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Reporter : Park Jae-hyuk
Sun, January 29, 2023 | 15:23
More Korean manufacturers enjoy Georgia's hospitality
The U.S. state of Georgia has emerged as one of the most preferable destinations for Korean manufacturers, as the southeastern state has not only offered handsome tax incentives but also paid respect to Korean culture. Earlier this month, several seminars were held in the state's Bryan County for its locals to welcome the family members of hundreds of Koreans who will be empl...
LGES to capitalize on US IRA, Tesla partnership to continue record earnings
LG Energy Solution (LGES) hopes to benefit from the U.S. Inflation Reduction Act (IRA) and sales of cylindrical batteries to Tesla, as the rechargeable battery maker aims to achieve stellar earnings again this year by increasing investments, particularly in North America. Announcing a 43 percent year-on-year increase in annual sales to a record 25.6 trillion won ($21 billion)...
SK E&S retains gov't support for Barossa gas project in Australia
The Korea Trade Insurance Corp. (K-Sure) decided recently to continue guaranteeing 400 billion won ($325 million) worth of financial support for a drilling project at Barossa offshore gas field in Australia, reducing uncertainties surrounding SK E&S that has participated in the project with Australia's Santos and Japan's JERA. The state-run financial institution's latest deci...
Hyundai Motor unveils plan to focus on EVs after posting record earnings
Hyundai Motor on Thursday unveiled its plan to focus more on selling electric vehicles (EVs) in the global market this year, after posting record annual sales and operating profit in 2022. The carmaker also emphasized that it has braced for the U.S. Inflation Reduction Act (IRA), in order to dismiss concerns that the new law may have a negative impact on its business there.
Oil refiners face public criticism for paying hefty bonuses
GS Caltex is following in the footsteps of its rival, Hyundai Oilbank, by announcing a plan to pay hefty bonuses to its employees, as a result of its solid earnings last year, according to industry officials, Wednesday.
Korea's move to cut subsidies on imported EVs faces backlash
The government is facing a severe backlash from importers of Chinese electric buses, as well as the Chinese Embassy in Korea, due to its plan to reduce subsidies for the purchases of imported electric vehicles (EVs) that use batteries with lower energy density, according to industry officials, Wednesday. Most Chinese electric buses are equipped with lithium ferro-phosphate (L...
Yoon's remarks on Iran feared to endanger Korea's shipping industry
Korea's lingering diplomatic conflict with Iran, inflamed by President Yoon Suk Yeol's recent remarks branding the Middle Eastern country as the archenemy of the United Arab Emirates, has been mentioned as a potential threat to the Korean shipping industry, since the Korea Shipowners' Association (KSA) issued a warning last Wednesday to vessels sailing in the Persian Gulf and...
LGES reportedly refuses GM's request to build 4th battery plant
The indefinitely shelved plan of General Motors to build a fourth electric vehicle (EV) battery plant with LG Energy Solution (LGES) has proven once again that Korean battery manufacturers are starting to have greater bargaining power than their global clients, according to industry officials, Tuesday. Last Friday, the Wall Street Journal reported that talks for the construct...
Former LG H&H CEO joins shareholder activism against KT&G
Former LG Household & Health Care (LG H&H) Vice Chairman and CEO Cha Suk-yong, who stepped down late last year after leading the cosmetics and household products maker for 18 years, was recommended as a new nonexecutive director of KT&G by an activist hedge fund, which is at odds with the tobacco product maker's management over the spin-off of Korea Ginseng Corp. (KGC).
Gov't sides with startup alleging Lotte's technology theft at CES 2023
Lotte Healthcare has come into conflict with the government over its alleged stealing of a local startup's technology, which was then incorporated into one of its own products and later displayed at the 2023 Consumer Electronics Show (CES) in Las Vegas earlier this month. Both companies were displaying pill dispensing machines at this year's event. The Ministry of SMEs and St...
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