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LG's top execs visit Honda HQ to showcase EV tech
LG Group is hosting a private "Tech Day" event at the headquarters of Japan’s Honda Motor Co. this week, underscoring its push into the future mobility sector to strengthen its foothold in the burgeoning electric vehicle components market. Led by LG Corp. Vice Chairman Kwon Bong-seok, a high-level LG delegation flew to Tokyo on Sunday to meet with Honda’s top executives, according to industry sources on Monday. The delegation includes CEOs from LG’s major subsidiaries such as Cho Joo-wan of LG E
July 7, 2025 -
SK Innovation expands mangrove forest project in Vietnam
SK Innovation employees plant mangrove trees in Tra Vinh, a southern coastal province of Vietnam, as part of the company’s ongoing social contribution efforts since 2018. On Monday, the Korean energy giant signed a partnership with the local government to create an additional 300-hectare mangrove forest by 2030. (SK Innovation) Local officials and residents of Tra Vinh, Vietnam, pose with a placard marking SK Innovation’s mangrove reforestation campaign during a May event supporting the initiati
July 7, 2025 -
Korea pushes for exemption from US fee on foreign-built vehicle carriers
South Korea has officially asked the United States for an exemption from the implementation of a fee on non-US-built vehicle carriers, as the former continues to search for ways to protect its export-heavy economy. According to online documentation related to the Office of the US Trade Representative on Monday, Korea’s Ministry of Trade, Industry and Energy and Ministry of Oceans and Fisheries submitted an official proposal last week to urge the US government to reconsider the imposition of port
July 7, 2025 -
Female leadership at Hyundai Motor rises to record high, surpassing men in total pay
Women now make up a larger share of Hyundai Motor Co.’s executive leadership than ever before, and in 2024, female executives earned more on average than their male counterparts when performance bonuses were included. According to Hyundai’s recent 2025 Sustainability Report and regulatory disclosures submitted to South Korea’s Financial Supervisory Service, the automaker had 64 female executives worldwide as of last year. This was an increase by five from 2023, representing 7.9 percent of all ex
July 7, 2025 -
Korean e-commerce turns outward amid China’s pressing market incursion
South Korean e-commerce players are going global not just to offset muted domestic consumption, but also in part to hedge against China’s aggressive advance on their home turf. Their international forays come at a time when global fascination with K-food, K-beauty and K-fashion is running high. One successful market entry is that of e-commerce giant Coupang, which has been doubling down on Taiwan since entering the market in 2021, already investing nearly 500 billion won ($367 million) in logist
July 6, 2025 -
Samsung’s weight in Kospi hits 9-year low on chip setbacks
Despite Korea’s main bourse the Kospi having recently reclaimed the level of 3,000 points, the weighting of market bellwether Samsung Electronics’ market capitalization in the benchmark index fell to its lowest level in over nine years, data showed Sunday. The tech giant’s common shares accounted for 14.53 percent of the main board's total market capitalization last month, according to the Korea Financial Investment Association. Including preferred shares, the figure stood at 16.17 percent. The
July 6, 2025 -
South Korea’s gas stations continue steady decline
The number of gas stations in South Korea has been steadily shrinking, with nearly 1,000 shutting down over the past 6 1/2 years, according to government data. Data from Opinet, a crude oil price information platform operated by the state-run Korea National Oil Corp., shows that the country had 11,499 gas stations in 2019. That figure fell 8.4 percent to 10,528 as of the end of June this year. The market peaked in 2010, when 13,004 stations operated nationwide. However, it has been in steady dec
July 6, 2025 -
LG Chem empowers children with recycled spoke guards
South Korea’s leading chemical materials manufacturer, LG Chem, is advancing its social contribution efforts to enhance business sustainability and align more closely with environmental, social and governance principles, the company said Sunday. Since announcing its “Green Connector” vision in 2020, the company has aimed to generate meaningful social and environmental impact, setting education, ecosystem, economy and energy as its key focus areas. One of the latest examples of LG Chem’s initiati
July 6, 2025 -
SKT unveils W1tr post-hack plan after government probe
SK Telecom on Friday pledged a sweeping 1 trillion won ($720 million) compensation and cybersecurity initiative, including penalty-free contract cancellations, after a government probe concluded the carrier was negligent in a hacking attack that exposed nearly 10 gigabytes of sensitive subscriber data. “I offer my deepest and sincerest apologies. I stand here today with profound remorse and reflection,” SKT CEO Ryu Young-sang said, bowing during an emergency press briefing after the government’s
July 4, 2025 -
SKT's negligence led to massive hacking, ministry confirms
The South Korean government concluded Friday that SK Telecom failed to take proper action to prevent its massive hacking attack, leaking about 10 gigabytes of sensitive subscriber data as early as August 2021. Authorities ordered the company to allow customers to cancel contracts without paying early termination penalties, a move that could potentially cost the telecom giant billions of won. The Ministry of Science and ICT announced the results of a joint public-private investigation, confirming
July 4, 2025 -
AIA Life Korea reappoints CEO, names new board chair
AIA Life Korea, the South Korean life insurance subsidiary of Hong Kong-based AIA Group, announced Friday that it has reappointed CEO Nathan Chuang and named Fisher Zhang as its new board chairman. The reappointment of Chuang as CEO was approved at a shareholders’ meeting held earlier in the day at AIA Tower in Jung-gu, central Seoul, while Zhang’s appointment as board chairman and non-executive director took effect on June 9, the company said. Zhang, who previously served as CEO of AIA China fr
July 4, 2025 -
Ex-Naver CEO to reap W4b from stock options before minister role
Han Sung-sook, South Korea’s nominee for Minister of SMEs and Startups and former Naver CEO, has decided to exercise 60,000 stock options that could earn her about 4 billion won ($2.93 million), industry sources said Thursday. Han recently filed documents with Naver to exercise the stock options she received, 20,000 in 2019, and 40,000 in 2020. These 60,000 options, at their exercise prices, are worth about 10 billion won and will convert to shares on July 10. Once confirmed as minister, she pla
July 4, 2025 -
LS Cable & System adds W148b to Singapore grid deal
South Korean cable manufacturer LS Cable & System has secured an additional 148 billion won ($108 million) contract from Singapore Power Group to expand the city-state’s underground high-voltage grid as an extension of its existing project. This contract follows an earlier agreement announced on April 9, worth approximately 200 billion won, the company said. With the latest deal, the total value of the project awarded to LS Cable & System now stands at 349 billion won, according to a regulatory
July 4, 2025 -
Korean banks' overseas profits jump 21% on improved margins
South Korean banks earned about $1.6 billion in net profit from overseas locations last year, up 21.3 percent from a year earlier, driven by stronger margins, the Financial Supervisory Service said Friday. According to the FSS’ annual report on overseas banking operations, offshore profit accounted for nearly 10 percent of the sector’s total net income of 22.2 trillion won ($16.25 billion), up from 8.2 percent in 2023. Profits from foreign locations have climbed steadily, rising from $991 millio
July 4, 2025 -
S. Korea ranks 2nd in global shipbuilding orders in June
South Korea ranked second in new global shipbuilding orders in June, industry data showed Friday. South Korean shipyards clinched orders totaling 1.05 million compensated gross tons for eight ships, accounting for 41 percent of the global total at 2.56 million CGTs last month, according to London-based Clarkson Research Services. China ranked first, taking up 53 percent of the global total. In terms of order backlog, China ranked first with 96.82 million CGTs, or 59 percent of the global total o
July 4, 2025