LG Chem has forged a deal with US energy giant ExxonMobil to secure up to 100,000 metric tons of lithium, a key material for cathodes used in electric vehicle batteries. According to the company, LG Chem Vice Chairman and CEO Shin Hak-cheol and ExxonMobil Senior Vice President Dan Holton signed a memorandum of understanding on Wednesday in Seoul. The deal price was not revealed immediately. Under the agreement, ExxonMobil will supply lithium extracted from its Arkansas brine fields to LG Chem&r

The main opposition Democratic Party of Korea is planning to pass a bill that raises the threshold for a planned tax on virtual asset-related gains, up to 50 million won ($35,800) per from the previously planned threshold of 2.5 million won, sources said Thursday. The original scheme for crypto tax gains would have taxed crypto-related income of over 2.5 million won per year starting January 2023, but it has been pushed back two years. The bill will raise the threshold for tax exemption, but the

In a step toward sustainable agriculture, Canadian fertilizer company Genesis Fertilizers has signed a $35 million front-end engineering design, or FEED, contract with South Korea's DL Engineering & Construction to develop a low-carbon nitrogen fertilizer plant in Saskatchewan. Genesis Fertilizers CEO Jason Mann highlighted the plant’s innovative approach, emphasizing its role in global food security. “We capture 95 percent of the CO2 emissions, making this one of the world&

LG Uplus, one of the nation's top three telecom carriers, announced Thursday that it has appointed Hong Bum-shik, head of corporate strategy at LG Corp., LG Group’s holding unit, as its new CEO. Hong, who earned a master’s degree in international affairs at Columbia University, served in strategist roles at SK Telecom and Bain and Company. He then joined LG Corp. in 2019 to oversee the group’s business strategy and nurture new growth drivers. He is also considered a merg

KG Mobility’s compact SUV Tivoli has surpassed 300,000 units sold in South Korea, with its global cumulative sales exceeding 420,000 units since its debut in 2015. The Tivoli has gained traction for its affordability, practical designs and consistent updates, making it a popular choice for first-time SUV buyers and young drivers. In its first year, the car captured 54.7 percent of the domestic compact SUV market, which grew from 28,000 units in 2014 to more than 82,000 units by 2015. As of

GOYANG, South Korea -- Hyundai Motor is expanding its electric vehicle lineup with the launch of the Ioniq 9, the company’s first large, all-electric sport utility vehicle. The Ioniq 9 is set to make its official global debut at the Los Angeles Auto Show on Thursday, following an exclusive media preview for South Korean journalists at Hyundai Motorstudio Goyang a day earlier. Originally teased as the SEVEN concept back in 2021, the Ioniq 9 has evolved into a production-ready model designed

Korea Expressway Corporation is making progress on its largest overseas project to date, a highway in Turkey that could serve as a gateway for expanding its expertise into Europe and beyond. The company celebrated a key milestone last month by signing a financial agreement for the Nakkas-Basaksehir Motorway in Istanbul. The expressway, at 2.1 trillion won (about $1.5 billion), is part of Turkey’s ambitious efforts to improve regional transportation. A critical link in Turkey’s high

Faced with a slowdown in South Korea’s domestic construction market, Korea Expressway Corp. is looking overseas to fuel its future growth. In a conversation with The Korea Herald, CEO Ham Jin-gyu outlined how the state-run organization is expanding into international markets to meet the growing demand for road infrastructure expertise, from construction to long-term operation and maintenance. “For us, overseas business is not just an option -- it’s a necessity,” Ham said.

Samsung Electronics Co. on Thursday unveiled the Samsung Gauss2, the second generation of its generative artificial intelligence model, at an annual tech conference. During a keynote address of the online Samsung Developer Conference Korea 2024, the company highlighted the improved performance, efficiency and various application possibilities of its latest AI model. Samsung Gauss, first introduced last year, is aimed at enhancing the work efficiency of workers by facilitating tasks, such as comp

South Korean biopharmaceutical firm Celltrion Inc. said Thursday it will spend around 100 billion won ($71.5 million) to buy back its shares for the fifth time this year in a bid to increase its shareholder value. The buyback of a combined 583,431 shares will begin Friday, according to the company. It will mark the fifth share buyback by Celltrion this year, following such moves in March, April, June and October. The accumulative value of the company's share buyback this year is expected to

