| | NOVEMBER 20239IN FOCUSHyundai Motor Company celebrated the launch of a new electric vehicle (EV) facility at its Ulsan complex, which is located in the center of Korea's automotive sector. Building on the idea first outlined by Hyundai Motor's founding chairman more than 50 years ago, the new EV-dedicated facility will lay the groundwork for future growth in the era of electrification.The new EV-focused plant will be a human-centered establishment with a cutting-edge production platform that provides the best possible working conditions for staff members. In the age of electrification, Hyundai Motor's mobility manufacturing will also be centred at the new plant. Hyundai Motor's Ulsan Plant Complex will serve as a foundation for future mobility production with the addition of the new plant.Hyundai Motor will actively develop its 56-year brand legacy, automotive industry expertise, and technological capabilities at the new facility. The company will also continue to innovate for the good of mankind in the era of people-centered humanism-based vehicle electrification.Attendees at the occasion were Dong-seock Lee, Executive Vice President, Chief Safety Officer, and Head of Domestic Productions for Hyundai Motor Company, as well as Euisun Chung, Executive Chair of Hyundai Motor Group and President and CEO of Hyundai Motor Company. Dignitaries such as Youngjin Jang, the first vice minister of the Ministry of Trade, Industry, and Energy, and Doo-gyeom Kim, the mayor of Ulsan Metropolitan City. According to sources familiar with the matter, the Industrial and Commercial Bank of China injected capital into its U.S. unit to help pay BNY Mellon $9 billion in unsettled trades and hired a cybersecurity firm to enable it to resume normal business after a ransomware attack.On Nov 10, ICBC's US unit told market participants that it hoped to complete the cyber review over the weekend, but sources said it would likely extend into next week. Meanwhile, the bank is said to be trading using manual processes.The specifics, including the cash injection for unresolved trades, have not previously been disclosed.Lockbit, a widely deployed ransomware first seen on Russian-language cybercrime forums in January 2020, claimed responsibility for the ransomware attack. It is the most recent in a series of ransom demands made by hackers this year.The cyberattack sent shockwaves through the US Treasury market, where ICBC acts as a broker for hedge funds and other market participants, assisting them in trading securities. While the market disruption was limited, it highlighted the resilience of a market that underpins global finance.When the hack occurred earlier this week, ICBC was unable to access its systems, leaving it temporarily owing BNY $9 billion for unresolved trades, according to two of the sources. Treasury settlement is handled solely by the custody bank. HYUNDAI MOTORS BEGINS CONSTRUCTING AN EV PLANT IN ULSANICBC BANK INJECTS CAPITAL TO US COUNTERPART TO SETTLE TRADE DEBTS
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