Korean beef prices, poultry shares soar as cattle disease spreads

Prices of Korean beef rose following a series of lumpy skin disease breakouts in cattle across the country, data released Thursday showed. According to data from the Korea Institute for Animal Products Quality Evaluation, the wholesale prices of Korean beef logged an average of 19,365 won ($14.25) per kilogram as of Wednesday. The price saw a 6.5 percent increase compared with 18,179 won a week ago prior to the outbreak. The first confirmed case of lumpy skin disease was reported last Friday. Du

Oct. 26, 2023

Samsung SDI logs record-high Q3 sales on solid EV battery demand

Samsung SDI said Thursday it has posted a record-high revenue in the third quarter, driven by upbeat sales of electric vehicle batteries. In the July–September period, the company’s revenue surged 10.8 percent on-year to 5.9 trillion won ($4.4 billion), mostly boosted by increased sales of prismatic and cylindrical batteries cells for EVs which saw a 60 percent jump in profit and a 9.3 percent operating profit margin. Its operating profit decreased 12.3 percent to 496 billion won in

Oct. 26, 2023

[Photo News] LG Expo Bus in London

A double-decker bus named the LG Expo Bus, featuring the slogan "Busan is Ready," passes by Big Ben in London, in this photograph released by the company on Thursday. LG Group has deployed 210 similar double-decker buses as part of their efforts to promote Busan's candidacy for the World Expo. The conglomerate is expected to ramp up promotional efforts in London, Brussels and Paris until Nov. 28, when the host country of the 2030 World Expo is decided. (LG Corp.)

Oct. 26, 2023

SK Innovation joins hands with Fiji for mangrove restoration

South Korean energy giant SK Innovation announced Thursday that it will launch a mangrove restoration project on Vanua Levu, the second-largest island in Fiji, as part of its ongoing environmental campaign to tackle climate change. Under the agreement signed with the Fijian government the day before, the project, which is scheduled to begin in November, will be fully funded by SK Innovation. “This mangrove restoration project goes beyond simple environment protection as it embodies our str

Oct. 26, 2023

McDonald's Korea to increase prices of 13 items next week

McDonald's Korea said Thursday it will increase the price of 13 menu items by an average 3.7 percent, including the signature Big Mac, next week due to higher food and shipping costs. Under the plan, the price of a Big Mac will rise 300 won to 5,500 won ($4.06) on Nov. 2, while that of a McSpicy Shanghai Burger and Bulgogi Burger will also increase by 300 won each, according to the Korean unit of the US fast food chain. The price of an Egg Bulgogi Burger will go up 400 won, and that of an I

Oct. 26, 2023

Seoul shares open sharply lower on US losses

South Korean stocks opened over 1.4 percent lower Thursday in a broad sell-off on heightened concerns after Wall Street slumped overnight. The benchmark Korea Composite Stock Price Index lost 33.92 points, or 1.44 percent, to 2,329.25 in the first 15 minutes of trading. In the US, the S&P 500 tumbled 1.43 percent and the tech-heavy Nasdaq Composite shot down 2.43 percent, posting its largest drop this year, on Google's parent Alphabet's disappointing cloud figures and a rise in Tre

Oct. 26, 2023

SK hynix logs quarterly losses for 4th consecutive quarter

SK hynix Inc. said Thursday it posted losses for the fourth consecutive quarter in the third quarter of this year but recovering demand for high-performance products helped narrow its operating deficit. The world's second-largest memory chip maker said in a regulatory filing its operating losses amounted to 1.79 trillion won ($1.32 billion) for the July-September period on a consolidated basis, compared with a profit of 1.67 trillion won a year ago. Net losses came to 2.18 trillion won, plu

Oct. 26, 2023

Samsung Biologics quarterly sales hit W1tr for first time

Samsung Biologics said Wednesday it exceeded 1 trillion won ($741 million) in quarterly sales for the first time, following the operation of its fourth plant and profits generated by long-term contract manufacturing orders. According to regulatory filings for the July-September period, Samsung Biologics’ quarterly sales on a consolidated basis hit a record high of 1.34 trillion won, marking 18 percent on-year growth. Operating profits were 318 billion won during the same period, down 2 per

Oct. 25, 2023

Prestige Biopharma eyes complete value chain

BARCELONA, Spain – Prestige Biopharma, a Kospi-listed biopharmaceutical firm based in Singapore, said Tuesday it is seeking to complete its value chain of new drug development with its upcoming research center in Busan. “Prestige Biopharma’s research and development of antibody drugs will pick up speed after the company opens its new research center in Busan,” Prestige Biopharma Chairman Park So-yeon told reporters at the Convention on Pharmaceutical Ingredients (CPHI) Wo

Oct. 25, 2023

SK Pharmteco bets big on cell, gene therapy

BARCELONA, Spain -- SK Pharmteco, SK Inc.’s contract bio-manufacturing subsidiary, said the company’s burgeoning cell and gene therapy (CGT) business will become its new growth engine. “We continue to expand our CGT business, and the capacity we are building over the next years will allow us to grow this business,” SK Pharmteco CEO Joerg Ahlgrimm said during a press conference Tuesday held on the sidelines of the Convention on Pharmaceutical Ingredients (CPHI) Worldwide,

