Lee, Turkish president agree to strengthen strategic partnership
In the phone call, the two leaders assessed the close economic cooperation in areas such as trade and investment, and pledged to further expand practical collaboration in defense, arms, nuclear energy and green energy, presidential spokesperson Kang Yu-jung said in a written briefing.
"I am pleased that our two countries have continued to develop relations based on the historic bond formed during the Korean War," Lee was quoted as saying.
The Turkish leader congratulated Lee on taking office and paid tribute to the restoration of democracy in South Korea and the resilience of the Korean people, Kang added. (Yonhap)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
Seoul shares end lower on retail selling amid tariff worries
Seoul shares closed lower Friday as investors remained cautious over US President Donald Trump's latest tariff threat. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.22 points, or 0.13 percent, to close at 3,188.07. The main index rose 0.39 percent for the week. Trade volume was moderate at 389.98 million shares worth 11.84 trillion won ($8.5 billion). Decliners outnumbered gainers 589 to 303. The KOSPI reversed earlier gains after opening higher, tracking overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.52 percent and the tech-heavy Nasdaq composite climbed 0.75 percent. Individuals sold a net 340.72 billion won worth of stocks, offsetting stock purchases by institutions and foreigners of 61.85 billion won and 187.72 billion won, respectively. Trump recently notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer sweetened terms in ongoing negotiations. Investors are awaiting second-quarter earnings results from major companies in the coming weeks for clues on the market's direction, while keeping an eye on further developments in US trade policy, analysts said. In Seoul, large-cap stocks were mixed. Leading shipbuilder HD Hyundai fell 2.18 percent to 134,800 won, and state-run utility firm Korea Electric Power Corp. declined 0.68 percent to 36,250 won. National flag carrier Korean Air dropped 0.95 percent to 25,950 won, and No. 1 shipping firm HMM shed 0.99 percent to 25,000 won. Among gainers, top carmaker Hyundai Motor rose 0.24 percent to 210,500 won and market behemoth Samsung Electronics climbed 0.6 percent to 67,100 won. Leading steelmaker Posco Holdings gained 1.14 percent to 311,000 won, and leading battery firm LG Energy Solution rose 1.74 percent to 322,500 won. The local currency was quoted at 1,393.00 won against the greenback at 3:30 p.m., down 0.4 won from the previous session. (Yonhap)
Korea Herald
an hour ago
- Korea Herald
Korean battery-makers under cost pressure as US targets Chinese graphite
Korea's battery industry is bracing for a sharp rise in US manufacturing costs as Washington moves to slap a 93.5 percent anti-dumping tariff on Chinese graphite, with many global supply chains still heavily dependent on China. According to a Bloomberg report on Thursday, the US Department of Commerce has issued a preliminary ruling to apply anti-dumping duties on imports of the key anode material used in electric vehicle batteries. Once imposed, imported Chinese graphite with 90 percent or higher carbon purity — whether natural, synthetic or blended — could face effective tariff rates of up to 160 percent, considering existing countervailing duties. A final determination is expected by Dec. 5. Chinese companies supply over 90 percent of the world's graphite, which makes up about 95 percent of the anode in EV batteries. The new US tariffs could nearly double the material cost in the US. Battery anodes account for about 7 percent of an EV battery's cost, and media reports say the new tariffs could add $1,000 to US-made battery prices, potentially pushing up EV prices. The resulting uncertainty adds pressure to Korean battery-makers expanding their US production lines to qualify for incentives, such as EV tax credits, under the Inflation Reduction Act and the Advanced Manufacturing Production Credit. LG Energy Solution, Korea's largest battery-maker, currently operates three plants in the US, including two through a joint venture, and is constructing four more. Samsung SDI operates two US-based plants, and SK On is building two joint venture factories in addition to its existing US plant. The industry is already under pressure as it awaits a possible early termination of IRA tax incentives this September, which adds further uncertainty to their performance. Shares of Korean battery material producers surged in early Friday trading amid expectations of growing demand for a China-independent anode supply chain. Posco Future M, Korea's leading battery materials supplier, saw its stock price jump by as much as 24 percent on the benchmark Kospi, before settling at 156,300 won ($112) as of 12:15 p.m., up 19 percent from the previous day's close. The company ranked 11th in the global anode market last year with a 1.3 percent share, trailing 10 Chinese firms. Posco Future M reportedly operated its anode production facilities at only around 30 percent capacity by the end of the year, as low-cost Chinese products continued to undercut prices.
Korea Herald
an hour ago
- Korea Herald
Posco Future M looks to new plant for rebound after sluggish Q2
Korean battery material producer expects a turnaround as Gwangyang precursor plant enters full-scale production in the second half of the year Posco Future M posted a sharp drop in second-quarter profit and swung to a net loss, hit by slowing demand for EV battery materials, though the company pointed to a potential rebound in the second half of the year as new production ramps up. According to a regulatory filing on Friday by the Korean battery material producer, it logged 660.9 billion won ($474.7 million) in revenue and 770 million won in operating profit in the April to June period this year, down 27.8 percent and 71.7 percent, respectively, from the same period last year. The company reported a net loss of 33.5 billion won in the second quarter after posting a 48.9 billion won net profit in the first quarter. Posco Future M's energy materials division was hit hardest, with quarterly revenue falling 37.6 percent from the previous quarter to 315.4 billion won, and the unit posting an operating loss of 25.5 billion won as the global EV market showed signs of slowing. According to the company, sales of high-nickel cathode materials decreased from the previous quarter while sales of natural graphite anode materials increased among overseas clients. Posco Future M said the decrease in sales led to a dip in its plant operation rate, dampening overall profitability. Posco Future M said it expects to see profitability improve as its precursor plant in Gwangyang, South Jeolla Province, is set to enter full-scale mass production in the second half of this year. Precursors are key substances used in the production of cathode materials, one of the main components of lithium-ion batteries. The company held an official opening ceremony for the Gwangyang plant last month. According to the firm, the new plant has an annual production capacity of 45,000 metric tons of precursor, which is enough to produce batteries for 500,000 EVs. In addition to the precursor plant entering full-scale production, Posco Future M is projected to benefit from the US government continuing to raise the pressure on China-dependent supply chains by announcing a maximum 721 percent tariff on Chinese anode producers and a preliminary anti-dumping tariff of 93.5 percent on imported Chinese graphite. 'As Posco Future M has a production capacity that can meet demand for non-Chinese EV battery materials, both cathode and anode,' said a battery industry official. 'The intensifying trade war between the US and China will give (Posco Future M) an advantage in securing contracts in Western countries.'
