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☆ LG Energy Solution to invest $3.1 bln in S.Korea battery production
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Dec 19 (Reuters) - South Korean battery maker LG Energy Solution (373220.KS) said in a statement on Monday it plans to invest 4 trillion won ($3.1 billion) between this year and 2026 to build and expand cylindrical battery production in Ochang, South Korea. The project is also expected to lead to the hiring of a further 1,800 employees, the company said in a statement. ($1 = 1,298.8400 won)Reporting by Ju-min Park and Joyce Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea urges China to support dialogue with North Korea - S.Korea ministry
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 12 (Reuters) - South Korea's foreign minister told his Chinese counterpart on Monday the country expects China to actively support South Korea's efforts for dialogue with North Korea, South Korea's foreign ministry said. China's Foreign Minister Wang Yi told South Korean Foreign Minister Park Jin in a video conference call that China will play a constructive role in the Korean peninsula issue, a ministry statement said. During the call, Park expressed concern about North Korea's actions including a record number of ballistic missile launches this year, adding North Korea must refrain from further provocations such as potential nuclear tests and engage in dialogue, the ministry added. In November, South Korea's President Yoon Suk-yeol in a Reuters interview urged China to help dissuade the North from pursuing banned development of nuclear weapons and missiles. China, North Korea’s closest ally, should fulfill its responsibilities as a permanent member of the U.N. Security Council, Yoon said, adding that not doing so would lead to an influx of military assets to the region.

☆ China shipyards feast on record LNG tanker orders as South Korea builders are full up
▼ + stars: | 2022-12-12 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

Chinese shipyards this year won 45 LNG tanker orders worth an estimated $9.8 billion, about five times their 2021 order values, according to shipping data provider Clarksons Research. By late November, Chinese yards had grown their LNG order books to 66 from 21, giving them 21% of global orders worth around $60 billion. Still, Chinese yards received 19 foreign orders for LNG tankers this year and that number is likely to grow. "Chinese yards have become more attractive because of the South Korean backlog, as well as rising costs," said ICIS analyst Songer. Chinese yards' relationship with GTT also helps, he said.

☆ South Korea to order more truckers back to work on Thursday - media report
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Dec 7 (Reuters) - The South Korean government is expected to order truckers serving the petrochemical and steel sectors to return to work this week as a national strike by truckers entered its 14th day on Wednesday, media reported on Wednesday. Late last month the government told truckers serving the cement industry, who made up around 10% of the 25,000 truckers involved in the strike, to return to work. The strike has disrupted supply chains, and cost South Korea 3.5 trillion won ($2.65 billion) in lost shipments over the first 12 days, the industry ministry said on Tuesday. Shipments of cement have bounced back to 93% of normal levels from 10% earlier in the strike, thanks to the government telling truckers serving the industry to get back to work, according to lobby group Korea Cement Association. Reporting by Joyce Lee; Additional reporting by Soo-hyang Choi; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung, LG plan multi-billion-dollar additional investment in Vietnam
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +2 min

NO ARCHIVES/File PhotoHANOI, Dec 6 (Reuters) - South Korean electronics giants Samsung (005930.KS) and LG (066570.KS) plan to pour billions of dollars of additional investment into Vietnam, state media reports and the Vietnamese government said on Tuesday. The announcement comes after Samsung cut smartphone production in Vietnam twice this year in response to weaker global demand. Samsung Electronics, the largest single foreign investor in Vietnam, will invest $2 billion more in the Southeast Asian country, raising its total to $20 billion, Vietnamese state media said. The additional investment will further firm up Vietnam as Samsung's key production site, reported Vietnam News Agency, following a meeting on Tuesday in Seoul between Vietnamese President Nguyen Xuan Phuc and the company's chief executive Han Jong-hee. The state media report and the government statement did not provide further details on the investment by the two companies.

