LG Energy Solution, Samsung SDI get closer to 46-series battery mass-production

LG Energy Solution and Samsung SDI are nearing mass production of the 46-series cylindrical battery, which is anticipated to be the next generation in battery technology. Samsung SDI is accelerating its timeline, aiming to start mass production of the 46-series cylindrical batteries in early 2025, over a year ahead of the initial schedule. The company has already set up a production line at its plant in Cheonan, South Chungcheong Province, and is rolling out prototypes for major clients, includi

July 31, 2024

[KH Explains] How Balaan bucks luxury slowdown

Korean luxury fashion platform Balaan is getting fresh attention from investors, bucking the trend among global rivals reeling from sluggish sales and lukewarm investor appetite. According to industry sources on Wednesday, Balaan has been in talks with multiple investors in its Series D funding round. Among the investors are Chinese tech giant Alibaba Group and fashion platform operators, including China’s Poison and Japan’s Zozotown. They are said to be eyeing investments in the Kor

July 31, 2024

Seoul shares open higher on rate cut hopes

Seoul shares opened higher Wednesday, following a mixed close on Wall Street, as investors expect the Federal Reserve may begin a rate cutting cycle later this year. The benchmark Korea Composite Stock Price Index added 5.20 points, or 0.19 percent, to 2,743.39 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.5 percent to 40,743.33 points, but the tech-heavy Nasdaq fell 1.3 percent to 17,147.42. This week, all eyes are on the Fed's policy decision on We

July 31, 2024

Bankruptcy fears loom large over Tmon, WeMakePrice

Qoo10 CEO Ku Young-bae pledged a "complete recovery of damages" related to the payment delays affecting its struggling e-commerce affiliates, Tmon and WeMakePrice, with government support. Addressing the National Assembly’s Political Affairs Committee on Tuesday, Ku's commitment followed the companies' court receivership filing the previous day. "We will be at a standstill if business operations halt now," Ku said, adding that, with minimal assistance, complet

July 30, 2024

Seoul shares end nearly 1% lower ahead of Fed meeting, major earnings releases

Seoul shares closed almost 1 percent lower Tuesday as investors became more cautious ahead of the US Federal Reserve's rate decision and earnings releases from global big techs this week. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 27.34 points, or 0.99 percent, to close at 2,738.19. Trade volume was slim at 376.4 million shares worth 9.9 trillion won ($7.1 billion), with losers far outnumbering winners 664 to 225. Insti

July 30, 2024

[KH Explains] Hanwha scion steps into spotlight amid pending succession

Hanwha Group Chairman Kim Seung-yeon’s second son, Kim Dong-won, president and chief global officer at Hanwha Life, is eyeing a bigger presence within his father’s business empire as he plays a key role in leading the global expansion of the group’s financial business. Hanwha’s succession scheme is still taking shape, with the management control highly likely to be transferred to the chairman’s three sons. The eldest, Vice Chairman Kim Dong-kwan, is projected to t

July 30, 2024

NCSoft invests $3.5m in Sweden's Moon Rover Games

NCSoft announced Tuesday that it had invested $3.5 million in Swedish game studio Moon Rover Games, as the Korean game company continues seeking future growth engines to expand its gaming portfolio and global market. Moon Rover Games was established in 2022 by a group of developers who had taken part in creating global hit first-person shooters such as the Battlefield series, Far Cry and Tom Clancy’s The Division. Moon Rover Games is currently developing an FPS titled Project Aldous, based

July 30, 2024

SK hynix to mass-produce GDDR7 DRAM chip in Q3

SK hynix, the world's second-largest memory chip maker, on Tuesday unveiled its next-generation GDDR7 graphics memory chip that boasts the industry’s most outstanding performance in terms of operating speed and power efficiency. The company said it will start mass production in the third quarter. GDDR is a type of high-performance memory commonly used in graphics cards. It has recently gained popularity as graphics cards are increasingly used to power artificial intelligence workloads

July 30, 2024

[Business Diplomacy] As Trump targets EVs, Hyundai-Kia shifts gears to hybrids

“I will end the electric vehicle mandate on day one.” With Donald Trump gaining traction as the Republican presidential candidate, this declaration at the Republican National Convention in Milwaukee on July 18 has sent ripples of concern through the South Korean automotive and battery industries. The potential implications of Trump’s return to the White House, coupled with his protectionist and anti-EV stance, have companies like Hyundai-Kia and major Korean battery makers brac

July 30, 2024

STX Heavy rebranded as HD Hyundai Marine Engine

Korean marine engine maker STX Heavy Industries has officially been rebranded as HD Hyundai Marine Engine under the umbrella of HD Hyundai. At a shareholders' meeting held on Tuesday, all proposed agenda items were approved, including amendments to the articles of association, a name change and the election of new directors. President Kang Young, appointed as the first CEO, brings a wealth of experience from his tenure at HD Hyundai Heavy Industries, where he joined in 1992. He has held var

