Category: General

Kakao Mobility Corp., the operator of South Korea’s leading taxi-hailing service Kakao T, said Thursday it will introduce a new membership category with cheaper commissions for its taxi drivers.

Starting from June, the new plan will require 2.8 percent commission from its drivers, compared with the current membership plan, which has a commission rate ranging from 4 to 5 percent, according to the company.

It is a follow-up of Kakao Mobility’s earlier suggestions to introduce a cheaper membership category last December after talks with major taxi drivers’ groups, aiming to relieve the drivers’ financial burdens.

The company said it also plans to introduce a new algorithm in the third quarter to improve the quality of the application’s driver-customer matching system.

The announcement comes a day before the Financial Services Commission, the state financial regulator, is set to hold a meeting to deliberate on allegations that the company committed accounting fraud.

In February, the company was fined 9 billi
on won (US$6.5 million) by financial authorities over these allegations.

Source: Yonhap News Agency

K-pop’s hip-hop star couple Tiger JK and Yoon Mi-rae have received the 2024 Trailblazer Award of Achievement from the Korean American Community Foundation (KACF) for their contribution to promoting Korean culture globally, their agency said Thursday.

Feel Ghood Music said the icons of Korean hip-hop received the trophy at a ceremony held in New York on April 17 (U.S. time).

The annual award honors individuals who have contributed to the development of the Korean community by elevating the status of Korean content worldwide.

The couple also performed hit songs, such as “Angel,” “I Want You” and “Monster,” on the stage.

“I was a little embarrassed to receive an award from people who have done so much good and was motivated to meet many people who are our fans and hear good words,” Tiger JK said after receiving the prize. “I think this event will be a great help for us to create more wonderful things in the future.”

Yoon said, “I’m very grateful and happy to receive this honorable award … I’m also a littl
e surprised and honored, particularly because this prize recognizes individuals with global influence.”

Among the previous recipients of the award are Korean actors Yoo Teo, Lee Jung-jae and Youn Yuh-jung.

Source: Yonhap News Agency

LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Thursday its first-quarter net profit plunged 62 percent from a year earlier due to slowing electric vehicle sales.

Net profit for the three months ended in March plummeted to 212.1 billion won (US$154 million) from 562 billion won in the same period of last year, the company said in a statement.

“Falling metal prices which were reflected in battery prices and lower demand for EVs weighed on the quarterly bottomline,” the statement said.

Despite such unfavorable market conditions, the company continued its investments in battery production facilities in the March quarter for future growth, it said.

In the first quarter, LGES’ joint venture with General Motors Co. began production at their second battery plant in the United States to benefit from the U.S. Inflation Reduction Act (IRA).

The IRA gives up to $7,500 in tax credits to electric vehicle (EV) buyers whose vehicles were assembled in North America and made with minerals mined
and processed in the U.S. or countries or regions that have free trade agreements with Washington.

Operating profit also dropped 75 percent to 157.3 billion won in the first quarter from 633.2 billion won a year ago. Sales fell 30 percent to 6.12 trillion won from 8.74 trillion won.

In North America, LGES currently operates three battery cell plants — the first and second plants under the joint venture (JV) with GM, and one in Holland, Michigan. Plants under JVs with GM, Hyundai Motor Co., Honda Motor Co. and Stellantis N.V. are being constructed in the U.S. states of Michigan, Georgia and Ohio, as well as Ontario, Canada, respectively.

LGES said it will begin operations of its 45 gigawatt-hour plant under JV with Stellantis in the second half.

In other regions, the company has plants in South Korea, Poland and China, with a plant set to start production in Indonesia in the first half of 2024.

Source: Yonhap News Agency

Don Lee’s action flick “The Roundup: Punishment” got off to a great start, attracting over 821,000 moviegoers on its opening day, data showed Thursday.

Released Wednesday, the movie dominated the local box-office chart, accounting for over 96 percent of tickets sold that day, marking the biggest opening day for the “Roundup” series.

The figure exceeded the performance of the previous installment, “The Roundup: No Way Out” (2023), which went on to achieve the 10-million admissions milestone.

The initial performance of the latest in the series suggests that the crime action movie has the potential to reach 10 million views, injecting new energy into the local film industry, which has been awaiting another major hit since “Exhuma.”

As of Thursday morning, the film boasted a reservation rate of 94.1 percent, with advance ticket sales exceeding 724,000.

The film revolves around tenacious cop Ma Seok-do (played by Ma Dong-seok) as he tracks down a ruthless global drug kingpin, Baek Chang-ki (Kim Moo-yeol), and
a cryptocurrency entrepreneur, Chang Dong-cheol (Lee Dong-hwi), who employs illegal online casinos for money laundering

Source: Yonhap News Agency

See the beauty of the underwater world at Similan Island. Green turtles and schools of fish swim and show off their beauty for tourists to admire.

