LG seeks part in Tesla-designed battery rollout: sources

South Korea’s leading battery maker LG Energy Solution is in the race for mass production of a new type of battery cells designed in-house by and under pilot production at Tesla, according to industry sources and media reports. The Korean firm, which currently supplies cylindrical batteries that contain 80 percent nickel to Tesla Model 3 sedans manufactured in China, is making preparations for its major client’s future deployment of larger-format batteries, referred to as 4680 ce

March 10, 2021

Samsung to hold first Unpacked event for midrange phones

Samsung Electronics is preparing for another event to unveil some of its newest Galaxy devices next week as a likely move to garner attention for products other than its flagship S series. The tech giant has sent out invitations to a new unveiling event for its Galaxy devices, “Galaxy Awesome Unpacked.” The event is a new addition this year to Samsung’s existing Galaxy Unpacked events, which are usually held twice a year to announce flagship phones. The invitation said

March 10, 2021

Samsung launches first DRAM-less SSD

Samsung Electronics said Wednesday that the company will roll out the first consumer drive without DRAM -- the 980 Non-Volatile Memory express (NVMe) SSD, which delivers the highest performance among DRAM-less SSDs at a faster speed. Previously, DRAM-less designs had a disadvantage in speed as they lacked the short-term memory for fast access to data. To address the issue and overcome any performance drawbacks, Samsung used the Host Memory Buffer technology, which links the drive directly

March 10, 2021

S. Korea eyes annual exports of $700b by 2025

South Korea said Wednesday it plans to achieve annual exports of $700 billion by 2025 by expanding financial support for exporters while fostering new growth engines, particularly in the health care segment. To meet the goal, the country plans to spend 20 trillion won ($17.4 billion) on trade financing for exporters through 2025, according to the Ministry of Trade, Industry and Energy. "The global trade environment has been facing changes due to the rising awareness of carbon neutrality,

March 10, 2021

Amorepacific becomes first South Korean cosmetics company to join RE100

Amorepacific said Wednesday it has joined RE100, a global renewable power initiative, becoming the first South Korean cosmetics firm to do so. The company plans to supply electricity in the workplace entirely with renewable energy by 2030 in an effort to help tackle climate change. From production to logistics, energy sourced to run all of its facilities at home and abroad, including the headquarters and its research center, will be affected by the initiative. Launched in 2014 and led by the

March 10, 2021

Hana Financial declares carbon neutrality vision

Hana Financial Group on Wednesday unveiled its vision to go carbon neutral by 2050 to support the nation’s transition toward a sustainable economy. Under the goal of achieving “coal-free finance,” the banking giant will launch an internal committee in charge of halting financial support -- including project financing and underwriting of bonds -- for businesses that have adverse environmental and social impacts, as early as during the first half of this year, officials said.

March 10, 2021

S-Oil chief says ‘digital transition is matter of survival’

S-Oil said Wednesday it will deploy drones and smart helmets at all business sites by 2023 to accelerate its digital transformation. According to the South Korean refinery, drones will fly above 100 meters at its plants and check the safety of flare stacks, a gas combustion device in the shape of a chimney designed to burn unwanted or excess gases. The drones will provide video feeds and analysis of the facilities. “Digital transformation is not a matter of choice, but a must to comp

March 10, 2021

NPS to remain neutral over embroiled Posco chief’s second term

The National Pension Service said Wednesday it would engage in voting for Posco Chairman and CEO Choi Jeong-woo’s new term as a Posco board member in a way that does not affect the result of the shareholders’ vote on Friday. The decision not to vote against Choi comes as a series of workplace accidents, the company‘s involvement in a coal-fired project and alleged ties to Myanmar‘s military coup piled pressure on Choi, who served as chief of the steel-to-chemicals congl

March 10, 2021

Hyundai Motor’s Kona N teased, appears to have sharper look

Hyundai Motor released teaser images of Kona N, its first performance-oriented sports utility model, on Wednesday. Kona N, the second variation of the automaker’s high-performance N brand to be launched in South Korea, is based on Hyundai’s Kona, which launched in September 2020. It is the second model in the N series in South Korea, after the Veloster N. Hyundai’s i30 hatchback also has an N variant, but it has not been released in the Korean market. In the teaser, Kona

March 10, 2021

Kia to recall 380,000 Sportage, K7 models in US for fire risk

Kia Corp., South Korea's second-biggest carmaker, said Wednesday it will recall nearly 380,000 Sportage SUVs and K7 sedans in the United States due to the risks of an engine compartment fire. In documents sent to the National Highway Traffic Safety Administration (NHTSA), Kia said it will recall 372,251 Sportage SUVs for the 2017 through 2021 model years and 7,680 K7s from 2017-2019 to fix a potential short circuit problem in the vehicles' hydraulic electronic brake control unit. The K7 is sol

