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  • Hyundai, SK To Build New Battery Plant In Georgia

    Hyundai, SK To Build New Battery Plant In Georgia

    Hyundai Motor Group and SK On said Thursday they will build a new battery manufacturing plant in the U.S. state of Georgia to supply the Korean automaker’s U.S. assembly plants.

    Hyundai Motor Group and SK On, the lithium-ion battery subsidiary branch of SK Innovation, recently signed a memorandum of understanding (MOU) for a new EV battery manufacturing facility with details of the partnership still in development, the companies said.

    The companies aim to begin operations in 2025 and said “stakeholders estimate it will create more than 3,500 new jobs through approximately $4-5 billion of investment” in Georgia’s Bartow County. Hyundai separately broke ground in October on a $5.54 billion electric vehicle (EV) and battery plant in Georgia’s Bryan County.

    SK Innovation opened a $2.6-billion battery plant in Commerce, Georgia, in January that is producing batteries for the Ford F-150 EV.

    Hyundai and SK did not immediately say how much they plan to invest in the battery plant. Automakers and battery companies are building battery assembly plants across the United States as the industry shifts to electric vehicles.

    Hyundai, Kia and the South Korean government are heavily lobbying the Biden administration to ease new rules that in August immediately made all EVs assembled outside North America ineligible for $7,500 tax credits — including the Korean automakers’ EVs.

    The South Korean government on Tuesday urged Treasury “interpret ‘commercial clean vehicles’ broadly” to include rental cars, leased vehicles and vehicles purchased for use in Uber or Lyft rideshare fleets.

    Georgia Governor Brian Kemp told Reuters in October the EV tax credit rules should be changed to ensure Hyundai and Kia vehicles can qualify for the credit as it works to complete its EV assembly plant in the state.

    Kemp criticized the $430 billion climate bill approved in August that rewrote the tax credit rules.

    “It was targeted to help a lot of union-based suppliers that are in the United States,” Kemp said.

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  • South Korea’s SK Group to buy $1 bln stake in Vingroup

    South Korea’s SK Group to buy $1 bln stake in Vingroup

    South Korean conglomerate SK Group plans to acquire a $1 billion stake in Vietnam’s largest private  conglomerate Vingroup. SK plans to make the investment as early as next month, it said. Vingroup recently sought its shareholders’ vote on a plan to raise at least VND25 trillion ($1.08 billion) through a private placement to five foreign investors.

    It plans to sell the shares at a minimum price of VND100,000 ($4.32) and stipulate a lockup period of one year, during which time the shares cannot be resold by the buyers.

    It plans to use VND10 trillion ($432.34 million) of the proceeds to restructure its debts, VND6 trillion ($259.41 million) to invest in its auto company VinFast, technology firm VinTech and smartphone maker Vinsmart.

    Vingroup is Vietnam’s largest listed company by market capitalization and is worth VND377 trillion ($16.23 billion).

    Last September SK Group acquired a 9.5 percent stake in Vietnam’s diversified business Masan Group for $470 million.

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  • SK Telecom to launch data analyzer with Microsoft

    SK Telecom to launch data analyzer with Microsoft

    Korea’s No. 1 mobile carrier SK Telecom said Wednesday it will collaborate with U.S. software giant Microsoft for big data solutions to expand its presence in the global market. SK Telecom said it signed a development and global business cooperation agreement with Microsoft in Silicon Valley to step up development and global marketing in big data analysis.

    Under the partnership, SKT will launch its real-time big data analyzer, Metatron, on Microsoft’s public cloud platform Azure.

    Metatron provides quick and easy data analysis, which also includes data collection, storage and visualization processes. Azure is the world’s second-largest public cloud provider, used in 140 nations across the globe.

    The two companies agreed to launch the big-data-based asset performance-management service for the commercial market in July.

    “The partnership is expected to set the ground for Metatron’s footprint in the global market,” Choi Yong-jin, SKT’s data labs director, said in a release.

    Already well-established in its domestic market, SK Telecom has focused on leveraging its mobile network technology expertise and increasing revenue in content, software and security.

    During MWC Barcelona, set to open next Monday, the company plans to demonstrate its 5G technology, including quantum-safe cryptography solutions and mobile edge computing.

    Quantum-safe technology encrypts transmitted data using special quantum keys, which prevents interception or theft.

    Edge-computing systems process data locally, in nearby data centers or on devices, which eases the strain on networks and improves data reply times.

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  • Facebook strikes deal with SK to pay data fees

    Facebook strikes deal with SK to pay data fees

    Facebook reportedly finally agreed to pay data traffic fees to SK Broadband after two years of negotiations. According to local media reports Sunday, the social media giant and internet provider agreed to a two-year network usage deal to set up a cache server for temporary data storage and provide fast Facebook access to SK Broadband users. While the two companies did not confirm the exact sum, Facebook will reportedly pay more than what it previously proposed during negotiations.