SEOUL, Dec 1 (Reuters) - A strike by South Korean truckers is estimated to have cost 1.6 trillion won ($1.23 billion) in lost shipments, the industry ministry said on Thursday, as a lengthy strike becomes more likely with the government and union far from a compromise. The cement, steel, auto and oil refining industries have seen 1.6 trillion won in lost shipments in seven days since the strike began last week, the ministry said in a statement. This includes 562,600 tonnes of steel worth 731.3 billion, 6,707 cars worth 319.2 billion won, and 259,238 kilolitres of oil products valued at 442.6 billion won stuck in transit, it said. Two people at the meeting on Wednesday said shouting erupted during Wednesday's meeting between the government and strike organiser Cargo Truckers Solidarity Union (CTSU). The government is preparing to potentially order oil industry truckers back to their jobs, the industry ministry said on Thursday, after it issued an unprecedented order to force 2,500 cement industry truckers back to work this week.

[1/3] Unionized truckers shout slogans during their rally as they kick off their strike in front of transport hub Uiwang, south of Seoul, South Korea November 24, 2022. Union officials told Reuters the gap between the two sides is too wide to reach a compromise. About 25,000 union drivers are striking over minimum wage rules. As of Tuesday, 21 petrol stations had run dry, the industry ministry said. Some 7,000 people rallied for the strike on Tuesday according to the transport ministry, saying the government's hard-line stance showed no real intention for dialogue.

It is unclear if the cuts in Vietnam reflect Samsung's general drop in production or a shift to other manufacturing countries. Smartphone output in the first 11 months of the year fell 6.1%. The GSO also said the value of Vietnam's smartphone exports in November fell 1% on the month and 0.7% from a year earlier. However, if demand remains sustained, the production cuts could exacerbate inflation in Europe and other importing regions. Imports also fell by 7.3%, signalling possible further production cuts because components and materials used for exported products are often imported for assembly in Vietnam.

☆ Hyundai Motor, SK On in EV battery supply pact in N. America
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle (EV) batteries in North America, the companies said on Tuesday. In a statement, SK On said the memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to the auto group’s plants in the United States after 2025 for production of electric vehicles. It added that the partnership allows the two firms to shape a response to the U.S. tax credit qualifications required under August's Inflation Reduction Act. From next year, at least 40% of the value of critical minerals for batteries will have to come from the United States or a U.S. free-trade partner in order to receive tax credits, a threshold set to rise to 80% in 2027. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

[1/2] Hyundai displays the new Ioniq 6 vehicle at the 2022 Los Angeles Auto Show in Los Angeles, California, U.S., November 17, 2022. REUTERS/Mike Blake/File PhotoSEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. "We expect the stable supply of EV batteries from SK On will also enable us to contribute to emissions reduction and meet climate goals in the market," Hyundai said in a statement. South Korea's trade ministry said on Tuesday that Hyundai Motor was considering building EVs at its existing factories in the United States to qualify for U.S. federal EV tax credits. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Summary First start-work order ever issued in South KoreaUnion calls order "equivalent to martial law"President says "Will never compromise with illegality"SEOUL, Nov 29 (Reuters) - South Korea ordered striking truckers in the cement industry to return to work on Tuesday, an unprecedented step that invokes tough strike-busting laws as construction sites run out of building materials nationwide. "I will firmly establish the rule of law between labour and management during my term and will never compromise with illegality." The cement industry estimates a cumulative output loss of about 64 billion won ($47.81 million) as of Monday, lobby group Korea Cement Association said. "MARTIAL LAW FOR CARGO WORKERS"Yoon administration is the first in the country's history to issue an order forcing striking transport workers back to their jobs. Government officials will conduct on-site investigations with police, relay the order to the 2,500 cement industry transport workers to return to work, and if they do not comply, suspend their transport licenses for 30 days.

SEOUL, Nov 29 (Reuters) - South Korea will offer "tailored" incentives to encourage Tesla to set up an electric vehicle gigafactory in the country and will minimise any risks posed by militant unions, President Yoon Suk-yeol told Reuters. Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon's office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory. Yoon said South Korea offers highly skilled workers and his government would ensure regulations align with international standards so that foreign firms do not face unexpected financial or regulatory hurdles. Yoon credited his government's tough response to labour union strikes this year for starting the process of establishing a rule of law in industrial relations for both management and labour. About 9,600 truckers have joined the strike organised by the truckers' union, demanding a permanent guarantee of a minimum freight rate to protect against rising and unpredictable fuel costs and overwork.