March 10, 2021

KCCI welcomes new chief of US business chamber

The Korea Chamber of Commerce and Industry, a leading business representative group here, announced Wednesday that it has sent a congratulatory message to the new CEO of the US Chamber of Commerce Suzanne Clark. Clark, who is to assume her position on Thursday to fill the post of predecessor Thomas Donohue, is the first female figure to lead the USCC throughout its 109-year history. “Korea and the US have been trusted allies and close economic partners for almost 70 years,” wrote

March 10, 2021

Banks' loan delinquency rate inches up in January

The delinquency rate for South Korean banks' won-denominated loans edged up in January from the previous month, the financial regulator said Wednesday. The rate for bank loans more than 30 days overdue stood at 0.31 percent at the end of January, up 0.03 percentage point from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the bank loan delinquency rate was down 0.1 percentage point. Banks' loan delinquency rate remains stable mainly bec

March 10, 2021

Coupang raises target price range ahead of NYSE listing

Coupang Inc., parent company of South Korean e-commerce giant Coupang Corp., has raised its initial public offering target price range of $32 to $34 apiece, according to a regulatory filing submitted to the US Securities and Exchange Commission on Tuesday. With the revised range, Coupang looks to raise its proceeds by 16 percent more than previously anticipated. The earlier prospectus submitted on March 1 showed the shares were marketed at $27 to $30. As it has planned to offer 120 million sh

March 10, 2021

Samsung relegated to 2nd in connected TV devices market in Q4: report

Samsung Electronics Co. was relegated to the runner-up spot in the market for connected TV devices, which includes smart TVs, streamers and gaming consoles, in the fourth quarter of 2020, a report showed Wednesday. Samsung, the world's largest TV maker, shipped 11.9 million units of connected TV devices in the October-December period, up 2 percent from a quarter earlier, to account for a 10.9 percent market share, according to industry researcher Strategy Analytics. Despite increase in sales,

March 10, 2021

S. Korean shipbuilders take up more than half of new orders in Feb.

South Korean shipbuilders accounted for more than half of new orders in the global shipbuilding market in February, surpassing their Chinese rivals for the eighth consecutive month, industry data showed Wednesday. South Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders of 43 ships or 1.56 million compensated gross tons (CGTs), which represented 56 percent of 92 ships or 2.82 million CGTs ordered globally in February, according to the data provided by global market researche

March 10, 2021

S. Korea to invest W200b in developing automotive chip technology

South Korea plans to invest more than 200 billion won ($176 million) in developing automotive chip-making technology by 2022 in an effort to nurture the next-generation vehicle sector, the finance minister said Wednesday. Finance Minister Hong Nam-ki said the government plans to cooperate with local automakers to find ways to ease a current supply shortage of automotive chips that may last until the third quarter. "As automotive chips are key parts of the car industry and demand for futur

March 10, 2021

Samsung launches 5G network with Spark in New Zealand

Samsung Electronics Co. on Wednesday said it has launched a 5G network in New Zealand with the country's largest telecommunications service firm as the South Korean tech giant tries to expand its presence in the network equipment market. In collaboration with Spark New Zealand Ltd., Samsung said its 5G network was installed in Christchurch in South Island of New Zealand. The launch marked New Zealand's first new network vendor in over a decade, and the company's first network installation in t

March 10, 2021

Hyundai, Kia target 23% gain in 2020 China sales

Hyundai Motor Co. and affiliate Kia Corp. said Wednesday they are targeting a 23 percent on-year gain in China sales this year. Hyundai and Kia aim to sell a combined 817,000 vehicles in China in 2021, up from 664,744 units a year earlier, a Hyundai spokesman said. To help achieve the goal, Hyundai launched the second generation of Mistra (or Mingtu in Chinese), a compact car exclusively developed for the Chinese market, earlier this month and plans to introduce the electrified Mistra compact

March 10, 2021

Seoul stocks open sharply higher on Wall Street gains

South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street led by tech shares on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 36.3 points, or 1.22 percent, to 3,012.42 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite surged 3.7 percent to 13,073.82, its largest one-day gain since Nov. 4, after the yield on the US 10-year Treasury note fell. The S&P 500 advanced 1.4 percent to 3,

March 10, 2021

Samsung Electronics' R&D spending hits record high in 2020: report

Samsung Electronics Co.'s research and development (R&D) spending last year hit a record high, its report showed Wednesday, amid the novel coronavirus pandemic. Samsung invested 21.2 trillion won ($18.6 billion) in R&D last year, up 1 trillion won from a year earlier, to mark its largest spending ever, according to its 2020 business report. Samsung's R&D investment was equivalent to 9 percent of its sales, up from 7.7 percent in 2018 and 8.8 percent in 2019. The South Korean tech

March 10, 2021