Posco Chemical breaks ground on 10,000-ton anode material plant in Pohang

Posco Chemical Co., a South Korean manufacturer of industrial materials, said Wednesday it has begun construction of its second factory for synthetic graphite anode materials in the country's southeast. Posco Chemical broke ground on the plant at its key manufacturing complex in Pohang, 272 kilometers southeast of Seoul, on Tuesday, the company said in a release. The construction is part of a plan to boost the production capacity of the key anode materials to 18,000 tons a year by the time

Feb. 1, 2023

S. Korea's trade balance set to improve gradually: finance minister

Finance Minister Choo Kyung-ho said Wednesday that South Korea recorded a trade deficit last month due to higher energy imports, but its trade performance is anticipated to gradually improve down the road on the back of China's reopening. The remark came after the export-reliant economy suffered the largest-ever monthly trade deficit in January, with outbound shipments logging an on-year decline for the fourth consecutive month. "The increased trade deficit in January was blamed on sea

Feb. 1, 2023

S. Korea's exports down 16.6% in January; trade deficit hits record high

South Korea's exports logged an on-year decline for the fourth consecutive month in January on weak global demand for semiconductors and other items amid an economic slowdown, the industry ministry said Wednesday. The country also suffered the largest ever monthly trade deficit on high energy prices last month, deepening concerns over the country's economic growth momentum. Outbound shipments fell 16.6 percent on-year to come to $46.27 billion in January, following a 9.5 percent on-year fall the

Feb. 1, 2023

SK hynix logs operating loss in Q4 on slumping demand, falling prices

SK hynix Inc. said Wednesday it swung to a deficit in the fourth quarter due to the global chip market's slowdown amid weak demand and oversupply. The world's second-largest memory chip maker logged an operating loss of 1.7 trillion won ($1.37 billion) for the three months ending in December, compared with a profit of 4.21 trillion won a year ago. It was the South Korean chipmaker's first quarterly operating loss since the third quarter of 2012. Its net loss came to 3.52 trillion

Feb. 1, 2023

Base taxi fare in Seoul rises by 1,000 won to 4,800 won

The basic taxi fare in Seoul rose by 1,000 won ($0.8) to 4,800 won on Wednesday, marking the first hike in nearly four years. The Seoul metropolitan government raised the base rate for midsized sedan cabs operating in the capital city starting 4 a.m. The last hike was carried out in February 2019. The distance covered in the basic fare was shortened to 1.6 kilometers from the previous 2 km, and an additional 100 won is charged for every 131 meters of travel distance, changed from the previous 13

Feb. 1, 2023

[Photo News] D-1 new Galaxy

A Galaxy Experience Space at Powell Street, San Francisco is seen Tuesday, one day before Samsung Electronics unveils its latest flagship Galaxy S smartphone lineup in the US city. The tech giant plans to operate a total of 29 interactive experience spaces in key cities on Wednesday to allow visitors to try out its new smartphones and other mobile devices.

Jan. 31, 2023

KRX battles 'Korea discount' with earlier opening, eased regulations

The Korea Exchange unveiled a series of plans on Tuesday to transform the country's trading system in line with global standards, aiming to overcome the undervaluation of the domestic stock market. The bourse operator said it will push to open the derivatives market 15 minutes earlier at 8:45 a.m. Currently, the local derivatives market opens at 9 a.m. at the same time as the securities market. “By opening the derivatives market a little bit earlier, global events can be reflect

Jan. 31, 2023

Daewoo E&C posts record earnings on robust housing projects

Daewoo Engineering & Construction has posted an annual operating profit of 760 billion won ($617 million), an all-time high in the company’s history. Daewoo E&C’s operating profit in 2022 was up 2.9 percent from the previous year’s 738.3 billion won, according to a regulatory filing released Tuesday. Annual sales last year reached 10.4 trillion won, up 20 percent from 8.6 trillion won in 2021. The construction company also reported that its 2022 net profit reached 508 b

Jan. 31, 2023

Posco, Western Australia to boost ties on hydrogen, batteries

Posco Group Chairman Choi Jeong-woo met with Western Australia Premier Mark McGowan on Monday to discuss their cooperation on hydrogen and secondary battery materials businesses, the company said Tuesday. Posco “needs an intimate collaboration with Australia on hydrogen and secondary battery materials sectors,” Choi said during his meeting with McGowan at Posco Center in Gangnam-gu, Seoul. During the meeting, Choi and McGowan shared their development status and business strategies re

Jan. 31, 2023

Seoul stocks end lower ahead of Fed's rate decision

Seoul shares ended lower Tuesday, tracking falls on Wall Street, as investors stay cautious ahead of the Federal Reserve's rate decision this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 25.39 points, or 1.04 percent, to close at 2,425.08 points. The Kospi ended in negative territory for a second straight session after reporting gains in the previous five sessions. Trading volume was moderate at about 606 million shares worth 10.15 tr

