Ultium Cells halts construction of Michigan plant amid market slump

Ultium Cells, the joint electric vehicle battery venture between LG Energy Solution and General Motors, has suspended the construction of its third electric vehicle battery plant in the US. This decision comes in response to rising economic pressures, including high interest rates and inflation, as well as a slowdown in the demand for EVs. The $2.6 billion facility in Lansing, Michigan, broke ground in 2022 and was scheduled for completion by the end of this year. Once operational, the plant was

MobilityJuly 22, 2024

LG Innotek unveils new digital key solution for cars

LG Innotek said Monday that it has developed a more advanced digital key solution for smartphone-based vehicle control. The technology uses wireless communication to connect with smartphones, allowing users to unlock and start their vehicles without carrying a key, thus reducing the risk of key loss and enhancing security. Since launching its first automotive digital key module in 2021, the company has continued upgrading the technology. The new next-generation solution combines the previous mod

TechnologyJuly 22, 2024

Korean Air's first Boeing 787-10 to take off for Tokyo

Korean Air said Monday that it will launch the first flight of the newly acquired Boeing 787-10 (B78X) on the Incheon-Narita route on Thursday. The Boeing 787-10 Dreamliner is the largest and most advanced in the 787 series, with contributions from the nation's flag carrier in the 787 series' design and production. With a fuselage length of 68.3 meters -- approximately five meters longer than the previous 787-9 model -- the 787-10 can transport 15 percent more passengers and cargo. How

IndustryJuly 22, 2024

[Photo News] New engine on display

Hanwha Aerospace said Monday that it will unveil the prototype of a 15,000-pound-thrust-class turbofan engine for the first time at this year's Farnborough International Airshow taking place in the United Kingdom throughout this week. The engine will power South Korea's KF-21 fighter jets and uncrewed combat aircraft in the future. Along with Hanwha Aerospace's latest development, Hanwha Systems will exhibit its active electronically scanned array, or AESA, radars for different ty

CompaniesJuly 22, 2024

Seoul shares open lower on battery, energy stock losses

Seoul shares started lower Monday as most blue chips across the board retreated, led by battery and energy-related stock losses. The benchmark Korea Composite Stock Price Index dipped 5.57 points, or 0.2 percent, to 2,789.89 in the first 15 minutes of trading. Leading battery firm LG Energy Solution dropped 2.75 percent following news that it has recently suspended construction of its joint US plant with General Motors amid stagnation in growth of the electric vehicle market. Smaller rival Samsu

MarketJuly 22, 2024

Exports rise 18.8% during first 20 days of July

South Korea's exports rose 18.8 percent on-year in the first 20 days of July, data showed Monday, on the back of the robust performance of chips and cars. Outbound shipments reached $37.17 billion in the July 1-20 period, compared with $31.2 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports grew 14.2 percent on-year to $37.2 billion during the period, resulting in a trade deficit of $50 million. By sector, outbound shipments of semiconductors jump

EconomyJuly 22, 2024

Record-high college graduates not working or looking for jobs

The number of South Koreans without a job or seeking a job marked an all-time high in the first half of this year, government data showed Sunday. According to Statistics Korea, there were 4.058 million people in the country with a college degree who were considered an "economically inactive population," which refers to those aged 15 or over who are unable to or unwilling to work. This includes students, homemakers, those preparing for state exams for government official posts and peo

EconomyJuly 21, 2024

Is Samsung on track for large-scale M&A deals?

Samsung Electronics is seen ramping up its merger and acquisition efforts to secure a stronger footing in the rising technology sectors, including artificial intelligence. The South Korean tech giant, leading in mobile devices and semiconductors, announced Thursday its acquisition of Oxford Semantic Technologies, a UK-based startup specializing in knowledge graph technology. It is the first time the company makes such an investment via Samsung Research, its research and development hub. The deal

IndustryJuly 21, 2024

Korea logs record US trade surplus in 1st half amid surging Trump risks

South Korea logged an all-time high trade surplus with the United States in the first half of this year based on strong auto exports, as the country monitors the US presidential race carefully and the chances of a second Donald Trump administration’s heavy protectionism. According to the Ministry of Trade, Industry and Energy and Korea International Trade Association on Sunday, Korea posted a record US trade surplus of $28.7 billion from January to June this year, up 55.1 percent from the

EconomyJuly 21, 2024

MG Non-Life Insurance fails to find new owner, again

MG Non-Life Insurance's third attempt to find a new owner has failed amid concerns over its financial stability. Samjong KPMG, the lead advisor for the insurer's sale, conducted the final bidding on Friday, but no participants showed up, according to sources in the financial sector. Local private equity fund Dayli Partners and US-based JC Flowers were likely contenders, having participated in the preliminary bidding. However, neither showed up for the final round. Under current law, on

IndustryJuly 21, 2024

10 Korean companies on recovery from Microsoft IT outage

Following the mass global tech outage linked to Microsoft that disrupted critical public services and grounded planes, 10 companies affected in Korea have restored their operations or are on their way to recovery, said industry officials on Sunday. A faulty update from cybersecurity company CrowdStrike was released worldwide to Microsoft's Windows operating systems on Friday, resulting in “blue screen of death” crashes and systems being knocked offline in airports, hospitals and

IndustryJuly 21, 2024

Will estranged heir’s olive branch end decadelong sibling feud at Hyosung?

