LG, Luxoft launch joint venture for automotive solutions

LG Electronics Inc. said Friday its joint venture with Swiss-based software firm Luxoft has been launched as the South Korean company eyes to expand its presence in automotive solutions. Their joint venture Alluto is headquartered in Santa Clara, California, and will provide solutions for digital cockpit, in-vehicle infotainment, passenger-seat entertainment and ride-hailing systems based on LG's webOS Auto platform, according to the company. LG and Luxoft, now owned by US IT service firm DXC

March 12, 2021

S. Korea's consumer price growth likely to pick up in Q2: official

South Korea's vice finance minister said Friday that the growth of the country's consumer prices is likely to temporarily pick up in the second quarter, affected by hikes in food and oil prices. First Vice Foreign Minister Kim Yong-beom said prices of crude oil, raw materials and grains are showing signs of rising amid a global economic recovery. "Conditions for consumer prices trends in the second quarter look tough," Kim said at a meeting with government officials on inflation. Th

March 12, 2021

LG Energy Solution to invest w5tr to expand US battery production capacity

LG Energy Solution Ltd. said Friday it will invest 5 trillion won ($4.5 billion) by 2025 to expand its battery production capacity in the United States to meet growing demand in the key market. The battery subsidiary wholly owned by LG Chem Ltd. said the investment will increase its US manufacturing capacity to 75 gigawatt hours (GWh) and help create 10,000 jobs, including 6,000 subcontractors. LG Energy Solution operates a lithium-ion battery factory in Michigan and is building a new factory

March 12, 2021

Land minister says will take responsibility for LH employees' land speculation

Land Minister Byeon Chang-heum said Friday he will come up with measures to prevent employees at public developers from making speculative land purchases and could step down if his role falls behind public expectations. Byeon made the remark after a joint investigation team found that Korea Land and Housing Corp. (LH) employees allegedly bought land for speculation in two cities, south of Seoul, before it announced a major public housing development project. The minister has faced criticism as

March 12, 2021

Seoul stocks open higher on US stimulus, ECB intervention

South Korean stocks opened higher Friday as investor sentiment was boosted by the passing of the$1.9 trillion US stimulus package and the European Central Bank's move to slow the early rise in long-term borrowing costs.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.5 points, or 1.01 percent, to 3,044.2 points in the first 15 minutes of trading. Samsung Electronics added 1.1 percent, and No. 2 chipmaker SK hynix added 2.19 percent. Top automaker Hyundai Motor moved up

March 12, 2021

S. Korean e-commerce giant Coupang makes US debut at NYSE

WASHINGTON -- South Korean e-commerce giant Coupang Inc. made a splash in its landmark debut on the New York Stock Exchange on Thursday at an initial public offering price of $35 each. The IPO price is higher than an earlier proposed range of $32 to $34. With 130 million shares offered, Coupang raised $4.6 billion in public offering. According to Yahoo Finance data, the company's value stood at around $88.65 billion after its first closing, making it one of the most valuable startups in the Un

March 12, 2021

Samsung to launch Galaxy A32 smartphone in S. Korea this week

Samsung Electronics said Thursday it will launch another budget smartphone model in South Korea this week as the global tech giant eyes beefing up its handset sales against rivals. The Galaxy A32 will be released in South Korea on Friday with a price tag of 374,000 won ($330). The budget smartphone is already available in select markets in Europe and India. The LTE-supporting model comes with a quad rear-camera setup with a 60-megapixel (MP) main shooter, 8MP ultra wide lens, 52MP depth sen

March 11, 2021

Legal risks mount for Samsung’s jailed chief

The trial of Samsung Group’s de facto chief, Lee Jae-yong, resumed Thursday, increasing legal risks for the country’s biggest conglomerate as the court examines his role in the 2015 merger of two business units within the group. The Seoul Central Court held a second session to set a preliminary date for the trial of 12 Samsung executives, including the imprisoned Samsung Electronics vice chairman, who is the only son of the late Samsung Group Chairman Lee Kun-hee. The session was

March 11, 2021

KAI to develop AR/VR jet training system

Korea Aerospace Industries said Thursday it will utilize virtual and augmented realty technologies in its jet trainer system. 　 South Korea’s sole aircraft developer will develop the live-virtual-constructive system, which offers live maneuvering simulation, war game and virtual and constructive trainings. KAI has supplied 50 sets of training systems to 16 countries. Since 2016, the company has conducted and commissioned independent research and developed ways to integrate jet, simula

