Industry

  • LG Chem sells water treatment business to private equity fund
    LG Chem sells water treatment business to private equity fund SEOUL, June 16 (AJP) - LG Chem has agreed to sell its water treatment filter business to Glenwood Private Equity for 1.4 trillion won (approximately $1 billion), as South Korea’s largest chemical company accelerates efforts to streamline operations and sharpen its focus on high-growth sectors. The deal, signed on June 13, will transfer LG Chem’s Water Solution unit to Korea Water Solution Holdings, a special purpose entity established by Glenwood PE. The Water Solut June 16, 2025
  • US steel tariffs likely to hit core of Samsung, LGs appliance exports
    US steel tariffs likely to hit core of Samsung, LG's appliance exports SEOUL, June 13 (AJP) - Samsung Electronics and LG Electronics are bracing for financial and operational turbulence after the Trump administration announced it would impose 50 percent tariffs on steel-derived products used in home appliances. The U.S. Commerce Department published the sweeping list of affected goods in the Federal Register, with implementation set for June 23. The targeted products include refrigerators, washing machines, dryers, dishwashers, freezers, stoves, rang June 13, 2025
  • President Lee pledges support for growth at meeting with business leaders
    President Lee pledges support for growth at meeting with business leaders SEOUL, June 13 (AJP) - President Lee Jae-myung met with the heads of South Korea’s largest conglomerates and business associations on Friday, pledging regulatory reform and support for corporate growth as central pillars of his economic agenda. The meeting came just days before his scheduled departure for the Group of 7 summit in Canada. The gathering, held at the presidential office in Yongsan, Seoul, brought together top executives from Samsung, Hyundai Motor Group, LG Gr June 13, 2025
  • Samsung screens coral reef documentary at UN Ocean Conference
    Samsung screens coral reef documentary at UN Ocean Conference SEOUL, June 13 (AJP) - Samsung Electronics premiered its self-produced documentary, Coral in Focus, at the United Nations Ocean Conference, marking World Oceans Day with a spotlight on marine conservation efforts. The screening, held in the coastal city of Nice, drew an audience of roughly 70 attendees, including representatives from international organizations, marine scientists, and environmental advocates. The film explores the escalating crisis facing coral reef ecosystems June 13, 2025
  • Samsung raises bet on robotics with investment in US startup
    Samsung raises bet on robotics with investment in US startup SEOUL, June 13 (AJP) - Samsung Electronics has invested $10 million in Skild AI, a California-based robotics software company developing artificial intelligence systems for autonomous machines, as part of a broader push into the emerging field of physical AI. The investment is part of Skild AI’s $4.5 billion Series B funding round, led by Japan’s SoftBank, which contributed $100 million. Nvidia also joined the round with a $25 million stake. Several other South Kore June 13, 2025
  • Korean petrochemical firms seek lifeline through mergers as losses mount
    Korean petrochemical firms seek lifeline through mergers as losses mount SEOUL, June 13 (AJP) - South Korea’s beleaguered petrochemical industry is turning to consolidation as a potential lifeline, with Lotte Chemical and HD Hyundai reportedly in discussions to integrate their naphtha cracking operations. The move comes as domestic producers reel from plunging profits and stiff competition from China and the Middle East. Lotte Chemical’s operating profit plummeted nearly 64 percent in the past year, falling from 2.59 trillion won ($1.9 bil June 13, 2025
  • Koreas leading online bookstore admits possible data breach after ransomware attack
    Korea's leading online bookstore admits possible data breach after ransomware attack SEOUL, June 12 (AJP) - Yes24, South Korea’s largest online bookstore, acknowledged for the first time on Thursday the possibility that customer data may have been compromised in a ransomware attack that has crippled its operations for days. In a statement posted on its official website, the company said it would individually notify customers if investigators confirm that personal data had been leaked. The announcement came one day after the Personal Information Protection C June 12, 2025
  • Kakao charts new course with AI push, global ambitions
    Kakao charts new course with AI push, global ambitions Editor's Note: This article is the 22nd installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 12 (AJP) - Kakao Corporation, once a scrappy start-up with a single messaging app, has grown into one of South Korea’s most powerful tech conglomerates — a digital behemoth whose services permeate nearly every aspect of daily life for millions of K June 12, 2025
  • Snap to launch lighter, smarter AR glasses next year
    Snap to launch lighter, smarter AR glasses next year SEOUL, June 12 (AJP) - Snap Inc., the parent company of Snapchat, is making a renewed bet on hardware with the announcement of a next-generation pair of augmented reality smart glasses, known simply as “Specs.” Set to launch in 2026, the new device represents a shift in strategy for the social media company, which has previously released AR glasses under the “Spectacles” brand, primarily targeting developers and creators. This latest iteration, however, June 12, 2025
  • Government to confront climbing grocery costs in meeting with industry groups
    Government to confront climbing grocery costs in meeting with industry groups SEOUL, June 12 (AJP) - Kim Min-seok, President Lee Jae-myung's nominee for prime minister, is set to hold talks on Friday with representatives from the nation’s food and restaurant sectors as the government confronts growing public frustration over rising consumer prices. According to officials familiar with the issue, the meeting will take place in Seoul and will include representatives from the Korea Food Industry Association, the Korea Foodservice Industry Association, June 12, 2025