ATLANTA – Posco Group has unveiled its ambitious vision to become the most coveted company when it comes to battery materials, a burgeoning industry riding high on the electric push among global carmakers. “The world’s renowned electric vehicle manufacturers have been contacting Posco in recent years,” said Posco America Representative President Do Han-eui during a press conference in Atlanta on Dec. 10. Highlighting the group’s second battery material business va

Space committee adapts W1.4tr plan to develop small satellite system

SK Inc., the strategic investment arm of SK Group, said Wednesday it will present a glimpse of the future drawn by its “carbon-neutral” technologies at the upcoming Consumer Electronics Show in Las Vegas early next month. SK Inc.’s showroom at the trade show will exhibit its envisioned energy life cycle encompassing production to consumption, that cuts the energy usage with its advanced eco-friendly technologies. Their technologies will include a next-generation sodium-cooled f

US-originated convenience store chain 7-Eleven is speeding up to complete the ongoing conversion of Ministop stores by the end of next year as the Korean operator owned by Lotte Group aims to cement its market position among the nation’s top three convenience store operators, according to Korea Seven on Wednesday. Lotte CVS 711, a Lotte affiliate, recently transferred an additional 20.5 billion won ($16 million) to Korea Seven, the local operator of 7-Eleven stores, to expedite switching M

Hyundai Motor Group said Wednesday it awarded cash prizes to six South Korean soccer players who play for Jeonbuk Hyundai Motor Football Club (JBFC) for their excellent performance at the FIFA World Cup Qatar 2022. The automaker cashed out a total of 240 million won ($186,000) for the players, awarding 40 million won each. The recipients of the award included defenders Kim Jin-su and Kim Moon-hwan, goalkeeper Song Bum-keun, forward Cho Gue-sung, midfielder Paik Seung-ho, and striker Song Min-kyu

South Korean auto parts maker Hyundai Mobis said Wednesday it has teamed up with Israeli teleoperations startup Ottopia to develop remote mobility assistance solutions for autonomous vehicles. The RMA solution is a technology that allows mobility companies to remotely control the movements and routes of uncrewed vehicles. The technology is especially effective in responding to emergency situations in real time both for industrial and commercial vehicles. The company said it is developing the tec

Cold wave alerts prompt drivers to take greater caution to stay safe on snowy and icy roads. However, some 370,000 electric vehicle owners face an extra challenge with less driving range. Combustion engine and hybrid cars see their fuel economy fall by 10 to 20 percent in freezing weather. But the impact is much more severe for EVs, experts say. “At minus 10 degrees Celsius, EVs that have heater pumps show 20-25 percent drop in driving range, while those with no heater pumps can decrease i

Major South Korean chemical firm LG Chem Ltd. said Wednesday it is buying a stake in a local battery recycling startup for a joint venture in North America, accelerating efforts to secure key components for electric vehicle batteries. LG Chem signed the agreement Tuesday with JaeYoung Tech Ltd. to invest 24 billion won ($18.7 million). JaeYoung Tech, located in the South Korean industrial city of Gumi, about 200 kilometers southeast of Seoul, was established in 2016 and engages in the recycling

Loan guarantees among affiliates of South Korea's top 30 conglomerates surged nearly 21 percent in the first nine months of the year due to a credit crunch stemming from high interest rates, a corporate tracker said Wednesday. The debt payment guarantees among 207 out of the groups' affiliates totaled 87.7 trillion won ($68.1 billion) as of end-September, up 20.7 percent from nine months earlier, according to CEO Score. Compared with the end of 2020, the amount was up a whopping 52.3 p

Popular hotel chains are tightening criteria for VIP memberships and slashing generous benefits in a move to brace for lackluster sales next year, according to industry sources on Tuesday. Starting Jan. 1, Lotte Hotel, the nation’s largest hotel chain, will raise the bar to qualify for its Rewards Membership. Currently, classic, silver, gold and platinum memberships are awarded based on the customer's number of stays at Lotte chain hotels nationwide. A customer must now stay over at a

SALTA, Argentina -- When Posco purchased a 17,500-hectare salt lake in the Argentinian highlands of Salta four years ago, little did they know they would strike gold -- or something even better. Last year, a survey conducted by US consulting firm Montgomery & Associates found that the lake contains 13.5 million metric tons of lithium reserves, more than six times Posco’s initial estimate of 2.2 million tons in 2018. The Mars-like landscape, 4,000 meters above sea level and some 1,500 k

LG Group Chairman and CEO Koo Kwang-mo urged the company's staff and executives to take the lead in creating customer-friendly values, calling them “customer value creators,” in his New Year’s speech for 2023, Tuesday. Delivering the video speech via email to staff around the world, Koo said employees should promote the "virtuous cycle" of growth -- where staff members’ personal growth create touching experiences for users, which in turn accumulate to suppo

Samsung Electronics Chairman Lee Jae-yong is expected to head to Vietnam this week to celebrate the completion of the company’s new research and development center, according to industry sources on Tuesday. Upon the meeting, sources say, the Samsung chief is also likely to hold a meeting with Vietnamese President Nguyen Xuan Phuc. The ceremony is scheduled to be held on Thursday in Hanoi, with key officials of the Vietnamese government in attendance. In order to attend the ceremony, Lee ca

A promotional poster for Paris Baguette's Christmas seasonal cake "Snow Wishing Tree" is pictured. The coffeehouse-to-bakery chain, owned by SPC Group, has unveiled this year's Christmas cake lineup consisting of five tree-shaped cakes.

HYUNDAI'S ALL NEW KONA -- Hyundai Motor on Tuesday unveiled the design of the upcoming second-generation compact SUV Kona. It is the car's first face-lift since its debut in 2017. The carmaker plans to unveil the car and its first electrified version earlier next year.