Seoul court rules Samsung C&T not liable for delayed interest to Elliott

SEOUL, September 27 (AJP) - A Seoul court ruled on Friday that Samsung C&T is not required to pay delayed interest to the U.S. hedge fund Elliott in a lawsuit over a controversial merger between two Samsung Group units. The Seoul Central District Court rejected Elliott's claim for the additional payment of 26.7 billion won (US$20.2 million), which stemmed from a dispute over Samsung C&T's merger with Cheil Industries in 2015. Elliott opposed the merger and exercis

September 27, 2024

SK Ecoplant unit launches battery recycling plant in Netherlands

SEOUL, September 27 (AJP) - SK tes, a subsidiary of Korean environmental services firm SK Ecoplant, announced the inauguration of a battery recycling facility in Rotterdam, Netherlands on Friday. The plant, capable of processing batteries from about 40,000 electric vehicles annually, aims to strengthen the company's position in the growing European battery recycling market. The facility, spanning 10,000 square meters, can produce up to 10,000 tons of black mass per year. Black m

September 27, 2024

LG Chairman Koo calls for bold goals at executive workshop

SEOUL, September 26 (AJP) - LG Group’s top executives held a workshop on Wednesday to discuss mid- to long-term management strategies, focusing on customer experience innovation and artificial intelligence transformation. During the President's Workshop at LG Inhwawon in Icheon, Gyeonggi Province, Chairman Koo Kwang-mo emphasized the importance of setting ambitious targets to cope with ever-fierce global competition. "Let’s make history by setting our sights

September 26, 2024

Samsung unveils high-performance solid state drive

SEOUL, September 26 (AJP) - Samsung Electronics has launched the 990 EVO Plus, a high-performance consumer solid state drive (SSD) based on PCIe (peripheral component interconnect express) 4.0 technology. This new product features 8th generation V-NAND (Vertical NAND) and a 5nm controller, delivering industry-leading performance and power efficiency. The 990 EVO Plus boasts sequential read and write speeds of up to 7,250MB/s and 6,300MB/s respectively, marking a 45 percent and 50 pe

September 26, 2024

SK hynix begins mass production of 12-layer HBM3E chips

SEOUL, September 26 (AJP) - SK hynix announced Thursday that it has started mass production of the world's first 12-layer HBM (High Bandwidth Memory) 3E chips. The 36GB chip, designed for artificial intelligence chipsets, features DRAMs that are 40 percent thinner than previous versions, increasing capacity by 50 percent while maintaining the same overall thickness, according to the world's second-largest memory chip maker. Operating at 9.6 gigabits per second, a single g

September 26, 2024

Korea, Serbia launch free trade negotiations

SEOUL, September 26 (AJP) - South Korea and Serbia began free trade agreement negotiations Thursday, marking Seoul's first such pact with a Balkan country. Korean Trade Minister Cheong In-kyo and Serbian Minister of Domestic and Foreign Trade Tomislav Momirović launched talks for an Economic Partnership Agreement in Seoul. An EPA, a form of FTA, includes broader economic cooperation beyond tariff reductions. Serbia, in southeastern Europe, has significant reserves of crit

September 26, 2024

Korea Zinc seeks to block takeover bid with core technology designation

SEOUL, September 25 (AJP) - Korea's largest zinc smelter, Korea Zinc, has applied to have its technology for manufacturing electric vehicle battery precursors designated as a national core technology in a bid to fend off a hostile takeover attempt by former partner Young Poong and private equity firm MBK Partners. "We submitted an application for national core technology designation yesterday," a Korea Zinc official said on Wednesday. "The technology in question

September 25, 2024

Samsung, Hyundai partner to integrate IoT platform with vehicle infotainment

SEOUL, September 25 (AJP) - Samsung Electronics has partnered with Hyundai Motor Group to integrate its Internet of Things (IoT) platform into the automaker's in-vehicle infotainment systems. The two Korean conglomerates signed a memorandum of understanding Wednesday, to integrate Samsung’s SmartThings into the software-defined vehicles (SDV) systems being developed by three Hyundai affiliates – Hyundai Motor Co., Kia Corp. and 42dot. This integration

September 25, 2024

Samsung Galaxy Watches receive high ratings in Consumer Reports evaluation

SEOUL, September 25 (AJP) - Samsung Electronics said Wednesday its Galaxy Watch Ultra and Galaxy Watch7 LTE have jointly reached the top position in the latest Consumer Reports evaluation. Both devices scored 92 points, while the Apple Watch Ultra 2 received 91 points. Consumer Reports gave the Galaxy Watch Ultra an "Excellent" rating in all 11 categories of its assessment. The U.S. consumer watchdog noted the Galaxy Watch Ultra's usability, step counting accuracy, and

September 25, 2024

Korean electric vehicle market shifts towards compact models amid global sales slowdown

SEOUL, September 25 (AJP) - Korea's electric vehicle (EV) market is showing a clear preference for compact models, while sales of larger EVs continue to struggle, industry data revealed on Wednesday. The Korea Automobile & Mobility Association (KAMA) reported that domestic sales of compact EVs surged by 130.4 percent year-on-year to 19,103 cars in the first eight months of 2024. Conversely, sales of large EVs in the Korean market plunged 70.3 percent to 2,477 units. T

September 25, 2024