STX to supply lithium with South American partners

South Korean trading company STX said Monday that it has signed a trilateral agreement with its partners based in Peru and Brazil, forming a secure supply chain that includes mining lithium and processing lithium concentrate. Lithium is a key mineral used for making rechargeable batteries. Under the partnership, STX announced a strategic equity investment in a lithium mine in Peru, which is estimated to have 18.1 million metric tons of lithium deposits. Signing an offtake agreement, it will also

Nov. 13, 2023

[Photo News] Hyundai on top again

Hyundai Motorsport's customer racing team BRC Hyundai N Squadra Corse scored its fourth win of the season at the eighth round of the 2023 Kumho TCR World Tour, at the Mount Panorama Motor Racing circuit in Australia over the weekend, the South Korean automaker said Monday. Driver Norbert Michelisz crossed the finish line first in Race 2 in his Elantra N TCR to secure his third victory of the season. (Hyundai Motor Group)

Nov. 13, 2023

Samsung Electronics accounts for 84% of Q3 smartphone sales

Samsung Electronics Co. accounted for more than 80 percent of South Korean smartphone sales in the third quarter amid contracted demand for high-end gadgets, industry data showed Monday. Some 3.4 million smartphones were sold in the country during the July-September period, down 10 percent from a year ago, according to the data by market research firm Counterpoint Research. Samsung's smartphones dominated the market, capturing 84 percent of total sales, thanks to the popularity of its new f

Nov. 13, 2023

Seoul shares open higher on hope for exports recovery

South Korean stocks opened higher Monday as the country reported continued improvement in exports, led by the semiconductor industry. The benchmark Korea Composite Stock Price Index added 8.59 points, or 0.36 percent, to 2,418.25 in the first 15 minutes of trading. The customs office said the country's exports increased 3.2 percent on-year to $18.2 billion in the first 10 days of the month, with outbound shipments of semiconductors gaining 1.3 percent, marking the first increase since Augus

Nov. 13, 2023

Kumho Petrochemical comits to net zero by 2050

Kumho Petrochemical Group has reiterated its corporate-wide commitment to enhancing environmental and safety measures while developing a sustainable management system to begin carbon-neutral growth by 2035 and achieve complete carbon neutrality by 2050. Kumho Petrochemical and its affiliates, including Kumho P&B Chemicals, Kumho Mitsui Chemicals, Kumho Polychem, Kumho T&L, and Kumho Resort, have coordinated through an internal ESG council to align on environmental and safety management

Nov. 13, 2023

Exports up 3.2% during first 10 days of Nov. on chip, auto sales

South Korea's exports rose 3.2 percent on-year in the first 10 days of November on the back of rising demand for semiconductors and vehicles, data showed Monday. Outbound shipments reached $18.24 billion in the Nov. 1-10 period, compared with $17.67 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports also grew 3.2 percent on-year to $2.15 billion during the cited period, it added. Imports added 1.2 percent on-year to $19.98 billion during th

Nov. 13, 2023

[Photo News] Inspection before Suneung

Engineers of Hi-MSolutek, LG Electronics’ service and maintenance affiliate, inspect an air conditioner in a classroom designated as a venue for the Suneung, Korea’s College Scholastic Ability Test, slated for Thursday this week. LG Electronics said it is running inspections of its air conditioners installed at 250 examination sites across the country until Wednesday. (LG Electronics)

Nov. 13, 2023

Franchise issues in Korea

News has emerged that famous franchise CEOs in the food service industry were severely criticized during an inspection conducted by the National Assembly. Abuse of power and unfair contracts in the franchise sector have been continuously pointed out as chronic issues. At this juncture, a better understanding on franchises and the Fair Trade Commission is needed. We will examine the related issue with Jeong Yeon-jae, attorney at law. Q. How did franchises become a widely used business model? En

Nov. 13, 2023

Hyundai stands as No. 2 EV player in U.S. market despite IRA

South Korea's Hyundai Motor Group stands as the second-largest player in the U.S. market for electric vehicles (EVs) despite concerns surrounding Washington's protectionism policy, data showed Sunday. Hyundai Motor Co. took up 4.8 percent of the U.S. EV market in the January-September period, with its smaller sister Kia Corp. accounting for 2.7 percent, according to U.S. magazine Automotive News. Their combined market share came to 7.5 percent, or 64,000 units, taking up the second-l

Nov. 12, 2023

[Hello Indonesia] How Mirae Asset mesmerized Indonesian investors with cartoon

Deeply understanding a country and translating it into a business strategy is the biggest challenge and core mission for any company trying to make inroads into a new market. For Mirae Asset Securities to hold the largest share in the Indonesian capital market, the brokerage firm took a unique approach to investors -- publishing a cartoon-based market research paper and hosting a mock stock trading contest for millennials. “Analyzing the Indonesian market from a cultural perspective and us