    SK Broadband is not the first internet provider that Facebook will be paying in the country. In 2015, it signed a contract with KT to open a cache server. The two companies are currently working on renewing the contract after it expired last July.

    The new deal with SK Broadband comes after Facebook faced negative press for inconveniencing users while trying to avoid paying network fees to SK Broadband and LG U+.

    In late 2016 and early 2017, the social media giant re-routed non-KT users to its server in Hong Kong when they tried to connect to the platform, slowing down access considerably. The Korea Communications Commission charged the company 396 million won ($353,900) in fines and ordered it to change its practices.

    Following the agreement with SK Broadband, the social media giant is expected to open up a cache server with the internet provider.

    The company is also reported to be working with LG U+ on a similar deal.

    The recent deal highlights the question of whether other foreign IT giants will follow suit and pay data traffic fees to Korea’s network providers.

    Many Korean businesses have complained that current laws and practices hurt domestic firms. Naver and Kakao, for example, pay around 70 billion won and 30 billion won every year to Korea’s three network providers to compensate for their high traffic volume, while Google and Netflix – which are thought to be responsible for half of Korea’s data traffic together with Facebook – pay none.

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  • SK’s Chey says group is committed to U.S. society

    SK’s Chey says group is committed to U.S. society

    The chairman of Korea’s SK Group was in Washington on last Wednesday, vowing to make a commitment not only to the U.S. market but also its people and society. Chey Tae-won, who heads Korea’s third-largest conglomerate by assets, formally opened the Washington office of chipmaker SK Hynix in the presence of dozens of American dignitaries, including former U.S. Secretary of State Colin Powell.

    What was initially meant to be an opening ceremony was expanded under the name “SK Night” to provide a platform for Chey to explain the group’s current operations and investment plans in the United States, group officials said.

    “Past years, every different SK subsidiary … opened up their branches in the East Coast and West Coast, Texas … but they never actually [had] real communication with society,” Chey said in a speech.

    “Well this time, we will be investing in the U.S. about more than $7 billion here and there,” he said, citing as an example the planned construction of an electric vehicle battery plant in Jackson County, Georgia.

    “That’s going to be a $1.6 billion investment, and we’re going to hire right now more than 1,400 people,” he added to applause. “But within five years and if the market allows us, then we can expand [investment to] $5 billion and hire more than 6,000 employees there.”

    The plant is to be built by the group’s energy-chemical business, SK Innovation. On Monday, SK Biopharmaceuticals said it has applied to the U.S. Food and Drug Administration to win approval for sales of a newly-developed epilepsy treatment drug.

    Chey has pushed to expand SK’s presence in North America this year to add to business networks in China, the Middle East and Southeast Asia. During his stay here, he met with American business partners and local subsidiaries to help expand their presence on the continent.

    “[By opening up] the Washington office, I’m trying to show our commitment not only [to the] business side but also social value and commitment to society,” Chey said, adding that the group’s target is to “grow together” with U.S. society.

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  • SK unit to supply batteries to VW

    SK unit to supply batteries to VW

    SK Innovation is supplying electric car batteries to Volkswagen Group along with existing suppliers LG Chem and Samsung SDI, the Korean battery maker said Wednesday. The Volkswagen Group brands plan to launch 50 new fully electric models by 2025, and the group said it needs more battery supplies in a statement Tuesday. SK Innovation was the last of the four battery suppliers selected by the carmaker.

    SK Innovation will start supplying batteries to Volkswagen cars in Europe from 2019. LG Chem and Samsung SDI are also strategic partners in the auto company’s European operations.

    From 2022, SK Innovation will also supply batteries for the North American market.

    The group’s electric car production in China will source batteries from Chinese partner Contemporary Amperex Technology (CATL) from 2019.

    SK Group’s battery arm is planning on covering Volkswagen orders by setting up new facilities in Europe and the United States. Currently, the company is mulling three locations in the United States, it said, without giving details about the production capacity or the amount of investment. As for its newly-planned European plant, the company said it is considering multiple locations including Hungary, where it is already building a plant.

    When all planned factories are in place, SK Innovation’s battery production capacity will increase to 20 gigawatt-hours per year by 2022, the company said. Despite being a latecomer to the market, SK Innovation has been rapidly expanding its battery business. Daimler and Kia Motors are also using SK batteries.

    Its share of this year’s global battery market, excluding China, was 2.2 percent based on accumulated battery sales through the end of September, according to data from market tracker SNE Research, growing from 1.4 percent the same period last year.

    LG Chem is still the largest local player, with a 17.5 percent market share, followed by Samsung SDI, with an 8.2 percent market share.

    “With SK Innovation, LG Chem, Samsung and CATL, we have found strong partners for the long-term supply of cells for our electric vehicles,” said Stefan Sommer, a Volkswagen board member responsible for components and procurement.

