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The Korea Herald

Markets

October 13, 2022
LG Energy Solution, Honda to build $4.4b battery plant in Ohio

South Korean lithium-ion battery maker LG Energy Solution and Japanese automaker Honda have selected Fayette County, Ohio as the location to commit to a combined $4.4 billion to build an electric vehicle battery plant beginning 2023, the companies said Wednesday. The construction was initially est...
October 13, 2022
SK On to acquire 10% stake in Lake Resources

South Korean lithium-ion battery maker SK On has signed a conditional framework agreement to buy a 10 percent stake in Australian lithium developer Lake Resources in its new rights offering, a filing showed Wednesday. SK On will buy the stake in June 2023 on the condition that the high-purity lith...
October 13, 2022
SKT, UAE’s e& Group to launch metaverse service in Middle East

South Korean wireless telecommunications operator SK Telecom, which operates its own metaverse platform called ifland, said Wednesday it signed a deal with United Arab Emirates’ top telecommunications carrier e& Group to provide its metaverse service to Middle Eastern countries. Under the memoran...
October 13, 2022
Renault CEO vows investments to make Korea export hub

Renault Group will be investing hundreds of millions of euros in South Korea for the next six years to turn the country into an export hub for its mid to large-size vehicles, its CEO said Tuesday in Seoul. “We want to make Korea the key export hub for large (-vehicle) segments. Being in Korea is ...
October 13, 2022
[NEWSMAKER] Chung leads Hyundai's transformation toward software-powered mobility

For decades, Hyundai Motor and Kia, two brands under South Korean automotive empire Hyundai Motor Group, had long been perceived as manufacturers of low-end, entry-level vehicles. The global awareness of the Korean car brands, however, has changed in recent years with many projecting them today as...
October 13, 2022
Finance ministry tells global investors Korean FX market slated to be open 24/7

SEJONG -- South Korea’s economic policymakers said the government will allow foreign-based financial firms to “directly” participate in the local foreign exchange market during a meeting with global investment bank executives. Saying that the policy is a part of the government’s effort to prov...
October 13, 2022
KITA chief urges US to delay EV tax breaks

Christopher Koo, chairman of the Korea International Trade Association, has called for the US to allow at least a three-year delay in implementing a US bill on tax benefits for electric vehicles that is highly disadvantageous for Korean carmakers exporting EVs there. Koo met with US Sen. Jon Ossof...
October 13, 2022
Korean chipmakers given 1-year grace period on US chip exports curb on China

South Korean chipmakers will be given a one-year grace period that would allow for their China-based chip plants to continue to import critical chipmaking tools from the United States, without the licensing requirements announced the previous week by the Joe Biden administration. Memory chip maker...
October 13, 2022
S. Korea confirms second big rate hike as surging dollar adds to inflation woes

The Bank of Korea returned to its second outsized rate hike since July as a surging US dollar and higher import bills chip away at efforts to curb persistent inflation. The central bank raised its policy rate to a 10-year high of 3 percent by 50 basis points on Wednesday -- an increase that is twi...
October 12, 2022
KT&G, Mirae Asset launch W40b matching fund

KT&G Corp. and Mirae Asset Financial Group launched a strategic matching fund to invest in startups and find new growth engines. The two contributed 20 billion won ($13.9 million) each into the new fund which will invest mainly in health care and companies with good environmental, social and corpo...
October 12, 2022
LS Cable & System makes W25.2b equity investment in KT Submarine

LS Cable & System, LS Group’s cable manufacturing unit, said Tuesday it would make a 25.2 billion won ($17.58 million) equity investment in KT Submarine to foster its undersea cables business. The company will acquire 4.04 million stocks, 16 percent of KT Submarine’s share, becoming the second-l...
October 12, 2022
Posco unveils W1.5tr plan to speed up lithium production

Posco Holdings, the holding firm of steelmaking conglomerate Posco Group, on Tuesday announced a 1.5 trillion won ($1 billion) investment plan to speed up its lithium production both in Argentina and South Korea. The company said it had planned to make the investment next year but decided to advan...
October 12, 2022
Lotte signs W2.7tr deal to acquire Iljin Materials

South Korean business conglomerate Lotte Group has signed a deal to acquire a controlling stake in Iljin Materials, a copper foil supplier to electric vehicle battery makers for 2.7 trillion won ($1.9 billion), in Lotte's move to enhance the EV component portfolio, filings showed Tuesday. Lotte Ba...
October 12, 2022
[From the Scene] SK to build W1.7tr plastic recycling complex by 2025

The groundbreaking facility located inside SK Innovation's Ulsan factory is a bold step forward in SK Group's bid to turn the gas-emitting city of Ulsan -- home to auto makers, shipbuilders and refiners -- into a clean energy hub. A total of 5 trillion won will be spent by 2027 solely for SK Innov...
October 12, 2022
SK Siltron, UK-based IQE to develop semiconductor wafers for 5G, auto chips

South Korean semiconductor wafer maker SK Siltron and Britain-based chip material firm IQE has inked a strategic collaboration agreement to develop next-generation compound semiconductor products targeting the Asian market, SK Siltron said Tuesday. Under the agreement signed Thursday, the two comp...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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