March 11, 2021

Lotte Card launches new financial services

Credit card firm Lotte Card said on Thursday that it has launched LOCA MONEY, a group of financial services covering short-term and long-term loans and “over-the-limit,” credit card services. The company said the brand focused on financial services is the first of its kind in the credit card industry. All of the newly launched services are branded under the LOCA MONEY name, including the LOCA MONEY-short term loan, and LOCA MONEY-long-term loan. With LOCA-prime, the card issuer w

March 11, 2021

Posco chief seeks reappointment despite brawls

For Posco Group, South Korea’s sixth-largest conglomerate in assets, the core agenda of its shareholders’ meeting this week is whether incumbent chief Choi Jung-woo will succeed in extending his term in office, in spite of growing political pressure and labor backlash. Signaling the start of the proxy season this month, the group’s flagship steelmaker Posco will hold its 53rd annual shareholders’ meeting at its headquarters in Seoul’s Gangnam-gu at 9 a.m. Friday

March 11, 2021

SK Innovation pushes nickel limits of EV batteries

This is the first installment of a three-part series looking into SK Innovation’s struggles to rise to the global leadership of lithium ion batteries, which have become a key enabler for a global shift toward sustainable mobility. The articles are sponsored by SK Innovation. - Ed.  SK Innovation is pushing the boundaries of nickel ratio inside electric vehicle batteries to the extreme, taking initiative in the global nickel cobalt manganese, or NCM, battery market. According to

March 11, 2021

SK Innovation to establish complete compliance system after battery defeat in US

SK Innovation said Thursday that its board of directors had ordered the establishment of a “complete global compliance system” in response to the ongoing battery dispute with LG Energy Solution in the US. At an audit committee meeting, held Wednesday and attended by all the company’s outside directors, board members lashed out at the management, saying the company’s “lack of experience in global disputes” had resulted in its defeat in the US’ top tra

March 11, 2021

SK Bioscience to develop vaccine for COVID-19 variants

SK Bioscience will develop an all-in-one vaccine targeting COVID-19 variants, together with the Coalition for Epidemic Preparedness Innovations, the South Korean firm said Thursday. SK Bioscience would receive funding from CEPI, worth up to $14.2 million, for the research and development. The South Korean vaccine developer could receive additional funds of as much as $12.5 million for building manufacturing facilities. For the new vaccine, the company hopes to build on its experience with n

March 11, 2021

Bitcoin trades near all-time highs

Bitcoin, the world’s most popular cryptocurrency, surpassed the 65 million won ($57,200) level once again Thursday, continuing a rally that started earlier this week. The digital coin, which has been on an upward trend since March 7, hit 65.15 million won Thursday morning, according to crypto exchange operator Upbit. It is the cryptocurrency’s second-highest level, after the historic high of 65.98 million won recorded Feb. 20. On Bithumb, a local crypto trading platform, one bi

March 11, 2021

Seoul stocks make steep rebound on massive foreign buying

South Korean stocks bounced back nearly 2 percent to recover above the 3,000-point threshold Thursday as foreign buying increased amid eased inflation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 55.58 points, or 1.88 percent, to close at 3,013.7 points. Trading volume was moderate at about 1.3 billion shares worth some 15.8 trillion won ($13.9 billion), with gainers outnumbering losers 664 to 193. Foreigners bought a ne

March 11, 2021

Coupang’s market value jumps to $63b

Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., said it will offer shares of its US initial public offering at $35 apiece, raising its market value to around $63 billion. Based on the fixed share price, the firm will raise $4.55 billion in funding, and it would start trading from Thursday there. Coupang said it has submitted a regulatory filing to the US Securities and Exchange Commission and has received approval from the commission. The company‘s estima

March 11, 2021

[News Focus] Seoul area, Sejong, Jeju lead surge in unemployment benefits

SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma

March 11, 2021

Revisiting the rise of Coupang ahead of NYSE debut

Coupang has been in the headlines ever since it filed for an initial public offering on the New York Stock Exchange last month, generating speculation over its value. When it is Thursday in the US, Coupang will be listed on the New York Stock Exchange at $35 per share, the company announced Thursday (Seoul time). It is the biggest IPO debut for any foreign company since Alibaba. At home it is the second-largest e-commerce platform, trailing only Naver, the country’s internet conglomerat

March 11, 2021

WEF names Market Kurly founder and CEO of Viva Republica as Young Global Leaders

Founder of online grocery service Market Kurly Sophie Kim Seul-Ah and CEO of Viva Republica Lee Seung-gun, the company behind online bank Toss, have been named part of this year’s Young Global Leaders by the World Economic Forum. Kim and Lee are among the 112 Young Global Leaders, who received the prize in the business and banking and investments categories, respectively. Describing Kim as the South Korean entrepreneur and a former Goldman Sachs analyst, the WEF said Market Kurly has the

March 11, 2021