[1/4] A view of a construction site where concrete pouring work is suspended due to a nationwide strike by truckers in Seoul, South Korea November 25, 2022. "We need to establish a rule of law between labour and management," Yoon said on Monday, according to the presidential office. Yoon will personally preside over a cabinet meeting on Tuesday which will consider a 'work force order' demanding striking truckers return to their jobs, his office said. According to South Korean law, during a serious disruption to transport the government may issue an order to force transport workers back to their jobs. While stations secured inventory before the strike, about 80% of truckers for major refiners such as SK Innovation's (096770.KS) SK Energy and S-Oil Corp (010950.KS) are striking union members.

☆ South Korea's President Yoon warns of crackdown on striking truckers
▼ + stars: | 2022-11-25 | by ( Joyce Lee | ) www.reuters.com time to read: +3 min

According to South Korean law, during a serious disruption to transportation the government may issue such an order to force transport workers back to their jobs. If the government takes this route, it would be the first time in South Korean history such a order is issued. "The Yoon Suk-yeol government is threatening a hard-line response without any efforts to stop the strike," Lee told reporters on Thursday. This compares with South Korea's 200,000 tonnes of cement demand in the peak season between September and early December. The union estimated about 25,000 people were joining the strike, out of about 420,000 total transport workers in South Korea.

☆ Hasbro looks to sell part of eOne TV production business
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Hasbro Inc (HAS.O) said on Thursday it is looking to sell part of its eOne production unit, which makes TV shows including "Yellowjackets" and "The Rookie", as the toymaker looks to streamline its business and focus on core brands. The company bought eOne, maker the popular children's TV show "Peppa Pig", for about $4 billion in 2019. Hasbro said Peppa Pig is not a part of the business that it is putting up for sale. Hasbro shares rose marginally in premarket trading. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Hasbro looks to sell part of eOne TV business
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Toymaker Hasbro Inc (HAS.O) said on Thursday it is looking to sell part of its eOne TV and film production business. Reporting by Uday Sampath in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ France's Digital Virgo to list in U.S. in $513 mln SPAC deal
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Digital Virgo said on Thursday it would list in the United States in a blank-check deal that values the French mobile payments platform at $513 million, including debt. Digital Virgo is among a few companies that have opted to list in the United States at a time of severe market turbulence. read moreGoal Acquisitions Corp (PUCK.O) will acquire Digital Virgo shares at $10 apiece, with the deal providing the latter at least $100 million. A special purpose acquisition company (SPAC) is a listed company lacking an inherent business model, formed solely to take other firms public via mergers. Goal is led by sports executives including Harvey Schiller, Bill Duffy and basketball star Michael Jordan's former agent, David Falk.

☆ Atos in talks to sell Italian unit to Lutech
▼ + stars: | 2022-11-17 | by ( Joyce Lee | Soo-Hyang Choi | ) www.reuters.com time to read: +1 min

PARIS, Nov 17 (Reuters) - Atos (ATOS.PA), under pressure from investors to boost profitability and its share price, said on Thursday it had entered into exclusive negotiations with Italian engineering company Lutech to sell its Italian unit for cash. The proposed transaction accounts for 2% of the group's total revenue in 2021, Atos said in a statement. The deal would be part of a 700 million euro asset sale programme Atos is undertaking to finance its turnaround plan, which entails splitting the group in two separate entities. Atos has already sold its remaining stake in French payments services company Worldline (WLN.PA) for 220 million euros. With the expected sale of the Italian unit, two thirds of the asset sales would be completed, Atos said.

SEOUL, Nov 17 (Reuters) - South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defence industry and building projects, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies. "In particular, he said he would like to drastically strengthen cooperation with South Korea in the areas of defence industry, infrastructure and construction," Yoon's office said. Saudi-based Asharq TV quoted the kingdom's investment minister as saying deals signed on Thursday were worth $30 billion. "The (South Korean) government will actively support the successful implementation of cooperative projects which apply Korea's state-of-the-art architecture ... in NEOM," said South Korea's trade minister, Lee Chang-yang. Shares in Lotte Fine Chemical (004000.KS), which signed an agreement for chemical industry cooperation with the Saudi Ministry of Investment, rose 2.1%.

