Hyundai Motor Group pushes for project to reuse waste EV batteries

Hyundai Motor Group, the world's fifth-largest automotive group, said Sunday that it will carry out a pilot project to reuse batteries used for electric vehicles (EVs) at solar power plants. The move follows the Ministry of Trade, Industry and Energy's recent decision to give regulatory exemptions for new business models based on reusing EV batteries. Before, it was difficult for companies to push for such projects as the country has no regulations related to the reuse of worn-out EV batteries.

IndustryJan. 10, 2021

S. Korea to phase out industrial waste imports

South Korea plans to restrict or phase out its imports of 10 kinds of industrial waste to increase the recycling of domestic waste, the Ministry of Environment said Sunday. The ministry said the importation of half of the 10 waste items, including plastic waste, mixed waste paper and coal ash, will be banned between 2022 and 2023. According to the ministry's road map, imports of all kinds of industrial waste, excluding metal scraps and a few others, will be banned in principle by 2030, while t

EconomyJan. 10, 2021

[Eye Plus] Gapyeong’s garden of fantastic lights

  At Garden of Morning Calm, an arboretum in Gapyeong, Gyeonggi Province, once the trees shed their leaves and their botanical splendor fades, bright lights fill the conservatory for the “Starlight Garden Festival.”  Every year between December and March, ecofriendly light-emitting diode bulbs are placed throughout the 330,000 square-meter garden using the trees as a canvas.   The result is a massive garden lit with fluorescent colors, with giant illuminated sculptures

IndustryJan. 9, 2021

[Weekender] Young and fearless: Startups enter global race for space, robotics and AI

While overseas global corporations such as Elon Musk‘s Space X, are leading to charge to turn the stuff of science fiction into reality, in South Korea, the brave companies eyeing the likes of space travel and humanoid robots are not its hardware giants, but small startups. Hybrid rocket engine maker Innospace is a prime example. The Sejong-based startup, led by a former Hanwha engineer, manufactures small “hybrid” rocket motors that use a combination of solid fuel and liquid

MarketJan. 9, 2021

Hyundai shares soar on Apple car talks reports

Shares in South Korean automaker Hyundai soared Friday on the back of reports it was in talks with Apple for a joint project to manufacture self-driving electric vehicles. Hyundai Motor shares rocketed 19.4 percent in Seoul, with its affiliate Kia also jumping 8.4 percent at the close. The moves came after cable broadcaster Korea Economic TV said the iPhone maker had approached the South Korean company to discuss a potential partnership to develop electric cars and batteries for them. South

BusinessJan. 8, 2021

Samsung SDI replaces electric-car battery chief

Samsung SDI said Friday that it had recently conducted an executive-level reshuffle to appoint a new electric-car battery chief. According to the South Korean electric vehicle battery maker, the reshuffle included major posts -- chief financial officer, head of the medium-to-large-battery division and head of the small-battery division. Kwon Young-no, chief of the business management office, has been replaced by Kim Jong-sung, who had previously worked at Samsung Electronics’ video di

IndustryJan. 8, 2021

Industrial accident bill passes assembly despite brawl

The National Assembly on Friday passed a bill to enhance employer liability in industrial accidents, amid persistent backlash from business circles. The corresponding bill was laid out to the parliamentary plenary session in the afternoon and obtained 164 votes out of the 266 lawmakers attending, while 44 dissented and 58 abstained. Under these new enhanced rules, employers are to face a minimum jail sentence of one year or a maximum fine of 1 billion won ($915,751), should a deathly industr

IndustryJan. 8, 2021

Ssangyong Motor operations stay afloat, amid hopes of new investment talks

Ssangyong Motor is managing to keep its manufacturing operations afloat, as some suppliers are temporarily providing a minimal amount of necessary parts while the automaker works on finding a new investor. “Our manufacturing facilities are fully functional as sufficient parts are being supplied for now,” an official said. “But this is a provisional situation as no official deal has been struck regarding resuming the (once stalled) parts supplies.” In December, the carm

IndustryJan. 8, 2021

Former vice land minister tapped as Incheon Airport chief

Kim Kyung-wook, former vice land minister, has been nominated as president and CEO of the state-run Incheon International Airport Corp. to fill in the vacuum caused by the predecessor’s dismissal. The airport operator held a shareholders‘ meeting virtually on Thursday and agreed to nominate Kim as the sole candidate for the ninth president and CEO post, officials said Friday. The top post has remained vacant since Koo Bon-hwan was dismissed in September for neglecting his supervis

IndustryJan. 8, 2021

LG Electronics operating profit hits all-time high of W3tr in 2020

LG Electronics logged a record-high operating profit in 2020, surpassing 3 trillion won ($2.75 billion) for the first time in its history, the company said in its regulatory filing Friday. Its operating profit for the whole of last year has been estimated at 3.19 trillion won, breaking the previous record of 2.7 trillion won in 2018. Compared with a year earlier, the 2020 figure was an increase of 31 percent, the regulatory filing showed. The South Korean electronics maker’s gross an

