Business
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LG Electronics shows off good performances in home appliances and electric parts to record earnings surprise
SEOUL -- LG Electronics has recorded an earnings surprise in the first quarter of 2023, thanks to good performances in the home appliances and electric parts sectors, the company said during an earnings call. This is the first time LG Electronics' quarterly operating profit overtook Samsung Electronics' since 2009 when South Korea adopted the International Financial Reporting Standards (IFRS). The South Korean electronics maker, well known for its refrigerators and televisi
April 28, 2023 -
KG Mobility selected as preferred negotiator for acquisition of domestic electric bus maker
SEOUL -- KG Mobility, formerly known as Ssangyong Motor, has set out to negotiate with Edison Motor, a domestic electric bus maker to meet an agreement in an acquisition deal. Edison Motor creates electric buses with up to 85 percent localized parts. The South Korean carmaker well-known for its lineup of sport utility vehicles (SUVs) said in a statement on April 26 that the company has been selected by a bankruptcy court in Changwon some 300 kilometers (186 miles) south of Seoul as
April 27, 2023 -
Samsung records deficit of $3.4 bln in semiconductor sector in 1Q 2023
SEOUL -- Samsung Electronics recorded a deficit of 4.58 trillion won ($3.4 billion) in the semiconductor sector for the first quarter of 2023. While profitability improved in the smartphone and home appliance sectors, overall operating profit decreased by more than 90 percent compared to the same period last year. Samsung Electronics said on April 27 that the company recorded sales of 63.75 trillion won and operating profit of 640 billion won based on consolidated results for the f
April 27, 2023 -
SK E&S to work with General Electric for establishment of blue hydrogen infrastructure in S. Korea
SEOUL -- SK E&S, a green energy company affiliated with SK Group, joined hands with General Electric to establish a blue hydrogen ecosystem that can produce, distribute, and utilize 250,000 tons of eco-friendly hydrogen in South Korea. Blue hydrogen is favored by industries because of its reasonable production cost compared to green hydrogen based on renewable energy. Green hydrogen uses electrolysis to split water and release only hydrogen and oxygen. Hydrogen produced by st
April 26, 2023 -
Hyundai and SK On to jointly build EV battery factory in US
SEOUL -- South Korea's Hyundai auto group and SK on, the battery-making wing of SK Group, will jointly build an electric vehicle battery factory in the United States in an effort to meet requirements of the U.S. Inflation Reduction Act that took effect in March 2023 to only provide subsidies for carmakers which produce U.S.-made electric vehicles installed with batteries made on American soil. Currently, Hyundai produces the electrified version of GV70, the luxury sport utility
April 26, 2023 -
Hyundai Wia to commercialize autonomous logistics robot in US
SEOUL -- Hyundai Wia, a parts-making unit of South Korea's Hyundai auto group, will commercialize autonomous logistics robots at a Georgia State-based electric vehicle factory operated by car parts maker Hyundai Mobis. The automated robots will roam about the factory to carry heavy cargo while evading obstacles. Autonomous robots are widely adopted at logistics centers and factories to reduce manpower and management costs. Self-driving robots equipped with various sensors inclu
April 25, 2023 -
LGES to invest $450 mln in construction of mother factory for pilot battery production
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, will build a mother factory that will become the main headquarters of its electric vehicle battery production plants scattered across the world. The factory will play the role of the battery maker's one-stop pilot production base for its EV batteries. A total of 600 billion won ($450.2 million) will be injected into the mother factory project. LG Energy Solution (LGES) said in a statement on Ap
April 25, 2023 -
S. Korean affordable casual wear brand SPAO to beef up influence in Chinese apparel market
SEOUL -- SPAO, an affordable casual wear brand operated by South Korea's apparel giant E-Land Group, will strengthen its foothold in the Chinese clothing market by uniting the headquarters of the brand's South Korean and Chinese operations in 2023. The company made a foray into the Chinese market in 2013 but its operations were devastated due to diplomatic ties between Seoul and Beijing over the Terminal High Altitude Area Defense system in the mid-2010s and the COVID-19 pandem
April 24, 2023 -
Hyundai's car parts maker wing showcases crab-walking vehicle
SEOUL -- Hyundai Mobis, the parts-making unit of South Korea's Hyundai auto group, has demonstrated an electric vehicle capable of crab driving, which enables cars to move sideways like a crab to evade obstacles or move out of a tight spot. Using four wheels that move at different angles, the crab-walking vehicle can also spin around 360 degrees. The car parts maker released a video showing Hyundai’s IONIQ 5 equipped with the all-in-one electric vehicle (EV) wheel modul
April 24, 2023 -
S. Korean firm partners with Kyrgyz special purpose company to kick-start micro hydro power generation business
SEOUL -- A South Korean company called CJM Global partnered with a Kyrgyz special purpose company to kick-start a sustainable energy business that uses a network of 3,000-kilometer-long canals in Kyrgyzstan as a renewable energy source for micro hydropower plants. Micro hydropower plants are much smaller than ordinary hydropower plants which are mega-structures such as dams. The smaller-sized power plants in the sizes of a van or a refrigerator can be easily installed in a river,
April 21, 2023
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast
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TikTok hosts creator summit in Saudi Arabia