LG Energy Solution mulls acquiring GM’s stake in joint battery plant in Michigan

LG Energy Solution announced Tuesday that it is considering acquiring General Motors’ stake in their joint venture battery plant in Michigan. “LG Energy Solution is reviewing the acquisition of the Ultium Cells plant 3 in Lansing to improve investment and operational efficiency and maximize operating rates of plants in North America," the Korean battery maker said in a statement. GM revealed Monday that it plans to sell its stake in the Michigan battery plant to the Korean partn

MobilityDec. 3, 2024

Koramco, BGO join bidding for GIC's Seoul Finance Center

At least three asset management firms joined the race to purchase the Seoul Finance Center, a landmark office building in central Seoul, in a deal that could be worth up to 1.5 trillion won ($1.07 billion). Singaporean sovereign wealth fund GIC opened bids for the sale of the 30-story building with the deal’s financial advisor CBRE Korea on Monday. Two Korean investors -- Koramco Reits & Trust and Koramco Asset Management -- separately participated in the bid. US-based real estate in

CompaniesDec. 3, 2024

Kolmar vows to support global growth of K-beauty brands

Kolmar Korea Vice Chairman Yoon Sang-hyun on Tuesday reaffirmed his company’s dedication to becoming a trusted global partner in the beauty market during a visit by the nation's food and drug safety chief to the company's research complex in Seoul. “We will continue to strengthen our partnerships with independent brands and actively support them to ensure the continuous emergence of K-beauty's iconic brands,” Yoon said, welcoming Minister of Food and Drug Safety

IndustryDec. 3, 2024

Toss Securities hits W30tr in overseas trading volume

Toss Securities, the brokerage arm of fintech giant Viva Republica, announced Tuesday that its monthly overseas stock trading volume reached a record 30.54 trillion won ($21.75 billion) in November. According to the company, the total monthly trading volume of overseas transactions, combining both sales and purchases, marked a second consecutive monthly increase after reaching 21 trillion won in October. This milestone makes Toss Securities the first Korean brokerage to surpass 30 trillion won i

IndustryDec. 3, 2024

How much will you spend on Christmas cakes?

Luxury cakes have emerged as seasonal highlights in South Korea's hotel industry, appealing to consumers seeking something special for Christmas, but they have drawn criticism as well as praise, thanks to their high prices. On Nov. 25, Hotel Shilla showcased "The Taste of Luxury," a Christmas cake priced at 400,000 won ($285), up 30 percent from the hotel's most expensive Christmas cake last year. According to the hotel, this year’s version has 25 percent more premium w

IndustryDec. 3, 2024

[Reporter’s Notebook] BYD’s Korean debut, a wakeup call for Hyundai, Kia

Spotting an electric vehicle on the road in Korea is not a rare sight nowadays as the country’s EV penetration rate has reached nearly 10 percent. But that is a still long way off China, where more than half of all newly sold vehicles there run on battery. BYD, a Chinese and world EV leader, is gearing up to make its debut in the Korean passenger vehicle market in January next year. To the Korean government and auto brands, this should serve less as a nudge to speed up the EV transition an

MobilityDec. 3, 2024

MBK accused of misusing confidential reports in hostile takeover bid of Korea Zinc

MBK Partners, the private equity firm seeking to take over Korea Zinc, the world’s largest zinc smelter, faces accusations of betrayal for allegedly misusing confidential reports to launch a hostile bid against the company. According to reports from the local investment industry on Monday, MBK had been among the potential partners for Korea Zinc’s ambitious “Troika Drive” and other new business initiatives in 2022. The firm reportedly gained access to sensitive informatio

IndustryDec. 3, 2024

AmCham hosts seminar on 'K-healthcare' strategies

The American Chamber of Commerce in Korea hosted a seminar in Seoul on Tuesday to discuss strategies for creating a patient-centered health care ecosystem and fostering medical innovation between Korea and the US. Now in its 15th year, the annual seminar brought together over 150 participants, including government officials, industry leaders and patient advocacy groups, to discuss building a patient-centered “K-Healthcare” environment through public-private collaboration and Korea-US

IndustryDec. 3, 2024

LG CNS to bring smart building tech to the US

LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value. The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects. Under the partnership, the three firms plan to jointly promote smart

IndustryDec. 3, 2024

Seoul to seek mutually beneficial ties with US amid uncertainties: trade minister

South Korea will make efforts to enhance its mutually beneficial ties with the United States, the trade minister said Tuesday, amid rising policy uncertainties surrounding Washington's incoming administration. Trade Minister Cheong In-kyo made the statement during a meeting with key commercial attaches and senior officials from the Korea Trade-Investment Promotion Agency to discuss strategies for sustaining South Korea's export momentum, according to the Ministry of Trade, Industry and

