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S. Korean battery firms make record investments in 2024 amid EV slowdown
South Korea's three major battery makers likely made all-time-high investments in research and development activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday. LG Energy Solution Ltd., Samsung SDI Co. and SK On are estimated to have invested more than 2.5 trillion won ($1.7 billion) in R&D projects in 2024, up from 2.47 trillion won a year earlier, according to the sources. LGES, the country's leading battery firm, is projected to have invested more
Jan. 22, 2025 -
Seoul shares open higher on US gains
South Korean stocks started higher Wednesday, tracking overnight gains on Wall Street driven by US President Donald Trump's softer-than-expected tone in trade policies. The benchmark Korea Composite Stock Price Index added 14.95 points, or 0.59 percent, to 2,532.98 in the first 15 minutes of trading. In the United States, major stock indexes finished higher as Trump warned of imposing tariffs on Canadian and Mexican goods from Feb. 1 but stopped short of laying out detailed plans and other prote
Jan. 22, 2025 -
Consumer sentiment rebounds in Jan. following martial law chaos
South Korea's consumer sentiment has recovered from a two-year low in January as the country is struggling to navigate political turmoil sparked by President Yoon Suk Yeol's shocking martial law declaration, a central bank poll showed Wednesday. The composite consumer sentiment index stood at 91.2 this month, up 3 points from the previous month's 88.2, according to the survey conducted by the Bank of Korea. It marked the sharpest growth since May 2023 and the first on-month gain in three months.
Jan. 22, 2025 -
Vehicle registrations surpass 26 m units; eco-friendly cars exceed 10%
The total number of registered vehicles in South Korea surpassed 26 million units last year, with eco-friendly cars accounting for over 10 percent for the first time, driven by growth in hybrid vehicle sales, the government said Wednesday. According to the Ministry of Land, Infrastructure and Transport, the total number of registered vehicles reached 26.3 million units as of the end of December, up 1.3 percent from a year ago. By fuel type, gasoline and diesel models came to 12.4 million units a
Jan. 22, 2025 -
Govt. discusses trade strategies with exporters amid US uncertainties
South Korea's industry ministry on Wednesday sought to devise strategies to address uncertainties in exports to the United States following the launch of the second Donald Trump administration in a meeting with local businesses. The meeting was partly organized to brief exporters on US trade policies, including anti-dumping and countervailing duties, along with ways to respond in the event of a contingency, according to the Ministry of Trade, Industry and Energy. "With the global market maintain
Jan. 22, 2025 -
Hyundai-Kia European sales down nearly fall 4% in 2024
Combined vehicle sales of leading South Korean automakers Hyundai Motor and Kia in Europe fell 3.9 percent on-year in 2024, industry data showed Tuesday. According to data from the European Automobile Manufacturers' Association (ACEA), Hyundai Motor and Kia sold a combined 1,063,517 units in Europe last year. ACEA data showed Hyundai Motor's sales stayed nearly unchanged from a year earlier at 534,360 units, while those of Kia dropped 7.5 percent to 529,157 units. The combined market share of Hy
Jan. 21, 2025 -
Stock market reform plan aims to tighten delisting rules
South Korea’s financial authorities are streamlining delisting processes and expanding mandatory holding commitments for institutional investors to curb market distortion from short-term trading in initial public offerings. A set of reforms was announced at a seminar on stock market listing and delisting held Tuesday in Seoul by the Financial Services Commission, Financial Supervisory Service, Korea Exchange, Korea Financial Investment Association and Capital Market Institute. The reforms were i
Jan. 21, 2025 -
Hanwha Systems' vessel cybersecurity system approved by US classification society
Hanhwa Systems, a Korean technology solutions provider affiliated with Hanwha Group, said Tuesday that its cybersecurity solution system for ships has been certified by a US-based ship classification society for the first time in Asia. The SecuAider system recently passed a type approval test for “E27 TA” after the American Bureau of Shipping assessed whether the onboard system meets mandatory cyber resilience requirements. The official certificate was awarded to Hanwha Systems on Monday at the
Jan. 21, 2025 -
Korea Zinc power struggle in 2 minutes
Korea Zinc, the world’s largest refined zinc producer, valued at $12 billion, is locked in a high-stakes battle for managerial control that could impact South Korea’s economy and global supply chains. Key players Korea Zinc (Choi family): Founded in 1974 and managed by the Choi family, Korea Zinc has diversified under CEO Choi Yoon-beom, moving into battery materials and renewable energy.Young Poong Group (Chang family): The company's largest shareholder, operating the Seokpo smelter and facing
Jan. 21, 2025 -
Seoul shares edge down on US tariff woes
South Korean stocks finished lower for the third consecutive session Tuesday as investor sentiment was dragged down by a set of protectionist trade policies by US President Donald Trump on his first day in office. The Korean won rose to a one-month high against the US dollar. The benchmark Korea Composite Stock Price Index fell 2.02 points, or 0.08 percent, to close at 2,518.03, extending its losing streak to three sessions. Trade volume was moderate at 565.7 million shares worth 9.2 trillion wo
Jan. 21, 2025 -
Samsung, SK hynix on edge over ailing Chinese fabs
Korean chipmakers brace for heightened export controls under Trump 2.0 South Korean chipmakers are on high alert over stricter US regulations on China, where they operate and have heavily invested in semiconductor chip fabrication plants, also known as fabs. Though tariff advocate US President Donald Trump has officially begun his second term, he has yet to clarify his pledges targeting China, including the proposed 60 percent tariffs on Chinese goods. Samsung Electronics and SK hynix are thus w
Jan. 21, 2025 -
Ministry vows to spur growth of K-food exports
The Ministry of Agriculture, Food and Rural Affairs held a meeting at aT Center in Seoul on Tuesday to discuss strategies for sustaining growth in Korean agricultural and food exports. The meeting centered on expanding exports of K-Food+ -- a category that includes agricultural and food products along with related industries such as smart farming, agricultural equipment and veterinary medicines -- with officials discussing the outlooks of local firms, implementation plans and government support
Jan. 21, 2025 -
Korea's acting leader expects phone call with Trump soon
South Korea’s acting President Choi Sang-mok vowed to ensure the economy remains resilient Tuesday, with a delegation sent to Washington amid concerns stemming from a flurry of executive actions that US President Donald Trump signed immediately after his return to the White House. “We will strengthen the stability of our economy by maximizing opportunities from the launch of the new US government and minimizing risk factors,” Choi said during a meeting with government officials on external econo
Jan. 21, 2025 -
South Korea, UK hold talks on defense exports
South Korea’s Ministry of National Defense hosted a defense cooperation meeting with the United Kingdom’s defense export agency, in line with the countries' joint efforts to develop opportunities in defense exports to a third country. According to the ministry on Tuesday, Lee Young-bin, director of the ministry’s planning and coordination office, met with Oliver Harry, the director of UK defense and security exports under the UK’s Department for Business and Trade who is tasked with supporting B
Jan. 21, 2025 -
Complaints grow over security bottlenecks at Incheon Airport
Enhanced screening, labor shortages cause check-in delays at award-winning airport Incheon International Airport is grappling with mounting congestion at its departure security checkpoints, as newly introduced screening equipment aimed at enhancing accuracy and efficiency has yet to alleviate recent bottlenecks. Last December, the airport ambitiously unveiled its expanded Terminal 2, transforming it into one of the world's three largest mega-airports, with the capacity to handle 100 million pass
Jan. 21, 2025