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October 09, 2024

Automobiles

Toyota, Hyundai chiefs to meet in Seoul for hydrogen alliance

The leaders of Toyota Motor Corp. and Hyundai Motor Group will meet in South Korea later this month, raising expectations of a deepening partnership between the world’s No. 1 and No. 3 auto groups in future mobility technology. Hyundai Motor announced on Tuesday that Akio Toyoda, chairman of Toyota Motor, will visit South Korea to attend the Hyundai N x TOYOTA GAZOO Racing Festival,

Alternative investments

Alternative investment experts to gather Oct. 16-17 at ASK 2024

South Korea’s major institutional investors and global asset managers will gather at the ASK 2024 global alternative investment conference on Oct. 16-17 to share their outlook for and discuss investment opportunities in private credit, real estate and infrastructure markets. Kim Tae-hyun, chairman of the National Pension Service (NPS), the world’s No. 3 pension scheme, and Park

Earnings

Samsung chip head vows drastic revamp after flagging weak Q3 earnings

Jun Young-hyun, vice chairman and head of Samsung Electronics Co.'s semiconductor business, on Tuesday vowed to take drastic steps to improve profitability and regain memory leadership after flagging weaker-than-expected third-quarter earnings. Analysts said a personnel overhaul and reorganization of Samsung’s chip division is possible during the regular year-end reshuffle of executi

Insurance

DB Insurance outshines domestic rivals in global business

DB Insurance Co. raked in the biggest profits from overseas operations among South Korean insurance companies in the first half of this year, leading domestic insurers' global expansion to make up for stagnant domestic revenue amid the low birth rate. Four South Korean life insurance companies and five domestic non-life insurers with overseas operations posted a combined 155.2 billion won

Batteries

LG Energy to supply EV batteries to Mercedes-Benz in N.America

LG Energy Solution Ltd., the world’s third-largest electric vehicle battery manufacturer, is set to supply cells to Mercedes-Benz AG, a German luxury carmaker, in a deal of estimated billions of dollars, sending its share price to a 10-month high. LG Energy said on Tuesday it signed a contract with a Mercedes-Benz affiliate to supply batteries of 50.5 gigawatt-hours (GWh), enough for

Robotics

HL to acquire French parking robot firm Stanley Robotics for $24 million

HL Group, the construction-to-auto parts conglomerate in South Korea, will acquire the world’s sole outdoor self-driving parking robot-producing company, Stanely Robotics SAS, for about 32 billion won ($24 million) as it is seeking to foster autonomous parking robots as one of its new growth drivers. The company announced on Tuesday that HL Robotics, HL Holdings Corp.'s fully-owned

Asset management

KIS hosts 2024 Stifel Research Forum in Seoul

Korea Investment & Securities announced on Tuesday that it hosted analysts from Stifel Financial Corp. at its headquarters in Yeouido, Seoul, for the “2024 Stifel Research Forum,” the first event of its kind in South Korea involving United States’ analysts. The forum was organized to analyze promising sectors and stocks in the US stock market and share investment stra

Artificial intelligence

Naver Labs tops in spatial intelligence tech at ECCV

Naver Labs' spatial intelligence technology was recognized as superior to that of Google, Apple, and Meta at the world's leading computer vision conference. Naver Corp. said on Tuesday that Naver Labs secured first place in two categories at the European Conference on Computer Vision (ECCV). The ECCV is a specialized academic conference in the field of computer vision, focused on the late

Airlines

Jeju Air launches new Batam, Bali routes

Jeju Air Co., South Korea's leading low-cost carrier (LCC), said on Tuesday that it will launch the routes to Batam and Bali, Indonesia.? It's the first domestic LCC to open the routes to Indonesia.? The Batam route operates three times a week (four times a week starting October 16), and the Bali route runs daily. The Batam route departs from Incheon International Airport every

Travel & Leisure

Yanolja Cloud Solution relocates headquarters to India

South Korea’s top travel and accommodation booking platform operator Yanolja Co. said on Tuesday that it relocated its global solution subsidiary Yanolja Cloud Solution (YCS) headquarters to Surat, in the western Indian state of Gujarat. With this expansion, Yanolja aims to secure top local talent and accelerate the advancement of its global travel solution technology. The company

Shipping & Shipbuilding

HD Hyundai to produce key ship electrification part LV VFD in-house

South Korea’s HD Hyundai Co., the parent of the world’s top shipbuilder HD Hyundai Heavy Industries Co., said on Tuesday it has developed a high-capacity low-voltage drive, a key part used in ship electrification. The component, known as low voltage variable frequency drive (LV VFD), is a device that maximizes power production efficiency by adjusting motor speed. It plays a ke

Cryptocurrencies

Growing dollar-backed stablecoin trades may destabilize Korean economy

Trading in dollar-backed stablecoins, cryptocurrencies pegged to the US currency, in South Korea hit a record high amid complex and costly currency exchange processes, as well as strict regulations, posing potential risks of making fund flows more volatile and eventually destabilizing Asia’s fourth-largest economy. The combined trading volume of such digital assets such as Tether, US

Korean startups

Hyundai Motor Group, D.Camp to host startup demo day

Hyundai Motor Group's open innovation platform ZER01NE said on Tuesday it partnered with startup accelerator D.Camp in collaboration with 19 financial institutions to recruit startups in artificial intelligence (AI), robotics, environmental, social, and governance (ESG), and battery technologies by October 20. ZER01NE, a seven-year-old initiative, connects innovative startups with Hyundai

Robotics

Hyundai Movex to lead S. Korea’s unmanned robot project

South Korea’s Hyundai Movex Co. was selected to lead the design of a high-precision large autonomous mobile robot (AMR) platform and integrated drive module demonstration project, part of South Korea’s 2024 materials and components technology development support initiative. The South Korean government will oversee the project, backed by a 9.4 billion won ($7 million) budget, w

Logistics

CJ Logistics transports KAI’s T-50TH to Thailand

South Korea's CJ Logistics transported two T-50TH fighter jets, manufactured by Korea Aerospace Industries Ltd. (KAI), to Thailand, the company said on Monday. The jets were shipped from KAI’s headquarters in Sacheon, South Gyeongsang Province, and delivered to the Royal Thai Air Force’s Takhli Air Base. The process involved disassembling the jets into key components, includi

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