POSCO breaks ground on nickel, precursor plants

SEOUL, May 31 (AJU PRESS) - POSCO began the construction of two electric vehicle materials plants -- one for nickel and the other for precursor -- on Friday through joint ventures with the Chinese electric vehicle (EV) materials producer CNGR, the Korean steelmaker said. POSCO CNGR Nickel Solution and C&P New Material Technology broke ground for their plants at an industrial complex in the southeastern city of Pohang. POSCO CNGR Nickel Solution, a nickel refining firm, is a 6

May 31, 2024

Astronomical divorce settlement stokes worries over SK chairman's control of group

SEOUL, May 31 (AJU PRESS) - A court order for SK Group chairman Chey Tae-won to pay an astronomical divorce settlement has stoked concerns about its potential impact on the conglomerate's governance structure and future business operations. On Thursday, the Seoul High Court ordered Chey to pay 1.38 trillion won ($1.09 billion) in property division and 2 billion won in alimony to his estranged wife, Roh Soh-yeong, in the biggest divorce settlement in the country's history.

May 31, 2024

LG Chem set to sign massive wind power purchase deal

SEOUL, May 31 (AJU PRESS) - LG Chem is set to sign one of the largest-ever wind power purchase deals in Korea as the leading chemical company steps up efforts to strengthen its renewable energy supply chain. The company said Friday it will enter into a contract with ST International, a local energy company, and Shinhan Asset Management to purchase up to 615 gigawatt-hours of energy annually from repowered wind farms in the eastern counties of Yeongdeok and Yeongyang for 20 years s

May 31, 2024

Vietnamese business association in Korea holds inauguration ceremony

SEOUL, May 30 (AJU PRESS) - The Business Association of Vietnamese in Korea (BAViK) held its official launch ceremony in Seoul on Thursday. The organization was established in October 2023 to assist Vietnamese companies operating in Korea and promote investment and trade between the two countries. BAVik currently has some 40 member companies. “Currently, the relationship between Viet Nam and Korea is at its highest stage of development," Vietnamese Foreign Minister Bui

May 30, 2024

Line app installations spike in Korea amid backlash against Japanese pressure

SEOUL, May 30 (AJU PRESS) - New installations of Naver Corp.'s mobile messaging app, Line, have surged in Korea in recent weeks, in an apparent backlash against Japan's pressure on the company to sell down its stake in a joint venture running the app in Japan. Last week, the number of Line installations reached 61,640, outpacing the country's dominant KakaoTalk (56,771) for the third consecutive week, according to data released by mobile big data company IGA Works. Line

May 30, 2024

HD Hyundai Electric wins transformer order from Britain's National Grid

SEOUL, May 30 (AJU PRESS) - Korea's HD Hyundai Electric has sealed an 82.1 billion won ($59.7 million) order to supply high-voltage transformers to National Grid, a British electricity and gas utility company. Nine 400-kilovolt and 275-kilovolt transformers will be provided to the London-based firm until 2027, the electrical equipment maker said in a regulatory filing Wednesday. They will be installed at five substations across Britain run by National Grid. The contract's

May 30, 2024

Samsung under probe after two workers exposed to radiation

SEOUL, May 30 (AJU PRESS) - South Korean authorities are investigating after two workers at a Samsung Electronics semiconductor plant were exposed to radiation, rekindling longstanding concerns about safety lapses at the tech giant's production lines. The workers were operating an X-ray inspection machine on a chip production line at Samsung's plant in Giheung, south of Seoul, on Monday when their hands were accidentally exposed to radiation, the Nuclear Safety and Securit

May 30, 2024

Foreign ownership of LG Electronics soars on charge into AI markets

SEOUL, May 30 (AJU PRESS) - Foreign ownership of LG Electronics has exceeded 31 percent for the first time in two years and eight months with the Korean conglomerate expanding into artificial intelligence markets. As of Tuesday, foreign holdings in LG Electronics stood at 31.18 percent, according to Korean financial information provider FnGuide. Foreign investors made net purchases of about 200 billion won ($146.4 million) in May alone. Institutional investors also net purchased m

May 30, 2024

Samsung Electronics union calls first-ever strike

SEOUL, May 29 (AJU PRESS) - Unionized workers at Samsung Electronics on Wednesday declared the first-ever strike in the company’s 55-year history. The National Samsung Electronics Union, representing 22 percent of employees, announced a one-day walkout on June 7 to press their demand for wage hikes. “We declare a strike in the face of management's disregard for workers,” the union said at a news conference after wage negotiations fell apart the previous da

May 29, 2024

Pulmuone, ABB Robotics strike partnership for cell-based seafood production

SEOUL, May 29 (AJU PRESS) - Korean food company Pulmuone has signed a memorandum of understanding with Switzerland's ABB Robotics to collaborate in developing technologies for alternative seafood. The company said Wednesday it will utilize ABB's robotic technology to automate the cultivation process for cell-based seafood products such as fish fillets. Pulmuone aims to establish a mass production system by 2026. Pulmuone said the partnership will be the world

May 29, 2024