HD Hyundai Electric launches startup support programs to drive innovation

HD Hyundai Electric, the energy solution arm of Korean shipbuilding giant HD Hyundai, announced Tuesday the launch of a new program to support startups developing next-generation power technologies. On Monday, the company officially introduced PowerUp HDE, a program designed to provide comprehensive support for startups looking to access advanced electricity grid technologies and explore collaboration opportunities with HD Hyundai Electric. "In today's fast-changing industrial landscape, proacti

April 29, 2025

S. Korea to devise long-term strategy to commercialize autonomous vessel technology

South Korea will set up a long-term strategy this year to commercialize autonomous marine vehicle technology as part of efforts to innovate the shipping industry, the oceans minister said Tuesday. "Autonomous ships utilizing cutting-edge digital technologies, such as artificial intelligence, will play a significant role in improving maritime safety and reducing carbon emissions of the shipping industry," Oceans Minister Kang Do-hyung said in the inaugural meeting of a new policy committee on suc

April 29, 2025

Govt. asks oil industry to refrain from price hikes ahead of tax adjustment

The industry ministry on Tuesday asked oil companies to refrain from drastic price hikes, as the government plans to scale back the fuel tax cut starting next month, officials said. Last week, the government announced its decision to extend the fuel tax cut for an additional two months through the end of June, while reducing the tax discount on gasoline from 15 percent to 10 percent and trimming the 23 percent tax cut on liquefied petroleum gas to 15 percent. During a meeting with officials of l

April 29, 2025

Govt. holds meeting with exporters to share outcome of trade talks with US

South Korea's industry ministry on Tuesday held a meeting with domestic exporters to share the results of last week's high-level trade talks with the United States and to gather industry feedback. The meeting, co-hosted by the Korea International Trade Association, brought together executives from 15 major companies in shipbuilding, aerospace, defense, nuclear power, batteries and other strategic sectors most likely to be affected by Washington's escalating tariff measures, according to the Mini

April 29, 2025

LG Electronics showcases new infotainment solutions with Taiwan's MediaTek

LG Electronics Inc. said Tuesday it has showcased a next-generation in-vehicle infotainment system in collaboration with Taiwan's semiconductor company MediaTek Inc. The system, unveiled at the ongoing Auto Shanghai 2025, allows customers to enjoy different content on multiple displays in a vehicle using only one chip and operating system, according to LG Electronics. Through this collaboration, LG Electronics has integrated MediaTek's "Dimension Auto Platform" system-on-chip with its own multiu

April 29, 2025

Samsung Electro-Mechanics Q1 net income drops on weak currency

Samsung Electro-Mechanics Co., an electronic component affiliate of Samsung Group, said Tuesday its net profit fell 24.1 percent in the first quarter from a year earlier due mainly to a weak local currency. Net income amounted to 141.6 billion won ($98.4 million) for the January-March period, compared with 186.5 billion won a year ago, the company said in a regulatory filing. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at 172.2 billion won,

April 29, 2025

LG Energy, French firm DBG set up battery recycling JV

LG Energy Solution Ltd., South Korea's leading battery maker, said Tuesday it has partnered with French metal scrap recycler Derichebourg to establish a battery recycling joint venture in France. Under the 50:50 JV, the two companies will build a battery recycling plant in Val-d'Oise, just north of Paris, capable of processing more than 20,000 tons of used batteries and scrap annually, with operations slated to begin in 2027, LGES said in a press release. It is the first battery recycling JV for

April 29, 2025

Seoul shares open lower amid tariff concerns

Seoul shares opened lower Tuesday following a mixed close on Wall Street, as investors remained cautious over the future direction of tariff policies under US President Donald Trump's administration. The benchmark Korea Composite Stock Price Index fell 5.2 points, or 0.2 percent, to 2,543.66 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.28 percent, while the tech-heavy Nasdaq composite slipped 0.1 percent. In Seoul, tech and shipbuilding stocks led the lo

April 29, 2025

LG Chem mulls selling water solutions unit amid prolonged petrochemical slump

LG Chem Ltd. is moving to sell its water solutions division, which produces reverse osmosis membrane filters used for industrial desalination, industry sources said Monday. According to the sources, the company has reportedly selected Glenwood Private Equity as the preferred bidder and is in negotiations over the deal. The division generates approximately 200 billion won ($138.6 million) in annual sales, and the sale price is expected to reach around 1 trillion won. LG Chem entered the RO membra

April 28, 2025

DeepSeek resumes service in S. Korea after disclosing revised info processing policy

Chinese artificial intelligence service DeepSeek resumed its service in South Korea after it disclosed a Korean-language version of its partially revised information policy Monday amid controversy over its data management. DeepSeek is currently available for downloads from app markets here following a service suspension for about two months since Feb. 15. Earlier in the day, the AI service disclosed the improved information processing policy for Korean users after the Personal Information Protec

April 28, 2025

Seoul shares rise for 2nd day amid cautious tariff optimism

South Korean stocks finished marginally higher Monday as investors assessed last week's talks between South Korea and the United States on the latter's sweeping tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to close at 2,548.86. Trade volume was moderate at 449.07 million shares worth 7.73 trillion won ($5.35 billion), with losers beating winners 519 to 366. The index opened markedly higher and mov

April 28, 2025

Korea’s per capita GDP set to fall below 2022 levels: IMF

The International Monetary Fund has revised its forecast for Korea, projecting that its per capita gross domestic product will revert to 2022 levels this year while extending the timeline for its economy to reach the $40,000 milestone. The IMF estimated Korea's 2025 per capita GDP to be $34,642. The metric, used to assess living standards and economic well-being, declined 4.1 percent from the previous year, according to its "World Economic Outlook" report released last Tuesday. The IMF has marke

April 28, 2025

Samsung Biologics boosts contract wins with $513m US deal

Samsung Biologics, the biotech arm of Samsung Group, has secured its second contract manufacturing deal this year, signing a major agreement worth 737.3 billion won ($513 million) with a US-based pharmaceutical company. In a regulatory filing Monday, the company said the new contract with the undisclosed partner will run through the end of 2031. The deal is equivalent to 16.2 percent of Samsung Biologics’ revenue in 2024. This latest win follows Samsung Biologics’ largest-ever contract manufactu

April 28, 2025

[Photo News] Promoting financial literacy

Hana Financial Group signed an agreement with the Financial Supervisory Service, North Chungcheong Province and the North Chungcheong Provincial Office of Education to provide financial education in the region. Under the agreement, the financial service provider will offer various support programs, such as online financial education for elementary students and a financial consultation service for youths. It also plans to provide a mentoring program and launch campaigns to prevent financial fraud

April 28, 2025

With US tariffs looming, CATL accelerates Korean shift to protect global sales

China’s CATL, the world’s largest electric vehicle battery juggernaut, has established a sales subsidiary in South Korea, seeking a bigger foothold on the home turf of Korean competitors as part of a strategic move to counteract the impact of Donald Trump’s unprecedented tariffs levied on Chinese goods. Industry insiders project that the bold entry of CATL, capitalizing on its strong price competitiveness, will likely spark intense competition with Korean battery companies. However, local carmak

April 28, 2025