development follows their initial plan, unveiled in December, to set up a collaborative corporation. According to the plan, Aster will invest around 31 billion won (

IndustryAug. 4, 2024

Tech giants eye growing home appliances subscription market

Subscription services in the home appliances market are fast expanding in South Korea, with the country’s top players targeting younger and smaller households. LG Electronics, the country's leading home appliance giant, has achieved a record sales figure surpassing the 1-trillion-won ($ 736 billion) mark for its subscription service, and Samsung Electronics is also reviewing to launch a similar service for its home appliances in the latter half of the year. For 2023, LG Electronics re

IndustryAug. 4, 2024

[KH Explains] Shift Up shakes up Korean gaming industry with agility

Shift Up, the South Korean game developer behind blockbusters such as “Goddess of Victory: Nikke” and “Stellar Blade,” made an exhilarating debut on South Korea’s KOSPI market on July 11. The buzz within the Korean game industry revolved around whether Shift Up could challenge the market dominance of NCSoft, a veteran giant in the sector. On its debut, Shift Up’s stock surged to 89,500 won, boosting its market capitalization to nearly 5.2 trillion won ($3.

CompaniesAug. 4, 2024

Samsung SDI seeks top US talent

Samsung SDI has embarked on a global journey to find the most talented professionals to advance the Korean company’s level of technology and take the lead in the secondary battery industry. The battery maker held this year’s first career fair at the Hyatt Regency Cambridge Hotel in Cambridge, Massachusetts on Saturday, inviting some 90 people working at top universities and research institutes in North America. Boston is home to Samsung SDI’s first research and development cent

CompaniesAug. 4, 2024

S. Korea's kimchi exports achieve record high in H1

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi in the first six months of this year, marking a 4.8 percent increase from 22,842 tons in 2023. The export value also showed a 4 percent increase, reaching $83.8 million, according to the Korea Agro-

IndustryAug. 4, 2024

S-Oil unveils new TV ad to deliver future-forward vision

S-Oil said Sunday that it has begun airing the second season of its “GooDoil Can Do It” television marketing campaign from July 31. The new ad shifts from the previous focus on product quality to highlight the theme of the “power of creative energy,” delivering a futuristic message through a catchy commercial song. The commercial is designed in a question-and-answer format that explores a new world. In the video, S-Oil’s cherished mascot, GooDoil, flies with a hawk,

IndustryAug. 4, 2024

China reclaims top spot of S. Korean products amid rising chip demand: data

China has once again become the leading destination for South Korean products in the first seven months of this year, driven by increasing demand for semiconductors, data showed Sunday. Exports to China surged 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly total in nearly two years since October 2022, according to data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association. As a result of this substantial increase in July, C

EconomyAug. 4, 2024

Court grants troubled Tmon, WeMakePrice 1 month for self-debt restructuring

A court on Friday granted cash-strapped e-commerce platforms Tmon and WeMakePrice one month to seek debt restructuring on their own, after they failed to make payments to their vendors. The decision by the Seoul Bankruptcy Court to allow an autonomous restructuring support program (ARS) for Tmon and WeMakePrice came as the platforms' delayed payments are estimated to reach 274 billion won ($200 million). The total amount is estimated to escalate to nearly 1 trillion won if future payments a

IndustryAug. 2, 2024

Seoul shares crash to 2-month low on US slowdown fears

Seoul shares tumbled by more than 3.5 percent on Friday as data fueled concerns over the US economy despite the Federal Reserve's rate-cut signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 101.49 points, or 3.65 percent, to close at 2,676.19. The KOSPI has fallen 2 percent this week. Trade volume was heavy at 523.78 million shares worth 12.87 trillion won ($9.38 billion), with decliners far outnumbering gainers 868 to 58. I

EconomyAug. 2, 2024

US, allies discuss new restrictions on Chinese connected vehicles

As the US government intensifies efforts to regulate Chinese technology in connected vehicles over national security concerns, South Korea and other key allies are coordinating to balance these security goals with potential supply chain disruptions. The US State Department convened a meeting Wednesday with representatives from allied governments and industry leaders, including officials from South Korea, Australia, Canada, the European Union, Germany, India, Japan, Spain and the United Kingdom.

MobilityAug. 2, 2024

Investors join forces to secure Qxpress management rights: report

Qoo10 Group CEO Ku Young-bae could lose control over the group’s logistics arm Qxpress, as its financial investors are reportedly mulling taking over his management rights. According to a local news report Friday, a group of private equity firms, including Crescendo Equity Partners, Corstone Asia, Metistone Equity Partner, Cactus Private Equity and Korea Development Bank Private Equity, are discussing ways to exchange their rights in the company to common stock. The investors are said to h

IndustryAug. 2, 2024

Zyx Technology, Vietnam’s CTC1 team up to infuse AI into construction

South Korean design software developer Zyx Technology said Friday that it has recently signed a memorandum of understanding with Vietnam's Construction Technical College No.1 (CTC1) to expand its presence in the Vietnamese market. CTC1, an institution under Vietnam's Ministry of Construction, is tasked with developing and offering education in alignment with the ministry's policies on the construction industry. The latest partnership aims to forge a long-term collaboration on joint research and

IndustryAug. 2, 2024

Food trade agency secures more kimchi for Korean athletes at Olympics

As the world tunes into the Paris Olympics, the Korean national team has received a boost from home -- not just in spirit, but in flavor. The Korea Agro-Fisheries & Food Trade Corp., or aT, on Friday said it had delivered an additional shipment of Korea’s beloved culinary staple kimchi to the athletes, providing a taste of home with the aim to inspire peak performance. The official kimchi handover ceremony took place on July 31 at the Team Korea Paris Platform in Fontainebleau, a sub

IndustryAug. 2, 2024

Samsung’s unionized workers to return to work but continue guerrilla strikes

  Samsung Electronics’ labor union said Thursday it would return to work by next Monday but vowed to continue guerrilla strikes amid their stalled talks for wage hikes. “It is the time to shift to a long-term plan,” the National Samsung Electronics Union said via its YouTube channel. “We will proceed with sustainable guerrilla strikes while adhering to legal standards to ensure our success. You can return to work from today. You can join our guerrilla strikes anytime

IndustryAug. 2, 2024