Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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SK On to attract $2b loan to back 3rd battery plant in Europe
South Korean lithium-ion battery cell maker SK On announced Thursday that it plans to attract a combined $2 billion loan to ramp up its push for a new battery plant in Europe. The green financing will come from seven commercial banks with three export credit agencies -- Korea Trade Insurance Corp., Export-Import Bank of Korea and Allianz Trade (formerly known as Euler Hermes) -- supporting loans, loan guarantees and insurance. The borrowing will go to SK On‘s third European battery plant
July 28, 2022
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Posco Chemical signs W13tr cathode deal with GM
Posco Chemical, a chemical materials unit of South Korean steel giant Posco, signed a deal to supply General Motors with 13 trillion won’s ($10 billion) worth of cathode materials on Thursday. Cathode materials determine the capacity and average voltage of batteries. With the deal, Posco will now supply high-nickel cathode materials, largely used as electric car batteries, to LG-GM joint venture Ultium Cells for three years. Posco chemical also plans to build production lines in North
July 28, 2022
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Sidewalk robots, new visa among 51 regulatory reforms
The government on Thursday unveiled a total of 51 regulatory reform projects across industries as part of effort to spur both innovation and investment. Easing excessive regulations is one of the campaign pledges of President Yoon Suk-yeol. Thursday’s announcement is the first batch of the plans following the launch of a new task force, led by Finance Minister Choo Kyung-ho, last month. Six areas, including new industries, environment, bio and health care, are subject to the deregulati
July 28, 2022
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S. Korean customs control goes online
South Korea’s customs office said Thursday it will launch an online customs declaration platform and an automated customs examination service at Korea‘s major international airports, beginning in August. Travelers entering Korea through Gimpo Airport and Incheon Airport Terminal 2 can now declare designated items through an online app. So far, travelers have been required to fill out a paper form on the plane before landing. The app allows travelers to input personal data by scann
July 28, 2022
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S-Oil Q2 net more than doubles amid rising oil prices
S-Oil Corp. said Thursday its second-quarter net profit more than doubled from a year earlier on the back of widened refining margins helped by higher oil prices. Net profit came to 1.01 trillion won ($775.2 million) in the April-June period, up 146.9 percent from 410.7 billion won a year earlier, the Seoul-based subsidiary of Saudi Arabia's Aramco said in a regulatory filing. Operating profit reached 1.72 trillion won, more than tripling from the previous year's 571 billion won. Sales
July 28, 2022
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Biz sentiment for July hits 17-month low on inflation, recession woes
South Korea's business sentiment dipped to the lowest in 17 months in July, with companies bracing for rising inflation amid recession woes, a central bank poll showed Thursday. The business sentiment index (BSI) came to 80 for July, down two points from the previous month, according to the survey by the Bank of Korea (BOK). The tally is the lowest reading since 76 in February, 2021. The index measures corporate prospects for business conditions in the following month. A reading below 100 m
July 28, 2022
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New Pyeongtaek base to provide hydrogen for 430,000 vehicles
SEJONG -- A second hydrogen production base in Korea is set to kick off operations in Pyeongtaek, Gyeonggi Province, next month, to improve the supply volume of energy to vehicle charging stations in Seoul and neighboring cities. The Pyeongtaek base, located at the Asan Industrial Complex, some 60 kilometers south of Seoul, will have the capacity of providing 430,000 hydrogen-fueled vehicles, including commercial ones, with energy per annum, according to the Ministry of Trade, Industry and Ene
July 27, 2022
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Samsung to help local logic chip designers save prototype costs
Samsung Electronics’ semiconductor chip foundry business looks to help select smaller chip design houses to create prototypes and validate the pre-production concepts of their own chips. According to the Ministry of SMEs and Startups, Samsung will offer multi-project wafer shuttle services to five fabless companies -- DeepX, GLS, SKAi Chips, Semibrain and Raontech -- with the government partially subsidizing the program. The five startups were chosen after a monthlong selection process.
