[Photo News] LG-Magna alliance

LG Electronics CEO Cho Joo-wan (right) visits the exhibition booth of Canadian auto parts maker Magna at IAA Mobility, one of the world's largest automotive trade shows, in Munich on Tuesday. The Korean tech giant said the CEO discussed various ways to bolster its partnership in electric vehicle parts with Magna Powertrain President Diba Ilunga. "In alliance with Magna, we'll strengthen our position in the global electronics market and proactively address the future of mobility, i

Sept. 6, 2023

S. Korean defense firms seek to bolster foothold in Poland at int'l arms exhibition

Major South Korean defense companies have showed off tanks, guided weapons and other key weapons systems at an annual arms exhibition under way in Poland, as they seek to solidify their presence in the European country on the back of successful deals signed last year. The 31st International Defense Industry Exhibition, or MSPO, got under way Tuesday for a four-day run in Kielce, Poland, after South Korean companies secured major deals last year to supply K2 tanks, K9 self-propelled howitzers, FA

Sept. 6, 2023

Lotte Mart to create special shopping zones for foreign travelers

Lotte Mart, one of South Korea's major supermarket chains, will create special shopping zones for foreign visitors at its branches frequently visited by inbound travelers, its operator said Wednesday. Last month, Lotte Mart first created a 20-meter-long special shopping zone, named "Must-Haves of Korea: K-Food," at its Seoul Station branch, where about 30 percent of visitors were foreigners in the first eight months of this year, according to Lotte Shopping Co. Lotte Mart plans to

Sept. 6, 2023

S. Korean shipyards rank 2nd in new global orders in Aug.

South Korean shipbuilders lagged far behind their Chinese rivals in new global orders to place second worldwide in August amid sinking demand, industry data showed Wednesday. Local shipyards won a combined 270,000 compensated gross tons in new orders last month, accounting for 13 percent of the global total at 2.05 million CGTs, according to the data from global market researcher Clarkson Research Service. The global total, or 71 vessels, was 30 percent lower than that from a year earlier. Chine

Sept. 6, 2023

Seoul shares open lower on renewed inflation woes

South Korean stocks got off to a weak start Wednesday as an uptick in global oil prices and US federal bank officials' comments suggesting more interest rate hikes in the future renewed inflation concerns. After starting marginally lower, the benchmark Korea Composite Stock Price Index was moving almost flat, or down 2.32 points, at 2,579.86 in the first 15 minutes of trading. Fed Gov. Christopher Waller said Tuesday the Fed has room to proceed carefully with its monetary tightening as rece

Sept. 6, 2023

S. Korea's monetary, budget tightening policies 'right': IMF

The International Monetary Fund has said South Korea's latest restrictive monetary and budget policies are headed in the right direction and anticipated the economy will speed up recovery in the second half, Seoul's finance ministry said Tuesday. Harald Finger, Korea missions chief at the Washington-based organization, made the remark during a virtual meeting with Finance Minister Choo Kyung-ho, according to the Ministry of Economy and Finance. During the meeting between the IMF and th

Sept. 5, 2023

SK Enmove eyes growth in e-fluids, thermal management

SK Enmove, the lubricant-making unit of SK Group, on Tuesday unveiled its new ZIC e-FLO brand to expand its presence in the burgeoning energy-efficient fluid market for electric vehicles and data centers. The new strategy builds upon ZIC's legacy as a pioneering lubricant brand in Korea, evolving its range to focus on power efficiency, driven in part by the industry's broader shift toward sustainable energy solutions. "ZIC's vision now extends beyond traditional engine oils,

Sept. 5, 2023

DHL reveals Asia-Pacific's largest logistics gateway in Incheon

DHL Express Korea, the South Korean unit of the international express logistics service provider DHL Express, said Tuesday it started the full-fledged operation of a high-tech logistics terminal in Incheon after completing a three-year expansion project that has boosted cargo handling capacity threefold. The global logistics firm invested 131 million euros ($141 million) to renovate and expand the DHL Incheon Gateway in 2019 in order to transform the facility into the largest logistics gateway i

Sept. 5, 2023

GS Caltex, Korean Air test flying biofuel-powered flight

South Korean energy firm GS Caltex and the country's flag carrier Korean Air said Tuesday that an aircraft using biojet fuel aimed at decreasing the aviation industry's carbon footprint was scheduled to take off toward Los Angeles. During a pilot operation ceremony at Incheon Airport on Tuesday, Kim Chang-soo, GS Caltex's executive vice president and director of Mobility & Marketing; Cho Sung-bae, Korean Air's senior vice president of procurement; and representatives from

Sept. 5, 2023

Seoul shares end lower on profit taking; won sharply down

South Korean stocks ended slightly lower Tuesday, as investors moved to lock in profits from recent gains while awaiting cues for the Federal Reserve's future policy path. The local currency sharply fell against the dollar. After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.37 points, or 0.09 percent, to close at 2,582.18, ending a two-day winning streak. Trading volume was a bit slim at 377.33 million shares worth 7.36 trillion won ($5.54 billion), with losers out

