LG Display to swing back to profit next year: Analysts

South Korean display maker LG Display is expected to emerge from the red next year as the company speeds up efforts to reorganize its business structure to focus on high-value-added organic light-emitting diode panels, market analysts said Thursday. LG Display has been experiencing consecutive yearly deficits, logging operating losses of 2.5 trillion won ($1.9 billion) and 2.08 trillion won in 2023 and 2022, respectively. This year, the losses will continue, but the company should be able to red

Oct. 3, 2024

[From the Scene] Hyundai Mobis catalyzes electrification with new mobility tech

UIWANG, Gyeonggi Province – Hyundai Mobis, a car parts manufacturing affiliate of Hyundai Motor Group, on Wednesday opened its electrification research wing to the press in Uiwang, 24 kilometers south of Seoul. The wing, built as a leading tech center for developing and testing key parts for electric vehicles, was completed in August 2023, and has been in use since December. With a record-breaking 1.7 trillion won ($1.3 billion) in investment this year alone, the company has introduced 65

Oct. 3, 2024

YouthMeta seeks to leverage Japan's crypto enthusiasm

South Korea-based crypto data aggregator YouthMeta is seeking a bigger footing in Japan, a country which has been showing a stronger interest in the investment tool recently, according to the company. YouthMeta provides a cryptocurrency price prediction service through its Goya Premium Chart, suggesting the best time to buy and sell more than 200 crypto assets listed on Binance. With the company having over 30,000 users across 27 countries, Japan stands out as a particularly vibrant market with

Oct. 3, 2024

[KH Explains] Is private equity giant MBK a risk-taker or renegade?

MBK Partners, the country’s leading private equity house with over $30 billion to its name, has once again found itself meddling in an ownership turmoil, as it moves beyond its typical buyout-and-exit strategy. Last month, MBK announced plans to acquire around 15 percent of the world’s biggest zinc smelter, Korea Zinc, through a tender offer, joining hands with friend-turned-foe Young Poong. With the bidding price raised once, the tender offer could go up to 2.3 trillion won ($1.75 b

Oct. 3, 2024

Kospi slump hits retail investors hard in Q3, but foreign investors gain

Local retail investors experienced significant losses from Korean shares in the third quarter while foreign investors fared relatively well amid the Kospi’s bearish trend in the period, market data showed on Thursday. According to the Korea Exchange, the most purchased stock by South Korean retail investors from July to September was Samsung Electronics, the world’s largest memory chipmaker, with net purchases totaling 7.82 trillion won ($5.9 billion). Following Samsung, SK hynix, th

Oct. 3, 2024

SK Enmove secures iodine supply from Chile’s SQM

SK Enmove, a lubricant subsidiary of SK Innovation, has secured a stable supply of iodine by partnering with SQM, the world’s largest iodine producer based in Chile, in efforts to take the lead in the next-generation automotive refrigerants market, the company said Thursday. As iodine is a crucial material for producing high-efficiency automotive refrigerants, SK Enmove plans to develop advanced refrigerants that offer superior cooling and heating performance in comparison to the existing

Oct. 3, 2024

SK On to raise W1tr via rights offering

SK On is looking to raise 1 trillion won ($755 million) through a rights offering as the battery maker continues efforts to improve its financial structure amid ongoing losses due to the sluggish growth of the electric vehicle market. Parent company SK Innovation announced in a regulatory filing on Wednesday that it plans to issue about 18 million new shares of SK On at a price of 55,458 won. The rights offering will take place in the form of a price return swap, through which a business guarant

Oct. 3, 2024

Korea, EU to hold joint study to combat climate-led food crisis

South Korea's forest agency said Thursday that a research project submitted by its affiliate, the Korea Arboreta and Gardens Institute, aimed at addressing the climate-driven food crisis through crop wild relatives, has been selected for a part of an R&D program promoting cooperation with the European Union. Crop wild relatives, also known as CWRs, are recognized for their ability to adapt to extreme environments and their high genetic diversity, making them crucial for improving future

Oct. 3, 2024

Lotte ups outreach for children and women

Lotte Corp., the South Korean holding company of Lotte Group, is strengthening its corporate social responsibility campaigns, placing particular focus on children, women and military personnel. Since 2017, the company has been supporting local community centers dedicated to after-school care for children, creating garret-style shelters equipped with cultural and interactive materials, it said. To date, Lotte Corp. has supported 87 centers nationwide, with plans to expand to areas including Daegu

Oct. 3, 2024

Coupang’s one-day luxury delivery service rebrands as R.LUX

South Korean e-commerce giant Coupang said Wednesday that it has rebranded its one-day delivery service for premium beauty products as R.LUX, introducing a dedicated app to enhance user experience. Initially launched as Rocket Luxury in July 2023 as part of Coupang’s strategy to expand into the premium beauty market, the service was rebranded as R.LUX to elevate the shopping experience and create a stronger, more distinctive identity, the company said. The platform offers improved featur

Oct. 2, 2024

Korea Zinc's tender offer, Young Poong's second filing further bring feud to head

