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SK Networks debuts robotics brand NamuhX ahead of July launch
SK Networks, the IT solutions unit of SK Group, on Wednesday launched its new robotics brand NamuhX, unveiling plans to debut its first wellness robot in July. Major clients, development partners and media attended the showcase event in Seoul, which began with congratulatory video messages from global figures including Vivek Ranadive, chairman of Bow Capital and owner of the NBA’s Sacramento Kings, and Son Tae-jang, chairman of Mistletoe and a founding member of SoftBank and Yahoo Japan. SK Netw
April 25, 2025 -
SK On scores 20GWh battery supply deal with US EV startup Slate
SK On announced Friday that it has secured a contract with US electric vehicle startup Slate to supply 20 gigawatt-hours of EV batteries as the Korean battery maker continues to expand its customer portfolio in the North American market. The 20 GWh battery supply agreement, which is enough to power about 300,000 mid-sized EVs, will begin next year and last through 2031. Although the value of the contract was not disclosed, industry watchers estimate that the deal is approximately worth 4 trillio
April 25, 2025 -
Exchange rate policy emerges as fresh item in trade consultations between S. Korea, US
South Korea's foreign exchange rate policy has emerged as a major item in trade consultations between Seoul and Washington amid the continued weakness of the Korean won. On Friday, Finance Minister Choi Sang-mok told reporters the currency exchange rate issue is among the four major items to be discussed in future trade talks between the two allies. The other three items are tariff and non-tariff measures, economic security and investment cooperation, according to the Ministry of Economy and Fin
April 25, 2025 -
Hyundai Mobis posts record Q1 earnings on high-value parts, aftersales segment growth
Hyundai Mobis Co., the auto parts arm of Hyundai Motor Group, said Friday its first-quarter operating profit surged 43.1 percent on-year to 776.7 billion won ($541.8 million), marking its highest-ever first-quarter performance, thanks to a rise in demand for high-value components. Sales for the January–March period rose 6.4 percent on-year to also reach a new first-quarter high of 14.75 trillion won, while net profit climbed 19.6 percent to 1.03 trillion won on a consolidated basis, the company
April 25, 2025 -
Seoul shares open higher amid US tariff optimism
South Korean stocks opened markedly higher Friday, tracking Wall Street gains, after South Korea and the United States agreed to craft a package of deals on the US' new tariff scheme by July. The benchmark Korea Composite Stock Price Index rose 19.53 points, or 0.77 percent, to 2,541.86 in the first 15 minutes of trading. Investors closely watched the first round of trade talks between South Korea and the US held in Washington on Thursday, where the two sides agreed to pursue a tariff deal befor
April 25, 2025 -
South Korea's nuclear power plant bid in Czech Republic clears hurdle as French appeals rejected
The Czech Republic's competition authority has rejected a French energy company's appeals against a South Korean bid to build two nuclear reactors in the Central European nation, a news report said Thursday. The Office for the Protection of Competition's decision to turn down the appeals by Electricite de France clears the way for the South Korean consortium, led by Korea Hydro & Nuclear Power to finalize the estimated 26.2 trillion-won (US$18.2 billion) project, Reuters reported. In July last y
April 24, 2025 -
Foreign gaming companies must appoint local reps in Korea under new law
Foreign-based game companies in South Korea will be required, starting later this year, to designate a domestic representative for legal compliance with gambling-related statutes and other rules, if they grow to a certain size in terms of sales or number of users. The change is in line with a revision of the Game Industry Promotion Act, set to take effect on Oct. 23, according to the Ministry of Culture, Sports and Tourism. Companies subject to this measure will be notified individually, the min
April 24, 2025 -
Thailand spots opportunity in major infrastructure projects
