SES lithium-metal batteries promising, but charging time, cycle issues unresolved

The next-generation lithium-metal batteries of Singapore-based battery developer SolidEnergy Systems show potential to replacing lithium-ion batteries, but major technological challenges remain for their commercialization, including slow charging time. During an online press conference on Wednesday, SES founder and CEO Dr. Qichao Hu shared the firm’s progress on lithium-metal batteries and compared them with those of its competitors QuantumScape and SolidPower, claiming that SES is 18

July 21, 2021

Korea’s ‘3N’ game heavyweights face gloomy Q2 earnings

South Korea’s “3N” game developers -- NCSoft, Nexon and Netmarble -- are estimated to have suffered disappointing earnings in the second quarter, hurt by a slew of negative developments amid the deepening distrust of players, brokerages and industry sources said. The gloomy earnings outlook came as NCSoft and Nexon did not produce notable hits in the April-June period, and with Netmarble’s much-anticipated mobile title Cross Worlds yet to contribute to the company&rsquo

July 21, 2021

Posco hails its ‘corporate citizenship,’ vows to strengthen ESG drive

Posco, South Korea’s biggest steelmaker, celebrated its achievements in the three years since it declared “corporate citizenship” as a guiding business principle, and vowed to strengthen its commitments to environment, social, and governance issues on Wednesday. Holding a celebratory symposium in Pohang, North Gyeongsang Province, where its main steel plant is located, Posco Chairman Choi Jeong-woo explained how Posco has made an achievement of contributing to establishing a

July 21, 2021

Samsung to hold ‘Unpacked’ event on Aug. 11

Samsung Electronics announced Wednesday that the company will hold the annual “Unpacked” on Aug. 11. The event, titled “Get ready to unfold,” will stream live on the company’s official channel on YouTube, at 11 p.m. local time, according to Samsung Electronics. The company has also uploaded a trailer that provides a glimpse into the company’s latest foldable devices, the Samsung Galaxy Z Flip3 and Galaxy Z Fold3, which the company is expected to further

July 21, 2021

Seoul stocks down for 4th day on coronavirus woes

South Korean stocks retreated for a fourth consecutive session Wednesday, as the resurgence of the new coronavirus weakened investor sentiment for risk. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.79 points, or 0.52 percent, to close at 3,215.91 points. Trading volume was moderate at about 973 million shares worth some 14.7 trillion won ($12.7 billion), with losers outnumbering gainers 283 to 562. Foreigners sold a net 511 bil

July 21, 2021

Businesses get mixed signals amid heat waves, toughest social distancing rules

South Korean businesses across all industries are undergoing an unprecedented double whammy of scorching temperatures and the toughest-ever social distancing rules under the COVID-19 pandemic. Companies in different sectors appear to be showing mixed reactions to what could be the most difficult season, as they are not only concerned about aggravating working conditions for employees, such as the latest government control on power consumption and more stringent virus prevention measures, but a

July 21, 2021

Hyundai Mobis develops brainwave detector for drivers to prevent drowsy driving

Hyundai Mobis developed a brainwave detection device to alert motor vehicle operators against drowsy driving or sudden health issues, the auto parts developer said Wednesday. According to Hyundai Mobis, it completed development of M.Brain, a brainwave measuring technology that monitors and analyzes the driver’s brainwaves in real time, with earpiece sensors. While health care technologies measuring various biosignals are being developed by many others in the automotive industry, Hyund

July 21, 2021

Fiscal chief lauds controversial ‘tenant-protection’ laws

South Korea’s finance minister on Wednesday lauded the success of property laws that took effect in July last year, saying they were able to increase lease contract renewals and protect tenants, despite growing criticisms of its side effects. “The average annual lease contract renewal rate of 100 apartment complexes in Seoul stood at 57.2 percent before the bills took effect, but the bills pushed it up to 77.7 percent,” Finance Minister and Deputy Prime Minister Hong Nam-ki s

July 21, 2021

GS Retail ramps up pet care footprint with M&As

Convenience store franchise operator GS Retail said Wednesday it inked a deal to acquire a controlling stake in online pet care retailer startup Pet Friends through working with local private equity house IMM Private Equity.  Upon completion of the deal, GS Retail and IMM PE is expected to control a combined 95 percent of shares in Pet Friends, a company dedicated to delivery of pet products, consultation and snack sampling tests through an online channel, from founder and CEO Kim Chang-wo

July 21, 2021

Despite New Southern Policy drive, S. Korea lags behind China, Taiwan in ASEAN cooperation

Despite state-driven efforts to strengthen ties with Southeast Asian nations, South Korea‘s trade and investment with the region still lag behind China and Taiwan, according to the Federation of Korean Industries Wednesday. Since President Moon Jae-in took office in May 2017, he pushed for elevating economic and investment cooperation with the 10 ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- in so-called &rdquo

