LG Chem, Hyundai breathe new life into dead EV batteries

Major South Korean firms including LG Chem, Hyundai Glovis and Hyundai Motor have come up with new business models to reuse dead electric vehicle batteries to address approximately 80,000 used-up EV batteries that will materialize by 2029. The plan follows the Ministry of Trade, Industry and Energy’s fourth committee meeting on Monday to review regulatory exemptions for new business models, giving the green light to three projects that reuse EV batteries. When an EV batteries’ pe

Oct. 20, 2020

Incheon Global City to build new residential block

Special-purpose company Incheon Global City has announced plans for the second phase of its project to build an apartment block for South Koreans based in the US. The plan will see the company sign a contract with Posco Engineering & Construction later this month and see construction begin in December, with its completion scheduled for April 2025. Those eligible for the newly constructed apartment subscription will be allotted apartments through a draw in November before signing deals the

Oct. 20, 2020

Intel deal to make SK hynix world's No. 2 NAND provider

SK hynix announced Tuesday that it would acquire Intel’s NAND business for $9 billion, in a deal that will make it the world’s second-largest NAND flash memory provider. SK hynix said it has signed an agreement with Intel under which the Korean chipmaker will acquire the US tech giant’s NAND memory and storage business. The $9 billion deal includes transaction of the NAND solid-state drive business, the NAND component and wafer business and the Dalian NAND memory manufactur

Oct. 20, 2020

Doosan Heavy wins $787m power plant order from Vietnam

South Korean power plant builder Doosan Heavy Industries & Construction Co. said Tuesday it has signed a $787 million deal to build a coal-fired power plant in northeastern Vietnam. Under the deal with Vapco, a Vietnamese unit of the state-run Korea Electric Power Corp. (Kepco), Doosan Heavy Industries will build the plant and provide equipment including boilers from March 2021 to February 2025, the company said in a regulatory filing. Early this month, the board of Kepco decided to take

Oct. 20, 2020

NCSoft makes foray into console gaming market with ‘Fuser’

NCSoft is gearing up to enter the fast-growing global console gaming market with its first console title “Fuser,” a DJ rhythm game set for release on Nov. 10. According to the South Korean game company Tuesday, its North American subsidiary NC West will release Fuser for both on PC and three major console platforms -- PlayStation 4, Xbox One and Nintendo Switch -- in North America and Europe. NCSoft says its playlist will distinguish Fuser from other rhythm games. While previo

Oct. 20, 2020

Hanwha Q Cells partners with Kowepo to build 150MW solar farm in Spain

Hanwha Q Cells said Tuesday that it has joined hands with Korea Western Power to launch solar power projects in Spain with a total capacity of 150 megawatts. According to South Korea’s leading solar cell and module maker, it signed a memorandum of understanding with Kowepo at Plaza Seoul Hotel on Monday agreeing to cooperate on the projects. In September last year, Hanwha Q Cells purchased the business rights from Spanish firm Hive to its 200-megawatt solar power projects. Under the a

Oct. 20, 2020

Medytox’s Coretox at risk of losing license

After most of its Meditoxin units were stripped of its sales licenses, Medytox is at risk of losing two more of its products’ licenses as the Ministry of Food and Drug Safety moves to penalize their illegal sales in China. On Monday evening, the ministry issued an announcement that it has determined the 50, 100, 150 and 200 units of Meditoxin and Coretox violated the Pharmaceutical Act by trading overseas without the agency‘s permission to leave the country. Meditoxin 50, 100 and

Oct. 20, 2020

Public financial enterprises accused of charging excessive interest rates

South Korea’s major financial state-owned corporations turned out to have imposed excessive interest amounts that far exceed the principal upon small-sized debtor businesses, raising skepticism about their “inclusive finance” policy functions, data showed Tuesday. According to data submitted to Rep. Min Hyung-bae, lawmaker of the ruling Democratic Party of Korea and a member of the parliamentary finance committee, the four state-owned companies affiliated with the Financial

Oct. 20, 2020

Seoul shares up for 2nd day on US stimulus hopes; Korean won at 18-month high

South Korean shares rose for a second straight session Tuesday, as investors hold on to hopes for progress in the new US stimulus talks. The Korean won rose to an 18-month high against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 11.67 points, or 0.5 percent, to close at 2,358.41. Trading volume was moderate at about 862 million shares worth some 11.7 trillion won ($10.3 billion), with losers outnumbering gainers 514 to 323. Foreigners boug

Oct. 20, 2020

Line Corp. launches banking service in Thailand

Line Corp. announced Tuesday that the company has launched messenger-based banking platform Line BK in Thailand, together with one of the largest banks in the nation. The platform will be operated by joint venture Kasikorn Line, forged by Line Corporation’s subsidiary Line Financial Asia and Thai bank Kasikornbank’s subsidiary Kasikorn Vision Company Limited. Line BK is Line Corporation’s first-ever banking service that allows messenger users to easily transfer money, manag