July 27, 2022
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Hyundai Motor to join moon surface exploration
Hyundai Motor and its sister company Kia signed a joint research agreement Wednesday with six government-funded research institutes that encompass aeronautics and space capabilities to develop mobility for moon surface exploration, the companies said Wednesday. Through this joint research, they will not only develop technologies needed to make mobility for moon surface exploration but also come up with specific strategies and methods to operate such mobility on the harsh environmental and geogr
July 27, 2022
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SK hynix logs record quarterly sales, but to review investment plan
SK hynix on Wednesday reported a record high quarterly sales of 13.81 trillion won ($10.6 billion) from the April to June period, but said it would review next year’s investment plans, citing the global economic uncertainties and weakening market demand. The world’s second-largest memory chipmaker also saw its operating profit increased by 47 percent from the previous quarter to 4.19 trillion won. “Although the prices of DRAM products decreased in the second quarter, the pric
July 27, 2022
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New South Wales PM meets businessmen in Seoul at AustCham event
The Australian Chamber of Commerce in Korea said Wednesday that it hosted a business breakfast for Dominic Perrotte, premier of New South Wales in Seoul, on Monday. During the event, which was attended by more than 100 senior business representatives, the premier highlighted the importance of South Korea to NSW and provided an economic update of the Australian state to the participating corporate stakeholders. The Premier also highlighted the resilience of NSW‘s economy and delivered a
July 27, 2022
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LG Energy Solution raises growth target on upbeat demand
LG Energy Solution on Wednesday announced an upgraded growth plan consisting of a threefold growth in sales and a two-digit operating profit ratio in the next five years. This year’s sales target has also been elevated to 22 trillion won ($17 billion) from 19.2 trillion won. The ambitious plan comes as the world’s second-largest battery maker for electric vehicles reported its second-quarter earnings earlier in the day. In the April-June period, the company posted 5.1 trillion wo
July 27, 2022
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LG Chem to supply cathode active materials to GM for 8 years
South Korean battery material firm LG Chem announced Wednesday plans to supply at least 950,000 tons of cathode active materials used for electric vehicles to General Motors over the next eight years, which would be enough for some 5 million units. Under the long-term supply agreement, LG Chem will supply cathode materials of nickel, cobalt, manganese and aluminum -- which represent about 40 percent of the cost of a battery cell -- starting the second half of 2022 through 2030. According to
July 27, 2022
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Chinese envoy warns Korea against ‘interference’ in chip supply chain
The Chinese Ambassador to South Korea urged a Korean lawmaker who leads a parliamentary semiconductor committee to exclude “external interference” in chip supply chains and for closer bilateral cooperation in chips, according to the Chinese embassy in Seoul. “China is willing to work with South Korea under the principle of a fair and just market, eliminate external interference, strengthen cooperation in semiconductors and other fields, and jointly maintain the stability of th
July 26, 2022
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Valeo to invest W73b in Daegu
French automotive parts maker Valeo will invest 73 billion won ($56 million) in Daegu to advance the autonomous driving market in the city, located 200 kilometers southeast of Seoul, officials said Tuesday. Under the deal signed with the Daegu city government, Valeo will build a factory that manufactures sensors for advanced driver assistance systems and steering at an industrial complex in the city. Sensors detect risks and warn drivers, which is essential for autonomous driving. The constr
July 26, 2022
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Posco International to supply structural steel to Incheon Airport
Posco International, the trading arm of Posco Group, is supplying Incheon Airport with 23,000 tons of structural steel to be used in expanding the airport’s second passenger terminal. They will be supplying curtain walls and roofing materials made with eco-friendly materials until Incheon Airport finishes the construction of Terminal 2 by 2024, according to Posco International. A curtain wall is an outer covering of a building made of lightweight aluminum and steel that does not carry th
July 26, 2022
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LG Energy Solution to set up 1st Korean battery recycling plant in China
LG Energy Solution said Tuesday it looks to set up its first South Korean-Chinese joint battery cell recycling facilities in China for stable supply of key battery materials from battery manufacturing scraps and used batteries. LG Energy Solution, Korea’s largest lithium-ion battery manufacturer by production capacity, has signed a memorandum of understanding with Zhejiang Huayou Cobalt to launch a joint venture for the new recycling plant by the end of this year, according to its releas
July 26, 2022
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Biden, SK chief to hold virtual meeting on July 26
US President Joe Biden and SK Group Chairman Chey Tae-won will hold a virtual meeting on Tuesday (US time) to discuss South Korea’s second-largest conglomerate’s spending and hiring plans in the US, according to the White House on Monday. “The president will virtually meet with the chairman and principal owner of the Republic of Korea conglomerate SK Group to discuss the company’s robust investments in American manufacturing and jobs,” the White House said, referr
July 26, 2022
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Cheap boxed lunch sales rise amid growing ‘lunchflation‘
With South Korea’s consumer prices jumping a whopping 6 percent in June from a year earlier, many workers here are contemplating cheaper options, including takeout boxed lunch, instead of eating out. South Korean boxed lunch takeout chain Hansot Dosirak said Tuesday that its sales in restaurants near Seoul’s office clusters rose by 23 percent during lunch hours in June compared to the same month last year. On the back of workers experiencing “lunchflation,” the takeout
July 26, 2022
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S. Korea's ice cream exports hit all-time high in H1
South Korea's exports of ice cream reached an all-time high in the first half of this year, data showed Tuesday, amid a global heat wave and the growing popularity of Korean culture. Overseas shipments of South Korean-made ice-cream products came to $50 million in the January-June period, up 14 percent from a year earlier to reach a record high, according to the data from the Korea Customs Service. Imports inched up 0.3 percent on-year to $28 million, also hitting an all-time high, during t
July 26, 2022