Hyosung Ventures invests in logistics solution provider

Hyosung Group's corporate venture capital arm Hyosung Ventures said Tuesday that it had decided to invest in Colosseum, a company specializing in logistics center network solutions. Colosseum is a fourth-party logistics provider, offering comprehensive solutions that encompass inventory management, transportation, packaging and logistics consulting. "We are exploring innovative business partners that fit the rapidly changing trends of future industries beyond the logistics system solut

March 12, 2024

[Photo News] BMW EV charging station

BMW Korea said Tuesday that it has opened a charging station for electric vehicles in Jumujin Beach in the northernmost part of Gangneung, Gangwon Province. The BMW EV charging station can charge up to eight EVs at the same time and is available for not only BMW vehicles but also other brands. The German automaker installed 1,119 EV charging stations in South Korea as of February and plans to set up 1,000 more this year. (BMW Korea)

March 12, 2024

Seoul shares open higher on tech, energy gains

South Korean stocks opened slightly higher Tuesday on gains in tech, energy and other blue chips. The benchmark Korea Composite Stock Price Index rose 5.99 points, or 0.23 percent, to 2,665.83 in the first 15 minutes of trading. Tech shares opened a tad higher, with No. 2 chipmaker SK hynix adding 0.12 percent and LG Electronics rising 1.15 percent. Energy and chemical shares went up, with leading refiner SK Innovation and top chemical maker LG Chem climbing 1.69 percent and 2.75 percent, respec

March 12, 2024

Bank association chief expresses regret over HK ELS misselling

Korea Federation of Banks Chair Cho Yong-byoung on Monday expressed regrets over massive losses inflicted on consumers who invested in derivatives products underlying a key Hong Kong stock market index, sold by local lenders. Earlier in the day, the country’s regulator Financial Supervisory Service advised banks and securities firms to compensate for losses incurred from their incomplete sales of equity-linked securities products tracking Hong Kong's H Index. The total loss on such

March 11, 2024

Bitcoin hits new record high above W100m in Korea

The price of bitcoin jumped to a new record in Korea on Monday, breaking through 100 million ($76,365) for the first time. Bitcoin, the world’s biggest cryptocurrency, traded at above 100 million won on the nation’s largest crypto exchange Upbit at 4:32 p.m., a surge since the price exceeded 98.4 million won on Friday. The record figure was in line with the global rally. According to global price-tracking platform CoinMarketCap, the price of bitcoin surpassed $71,200 as of 4:48 p.m.

March 11, 2024

5-minute recharge to drive 300 km: Battery firms eye faster turnaround

At the InterBattery 2024 conference hosted at Coex in southern Seoul last week, South Korea's prime battery companies -- LG Energy Solution, SK On and Samsung SDI -- collectively emphasized ultrafast charging as the critical breakthrough needed to shift the electric vehicle market from its early adopter phase to the mainstream. While the trio showcased distinct approaches to capturing the EV battery market, tech leaders from each company concurred during their keynote presentations at the c

March 11, 2024

LG to develop AI model to treat Alzheimer's, cancer

LG Group said Monday that its artificial intelligence research lab is teaming up with US biomedical institution Jackson Laboratory to develop AI models that can be used to treat Alzheimer's disease and cancer. The new partnership comes after the two entities signed a memorandum of understanding in December last year. Under the new contract, LG Group will use its AI model, EXAONE, to analyze Jackson Laboratory’s research data relating to different types of cancers and Alzheimer's

March 11, 2024

[Herald Interview] Indiana looks to expand Korean ties in chips, AI

The state of Indiana has risen as one of the hottest investment destinations in the US for South Korean companies as of late, with Samsung SDI leading the pack by committing billions of dollars for joint battery plants there. Indiana is now hoping to expand the scope of collaboration with Korean players in the sectors of semiconductors and artificial intelligence. “There’s a lot of alignment when we talk about semiconductors. Purdue University was one of the first universities to hav

March 11, 2024

Seoul shares close lower on profit-taking; won sharply up

South Korean stocks ended lower Monday to snap their two-day winning streak as investors locked in part of gains after a recent rally. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index fell 20.51 points, or 0.77 percent, to 2,659.84. Trade volume was moderate at 383 million shares worth 8.69 trillion won ($6.63 billion), with losers beating winners 517 to 353. Foreigners and institutions led the decline, dumping a net 107 billion won and 112.3

March 11, 2024

HK-tied ELS sellers may face full compensation claims for losses

With losses from equity-linked securities tied to a Hong Kong index expected to reach almost 6 trillion won ($4.57 billion) this year, South Korean financial regulators announced Monday that sellers may face full compensation for the loss. The announcement follows the Financial Supervisory Service's inspection of local banks and brokerages that sold large amounts of ELS products tied to the troubled Hang Seng China Enterprises Index. From Jan. 8 to Friday, the watchdog conducted a thorough

