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Hyundai Motor exports 1st hydrogen fuel cell system

This is an actual image of Hyundai's in-house hydrogen fuel cell product for use in non-automotive sector, which the Korean car manufacturer initially shipped four packs to Switzerland-based GRZ Technologies, Wednesday. Courtesy of Hyundai MotorBy Kim Yoo-chulHyundai Motor has begun exporting its in-house hydrogen fuel cell system to Switzerland's GRZ Technologies for non-automotive use, the country's trade ministry said Wednesday.The move is in accordance with President Moon Jae-in and his Cheong Wa Dae economic team's ambitious drive to promote hydrogen fuel cell systems as part of efforts to find new growth engines other than legacy products such as conventional cars, ships and steel. In July, the Ministry of Trade, Industry and Energy approved Hyundai's plan to export the system, which the government identified as one of the country's “core technologies.”“The mass exports of the system will be accomplished sometime in 2022,” the ministry said, adding it will continue to assist companies that are developing various kinds of fuel cell vehicles and relevant s

Sep 16, 2020By Kim Yoo-chul
Hyundai Motor exports 1st hydrogen fuel cell system
Companies

SsangYong to sign binding agreement with US firm

Main entrance gate of SsangYong Motor at its plant in Pyeongtaek, Gyeonggi Province, is seen in this file photo. Korea Times fileBy Kim Yoo-chulMonths after Mahindra & Mahindra Managing Director Pawan Goenka confirmed his company's plan to give up control of its struggling Korean unit SsangYong Motor, the latter is very close to signing a binding investment agreement with U.S.-based vehicle distributor HAAH Automotive Holdings, sources said Monday.“SsangYong Motor plans to sign an investment agreement with HAAH sometime this week, at the earliest,” a senior automotive industry source said. The planned agreement would likely be a “binding offer,” a deal where potential buyers usually hope to close an acquisition before the target entity goes into court receivership due to heavy liquidity issues.The expectations pushed SsangYong shares to their daily high limit-up of 30 percent to end at 5,620 won per ordinary share on the KOSPI, according to the bourse operator, the Korea Exchange.HAAH is partly owned by China's automobile company Chery, which has recently

Sep 14, 2020By Kim Yoo-chul
SsangYong to sign binding agreement with US firm
Tech & Science

Samsung, SK, LG to suspend ties with Huawei

A woman visits the Huawei P40 Pro+ stand at the IFA consumer technology fair in Berlin amid COVID-19, Sept. 3. Reuters-YonhapBy Baek Byung-yeul, Kim Yoo-chulAfter U.S. Secretary of State Mike Pompeo's request for countries to join Washington's move to restrict the direct or indirect use of U.S. technology by Huawei, its top Korean suppliers are rethinking their partnerships with the Chinese tech company.Pompeo said in a press statement Aug. 17 that Washington urges its allies and partners to join its anti-Huawei campaign. “The Department of State strongly supports the Commerce Department's expansion of the Foreign Direct Product Rule, which will prevent Huawei from circumventing U.S. law through alternative chip production and provision of off-the-shelf (OTS) chips produced with tools acquired from the United States,” Pompeo said in the statement.The Commerce Department also added 38 Huawei affiliates to its Entity List, which identifies foreign parties prohibited from receiving certain sensitive technologies, while allowing Huawei's Temporary General License (TGL) to exp

Sep 9, 2020By Kim Yoo-chul
Samsung, SK, LG to suspend ties with Huawei
  • Huawei's possible exit could benefit Samsung, SK hynix
Tech & Science

Samsung inks $6.6 bil. mega deal with Verizon

Samsung Electronics' 5G network equipment and services are displayed at Verizon's booth at the Mobile World Congress Americas in Los Angeles in this Sept. 13, 2018 file photo. Courtesy of Samsung ElectronicsBy Baek Byung-yeul, Kim Yoo-chulWhile Chinese telecom firms are seemingly slowing down their installation of fifth-generation (5G) base stations amid a deepening trade war between the United States and China, Samsung Electronics is staying on track, signing a massive order with long-time business partner Verizon Wireless for such equipment.In a regulatory filing to the Korea Exchange (KRX), the Korean tech giant said its affiliate Samsung Electronics America had inked a deal with Verizon to provide it with 5G network equipment over the next five years.The total value of the deal is 7.9 trillion won ($6.6 billion), the largest single telecom equipment contract a korean tech firm has ever won. “The contract is significant because the telecom business is part of the infrastructure industry, and making a sizable contract in that area only comes based on long-term mutual tru

Sep 7, 2020By Kim Yoo-chul
Samsung inks $6.6 bil. mega deal with Verizon
Economy

Regulator set to announce winners of MyData business

In this Aug. 4 photo, Prince, a member of the hacking group Red Hacker Alliance who refused to give his real name, uses his computer at the group's office in Dongguan, in China's southern Guangdong Province. AFP-YonhapBy Kim Yoo-chulThe country's top financial regulator is set to announce those that qualify for MyData business as the Financial Supervisory Service (FSS) nears completion of its assessment of 38 candidates that requested approval to start the business.Officials said Sunday FSS's “MyData Review Team” is in the qualification process for applicants, with the help of officials from the Financial Security Institute and Korea Credit Information Services.“The FSS is under procedural due process on 38 candidates to specify their qualifications,” an official said. “The FSS plans to ask the candidates to present the specifics and other relevant details that need to be fine-tuned, with feedback to be shared by the two FSS umbrella organizations.”The financial regulator plans to ask the winners from its review to submit official applications for

