Journalist

Jo Seung-jun
  • S&P upgrades LG Electronics credit outlook, citing India IPO
    S&P upgrades LG Electronics' credit outlook, citing India IPO SEOUL, October 22 (AJP) - Standard & Poor’s on Tuesday upgraded LG Electronics’ credit outlook to “BBB Positive” from “BBB Stable,” the company’s first improvement since October 2022. The ratings agency cited robust performances in LG’s home appliance and vehicle component businesses, stronger cash flow from its Indian initial public offering, and a rebound at its affiliate, LG Display. The move came months after Moody’s raised LG’s outlook to “Baa2 Positive" early this year. S&P’s revision signals expectations of financial improvement over the next one to two years, in contrast to the prior “Stable” rating that suggested steady but unremarkable conditions. “Despite U.S. tariff hikes, LG’s core businesses continue to show solid results,” S&P said in a statement, highlighting “a major cash influx from the India IPO and a turnaround at LG Display, where LG holds a 36.72 percent stake.” LG’s home appliance division has maintained its strong market position amid global economic uncertainty, while the company’s air conditioner business is expanding on demand for cooling systems used in data centers. Meanwhile, the vehicle component business continues to improve profitability, supported by a $100 billion order backlog and a more favorable mix of contracts. S&P said it expects LG Display’s recovery to further strengthen LG Electronics’ financial profile, as the company recognizes those gains through the equity method. According to LG, the India IPO will generate more than 1.8 trillion won ($1.3 billion), providing additional funds for debt reduction. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-22 08:16:13
  • Battery materials plant opens in Saemangeum complex
    Battery materials plant opens in Saemangeum complex SEOUL, October 01 (AJP) - LS-L&F Battery Solution, a joint venture between LS Corp. and battery materials maker L&F, inaugurated a precursor plant on Tuesday in the Saemangeum National Industrial Complex in Gunsan, North Jeolla Province. The 1 trillion won ($730 million) facility, spanning about 40,000 square meters, is expected to employ roughly 1,000 people, underscoring the government’s efforts to strengthen domestic supply chains in the fast-growing battery sector. The opening ceremony was attended by senior executives from LS Group and L&F, along with regional officials including North Jeolla Governor Kim Kwan-young. “This plant will be a key hub for K-battery materials, reducing reliance on China and accelerating our path to global leadership,” said LS Group Chairman Koo Ja-eun, noting that China currently controls about 80 percent of the global precursor market. The plant began trial operations in April and aims to gradually scale up production to 120,000 tons of precursor by 2029, a volume sufficient for about 1.3 million electric vehicles. LS-L&F Battery Solution was formed in October 2023 as part of LS Group’s push beyond its traditional businesses in electricity and materials into growth areas such as batteries, electric vehicles, and semiconductors. The expansion is supported by LS MnM, the group’s non-ferrous metal unit, which plans to invest 1.8 trillion won in new plants in Ulsan and Saemangeum by 2029 to produce nickel sulfate, a critical raw material for precursors. That output will feed into LLBS, which will then supply L&F for cathode manufacturing, creating what the company describes as a fully domestic battery materials value chain. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-01 13:55:32
  • LG Electronics pushes ahead with delayed India IPO, seeking fresh cash flow
    LG Electronics pushes ahead with delayed India IPO, seeking fresh cash flow SEOUL, September 30 (AJP) - LG Electronics said Tuesday it will complete the long-awaited listing of its Indian unit by year’s end, in a move aimed at both raising funds and positioning the company as a household name in one of its most dynamic markets. The company’s board approved the sale of a 15 percent stake in the Indian unit, or more than 101 million shares, and intends to file final documents with India’s market regulator, the Securities and Exchange Board of India, in the coming weeks, company officials said Tuesday. Pricing details and the timing of the sale will be determined once regulators give the green light. The offering, which will not involve issuing new shares, ensures that all proceeds return to LG’s headquarters in Seoul. Analysts said the move could strengthen the company’s financial position at a time when consumer electronics demand has softened globally. IBK Securities noted that while the final quarter of the year is usually a slow period, the IPO is likely to improve cash flow, and Moody’s has flagged the deal as a potential boost to LG’s credit profile. The initiative has been led by Chief Executive Cho Joo-wan, who has pushed to elevate LG’s brand identity in India. “LG’s brand is highly regarded in India, and we aim to become a beloved national brand,” he told shareholders in March. LG began laying the groundwork for the offering late last year and received preliminary approval from the Indian regulator in March, though the listing was delayed by market volatility. The IPO, expected to be one of the largest by a consumer electronics company in India, is projected to raise about 115 billion rupees, or $1.8 billion. Global corporations from Whirlpool to Nestle have tapped India’s capital markets in recent years to fuel local growth. For LG, India has become a critical battleground for sales of appliances, televisions and smartphones, as the country’s middle class expands and competition with local and Chinese brands intensifies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-30 13:52:21
  • Samsung heir begins naval officer training to become ensign
    Samsung heir begins naval officer training to become ensign SEOUL, September 23 (AJP) - Lee Ji-ho, the son of Samsung Electronics chairman Lee Jae-yong, began his military service as a naval officer candidate with a ceremony in Jinhae, South Gyeongsang Province on Tuesday. Of the 84 candidates who enrolled last Monday, 83 attended the ceremony after one male candidate withdrew. They will undergo 10 weeks of combat training, including marksmanship, chemical, biological, and radiological (CBR) defense drills as well as exercises involving inflatable boats, before being commissioned as ensigns in late November. Tuesday's ceremony was open only to the press, with no family or friends in attendance. Lee, set to serve as an interpreter officer, gave up his U.S. citizenship to carry out his military duty in South Korea. Earlier in 2014, Chey Min-jung, the daughter of SK Group chairman Chey Tae-won, drew attention by enrolling as a naval officer candidate, a rare move for a woman from a conglomerate family. Chey's case has sent a refreshing jolt through a world of privilege, where most scions of chaebol families are mysteriously exempt from mandatory military service. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-09-23 16:20:41