TechnologyJan. 8, 2021

KOSPI soars past 3,100 on Samsung, Hyundai Motor

South Korea's key stock index logged the largest daily gain in nearly seven months Friday, breaching the 3,100-point mark on stellar advances in market heavyweights such as Samsung Electronics and Hyundai Motor. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 120.5 points, or 3.97 percent, to close at 3,152.18 points, registering the largest daily jump since June 16, 2020. Trading volume was exceptionally high at about 1.3 billion shares

MarketJan. 8, 2021

S. Korea to add 1.04 million new jobs in public sector

The South Korean government plans to create 1.04 million new jobs in the public sector in an effort to tackle the pandemic employment shock, according to the nation’s first vice minister of finance Friday.  “To offer job opportunities to low-income households and young job seekers hit hard by the COVID-19 crisis, (the government) aims to create 1.04 million state-backed jobs by the end of this year, which is up nearly 10 percent from the previous year’s job-creating pr

EconomyJan. 8, 2021

LG Electronics to feature virtual human at CES 2021

LG Electronics Inc. said Friday it will feature a virtual human as a speaker at the world's largest tech expo next week as the South Korean tech powerhouse aims to show off its artificial intelligence (AI) capabilities. LG said an artificial human, named Reah Keem, will deliver a three-minute presentation at its press event for the all-digital Consumer Electronics Show (CES) 2021 on Monday. LG designed the virtual human as a 23-year-old female musician. It already has an Instagram page with mo

IndustryJan. 8, 2021

Bull market continues in US, S. Korea with Biden win affirmed

After US Congress confirmed Joe Biden as the presidential election winner, leading US stock benchmarks surged to record highs on Thursday (local time). South Korea’s main bourse also hit an all-time high in intraday trading on Friday. The Dow Jones Industrial Average, the index for 30 top-performing US firms, rose 0.69 percent to 31,041.13 while the tech-heavy Nasdaq Composite jumped 2.56 percent to 13,067.48. The S&P 500, which tracks the stocks of 500 large-cap US firms, increased

MarketJan. 8, 2021

Pandemic presents best winter season ever for petrochemical industry

Major South Korean petrochemical companies such as Hyosung Chemical and Lotte Chemical are enjoying an unexpected sales boost, as the pandemic has driven up demand for polypropylene, a raw material for mask filters and syringes. “Winter season is typically an off-season for the petrochemical industry. However, thanks to the pandemic, favorable market conditions continue for the petrochemical industry, even better than its usual peak season,” said SK Securities analyst Sohn Ji-woo.

IndustryJan. 8, 2021

Samsung Electronics’ Q4 operating profit reaches W9tr

Samsung Electronics continued its strong performance in the fourth quarter last year, the company said in its regulatory filing Friday. Samsung Electronics estimated its Q4 operating profit at 9 trillion won ($8.2 billion), up 26.7 percent on-year. The company’s operating profit for the whole of last year is estimated at 35.9 trillion won accordingly, an increase of 29.4 percent from 27.7 trillion won in 2019. Compared with a quarter earlier, when the firm delivered an earnings surpris

TechnologyJan. 8, 2021

Samsung Electronics accelerates auto parts biz with Harman’s new digital cockpits

Samsung Electronics’ wholly owned auto parts subsidiary Harman on Thursday unveiled new digital cockpit concepts that can turn a car into a gaming station, a concert hall or a studio office. At Harman ExPLORE 2021, held Thursday, the company introduced three new digital cockpits that offer customized in-vehicle experiences to drivers -- Gaming Intense Max, Drive-Live Concert and Creator Studio. “We believe cars should be for living, not just driving. We’re transforming the

IndustryJan. 8, 2021

LG unveils upgraded smart TV platform with new voice controls

LG Electronics Inc. on Friday unveiled its upgraded smart TV platform that will be used for its 2021 TV models as the South Korean tech company eyes to improve its software capabilities. LG, the world's second-largest TV maker, said the webOS 6.0 will run on its 2021 TV sets including OLED, QNED Mini LED and NanoCell TVs, and will feature enhanced voice controls and user-friendly interface. The latest smart TV system will have a new design of a home screen that will allow users to easily acces

IndustryJan. 8, 2021

Samsung unveils new Chrome OS-powered laptop to target online learning market

Samsung Electronics Co. on Friday unveiled a new laptop that runs on Google's Chrome operating system (OS) as the South Korean giant eyes to respond to the increasing popularity of distance learning amid the pandemic. Samsung's Galaxy Chromebook 2 is the industry's first Chrome OS-powered laptop with QLED display. The 2-in-1 notebook comes with a 13.3-inch QLED full HD display with a touch screen. The latest laptop also features "Smart AMP" sound, which runs up to 178 percent louder

IndustryJan. 8, 2021

Foreigners turn net sellers of S. Korean stocks in December last year

Foreign investors turned net sellers of South Korean equities in December last year, as they took profits from a recent stock rally, the central bank said Friday. Foreigners sold a net $2.36 billion worth of local stocks last month, compared with a net purchase of $5.07 billion in November last year, according to the Bank of Korea (BOK). Offshore investors also became net sellers of Korean bonds worth $170 million last month, the BOK said. Meanwhile, volatility in South Korea's currency fell

EconomyJan. 8, 2021