Earlier this month, Cho Hyun-moon, the second son of late Hyosung Group Chairman Cho Suck-rai, held a surprise press conference to announce his intention to donate his entire inheritance, worth about 100 billion won ($72 million), to a public foundation. Cho, a former Hyosung executive, has remained estranged from the founding family since he was engaged in a high-profile succession battle with his brothers – Cho Hyun-joon, the eldest, and Cho Hyun-sang, the youngest, in 2014. Currently, t

IndustryJuly 21, 2024

Brite Energy Partners scoops W100b investment from BlackRock

South Korean independent renewable energy producer Brite Energy Partners said Sunday that it has secured a fresh investment worth 100 billion won ($72 million) from its largest shareholder BlackRock. This funding, provided through BlackRock’s climate infrastructure business, is the fourth investment since BlackRock first backed BEP in August 2021. With the new capital, BEP plans to expand its solar portfolio to over 1 gigawatt, widen its electric vehicle fast-charging network and secure ba

IndustryJuly 21, 2024

Building AI data centers immediate task for Korea: SK chief

South Korea should work on establishing more artificial intelligence infrastructure to attract global tech firms, otherwise it could be in danger of AI dependence on other countries, said SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry. “Among the things that Korea must proactively do in its AI strategy is creating a lot of AI-related infrastructure, starting with AI data centers,” Chey told reporters during a press conference F

IndustryJuly 21, 2024

Will Galaxy Ring renew Samsung-Apple rivalry?

Competition between global tech rivals Samsung Electronics and Apple for domination of the burgeoning digital health care market heats up as elderly populations grow rapidly in many parts of the world. Samsung considers digital health care as a future growth engine. The strategy is to put health management app Samsung Health at the forefront and use the Galaxy Watch series as a pivotal element, particularly highlighting its sleep management feature. Last week, the Korean tech giant unveiled the

TechnologyJuly 19, 2024

Mirae Asset to introduce Asia’s first equal-weight ETF tracking S&P-500

Mirae Asset Global Investments, a leading asset manager here, is to launch an equal-weight exchange-traded fund, suggesting a well-balanced investment strategy to its investors. Mirae Asset’s Tiger US S&P-500 Equal Weight ETF is to be listed on the Korea Exchange, the country’s sole bourse operator, Tuesday. As its name suggests, the ETF product equally tracks the stocks of 500 leading companies listed on the S&P-500 index. While most ETF products have their constituent stock

MarketJuly 19, 2024

Seoul shares dip for 3rd straight session on Wall Street losses

Seoul shares fell for the third straight session Friday in line with overnight losses on Wall Street. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 28.89 points, or 1.02 percent, to close at 2,795.46. Trade volume was slightly moderate at 417.9 million shares worth 9.4 trillion won (US$6.78 billion), with losers outnumbering winners 574 to 302. Institutions and foreign investors dumped local shares worth a combined 781.2 billion

MarketJuly 19, 2024

Crypto investor protection law takes effect in Korea

South Korea’s first law specifically designed to protect cryptocurrency investors took effect on Friday, bringing the virtual asset industry within legal boundaries. The Virtual Asset User Protection Act aims to prevent unfair trading practices in the volatile crypto market, in response to how it was shaken by such incidents as the Terra-Luna crash and bankruptcy of crypto exchange FTX. The new law defines virtual assets as electronic tokens with economic value that can be traded or transf

MarketJuly 19, 2024

Merger boosts SK On’s bid for turnaround

SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar

CompaniesJuly 19, 2024

Samsung sees fewer preorders for Galaxy Z foldable phones

Preorders for Samsung Electronics’ new foldable smartphones have topped 910,000 units in South Korea, a decline from 1.02 million preorders for their predecessors last year, according to the tech giant on Friday. Ahead of the official release of the Galaxy Z Flip6 and Fold6 on July 24, Samsung accepted preorders for the new phones for a week until Thursday in Korea. Despite a nearly 10 percent decline from last year, consumers in their 20s and 30s – Samsung’s target audience &n

TechnologyJuly 19, 2024