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Biz & Tech

Manufacturing

Mon, April 19, 2021 | 15:28

LG Energy to chip in $950 million for EV battery plant with GM

South Korean battery maker LG Energy Solution said Friday it will spend 1.06 trillion won ($950 million) to build a battery factory in the United States with American automaker General Motors. In a regulatory filing, LG Energy, wholly owned by LG Chem, said that it and GM will each invest the same amount in their joint venture, Ultium Cells, to step up electric vehicle (EV) b...

2021-04-16 21:18

Pardon for imprisoned Samsung chief proposed

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, third from right, Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, second from right, and Korea Enterprises Federation Chairman Sohn Kyung-shik, fourth from right, pose with other heads of business associations during a meeting hosted by the KCCI at its headquarters in central Seoul, Fr...

Yi Whan-woo | 2021-04-16 16:42

POSCO to terminate joint venture with firm backed by Myanmar junta

POSCO announced Friday that its affiliate, POSCO C&C, will terminate a joint venture with a firm backed by the military in Myanmar. The world's fifth-largest steelmaker has been under fire for its business ties with Myanmar's military junta that seized power in February. POSCO has claimed that the joint venture, Myanmar POSCO C&C (MPCC), is its only link to the military junta.

Yi Whan-woo | 2021-04-16 14:09

Korean consortium to produce Russia's Sputnik V vaccine for export

South Korean biotech company Huons Global said Friday that it has signed a technology transfer deal with Russia's sovereign wealth fund to produce a Russian COVID-19 vaccine in South Korea. Under the agreement with the Russian Direct Investment Fund, the Huons Global-led consortium will manufacture Sputnik V in South Korea.

2021-04-16 11:08

Hyundai Motor Group moving toward governance restructuring

Hyundai Motor Group appears to be geared toward streamlining its governance structure, starting with an initial public offering (IPO) of its plant engineering affiliate Hyundai Engineering. On Wednesday, Hyundai Engineering confirmed that it sent major brokerage firms proposals for an IPO on the country's main KOSPI bourse.

Yi Whan-woo | 2021-04-14 16:36

Top conglomerate chiefs hold 1st get-together after Chey's KCCI chairmanship

The leaders of the three of the country's four largest conglomerates had their first get-together recently to congratulate SK Group Chairman Chey Tae-won on officially beginning his term as the head of the Korea Chamber of Commerce and Industry (KCCI), the country's major business lobby group. Industry sources said Sunday that Chey met Chung Eui-sun of Hyundai Motor Group and...

Yi Whan-woo | 2021-04-12 09:15

Samsung, SK request gov't for more support to overcome chip shortage

Local semiconductor companies have requested the government for aid in order to better overcome the global chip shortage. The Minister of Trade, Industry and Energy Sung Yun-mo hosted an event with major industry representatives from the Korea Semiconductor Industry Association (KSIA) and conglomerates officials at the Westin Chosun Hotel in Seoul, Friday to brainstorm ways t...

Kim Hyun-bin | 2021-04-09 16:47

Hyundai expands plant suspension on chip shortage

Nike ends lawsuit over Lil Nas X 'Satan Shoes,' which will be recalled

Nike Inc said on Thursday a Brooklyn company that made "Satan Shoes" in collaboration with the rapper Lil Nas X has agreed to voluntarily recall the shoes, as part of a legal settlement with the athletics giant. The settlement with MSCHF Product Studio Inc resolves a trademark infringement lawsuit that Nike filed last week over the black-and-red, devil-themed sneakers, which ...

2021-04-09 14:33

Celltrion founder is Korea's richest man: Forbes

The richest person in Korea is Celltrion Chairman Seo Jung-jin, according to Forbes's World's Billionaires List of 2021 revealed Tuesday (local time). The American business magazine estimated the assets of billionaires around the world based on a number of factors, including their company's stock price and exchange rates.

Kim Jae-heun | 2021-04-08 16:50

Samsung Electronics enjoys 44% jump in Q1 operating profit

Samsung Electronics said Wednesday that it recorded an estimated 9.3 trillion won ($8.3 billion) in operating profit in the first quarter, up 44.2 percent from a year ago, on the back of solid sales of smartphones following the release of its flagship Galaxy S21 series. In a preliminary earnings report, the electronics giant estimated total sales to have jumped 17.5 percent t...

Kim Hyun-bin | 2021-04-07 17:01

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