South Korea

South Korean battery manufacturer SK On announced on Thursday that it has ended its joint venture agreement with Ford Motors for their joint batteries factories in the U.S., as part of a major business revamp to focus on areas such as energy storage systems. This split is a new beginning for one of the largest U.S. battery partnerships. It comes at a time when EV demand has slowed and there are fewer?U.S. South Korean battery manufacturers are pushed to change their U.S. strategy and expand into energy storage systems. SK On is a subsidiary company of SK Innovation that supplies...

SK Innovation Co Ltd, the owner of South Korea’s largest refiner SK Energy said on Friday that it expects the refining margins to remain stable in the fourth-quarter amid global supply disruptions as well as the onset winter peak demand. The company reported an operating loss of 423 billion won in the period July-September, but a profit of 573 trillion won for that same period. This compares to an analyst's average forecast of 304 billion dollars in profit. The third-quarter revenue increased 16.3%, to 20.5 trillion won, from the same period last year. SK On, a battery supplier to Ford...

Here are some details from the U.S. White House Factsheet and South Korea's Chief Policy Advisor Kim Yong Beom on the recent trade agreement between the two nations. Washington and Seoul agreed that tariffs on U.S. auto imports from Korea and auto parts will be reduced to 15% from 25%. This is to bring them in line with their Japanese counterparts who pay the same 15% tariffs after Tokyo made a deal with Washington. South Korean wood product and pharmaceutical manufacturers will have the lowest tariffs of all countries. Generic drugs and aircraft parts will be exempt from tariffs. Kim...

Mark Carney, Canada's prime minister, will make his first official trip to Asia this Friday. He is hoping to strengthen trade and security links at a moment when North America struggles to reduce its dependence on the U.S. Canadian officials have said that Carney may also meet with Chinese President Xi Jinping during his week-long visit, as part of a possible attempt to restore a relationship previously strained by a trade war. Analysts say Carney will need to make it clear to Asian leaders that Canada is not as closely aligned to the U.S. President Donald Trump, who has threatened...

The oil prices rose more than 5% Thursday, after Washington announced sanctions against major Russian companies for the Ukraine War. Major stock indexes also rose as gains by U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced on Wednesday night and targeted major Russian suppliers Rosneft, Lukoil. The European Union approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Britain imposed sanctions on Rosneft & Lukoil last week. Wall Street stocks rose with indexes picking up momentum following the White House You can also check out...

The Maeil Business Newspaper reported on Thursday that Brian Kemp, governor of Georgia in the U.S., will meet with South Korean leaders of business this week. This includes executives from Hyundai and LG Energy Solution. Kemp's trip comes after U.S. Immigration authorities raided in September the construction site of an under-construction battery plant in Georgia owned jointly by Hyundai Motor, LGES and LGE. After a week-long negotiation between South Korea, the United States and South Korea, hundreds of South Koreans were arrested on suspicion of working without visas. The local public relations agency that handled Kemp's visit refused to comment....

Trade sources reported on Tuesday that the arbitrage window for shipping U.S. West Texas Intermediate Crude to Asia has shrunk as tanker rates have risen, and strong export demand has pushed up premiums for this grade to multi-month heights. The U.S. Asia arbitrage opened in late summer, and the demand for Very Large Crude Carriers to make this two-month journey prompted a tightening of vessel supply. Kpler's preliminary data shows that U.S. imports into Asia will increase in September. South Korea and India are the top buyers. The first shipment of U.S. oil for Pakistan's biggest refiner Cnergyico, and the...

NATO Secretary General Mark Rutte announced that NATO launched on Friday an operation called Eastern Sentry in response to Russian drones entering Polish airspace this week. Rutte said at a NATO press conference in Brussels that "we must make it clear to the world our determination and our capability to defend our territories." He said this while standing next to NATO's top commander U.S. Air Force general Alexus Grynkewich. Rutte stated that NATO was still assessing possible intentions behind the incursion. This led to Polish and NATO allies shooting down drones, the first such action NATO has taken since Russia's...

