LG Chemical is building a second battery factory with an output capacity of car batteries enough for 530,000 high performance pure electric cars in Nanjing, China.Construction of the plant will begin in October this year and commercial production will begin in October the next year. It is planning t
Business lobbies in South Korea and other major economies have called on the leaders of the Group of 20 (G20) to take action to stop the spread of protectionism, a local organization said Thursday.The Global Business Coalition (GBC) made the call in a statement issued ahead of the G20 meeting of fin
LG Electronics Inc., South Korea's second-biggest tech company by sales, said Tuesday it has acquired Robostar Co., a local robot company, as part of its business diversification strategy.LG Electronics took over a controlling 30 percent stake in the robot manufacturer. It invested in a 20 perce
Kakao Friends Corp., a character licensing arm under South Korea's top mobile messenger operator Kakao Corp., said Wednesday it has decided to change its name to Kakao IX after merging with JOH, a brand consulting firm, earlier this month.Kakao IX said its new name stands for "Innovative Experi
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LG Electronics Inc. said Tuesday it has started sales of its latest G7 ThinQ smartphone in the Central and South American markets as it expands overseas sales of the flagship device.The South Korean tech giant said the G7 ThinQ reached Brazil and Mexico last week, claiming the new device now has pre
The volume of electricity generated from renewable energy jumped more than 20 percent on-year in 2017 to touch a record high, industry data showed Monday.Asia's fourth-largest economy saw the trading value of power generated from renewable energy come to 2.05 trillion won (US$1.82 billion) last
Overseas sales accounted for nearly a fifth of all products sold by South Korean companies and the numbers are expected to continue rising in the future as countries ramp up protectionist policies, market data showed Sunday. Data from the Bank of Korea (BOK) and Export-Import Bank of Korea (
South Korea's minimum wage for next year has been set at 8,350 won (US$ 7.37) per hour, up 10.9 percent from this year, officials decided on Saturday.The decision was made after the Minimum Wage Council -- a panel comprised of representatives from labor, management and the general public -- had
U.S. activist fund Elliott Associates has filed an investor-state dispute (ISD) suit against the South Korean government seeking compensation for its losses from a 2015 merger of two Samsung units, Seoul's justice ministry said Friday.The notice of arbitration lodged by the American firm comes t
Hyundai Mipo Dockyard Co., a South Korean shipbuilder, said Friday that it has won a 84.1 billion won (US$74.26 million) order to build two petrochemical product carriers.In a regulatory filing, the local shipyard said it will deliver the vessels by September 2019 to an unidentified buyer based in t
Hyundai Motor Co.'s union on Thursday called on the U.S. government to exclude Korean carmakers from its plan to impose 25 percent tariffs on imported vehicles as it could lead to the loss of jobs at Hyundai's Alabama plant."If Hyundai Motor is blocked from exporting its vehicles from its d
South Korea's market for artificial intelligence (AI) speakers is expected to grow sharply this year to rank fifth in the world, a global industry tracker said Thursday.The number of AI speakers installed across the world is projected to reach 100 million units at the end of the year, 2.5 times
The financial regulator is set to hold its fifth review session on a suspected accounting breach by Samsung BioLogics Co., officials said Thursday.The Thursday session, which aims to decide punitive measures financial authorities could take against Samsung BioLogics over the alleged breach, is likel
Earnings of South Korean game giants -- Nexon Korea Co. and NCsoft Corp. -- took a breather in the second half of this year following stellar performances in the previous quarter, but Netmarble Games Corp. pulled off a turnaround, industry sources said Tuesday.South Korea's top game publisher, N
Hyundai Motor Co. and its affiliate Kia Motors Corp. said Tuesday sales of vehicles in Germany jumped 10 percent on-year in the first half of this year, spurred by robust demand for their environmentally friendly cars.From January through June, Hyundai and Kia sold a combined 92,752 vehicles in the
LG Display Co. ranked as the world's largest supplier of active-matrix organic light-emitting diode (AMOLED) displays for smartwatches in 2017, data showed Monday, apparently helped by strong shipments to Apple Inc.The South Korean display maker shipped 10.64 million units of AMOLED display pane
Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Monday it is competing with Sembcorp Marine Ltd., a Singapore-based machinery company, to win a US$2 billion auction to build an offshore facility for U.S. energy giant Chevron.DSME has been shortlisted in the bid to supply a floating producti
South Korea's trade ministry is working on finalizing the members of the delegation for Washington's public hearing on auto tariffs slated for later this month, industry sources said Sunday.The Ministry of Trade, Industry and Energy decided to send the delegation to the July 19-20 public hea
LG Electronics Inc. said Friday its second-quarter operating profit advanced 16.1 percent from a year earlier, apparently led by stable sales of TVs and home appliances.Operating profit came to 771 billion won (US$691 million) in the April-June period, compared to 664 billion won posted in the same