Oct. 20, 2020

JPMorgan cuts Kiwoom Securities stake for W26.1b

JPMorgan Asset Management has reduced its stake in South Korean securities brokerage house Kiwoom Securities to cash out 26.1 billion won ($22.9 million), in an apparent profit-making move, a filing showed Tuesday. Since August, Hong Kong-based JPMorgan Asset Management Asia Pacific and five affiliated parties had unloaded a combined 1.11 percent stake in the Seoul-based brokerage house without a brick-and-mortar branches. The transaction cut JPMorgan’s stock holding to 3.9 percent, stee

Oct. 20, 2020

OB releases series of goods to drive up beer sales

Oriental Brewery has released a series of goods for beer brands OB Lager, Stella Artois and Budweiser to drive up sales, as interest in drinking-related items grows amid the current pandemic. The brewing company launched an online store dedicated to goods inspired by its long-running mascot Lala Bear last month, including a glass set, a coaster set and a tube-type ice bucket. Stella, a Belgian beer sold by OB, has released a camphor cutting board that can also be used as a plate, while Budweis

Oct. 20, 2020

SKT launches virtual meetup solution, relocates its AR/VR studio

SK Telecom, one of South Korea‘s leading telecommunications firms, announced Tuesday that the company would begin the global expansion of its virtual and augmented reality service, starting with Hong Kong. In Hong Kong, SKT has partnered with Hong Kong‘s top telecommunications firm PCCW Group, the company announced during an online conference held Tuesday. The two firms will invest in creating AR and VR content too, which will be available via SKT’s virtual and augmented rea

Oct. 20, 2020

8 out of 9 state-run financial firms have zero female executives

   Women in leadership positions are still rare at South Korea’s state-run financial institutions, despite the government’s policy drive to empower female workers at the public offices, data showed Tuesday.  As of 2019, eight out of nine public financial bodies in the country were found to have zero women at the executive level, with the exception being the Korea Asset Management Corp., in which two women are holding senior management roles, said Rep. Bae Jin-gyo of

Oct. 20, 2020

Hyundai Motor's brand value ranks 5th worldwide

Hyundai Motor Co. said Tuesday its brand value was ranked fifth among global automakers on its efforts to evolve into a future mobility solutions provider. Hyundai Motor's brand value rose 1 percent to $14.3 billion in 2020 from $14.1 billion a year earlier, the company said, citing global brand consulting firm Interbrand's top 100 brand rankings for this year. Hyundai Motor's brand value ranking was up one notch from the prior year, and it marks the first time for South Korea's leading automa

Oct. 20, 2020

KB Kookmin Bank chief likely to serve third term

Major South Korean bank KB Kookmin’s incumbent CEO is likely to keep his role for another year, as he was tapped by board members on Tuesday as the sole candidate for the position, the firm said. KB Kookmin Bank CEO Hur Yin has been selected by the lender’s holding group KB Financial Group’s affiliate leadership nomination committee to serve his third term as his one-year second term is set to end on Nov. 20. Hur would have to gain approvals from a similar, yet lower committe

Oct. 20, 2020

KB Financial issues ESG hybrid bonds worth W500b

Major South Korean banking group KB Financial Group said Tuesday that it has issued 500 billion won ($439.1 million) worth of hybrid bonds focused on environmental, social and governance investment. They are the first won-denominated ESG bonds issued by a banking group here, the firm said. While a growing number of local financial institutions have floated ESG bonds in recent years, it was usually the major banking group’s flagship lenders that handled the business, not the holding compan

Oct. 20, 2020

Shared office operator Sparkplus eyes IPO next year

Local office space sharing firm Sparkplus is gearing up for an initial public offering next year, according to company officials on Tuesday. As the company plans to make its debut on the nation’s tech-heavy Kosdaq bourse, it recently chose local brokerage firm Mirae Asset Daewoo as its leading underwriter. However, the exact size of the deal and the date of listing have not yet been decided, the firm said. Sparkplus was jointly established by Aju Hotels & Resorts and accelerator Spar

Oct. 20, 2020

Samsung's global brand value ranks 5th for first time

Samsung Electronics Co., the world's leading maker of smartphones and memory chips, said Tuesday its brand value was ranked fifth in the world this year for the first time. Samsung moved up to fifth most-valuable global brand this year with a record value of $62.3 billion, up 2 percent from last year's $61.1 billion, according to Interbrand's latest top 100 best global brands list. This is the first time Samsung ascended to the list of the global top five after initial evaluation of its brand

Oct. 20, 2020

GC Wellbeing’s cancer-induced metabolic disorder treatment aims for 2021 license-out

GC Wellbeing has finished injection of its novel drug pipeline GCWB204 in European clinical phase 2 trial, the company said Tuesday. By the first half of 2021, GC Wellbeing will learn the scope of the drug’s effects and engage in negotiations for licensing it out, it added. GCBWB204 is a novel drug candidate for cancer cachexia, which is a nutritional imbalance in cancer patients that causes muscular atrophy and metabolic disorders. This medical condition can be caused by cancer itself,

Oct. 20, 2020