Korea Zinc, the world's largest zinc smelter, is launching a tender offer to repurchase shares valued at up to 3.1 trillion won ($2.25 billion) to defend its position in the ongoing management dispute with Young Poong, its largest shareholder, and private equity firm MBK Partners. Korea Zinc Chairman Choi Yun-beom announced Wednesday during a press conference in Seoul that the company’s board has resolved to initiate this tender offer for treasury shares. Choi said the tender offer ai

Oct. 2, 2024

Zyx Technology eyes SE Asia expansion with cutting-edge design software

South Korean design software developer Zyx Technology unveiled its latest products at Automation World Vietnam 2024 held in Ho Chi Minh City, in an effort to expand its business in Southeast Asia, the company said Wednesday. At the event, Zyx Technology introduced its flagship products: its general-purpose design software ZyxCAD, the AI-powered Works and Zyx Designer, and its GIS based Smart Construction Platform. These advanced tools are designed to improve design efficiency and support smart

Oct. 2, 2024

Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO

Celebrity entrepreneur and chef Paik Jong-won’s yearslong effort to list his food franchise firm Theborn Korea on the country’s main bourse has cleared its first hurdle, yet challenges remain as the fate of the company heavily depends on his fame. Supported by a strong brand lineup and the rising public profile of its CEO Paik, Theborn Korea passed the preliminary review by the Korea Exchange for its initial public offering on Aug. 30, about three months after submitting its applicat

Oct. 2, 2024

Seoul shares dip for 3rd day amid Middle East tensions

Seoul shares closed lower for the third consecutive day Wednesday as investors sat on the sidelines amid the escalating tension in the Middle East following Iran's massive missile attack against Israel. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.22 percent, or 31.58 points, to 2,561.69. Trading volume was moderate at 341.9 million shares worth 9.38 trillion won ($7.1 billion), with losers far outnumbering winners at 705 to 177. F

Oct. 2, 2024

Samsung tightens its belt amid crisis winds

Samsung Electronics, a leading tech giant in smartphones and semiconductors, is seen implementing austerity measures, reducing headcounts and downsizing celebratory events as it falls behind global peers in its core product markets. On Wednesday, Bloomberg reported Samsung Electronics is expected to lay off about 10 percent of its total overseas staff of 147,000, with the latest headcount cut being carried out in its headquarters in Southeast Asia, Australia and New Zealand. The company already

Oct. 2, 2024

Egnis partners with Oklahoma for Xolution's resealable can business

Lifestyle brand developer Egnis announced Wednesday that it began partnership with the Oklahoma government in hopes to expand its German subsidiary Xolution's resealable can business in the US. The business agreement signing ceremony held Tuesday at The Shilla Seoul, was attended by Park Chan-ho, CEO of Egnis, Evan Brown, executive director of the Oklahoma Department of Commerce’s Economic Development, Growth and Expansion division and Marc Von Rettberg, CEO and managing director at X

Oct. 2, 2024

KT&G showcases flagship tobacco brands at global duty-free expo

South Korea's leading tobacco company KT&G said on Wednesday that it is showcasing its top duty-free products at the TFWA World Exhibition & Conference in Cannes, France, to strengthen its presence in the international duty-free market. The company is displaying its premium brands such as Raison, Bohem and Esse -- the world’s bestselling ultra-slim cigarette -- while emphasizing its global business performance at its booth installed at the event from Sept. 30 through Oct. 3. M

Oct. 2, 2024

Hanwha Qcells sells 142 MW solar power project in Washington

Hanwha Solution’s Qcells, the solar energy division under Korean conglomerate Hanwha Group, has sold a 142 megawatt solar photovoltaics project to Washington state’s largest utility company Puget Sound Energy, Hanwha Qcells said Wednesday. Hanwha Qcells highlighted that the sale of the solar power project signifies optimizing the profit structure by selling the developmental assets and securing a turnkey contract for the services of engineering, procurement and construction, or EPC.

Oct. 2, 2024

[Photo News] Hanwha to light up Seoul skies

The 2024 Seoul Fireworks Festival, hosted by Hanwha Corporation, will light up Yeouido Hangang Park this Saturday with stunning pyrotechnics. Teams from Japan, the US and South Korea will showcase innovative fireworks displays, blending tradition with modern technology. Hanwha’s display, the largest of the night, will synchronize fireworks bursts across multiple bridges, creating a citywide spectacle. Signature effects include the breathtaking “Niagara Falls” fireworks from Won

Oct. 2, 2024

[Photo News] Back in black

Genesis, a luxury brand under Korean auto giant Hyundai Motor Group, announced the launch of the GV80 Black and GV Coupe Black on Wednesday. Marking the brand's second series of black editions following the G90 high-end sedan, the premium sport utility vehicle solely focuses on black, even in the details, for both the exterior and interior designs. The new vehicles will be on display at the Busan International Film Festival from Wednesday to Oct. 11. (Hyundai Motor Group)

Oct. 2, 2024