Hyundai Motor chief vows to cooperate on EVs with Indonesia

Hyundai Motor Group Chairman Chung Euisun vowed to cooperate with the Indonesian government in establishing an electric vehicle ecosystem there, during his visit to the Southeast Asian country on Monday. Attending a government briefing event -- “Future EV Ecosystem for Indonesia” -- Chung presented the future vision of his automotive group and plans to cooperate with the Indonesian government to expand its business there, according to Hyundai Motor. “Hyundai Motor Group wil

Oct. 25, 2021

‘Squid Game’ success reignites debate over Netflix’ free-riding on local networks

Netflix’s global success with “Squid Game” is providing the perfect ground for South Korea to push for legal measures that would make foreign streaming giants stop “free riding” on internet networks here. During the recently concluded National Assembly audit, parliamentarians from both sides of the aisle forged a united front on the issue, pressuring ranking government officials to do something to make Netflix pay. Science Minister Lim Hye-sook said foreign plat

Oct. 25, 2021

Seoul stocks snap 3-day losing streak on earnings hope

South Korean stocks snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The Korean won rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.38 points, or 0.48 percent, to close at 3,020.54 points. Trading volume was moderate at about 782 million shares worth some 10.3 trillion won ($881 billion), with gainers outnumbering losers 552 to 286. Foreigners bought a net 36 billion won, while retail investors sol

Oct. 25, 2021

[Interactive] South Korea's dirty battle against urban sewage

Oct. 25, 2021

LG Vice Chairman to take post as new CEO of LG Energy Solution

LG Corp. Vice Chairman Kwon Young-soo, second in command of LG after Chairman Koo Kwang-mo, will take a post as the new chief of LG Energy Solution. According to LG Energy Solution, it held a board of directors meeting Monday and decided to arrange a shareholders meeting on Nov. 1 to appoint Kwon as the new CEO. Kwon will be tasked with the successful management of joint ventures with major automakers including General Motors, Hyundai Motor and Stellantis as well as the delivery of a massive

Oct. 25, 2021

Woori Financial Group Q3 net income up 58.1% to W824.7b

Woori Financial Group Inc. on Monday reported its third-quarter net profit of 824.7 billion won ($705.9 million), up 58.1 percent from a year earlier. Operating profit for the July-September period was 1.09 trillion won, up 61.8 percent from a year ago, the company said in a regulatory filing. Sales rose 102.3 percent to 8.68 trillion won. The operating profit was 12.8 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Ag

Oct. 25, 2021

Kakao Pay to speed up global expansion after IPO: CEO

Kakao Pay, the fintech arm of mobile giant Kakao Corp., plans to accelerate its global expansion drive after its market debut slated for Nov. 3, the company’s CEO said Monday. “In five years, overseas businesses will become an important part of Kakao Pay,” Ryu Young-joon said during an online press conference Monday, adding that his company plans to target both the cross-border payment industry and other opportunities in finance in the overseas market after the initial publ

Oct. 25, 2021

Coca-Cola debuts label-less bottles in S. Korea

The Coca-Cola Company on Monday released its first label-free plastic bottles in South Korea. The company has removed the plastic label to increase recycling efficiency and adapt to the nonlabel trend in the industry to protect the environment. According to the company, they implemented a contour crafting design on Coca-Cola and Coca-Cola Zero plastic bottles. The history of the design goes all the way back to 1915, when the company patented the bottle designed with the curved shape and flow

Oct. 25, 2021

LG Chem Q3 net income up 19.2% to W679.9b

LG Chem Ltd. on Monday reported its third-quarter net profit of 679.9 billion won ($581.9 million), up 19.2 percent from a year earlier. Operating profit for the July-September period was 726.6 billion won, down 19.6 percent from a year ago, the company said in a regulatory filing. Revenue rose 41.4 percent to 10.61 trillion won. The operating profit was 20.3 percent lower than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The e

Oct. 25, 2021

KT launches interactive AI assistant for business calls

South Korean telecom firm KT is introducing an interactive call assistant service backed by its artificial intelligence technology, the firm said Monday. During an online press conference, KT showcased how the AI assistant can help businesses respond to consumers’ calls past their business hours to receive orders or handle other requests. “The aim is to make the AI response system part of our life 24/7 by spreading it to business customers and public institutions,” said Ku Hy

Oct. 25, 2021

Family marks 1st anniversary of Lee Kun-hee’s death

The family of the late Samsung Group Chairman Lee Kun-hee marked the first anniversary of the tycoon’s passing in a small family gathering on Monday. Family members attended a memorial ceremony held at the family’s graveyard in Suwon, Gyeonggi Province, including the deceased’s son and current group chief Lee Jae-yong. After the ceremony, the junior Lee, who is the vice chairman of Samsung Electronics, headed to Samsung’s employee training center in nearby Yongin to o