☆ Saudi Aramco to pump $7 bln into biggest petchem investment in South Korea
▼ + stars: | 2022-11-16 | by ( Joyce Lee | ) www.reuters.com time to read: +1 min

SEOUL, Nov 17 (Reuters) - Saudi Aramco (2222.SE) plans a $7-billion investment at a South Korean affiliate's factory in the port city of Ulsan to turn out more high-value petrochemical products, the company said on Thursday. The project, named Shaheen, is the Saudi firm's biggest investment in the Asian nation to develop one of the world's largest refinery-integrated petrochemical steam crackers, Aramco said in a statement. Saudi Aramco owns more than 63% of South Korean refiner S-Oil Corp (010950.KS). It will have production capacity of up to 3.2 million tonnes a year, along with a facility to produce high-value polymers, Aramco said. The news came in conjunction with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday.

☆ S-Oil plans to invest $7 bln in South Korea factory
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 17 (Reuters) - S-Oil Corp (010950.KS) said on Thursday it plans a 9.3 trillion won ($6.98 billion) investment in its Ulsan, South Korea, factory to produce more high-value petrochemical products. The refiner, whose largest shareholder is Saudi Aramco (2222.SE), said in a regulatory filing that the investment will start from next year and be completed by June 2026. "Improvement of profitability is expected by upgrading low value-added raw materials, such as naphtha, byproduct gas and residual oil to high value-added chemical products," S-Oil said in a regulatory filing. The announcement coincides with Saudi Arabian Crown Prince Mohammed bin Salman's visit to South Korea on Thursday. ($1 = 1,332.8900 won)Reporting by Joyce Lee; Editing by Leslie Adler and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ South Korea's Yoon hopes for co-operation with China, Japan
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Nov 12 (Reuters) - South Korean President Yoon Suk-yeol said on Saturday he hoped for the early activation of a mechanism for three-way ties with China and Japan. At a summit of leaders of the Association of Southeast Asian Nations (ASEAN), Yoon urged stronger joint efforts to overcome complex future crises, such as those stemming from war and rights abuses worldwide as well as risks to security of food and energy brought by climate change. Reporting by Joyce Lee and Minwoo Park; Editing by William Mallard and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

SEOUL, Nov 3 (Reuters) - SK Innovation Co Ltd (096770.KS), the owner of South Korea's top oil refiner SK Energy, said on Thursday it expects a gradual recovery in refining margins this quarter as stronger Western sanctions on Russia and the winter season push up fuel demand. However, the company said margins will likely remain not far from third-quarter levels due to global recession worries. SK Innovation's operating profit rose to 704 billion won ($493 million) in the July-September period from 669 billion won a year earlier, it said. Revenue rose 82% to 22.8 trillion won, beating an average analyst estimate of 19.8 trillion won according to Refinitiv SmartEstimate. SK Innovation shares were trading up 0.8% in morning trade, versus a 0.6% fall in the broader KOSPI (.KS11).

"If LNG from Russia is disrupted, we will need to negotiate to take alternatives from other suppliers," Hirofumi Sato added. Meanwhile, China is expected to steer clear of spot LNG this winter amid higher prices and low demand growth due to COVID-19 curbs. This pushed Asian spot LNG prices to record levels, though they have since eased amid solid inventory levels. Asia LNG prices rise above seasonal levels for most of 2022 as supplies tighten after Russia cuts gas supply to EuropeBut supply risks persist. "Supply side risks remain with Freeport LNG still undergoing maintenance in the U.S. and Nigeria LNG under force majeure."

☆ Factbox: North Asia gears up for peak winter energy demand season
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +3 min

Nov 3 (Reuters) - Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly. * City gas providers held 2.54 million tonnes at end-August, ministry data shows, versus 1.97 million tonnes a year earlier and also above a five-year average. * South Korea's LNG stocks stood near 3.9 million tonnes at end-September, a source with knowledge of the matter said. * Households and businesses are being encouraged to reduce energy consumption through incentives like tax cuts, though details have not been announced. CHINA* China is expected to stay clear of spot LNG purchases this winter due to higher prices and slow demand growth amid COVID-19 curbs.

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