Young Poong, MBK secure additional 5% stake in Korea Zinc via tender offer

SEOUL, October 14 (AJP) - Young Poong Corp. and MBK Partners have acquired an additional 5.34 percent stake in Korea Zinc through a month-long public tender offer, potentially securing the upper hand in the battle for control of the world's largest zinc smelter, financial sources said Monday. While the consortium concluded the tender offer that day, they fell short of their target of acquiring between 6.98 percent and 14.61 percent. However, they moved closer to a majority votin

October 14, 2024

Korea Zinc takeover battle reaches crucial deadline

SEOUL, October 14 (AJP) - A monthlong battle for control of Korea Zinc, the world's largest zinc smelter, reaches a critical juncture on Monday as a tender offer from a consortium led by its largest shareholder expires. Young Poong Corp. and private equity firm MBK Partners have offered 830,000 won ($612.30) per share for up to 14.61 percent of Korea Zinc's stock. The offer, which has been raised twice, concludes at 3:30 p.m. local time. In response, Korea Zinc Chairman C

October 14, 2024

Swedish minister observes Hyodol's AI-based elderly care robot

SEOUL, October 14 (AJP) – Sweden's Minister for Older People and Social Security Anna Tenje recently visited a community welfare center in Seoul to observe an artificial intelligence-based care robot developed by Hyodol. Her visit aimed to understand Korea's approach to AI technology in elderly care as the country prepares for an aging society, the company said. During the event at the Gungdong Community Welfare Center on Sept. 30, Hyodol's CEO, Kim Ji-hee, expl

October 14, 2024

BBQ Chicken brings Oktoberfest to Seoul

SEOUL, October 11 (AJP) – Genesis BBQ, a major Korean chicken franchise, is hosting its version of Oktoberfest at its Seoul branch, offering the flavors and fun of the famous German beer festival. The BBQ Oktoberfest is currently underway at the BBQ Village restaurant in Songnidan-gil, an emerging youth hotspot in southeastern Seoul, from Sept. 21 to Oct. 31. The event features a variety of traditional Oktoberfest dishes, including Brathendl (roast chicken), Bratwurst (Germ

October 11, 2024

LG Chem halts construction of carbon nanotube plant amid EV market slowdown

SEOUL, October 11 (AJP) – South Korean petrochemical giant LG Chem has temporarily suspended construction of its fourth carbon nanotube plant, industry sources said, amid a slowdown in the electric vehicle (EV) battery market. The facility in Daesan, South Chungcheong Province, was initially scheduled to begin operations in the first quarter of 2025 to supply carbon nanotubes to battery manufacturers, including LG Energy Solution. The plant would be the largest in South K

October 11, 2024

Korea cuts key rate for first time in three years

SEOUL, October 11 (AJP) – The Bank of Korea (BOK) cut its key interest rate on Friday for the first time in over three years, marking a shift in monetary policy aimed at boosting the sluggish economy amid easing inflation concerns. The central bank lowered its benchmark seven-day repurchase rate by 25 basis points to 3.25 percent, the first reduction since August 2021. This move ends a prolonged tightening cycle and signals a pivot toward supporting economic growth. The dec

October 11, 2024

South Korea cuts key rate for first time in three years

SEOUL, October 11 (AJP) - The Bank of Korea cut its key interest rate on Friday for the first time in over three years, marking a shift in monetary policy aimed at boosting a sluggish economy amid easing inflation concerns. The central bank lowered its benchmark seven-day repurchase rate by 25 basis points to 3.25 percent, the first reduction since August 2021. The move ends a prolonged tightening cycle and signals a pivot toward supporting economic growth.

October 11, 2024

LG Electronics aims to double B2B sales to 10 trillion won by 2030

SEOUL, October 10 (AJP) - LG Electronics said on Thursday that it aims to double the sales of its Business Solutions (BS) division to 10 trillion won ($7.4 billion) by 2030. Jang Ik-hwan, head of the BS division, said that the company will expand its presence in the new-growth markets, including commercial displays, electric vehicle chargers and medical monitors, to achieve the goal. “Over the past 66 years, LG has accumulated valuable insights into its customers and the di

October 10, 2024

Hyundai E&C signs deal with Singaporean consulting firm to collaborate on new energy sectors

SEOUL, October 10 (AJP) - Hyundai Engineering and Construction has signed a memorandum of understanding (MOU) with Surbana Jurong, Singapore's major infrastructure and urban development consulting firm, to collaborate in the new energy and carbon mitigation sectors, the Korean construction firm announced Thursday. The agreement, signed on Tuesday, calls for technology exchanges and cooperation in infrastructure development across areas such as next-generation power generation pr

October 10, 2024

Samsung's brand value surpasses $100 billion, ranks 5th globally: Interbrand

SEOUL, October 10 (AJP) - Samsung Electronics has achieved a brand value of $100.8 billion this year, marking a 10 percent increase from last year, according to Interbrand's "Best Global Brands" report released Wednesday. This milestone places the company in the fifth position globally for the fifth consecutive year, making it the only Asian brand in the top five. Interbrand's evaluation, which considers financial performance, brand influence on purchasing deci

October 10, 2024