Oct. 25, 2023

Seoul shares dip amid grim outlook for EV sector

South Korean stocks closed sharply lower Wednesday as battery shares plummeted amid forecasts that global demand for electric vehicles will slow down next year due to economic uncertainties. The local currency lost ground against the US dollar. The benchmark Korea Composite Stock Price Index shed 20.34 points, or 0.85 percent, to close at 2,363.17. Trading volume was a little slim at 435 million shares worth 7.7 trillion won ($5.7 billion), with gainers outnumbering losers 613 to 267. Foreigners

Oct. 25, 2023

Celltrion chief calls merger crucial to beat bigger rivals

Pooling resources together is the best way to survive in the cutthroat competition against global pharmaceutical companies with gigantic capital, biopharma Celltrion founder and Chairman Seo Jung-jin said on Wednesday of the firm's merger with its sales affiliate Celltrion Healthcare. “The integration of Celltrion and Celltrion Healthcare will serve as a momentum for the group to take a leap as a leading global health care firm,” Seo said during a press conference held in Yeou

Oct. 25, 2023

Woori Bank accelerates overseas expansion

Woori Bank, one of South Korea’s top four commercial banks, has announced its plan to achieve up to 25 percent of its net profit from global sales by 2030. “Woori Bank's global division reported a net profit of $340 million last year, and it has achieved an average annual asset growth of 9 percent during the last three years," Yun Seog-mo, Woori Bank's global business division head said during a press conference held at the bank's headquarters in Seoul on Wednesda

Oct. 25, 2023

Eximbank holds workshop on development financing

The 27th Economic Development Cooperation Fund Annual Workshop, hosted by the state-run Export-Import Bank of Korea (Eximbank), kicked off Tuesday, inviting a total of 15 government officials from 14 developing countries. The EDCF Annual Workshop, a four-day event, aims to introduce South Korea’s EDCF financing to public officials around the world. The EDCF, an aid loan funded by the Korean government, was launched in 1987 under an official development assistance initiative. Eximbank is in

Oct. 25, 2023

Shinhan Card's Kazakh unit secures $60m funding from IFC

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday. The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects. Of the $60 million, some $20 million will be used first to fund the compan

Oct. 25, 2023

KAI partners with Saudi Space Agency to lead new space era

Korea Aerospace Industries has joined hands with the Saudi Space Agency to collaborate on strengthening their partnership in the space sector as part of efforts to lead the expanding space industry in the Middle East. According to KAI, the chiefs of KAI and SSA on Wednesday signed a memorandum of understanding in Riyadh. The partnership agreement took place during President Yoon Suk Yeol’s state visit to Saudi Arabia, which began Saturday. KAI officials traveled to the Middle Eastern count

Oct. 25, 2023

SK Signet delivers W5b ultrafast EV chargers to Revel

SK Signet, the electric vehicle charger maker under SK Group, said Wednesday that it has delivered the first shipment of its new V2 ultrafast 400-kilowatt EV chargers, to Revel, a Brooklyn-based electric mobility and infrastructure firm, in a deal worth to 5 billion won ($3.7 million). Revel is the first client to receive the V2 since its mass production. Accelerating EV adoption in the city, the US company provides electric rideshare services, mopeds rental, and fast charging stations dubbed &l

Oct. 25, 2023

S-Oil to import low-carbon ammonia from Saudi Aramco

South Korean oil refiner S-Oil announced Wednesday that it has signed a letter of intent with Saudi Aramco, Saudi Arabia's state oil giant, to secure low-carbon ammonia and contribute to the nation’s hydrogen industry. Following last year’s agreement to build a hydrogen supply chain between the two companies, the new partnership aims to confirm their will to support global decarbonization efforts. Under the letter of intent, S-Oil plans to import low-carbon ammonia from Saudi Ar

Oct. 25, 2023

LG Energy Solution ups ante in price war against Chinese rivals

LG Energy Solution plans to boost production of price-competitive electric vehicle batteries -- including lithium iron phosphate (LFP) batteries -- in a move to expand its footing in the low-cost EV market dominated by Chinese rivals, the company said in its third quarter earnings call on Wednesday. “We plan to launch LFP batteries, and LFMP and manganese-rich batteries in 2026 and 2027, respectively to strengthen our low-priced battery product portfolio,” said Lee Chang-sil, chief f

Oct. 25, 2023

LG Chem sets up R&D center in Georgia

South Korean chemical giant LG Chem said Wednesday that it has set up a new research and development center in the US state of Georgia called the North America Innovation Center, as part of its big push to secure global talent for its burgeoning next-generation materials business. The new plan was unveiled as part of its partnership with the Georgia Institute of Technology signed a day before. Under the agreement, the center will serve as an R&D base for diverse collaboration projects with n

Oct. 25, 2023