EconomyDec. 3, 2024

Govt. to discuss US export strategies with fisheries industry

South Korea's oceans ministry said Tuesday it plans to hold a series of meetings with the local fisheries industry to discuss export strategies for the US market amid looming protectionism measures, including higher tariffs. The meetings, set to take place throughout this month, come amid growing policy uncertainties surrounding the incoming US administration, which may directly impact the country's seafood exports, according to the Ministry of Oceans and Fisheries. "There are bot

EconomyDec. 3, 2024

LG Energy Solution, GM to jointly develop prismatic battery cells

South Korean battery maker LG Energy Solution Ltd. said Tuesday it has signed a deal with General Motors Co. to develop prismatic battery cells. Under the agreement, the companies will jointly develop prismatic battery cell technology and affiliated battery materials or "chemistries." Once developed, the prismatic battery cells will power GM's future electric vehicles (EVs), LGES said in a statement. Prismatic battery cells feature a flat, rectangular shape with a rigid enclosure,

IndustryDec. 3, 2024

S. Korea's inflation rises 1.5% in Nov., meeting target for 3rd month

South Korea's consumer prices increased at less than the central bank's 2 percent target for the third consecutive month in November, data showed Tuesday. Consumer prices, a key gauge of inflation, rose 1.5 percent from a year earlier last month, following a 1.3 percent on-year increase in October, according to the data from Statistics Korea. September saw a 1.6 percent on-year increase. South Korea's consumer inflation has stayed below 3 percent since April and fell below the inf

EconomyDec. 3, 2024

S. Korea settles 62 cases of non-tariff trade barriers in 2024

South Korea's trade ministry said Tuesday it has settled 62 cases of non-tariff barriers this year, helping businesses maintain $9 billion worth of exports. The World Trade Organization members maintained 4,149 technical barriers to trade (TBT) as of November, up from 4,068 tallied in 2023, according to data compiled by the Ministry of Trade, Industry, and Energy. TBTs, which include consumer safety standards and energy and environmental requirements, are often used as non-tariff restrictio

EconomyDec. 3, 2024

US unveils new package of chip export controls against China

The United States on Monday announced a new semiconductor export control package against China, including curbs on high-end chips for artificial intelligence that are likely to affect the South Korean industry. The Commerce Department's Bureau of Industry and Security unveiled the package on the Federal Register, including restrictions on exports of high bandwidth memory (HBM) chips. Two South Korean firms -- Samsung Electronics Co. and SK hynix -- and Micron Technology lead the global HBM

Foreign AffairsDec. 3, 2024

Seoul shares open higher amid US export curbs against China

Seoul shares opened higher Tuesday, tracking gains in US tech stocks after Washington announced a new semiconductor export control package targeting China. The benchmark Korea Composite Stock Price Index shot up 29.74 points, or 1.21 percent, to 2,484.22 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite jumped 0.97 percent, and the S&P increased 0.24 percent. The Dow Jones Industrial Average edged down 0.29 percent. Seoul shares gained ground as the latest US exp

MarketDec. 3, 2024

POSCO labor union takes step closer to launching first-ever strike

Unionized workers of South Korea's top steelmaker POSCO held a ceremony Monday to demonstrate their intention to launch their first-ever strike, officials said. Last week, 72.25 percent of its 7,934 members voted for a walkout, as management has refused to accept the union's demand of an 8.3 percent hike in basic wage and other incentives. If the union goes ahead with the collective action, it will be the first such move since the company's foundation in 1968. "We still have

IndustryDec. 2, 2024

LG CNS gets preliminary nod for market debut

LG CNS Co., an information technology (IT) service provider, on Monday received preliminary approval for a stock market debut with its listing likely to take place during the first half. LG CNS, a unit of South Korea's No. 4 conglomerate LG Group, had sought for an initial public offering in 2022 but dashed its market debut plan amid the coronavirus pandemic. Established in 1987, LG CNS, 49.95 percent owned by LG affiliates, is the only unlisted major IT service company in Asia's fourt

IndustryDec. 2, 2024

Presidential AI committee to devise nat'l AI strategy early next year

The presidential artificial intelligence (AI) committee plans to devise a national strategy within the first three months of next year to make South Korea one of the world's top three leaders in the AI industry, the science ministry said Monday. The committee held its first workshop earlier in the day to kick off its preparations to devise the national AI strategy aimed at fostering the country's competitiveness in the field, according to the Ministry of Science and ICT. The government

TechnologyDec. 2, 2024

Lotte Biologics hires pharma veteran as new CEO

Lotte Biologics said Monday that it has hired James Park, former sales chief at Samsung Biologics and CEO of GC Cell, as its new CEO. Park, a 58-year-old industry veteran, holds a bachelor’s degree in chemical engineering from the University of California, Davis, and a master’s degree in industrial engineering from Columbia University. He has held various leadership roles at global pharmaceutical companies, including Merck and Bristol Myers Squibb, where he oversaw drug development a

CompaniesDec. 2, 2024