March 11, 2024

Samsung to debut washer-dryer combo globally in Q2

Samsung Electronics said Monday it would launch its latest Bespoke AI Combo, a combined washer and dryer powered by artificial intelligence, in global markets in the next few months. "Shipments to the US have already started for their launch later this month," Lee Moo-hyung, executive vice president and head of the customer experience team of the digital appliances business at the company, said during a press briefing. “Their global launch, including in Southeast Asia, is slated

March 11, 2024

HD Hyundai partners with Naver to speed up digital transformation

HD Hyundai has teamed up with Naver to accelerate its digital transformation, the South Korean shipbuilding giant said Monday. According to the announcement, representatives from the South Korean shipbuilding conglomerate and the country’s information technology giant signed a memorandum of understanding to bolster the former’s cloud transformation and artificial intelligence business at the latter’s second data center, known as Gak Sejong, in the the city of Sejong. Under the

March 11, 2024

[Herald Interview] Crypto.com eyes expansion into Korea

Cryptocurrency exchange operator Crypto.com hopes to expand its footing here by launching an exchange app for Korea in the first half of this year, said Eric Anziani, president and chief operating officer at the Singapore-based crypto trading platform. After more than two and a half years of working to build a foundation in Korea, Crypto.com is ready for full competition on the market. The company operates in 90 countries around the world and has more than 80 million global users. “We are

March 11, 2024

Coupang expands overseas direct purchase service to Japan

South Korean e-commerce giant Coupang announced Monday that it will expand its Rocket Jikgu service coverage to Japan, following its fast-delivery service launches for the US, China and Hong Kong. The expansion of Rocket Jikgu, an overseas direct purchase service, will now allow the direct purchase in Korea of products from Japan. The Japanese overseas direct purchase market grew by 11 percent in 2023 compared to the previous year, with major categories including fashion, food and home goods, ac

March 11, 2024

Daesang launches new K-snack lineup for global palates

South Korean food company Daesang has unveiled its new Korean Street Food product line through its international brand, O'food. According to the company on Monday, the launch signals a strategic push to adapt and expand the company’s offerings to meet the growing global appetite for Korean cuisine. In recent years, O'food's Tteokbokki product has seen a remarkable 4.7-fold sales increase over the previous year, highlighted by strategic placements in major US supermarket chai

March 11, 2024

[Photo News] HK ELS sales fallout

Financial Supervisory Service Governor Lee Bok-hyun approaches the podium during a press briefing held at the regulator's headquarters in Yeouido, Seoul, on Monday. The FSS announced the results of its investigation into the possible misselling of equity-linked securities products tied to Hong Kong's Hang Seng China Enterprises Index among local financial firms, together with consumer compensation measures, on the day. (Yonhap)

March 11, 2024

Doosan wins W150b supply deal for Saudi power plants

Doosan Enerbility, a leading energy solutions provider in South Korea, announced on Monday that it has signed a contract valued at 150 billion won ($114 million) to supply equipment for Saudi Arabia's largest combined-cycle power plant project. The agreement was reached with China’s SEPCO-3, responsible for the engineering, procurement and construction of the combined-cycle power plants in the Taiba and Qassim regions in the Saudi kingdom. Under the contract, Doosan Enerbility will su

March 11, 2024

Exports fall 13.4% from March 1-10; chip sales jump over 20%

South Korea's exports fell more than 13 percent on-year in the first 10 days of March due mainly to fewer working days and weak demand for vehicles, but sales of semiconductors jumped more than 20 percent, data showed Monday. Outbound shipments reached $13.54 billion in the March 1-10 period, compared with $15.64 billion tallied a year earlier, according to the data from the Korea Customs Service. Per-day exports, however, gained 8.2 percent on-year to $2.26 billion. The number of working d

March 11, 2024

Seoul shares start lower on profit-taking

South Korean stocks opened lower Monday as investors hunted for profits following a recent rally. The benchmark Korea Composite Stock Price Index retreated 13.94 points, or 0.52 percent, to 2,666.41 in the first 15 minutes of trading. The main index gained for two straight sessions through Friday on the US central bank's dovish stance. Market heavyweights led the negative opening. Top-cap Samsung Electronics fell 0.55 percent, and No. 2 SK hynix sank 3.08 percent. Leading battery maker LG E

March 11, 2024

[Herald Interview] Factorial Energy, Hyundai Motor step forward in EV battery development

Hyundai Motor Group, the world’s third-largest carmaker, is getting closer to testing the production of electric vehicles equipped with solid-state batteries in collaboration with Factorial Energy, a US-based solid-state battery developer. Factorial Energy announced in October last year that it delivered the first A-samples of its 100+ amp-hours Factorial Electrolyte System Technology solid-state battery cells to one of its auto partners without disclosing the name of the original equipmen

March 10, 2024