Nov. 12, 2023

Korean banks to offer loans for Polish weapons deal

South Korea's top five commercial banks will provide the first tranche of a syndicated loan worth 3.5 trillion won ($2.65 billion) to the Polish government to finance a follow-up weapons purchase deal with Korean arms companies, industry sources said Friday. This decision came after South Korea's Defense Ministry asked the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to provide the lending during a meeting held on Nov. 6, as state-run banks hit their lo

Nov. 12, 2023

LG Display set for turnaround next year, buoyed by Apple’s first OLED iPad

LG Display is expected to get out of the red next year earlier than expected, by supplying organic light-emitting displays for Apple's upcoming iPad Pro, of which the panels are to be three times more expensive than that of the iPhone. According to industry sources on Sunday, the Korean panel maker will start OLED production for the upcoming iPad Pro in February next year at its plant in Paju, Gyeonggi Province. This is about three months earlier than predicted, with Apple forecast to launc

Nov. 12, 2023

[From the Scene] CJ Logistics aims to operate global hub for cross-border e-commerce

INCHEON -- At CJ Logistics' Global Distribution Center, a total of 140 red, box-shaped robots with four wheels zoom across rows of stacked-up bins. The robot then drops down wires and hoists up a bin filled with goods. Carrying the bin, the robot scurries along the metal railings, transporting the bin to the packaging station, where an employee selects a set number of items from the bin to pack into a box for delivery. The robot then bustles back again and heads for another bin, repeating t

Nov. 12, 2023

Hyungji Group chairman wins Gold Tower award

South Korean retail giant Hyungji Group Chairman Choi Byung-oh has won the Gold Tower Order of Industrial Service Merit, the highest honor in the trade sector awarded by the government, for his outstanding contributions to the nation’s textiles industry. The Ministry of Industry, Trade and Energy and the Korea Federation of Textile Industries on Friday recognized 47 business leaders in commemoration of the 37th Textile Day. Choi, in particular, was recognized for boosting the competitivene

Nov. 12, 2023

[Test Drive] Torres EVX presents all-around electric SUV

The Torres EVX, KG Mobility’s all-electric sport utility vehicle boasting well-rounded features, is poised to win the hearts of consumers looking for an affordable, multifunctional SUV powered by electricity. The Korea Herald had a closer look at the electric SUV and got behind the wheel during a test drive over a course of about 66 kilometers on Wednesday. The Korean automaker began mass production of the Torres EVX in early November. At first glance, the Torres EVX has similar vibes to t

Nov. 12, 2023

Samyang Roundsquare aims to lead future K-food culture

South Korean food giant Samyang Roundsquare, formerly known as Samyang Foods Group, has been rapidly expanding its global presence with the soaring popularity of its bestselling spicy ramyeon products. Over the past decade, its flagship Buldak Ramyeon has established itself as a leading Korean brand, gaining footholds in a total of 95 countries. Since the export of Buldak series came into full swing in 2016, Samyang’s earnings have also seen a surge. The company posted 909 billion won ($

Nov. 12, 2023

Modern pentathlete wins Dong-A Otsuka scholarship

South Korea’s leading beverage maker Dong-A Otsuka said Friday that it delivered scholarship funds worth 5 million won ($3,800) to Shin Su-min, a teenage modern pentathlete, at the 17th Youth Hero Prize ceremony hosted by the Korea Scout Association. The award, launched in 2007 by the KSA, aims to nurture future talents by recognizing prospective youths in a total of five categories including physical sports, academics, culture & art, community service, and scouting. Among those five

Nov. 12, 2023

Sales of diesel vehicles down through Q3 amid EV popularity

Sales of diesel automobiles built by local manufacturers fell more than 20 percent on-year through the third quarter of 2023, data showed Sunday, amid the rising preference for electric vehicles in the market. South Korea's five carmakers sold 76,367 units of diesel passenger cars over the January-September period, down from 97,235 tallied a year earlier, according to the data compiled by the Korea Automobile Manufacturers Association. By model, sales of diesel models of Hyundai Motor Co.&#

Nov. 12, 2023

LG Energy Solution, Ford scrap plan to build battery JV in Turkey

LG Energy Solution, South Korea's top battery maker, said Saturday its plan to build a battery plant in Turkey with Ford Motor has been scrapped as a Turkish partner revoked its participation in the project. In February, LG Energy Solution signed a non-binding agreement with Ford and Turkey's Koc Holding A.S. to push for a joint venture to build an EV battery in Baskent, a city near the Turkish capital of Ankara. But Koc decided to revoke its participation, citing its consideration of

Nov. 11, 2023

HMM Q3 net sinks 96 pct on lower shipping rates

South Korea's top container shipper HMM Co. said Friday its third-quarter earnings tumbled on sluggish shipping rates amid decreased cargo volume. Net income amounted to 95.4 billion won ($72.3 million) in the July-September period, down 96 percent from a year earlier, the shipping company said in a regulatory filing. Sales dipped 58 percent on-year to 2.1 trillion won, with operating income plunging 97 percent to 75.8 billion won. In the first three quarters of this year, the company poste

Nov. 10, 2023