The sale of HMM, formerly known as Hyundai Merchant Marine, is facing delays beyond the initial expectations. Korea Development Bank (KDB) is currently continuing its evaluation of eligible buyer candidates, a process it had aimed to complete within this month.According to financial industry sources
SK Group has embarked on the sale of its stake in Londian Wason, the parent company of the world’s largest copper foil manufacturer Wason. This move comes approximately four years after its initial investment in 2019 and if successful it is expected to realize profits of around 1 trillion won (US$75
Korea’s display companies are in a hot race with those of China to preempt the market for inorganic light-emitting diode (iLED) displays, touted as a future growth driver. Korea is considered to be lagging behind China in the iLED display market.The market for micro LED panels grew to US$27 million
It has been disclosed that among the stock assets held by conglomerate leaders and their families, there are 22 instances where the stock assets of the next generation surpass 50 percent. This increase in the inheritance and gifting of stocks as part of the generational transition within these congl
Coupang Play, the fastest-growing OTT service in Korea, has completed its executive reinforcement within the engineering organization and is accelerating its efforts to enhance the product experience. The executives appointed by Coupang Play are Rohit Puri, Head of Engineering, and Sekwon Choi, Head
The Korean government sees eye to eye with major Korean semiconductor giants, including Samsung Electronics and SK hynix, regarding developing advanced packaging technology for semiconductors.The Ministry of Trade, Industry and Energy (MOTIE) announced on Aug. 29 that it signed an agreement with sem
Major Korean petrochemical companies have been downsizing or selling off their film businesses, which were once significant business areas. This is because they find themselves in a situation where they cannot sell their products at fair prices, as China has increased production with low-priced prod
SK telecom is set to develop its proprietary communication security technology, Quantum Security Communication (QSC), as an international standard. It is anticipated that the technology will receive final international standardization approval in as early as two years.On Aug. 29, SK telecom announce
In a bid to reinforce the future of smart living, industry rivals Samsung Electronics and LG Electronics are joining hands to establish a “Smart Home.” Their collaboration involves integrating both companies’ smart home platforms in the cloud to bolster interconnectivity between appliances.On Aug. 2
Forecasts indicate that China’s OLED shipments for smartphones will surpass South Korea’s by 2025.According to the “3rd Quarter OLED Market Track” report published by market research firm UBI Research on Aug. 28, the current market share of smartphone OLED shipments for South Korea and China stands
Amid the threat of a full-blown strike for the first time in five years, Hyundai Motor Company is facing pressure from labor unions even at its U.S. facilities where no labor union has been established. In South Korea, the Hyundai labor union has been ramping up pressure after securing the right to
Ultium Cells, a battery joint venture between LG Energy Solution and General Motors, has reached a tentative agreement with the United Auto Workers (UAW) to increase wages for workers at the Ohio factory in the United States by 25 percent. This marks the first time that the UAW, the largest automoti
“Every Mercedes-Benz vehicle in the world has a piece of Korea in it,” said Ola Källenius, chairman of the Board of Management at Mercedes-Benz Group in an all-electric showcase meeting with local media at Shilla Hotel in Seoul on Aug. 24. “Korea is a very important market. I believe our cooperation
Koo Kwang-mo, the CEO of LG Group, has embarked on reviewing the progresses and strategies for cultivating future growth areas like biotechnology and artificial intelligence (AI).From Aug. 21 (local time) and over the course of four days, Koo visited Boston, the U.S., and Toronto, Canada, to assess
LG Display, the world’s leading innovator of display technologies, announced today that it is to solidify its partnership with Mercedes-Benz and enhance the two companies’ cooperation on premium automotive displays.Brian Bong-seok Kwon, COO and Vice Chairman of LG Corp., James Ho-young Jeong, CEO an
The utilization rate of LG Chem’s advanced materials business, which is considered the future food of the company, has been declining. The company is trying to respond to the market situation by reducing production as profitability has deteriorated due to the double whammy of slowing demand for elec
LG Innotek will join hands with SK E&S to expedite the attainment of its RE100 goals. RE100 is a commitment to use electric power only from renewable energy such as wind and solar.On Aug. 23, LG Innotek announced that it has signed a direct power purchase agreement (PPA) with SK E&S.A direct PPA is
In the first half of this year, South Korea’s top four petrochemical companies – LG Chem, Lotte Chemical, Kumho Petrochemical, and Hanwha Solutions – have collectively lowered the average operational rates at their domestic petrochemical plants. This adjustment comes as the petrochemical industry ha
Kim Byung-gu, the head of LG Display’s automotive business group and executive vice president, unveiled LG Display’s OLED displays designed for automotive use and introduced the entire portfolio of premium brands involved in automotive production and development for the first time at IMID 2023, whic
Correction 8/23 4:09 p.m. KST: A previous version of this story incorrectly stated that the Federation of Korean Industries had changed its name to the "Korea Businesspeople Association." However, the organization has only changed its Korean-language name. Translating that name change into English m