LG Electronics said Sunday it has added a new production line for dryers at its Tennessee plant in the US, with aims to ramp up production of premium home appliances and bolster its responsiveness to market demand. Adding to the existing two production lines for washers built in 2018, a total of three lines will be operated at the plant to produce front- and top-loading washing machines and dryers. Its production capacity is expected to reach 1.2 million washing machines and 600,000 dryers per y

Top executives of Samsung, SK and Hyundai are accompanying South Korean President Yoon Suk Yeol on his state visit to the United Arab Emirates as well as to the World Economic Forum, as part of an official business delegation aimed at boosting economic cooperation. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and Hyundai Motor Group Chairman Chung Euisun are among the chiefs of 100 South Korean companies making up the business delegation, according to industry source

Carmaker boasts enhanced safety features in case of fire

Orchestra Private Equity, a private equity firm based in Singapore, has signed a stock purchase agreement to acquire chicken franchise KFC Korea, according to industry sources on Friday. Under the deal signed on Thursday, Orchestra PE will purchase a 100 percent stake in KFC Korea from KG Group, a chemical-to-steel company based in Seoul. The transaction has an estimated worth of 60 billion won ($48.3 million) to 70 billion won. KFC Korea has been on sale for a year by KG Group which took ov

Partnership marks 1st collaboration between S. Korean battery maker and Japanese automaker

Good Neighbors to utilize S. Korean automaker’s caring vehicle to help treat children across country

The world’s leading semiconductor companies will likely spend more than $300 million in the development of artificial intelligence (AI) to help design semiconductors faster this year as a global chip shortage continues to put a strain on demand, Deloitte Korea said Friday in its report. According to the report, global chipmakers such as Samsung Electronics, Intel and Qualcomm are expected to invest this amount in AI design tools for chips. By growing 20 percent annually for the next three

SK pharmteco, a California-based contract development and manufacturing organization under Korean conglomerate SK Inc., is expected to postpone its initial public offering at least until 2024 due to market volatility, top officials from the firm and SK affiliates said Wednesday. The year of 2024 will be “the earliest possible period” to reconsider the company's stock market debut, said SK pharmteco CEO Joerg Ahlgrimm. SK's CDMO unit initially planned to go public on Korea

South Korea plans to have 30 percent of local companies adopt artificial intelligence technologies by 2030 to beef up competitiveness of local industries, the industry ministry said Friday. The target marks a sharp rise from the current estimate of 1 percent, according to the Ministry of Trade, Industry and Energy. "In a mid-and-long term perspective, (the government) plans to proactively find and foster future industries and seek a great transformation that can fundamentally revamp the cou

SK Energy Co., a major South Korean oil refiner, said Friday it is joining hands with a state-run electric power supplier to build electric vehicle charging infrastructure at traditional gas stations across the country. SK Energy will work with Korea Hydro & Nuclear Power Co. to build "energy super stations" that provide both refueling of internal combustion engine vehicles and charging of EVs, in a move to facilitate the adoption of the eco-friendly car charging system, SK said in

Lotte Group Chairman Shin Dong-bin lays a flower in front of a statue of the food giant's late founder and his father, Shin Kyuk-ho, in commemoration of the third anniversary of his death, at Lotte World Tower in Seoul, Thursday. The Lotte chairman on the same day convened a CEO meeting across affiliates to discuss the retail giant's mid- to long-term management plans and analyze this year's business sentiment.

Chung Euisun discusses flexible implementation of IRA with visiting US official

In continued efforts to expedite its foray into the global consumer-to-consumer, or C2C, market, e-commerce platform Naver recently became the largest shareholder of Spanish secondhand marketplace Wallapop with an investment worth 75 million euros ($80.7 million), according to industry sources Thursday. Following Naver's investment worth 115 million euros made in last February to acquire 10 percent of Wallapop's stocks, with the additional investment, Naver now stands as the largest sh

South Korea’s largest wireless carrier, SK Telecom, and US aviation company Joby Aviation said Thursday they advanced a strategic partnership for a boost in the commercialization of Korean-style urban air mobility, or UAM. Joby Aviation recently invited officials from the Ministry of Land, Infrastructure and Transport, the Korea Institute of Aviation Safety Technology, and the Korea Aerospace Research Institute to its headquarters in San Jose, California. Joby Aviation formed a strategic p

LG Electronics revealed on Thursday that its OLED evo received the highest honor, the VGP Gold award, in the 50-to-60-inch and under-45-inch OLED TV categories at the Visual Grand Prix 2023. The product also received the Critics Award in the visual category. The VGP is an annual audio-visual (AV) awards event held by Japanese AV media outlet Ongen Publishing. Devices are judged by experts and electronics dealers based on technological qualifications and consumer satisfaction. Regarding the LG OL