LG Electronics readies for $1.8b Indian IPO

South Korean home appliances giant LG Electronics is aiming to cement its presence in India, going for an initial public offering in the country, where the firm is a leader in the premium TV and air conditioner market. On Friday, the company’s Indian arm filed for an IPO with the Securities and Exchange Board of India, a draft red herring prospectus from the company showed. LG Electronics, the parent company that fully owns the Indian entity, will sell 101.8 million shares, accounting for

IndustryDec. 8, 2024

1 in 4 Hyundai-Kia cars now sold in US

Hyundai Motor Group said Sunday that its US sales have reached the highest level in 36 years, with one in four of its cars sold globally being purchased in the all-important market. From January to November, Hyundai Motor and Kia sold a combined 1.55 million vehicles in the US, accounting for 23.3 percent of the group’s 6.65 million units sold worldwide. This marks the first time since 1988 that the US share has exceeded 23 percent. Last year, Hyundai set a record for US sales at 1.65 mill

MobilityDec. 8, 2024

[Photo News] Hana Bank forex contest

Hana Bank, a major commercial lender in South Korea, held the final round of its 19th annual foreign exchange contest on Friday, aimed at enhancing employee expertise in the forex field. The event capped a seven-month journey that began with a record 8,000 participants in the preliminary round. In the picture, Hana Bank CEO Lee Seung-lyul (second row, fifth from left) poses with executives and the top 10 finalists at the bank’s Myeongdong headquarters in Seoul on Friday. (Hana Bank)

IndustryDec. 8, 2024

Yoon's signature industrial policies at risk

South Korea’s political crisis, triggered by President Yoon Suk Yeol's short-lived martial law declaration, is casting doubt on several of his administration's cornerstone industrial projects and the country’s ability to navigate trade challenges. The initiatives facing increased uncertainty include a multibillion-dollar nuclear power deal in the Czech Republic and the Donghae deepwater gas field development. The instability comes at a critical moment for South Korea, as sh

IndustryDec. 8, 2024

Korean won worst performer among major peers over martial law shock wave

The South Korean currency was the worst performer around the globe last week as the political turmoil following President Yoon Suk Yeol's short-lived declaration of martial law has affected sentiment, data showed Sunday. The Korean won dropped by 24.5 won per dollar over the past week, the sharpest weekly fall since the third week of January when the currency dropped 25.5 won, according to data compiled by Yonhap Infomax, Yonhap News Agency's financial information arm. The won was down

EconomyDec. 8, 2024

[Photo news] Deeply divided nation

Mass rallies are held in two symbolic Seoul districts, Yeouido and Gwanghwamun, minutes before a parliamentary vote on the impeachment of President Yoon Suk Yeol, offering sharply contrasting views of South Korea.

IndustryDec. 7, 2024

Network failures occur amid impeachment rallies in Seoul

Network failures and service disruptions occurred in key areas of Yeouido and Gwanghwamun in Seoul on Saturday, as thousands of citizens filled the streets ahead of the impeachment vote for the embattled President Yoon Suk Yeol. “I could not send any messages on KakaoTalk or Telegram when I reached the front of the National Assembly. My connection was restored when I moved farther away from the Assembly,” a protester said. Media outlets seeking to livestream the rally in front of the

IndustryDec. 7, 2024

Genesis to debut high-performance GV60 Magma in Middle East next year

Genesis is entering the high-performance electric vehicle market with the GV60 Magma, the first model in its newly announced “Magma” lineup. Set to launch in the Middle East next year, this version of the GV60 promises top-tier performance, pushing the boundaries of what the luxury automaker’s electric vehicles can deliver. Based on the all-electric GV60, the Magma variant has been developed as the flagship performance model for Genesis’ growing lineup. Speaking at a foll

MobilityDec. 6, 2024

Affinity Equity to acquire rental car business from Lotte in W1.6tr deal

South Korean retail giant Lotte Group said Friday that it has picked Affinity Equity Partners, the Hong Kong-based private equity firm, as the preferred bidder to acquire its rental car business, Lotte Rental, in a 1.6 trillion won ($1.12 billion) deal. The deal involves a combined 56.2 percent stake in Lotte Rental owned by its hotel subsidiaries, Hotel Lotte and Busan Lotte Hotel. The latest deal comes amid growing concerns over a potential liquidity crisis at the nation’s sixth-larges

