LG Electronics eyes record sales of W84tr in 2023

LG Electronics is expected to record its highest revenue ever of 84 trillion won ($64 billion) in 2023, backed by solid performance in its core businesses, including automotive products, and effective management, the company's preliminary earnings showed on Monday. Despite challenges posed by delayed demand recovery from the economic slowdown and heightened market competition, LG Electronics marked its third consecutive year of achieving the highest annual revenue, the tech giant said. The

IndustryJan. 8, 2024

Korean air carriers ordered to inspect safety of Boeing fleets

The Ministry of Land, Infrastructure and Transport has ordered South Korean airlines to carry out safety checks on their Boeing 737 Max 8 aircraft, according to the ministry on Monday. The order came as a preemptive measure following an emergency landing on Friday of an Alaska Airlines' Boeing 737 Max 9 jet in Portland, Oregon. Alaska Airlines' B737 Max 9 bound for Ontario, California, was carrying 171 passengers. The aircraft made an emergency landing due to a cabin panel blowout. Som

IndustryJan. 8, 2024

Busy IPO pipeline expected in 2024

Hopes are high for the initial public offering market this year, backed by big-name deals and bullish market expectations. Though the local IPO market remained sluggish in early 2023 due to deteriorating investor sentiment, it slowly phased out of the slump later in the year as major deals took place, such as those involving energy storage device manufacturer LS Materials and resource recycling company DS Dansuk. Reflecting growing hopes for a turnaround of major economies’ monetary pol

MarketJan. 8, 2024

Seoul shares down for 4th day ahead of key US economic data releases

Seoul shares ended lower for a fourth straight day Monday as investors sat on the sidelines ahead of the release of major US economic data, which will give clues on the Federal Reserve's monetary policy direction. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 10.26 points, or 0.4 percent, to close at 2,567.82. Trade volume was slim at 313.6 million shares worth 6.7 trillion won ($5.1 billion), with losers outpacing winners 500 to 358. Instit

MarketJan. 8, 2024

[CES 2024] SK to showcase net-zero, AI tech at CES

LAS VEGAS -- Two days ahead of the kick-off of CES 2024 in Las Vegas, SK Group said it is ready to draw much attention from global partners and attendees at the annual tech show by showcasing its up-to-date technologies in carbon reduction and artificial intelligence this year. In a press conference held with a group of Korean reporters on Sunday (local time), SK USA Vice President Kim Dong-hyun showed confidence in the group’s capabilities to present its key tech affiliates’ solut

TechnologyJan. 8, 2024

Taeyoung inches closer to avoiding court receivership

Debt-ridden Taeyoung Engineering & Construction made a U-turn to stick with its initial self-rescue package to avoid court receivership, which could put over a thousand of its subcontractors at risk. The 16th-largest construction company in South Korea in terms of capacity is expected to unveil additional plans, which could include offering the ownership family's stake in Taeyoung Group's holding firm, to win creditors' approval by Thursday for the launch of a debt workout p

IndustryJan. 8, 2024

Pernod Ricard supports spread of Korean culture

Pernod Ricard Korea, the Korean unit of the French wine and spirit giant, said Monday it has donated 40 million won ($30,385) to the Corea Image Communication Institute, or CICI, to help boost the nation’s global image in 2024. Adding to its financial contributions, the company also aims to provide some essential supplies for the events organized by the foundation this year. It will start by sponsoring the upcoming “CICI Korea 2024” on Wednesday, an annual award ceremony honori

IndustryJan. 8, 2024

[Photo News] Era of AI screen

Samsung Electronics Executive President Yong Seok-woo, in charge of the display division, delivers a speech about the company's vision to open the "era of artificial intelligence screen," at the Samsung First Look event held on the sidelines of CES in Las Vegas on Sunday. At the event, the tech giant unveiled its third-generation AI processor, named NQ8 AI, which will support TVs to become the connector and controller of home appliances, as well as the Neo QLED 8K TV featuring the

IndustryJan. 8, 2024

[Photo News] Wireless, transparent

LG Signature OLED T, the world's first wireless and transparent OLED TV, is displayed at the tech giant's exhibition booth for CES 2024, the world's largest tech show that kicks off in Las Vegas on Tuesday. The 77-inch TV, equipped with the Alpha 11 processor, has upgraded graphics and app processing speed. When turned off, the transparent screen offers openness to the space as well, the company said. (LG Electronics)

IndustryJan. 8, 2024

[CES 2024] Korean finance giants eye new opportunities at CES

The leaders of Hana Financial Group and Shinhan Financial Group are headed to the CES 2024, the world's largest consumer technology event slated to open in Las Vegas on Tuesday. Hana Financial Group Chairman Ham Young-joo is taking part in the tech event for his second consecutive year. This year, the Hana chief is reportedly taking with him a team of employees in the artificial intelligence sector, in line with the theme of this year's CES, which seeks to highlight the possibilities o

