LG Energy Solution to cut down investment next year

LG Energy Solution will tighten its belt next year to cope with uncertain market conditions due to the slowing growth of the electric vehicle sector, the Korean battery maker said Monday as it announced its third-quarter earnings. The company posted 6.88 trillion won ($4.97 billion) in sales in the third quarter of this year, down 16.4 percent on year. Its operating profit was 448.3 billion won, down 38.7 percent on year. The company would have logged a quarterly operating loss of 17.7 billion

Oct. 28, 2024

[Herald Interivew] Mercedes stands by Farasis batteries in EV fire scrutiny

STUTTGART, Germany -- Following a fire involving a Mercedes-Benz EQE electric vehicle in South Korea in August, executives are defending their use of batteries from Chinese supplier Farasis Energy, even as investigations continue to probe the cause of the incident. The August fire, which occurred in the basement of an apartment building in Incheon, has raised questions around the safety of the vehicle's battery cells and the automaker’s quality control practices. During an Oct. 21 med

Oct. 28, 2024

Mercedes-Benz raises Drive Pilot speed limit

Mercedes-Benz announced Monday that it is upgrading its automated driving system, Drive Pilot, allowing it to operate at speeds of up to 95 kilometers per hour on German motorways. The upgrade is expected to be available in early 2025, following this year’s anticipated approval from Germany’s Federal Motor Transport Authority. With this update, Drive Pilot will become the fastest Level 3 automated driving system in a production vehicle. The enhanced system will allow drivers to hand

Oct. 28, 2024

Posco earns top marks for shared growth with SMEs

South Korean steel giant Posco Group said Monday that it has received the highest grade in the 2023 Shared Growth Index Evaluation for five consecutive years. Earlier this month, the 80th Korea Commission for Corporate Partnership released the win-win index for 218 large-sized companies. The index encourages shared growth within the industry by measuring large enterprises’ efforts to make room for small and medium-sized enterprises. Posco scored highly for its clear and fair transaction pr

Oct. 28, 2024

Subsidies for kimchi-making? Napa cabbage's importance in Korea

South Korea has unveiled a series of measures to stabilize the market for napa cabbage and daikon radishes, aiming to support preparations for "gimjang" -- the traditional process of preparing kimchi for winter -- as demand for these key ingredients is expected to rise during the peak gimjang season. This initiative includes expanding supplies of key gimjang ingredients through government-contracted cultivation and additional reserve stock distribution, as well as offering price subsid

Oct. 28, 2024

Finance minister vows swift response to 'unwarranted' volatility amid global uncertainties

Finance Minister Choi Sang-mok vowed Monday to enhance market monitoring and to swiftly respond to excessive volatility under contingency plans amid weaker growth data and global uncertainties, his office said. Choi made the remarks during an economy-related ministers' meeting in Seoul after the gross domestic product expanded 0.1 percent on-quarter in the July-September period, lower than market expectations. "The government will pay extra attention to signs of economic uncertainties

Oct. 28, 2024

S. Korea to utilize up to W16t of state funds amid massive tax revenue shortfall

The finance ministry said Monday that the government will utilize foreign exchange equalization funds and other resources available while slashing local subsidies to deal with the expected massive tax revenue shortfall this year. The government is projected to collect 337.7 trillion won ($253.41 billion) in taxes in 2024, an 8.1 percent, or 29.6 trillion won, fall from its forecast made in the 2024 budget planning due mainly to weak corporate activities amid an economic slowdown last year, accor

Oct. 28, 2024

Seoul shares open higher on tech, battery gains

South Korean stocks started higher Monday on gains from semiconductor and battery shares. The benchmark Korea Composite Stock Price Index rose 14.75 points, or 0.57 percent, to 2,598.02 in the first 15 minutes of trading. Market bellwether Samsung Electronics added 1.61 percent, and its chipmaking rival SK hynix gained 0.75 percent. Leading EV battery maker LG Energy Solution increased 0.86 percent, while Posco Future M surged 3.74 percent. Top carmaker Hyundai Motor went up 0.67 percent, and it

Oct. 28, 2024

SK chief assumes leadership of APEC CEO Summit

SK Group Chairman Chey Tae-won, who doubles as chair of the Korea Chamber of Commerce and Industry, will preside over the Asia-Pacific Economic Cooperation Summit, the largest gathering of business leaders in the region which is to be held next year in Korea, the business lobby said Sunday, upon the launch of the preparatory committee of the upcoming event. The APEC CEO Summit will be held on the sidelines of the annual APEC Summit, where 21 heads of state and some 1,000 businesspeople join. Gye

Oct. 27, 2024

[From the scene] KGC's ginseng harvest season in full swing

ICHEON, Gyeonggi Province/WONJU, Gangwon Province – On an autumn morning in October, a bustling ginseng harvest was underway in the ginseng fields of Icheon, Gyeonggi Province. Workers were busy sorting ginseng unearthed by tractors, as roots that had been buried for years finally surfaced, ready for the season’s harvest, which is between September and November. Kim Il-bong, 65, whose family has managed these ginseng fields for three generations, said he has been exclusively partnere

