December 03, 2021

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EDITOR'S PICKS

• Markets 
  

  [Battery+] 1%: Shocking profitability of EV battery biz

  For every dollar Samsung SDI makes by selling electric vehicle batteries, it only pockets 1 cent in profit. In contrast, Samsung Electronics earned 30.4 cents for every dollar in chips it sold from July to September this year. It’s no wonder Samsung doesn’t have its own EV battery factory in the US, but is instead investing a whopping $17 billion to build its second chip plant there. As the numbers show, the EV battery business, despite the market hype, is not as attractive in te

• Markets 
  

  [Herald Interview] For Porsche, synthetic fuel is key part for carbon neutrality

  Porsche is not ready to let go of combustion engines. Engines are what make a Porsche a Porsche, an executive told The Korea Herald while visiting Seoul for a motor show. And in order to keep that forte while complying with the green agenda, the German carmaker is developing eFuel, a climate-neutral fuel produced with the help of electricity from water and CO2 from the air. “The market is full of combustion cars and they will continue to be made and driven in 2030,” said Thomas F

• Markets 
  

  Posco mulls holding company structure: sources

  South Korean steelmaker Posco Group is pushing to establish a holding company to make a breakthrough in business expansion and eventually to boost its market valuation, industry sources said Dec. 1. Posco, the country’s sixth-largest conglomerate in terms of assets, has been drawing a downward graph in stocks despite its record-high business result this year due to the booming steel industry during pandemic. According to sources, Posco Group will table the issue of an establishment of a

• Markets 
  

  Samsung, Ministry of SMEs team up to support smaller tech firms

  Samsung Electronics and the Ministry of SMEs and Startups on Dec. 1 signed a memorandum of understanding to set up a 30 billion won ($25.4 million) fund supporting smaller tech firms here. Samsung and the ministry are contributing 15 billion won each with the aim of supporting research work for locally developed materials, parts and equipment for the next five years between 2022 and 2026. “In order to respond to changes in this new normal era, innovation should occur not at a company b

• Markets 
  

  Naver, SoftBank join hands in metaverse push

  South Korean internet giant Naver on Dec. 1 laid out its strategies to enter the global market with its latest metaverse technology that allows hyperconnection between the real world and virtual reality. “We have recently joined hands with SoftBank to make an HD map of cities in Japan through our ALIKE solution. It will be an important stepping stone for Naver to bring future without borders,” said Seok Sang-ok, CEO of Naver Labs, during a press conference. Seok added that Naver La

• Markets 
  

  Pressure builds on stock market over omicron variant, Fed warning

  Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Dec. 1, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Nov. 30, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Dec. 1 aft

• Markets 
  

  KB picks young CEO to lead flagship bank

  South Korea’s KB Financial Group said Dec. 1 it has tapped a 55-year-old sales executive to head its flagship KB Kookmin Bank, reflecting the financial giant’s drive to seek transformation in business and target younger people. Lee Jae-keun, KB Kookmin Bank’s current senior executive vice president of the sales division, will become the youngest current CEO in the nation’s banking industry. Lee’s two-year term starts in January once his nomination is approved at t

• Markets 
  

  Government-led consumer finance data service kicks off

  A government-led program that aims to give consumers more information and control of their personal finance data was officially launched Dec. 1, allowing customers to manage their lives more efficiently. The program dubbed “MyData” allows customers of 53 government-approved financial institutions to receive personal, customized and comprehensive finance data of their spending, all bank account balances, loans, insurance and more from the choice of their firm. The services will be a