Hyundai reveals Genesis G70 wagon version in Europe

Hyundai Motor Co. said Friday it has revealed the wagon version of the G70 under its independent Genesis brand in Britain ahead of its launch in other European countries later this year. Hyundai unveiled the G70 Shooting Brake at this year's Goodwood Festival of Speed, one of the biggest motoring sporting events, and will begin to sell the model there later this year, the company said in a statement. The company plans to launch the localized G70 model in other European markets to capture a sha

July 9, 2021

Samsung considering launching Galaxy S21 FE in US, Europe only amid chip shortages

Samsung Electronics Co. is considering launching the upcoming budget model of the Galaxy S21 smartphone in the United States and Europe only, industry sources said Friday, due to global semiconductor shortages. Samsung is reviewing a plan to release the Galaxy S21 Fan Edition (FE) in the U.S. and Europe after skipping the domestic market and other countries following the tight supply of mobile application processors, according to the sources. The Galaxy S21 FE will be reportedly powered by the

July 9, 2021

Samsung SDI mulls US battery investment: sources

South Korean battery maker Samsung SDI Co. is considering investment in the United States to meet growing demand for electric vehicles, industry sources said Friday, stoking speculation over potential partnership with major automakers. The battery making arm of Samsung Electronics Co. has been reviewing various options to build a new battery factory in the US to supply potential clients but has remained cautious over its plan despite rising market expectations. "We are considering US inve

July 9, 2021

S. Korea, Argentina hold talks on capital flows, economic cooperation

The finance ministers of South Korea and Argentina have held talks over ways to ease volatility of cross-border capital flows and strengthen economic cooperation, the finance ministry said Friday. Finance Minister Hong Nam-ki and his Argentine counterpart, Martin Guzman, held the meeting in Venice, Italy, on Thursday (local time) on the sidelines of the Group of 20 (G-20) meeting of top finance and economic officials, according to the Ministry of Economy and Finance. They shared the view that

July 9, 2021

Seoul stocks open lower amid virus resurgence

South Korean stocks opened lower Friday as the country decided to impose a semi-lockdown in the greater Seoul area, a hotbed for the recent spike in the new coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) fell 23.3 points, or 0.72 percent, to trade at 3,229.38 points in the first 15 minutes of trading. The Kospi came off to a lackluster start, as the country decided to raise its virus restrictions in the wider Seoul area to the highest level. The announcement came after t

July 9, 2021

[Behind the Wheel] Genesis poised to take on EV world with G80

Genesis, the luxury brand of South Korean carmaker Hyundai Motor, has debuted its first pure-electric car, aiming to take on the emerging electric vehicle mart with high-end models. With the Electrified G80, unveiled in South Korean on Wednesday, Hyundai Motor has aimed to prove that it can offer the gentle yet powerful ride of a premium sedan with electricity. On its launch day, The Korea Herald took the much-anticipated car for a test drive of about 60 kilometers, from Starfie

July 9, 2021

Hyundai Motor forges partnership to develop hydrogen fuel cell system for ships

Hyundai Motor will work with other firms to utilize its car-making expertise and technology for the development of a hydrogen fuel cell system for ships, the Korean automaker said Thursday. Hyundai Motor has signed a memorandum of understanding with Hyundai Global Service and the Korean Register of Shipping, a non-profit ship classification body, to jointly develop an FC system package for ships using the Polymer Electrolyte Membrane Fuel Cell that is used in cars. The partnership also aims

July 8, 2021

Korea pledges W40tr investment for battery leadership

South Korea on Thursday unveiled an ambitious plan to consolidate its leadership in the white-hot battery industry, which included a plan by companies to inject over 40 trillion won ($34.9 billion) by 2030 as well tax incentives and other support from the goverment. Dubbed the “K-battery strategy,” the public-private plan resembles one announced in March for the chip industry as Asia’s fourth-largest economy looks to sharpen its competitive edge in the face of growing chall

July 8, 2021

IBM Korea taps Won Sung-shik as new chief

IT solutions provider IBM Korea has appointed Won Sung-shik as its new general manager, the firm said Thursday. Won replaces former CEO Song Ki-hong, who has moved to supervise IBM’s ASEAN operations and IBM Korea’s global business service. Won joined IBM Korea in 1991 and served in various divisions including hardware, marketing, global technology services and finance. He spent four years working for SK Telecom, but returned to IBK Korea to lead its business in technology, co

July 8, 2021

Seoul to offer free hydrogen taxi rides for three days

Twenty hydrogen taxis operating in Seoul will offer free ride for three days next week, H2Korea, a private-public think tank for the hydrogen economy, said Thursday. The event, supported by the Ministry of Trade, Industry and Energy and the state-run Korea Automotive Technology Institute, is to promote the sustainable, eco-friendly hydrogen energy as well as the government’s efforts toward carbon neutrality. It will also mark the first-year anniversary of the Korean New Deal, Presiden