Thailand has strong potential to expand its infrastructure and financial systems, underpinned by a resilient economy, according to speakers at the Ignite Thailand-Korea Business Forum held Tuesday. At the event, Suksit Srichomkwan, deputy secretary-general to the Thai prime minister, promoted the country’s 1 trillion baht ($30 billion) Land Bridge project. It aims to link the Gulf of Thailand with the Andaman Sea through a 90-kilometer highway and railway, offering an alternative to the congeste
April 24, 2025 -
Ignite Forum spotlights Thailand-Korea synergies
South Korea and Thailand can build a strong partnership based on mutual growth, attendees at the Ignite Thailand-Korea Business Forum discussed. Co-hosted by Herald Media Group, the Royal Thai Embassy in Korea and the Industrial Estate Authority of Thailand, the two-day event at Lotte Hotel Seoul aimed at deepening the bilateral economic ties. Commemorating the 67th anniversary of diplomatic relations between the two nations, the forum welcomed a large delegation of high-ranking Thai government
April 24, 2025 -
Seoul shares end lower ahead of US tariff talks
South Korean stocks finished a tad lower Thursday as investors awaited tariff talks with the United States amid deepening concerns over economic growth. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 3.23 points, or 0.13 percent, to close at 2,522.33. Trade volume was slim at 323.69 million shares worth 7.22 trillion won ($5.03 billion), with losers beating winners 457 to 403. Institutions and foreign investors shed a net 198.44 billion won an
April 24, 2025 -
From finance to defense: Thailand-Korea forum maps path for collaboration
Thailand’s Deputy Minister of Finance Julapun Amornvivat underscored his country's economic partnership with South Korea at the Ignite Thailand-Korea Business Forum in Seoul on Wednesday, highlighting efforts to leverage the countries’ complementary strengths in a new era of financial cooperation. Serving as a gathering place for exploring economic cooperation across a diverse range of sectors, the two-day event -- held Tuesday and Wednesday at Lotte Hotel Seoul -- was co-hosted by Herald Media
April 24, 2025 -
Lotte Biologics kicks off ADC service at Syracuse plant
Lotte Biologics announced on Thursday that it has signed a manufacturing deal with a biotech firm based in Asia to produce a clinical-stage antibody-drug conjugate candidate. The deal represents the first major milestone in launching full-scale operations at the company’s ADC manufacturing facility, located at the Syracuse Bio Campus in the US state of New York, an expansion project that began in 2023. Through the contract, Lotte Biologics is officially introducing its ADC contract development a
April 24, 2025 -
Korean economy shrinks again in Q1
The South Korean economy contracted in the first quarter, reflecting its struggle to rebound from sluggish consumption affected by political turmoil and poor export performance stemming from weak demand. Preliminary gross domestic product data from the Bank of Korea released on Thursday showed that the economy shrank 0.2 percent in the January-March period from the previous quarter, which was 0.4 percentage point lower than the central bank's earlier forecast in February of 0.2 percent growth. C
April 24, 2025 -
Hyundai Motor posts record Q1 sales, profit despite US tariff woes
Hyundai Motor Company achieved record-breaking sales and profit for the first quarter amid the deepening concerns over the 25 percent tariffs on automobiles and car parts imposed by Donald Trump. According to the carmaker’s earnings report on Thursday, its sales revenue increased 9.2 percent to 44.4 trillion won ($31.1 billion), while its operating profit climbed 2.1 percent to 3.6 trillion won from January to March compared to last year. Its operating profit margin hit 8.2 percent. Hyundai Moto
April 24, 2025 -
LG posts record Q1 sales backed by strong B2B performance
LG Electronics said Thursday it has recorded its highest-ever first-quarter sales, driven by growth in its business-to-business sector, including the vehicle components and heating, ventilation, and air conditioning businesses. The tech giant reported sales of 22.74 trillion won ($15.9 billion) and an operating profit of 1.26 trillion won. This marks the first time the company’s first-quarter sales have surpassed 22 trillion won, setting a new record. LG’s first-quarter performance barely met lo
April 24, 2025