CompaniesDec. 6, 2024

Korea’s finance chief sending out emergency letters to reassure foreign investors

South Korea's finance minister has sought to reassure foreign investors and global financial institutions through emergency letters and meetings, as political tensions intensify following President Yoon Suk Yeol's martial law declaration. An official from the Ministry of Economy and Finance confirmed that the ministry is continuing to send out emergency letters to major economies, financial regulators and investors to assure them that "the nation’s political, economic and na

EconomyDec. 6, 2024

Seoul shares down for 3rd day; impeachment vote in focus

Seoul shares closed down for a third straight session Friday as investors await the result of an impeachment vote against President Yoon Suk Yeol on Saturday over his botched martial law attempt. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 13.69 points, or 0.56 percent, to close at 2,428.16. This week, the index lost 1.1 percent. Trade volume was moderate at 620.82 million shares worth 10.48 trillion won ($7.4 billion), with losers outpacing wi

MarketDec. 6, 2024

Korean Air wins Global Traveler Award for best inflight service

Korean Air announced on Friday that it has earned the prestigious Best Airline Onboard Service title at the Global Traveler 2024 GT Tested Reader Survey Awards. The airline's Skypass loyalty program also received recognition, winning the Best Frequent-Flyer Award Redemption category. Additionally, Korean Air ranked highly in several other categories, including second place for Best First-Class Seat Design and third place for Best Airline Cuisine, Best Business-Class Seat Design, Best Flight

IndustryDec. 6, 2024

HDC Group appoints financial experts as new leaders

South Korean construction giant HDC Group on Friday named Jung Kyung-koo, CEO of HDC, the group’s holding unit, as the new CEO of its flagship construction unit HDC Hyundai Development Company in its year-end leadership reshuffle. Jung, 59, is a financial specialist who majored in law at Seoul National University and started his career at Shinhan Investment Securities. At HDC, he has served in diverse leadership positions, including head of management planning and chief finance officer at

CompaniesDec. 6, 2024

LG Energy Solution, GM celebrate 100 millionth EV battery cell from Ohio plant

LG Energy Solution and General Motors celebrated a major milestone on Friday as their joint venture, Ultium Cells, produced its 100 millionth electric vehicle battery cell at Plant 1 in Warren, Ohio. The milestone also coincided with the fifth anniversary of Ultium Cells, which was launched on Dec. 5, 2019. To mark the occasion, a ceremony was held at the facility. “This achievement shows our commitment to advancing clean energy across industries like electric vehicles and energy storage s

MobilityDec. 6, 2024

Agriculture minister apologizes for attending Yoon’s Cabinet meeting for martial law declaration

Minister of Agriculture, Food and Rural Affairs Song Mi-ryeong on Friday expressed deep regret over her attending a Cabinet meeting convened by President Yoon Suk Yeol Tuesday night to discuss martial law declaration. “If I had known about the agenda, I wouldn’t have attended the meeting. I feel deeply sorry to the public,” Song told reporters after a meeting at the government complex in Sejong. “I was both confused and deeply concerned about (martial law declaration). I

IndustryDec. 6, 2024

Samsung C&T, Sweden’s Karnefull Next join hands to develop SMRs for data centers

Samsung C&T said Friday that it has signed a memorandum of understanding with Swedish small modular reactor developer Karnfull Next as part of efforts to advance its SMR business in Europe. A signing ceremony was held in Seoul on Thursday, attended by Karnfull Next CEO Christian Sjolander, South Korea's Trade Minister Jeong In-kyo and Samsung C&T CEO Oh Se-chul. Karnfull Next, a subsidiary of the private nuclear power company Karnfull Energi, specializes in SMR development. The agre

CompaniesDec. 6, 2024

LG CNS eyes Kospi debut in February

South Korean IT solutions provider LG CNS said Friday it has submitted a prospectus to the financial authorities to officially begin the public offering process, aiming for a listing on the country’s main bourse Kospi in February. The company plans to issue 19.38 million shares in the upcoming IPO. The target offering price is between 53,700 won and 61,900 won ($37.88-$43.44) a share, with the estimated market capitalization expected at up to 6 trillion won. LG CNS will conduct a book-buil

IndustryDec. 6, 2024