Two sources revealed that India will cut the consumption tax on 175 different products, from hybrid cars and shampoos to consumer electronics. Modi has repeatedly called for increased usage of Indian products. This is the biggest reform to the goods and service tax system in almost a decade. Modi announced his first reform plan on Independence Day last month when he promised to make everyday products cheaper in the fifth largest economy of the world. His proposal reduces the goods and services (GST), which includes toothpaste, talcum, and shampoo, from 18% down to 5%. This is expected to increase sales...

Two sources revealed new details about Prime Minister Narendra Modi’s major tax reform. India will cut consumption tax on 175 products, including shampoos, hybrid cars, and consumer electronics. Two sources revealed that India plans to reduce goods and services taxes (GST) from 18% down to 5% on products like talcum, toothpaste, and shampoo. This is expected to boost sales at companies such as Hindustan Unilever, and Godrej Industries. Before the Diwali shopping period, which begins in October, brands such as Samsung, LG Electronics and Sony will dominate sales, consumer electronics, like air conditioners, televisions and other electronic devices, could see...

EnergyX, a lithium-technology startup backed up by General Motors has purchased 35,000 acres from Pantera Lithium in the Smackover Formation. This is the latest deal to gain access to the brine formation of the United States, which is teeming full of supplies for the battery metal. EnergyX, a privately-held company, now owns roughly 47,500 acres of the Smackover formation, a geological formation that stretches from Florida to Texas and is filled with brine rich in lithium. The deal also shows the increasing interest in increasing U.S. metal production despite the low market price. Chevron has purchased Smackover land in recent...

As part of a broader tax reform bill, Republicans in the U.S. House of Representatives proposed Monday to kill the electric vehicle credit and repeal fuel efficiency regulations designed to encourage automakers to build more zero-emission cars. The proposal is scheduled for a House Ways and Means Committee Hearing on Tuesday. It would repeal the $7,500 tax credit for new vehicles and the $4,000 credit for used vehicles on December 31, but it would keep the credit for new cars for an extra year for automakers who haven't sold 200,000 electric cars. Genevieve Cullen - the president of the Electric...

Nickel 'Industries, Australia's Nickel?Industries, announced on Friday that South Korea's 'Sphere Corp' will purchase a '10% stake' in the Excelsior Nickel Cobalt High-Pressure Acid Leach Plant (HPAL) Project in Indonesia for $2.4 billion. Nickel Industries, an Australian company, said that the South Korean materials manufacturer would acquire the stake in the project from Hong Kong's?Decent Resource. Nickel Industries, however, will keep its 44% stake in the project. Sphere, a supplier of special alloys to Elon Musk's SpaceX, has agreed to sell its 10% share of nickel as cathode. It also entered into a contract for the sale of additional volumes...

South Korea's Industry Minister said on Wednesday that Korea Zinc’s plan to build a U.S. Smelter will help develop supply chains for essential minerals. Seoul may also discuss the possibility of receiving support from an U.S. Investment Fund. Korea Zinc announced on Monday a plan for a critical minerals refinery worth $7,4 billion in Tennessee. The project will be financed primarily by Washington. Kim Jung-kwan, Industry Minister, said at a 'press conference that he viewed the decision as a positive one for Korea Zinc despite its financial burden. Kim stated that "we concluded that those plans from Korea Zinc?will help...

MBK Partners, a South Korean private equity firm, and YoungPoong Corp. (a metal smelter) have applied for an injunction to a local court in order to stop a plan by 'Korea Zinc to sell shares to fund construction of a smelter on the U.S. mainland. Korea Zinc announced on Monday that it will build a critical minerals refinery worth $7,4 billion in Tennessee. The project will be funded by Washington. Following the news of the proposed injunction, shares in Korea Zinc fell 13% by 0337 GMT. In a statement, MBK and YoungPoong, two major shareholders in Korea Zinc, said they...

A senior official revealed on Monday that the Trump administration is planning to make more "historical deals" with U.S. mines in order to increase?production and supply of minerals critical for national defense, high-tech, and other sectors. The administration acquired equity stakes earlier this year in MP Materials Lithium Americas, and Trilogy Metals. These transactions were made as part of President Donald Trump’s efforts to increase domestic production and use of minerals for the national defense. Jarrod Agen is executive director of White House National Energy Dominance Council. He said that the U.S. should be able to control its own destiny,...