IndustryJan. 8, 2024

[CES 2024] Merck to unveil vision for 'material intelligence' at CES

Merck, a German-based science and technology company, will present its contributions to advancing the electronics industry through "material intelligence" at CES 2024, the company said Monday. “We are pushing the boundaries of science and technology to make future trends possible. Together with our customers, we enable artificial intelligence,” said Kai Beckmann, a member of Merck's executive board and CEO of the electronics division. “Our customers use our mater

IndustryJan. 8, 2024

SK On to supply batteries to Chinese-made electric bus

SK On is poised to supply high-performance nickel, cobalt and manganese (NCM) batteries for Chinese-made electric buses imported to South Korea, industry sources said Monday. The battery manufacturer recently clinched a deal with EM Korea, an electric bus sales company, which will install the batteries in China Hi-Tech Group Corporation’s EFICITY bus models, according to media reports. An SK On official confirmed the deal and said the NCM batteries have energy density levels beyond the ele

MobilityJan. 8, 2024

Fila Holdings names first global brand president

South Korean-owned sportswear brand Fila Holdings said Monday it has named Todd Klein, head of the company’s North American subsidiary, for a new position in charge of the global marketing strategy. Appointed as the global brand president, Klein will join the board of Fila Luxembourg, the subsidiary of Fila Holdings that oversees the company’s global businesses. Klein will also continue to report to Fila Holdings and keep his previous responsibilities. Klein joined Fila in January 20

CompaniesJan. 8, 2024

Oriental Brewery seeks to connect with younger generation

South Korea’s largest beer maker, Oriental Brewery, made efforts to broaden its outreach to Generation Z and university students in 2023, in a bid to more closely communicate with young consumers. In November and December, OB CEO Ben Verhaert gave lectures on OB’s marketing strategies at Korea University and Ewha Womans University, where he was able to meet face-to-face with students. Verhaert has built a strong career in the sales and logistics fields at Anheuser-Busch InBev -- the

IndustryJan. 8, 2024

New industry minister vows proactive response to overseas protectionism

The new industry minister on Monday vowed to move "proactively" to address protectionism measures from major trade partners, as the country focuses on maintaining export recovery momentum. "We should respond proactively against trade measures from the European Union, China and the United States, and remove export-related hurdles in areas including finance, marketing and certification, to pave the way for exporters," Industry Minister Ahn Duk-geun said during his inauguration

EconomyJan. 8, 2024

Seoul shares open higher on tech gains

South Korean stocks opened higher Monday as big-cap technology shares gained ground. The benchmark Korea Composite Stock Price Index gained 9.90 points, or 0.38 percent, to 2,587.98 in the first 15 minutes of trading. Market bellwether Samsung Electronics climbed 0.91 percent, while No. 2 chipmaker SK hynix fell 0.51 percent. Leading battery maker LG Energy Solution added 0.48 percent, while its smaller rival Samsung SDI shed 0.56 percent. IT stocks were bullish, with internet portal operator Na

MarketJan. 8, 2024

PM urges cash-strapped Taeyoung to draw up drastic self-rescue plan

Prime Minister Han Duck-soo on Sunday urged Taeyoung Engineering & Construction Co. to come up with a more drastic self-rescue plan to tide over its cash crunch. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program last month due to a liquidity shortage over real estate project financing loans. Taeyoung Group founder Yoon Se-young unveiled a self-rescue plan Wednesday, but creditors led by the state-run Korea Developmen

IndustryJan. 7, 2024

FSS cracks down on HK-tied ELS misselling

The South Korean financial authorities are launching an official probe into the misselling of equity-linked securities tied to Hong Kong's benchmark index, with massive principal losses set to occur starting this month. On Monday, the Financial Supervisory Service is set to open an on-site investigation over 12 financial institutes suspected of violating rules while selling ELS products tracking the Hang Seng China Enterprises Index. An ELS is a type of fixed-income derivative that pays o

IndustryJan. 7, 2024

Posco International to accelerate global push in 2024

Posco International, the trading arm of Posco Group, announced Sunday that bolstering its global presence in its main business areas, from renewable energy to electric vehicle parts, will be the key to the company’s business strategy for this year. The company will aggressively expand global production facilities and establish a value chain through partnerships with foreign firms to spur growth in 2024, it said. To grow its e-mobility business, Posco International will start construction o

IndustryJan. 7, 2024

Korean firms to flaunt tech supremacy at CES

South Korean tech companies are gearing up to showcase their latest cutting-edge products and innovations at the upcoming CES 2024, the world’s largest tech trade show that opens Tuesday in Las Vegas. After years of pandemic disruptions, this year’s CES is expected to attract over 130,000 visitors, making it second largest after a record 180,000 visitors in 2020, according to the event organizer, Consumer Technology Association. Under the theme of “All On,” the upcoming C

IndustryJan. 7, 2024