SEJONG, Aug. 25 (Korea Bizwire) – POSCO Future M, the battery materials arm of the POSCO Group, is set to divest its entire stake in P&O Chemical, a joint venture with OCI, effectively exiting the business. According to industry insiders, POSCO Future M’s board is expected to meet on August 26 to approve the sale of [...]
SEOUL, Aug. 7 (Korea Bizwire) — The recent electric vehicle fire incidents involving Mercedes-Benz and Kia models could not have come at a worse time for the local automotive industry, which has been eagerly preparing to introduce ambitious new electric models to tackle the so-called EV adoption chasm. While waiting for the official investigation results, [...]
SEOUL, July 12 (Korea Bizwire) – SK Innovation and SK E&S, two key subsidiaries of the SK Group, are set to hold board meetings next week to discuss a potential merger, industry sources said on July 11. This move is part of SK Group’s ongoing business restructuring efforts and could result in the creation of a [...]
SEOUL/PARIS, Jul. 11 (Korea Bizwire) — The head of Samsung Electronics Co.’s mobile division has said the company aims to boost sales of its new foldable smartphones by more than 10 percent, highlighting the addition of advanced artificial intelligence (AI) capabilities. The world’s largest smartphone maker unveiled its latest generation foldable smartphones, the Galaxy Z [...]
SEOUL, Jun. 26 (Korea Bizwire) – As Naver Webtoon prepares for its Nasdaq listing, the company has set its initial public offering (IPO) price, catapulting its valuation to around 3.7 trillion won. This development marks a significant milestone for the digital comics industry, challenging the long-held notion that “webtoons can’t make money.” Webtoon Entertainment, the North [...]
SEOUL, Jun. 23 (Korea Bizwire) – Research and development (R&D) expenditures by major South Korean companies hit an all-time high last year despite their falling sales amid an economic slowdown, data showed Sunday. The country’s top 1,000 companies made investments of 72.5 trillion won (US$52.12 billion) combined in 2023, up 8.7 percent from a year [...]
SEOUL, Jun. 23 (Korea Bizwire) –Masayoshi Son, the chairman of SoftBank Group, reportedly promised a senior member of Japan’s ruling party that he would take responsibility for making Line Yahoo “Japanese infrastructure,” according to a report by the Mainichi Shimbun newspaper on June 21. The report sheds light on behind-the-scenes discussions between Son and Akira [...]
SEOUL, June 20 (Korea Bizwire) – SK Group, South Korea’s second-largest conglomerate, is accelerating efforts to optimize its business portfolio to address inefficiencies and financial strain caused by overinvestment in its core battery and energy sectors. As a first step, the group will hold a strategic management meeting with executives from key affiliates from June [...]
SEOUL, Apr. 16 (Korea Bizwire) – SK Networks, a major South Korean conglomerate, has decided to sell its wholly owned car rental subsidiary, SK Rent-a-Car, as part of efforts to secure funds for its artificial intelligence (AI) growth initiatives. In a regulatory filing on April 16, SK Networks announced that it has selected Affinity Equity [...]
SEOUL, Mar. 28 (Korea Bizwire) – South Korea’s e-commerce market has become the battleground for a high-stakes investment war between domestic giant Coupang and Chinese powerhouse AliExpress, as both companies aggressively pursue market dominance. The clash intensified after AliExpress, owned by the Alibaba Group, announced plans to invest $1.1 billion (1.5 trillion won) in South Korea [...]