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  • SK Korea keeps building Vietnam ties

    SK Korea keeps building Vietnam ties

    SK Chairman Chey Tae-won met with Vietnam Prime Minister Nguyen Xuan Phuc in Hanoi Thursday to discuss the conglomerate’s plans to invest more in both private and public companies and introduce measures to ease environmental problems there.

    They met for the second time in a year. As a result of the previous meeting, SK purchased a 9.5 percent stake in the holding company of Masan Group, one of Vietnam’s largest private enterprises, for $470 million in September.

    “We are pursuing further cooperation with private companies after our first meeting beginning with investment in Masan Group,” said the chairman of Korea’s third-largest conglomerate. “We expect cooperation in other areas such as privatization of state-owned companies to speed up.”

    Nguyen explained Vietnam’s privatization plans to Chey while asking SK to help develop the country’s growing industries.

    “Chairman Chey is the only foreign company chief that I meet every year, my interest in SK is special,” said Nguyen.

    Chey also said the group will help Vietnam combat environmental problems that stem from industrial development. SK Group currently supports the reforestation of a mangrove forest in Vietnam.

    Mangrove forests used to cover 4,400 square kilometers (1.08 million acres) of Vietnam, but only 30 percent remains. Since last May, SK Innovation has provided support to reforestation efforts in a mangrove forest in Tra Vinh province and reforestation research by Ho Chi Minh City University of Technology.

    SK’s relationship with Vietnam has grown over the years. Energy subsidiary SK Innovation has taken part in oil exploration and crude oil production from the country’s offshore oil fields since 1998. SK’s construction unit, SK E&C, has helped build petroleum complex projects in the country.

    Chey also participated in the Hanoi Forum Friday and Saturday.

    The Korea Foundation for Advanced Studies, an academic non-profit organization, and Vietnam National University in Hanoi jointly launched the forum this year to encourage academic cooperation between the two allies.

    Korea Inc. has been paying increasing attention to Vietnam as an alternative investment destination to China. Vietnam is expediting privatization amid a difficult fiscal situation, putting on sale several government-owned companies.

    In late October, Samsung Electronics Vice Chairman Lee Jae-yong paid a visit to Vietnam and vowed to increase investment during a meeting with the Vietnamese prime minister. Samsung Electronics operates major phone manufacturing lines in Vietnam, which has helped Vietnam become the second-largest exporter of mobile phones after China. As a manufacturing location, Vietnam serves as an important strategic partner for many Korean companies’ global supply chain.

    LG Display and textile giant Hyosung are also Korean companies with manufacturing units in Vietnam.

    During President Moon Jae-in’s visit to the country earlier this year, senior executives from SK and Samsung were in the president’s entourage in an effort to establish stronger business relations.

    In 2017, Korea placed second in terms of direct foreign investment in Vietnam, following Japan. Vietnam is currently Korea’s fourth-largest export partner.

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  • SKT partners with Bluebell on new business

    SKT partners with Bluebell on new business

    SK Telecom is teaming up with Bluebell Korea, a local subsidiary of luxury goods retailer Bluebell Group, as the mobile carrier seeks to step up on-demand services as part of its business expansion.

    The mobile carrier said Wednesday it signed a memorandum of understanding with Bluebell Korea to cooperate on new business opportunities, by bringing information and communication technologies to the local luxury retail industry.

    Bluebell Group operates luxury brands in Asia and specializes in consulting. The group has eight branches across Asia – in Korea as well as Hong Kong and Taiwan – to distribute products from more than 100 brands. Bluebell Korea distributes luxury goods – from cosmetics to clothes, jewelry, watches and accessories — to duty free shops and shopping malls in Asia.

    Under the deal, the two companies vowed to collaborate to connect offline shoppers over online services.

    For instance, a foreign traveler to Korea may receive the latest information about luxury goods on their smartphone through SK Telecom and shop at stores affiliated with Bluebell. The goods purchased from those shops are embedded with location tracking devices so that shoppers don’t have need to worry about losing them or having them stolen, SK Telecom explains. The top mobile carrier also plans to more actively mobilize its cutting-edge technologies including cloud-based digital signage platform, where information, images and videos about products sold are displayed to respective stores’ need and users may even interact what they see.

    “The luxury industry has so far strictly adhered to the craftsmanship of products and traditional sales channels,” SK Telecom said in a statement. “However, a slowdown in market growth coupled with the rise of young, tech-savvy consumers who are taking up a growing share of luxury spending is driving new changes in the conservative industry.”

    “The convergence between ICT and the luxury retail industry will not only create new business opportunities for both parties but also deliver enhanced value and experience for customers,” said Cha In-hyok, executive vice president and head of the Internet of Things business at SK Telecom.

    The global luxury industry is estimated at 300 trillion won ($263 billion) and its impact on related markets in the clothing and accessories is immense, he added. In this age of digital revolution, fashion and retail also have been undergoing significant changes, applying emerging technologies such as virtual reality, artificially intelligent chatbots and blockchains to their day-to-day operations.

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