Hyundai, LG collaborate to build EV battery plant in Indonesia

South Korea’s leading automaker Hyundai Motor Group and battery producer LG Energy Solution are joining forces to establish a $1.1 billion electric vehicle battery plant in Indonesia, the companies said Thursday. The two companies signed a memorandum of understanding with the Indonesian government for the plant, which would produce 10 gigawatt-hours worth of NCMA (nickel, cobalt, manganese, aluminum) lithium-ion battery cells annually, enough for 150,000 electric vehicles, the firms sai

MobilityJuly 29, 2021

LG Chem acquires LG Electronics’ battery separator biz for W525b

LG Chem said Thursday it has acquired separator business from LG Electronics for 525 billion won ($458.5 million) to target the fast-growing global electric vehicle battery materials market. According to South Korea’s leading chemical firm, the company took over chemical electronic material business under LG Electronics’ business solutions division. The acquisition includes all tangible and intangible assets of the business including its production facilities and personnel. The

IndustryJuly 29, 2021

Samsung profit hits 3-year high on chip boom

Samsung Electronics’ operating profit in the second quarter soared 54.3 percent on-year to reach 12.5 trillion won ($10.9 billion), its best quarterly performance since the third quarter of 2018. According to the firm’s earnings report on Thursday, sales in the April-June period increased 20.2 percent to 63.67 trillion won, the highest for any second quarter to date. The robust performance was largely driven by the semiconductor business. When broken down, the semiconductor busi

TechnologyJuly 29, 2021

NCSoft’s Blade & Soul 2 ready for takeoff on Aug. 26.

Expectations are running high as the release of NCSoft’s Blade & Soul 2 is less than a month away. Set for launch on Aug. 26, the massive multiplayer online role-playing game is the sequel of NCSoft’s Blade & Soul, which notched the grand prize at the 2012 Korea Game Awards. The game will be available on both PC and mobile devices. Users can enjoy Blade & Soul 2 on PC through cross-play service Purple. Preregistrations reached 7.46 million, a record in Korea, break

IndustryJuly 29, 2021

[Herald Interview] Lithium-metal batteries will save Li-ion industry: SolidEnergy Systems CTO

As lithium-ion batteries near their full potential, new challengers are preparing a coup d‘état with their next-generation technologies. If successful, the coup would render conventional lithium-ion batteries obsolete overnight and subvert decades-long industrial order led by Asian battery firms. Are the days of lithium-ion battery manufacturers coming to an end? SolidEnergy Systems, a Singapore-based battery developer, is one of the most threatening contenders, with its lith

TechnologyJuly 29, 2021

Nongshim announces price hike for instant noodles

South Korean food and beverage company Nongshim announced Thursday plans to increase the price of its flagship instant noodles including Shin Ramyun by an average of 6.8 percent starting mid next month. Nongshim last hiked ramen prices in 2016. The latest move comes after rival ramen maker Ottogi announced earlier this month its first price hike in more than 11 years. When broken down by brand, Nongshim’s flagship Shin Ramyun will see a 7.6 percent increase in price while the prices of

ConsumerJuly 29, 2021

Orion’s accumulated revenue in Russia surpasses W1tr

Orion, a South Korean confectionery company widely known for Choco Pie, said on Thursday its cumulative revenue had reached 1 trillion won ($873 million) in Russia. The trillion-won threshold was broken after the company racked up 50.6 billion won in sales for the first six months combined this year, following the precedents in China and Vietnam. Efforts to create localized new products, as well as a wide range of biscuits and its popular Choco Pie, tapped into Russia’s dessert culture a

ConsumerJuly 29, 2021

Korea to invest over W5tr in chips, bio, next-gen cars

South Korea plans invest over 5 trillion won ($4.3 billion) in semiconductors, biohealth and next-generation vehicles next year and provide them the latest tax benefits ahead of other industries, the nation’s fiscal policy chief said Thursday. The size of next year’s fiscal support for the industries dubbed the “Big 3” will be larger than this year’s corresponding figure of some 4.2 trillion won.  Finance Minister and Deputy Prime Minister Hong Nam-ki po

EconomyJuly 29, 2021

US rate freeze has limited impact on global financial markets: BOK

The Bank of Korea said Thursday that a decision by the US Federal Reserve that left its benchmark rate unchanged had little impact on global financial markets. The central bank still added caution, saying that “financial market volatility could intensify as uncertainty remains over when major economies recover from the prolonged COVID-19 pandemic as well as virus variants. “The BOK will closely monitor internal and external risk factors and review countermeasures against them.&rdq

EconomyJuly 29, 2021

Moody’s ups credit outlook for JB Financial’s banking units from stable to positive

Global ratings firm Moody’s has raised its rating outlook for JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- from stable to positive, while keeping the provincial lenders’ ratings at A1, the banking group said Thursday.  “The outlook upgrade came as Jeonbuk Bank and Kwangju Bank have improved business performance by building various growth strategies centered on improving profits, while maintaining financial soundness,” JB