Sept. 5, 2023

[Herald Interview] Siemens ready to accelerate Korea's digitalization

Siemens Korea, the Korean unit of German industrial giant Siemens, has supported accelerating its domestic partners’ digital transformation a step further to create innovations for various industrial sectors here that are sustainable. With companies undergoing digital transformation globally and capitalizing on the opportunities, Korea, as a global manufacturing powerhouse, still needs to play catch-up, according to Siemens Korea’s vice president. “We have the world's best

Sept. 5, 2023

Toss Bank mulls introducing house mortgage loans

Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer house mortgage loans. KakaoBank and K-Bank account for 2 percent of the total ho

Sept. 5, 2023

[KH Explains] Pressure mounts on Korean battery makers to raise wages in US

Ultium Cells, a joint venture between Korea’s LG Energy Solution and US-based General Motors, has recently agreed to raise workers' wages at its Ohio battery plant, leaving Samsung SDI and SK On on high alert for the possible need to increase wages at their joint plants with carmakers there, slated to begin operations in a few years. The company said on Aug. 24 local time that it has reached a tentative deal with the United Auto Workers, the labor union organized within the Ultium pla

Sept. 5, 2023

[From the scene] Samsung shows off end-to-end automotive solutions at IAA 2023

MUNICH -- Samsung Electronics, the world’s No. 1 memory chip and smartphone maker, made its official debut at an international motor show, renewing its automotive ambitions as a “total solutions provider.” The South Korean tech giant set up its exhibition booth at IAA Mobility, one of the largest automotive trade shows, which kicked off Tuesday in Munich, Germany. In Hall B1 at the Messe Munchen exhibition center, Samsung’s booth was located next to those of its sister fi

Sept. 5, 2023

[Herald Interview] Mercedes-Benz strives to be iconic

MUNICH -- For over 100 years, Mercedes-Benz has looked to embody luxury in its vehicles, and the German automaker has lived up to expectations, seeing its iconic logo become one of the most beloved symbols across the world Through the unveiling of the new Concept CLA Class -- an electric vehicle complete with extraordinary technologies and a remarkable design -- at the IAA Mobility in Munich, Mercedes-Benz Chief Design Officer Gorden Wagener says the brand is now looking to personify youth. &ldq

Sept. 5, 2023

[Herald Interview] Mercedes-Benz focused on enhancing EV technologies

MUNICH -- Mercedes-Benz introduced the new CLA Concept Class for the first time in the world ahead of IAA Mobility, which is taking place in Munich from Tuesday. According to the German carmaker, the new concept vehicle has a driving range of over 750 kilometers per charge, which it claims to be the longest distance in the same segment based on the Worldwide Harmonized Light Vehicle Test Procedure. Markus Schafer, chief technology officer of Mercedes-Benz, says the company has been focusing on d

Sept. 5, 2023

[Photo News] SK On chief at IAA

SK Group Executive Vice Chairman Chey Jae-won (second from left), who doubles as CEO of battery-making unit SK On, listens to a BMW official on the first day of IAA Mobility, one of the world’s largest motor shows, held in Munich, Germany on Monday local time. Chey visited the exhibition booths of Volkswagen, BMW and Hyundai Mobis, according to SK On. “Amid fierce competition in the (electric vehicle) battery market in Europe, we plan to expand business ties with global automakers,&r

Sept. 5, 2023

[Photo News] KIA at defense trade show

Kia showcases, from left, a hydrogen-powered concept car with Advanced Vehicle Technology, its Light Tactical Vehicle with mortar system and a 4-seater cargo truck LTV at the International Defense Industry Exhibition, the largest trade fair for military equipment in Central and Eastern Europe. The event is being held from Tuesday to Friday in Poland. Produced in 2016, Kia’s LTVs have been used as key transportation for the South Korean Army, the company said. (Kia)

Sept. 5, 2023

Hana Financial head meets with global investors in Hong Kong

The chairman of Hana Financial Group met with foreign investors through an investor relations event held in Hong Kong, Tuesday to expand the Korean banking group's presence in the global financial market. At the event, Chairman Ham Young-joo shared the financial achievements of the financial group and mid-term growth strategies while boasting its sound asset quality and environmental, social, corporate governance (ESG) efforts. The two-day event wraps up on Wednesday. He also explained the

Sept. 5, 2023

Hyundai Motor tops EV sales in Indonesia

Hyundai Motor Group said Tuesday it has topped the list of electric vehicle sales in the Indonesian market, the country with the fourth-largest population and the No. 1 nickel reserves in the world. The carmaker sold a total of 3,913 EVs and posted a 56.5 percent market share in Indonesia as of July. Its flagship battery-powered sport utility vehicle Ioniq 5 took up most of the sales with 3,819 units. The Ioniq 5 was the first EV manufactured within the Indonesia plant, which started commercia

Sept. 5, 2023