Korean energy giant SK Innovation completes merger with affiliate

SEOUL, November 1 (AJP) - The merged entity of Korea’s top refiner SK Innovation Co. and its affiliate SK E&S officially launched Friday, becoming Asia-Pacific's largest private energy company with assets worth about 105 trillion won ($78.5 billion). The company will retain the SK Innovation name and combines its petrochemical and battery operations with SK E&S's liquefied natural gas and renewable energy businesses. As part of a groupwide restructuring, the

November 1, 2024

Czech watchdog rejects Westinghouse, EDF appeals over KHNP nuclear deal

SEOUL, November 1 (AJP) - The Czech antitrust watchdog has dismissed appeals from U.S.-based Westinghouse Electric Co. and French state-owned utility EDF against Korea Hydro & Nuclear Power (KHNP) being chosen as the preferred bidder for a nuclear power plant project. The Czech Office for the Protection of Competition (UOHS) has been reviewing objections the two failed bidders filed after KHNP was named the preferred bidder in July to build new reactors in the Dukovany nuclear p

November 1, 2024

LG's transparent OLED TV named among Time's best inventions for 2024

SEOUL, October 31 (AJP) - LG Electronics' wireless transparent OLED TV and built-in kitchen appliance have been selected for Time magazine's "200 Best Inventions of 2024" list, marking the company's sixth consecutive year of recognition by the publication. The LG SIGNATURE OLED T, featuring a 77-inch transparent display and wireless AV transmission technology except for the power cord, was selected in the consumer electronics category. The device's componen

October 31, 2024

Samsung signals progress in Nvidia qualification for AI chips

SEOUL, October 31 (AJP) – Samsung Electronics said Thursday that it anticipates expanded sales of its advanced memory chips for artificial intelligence in the fourth quarter, citing key progress in the qualification process with Nvidia. "We havve made meaningful progress by completing important stages in the qualification process with a key customer," Kim Jae-june, executive vice president of Samsung's memory business, said during a third-quarter earnings call.

October 31, 2024

Czech watchdog temporarily halts nuclear plant deal with KHNP

SEOUL, October 31 (AJP) - South Korea's state-run nuclear operator Korea Hydro & Nuclear Power (KHNP) is facing a temporary hold on its nuclear power plant contract in the Czech Republic as the country’s antitrust watchdog reviews complaints from rival bidders. The Czech Office for the Protection of Competition (UOHS) announced Wednesday it had temporarily blocked the government from signing a nuclear deal with KHNP as it investigates appeals from U.S.-based Westinghou

October 31, 2024

Korea reports first highly pathogenic bird flu case in 5 months

SEOUL, October 30 (AJP) - South Korea confirmed its first case of highly pathogenic avian influenza (AI) at a poultry farm this autumn, marking the first outbreak in five months, officials said Wednesday. The H5N1 strain was detected the previous day at an egg-laying chicken farm in the eastern city of Donghae, Gangwon Province, according to the Ministry of Agriculture, Food, and Rural Affairs. Authorities culled about 780 chickens and ducks at the affected farm and ordered a sta

October 30, 2024

Korea Zinc shares tumble 30% after announcing new share sale plan

SEOUL, October 30 (AJP) - Shares in Korea Zinc fell nearly 30 percent Wednesday after the world's largest zinc smelter announced plans to issue new shares worth 2.5 trillion won ($1.81 billion). The announcement came as the company, backed by U.S. investment firm Bain Capital, strives to fend off a takeover bid from its largest shareholder, Young Poong, and MBK Partners. The company's board approved the issuance of 3.73 million new common shares at 670,000 won per share,

October 30, 2024

Samsung SDI reports 72% profit drop in Q3

SEOUL, October 30 (AJP) - Samsung SDI Co., one of South Korea's major electric vehicle (EV) battery manufacturers, revealed on Wednesday a 72.1 percent drop in third-quarter operating profit to 129.9 billion won (US$93.8 million). Revenue fell by 29.8 percent to 3.94 trillion won in the July-September quarter. Although battery supply to its North American partner facilities increased, its flagship battery division saw operating profit plunge 85 percent from a year earlier to

October 30, 2024

Shinsegae to split into two separate groups; heiress named department store chair

SEOUL, Oct. 30 (AJP) — South Korea's Shinsegae Group announced Wednesday it will split into two separate groups, each centered on Shinsegae Department Store and the E-mart discount store. The retail conglomerate promoted Chung Yoo-kyung, president of the department store, to chairwoman to head the new Shinsegae-led group. Her brother Chung Yong-jin, chairman of Shinsegae Group, will oversee operations centered on E-mart, the group said. The split completes a succes

October 30, 2024

POSCO, JSW Group to build steel mill in eastern India

SEOUL, October 29 (AJP) - South Korea's POSCO Group said Tuesday it will partner with India's largest steelmaker JSW Group to build an integrated steel mill in eastern India. The companies signed a memorandum of understanding Oct. 21 in Mumbai to construct a facility with an annual capacity of 5 million tons in Odisha state and pursue cooperation in battery materials and renewable energy projects. The agreement, signed by POSCO Chairman Choi Jeong-woo and JSW Chairman Saj

October 29, 2024