Sep 6, 2020By Kim Yoo-chul
Regulator set to announce winners of MyData business
Economy

Korea to create $17 bil. fund to boost New Deal projects

President Moon Jae-in delivers his speech at the start of his meeting with chief executives of the country's leading financial institutions for thorough discussions of the Korean version of New Deal initiative at Cheong Wa Dae, Thursday. YonhapBy Kim Yoo-chul, Do Je-haeIn line with President Moon Jae-in's expansion of his Green New Deal projects, the finance ministry plans to build up a 20 trillion won ($17 billion) fund over the next five years.“With the aim of attracting more retail investors to the Korean version of the New Deal and supporting investment from the private sector, we will set up the Korean New Deal fund,” Finance Minister Hong Nam-ki said during a press conference at the Government Complex in Seoul, Thursday.The fund will be comprised of an initial 3 trillion won investment from the government followed by 4 trillion won from state-run financial institutions and 13 trillion won from private financial companies and the public, according to the ministry.Hong reported details of this to President Moon during a meeting with chief executives of the country's l

Sep 3, 2020By Kim Yoo-chul
Korea to create $17 bil. fund to boost New Deal projects
Tech & Science

Memory price rebound to benefit Samsung, SK

A smartphone with Huawei and 5G network logos is seen on a PC motherboard in this illustration from Jan. 29. Reuters-YonhapBy Kim Yoo-chulThe world's top two computer memory chipmakers ― Samsung Electronics and SK hynix ― didn't deny that average selling prices (ASPs) of both DRAM and NAND flash memory chips are expected to face continued pressure throughout the third quarter of this year but suggested the impact will be limited.Memory chip prices are considered a key barometer to gauge the profitability of the two Korean firms which are heavily dependent upon sales of the chips. The chip industry is also one of Korea's backbone industries along with airlines, steel production and carmakers.According to senior fund managers at Europe- and U.S.-based investment banks, the current headwinds will ease soon and the next few quarters should start to show improvements in Samsung and SK's results. The biggest challenge to such optimism is none of the current data about DRAM and NAND pricing indicates a rebound is actually taking shape. But the key considerations are that demand for smartpho

Sep 1, 2020By Kim Yoo-chul
Memory price rebound to benefit Samsung, SK
Economy

FSC decides to extend short-selling ban

By Kim Yoo-chulThe Financial Services Commission (FSC) said Thursday that it would extend a ban on short-selling for another six months as the spread of the COVID-19 pandemic continues.“In order to stabilize investment sentiment for retail investors, we decided to extend the short-selling ban for another six months to March 15, next year,” the FSC said in the statement. The extension will be applied to all listed companies on the KOSPI, Kosdaq and Konex. The decision came a few hours after the head of the top financial regulator, Eun Sung-soo, told chief executives of the country's leading securities companies that the agency was reviewing “various scenarios” in order to stabilize “investment sentiment” for retail investors including readjusting policies relevant to short-selling.In March this year, in an apparent attempt to bring stability to the market hit hard by the pandemic, the FSC announced a temporary six-month ban on short-selling of listed stocks and certain other products listed on the Korea Exchange. The ban was scheduled to end Sept. 15. At the time of the announcement,

Aug 27, 2020By Kim Yoo-chul
FSC decides to extend short-selling ban
Companies

Ahead of US election, settlement urged between SK, LG

US President Donald Trump speaks during an event at the Whirlpool Corporation Manufacturing Plant, Aug. 6 in Clyde, Ohio. AP-YonhapBy Kim Yoo-chulAhead of the upcoming U.S. presidential election, the issue of the alleged theft of trade secrets relating to electric vehicle (EV) lithium-ion battery technology between LG Chem and SK Innovation is becoming a political matter with the Korean companies being asked to agree on what has become a “multi-billion” dollar fight.Such a scenario is gaining clear momentum after U.S. Rep. Doug Collins, Gainesville, asked U.S. Immigration and Customs Enforcement and the U.S. Customs and Border Protection to probe what he referred to as “an ongoing effort to illegally employ foreign nationals” at the SK Innovation battery plant in the state of Georgia. SK Innovation is expected to employ more than 2,000 people at the plant in line with the expansion of its production facilities.The U.S. politician reported the matter to top federal officials citing a May 29 incident at Hartsfield-Jackson International Airport in Atlanta, when b

Aug 23, 2020By Kim Yoo-chul
Ahead of US election, settlement urged between SK, LG
Tech & Science

Under new leadership, KT promoting digital finance

KT CEO Koo Hyun-mo, second from left, and Woori Financial Group Chairman Sohn Tae-seung, third from left, hold copies of an agreement after the two companies signed a non-binding memorandum of understanding (MoU) to jointly promote digital finance-centric business at Woori Bank's headquarters in downtown Seoul, Wednesday. Courtesy of KTBy Kim Yoo-chulIt really doesn't matter how good a company's strategy is. If that firm isn't skilled at what it does, its business strategy will not take it very far. KT CEO Koo Hyun-mo believes digital finance is its next focus in terms of boosting investor confidence.Fintech is an emerging trend, with tech companies injecting more resources. It's fair to say KT isn't one of these disruptors, given its quite old-fashioned decision-making style, as KT is mainly owned by the National Pension Service, and it relies heavily on its less-volatile fixed-line business. But it is ideally positioned to expand businesses using customer data given its strengths in the fixed-line business. Koo thinks KT's recent partnership with Woori Financial Group will demonstr

Aug 19, 2020By Kim Yoo-chul
Under new leadership, KT promoting digital finance
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