Mr. Chanathip Khamkaeng, manager of Andaman Check-in Company, revealed that the company’s tour guides Filmed clips of green sea turtles, puffer fish, and groups of snakehead fish. Swimming and showing off to snorkeling tourists at a distance of just a few meters. At a depth of approximately 2-3 meters at the dive site on Island 6, Similan Islands, Kuraburi District, Phang Nga Province.

This spot has the opportunity to often encounter sea turtles. There are also sea anemones and beautiful fish, and you can see schools of many different types of fish. It was found that the turtle was swimming around. so that tourists can see the beauty up close before swimming away

Mr. Chanathip Khamkaeng said that tourists get to see the beauty under the Andaman sea in the Similan Islands. It is considered very lucky for this group of black people to see. and can be seen most clo
sely Seeing the turtle this time It is considered a very welcome event for the Similan Islands. Because it is confirmation that the seabed is complete. Many rare marine animals have begun to return to live and feed around the Similan Islands.

Source: Thai News Agency

Central Investigation Police joins with FDA to destroy production factory. A place selling sibutramine dietary supplements worth more than 8 million baht was found scattered around online.

The Narcotics Control Board, together with the FDA, announced the results of their operation in the raid on a factory that sells dietary supplements mixed with sibutramine, seizing 34 items worth more than 8 million baht. This arrest was made as a result of receiving a complaint. appeal The FDA has to inspect manufacturers and distributors. ‘Dietary supplements’ from the analysis found sibutramine, which is classified as a Category 1 psychotropic substance, which has an effect on the cardiovascular system, causing serious damage up to death.

Later on April 23, 2024, police officers joined in bringing a search warrant to search in the areas of Pathum Thani Province and Samut Sakhon Province, totaling 3 locations, consisting of 1. Vendor-related locations, with Ms. Maneerat, the brand owner, leading the search. 2. Location
for storing, packing, and distributing products in Pathum Thani Province and 3. Production factory in Samut Sakhon Province.

Ms. Maneerat admits that all products are her own and will send products for sale to agents. and customers who order online and had been selling products of this brand for about 1 year. Initially, charges were filed. Selling psychotropic substances in Schedule 1 without permission Penalty is imprisonment from one year to 10 years and a fine not exceeding 1 million baht. When choosing products for weight control, you should buy them from reliable sources. There may be entrepreneurs who illegally add sibutramine. And advertisements deceive consumers that they can help them lose weight. May have side effects up to death.

Source: Thai News Agency

Hyundai Motor Co., South Korea’s leading automaker, said Thursday its first-quarter net profit slipped 1.3 percent on-year amid a slowdown in sales due to a temporary shutdown of one of its Korean manufacturing plants.

Net profit for the January-March period came to 3.37 trillion won (US$2.5 billion) on a consolidated basis, compared with a profit of 3.41 trillion won a year ago, the company said in a regulatory filing.

Operating profit reached 3.55 trillion won, down 2.3 percent from a year ago. Sales rose 7.6 percent to a record 40.65 trillion won.

The company’s quarterly performance beat market expectations. The average estimate of net profit by analysts stood at 3.03 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hyundai Motor said it sold 1,006,767 vehicles globally in the first quarter of 2024, down 1.5 percent from the same period last year.

The company attributed the slowdown in sales to the temporary shutdown of production lines at its Asan
plant in South Korea, carried out as part of Hyundai’s upcoming new car launch preparations.

At home, the company’s sales fell 16.3 percent on-year to 159,967 units, but its overseas sales rose 1.9 percent to 846,800 units thanks to the introduction of new models and strengthened demand in North America, Europe and India.

Sales of Hyundai’s eco-friendly vehicles fell 4.8 percent to 153,519 units, reflecting the recent slowdown of global electric vehicle (EV) demand.

“Despite ongoing uncertainties in the business environment due to persisting high interest rates and geopolitical risks emanating from the Middle East, as well as increased exchange rate volatility, Hyundai has maintained a stable profitability of over 8 percent thanks to sustained sales growth in major overseas markets,” a company official said.

Lee Seung-jo, senior vice president and head of Hyundai’s planning and finance division, said in a conference call that the company plans to invest in facilities to convert Hyundai Motor Group Metapl
ant America, a dedicated EV plant currently under construction in the U.S. state of Georgia, to be capable of producing hybrid models as well.

“Besides EV, there is an increasing trend of hybrid vehicle production, and we will add additional facilities to respond to demand of hybrids,” Lee said.

Hyundai anticipated that higher costs from increasing competition would pose a potential risk factor for future business operations. Additionally, it anticipated continued unpredictability due to the escalating geopolitical risks and increasing macroeconomic uncertainties in emerging markets.

