Samsung SDI said Monday that it is showcasing its latest battery products, including cylindrical batteries, at this week’s China Cycle 2024, one of the largest bicycle and motorcycle exhibitions that is marking its 32nd year. The four-day event kicked off Sunday in Shanghai, with some 1,700 businesses joining, up 40 percent from a year ago. Under the slogan “Already, All Ready,” Samsung SDI introduces a diverse lineup of cylindrical batteries specifically designed for micro-mob

Technology May 6, 2024

Mercedes-Benz Financial Services Korea announced Thursday that Thomas Waggershauser, an automotive finance expert, has been appointed as its new CEO. The new Korea chief is an industry veteran with a career spanning 20 years at Mercedes-Benz Mobility, the financial service company affiliated with Mercedes-Benz Group. Prior to his appointment, he served as the head of overseas and Greater China market management at Mercedes-Benz Mobility in Stuttgart, Germany, where Mercedes-Benz is headquartered

Mobility May 2, 2024

South Korean construction giant GS Engineering & Construction announced Tuesday that it has won a contract worth 600 billion won ($435 million) to build a new liquefied natural gas terminal in Yeosu, South Jeolla Province. The Northeast Asia LNG Hub Terminal Project aims to establish a large-scale energy storage facility in the southwestern city of Yeosu. Expected to take about 42 months, the project will involve the construction of two LNG storage tanks, each with a capacity of 200,000 kilo

Industry April 30, 2024

South Korea’s Hyosung Heavy Industries announced Monday that it has been recognized as a tier-1 supplier of energy storage systems by BNEF or Bloomberg New Energy Finance, a market research firm specializing in the renewable energy sector. The firm has now been included in the top-tier list for two consecutive quarters. “It is meaningful that a Korean firm has won the industrial recognition in the global ESS market that is dominated by Chinese rivals,” said a Hyosung Heavy offi

Industry April 29, 2024

Korea M&A Exchange, Korea's premier M&A trading platform, has successfully secured a 500 million yen ($3.35 million) investment from Nihon M&A Center, Japan's leading M&A trading platform. A ceremony to mark the agreement between Korea M&A Exchange and Nihon M&A Center was held Thursday at Korea M&A Exchange headquarters in Yeouido, Seoul. As part of the agreement, Nihon M&A Center will acquire approximately 10 percent of Korea M&A Exchange's sh

Industry March 29, 2024

The US Department of Commerce is poised to grant Samsung Electronics subsidies exceeding $6 billion, according to a news report Friday. “The US plans to award more than $6 billion to Samsung Electronics, helping the chipmaker expand beyond a project in Texas it has already announced,” Bloomberg reported, citing multiple unnamed sources. The federal funding for Samsung, South Korea’s leading chipmaker, comes alongside significant additional US investments being made by the firm,

Industry March 15, 2024

A top executive of Posco Holdings has hinted at a potential joint venture with a Chinese company for the production of lithium iron phosphate (LFP). Kim Jun-hyung, head of eco-friendly future materials at Posco, revealed the suggestion during a meeting with reporters at the company's booth at the Interbattery 2024 exhibition in Coex, southern Seoul, on Wednesday. Kim mentioned the strong presence of Chinese companies in the LFP sector, highlighting the historically good relationships that s

Companies March 7, 2024

Hyundai Motor Group and South Chungcheong Province have joined hands to lead the advanced air mobility (AAM) industry in the province. In a strategic move toward innovating the transportation sector, the province concluded a business agreement with the automotive group to foster the AAM-related industry in Cheonsuman Bay B District in Seosan, provincial government officials said. South Chungcheong Gov. Kim Tae-heum and Hyundai Motor Group executives attended the signing ceremony held at the prov

Industry March 5, 2024

In a whirlwind of fierce competition, Chinese e-commerce powerhouses AliExpress and TEMU have been dampening the once-vibrant spirit of retail business startups in Korea. The surge of Chinese e-commerce companies has delivered a significant blow to Korea's startup scene. Their mega-scale, low-cost strategies have left local businesses struggling to keep up, ultimately stifling the creation of new ventures in the retail business, according to a report from local daily Herald Business. Recent

Industry March 5, 2024

SK hynix CEO Kwak Noh-jung outlined the company's ambitious goal of reaching a stock price of 280,000 won (about $210) within the next three years during a recent in-house meeting. The projected value represents nearly a twofold increase from the current stock price and is seen as a strong statement of confidence in the future prospects of the semiconductor market. This announcement was delivered directly by CEO Kwak to executives and staff members at the communication event conducted on Tu

Companies Feb. 29, 2024

S-Oil, one of major refineries in South Korea, has once again secured the top position in the highly esteemed "2024 Korea's Most Admired Companies" survey, marking the sixth consecutive year for its inclusion among the top 30 business groups. S-Oil was also named as the top company in the oil refining industry for eight consecutive years, company officials said Wednesday. This recognition, bestowed by KMAC, a leading industrial consulting group in Korea, in its annual evaluation,

Companies Feb. 29, 2024

Hyundai Motor Group’s trailblazing electric vehicles have earned rave reviews and charted a path to success under the leadership of Chair Chung Euisun. CNBC, the premier economic news broadcaster in the United States, aired a special feature on Sunday focusing on the factors propelling the Korean carmaker to become the 3rd-largest contender in the global finished vehicle market. The feature emphasized the company's commitment to innovation and technological excellence as pivotal to it

Companies Feb. 28, 2024

In a significant achievement for South Korean cuisine, BBQ Chicken has topped a fast-food chicken ranking in the United States, the Korean fried chicken franchise announced Monday. Genesis BBQ Group, the franchise operator, said BBQ was selected as No.1 fast-food chicken by a prestigious American food magazine "Taste of Home." Founded in 1993, Taste of Home is a US media outlet specialized in food with a readership of 1.9 million and average monthly website traffic of 20 million visits

Industry Feb. 26, 2024