MarketJuly 29, 2021

Wine imports hit record-high in H1 over growing drinking-at-home culture

Wine imports to South Korea hit an all-time high in the first half of this year, with a growing number of people enjoying drinking at home due to the prolonged pandemic, data showed Thursday. According to data compiled by the Korea Customs Service, Korea imported $236.9 million worth of wine in the January-June period, up 110 percent from a year earlier. The figure not only broke the previous first half record, but also accounted for 86 percent of yearly wine imports in 2020. Following the g

EconomyJuly 29, 2021

Michelin taps Jerome Vincon as the new head of Korea

French tire maker Michelin appointed Jerome Vincon as the new head of its South Korean unit, the company announced Thursday. Starting from Aug. 1, Jerome will replace former Managing Director of Michelin Korea Lee Ju-heang who will be moving to the firm’s Asia Pacific Office. Vincon joined the Michelin Group in 2003 and worked with car manufacturers at the firm’s APAC headquarters, serving divisions in sales, marketing and business operations. He was also appointed as marketin

IndustryJuly 29, 2021

S. Korea vigilant of market volatility from virus, Fed's policy: official

South Korea will closely monitor the financial market as market volatility could increase from a spike in virus cases and talks of an early tapering of the Federal Reserve's bond purchase, a senior government official said Thursday. After a two-day policy meeting, the Fed on Wednesday kept its key interest rate near zero and left unchanged its bond-buying program. The Fed said the US economy is on a solid recovery track despite a flare-up in COVID-19 cases, but it did not provide a timetable fo

EconomyJuly 29, 2021

S. Korea to spend over W5tr in supporting chips, 2 other sectors next year

South Korea's top economic policymaker said Thursday the government plans to spend more than 5 trillion won ($4.3 billion) in supporting chips, bio-health and next-generation vehicle sectors next year. Finance Minister Hong Nam-ki said the country will spare no effort to nurture the three "big" industries. This year, the government plans to offer financial support worth some 4.2 trillion won to the sectors. The country has designated semiconductors, batteries and vaccines as three ke

EconomyJuly 29, 2021

Biz sentiment falls for August amid pandemic: poll

South Korea's business sentiment fell for August due to deteriorating profitability in the restaurant, accommodation and service industries amid the extended coronavirus pandemic, a local think tank said Thursday. The business survey index (BSI) of the country's top 600 companies by sales fell to 95.2 for next month, down 7.1 points from July, the Korea Economic Research Institute (KERI) said in a statement. The business outlook fell below 100 for the first time in five months. The BSI had sta

EconomyJuly 29, 2021

Seoul stocks open higher on robust earnings, FOMC results

South Korean stocks opened higher Thursday as investor sentiment improved over optimism for strong corporate earnings and the US Fed's assurance that tapering would require more recovery from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.04 points, or 0.34 percent, to 3,247.9 points in the first 15 minutes of trading. Stocks advanced after a two-day gain, backed by second-quarter surprise earnings by large caps, including market bellwether Samsung Electronics a

MarketJuly 29, 2021

Samsung delivers robust Q2 earnings on chip biz recovery, one-off gain

Samsung Electronics Co. on Thursday reported robust second-quarter earnings on the back of its semiconductor business and a one-off gain from its display panel business. Its net profit stood at 9.63 trillion won ($8.3 billion) in the April-June period, up 73.4 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing. Its second-quarter operating profit jumped 54.3 percent on-year to 12.56 trillion won, the largest since the third quarter o

IndustryJuly 29, 2021

Effectiveness of parental control apps thrown into doubt

A growing number of clashes between parents and their children revolve around the use of parental control apps that filter out obscene content on online platforms, but there are concerns these apps may not even be working. The prolonged COVID-19 pandemic is forcing students to study from home through smartphone apps, prompting parents to apply filtering apps to block harmful online content. Parental control apps can be installed on computers and mobile devices, with a comprehensive list of

TechnologyJuly 28, 2021

LG Electronics completes $453.3m stake sale to create JV with Magna

LG Electronics has completed the sale of a 49 percent stake in its electric vehicle part splitoff for $453.3 million to create a joint venture with Magna International‘s Austrian arm, a filing showed Wednesday. As a result, the new entity LG Magna e-Powertrain will become a 51:49 joint venture of Seoul-based LG Electronics and Magna Metalforming, the Austrian affiliate of Canada-based vehicle engineering firm Magna International. The news comes seven months after the two companies ente

MarketJuly 28, 2021

Hangover drink maker seeks W596.9b IPO as Korean PEs eye exit

HK inno.N, South Korean pharmaceutical firm and maker of popular hangover drink Condition, is poised to raise 596.9 billion won ($516.6 million) in a forthcoming two-day initial public offering until Friday, a disclosure showed Wednesday. The IPO of the company, formerly known as CJ HealthCare, will give its private investors a chance to immediately cash in 255.8 billion won before its August listing on the Korea Exchange‘s development bourse Kosdaq. Beneficiaries will be three private

MarketJuly 28, 2021