July 8, 2021

MZ generation's debt surges: data

The bank debt of millennials and Generation Z -- together including those born from the 1980s forward -- spiked as they increased investments in real estate, stocks and cryptocurrencies, data showed Thursday. According to the Financial Supervisory Service data released by Rep. Kim Han-jeong of the Democratic Party of Korea, millennial and Gen Z household debt from local banks surged to 26 trillion won ($22.7 billion) in March, up 4.47 trillion won from a year ago. Home-backed lending increased

July 8, 2021

GeneOne Life Science to start phase 2a clinical study of DNA vaccine

South Korean drug firm GeneOne Life Science announced Thursday that the company will begin a phase 2a clinical trial of the company‘s self-developed DNA-based COVID-19 vaccine candidate GLS-5310. The phase 1 clinical trial, conducted at Korea University Guro Hospital with 45 participants, has produced positive results and was reviewed and confirmed by a data safety monitoring board, the firm said. A DSMB is a group of independent experts who monitor patient safety and treatment efficac

July 8, 2021

Hyundai Heavy, labor union in dispute over wage deal

Hyundai Heavy Industries Co., a major shipbuilder here, said Thursday it has sought a court order against unionized workers occupying a shipbuilding crane, the latest development in a drawn-out wage dispute with the labor union. The crane occupation by unionized workers at its shipyard in Ulsan started Tuesday after the management did not propose tangible proposals to solve the two-year-long wage dispute. "The workers plan to go on strike until Friday, but how long the situation will go o

July 8, 2021

Posco Chemical to build 60,000-ton cathode plant in Pohang

Posco Chemical will establish a new cathode plant with an annual production of 60,000 metric tons in Pohang, North Gyeongsang Province, the company said Thursday. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, it will invest 600 billion won ($524.1 million) starting next year to construct the cathode plant on a 120,000-square-meter site inside an industrial complex of the coastal city. Once completed, the Pohang plant will be Posco Chemic

July 8, 2021

Class action lawsuit starts against SK Telecom over 5G service quality

A class action lawsuit against SK Telecom, filed by a group of 5G mobile service users in South Korea, formally started Thursday, amid conflicting claims about the quality of the mobile service. In the lawsuit, 237 people who signed up for SK Telecom’s 5G service presented their case at the Seoul Central District Court through local law firm Serim. In February, the law firm recruited Korean 5G users who experienced problems with the service and wanted to join the class action suit. On

July 8, 2021

Seoul stocks slump nearly 1% amid virus resurgence

South Korean stocks plunged nearly 1 percent Thursday as investors turned risk-averse amid a surge in new coronavirus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 32.66 points, or 0.99 percent, to close at 3,252.68 points. The figures mark the steepest daily fall since May 13. Trading volume was moderate at about 1.5 billion shares worth some 16.5 trillion won ($14.4 billion), with losers outnumbering gainers 777 to 106. F

July 8, 2021

Financial authority puts brake on banks’ co-investing in art

Local lenders have decided to stop providing access to customers looking for fractional art ownership via a mobile application after facing regulatory hurdles, according to sources Thursday. 　 Shinhan Bank recently notified customers that it will terminate its service partnership with Seoul Auction Blue, an online auction house that sells contemporary paintings, art toys and luxury goods, from July 30. Since January, the lender had offered online access to co-investing in art by embedding the

July 8, 2021

S. Korea delays launch of comprehensive data service

The scheduled launch of South Korea’s comprehensive data service project next month has been delayed, financial authorities said Thursday, with the COVID-19 pandemic stalling its development. The government-led MyData project, when launched, will allow licensed service providers to collect and analyze personal data scattered across the finance sector. The service providers must collect consumers’ consent before they can access their data, currently held separately by different finan

July 8, 2021

Bithumb stops accepting new foreign users

  Bithumb, one of South Korean major cryptocurrency exchanges, will stop accepting registrations of overseas users and block access from traders in four more countries that have been added to a money-laundering watch list. The cryptocurrency exchange will no longer receive applications for trading from overseas users starting 3 p.m. on Aug. 13. The same rule will be applied to foreign citizens in South Korea who do not have an alien registration card, it said. Both registrations and t

July 8, 2021

DoubleDown Interactive picks new IPO underwriter for Nasdaq listing

South Korean social casino game developer and publisher DoubleDown Interactive has accelerated an initial public offering push to debut on the tech-heavy Nasdaq bourse in the US by picking an additional lead manager, its parent company DoubleU Games said Thursday. According to the officials, DoubleDown Interactive chose B. Riley Securities as its new joint underwriter for the IPO along with the previously selected Macquarie Capital. The update on the underwriting company has been made through

July 8, 2021