March 28, 2023

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EDITOR'S PICKS

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  Posco Future M named top supplier for General Motors

  South Korea’s battery materials producer Posco Future M said Sunday it has received an award from General Motors for its outstanding achievement across the global purchasing and supply chain. It was one of 14 companies to have received the General Motors’ Overdrive Award, which is given to companies who specialize in automotive components, batteries and software provision. The evaluation criteria for the award include sustainability, innovation, launch excellence and safety. Posc

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  Samsung chief travels to China first time in 3 years, meets with key officials

  Samsung Electronics Chairman Lee Jae-yong is making the most out of his first trip to China in three years, inspecting the affiliates’ production facilities, meeting with key Chinese officials and attending a high-profile summit with global business leaders. Samsung Electronics said Lee attended the China Development Forum, a three-day forum that kicked off Saturday in Beijing. There, Lee met with heads of major tech giants to exchange opinions on various agendas, including global manageme

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  [From the Scene] Hyundai Heavy Industries aims to cement global No.1 position

  ULSAN -- Spring has arrived early in Ulsan as cherry blossoms were in already full bloom along the streets of the southeast port city on Wednesday, about two weeks before the forecasted blossoming dates. In a similar trend, Hyundai Heavy Industries, the world’s top shipbuilder under South Korean conglomerate HD Hyundai, is enjoying the industry’s much-awaited revival as the company looks to widen its lead over global competitors on its large number of backlog orders. The engine depar

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  LG Energy Solution to build W7.2tr battery plants in Arizona

  LG Energy Solution will invest 7.2 trillion won ($5.6 billion) to build two battery plants in the US to solidify its leadership in the battery value chain in North America, the South Korean battery maker announced Friday. The battery plants will break ground in Queen Creek, Arizona, this year. The company is spending 4.2 trillion won on the first plant to produce cylindrical batteries, which will be supplied to US electric vehicle makers. The company said it will be the first Korean battery make

• Markets 
  

  Former bank officials convicted for recruitment scandal

  Four former Hana Bank officials have been found guilty by the Supreme Court for manipulating recruitment results in favor of graduates from certain schools and those recommended by high-ranking bank officials or financial authorities. They were also accused of discriminating female applicants from 2013 to 2016, local media reported Friday. Song, a former head of the bank’s human resources department, was sentenced to one year in prison, suspended for two years, and a 2 million won ($1,5

• Markets 
  

  From L’Oreal to LVMH, global beauty giants in race to acquire Korea’s Able C&C

  Competition is heating up to acquire a controlling stake in Able C&C, the operator of a slew of Korean budget cosmetics brands, with global beauty giants such as L’Oreal and LVMH reportedly joining the race. Five to six strategic investors recently submitted their letters of intent to purchase 59.2 percent of shares in Able C&C, currently owned by IMM Private Equity, according to industry sources on Friday. IMM became the largest shareholder of Able C&C, best known for its M

• Markets 
  

  LG Energy Solution to build W7.2tr battery plants in Arizona

  LG Energy Solution will invest 7.2 trillion won ($5.6 billion) to build two battery plants in the US to solidify its leadership in the battery value chain in North America, the South Korean battery maker announced Friday. The battery plants will break ground in Queen Creek, Arizona, this year. The company is spending 4.2 trillion won on the first plant to produce cylindrical batteries, which will be supplied to US electric vehicle makers. The company said it will be the first Korean battery m

• Markets 
  

  Korea, Indonesia join forces to build EV ecosystem

  Government officials and business leaders from South Korea and Indonesia on Friday underscored combined efforts to expand the electric vehicle ecosystem in the Southeast Asian country at a business forum marking the 50th anniversary of bilateral ties. “The collaboration is very important because you (Korea) have very good technology on the lithium battery. By 2027, we are hopefully going to be the largest lithium battery producer globally,” said Luhut Binsar Pandjaitan, coordinatin