The South Korean company said it plans to focus on enhancing sales of eco-friendly cars through the expansion of its Ioniq EV lineup and that of other hybrid models.

It will also aim to maximize sales by optimizing its production pipeline and expand its market share by improving its mix of product categories centered around SUVs and premium models.

Source: Yonhap News Agency

The chief of the Australian Navy on Thursday pledged consistent support for enforcement of the United Nations Security Council (UNSC) sanctions against North Korea although Russia’s veto undercut the U.N. sanctions regime.

In an interview with Yonhap News Agency, Vice Adm. Mark Hammond said the Australian military will continue activities to monitor and deter illegal ship-to-ship transfers of sanctioned goods to North Korea.

Since 2018, Australia has deployed maritime patrol aircraft on 13 occasions and Royal Australian Navy vessels 10 times to support the UNSC sanctions.

“We have been supporting the United Nations Security Council resolutions, particularly with maritime assets … We continue to support that activity. I don’t think that will change,” Hammond said during the interview at the War Memorial of Korea in Seoul.

Last month, Russia vetoed the renewal of a U.N. Security Council panel of experts monitoring North Korea’s compliance with international sanctions, undermining international efforts aim
ed at blocking Pyongyang’s illicit weapons development. The panel is set to expire on April 30.

From a broader perspective, Hammond underlined the importance of security cooperation among like-minded countries to address rising security threats in the Indo-Pacific region.

“I think it’s really important that nations like ours work together to advance the message of acceptance of an adherence to the international rules and norms,” he said. “From a strategic perspective, I would argue that it’s vital.”

Hammond was in Seoul as part of his Asia trip, which includes stops in Indonesia and China. He engaged in talks with top naval officials during the Western Pacific Naval Symposium held in the Chinese port city of Qingdao earlier this week.

Although Hammond advocated bolstering military cooperation with South Korea, he was cautious of further advancing the partnership by expanding the membership of AUKUS, a security partnership between Australia, Britain and the U.S.

Launched in September 2021 in an apparent m
ove to counter China’s regional influence, AUKUS consists of two key pillars. Pillar I is to support Australia in acquiring conventionally-armed, nuclear-powered submarines while Pillar II is for cooperation on military technology, including quantum computing, artificial intelligence and hypersonic missiles.

“I think it’s a great opportunity to advance the capabilities of participating nations to advance the interests of security and peace in our region … Membership of the AUKUS program is ultimately a political decision,” he said.

While the AUKUS submarine program is a deal among the three countries, Hammond expressed hope for forging partnership in the shipbuilding industry under Australia’s plan to bolster naval force.

Australia has announced plans to invest $7.2 billion over the next 10 years to acquire 11 new frigates and six new large optionally crewed surface vessels.

Hammond said he is “pleased” by South Korea’s participation in Australia’s upcoming bid for the frigate procurement program given
its advanced shipbuilding technology.

“If the ROK (Republic of Korea) Navy wasn’t such a competent, capable, respected and professional Navy, then the shipbuilder who provides those warships wouldn’t be in the mix,” he said. “So I think that’s a real credit to Korean shipbuilding. They have a very strong reputation.”

Earlier in the day, the top Australian naval official participated in the commemorative event of Anzac Day, a national day that honors all Australians and New Zealanders who served and died in major conflicts in the nations’ history.

Over 17,000 Australians served during the 1950-53 Korean War, which left 340 killed and over 1,000 wounded.

“It is a poignant reminder for both our nations of the cost of war, the deep partnership that we have between Korea and Australia and New Zealand and those enduring aspects of friendship,” Hammond said.

Source: Yonhap News Agency

LG Display Co. on Thursday reported its first-quarter net loss of 761.3 billion won (US$553 million), remaining in the red compared with a year ago.

The company said in a regulatory filing that it continued to post an operating loss of 469.4 billion won for the January-March period, compared with a loss of 1.09 trillion won a year earlier. Sales rose 19.1 percent to 5.25 trillion won.

The operating loss was 20.7 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Source: Yonhap News Agency

Deputy Minister for Trade Yang Byeong-nae held a meeting with Dutch Vice Infrastructure Minister Kees van der Burg in Seoul and they discussed ways to expand cooperation in the fields of mobility, batteries and supply chains, officials said Thursday.

The two officials also pledged to broaden their collaboration to cover electric and hydrogen-powered automobiles, as well as battery technology, according to the Ministry of Trade, Industry and Energy.

Yang told the meeting that the two nations could help stabilize global supply chains as they play a key role in the semiconductor industry.

In addition, Yang asked his Dutch counterpart to closely monitor EU trade regulations, including the Critical Raw Materials Act, to prevent excessive administrative burdens on companies outside the bloc.

Source: Yonhap News Agency