Latest news with #LGEnergySolution
Business Recorder
17 hours ago
- Business
- Business Recorder
South Korean shares drop as US ramps up trade pressure ahead of tariff deadline
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Wednesday as US President Donald Trump stepped up his rhetoric and increased pressure for trade deals to be finalised before a July 9 tariff deadline. The won weakened, while the benchmark bond yield rose. The benchmark KOSPI was down 45.97 points, or 1.49%, at 3,044.09, as of 0238 GMT. Among index heavyweights, chipmaker Samsung Electronics rose 0.58%, while peer SK Hynix lost 3.68%. Battery maker LG Energy Solution climbed 0.67%. Trump expressed frustration with US-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as the deadline approaches despite good-faith negotiations. South Korea's consumer inflation accelerated in June to its fastest pace since January this year, government data showed on Wednesday, beating market expectations. Hyundai Motor and sister automaker Kia Corp were up 1.43% and up 0.81%, respectively. Steelmaker POSCO Holdings added 0.91%, while drugmaker Samsung BioLogics rose nearly 1%. Of the total 935 traded issues, 223 shares advanced, while 685 declined. Foreigners were net sellers of shares worth 333.4 billion won. The won was quoted at 1,361.8 per dollar on the onshore settlement platform, 0.21% lower than its previous close at 1,359.0. In offshore trading, the won was quoted at 1,361.8 per dollar, down 0.4% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,359.1. The KOSPI index has risen 26.86% so far this year. In money and debt markets, September futures on three-year treasury bonds lost 0.05 point to 107.22.
Korea Herald
3 days ago
- Automotive
- Korea Herald
Seoul shares open higher on chemical gains
South Korean stocks opened higher Monday, led by gains in major tech and chemical shares as investors looked to developments in trade talks with the United States. The benchmark Korea Composite Stock Price Index rose 21.62 points, or 0.71 percent, to 3,077.56 in the first 15 minutes of trading. Eyes are on negotiations with the US on Washington's aggressive tariff scheme, with 10 days to go before the US' country-specific tariffs will resume. In April, US President Donald Trump decided to suspend the imposition of the reciprocal tariffs on trading partners, including 25 percent duties on South Korea, until July 8 to allow time for negotiations. The Trump administration has signaled openness to extending the pause on the new tariffs. Most big-cap tech shares opened higher. Chip giant SK hynix rose 1.23 percent, and leading battery maker LG Energy Solution surged 2.6 percent. But market bellwether Samsung Electronics lost 0.49 percent on profit-taking. Top chemical firm LG Chemical soared 1.44 percent, and No. 1 steelmaker POSCO Holdings advanced 1.54 percent. Nuclear power plant manufacturer Doosan Enerbility spiked 7.6 percent on news that its president, Kim Jung-kwan, was nominated as industry minister. Carmakers opened mixed. Top automaker Hyundai Motor edged up 0.12 percent, while its sister affiliate Kia shed 0.1 percent. The local currency was trading at 1,359.4 won against the greenback at 9:15 a.m., down 2 won from the previous session. (Yonhap)
BusinessToday
5 days ago
- Business
- BusinessToday
KOSPI Retreats On Profit-Taking After Strong Rally
South Korea's benchmark KOSPI Index ended lower on June 27, slipping 0.77% to close at 3,055.94, as investors opted to take profits following a robust June rally that had pushed the index above 3,100 earlier in the week. This marks the second consecutive session of losses, driven largely by broad-based selling in battery, auto and tech sectors. Foreign investors were net sellers, offloading around 855.4 billion won worth of shares, while institutional and retail investors absorbed some of the pressure with net combined purchases of approximately 805 billion won. Despite the pullback, the KOSPI remains up around 15% for the month, bolstered by easing geopolitical tensions and increased institutional inflows that had earlier sent the index to its highest levels in over three years. Battery and automotive stocks led the decline, with LG Energy Solution falling nearly 3% and Hyundai Motor dropping 2.15%, as investors locked in gains. In tech, Samsung Electronics edged up 1%, but SK hynix lost 3.07%, reflecting mixed sentiment in the semiconductor space. Internet giant Naver dipped 1.3%, while SK Innovation slid 2.5% amid broader weakness in energy shares. The recent decline is widely viewed as a natural correction after June's sharp gains. Markets are also awaiting global signals, particularly from the US Federal Reserve, whose next policy steps could influence foreign capital flows into emerging markets like South Korea. At home, recent economic data, including a 0.6% rise in the Leading Economic Index for April, suggest a gradual improvement in macro conditions. Outlook: With the KOSPI still comfortably above the key psychological level of 3,000, analysts believe the index may consolidate in the near term as traders assess global economic cues and domestic earnings updates. Volatility may persist ahead of key data releases and geopolitical developments, but underlying investor appetite remains firm. Related
Yahoo
5 days ago
- Automotive
- Yahoo
As EV growth cools, LG Energy turns to batteries for energy storage systems