Oct. 27, 2024

[Photo News] Passion for motorsports

Hyundai Motor and Toyota -- two of the world's largest automakers -- organized the Hyundai N x Toyota Gazoo Racing Festival at the Everland Speedway in Yongin, Gyeonggi Province, Sunday. The two companies said they aimed to offer an event to delight motorsports fans. The event featured driving performances by professional racers, an exhibition of high-performance vehicles from the two brands and opportunities to ride along on the racing track. In this photo, Hyundai Motor Group Executive Ch

Oct. 27, 2024

Hanwha, HD Hyundai vie for Poland’s $2.7b submarine program

Hanwha Ocean and HD Hyundai Heavy Industries -- Korea’s two leading shipbuilders under conglomerates Hanwha Group and HD Hyundai, respectively -- are ramping up their efforts to win a $2.7 billion submarine procurement contract from Poland. According to HD Hyundai, Tomasz Szubrycht, commandant of the Polish Naval Academy, visited HD Hyundai Heavy Industries’ Ulsan shipyard on Thursday to assess the shipbuilder’s latest submarines and related technologies. HD Hyundai presented a

Oct. 27, 2024

Posco completes Argentina’s first lithium hydroxide plant

Posco Holdings announced Sunday it has completed the first phase of its lithium hydroxide plant in Argentina, a key step in securing a stable supply of the key material for electric vehicle batteries. Located in Guemes, Argentina, the plant will produce 25,000 tons of lithium hydroxide annually, sourced from the lithium-rich Hombre Muerto salt flat, where Posco holds mining rights. The output is enough to power 600,000 EVs, making it the largest brine lithium facility operated by a single compan

Oct. 27, 2024

Blackpink's Rose and Bruno Mars' 'APT' sparks surge in related stocks

Blackpink’s Rose is making waves with her latest single, “APT,” a collaboration with American singer-songwriter Bruno Mars, which is not only topping global music charts around the world but also boosting related stock prices. South Korea’s leading soju maker, HiteJinro, saw its stock price climb by 6 percent to 21,200 won ($15.26) on Thursday, marking its biggest gain since February. Trading volume surged past one million shares -- over eight times the previous day&rsquo

Oct. 25, 2024

[Photo News] Poland reaffirms ties with Hanwha

Oct. 25, 2024

Kia logs record-high operating profit for 3Q

Hyundai Motor Group’s smaller affiliate Kia said Friday that it has posted 2.9 trillion won ($2.1 billion) in operating profit, marking the highest ever for a third quarter, despite mounting challenges in the automotive industry. The carmaker’s profit increased 0.6 percent from the same period last year, while its sales revenue surged 3.8 percent to 26.5 trillion won. The sales volume decreased 1.9 percent to 763,639 units, due to a temporary production hiatus from its two car manufa

Oct. 25, 2024

[From the Scene] How robotics reflect shift in S. Korea's food industry

Upon receiving an affogato order, the three-jointed arm of barista robot Porty readies the portafilter and locks it into the coffee grinder. After extracting a fresh shot from the espresso machine, Porty pours it over a cup of ice cream, prepared by fellow robot, Mixie. When there are no visitors, the duo reportedly spend their time dancing to the cafe's background music. Mixie and Porty are the only servers at Better Than Yours, a fully automated cafe in Seongsu, eastern Seoul. Together,

Oct. 25, 2024

Woori Financial’s cumulative Q3 earnings increases by 9.1% on-year

Woori Financial Group announced Friday its cumulative net profit stood at 2.65 trillion won ($1.9 billion), marking a 9.1 percent surge from the same period last year. The figure surpasses last year’s yearly earnings of 2.5 trillion won. The financial service provider posted 903 billion won net income in the third quarter, marking a 0.6 percent increase year-on-year. The figure is slightly higher than the market estimate of around 890 billion won. Cumulatively, the year-to-date net profit

Oct. 25, 2024

Shinhan Financial net profit up nearly 4% in Q3

Shinhan Financial Group, one of the country's top financial providers, posted lower-than-expected earnings for the July-September quarter, hit by the derivative fiasco from its brokerage arm. The financial group announced Friday that its net profit for the third quarter recorded 1.23 trillion won ($885 million), marking a 3.9 percent increase year-on-year. The figure, however, is slightly lower than the market forecast of around 1.3 trillion won. It also lost 186.9 billion won or 13.1 perce

Oct. 25, 2024

Hanwha Ocean strengthens partnership with US Navy

Hanwha Group is seeking further cooperation with the US Navy, to build on ongoing projects. The group said on Friday that Hanwha Group Vice-president Kim Dong-kwan and US Pacific Fleet Cmdr. Admiral Stephen Koehler met at Hanwha Ocean’s Geoje site on the previous day and discussed ways for further cooperation. Kim and Koehler toured the Wally Schirra, a US Navy logistics support ship currently under maintenance, and discussed further cooperation on maintenance, repair and operations projec

Oct. 25, 2024