Korea Zinc, Bain acquire 11.26% of company shares amid battle over control

SEOUL, October 28 (AJP) - Korea Zinc and U.S. investment firm Bain Capital have acquired a combined 11.26 percent of company shares through a tender offer in a battle over control of the world's largest smelter. In a regulatory filing Monday, Korea Zinc announced that it had secured 9.85 percent through a buyback program that closed on Wednesday, while Bain Capital acquired 1.41 percent. Korea Zinc Chairman Choi Yun-beom and Bain Capital aimed to acquire up to 17.5 percent an

October 28, 2024

LG Electronics heat pump to win innovation award at US expo

SEOUL, October 25 (AJP) - LG Electronics announced Friday its residential heat pump system was selected as the winner of an innovation award to be presented at the 2025 AHR Expo, North America's largest heating, ventilation and air conditioning convention. The heat pump system, which maintains 100 percent heating performance in temperatures as low as minus 25 degrees Celsius, was recognized by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE)

October 25, 2024

Hyundai Mobis posts 31.6% jump in Q3 operating profit

SEOUL, October 25 (AJP) - South Korean auto parts maker Hyundai Mobis Co. reported on Friday that its operating profit increased by 31.6 percent year-on-year to 908.6 billion won ($669.5 million) in the third quarter, driven by high-margin core component sales and cost reduction measures. Revenue fell by 1.6 percent to 14 trillion won, with the module and core parts manufacturing division experiencing a 4.5 percent decline to 10.94 trillion won, impacted by the slowdown in EV demand

October 25, 2024

CJ CheilJedang recallls Bibigo dumplings over plastic contamination

SEOUL, October 25 (AJP) - South Korea's leading food manufacturer CJ CheilJedang is recalling certain batches of Bibigo-branded kimchi dumplings because of possible plastic contamination. The recall covers 400-gram packages of Bibigo Authentic Kimchi Dumplings with an expiration date of June 23, 2025, the Ministry of Food and Drug Safety said on Thursday. "We are voluntarily initiating this recall with consumer safety as our top priority and will strengthen our quality c

October 25, 2024

Samsung expands Galaxy AI language support to 20 languages

SEOUL, October 24 (AJP) - Samsung Electronics announced it will expand its Galaxy AI language support from 16 to 20 languages, adding Dutch, Romanian, Swedish, and Turkish, with the new language packs available for download from late October. The AI features include real-time call interpretation, chat assistance, note assistance, text conversion, and browsing assistance across multiple Samsung devices, including the Galaxy Fold6, Flip6, S24 series, and Tab S10 series. The existin

October 24, 2024

Hyundai Motor reports drop in quarterly operating profit on warranty costs

SEOUL, October 24 (AJP) - SEOUL, October 24 (AJP) - South Korea's largest automaker Hyundai Motor reported a 6.5 percent decline in third-quarter operating profit to 3.58 trillion won (US$2.59 billion), falling short of market expectations due to warranty-related provisions in the United States. Revenue rose 4.7 percent to 42.93 trillion won, marking the highest third-quarter sales in the company's history, despite a 3.2 percent decline in global sales volume to 1.01 million

October 24, 2024

LG Electronics Q3 profit falls despite record sales

SEOUL, October 24 (AJP) - SEOUL, October 24 (AJP) - LG Electronics reported record third-quarter sales of 22.18 trillion won (US$16.4 billion) on Thursday, but operating profit fell 20.9 percent from a year earlier to 751.9 billion won as higher logistics costs and LCD panel prices squeezed margins. The South Korean tech giant's key home appliance division posted an operating profit of 527.2 billion won on sales of 8.34 trillion won, while its entertainment unit, which includes

October 24, 2024

LG CNS introduces ERP testing solution to Japan

SEOUL, October 24 (AJP) - Korea's IT solutions provider LG CNS introduced its automated testing solution, PerfecTwin ERP (enterprise resource planning) Edition, in Japan. The company said Thursday it showcased the solution at Japan IT Week Autumn, the country's largest IT exhibition, held in Chiba from Wednesday to Friday. The solution, specifically designed for German software firm SAP SE's SAP ERP systems, utilizes actual transaction data rather than sampling to ver

October 24, 2024

SK hynix posts record quarterly earnings on AI chip boom

SEOUL, October 24 (AJP) - South Korean chipmaker SK hynix on Thursday reported its highest-ever quarterly sales and profits, driven by surging demand for artificial intelligence memory chips. The world's second-largest memory chip manufacturer said in a regulatory filing it posted 17.57 trillion won ($13 billion) in revenue for the third quarter, up 93.8 percent from a year earlier. Operating profit was 7.03 trillion won ($5.2 billion), swinging from an operating loss of 1.79

October 24, 2024

Korea's economy edges up 0.1% in third quarter

SEOUL, October 24 (AJP) - South Korea's economy grew by just 0.1 percent in the third quarter, the Bank of Korea said Thursday, falling well short of the central bank's August forecast of 0.5 percent. Korea's real gross domestic product (GDP) regained growth momentum in the July-September period after a 0.2 percent contraction in the second quarter, which followed unexpected growth of 1.3 percent in the first quarter. Exports fell 0.4 percent in the third quarter, dra

October 24, 2024