LG Energy Solution announced on Oct. 12 that it has set aside 620 billion won in provisions for General Motors’ Chevrolet Bolt recall in the third quarter. The company has booked a total of 711 billion won in provisions, including the 91 billion won set aside in the second quarter.LG Electronics, wh
LG Energy Solution and General Motors (GM) will establish a battery R&D center to speed up the development of all-solid-state batteries.Reuters reported on Oct. 5 (local time) that GM will build a battery R&D center in Michigan for opening in the middle of next year. GM explained that the R&D center
Samsung Biologics has asked the leaders of the ruling Democratic Party of Korea (DPK) to raise the tax credit on investment in biotech facilities such as COVID-19 vaccine plants to 6 percent.The company delivered its request for increased tax benefits to DPK leader Song Young-gil, who recently visit
The Korea Fair Trade Commission, the Financial Services Commission and politicians are increasingly regulating big tech companies and this has led to sharp stock prices declines on the part of Naver and Kakao. It is Kakao that has been hit harder.From Sept. 7 to 16, the market cap of Naver dropped 1
Global semiconductor companies are trying to reshape their business by M&A. At the same time, various countries are becoming increasingly strict about such attempts in order to strengthen their supply chains and protect themselves from the ongoing global chip shortage. Reuters reported on Aug. 29 th
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. We expect the MPC to freeze the key rate at the upcoming August meeting, with one or two members likely calling for a rate hike. Noting KOSIS’s business cycle clock, we believe that domestic economi
GM has announced a plan to expand its recall of Bolt EVs, perplexing LG Energy Solution that has supplied batteries to the vehicles.GM announced on Aug. 20 that it will recall an additional 73,018 Bolt EVs at a cost of US$1 billion. The targets are 9,335 2019 model year Bolt EVs (6,993 units in the
As parole was decided for Samsung Electronics vice vhairman Lee Jae-yong, who was imprisoned in connection with the Choi Soon-sil scandal, attention is focusing on his moves.The Justice Ministry decided to grant parole to Lee on Aug. 9. Lee will be released on Aug. 13, about seven months after he wa
The author is an analyst of NH Investment & Securities. He can be reached at sw.kang@nhqv.com. -- Ed. July CPI should prove that recent inflation increase is transitory, resulting in a withdrawal of Fed policy failure bets and bottoming out of US TB yields. Impacts from Koh Seung-beom’s departure sh
Global carmakers’ electric vehicle (EV) risk is on the uptick. General Motors (GM) announced on Aug. 6 that it has set aside US$800 million in provisions for a recall of the Bolt EVs in its second-quarter earnings announcement. Its second-quarter sales reached US$34.2 billion. The company announced
Lotte Group is set to expand investment in new growth engines, including hydrogen, batteries, and mobility, as part of its efforts to upgrade its business portfolio.The group held the Value Creation Meeting (VCM) on July 1 to discuss the direction of its strategies for the second half of the year. "
The labor union of Hyundai Heavy Industries (HHI) went on strike, occupying a crane for the first time in 17 years. Unionists made the move after wage and collective bargaining talks broke down.The HHI labor union occupied the 40-meter-tall turnover crane at its headquarters in Ulsan staring from 8
The Moon Jae-in administration recently said that South Korea has successfully coped with Japan’s export restrictions in the material, component and equipment industries for the past two years. However, those in the industries are still calling for more long-term measures.The Ministry of Trade, Indu
A plural number of financial firms have submitted letters of intent to acquire the consumer finance unit of Citibank Korea. However, some analysts say that the acquisition process has many hurdles to clear as the potential buyers are negative about vowing not to lay off any of the Citibank Korea emp
Standard Chartered Group said in its report on June 7 that 15 percent of major global enterprises stopped doing business with carbon-heavy suppliers last year and South Korean exporters’ export losses will amount to 160 trillion won in 2030 unless they accelerate their carbon reduction efforts.“The
Instability in labor relations is growing across Samsung Group affiliates. While Samsung Electronics’ labor union has filed collectively for compensation for industrial accidents, Samsung Display’s unionists are threatening to stage the company’s first strike since its foundation.Samsung Electronics
The South Korean government had a meeting with domestic COVID-19 vaccine developers on May 13. There, it said that it would help them as much as possible so that they can initiate Phase 3 clinical trials in the second half of this year. It also said that it would come up with relevant guidelines by
Nine out of 10 citizens in Seoul will comply with the revised Road Traffic Act, which takes effect on May 13, and wear safety helmets when using e-scooters, according to a recent survey. Some 77.1% believe safety regulations for e-scooters are “highly necessary,” the survey found.The survey, which a
Non-major South Korean shipbuilders are failing to improve their business conditions unlike the top three.At present, approximately 50,000 ships are estimated to be in operation worldwide and very large ships the top three are concentrating on make up less than 10 percent of the ships. It is Chinese
The Korea Enterprises Federation announced on April 27 that it submitted a petition to the Blue House together with the Korea Chamber of Commerce and Industry, the Korea Federation of SMEs, the Korea International Trade Association and the Federation of Middle Market Enterprises of Korea.“The import