July 21, 2021

No. of chickens falls 12.1% in Q2 due to bird flu

The number of layer chickens raised in South Korea fell 12.1 percent from a year earlier in the second quarter, affected by the impact of the outbreak of bird flu, data showed Wednesday. The number of layer chickens reached 65.9 million as of end-June, compared with 74.9 million the previous year, according to the data from Statistics Korea. It rose 6.1 percent from the first quarter when the number of layer chickens came to 62.1 million, the lowest in more than three years. The on-year decli

July 21, 2021

Sales of Hite Jinro soju triple in Thailand

Sales of Hite Jinro’s soju products in Thailand reached $1.55 million in the first half of 2021, up 210 percent from the corresponding period last year, said the South Korean liquor maker on Wednesday. Hite Jinro is the longtime provider of some of the oldest soju brands in South Korea, including Jinro, Chamisul and, recently, Jinro Is Back. Since its pledge to globalize soju in 2016, the liquor maker has made various efforts to expand soju’s presence in the Southeast Asian coun

July 21, 2021

Private equity fund-led deals touch new high in 2020

Investment deals by South Korea's private equity funds hit a new high in 2020, but their investments were still focused on local firms, data showed Wednesday. Local private equity funds invested 18.1 trillion won ($15.6 billion) in 565 companies last year, up from 16 trillion won in 2019, according to the data from the Financial Supervisory Service (FSS). They invested 12.6 trillion won in 488 South Korean companies and 5.5 trillion won in foreign companies, the data showed. At the end of la

July 21, 2021

DLS sales in S. Korea decline 10.2% in H1

The issuance of derivatives-linked securities (DLS) in South Korea sank more than 10 percent in the first half of the year amid the coronavirus pandemic, data showed Wednesday. The country's DLS sales came to 9.46 trillion won ($8.23 billion) in the January-June period, down 10.2 percent from a year earlier, according to the data from the Korea Securities Depository (KSD). The amount was also down 10.9 percent from six months earlier. DLS tracks the performance of interest rates, currency val

July 21, 2021

GM Korea workers to stage partial strike for higher pay

Unionized workers at GM Korea Co., the South Korean unit of General Motors Co., entered a partial strike Wednesday for higher wages amid the extended COVID-19 pandemic. GM Korea workers put down their tools in three plants -- two in Bupyeong, just west of Seoul, and one in Changwon, 400 kilometers south of the capital city, a company spokesman said over the phone. GM Korea and its union have had 13 rounds of negotiations over wages since May, but they failed to bridge their differences. The

July 21, 2021

S. Korea's electricity use seen to hit season high

South Korea's electricity consumption is likely to hit a season high Wednesday, as the country remains gripped by a sweltering heat dome, the power market operator said. The Korea Power Exchange said the country's maximum power consumption will likely reach 91.4 gigawatts (GW) between 4 p.m. and 5 p.m., the highest number this summer. The previous record was set last Thursday, when the maximum power demand in Asia's fourth-largest economy stood at 88.6 GW. South Korea's maximum power use post

July 21, 2021

Exports up 32.8% in first 20 days of July

South Korea's exports rose 32.8 percent on-year in the first 20 days of July on the back of robust demand for chips, autos and petroleum products, customs data showed Wednesday. The country's outbound shipments stood at $32.6 billion in the July 1-20 period, compared with $24.5 billion a year earlier, according to the data from the Korea Customs Service. Imports increased 46.1 percent on-year to $36.5 billion, resulting in a trade deficit of $3.9 billion during the cited period, the data showe

July 21, 2021

Finance chief warns of possible fall in housing prices

South Korea's top economic policymaker on Wednesday reiterated his warning that high-flying housing prices could undergo corrections as prices of homes in the greater Seoul area have excessively risen. Finance Minister Hong Nam-ki said the government will put policy priority on expanding the supply of residential properties in a bid to curb speculative demand for homes. "A rise in housing prices in the greater Seoul area has been led by expectations for easing rules on the redevelopment o

July 21, 2021

Sales of top 100 unlisted firms more than quadruple over 3 years

Sales of major high-growth unlisted companies in South Korea have risen more than four times over the past three years with online distributors and bio firms posting explosive growth, a corporate tracker said Wednesday. The combined top line of the country's top 100 unlisted companies came to 20.4 trillion won ($17.8 billion) last year, up a whopping 323 percent from three years earlier, according to CEO Score. The companies, chosen from more than 11,500 businesses nationwide, don't belong to

July 21, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Wednesday as bargain hunters sought to buy oversold stocks after the benchmark index took a breather for the past three sessions. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.67 points, or 0.33 percent, to 3,243.37 points in the first 15 minutes of trading. Stocks came to a strong start after the KOSPI retreated nearly 2 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country. Hopes of e

July 21, 2021