Korean company aims to become global aluminum parts leader in EV sector

Mirae Asset Global Investments announced Wednesday that Global X, its US-based exchange-traded fund subsidiary, would seek increased competitiveness under new CEO Ryan O'Connor, the former global head of ETF products at Goldman Sachs. O'Connor, who has an over 17-year career in the US ETF industry, having worked at Goldman Sachs and State Street Global Advisors, took office as the chief of fund issuer Global X on April 8. Through a recent leadership reshuffle carried out earlier this m

Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said its home appliance division, backed by enhanced connectivity with mobile devices, will enjoy its heyday in the second half of this year, showing confidence in the competition with its powerful rival Apple. “We may not yet be the No. 1 player in the home appliance sector. But if we can offer more enhanced connectivity, based on our leadership in TVs and smartphones, consumers will respond positively,” Han said at a press c

LG Electronics unveiled the ambitious target of 1 trillion won ($722 million) in sales solely from built-in appliances by 2027 at this year’s Milan Design Week, one of the largest international design and furniture exhibitions. “Within three years, we will be able to make our built-in (appliance) business worth trillions and turn it into another growth engine,” Lyu Jae-cheol, head of LG Electronics' home appliance and air solutions division, told a group of local reporters

SK Networks has chosen Affinity Equity Partners, a private equity fund headquartered in Hong Kong, as its preferred bidder for the sale of its ownership stake in SK Rent-a-Car, the nation's No. 2 rental car service company. SK Networks intends to divest all of its shares in an estimated deal worth some 850 billion won ($613 million). Both parties plan to conduct due diligence before finalizing the contract, SK Networks said in a regulatory filing Tuesday. Following the merger of AJ Rent-a

LS Eco Energy, a subsidiary of LS Cable & System, announced Wednesday that it is supplying extra high voltage cables to Energinet, a Danish state-owned transmission system operator of electricity and natural gas, over the next three years in a deal worth $30.51 million deal. The contract follows another Danish deal worth $13 billion signed earlier this month. The demand for EHV cables has been growing substantially in Denmark thanks to the nation’s growing infrastructure projects -- pa

Luxury fashion houses reported a slowdown in sales growth in Korea after years of upbeat sales that peaked during the COVID-19 pandemic, according to recent earnings reports. “Consumption of expensive luxury products soared over the past few years, particularly after the COVID-19 pandemic. But, luxury purchases started to slow down last year as consumer confidence remained low amid economic woes,” an industry source said on the condition of anonymity. The two largest luxury brands in

Dosi platform attracts more than 5.5 million beta users before its official debut in January

South Korea witnessed its highest-ever import figures for pineapples and mangoes in March, largely driven by the government’s recent efforts to address the soaring prices of homegrown apples by diversifying demand toward alternative options. According to the Korea Customs Service on Tuesday, the import volume of pineapples reached 8,686 tons, worth $8.68 million, in March, up 44.7 percent from the previous year, marking a record high. Imports of mangoes also more than doubled to 6,264 tons

South Korea’s total market cap increased by nearly 100 trillion won ($72 billion) during the first quarter of this year, backed by jumps in stock prices in key industries, including semiconductors, data showed Tuesday. According to a report from local corporate tracker Korea CXO Institute, the combined market cap of 2,692 local firms jumped 96 trillion won during the January-March period to reach 2,599 trillion won. The figures exclude the value of preferred shares. The number of stocks wi

Kyobo Life Insurance CEO and Chairperson Shin Chang-jae (second row, second from left) poses for a picture with federation officials and former athletes during a ceremony celebrating the 40th anniversary of the Kyobo Life Cup Dream Sports Competition, at the Four Seasons Hotel in Jongno-gu, Seoul, Tuesday. Since 1985, the insurer has contributed 12 billion won ($8.6 million) to support 148,000 aspiring young athletes through its social contributions program. (Kyobo Life Insurance)

Renault Korea on Tuesday outlined a brief history of its iconic “lozenge” emblem, revisiting its evolution following the company's rebranding earlier this month. The rebranding replaced the "storm’s eye" logo used exclusively by its Korean branch since 2000 with Renault's original diamond-shaped lozenge emblem. The diamond-shaped logo is prominently featured at the company's new flagship store in Seongsu-dong, Seoul, where the rebranding announcement to

Doosan Robotics has teamed up with LG Electronics to test an automated electric vehicle charging system that uses its advanced collaborative robots to streamline the EV charging process. This system combines LG’s 100-kilowatt fast chargers with Doosan’s high-dexterity collaborative robotics tech to replace the manual process of handling bulky charging cables that drivers often find cumbersome. The companies started a pilot operation for their new automated EV charging station last Th

South Korean chicken and burger chain Mom’s Touch announced Tuesday that it has entered into the Japanese fast-food restaurant market by opening its first direct store overseas in Shibuya, Tokyo. The new venue, which used to be the former site of McDonald's Japan for 39 years, spans approximately 418 square meters of floor space and includes 220 seats distributed over three floors. Strategically located near Shibuya Scramble Square and Shibuya Station, the bustling hub of the Japanese

Amidst increasing global awareness of corporate responsibilities across various sectors, South Korean fashion company ShinWon Corporation has been actively involved in extensive social initiatives at home and abroad. On International Women's Day in March, ShinWon's headquarters and its overseas subsidiaries organized various activities to commemorate advancements in women's rights and equality. In Vietnam, ShinWon's two production plants hosted a grand gala concert and a post