A source familiar with this issue has confirmed that the board of Korea Zinc will vote on Monday on the plan to 'build a plant to refine key minerals in the U.S. as part of a joint venture between the U.S. Government and companies. The investments are estimated to be 10 trillion won (6.78 billion dollars). The South Korean Yonhap News Agency reported the U.S. Government and Companies will 'hold a 20 percent stake in the joint-venture with an investment of 2 trillion won. They said the facilities were expected to produce 'germanium and antimony. Unable to comment immediately, a...

Anson Resources, based in Australia, announced on Monday that it had signed a nonbinding Memorandum of Understanding with Utah-based Nusano for the supply of lithium chloride to be used in advanced manufacturing and nuclear applications. Anson will provide samples of lithium chloride from its Green River Project in Utah to be tested for qualification. Talks are aimed at an agreement covering a five-year period and at least 300 tonnes equivalent lithium carbonate per year. Nusano is a privately-held company that plans to use Anson’s lithium chloride feedstock in order to produce lithium-6, lithium-7, and other isotopes for the nuclear sector...

According to preliminary government data reviewed on Monday, India's finished-steel imports in the first seven months were down 34.1% compared to the previous year. India, which is the second largest crude steel producer in the world, imported 3.8 millions metric tons (mt) of finished steel between April and October. It was also a net importer for the alloy. South Korea, China, Japan, and Russia were the top exporters of finished steel into India in the past year, with 1.4 million tons. The government reported that domestically, the steel prices were being pressured by a combination of weak demand and a...

Mineral Resources, Australia's miner, will sell a 30 percent stake in its lithium operations to POSCO Holdings of South Korea for $765 millions after placing the business under a joint venture. The new entity, which will be owned by MinRes, will own 50% of each project. POSCO's indirect interest is 15% in both projects. MinRes continues to be the operator of the mines under the existing agreements it has with its partners. POSCO will receive spodumene concentrated in proportion to 30% of its interest, supporting new downstream processing facilities. MinRes stated that the partnership will build on their existing Onslow...

State media reported that Malaysian Prime Minister Anwar Ibrahim stated that the development of a 600-million-ringgit ($142-million) super magnet production facility in Pahang would strengthen the nation's rarity earth sector. In July, Australia’s Lynas Rare Earths signed a contract with South Korea’s JS Link to build a 3,000-tonne neodymium magnetic manufacturing facility near Lynas’ advanced materials plant located in Malaysia’s Kuantan District. Anwar told state news agency Bernama that Malaysia's Trade Minister would monitor the project, as it involves rare earth processing. Anwar stated that "JS Link already bought the land and is ready to start operations. This is no...

After his meeting with Chinese President Xi Jinping, Donald Trump announced on Thursday that the United States would reduce its tariffs on Chinese products from 20% to 10%. Trump said that Xi would work "very hard" to stop the flow of fentanyl and that the tariffs were reduced "because they really are taking strong actions." Trump described his meeting with Xi Jinping as "an incredible meeting" and said that many decisions were taken. Trump announced that China would purchase "tremendous quantities" of U.S. soya beans and other farm products, "starting immediately". A one-year agreement regarding rare earths was also reached...

Sanae Takaichi, the new Japanese premier, gave a putter that Shinzo Abe used to use. Shinzo was his friend and former leader of Japan. The club, displayed in a case with a gold-leaf ball and bag autographed by Japanese major champion Hideki Matsuzaya, was one of many references to Trump’s bond with Abe which underpinned relations between the two countries during Trump's first term. Analysts say that Takaichi will want to rekindle the bond with Abe's protegee Takaichi who was killed by a single gunman in 2022 to help her minority government navigate any thorny matters that may arise, such...

The White House announced that U.S. president Donald Trump and Japan prime minister Sanae Takaichi signed a framework deal on Tuesday to secure the supply of rare earths and critical minerals through mining and processing. Both countries want to strengthen the supply chains of rare earths, which are used in everything from electronics to cars and renewable energy. The statement stated that the U.S., Japan, and other countries will cooperate by using economic policy tools, as well as coordinated investment, to develop a diversified, liquid and fair market for rare earths and critical minerals. China processes 90% of rare earths...