LG Electronics reported Friday it expects its second-quarter revenue to increase 2.7 percent to 19.9 trillion won ($15.2 billion) year-on-year, the highest figure for the April-June period in the company’s history. Its operating profit is expected to jump 12.7 percent on-year to 892.7 billion won, which would be the second highest Q2 record for the firm. Releasing its preliminary earnings results for the April-June period, LG attributed its record earnings to its efforts to improve the fun

Twitter is threatening to take legal action against Meta, accusing the company of stealing trade secrets, following the launch of its new text-based app Threads. Twitter's legal team sent a letter to Meta CEO Mark Zuckerberg alleging Meta of unlawfully obtaining Twitter's intellectual property to create a "copycat" app, a number of news outlets including CNN reported. Elon Musk, who bought Twitter last year, tweeted, "Competition is fine, cheating is not," after rep

Jin Air Co., the low-cost carrier unit of Korean Air Co., said Friday it will open the Incheon-Nagoya route in September on growing travel demand to Japan. Jin Air plans to provide two flights a day on the Nagoya route from Sept. 15, the company said in a statement. The budget carrier currently offers flights to seven Japanese cities from Incheon and the southeastern port city of Busan. Jin Air swung to a net profit of 60 billion won ($45 million) in the January-March quarter from a net loss of

LG Energy Solution Ltd. said Friday it has signed a long-term agreement with Chile's SQM S.A. for the supply of lithium, a key component in electric vehicle batteries, in the latest move to further bolster the sourcing of raw materials. Under the agreement, SQM will supply 100,000 tons of lithium to LGES over the next seven years, starting this year through 2029, the South Korean battery maker said in a release. The amount of supply is equivalent to powering 2 million all-electric vehicles.

The joint battery venture between LG Energy Solution Ltd. and Stellantis N.V. will receive up to C$15 billion ($11.2 billion) in incentives for their electric vehicle battery plant under construction in Ontario, Canadian government officials have said. The announcement on Thursday came a day after LGES and Stellantis said they had resumed the construction of the manufacturing facility upon the agreement reached with Canada on the terms of subsidies, to the extent that they would be equivalent to

Samsung Electronics Co. on Friday said its second-quarter operating profit likely plunged about 96 percent from a year earlier, as a chip oversupply and slow demand persisted. The world's largest memory chip and smartphone maker estimated its April-June profit at 600 billion won ($461.2 million), significantly down from the 14.1 trillion won it reported a year ago. It marked the worst quarterly profit in 14 years since the first quarter of 2009, when the South Korean tech giant reported 590

More than 200 representatives from 50 Asian nations, including government officials, industry stakeholders and academics, have gathered in South Korea this week to share their visions on future solutions to water scarcity in the region. The Korea Water Resources Corp., also known as K-water, is hosting the three-day general meeting of the Asia Water Council that kicked off Wednesday at a convention center in Hwaseong, Gyeonggi Province. Established in 2016, the council aims to facilitate interna

With WHO’s pending decision, makgeolli makers concerned about misleading consumers, but mulls adjusting recipes to reduce health fears

GS Engineering and Construction will completely rebuild its apartment complex in Incheon after an underground parking lot collapsed in April due to poor construction. The apartment complex, being built by GS E&C and developed by Korea Land and Housing Corp. (LH), was set to be completed in October. GS E&C will tear down and reconstruct 17 apartment buildings for 1,666 households in Geomdan New Town in Incheon. The reconstruction will cost the builder around 500 billion to 1 trillion won

Suspended construction work on joint battery plant to resume immediately

Kakao Pay VP joins Siebert’s board of directors to lead future collaborations

Hyundai Glovis, a logistics affiliate under Hyundai Motor Group, announced Thursday that it has forged a partnership with The Ocean Cleanup, a Netherlands-based nonprofit organization, to join international efforts to remove plastic waste from the ocean worldwide. Under the partnership, Hyundai Glovis will utilize its vessels to gather information on marine waste. Special cameras will be attached to its vessels to identify the location and the size of the plastic waste. The information collect

Although various business models such as the business-to-consumer, or B2C, model have consistently trended in South Korea, they are not always an attractive choice for foreign investors for several reasons, such as the limited size of the domestic market, competition in logistics management and decreased profitability. As these issues are becoming widely recognized, there have been efforts from companies to revamp existing B2C platforms into global B2B, or business-to-business, platforms. As the

LG Electronics said Thursday its home entertainment business division had set up its first research and development unit in Indonesia, completing a comprehensive business operation from product development to manufacturing and sales. The new facility spanning 40,000 square meters is located 3.5 kilometers from LG’s TV production plant in the Cibitung area,and some 40 kilometers from Jakarta where the tech giant operates a sales unit. LG said the new R&D unit will help not just improve

Steel giant’s W1tr electric steel sheet plant to become operational in October