LS Cable to power NextStar battery plant in Canada

LS Cable & System, one of the world’s leading cable manufacturers, said Monday that it will provide high-capacity power distribution bus ducts for NextStar Energy’s new battery plant in the Canadian province of Ontario. NextStar Energy, a partnership between LG Energy Solution and Stellantis, is building a large electric vehicle battery factory in Windsor, Ontario. Bus ducts are metal-enclosed systems that house conductive plates to efficiently distribute high-capacity electric

June 24, 2024

[Photo News] Record time

Hyundai Motor Group said Monday it has set new records at the Pikes Peak International Hill Climb race in Colorado, clinching the fastest times in both modified and unmodified categories for mass-produced electric vehicles. The modified Hyundai Ioniq 5 N Time Attack Spec accomplished the course in 9 minutes and 30.852 seconds, surpassing the previous record for a mass-produced EV. The standard Ioniq 5 N completed the race in 10 minutes and 49.267 seconds, also setting a new benchmark. (Hyundai M

June 24, 2024

[Business Diplomacy] 'Ample room for business diplomacy with the US'

This article is the second installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. South Korea has ample room to strengthen its business diplomacy with the United States, particularly in trade and pivotal sectors such as clean energy and digital technology, according to James Fatheree, an executive director of The GR Company and

June 24, 2024

Seoul shares open lower ahead of key US data, earnings releases

Seoul shares opened lower Monday, after a mixed close on Wall Street, as investors remained cautious ahead of key US data and corporate earnings. The benchmark Korea Composite Stock Price Index fell 6.68 points, or 0.24 percent, to 2,777.58 in the first 15 minutes of trading. On Friday, the Dow Jones Industrial Average edged up 0.04 percent, while the Nasdaq Composite and S&P 500 fell 0.16 percent and 0.18 percent, respectively, as big-cap tech shares took a breather following a rally. Inves

June 24, 2024

Korea's antitrust watchdog to rule on YouTube bundling allegation

South Korea's antitrust regulator plans to wrap up its over 16-month investigation into YouTube next month to determine whether the US platform breached any rules by bundling its music streaming service with its ad-free premium subscription program. Korea Fair Trade Commission Chairman Han Ki-jeong said the antitrust agency is "well aware that the industry and customers raised concerns over the bundling of YouTube Music with the YouTube Premium subscription,” during a press confe

June 23, 2024

[From the Scene] Olive Young’s docent tour wows K-beauty enthusiasts

"Imagine a library where the shelves are stocked not with books, but with the latest beauty trends, eco-friendly cosmetics and vegan options that you can try out; that's Olive Young Myeongdong Town," said Lee Yoon-jeong, a manager at a branch in Myeong-dong, Seoul, of Olive Young, the nation's largest beauty retailer owned by CJ Group, during a special docent tour Wednesday. The Myeongdong Town branch, located in the bustling shopping district, is one of two Olive Young store

June 23, 2024

Hyundai Motor to seek breakthrough in Japan with Casper Electric

Hyundai Motor is hoping its newest all-electric small vehicle, the Casper Electric, will allow it to break through in the Japanese market, a near wasteland for the Korean automaker. According to Hyundai Motor, the Casper Electric will be unveiled for the first time during press day at the Busan International Mobility Show on Thursday. This year’s auto event will last through July 7. The Casper Electric is expected to hit the Japanese market next year after going on sale in Korea in the sec

June 23, 2024

Hana Financial chief highlights green financing efforts in Australia

Hana Financial Group Chairman Ham Young-joo discussed the importance of green financing with Australia’s high-ranking government official in a meeting held in Canberra, the firm said Sunday. Ham met with Alex Heath, the first assistant secretary of the Australian Treasury’s climate and energy division, during his three-day visit to the country as part of efforts to expand the firm’s global presence. "Hana Financial has achieved nearly 45 percent of what was announced in it

June 23, 2024

Homeplus overhauls Ulsan site to boost in-store experience

South Korean discount chain Homeplus has renovated its Ulsan branch into the Homeplus Mega Food Market, a new concept store designed to offer an enhanced on-site shopping experience focused on fresh food products. “Along with the Homeplus Mega Food Market, the new core drive of Homeplus’ growth, we will continue to increase our interactions with customers while strengthening the competitiveness of our offline stores,” said Jo Do-yeon, head of Homeplus’ marketing departmen

June 23, 2024

LG chief travels to US to examine future growth engines including AI

LG Group Chairman Koo Kwang-mo traveled to the US last week to check on the operations of the group’s major affiliates and examine future growth engines, including artificial intelligence, robots, biotechnology and cleantech -- technology that reduces negative impacts on the environment -- the company said on Sunday. During the four-day trip from June 17, travelling across the country from Tennessee to the California's Silicon Valley, Koo also met with Jim Keller, the chief executive

