Unionized workers at GM Korea decided to go on a partial strike after they failed to reach an agreement with the company in wage negotiations, according to the union Friday. The union will proceed with a four-hour walkout on Friday and next Monday, it said. GM Korea and its unionized workers held 21 rounds of negotiations beginning in July. The last one ended after 10 minutes, according to the related parties. The partial strike is expected to weigh on GM Korea as it will deepen productio

LG Electronics Inc. said Friday its net profit nearly doubled in the third quarter from a year earlier on the back of strong global demand for its TVs and home appliances amid the coronavirus pandemic. The South Korean tech giant said its net income reached 649.2 billion won ($573.6 million) in the July-September period, up 87.8 percent from 345.7 billion won the previous year. Its third-quarter operating income stood at 959 billion won, up 22.7 percent on-year, while sales reached 16.9 trilli

LG Chem Ltd. was the world's biggest supplier of electric vehicle (EV) batteries in the first nine months of this year thanks to robust demand from global automakers, a market research firm said Friday.  South Korea's largest chemical company accounted for a 24.6 percent share of the global EV market in the January-September period, with 19.9 gigawatt-hours (GWh) of battery production capacity, according to SNE Research. China's CATL came next with a 23.7 percent share, and Japan's Pana

Korea Shipbuilding & Offshore Engineering Co. said Friday that it swung to a net loss in the third quarter from a year ago due to the stronger local currency. Net losses came to 77 billion won ($68.3 million) in the July-September period, compared with a profit of 20.4 billion won a year earlier, Korea Shipbuilding said in an emailed statement. Sales fell 5 percent to 3.46 trillion won in the three-month period and operating profit rose 34 percent to 40.7 billion won. "The appreci

LG International said its operating profit in the third quarter of this year was estimated at 34.9 billion won ($30 million), up 19.5 percent from the same period last year. Sales rose 14.3 percent year-on-year to 3.1 trillion won. Net profit rose 358.9 percent to 41.3 billion won. LG International explained that the rebound was the result of an increase in trading volume -- for example, for palm oil and information technology parts -- and a strong performance in the logistics sector. &ld

Samsung Electronics and Samsung SDI said Friday that they have begun training more than 1,500 miners from 12 mining cooperatives in Kolwezi, Democratic Republic of Congo, this month to supply cobalt in a more environmentally friendly manner. The project, “Cobalt for Development,” also aims to promote safe working conditions and the well-being of local communities. Through the project -- a cross-industry initiative of Samsung Electronics, Samsung SDI, BMW, BASF and Volkswagen -- th

Hyundai Motor Co. said Friday it has sold over 10,000 Nexo hydrogen fuel cell electric vehicles in the domestic market since its launch in early 2018. Hyundai began to sell the Nexo hydrogen model in the local market in March 2018 as it aimed to take the leadership position in hydrogen mobility technology. In 2020, Hyundai is targeting selling 10,100 Nexos in Korea, mainly to public organizations and companies, more than doubling from the 4,194 units it sold last year. Separately, the coun

LG Chem’s plan to split off its battery business received final approval at a shareholders meeting at the LG Twin Towers in Yeouido, western Seoul, Friday. The split-off required support from at least two-thirds of all shareholders in attendance, who had to possess at least one-third of all shares issued. “About 77.5 of shareholders participated in the meeting and 82.3 of them voted yes. Also, the split-off earned support from 63.7 percent of total shares,” an LG Chem offi

Hyundai Oilbank, South Korea’s major refiner, said Friday that the company would lower its carbon emissions by 30 percent over the next 30 years. Under the plan, the South Korean refiner would cut its carbon emissions by 1.79 million tons, from 6.78 million tons last year to 4.99 million tons in 2050. Hyundai Oilbank said the company would also seek zero net growth in greenhouse gas emissions, even while expanding its business. Hyundai Oilbank is currently conducting joint research wit

LG Electronics Inc. on Friday signed a partnership with a local food firm to expand the use of its artificial intelligence-powered services in kitchen appliances amid the pandemic-driven stay-at-home trend. The South Korean tech powerhouse joined hands with Dongwon F&B Co. so that more LG DIOS light wave oven owners can use the product's AI feature in cooking foods, especially easy-to-cook meals. When users scan a barcode of Dongwon F&B's home meal replacement (HMR) products via the L

SK Innovation Co., South Korea's largest refiner and major battery maker, said Friday it shifted to a net loss in the third quarter from a year earlier due to low demand for petrochemical products amid the COVID-19 pandemic. For the three months that ended in September, SK Innovation swung to a net loss of 16.13 billion won ($14 million) from a net profit of 174.26 billion won in the same period of last year, the company said in a statement. "The coronavirus pandemic continued to weigh

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Doosan Heavy Industries & Construction said Thursday it has won a 400 billion won ($353 million) order to build a hydropower plant in Nepal. The South Korean company signed an agreement with Nepal Water & Energy Development to build a 216-megawatt hydroelectric power station on the Trishuli River, 70 kilometers north of Kathmandu, over the next five years, the company said in a statement. NWEDC, a special purpose entity for the project, is 50 percent owned by Korea South-East Power, a

The Korea Chamber of Commerce and Industry said Thursday it held a meeting with companies entering New Northern countries to discuss success factors and market entry strategies. The New Northern countries -- a term coined by the government -- are Russia, Moldova, Mongolia, Belarus, Armenia, Azerbaijan, Uzbekistan, Ukraine, Georgia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan. The meeting was attended by Yeo Han-gu, head of the Northern Economic Cooperation Committee, large co

PRINCIPAL AWARDS/GRAND PRIZE SK HOLDINGS By Hong Kyung-pyo Vice president of Brand Management Dept. First of all, I would like to express our gratitude for giving us the Korea Herald Advertising Awards Grand Prize, which will no doubt boost SK holdings’ brand management activities. SK is pursuing greater happiness for all of us by creating social values, with the belief that sustainable management is possible in a sustainable society. This year’s OK! SK campaign is design