July 30, 2024

Geely’s top brass visit SK to speed up EV partnership

SK Group and SK On are reportedly fast-tracking their collaboration with China’s Zhejiang Geely Holding Group, a leading multinational automotive conglomerate. Industry sources reported that executives from Geely Auto responsible for technology, research and development, and international cooperation, visited SK Building headquarters in Seoul on Monday. The delegation, which included the CEO of Zeekr, Geely Auto’s premium EV brand, met SK Group Executive Vice Chairman Chey Jae-won an

July 30, 2024

Lotte Wellfood eyes W1tr in snack sales in India

Lotte Wellfood announced Tuesday it plans to merge its Indian subsidiaries, Lotte India and Havmor Ice Cream, to improve operational efficiency and enhance its presence in the Indian market. According to the company, the boards of both affiliates approved the decision in meetings held Monday. Under the merger agreement, Lotte India will acquire Havmor Ice Cream, and both brands will continue their product lines. "Lotte Wellfood has decided to create a combined entity in India to enhance our

July 30, 2024

Toss Securities to launch US subsidiary this year

Toss Securities, a brokerage arm under financial technology giant Viva Republica, announced Tuesday that it plans to establish a subsidiary in the US to explore further business opportunities in the country. The US entity, a 100 percent-owned subsidiary of Toss Securities, will be founded within this year under the name of Toss Securities Americas. The establishment was approved through a board meeting of the brokerage unit. Toss Securities Chief Financial Officer Kim Kyung-soo is to serve as th

July 30, 2024

Vine Group secures bigger footing in Japan

Vine Group said Tuesday that its Japanese subsidiary Vine Japan successfully expanded business operations in Osaka, Japan. Since its establishment in 2017, Vine Japan has diversified its operations from rental services to include hotels, trade, and the food and beverage sector. Vine Japan entered the hotel industry by acquiring Hotel Links Namba in 2018. In 2019, it acquired WBF Hotel and rebranded it as Hotel Vine Osaka, enhancing customer satisfaction with a Korean boutique hotel concept. Amid

July 30, 2024

[Photo News] Celebrating Victory

Hyundai Motor Group Executive Chair Chung Euisun (center), who serves as the president of the Korea Archery Association, celebrates the South Korean national archers' gold medal in the men's archery team event at the 2024 Olympic Games in Paris on Monday. The trio of Kim Woo-jin, Kim Je-deok and Lee Woo-seok beat the French national team in the final match at the Invalides stadium, marking Korea's third title in the men's archery team event at the Olympics. Hyundai Motor Grou

July 30, 2024

Seoul shares open lower ahead of Fed rate decision, earnings

Seoul shares opened lower Tuesday, following a mixed close on Wall Street, as investors await the Federal Reserve's rate decision and earnings from major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) fell 19.99 points, or 0.72 percent, to 2,745.54 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.1 percent to 40,539.93 points, but the tech-heavy Nasdaq rose 0.07 percent to 17,370.20. This week, all eyes are on the Fed's policy

July 30, 2024

[Graphic News] S. Korean cosmetics exports hit record high in H1

Korean cosmetics exports surpassed $4.8 billion in the first half of 2024, setting a new record for beauty product exports within the first six months of a year. The figure is an 18.1 percent increase from the same period last year, according to the Korea Customs Service. This milestone surpasses the previous semiannual record of $4.63 billion set in the first half of 2021. During the first half of this year, cosmetics imports amounted to $850 million (1.2 trillion won), resulting in a trade s

July 30, 2024

JobKorea, Hirediversity team up to assist foreign job seekers

JobKorea, a job search platform, said Monday it has joined forces with Hirediversity, a local administrative service platform intending to assist foreign national job seekers. The partnership aims to streamline the administration process for foreign nationals interested in working in Korea by leveraging Hirediversity's expertise in immigration administration support and data management. The collaboration will provide administrative support and customized recruitment information, with the ai

July 29, 2024

TMON, WeMakePrice file for court receivership amid liquidity crisis

  TMON and WeMakePrice, e-commerce platforms of the Singapore-based Qoo10, filed for court receivership Monday, officials said, amid continuing liquidity woes due to the firms' delays in repaying vendors operating on their platforms. The two South Korean marketplaces have been in crisis after failing to make payments to their vendors amid the liquidity issues of their owner, Qoo10, reportedly due to aggressive merger deals. Their unpaid bills came to around 210 billion won (US$151.7 million

July 29, 2024

Seoul shares end up for 2nd day ahead of Fed's rate decision

Seoul shares ended higher for a second straight session Monday amid hopes that the US Federal Reserve will hint at a potential rate cut in September. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 33.63 points, or 1.23 percent, to close at 2,765.53. Trading volume was moderate at 449.64 million shares worth 10.78 trillion won ($7.8 billion), with gainers outnumbering losers 634 to 244. Institutions and foreigners bought a combined 522 billion won

July 29, 2024