HOLLAND, Mich. — LG Energy Solution, one of the top suppliers of batteries for electric vehicles, is expanding to power the electric grid and artificial intelligence data centers. In May, the company began producing lithium iron phosphate batteries for energy storage systems alongside the electric vehicle batteries it makes here in western Michigan. LG Energy sees energy storage batteries as a growth driver amid cooling EV sales growth and heightened uncertainty in the auto industry, said Jaehong Park, CEO of LG Energy Solution Vertech, the company's energy storage unit. 'It's a vital and strategic move under current economic uncertainty and supply chain issues,' Park said at a June 24 event marking the start of the company's energy storage system battery production. It wasn't long ago that LG Energy also planned for significant new EV battery production here. In 2023, LG Energy announced a $3 billion expansion of its EV battery production here to supply Toyota. But when General Motors backed out of a joint venture battery plant about 90 miles east in Lansing, Mich., LG Energy decided to make Toyota's batteries there. Now, Holland appears poised for growth outside the auto industry. It has spent $1.4 billion to produce lithium iron phosphate batteries for energy storage systems here. It's a choice that reflects dynamics in both industries. Sign up for the weekly Automotive News Mobility Report newsletter for the latest developments at the intersection of transportation and technology. Automakers are rethinking their North American electrification plans, scaling back production targets and delaying programs amid softer-than-expected EV sales growth. That's forcing LG and other major battery producers to pivot. But as EV investments cool in North America, the need for clean energy storage is rising as the U.S. power grid comes under increasing strain and as more artificial intelligence data centers come online, LG executives said. The Holland factory is the first of LG Energy's facilities in North America to produce LFP batteries for energy storage. The factory, LG Energy's oldest in North America, often serves as a model for its other plants in the region, making more dual-purpose factories a possibility as it adjusts to changing market conditions, executives said. The Holland factory 'has been through several different administrations, and it's been through several different ups and downs in the auto industry,' said Bob Lee, the North American president of LG Energy Solution. 'And now I think we're demonstrating a certain sense of resilience by moving into production of LFP cells for storage systems.' LG Energy is increasingly bullish on batteries for energy storage systems, as evidenced by annual production capacity in Holland. Its annual battery capacity for energy storage systems will stand at 16.5 gigawatt-hours per year, more than triple the 5 GWh per year it dedicates to EV battery production there. 'The growing part of our business is now providing batteries to energy storage systems,' Lee said. That's a shift for LG Energy, which has joint ventures with automakers including GM, Honda and Hyundai. 'When it came to the financial performance of the past, the EV market was 10 times bigger than' energy storage systems, Park said. 'That was the history until yesterday.' To be sure, LG Energy still sees opportunities for growth in the North American EV market. The Holland plant will also produce battery cells and modules for the Ford Mustang Mach-E, onshoring production from a facility in Poland, the company said. And most of its facilities in the U.S. remain committed to supplying EVs. The future of the EV market has only grown more uncertain in recent weeks. Congressional Republicans are deliberating how to end the $7,500 federal tax credit for EVs and plug-in hybrids as they craft a budget bill. LG Energy hopes rising energy storage demand will help offset further declines in EV sales growth. 'This is going to be an important, stable business opportunity,' Lee said. Lee will be a speaker at the 2025 Automotive News Congress in Detroit this September. Click here for tickets and more information. He will also join Automotive News for a LinkedIn Live conversation on June 30. Have an opinion about this story? Tell us about it and we may publish it in print. Click here to submit a letter to the editor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
6 days ago
- Automotive
- Korea Herald
Seoul shares end lower for 2nd day on profit-taking
South Korean stocks fell for the second-straight session Friday as investors continued to cash in recent gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 23.62 points, or 0.77 percent, to close at 3,055.94. Trade volume was moderate at 377.4 million shares worth 13.8 trillion won ($10.2 billion), with losers outnumbering winners 659 to 245. Foreigners sold a net 855.4 billion won worth of local shares, while institutions and retail investors combined bought shares worth a net 805 billion won. Overnight, Wall Street ended higher on hopes that the United States could extend its pause on reciprocal tariffs, which is set to expire next month. The Dow Jones Industrial Average went up 0.94 percent, and the S&P 500 gained 0.8 percent, while the tech-heavy Nasdaq composite added 0.97 percent. "The Kospi, which had risen around 15 percent this month, apparently fell as profit-taking continued for the second session," said Lee Kyung-min, an analyst at Daishin Securities. The overall losses were led by battery and automotive shares, with top battery manufacturer LG Energy Solution plunging 3.03 percent to 288,000 won and leading automaker Hyundai Motor dropping 2.15 percent to 205,000 won. Internet portal operators and refiners also extended their losses. Top portal firm Naver went down 1.34 percent to 257,500 won, and leading refiner SK Innovation tumbled 2.49 percent. Chip shares traded mixed, with Samsung Electronics up 1 percent to 60,800 won and rival SK hynix falling 3.07 percent to 284,000 won. The local currency was trading at 1,357.4 won against the greenback at 3:30 p.m., down 0.5 won from the previous session. Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 0.1 basis point to 2.453 percent, and the return on the benchmark five-year government bonds declined 1.4 basis points to 2.585 percent. (Yonhap)
