Lotte Group plagued by rumors of liquidity problem

SEOUL, November 19 (AJP) - Lotte Group's major listed subsidiaries saw their stock prices stabilize one day after a sharp decline, triggered by rumors of a liquidity crisis. On Nov. 16, two YouTube channels posted videos about Lotte Group's supposed crisis, with rumors claiming the company would declare a moratorium and lay off 50 percent or more of employees in its retail subsidiaries next month. These rumors led to a sell-off of Lotte Group's stocks, with Lotte G

November 19, 2024

Hyodol's caregiver robot selected into state-run startup procurement platform

SEOUL, November 19 (AJP) - An artificial intelligence-powered companion robot developed by Hyodol has been selected as a supplier on a state-run platform dedicated to supporting innovative products from startups, the Korean robot maker said Tuesday. The platform, called Venture Nara, is operated by South Korea's Public Procurement Service to help startups and venture businesses. Products with excellent technology and quality are evaluated and designated as innovative startup p

November 19, 2024

Korea Zinc's high-nickel precursor designated as 'national core technology'

SEOUL, November 18 (AJP) - The South Korean government designated Korea Zinc's high-nickel precursor technology as a "national core technology" on Monday amid the ongoing management dispute between the world's largest smelter and its major shareholders, Young Poong and MBK Partners. National core technologies are crucial to a nation's economic and security interests. They are subject to strict government oversight to prevent their export and potential misuse

November 18, 2024

Korea, Peru sign deals to strengthen defense ties

SEOUL, November 18 (AJP) - The governments of Korea and Peru signed a series of memorandums of understanding (MOU) on defense cooperation in the land, sea, and air sectors during the summit of their leaders at the Peruvian presidential palace. South Korean President Yoon Suk Yeol and Peruvian President Dina Boluarte signed a joint declaration during their summit on Saturday, held alongside the Asia-Pacific Economic Cooperation forum in Lima. Defense Acquisition Program Administrat

November 18, 2024

Naver signs joint venture deal with Saudi housing agency

SEOUL, November 18 (AJP) - Korean tech firm Naver signed a memorandum of understanding (MOU) with Saudi Arabia's National Housing Company (NHC) to establish a joint venture, the company said on Monday. The agreement, signed during the Cityscape Global 2024 event in Riyadh, will focus on operating digital twin platforms within Saudi Arabia. The National Housing Company (NHC), which handles 70 percent of Saudi Arabia's real estate transactions, will partner with Naver to

November 18, 2024

LG Display plans $1 billion additional investment in OLED plant in Viet Nam

SEOUL, November 18 (AJP) - LG Display received approval from Viet Nam's Haiphong city authorities on Thursday to invest an additional 1.39 trillion won ($1 billion) over the next five years in its OLED module factory, bringing the company's total investment in Viet Nam to 7.88 trillion won ($5.65 billion). The investment aims to stabilize OLED production operations at the company's Haiphong facility, which was completed in 2017, and strengthen its OLED business competi

November 18, 2024

LG Energy Solution to supply batteries to Silicon Valley-based robot company

SEOUL, November 18 (AJP) - South Korea's LG Energy Solution will supply cylindrical batteries to Bear Robotics, a Silicon Valley-based AI-powered service robot company. LG Energy Solution announced on Monday that it has signed a memorandum of understanding (MOU) with Bear Robotics regarding a battery cell supply agreement and technological collaboration. Starting in 2025, LG Energy Solution will be the sole supplier of cylindrical "2170" lithium-ion batteries, com

November 18, 2024

South Korea's business chamber sends delegation to COP29 climate talks

SEOUL, November 18 (AJP) - South Korea's business lobby Korea Chamber of Commerce and Industry (KCCI) announced on Monday it has dispatched a delegation to the United Nations climate conference COP29 in Baku, Azerbaijan. The delegation includes representatives from major South Korean conglomerates SK Group, LG Group, and HD Korea Shipbuilding & Offshore Engineering Co., who will participate in discussions through Nov. 23 at the conference attended by about 40,000 participa

November 18, 2024

Samsung to buy back shares worth 10 trillion won to boost shareholder value

SEOUL, November 15 (AJP) - Samsung Electronics announced Friday it will buy back shares worth 10 trillion won (US$7.16 billion) to enhance shareholder value following a recent decline in its stock price. The repurchase will be carried out in installments over a one-year period, the Korean company said in a regulatory filing after a board meeting. The surprise announcement came a day after Samsung's shares fell below 50,000 won for the first time in four and a half years, am

November 15, 2024

Expo highlights growth, innovation of South Korean small firms

SEOUL, November 15 (AJP) - An event designed to highlight the growth and achievements of South Korean SMEs took place in the southeastern port city of Ulsan, the Korea Management Innovation Association for Small and Medium Businesses (MainBiz Association) said Friday. The two-day "2024 SME Technology and Management Innovation Expo," which began on Thursday, aimed to inspire innovation through awards for contributors, innovation-focused conferences, and presentations on gro

November 15, 2024