Jan. 31, 2023

VW Korea halts car sales, to issue recall over faulty warning triangles

Volkswagen Korea will issue a recall of more than 67,000 vehicles and has suspended all new car sales due to faulty warning triangles, a car accessory to warn drivers after emergency stops, a move experts here called an unprecedented precautionary measure after the firm's painful “Dieselgate” back in 2015. The Korean unit of the German carmaker said Tuesday a total of 67,459 vehicles across seven different models will be affected by the recall. The recall schedule has not been

Jan. 31, 2023

Yoon calls for 'innovative approach' to make best of $30b UAE investment

South Korean President Yoon Suk Yeol vowed Tuesday to make good of the United Arab Emirates' $30 billion investment pledge with two new consultative bodies, and called on the public and private sector to come up with mutually beneficial, innovative partnership projects. Stressing that the UAE’s decision for the investment was based on trust in Korea, the president said the country should “respond by discovering innovative investment partnership projects that serve the interests

Jan. 31, 2023

SK On exceeds hiring goal in Georgia ahead of schedule

The US State of Georgia said Tuesday SK Battery America, a production subsidiary of South Korean battery giant SK On, has exceeded its hiring goal two years earlier than the initial schedule to fill jobs at its manufacturing facilities for electric vehicle batteries in the city of Commerce, Jackson County. The state government said the company had achieved its goal of 2,600 employees as of the end of 2022, with plans to expand the workforce to some 3,000 this year. Since launching its EV batte

Jan. 31, 2023

Hyundai Mobis secures record orders from global carmakers

Hyundai Mobis, a car parts maker under Hyundai Motor Group, announced Tuesday that it received a record-breaking $4.7 billion of orders from global automakers last year. This is the company’s greatest feat since it first entered the international automotive parts market in the early 2000s. The company surpassed its initial goal of $3.8 billion by 25 percent and achieved a near-double increase compared to 2021 earnings, which were valued at $2.5 billion. Overseas orders do not include those

Jan. 31, 2023

Posco International kicks off construction of 2nd LNG terminal

Posco International, a subsidiary of steel giant Posco, on Tuesday held a ground-breaking ceremony for its second liquefied natural gas terminal in Gwangyang, South Jeolla Province. The company said the construction will accelerate its vision to become an eco-friendly company by strengthening its energy value chain. The company plans to invest 930 billion won ($757 million) to build two 200,000-kiloliter LNG storage tanks on the site by 2025 to power Posco’s steel mills and other power gen

Jan. 31, 2023

Samsung defies chip price slump, vows to continue investment

Despite witnessing a sharp drop in chip profits, Samsung Electronics said it will not scale back its output and spending in 2023, bucking the trend of cost-cutting among its global rivals. "The deteriorated business environment is not so favorable for our performance for now, but we believe it is also an opportunity where we can thoroughly prepare for the future," the company said Tuesday in the earnings call for the fourth quarter of 2022. The company added that its capital expenditur

Jan. 31, 2023

Industrial output down 1.6 % in December amid weak exports

South Korea's industrial output fell 1.6 percent on-month in December, data showed Tuesday, as the manufacturing sector remained sluggish amid weak exports. Industrial production decreased at the widest margin in 32 months, shifting from a 0.4 percent rebound posted in November, according to the data from Statistics Korea. The output in the mining, manufacturing, gas and electricity industries fell 2.9 percent on-month in December, due to the sluggish performance of the automobile and elect

Jan. 31, 2023

LG Energy Solution shares close higher, beats market jitters

South Korean battery giant LG Energy Solution’s stocks stood strong on Monday, despite the end of a year-long lock-up period. The company’s shares rose by 0.79 percent to 510,000 won ($415.5) from the last trading day, according to the bourse operator Korea Exchange. The stocks tumbled by 3.16 percent to 490,000 won at one point in the morning but ticked upwards approximately one hour before the closing bell. Foreigners and institutions each bought 29.1 billion won and 15.9 billion w

Jan. 30, 2023

[NPS in Action] Korea's pension fund, under pressure, hunts for gains in foreign stocks

This is the second part of a series on South Korea’s largest investor National Pension Service, analyzing its current status and identifying tasks that lie ahead. -- Ed. South Korea’s public pension fund has been stepping up investments in foreign stocks as it faces mounting pressure to enhance returns, amid concerns that the fund would run out sooner than expected due to rapid demographic changes. On Friday, a budget committee of the pension service announced in an updated forecas

Jan. 30, 2023

Kolmar Korea eyes new plant in Pennsylvania

Kolmar Korea, a cosmetics original design manufacturer, is considering building its second manufacturing facility in the US, a company official said Monday. Olyphant, Pennsylvania, is being discussed as the location for the new manufacturing facility, an official from Kolmar Korea said, but plans about the size or timeline have not been decided. In 2016, Kolmar Korea entered the US market by acquiring Pennsylvania-based cosmetics ODM maker Process Technologies & Packaging. The company has be

Jan. 30, 2023