June 23, 2024

Why Korea's 8th attempt to launch 4th telecom carrier fell through

South Korea's recent attempt to launch the fourth telecom carrier -- the eighth of its kind -- fell through again, raising skepticism about the government's preparedness and the feasibility of the plan itself. The Ministry of Science and ICT earlier this month decided to cancel the license of Stage X as the fourth mobile carrier, citing a lack of trust in its capitalization plan. Amid the long-standing dominance of three telecom carriers -- SK Telecom, KT Corp. and LG Uplus, the govern

June 23, 2024

Hyundai Mobis enhances work-life balance with support programs

Aimed at helping employees achieve a better work-life balance, Hyundai Mobis, auto parts and service arm of Hyundai Motor Group, is offering series of support programs aiming to make it easier for employees to have children. The company has been running a day care center in Mabuk-dong, Yongin, Gyeonggi Province since last year. The four-story day care center provides diverse spaces where children can engage in both learning and play activities. The center features stairs, sinks and specialized p

June 23, 2024

Posco and telecom giants hold disaster response exercise

South Korea's leading steel manufacturer, Posco, has carried out an emergency response drill at its Gwangyang plant to test the rapid recovery of mobile communication networks in the event of a disruption. The drill, held on June 13, was carried out in collaboration with the nation's three largest mobile carriers -- SK Telecom, KT Corp., and LG Uplus at the steel production facility in South Jeolla Province. This follows memorandum of understanding signed last year between Posco and th

June 23, 2024

[Photo News] Samsung promotes Olympics

The facade of Palais Garnier in Paris is covered in a Samsung Electronics' advertisement promoting its Galaxy Z Flip 5 series and the 2024 Paris Games, in this photo provided by the smartphone maker on Sunday. The tech giant, a worldwide Olympics and Paralympics partner, is launching its "Open always wins" campaign focused on the importance of openness and inclusivity, to run through the end of September. (Samsung Electronics)

June 23, 2024

S. Korea, Netherlands discuss supply chain management at 1st economic security talks

South Korea and the Netherlands have discussed efforts to tackle supply chain disruptions and ways for cooperation in the area as they held their first bilateral economic security talks this week, Seoul's foreign ministry said Saturday. The dialogue took place in The Hague on Friday (local time), led by Kim Jin-dong, director general for bilateral economic affairs at the South Korean foreign ministry, and Yvette van Eechoud, deputy director general for foreign economic relations at the Dutc

June 22, 2024

SK chief heading to US on AI, chips

SK Group Chairman Chey Tae-won will embark on a business trip Saturday to the US to meet with key figures in artificial intelligence and semiconductors fields for future business opportunities, the group said Friday. Chey’s upcoming trip comes about two months after he met with Nvidia CEO Jensen Huang in San Jose in April. Key executives at SK’s AI and chip businesses, including SK Telecom CEO Ryu Young-sang and SK hynix President Kim Joo-sun, will accompany the chairman. SK said Che

June 21, 2024

Seoul shares snap 3-day rise on profit taking

Seoul shares closed lower Friday on profit taking after a three-session winning streak. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 23.37 points, or 0.83 percent, to close at 2,784.26. The Kospi has risen 0.9 percent this week. Trade volume was heavy at 617.53 million shares worth 14.12 trillion won ($10.1 billion), with decliners outnumbering gainers 577 to 296. Institutions and foreigners sold a combined 365 billion won worth of stocks, offse

June 21, 2024

Hanwha acquires Philly Shipyard, first Korean entry into US shipbuilding

South Korean conglomerate Hanwha Group has acquired Philly Shipyard for $100 million, making it the first Korean company to enter the US shipbuilding industry. Announced on Friday, the acquisition involves Hanwha Systems holding a 60 percent stake and Hanwha Ocean a 40 percent stake. These subsidiaries specialize in defense and shipbuilding, respectively. Philly Shipyard, located in Philadelphia, constructs commercial vessels in compliance with the Jones Act, which mandates that goods transpor

June 21, 2024

Starbucks stores lure tourists with Korea’s cultural charms

Starbucks Korea partnered with the Korea Tourism Organization to host a special hospitality event Wednesday at the Starbucks Daegu Jongno Gotaek store in Daegu, welcoming over 90 foreign tourists as part of efforts to showcase Korea. The event was part of a program that spotlights 10 distinguished Starbucks stores, chosen by Starbucks Korea and the KTO to align with the "Visit Korea Year" campaign from 2023 to 2024. This event aims to draw domestic and international tourists to uniqu

June 21, 2024

Short selling ban hinders Korea’s MSCI index upgrade

South Korea retained its emerging market status by Morgan Stanley Capital International, with the ongoing short selling ban cited as a hindrance to the country's efforts for a status upgrade. "The recent short selling ban introduces market accessibility restrictions," MSCI said Thursday when announcing the results of its market classification review for the global standard indexes. In part, the New York-based index provider acknowledged and welcomed the recently proposed measures

June 21, 2024