Lotte Group, one of South Korea's largest conglomerates, on Thursday refuted concerns of a liquidity crisis, stating its total assets, including deposits, reached 139 trillion won ($99.4 billion) as of last month. The group's assets include 37.5 trillion won worth of shares, real estate valued at 56 trillion won, and disposable deposits of 15.4 trillion won, according to a statement. The clarification came in response to rumors suggesting Lotte may face a liquidity crisis due to challe

SK hynix said Thursday it has started mass production of the industry's first triple-level cell-based 321-layer NAND flash memory chips. NAND flash memory is a non-volatile memory storage medium widely used in memory cards, USB drives, solid-state drives (SSDs), and smartphones for general storage and data transfer. It stacks memory cells vertically and is categorized into single-, multi-, triple-, and quadruple-level cells. SK hynix announced that it has become the world's first suppl

South Korea's exports increased 5.8 percent on-year in the first 20 days of this month, driven primarily by strong global demand for semiconductors and ships, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October,

LG Chem Ltd., South Korea's leading chemical company, said Thursday it has signed an initial agreement with US energy giant Exxon Mobil Corp. to secure a supply of up to 100,000 tons of lithium carbonate, a key material for creating cathodes for batteries. Under the memorandum of understanding, Exxon Mobil will provide the lithium carbonate to LG Chem for 10 years starting in 2030, the Korean company said. The two companies also plan to conduct joint research projects on various materials,

South Korea's exports increased 5.8 percent on-year in the first 20 days of November, data showed Thursday. Outbound shipments reached $35.6 billion in the Nov. 1-20 period, compared with $33.8 billion tallied a year earlier, according to the data from the Korea Customs Service. Imports shed 1 percent on-year to $34.8 billion during the period, resulting in a trade surplus of $800 million, the data showed. In October, exports rose 4.6 percent on-year to $57.5 billion, the 13th straight mont

South Korean stocks opened a tad lower Thursday as investors remained cautious following US chip giant Nvidia's earnings report. The benchmark Korea Composite Stock Price Index lost 3.75 points, or 0.15 percent, to 2,478.54 in the first 15 minutes of trading. Overnight, US stocks ended mixed. The Dow Jones Industrial Average rose 0.32 percent and the Nasdaq Composite dropped 0.11 percent before Nvidia released its quarterly report after the bell. Nvidia reported third-quarter earnings that

South Korean stocks extended their winning streak to the third straight day Wednesday as investors awaited the third-quarter earnings of US AI chip giant Nvidia. The local currency remained unchanged against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 10.34 points, or 0.42 percent, to close at 2,482.29. Trade volume was moderate at 400.3 million shares worth 7.7 trillion won ($5.53 billion), with gainers closely outpacing losers 435 to 420. Foreigners and individ

The International Monetary Fund on Wednesday lowered its economic growth forecast for South Korea to 2 percent next year, down from 2.2 percent projected in October, citing high uncertainties and weak domestic demand. The announcement came after a team of IMF officials led by Korea mission chief Rahul Anand made a two-week visit to Seoul for an annual country meeting with the finance ministry, the Bank of Korea and other institutions to discuss the country's economic policy measures. "

South Korean pizza chain Gopizza is strengthening its foothold in the Indian market by blending food technology with the distinct flavors of Korean cuisine, offering a fresh take on the classic pizza experience. Founded in 2016 as a single-serving pizza concept aimed at making pizza more accessible, Gopizza entered the Indian market in 2019, tailoring its approach to meet the distinct preferences of Indian consumers. "We currently operate 60 stores across southern India and plan to expand

As Korean industries brace for a second nonconsecutive term of US President-elect Donald Trump, leaders of Korean defense and shipbuilding companies – namely Hanwha Group and HD Hyundai – are enhancing readiness to seize new growth opportunities. Hanwha Group Chairman Kim Seung-youn, in the process of passing the leadership baton to his sons, took on the role of chairman of Hanwha Aerospace, a key defense subsidiary of the group, last week. The move solidifies Kim's leadership i