Oct. 25, 2021

Facing lettuce shortage, restaurants toss the salad

Hamburgers and sandwiches may be served without lettuce for a while, as green vegetables are in short supply nationwide due to the unexpected October cold. Burger chain McDonald’s announced late last week that certain menu items will be served with “less or without any lettuce.” The company said the lettuce supply was “unstable” as a result of the sudden cold wave that hit the nation this month. “Orders that include lettuce will be compensated with a free

Oct. 25, 2021

CJ ENM says it's mulling taking over SM Entertainment, but no decision yet

South Korea's leading media and entertainment company CJ ENM said Monday it is considering acquiring K-pop powerhouse SM Entertainment, but nothing has been decided yet. "In order to strengthen our music content business, we are mulling taking over a stake in SM Entertainment or seeking other operating synergies," said the company, a content creating unit of South Korea's food and entertainment conglomerate CJ Group, in a filing. "But nothing has been determined yet." Over

Oct. 25, 2021

After sell-off failure, Citibank Korea to phase out consumer banking

   Citibank Korea, the South Korean unit of Citigroup, said Monday that it has decided to shut down its consumer banking operations in phases, instead of selling them off as planned.  Citing constraints in finding potential buyers with intentions to buy the units in one piece, the bank said plan B is to minimize customer inconvenience and protect employees’ jobs. The announcement, however, has drawn strong opposition from unionized workers who say the envisioned closure

Oct. 25, 2021

S. Korea ranks 4th in ‘relative poverty’ among 38 OECD members

South Korea ranked No. 4 among 38 global economies in terms of the percentage of its population living on less than half the median disposable income, data showed Monday, reflecting significant wealth disparities in the country. According to the Organization of Economic Cooperation and Development, Asia’s fourth-largest economy posted a relative poverty rate of 16.7 percent in 2018-2019, the fourth-highest rate among its 38 member nations. In general, most OECD members are high-income ec

Oct. 25, 2021

Year-end spending on e-commerce platforms to increase this year: survey

Consumers are expected to spend more money during the year-end season this year amid growing excitement over the government’s gradual plan to live with COVID-19, a new survey has found. The survey, conducted on e-commerce platforms Gmarket and Auction earlier this month, showed consumers are willing to spend some 641,000 won ($546) on average during the platforms’ annual shopping event “Big Smile Day” – up nearly 200,000 won from one year ago. Among the respondent

Oct. 25, 2021

Mercedes-Benz seeks to grow together with community

As part of efforts to grow together with the local community, Mercedes-Benz Korea has continued to invest in research and development, training automotive experts and supporting startups, in addition to expanding its network of service centers. The German automaker runs 60 official showrooms, 75 service centers, four of which opened this year, with more than 1,250 work bays, the largest network for an import car brand in Korea. Mercedes-Benz opened its training academy in Korea in 2015, its t

Oct. 25, 2021

S. Korea to hold K-Food Fair next month

South Korea plans to hold a food fair next month to promote the country's agricultural and other food products, and to help local companies' advance into the global market, the agriculture ministry said Monday. During the four-day K-Food Fair set to kick off Nov. 8 at the Convention and Exhibition Center in southern Seoul, some 200 local companies will present major export items, such as kimchi, pears and ginseng, according to the Ministry of Agriculture, Food and Rural Affairs. One-on-one onl

Oct. 25, 2021

SolidEnergy Systems to unveil world’s largest lithium-metal cell for EVs

SolidEnergy Systems will unveil next-generation lithium-metal battery cells big enough to power electric vehicles next month, the Singapore-based battery firm said Monday.  Large-size prototypes of the cells, not small samples made inside labs, will be presented at the inaugural Battery World, an event the company organizes to showcase its latest products. It will kick off at 11:00 a.m. on Nov. 4, Seoul time, and SolidEnergy Systems CEO Dr. Qichao Hu will appear. “It took us 10 ye

Oct. 25, 2021

Posco Chemical to supply key EV battery materials to Norway's Morrow Batteries

Posco Chemical will supply cathodes and anodes, two crucial components of electric vehicle batteries, to Norwegian battery manufacturer Morrow Batteries, accelerating its push to expand its footprint in the European market. According to the refractory and secondary battery materials arm of South Korean steel giant Posco, the cathodes and anodes will go inside the batteries to be mass-produced by Morrow Batteries starting 2024, as part of an agreement signed by the two firms on Thursday. Morr

Oct. 25, 2021