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

Celltrion files for phase 3 trial of new cancer biosimilar in US

South Korean biopharmaceutical firm Celltrion said Monday it has submitted an investigational new drug application to the US Food and Drug Administration for a Phase 3 clinical trial of CT-P44, its new biosimilar candidate referencing Darzalex. Darzalex, a targeted cancer therapy, inhibits the growth of myeloma cells by binding to specific surface proteins. The Phase 3 trial will evaluate the pharmacokinetics, efficacy and safety of CT-P44 compared to Darzalex in 486 patients with relapsed or re

CompaniesDec. 2, 2024

Samsung Biologics promotes global sales chief after record orders

Samsung Biologics has promoted Kevin Sharp, head of its New Jersey office leading global sales, to executive vice president, largely buoyed by the company's record contract manufacturing orders secured this year. In a management reshuffle Friday, the company promoted Sharp and five other executives to recognize their contribution to Samsung Biologics' larger global market presence. Sharp joined the company in 2017 after 10 years at GlaxoSmithKline in the US, where he served as a pro

CompaniesDec. 2, 2024

Dunamu’s Viver launches global transaction platform for luxury watches

South Korea’s luxury watch transaction platform Viver said Monday it is launching its cross-border service, largely buoyed by its successful launch at home. Dunamu, the operator of the nation’s largest crypto currency exchange Upbit, established Viver as a subsidiary in 2022 to venture into new markets for physical assets. The platform has seen steady growth, with cumulative transactions surpassing 100 billion won ($71.3 million). More than 16,000 products have been filed and almost

IndustryDec. 2, 2024

Seoul shares end lower on extended tech losses

Seoul shares ended lower Monday, bucking gains on Wall Street on extended tech losses. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.43 points, or 0.06 percent, to close at 2,454.48. The main index ended in the negative territory after opening sharply higher, jumping 23.63 points, or nearly 1 percent, in the first 15 minutes of trading on U.S. gains. On Friday, the Dow Jones Industrial Average rose 0.42 percent to 44,910.65 points, an

MarketDec. 2, 2024

[KH Explains] Will Northvolt's fall ease talent shortage for Korean battery makers?

Northvolt, backed by Volkswagen Group, was once hailed as Europe’s hope for an electric vehicle battery champion to challenge the creeping presence of Asian competitors. In a bid to spur growth, the Swedish battery maker hired dozens of battery researchers from Korean rivals, promising heftier salaries and a better quality of life -- until recently. After years of financial struggles, however, the company last month filed for bankruptcy protection in the US and its employees reportedly see

MobilityDec. 2, 2024

Global startup accelerators flock to Seoul for Foster Bridge summit

Global players in startup investment and innovation gathered in Seoul on Monday to drive cross-border collaboration and nurture startups in Asia. The inaugural Foster Bridge summit -- co-hosted by Premier Plan, The Garrison, BOWL International and Sugarful Studio -- began its two-day run at Seoul Dragon City in Yongsan-gu, attracting almost 60 investors and business representatives from 20 countries, alongside local stakeholders. Under the slogan, “Building bridges for global innovation an

IndustryDec. 2, 2024

K-fashion platform Ably secures W100b funding from Alibaba

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced on Monday that it has secured its first global capital investment of 100 billion won ($75 million) from China’s Alibaba Group. This marks Alibaba's first stake acquisition in a Korean e-commerce platform, with the group reportedly obtaining some 5 percent of Ably's shares. Ably's valuation has tripled in three years, compared to 900 billion won during its pre-Series C funding round in Jan

IndustryDec. 2, 2024

[Photo News] Genesis GV70 EV refined

The 2025 Genesis GV70 Electrified brings a refreshed design inside and out. Updates include a new grille with a gradient pattern, streamlined air intakes and new 20-inch matte gray wheels. A fresh Ceres Blue color option -- offered in matte or glossy finishes -- offers more variety. The interior maintains its spacious layout while incorporating updated oval-themed accents for a modern look. Genesis plans to release more details about pricing and features closer to the launch early next year. (Ge

MobilityDec. 2, 2024

Regulator seeks to revise law to protect small shareholders

South Korea’s top financial regulator said Monday it would seek to revise the Capital Market Act to protect individual shareholders when listed companies undertake a merger and relist after a corporate spin-off. "We prepared a proposal for the revision of the Capital Market Act with the recognition that the protection of the interests of general shareholders should be strengthened to enhance the value of the capital market," Kim Byoung-hwan, chair of the Financial Services Co

EconomyDec. 2, 2024

Hyundai, Kia less dependent than rivals on EV tax credits in US: study

An automotive industry study has found that American buyers of Hyundai Motor and Kia electric vehicles are less likely to have chosen the Korean EVs based on the US government’s tax benefits, raising hopes for the Korean automakers as they gear up for a second Donald Trump administration next year. According to a study published by US auto industry research firm J.D. Power last week, only 32 percent of Hyundai buyers and 24 percent of Kia buyers selected tax credits and incentives as a pri

MobilityDec. 2, 2024