LG said Thursday it will buy a combined 500 billion won ($375.9 million) worth of stake in its home appliances and chemical units from November as part of efforts to increase their corporate value. LG plans to purchase 200 billion won worth of shares in LG Electronics and 300 billion won worth of shares in LG Chem on two occasions, the company said in a regulatory filing. If the purchase is completed, LG's stake in LG Electronics will increase to 31.59 percent from 30.47 percent, and inte

Samsung Electronics and its labor union are likely to resume their talks over a wage increase and others in early October at the earliest, industry sources said Thursday. Early this month, members of the National Samsung Electronics Union, the largest labor union of the South Korean tech giant, returned to work as they have held several rounds of talks since January but have been unable to narrow their differences over the wage increase rate, vacation system and bonuses. The NSEU, representing

Doosan Group has officially scrapped its merger plan between Doosan Robotics and Doosan Bobcat, following shareholder opposition and regulatory pressure. However, the group still intends to move forward with its broader strategy to integrate Bobcat under Robotics in a bid to achieve synergy across its business operations. On Thursday, the boards of Doosan Bobcat and Doosan Robotics each convened and decided to cancel the comprehensive share exchange agreement initially designed to streamline the

Posco said Thursday that it has introduced a lightweight steel takeoff and landing pad, specifically designed for vertiports on buildings. This new vertiport landing pad is constructed from a foam deck formed by thinly shaped steel plates, making it over 60 percent lighter than traditional landing pads while still offering superior rigidity, corrosion resistance and usability, according to the company. In June, Posco's landing pad underwent rigorous testing during Lotte E&C's urban

Hanwha’s shipbuilding unit looks to spearhead warship maintenance, repair and operations market

Foreign media outlets shed light on Korean automakers' global leadership in automotive industry

Korean Air is significantly increasing its investment in a younger, safer and more passenger-friendly fleet, reflecting the carrier's commitment to enhancing its services and providing travelers a broader range of options. According to recent Transport Ministry data, the average age of Korean Air’s fleet is 11 years and four months, making it the youngest among the top five airlines in the country. This achievement is part of the airline's ongoing strategy to introduce new aircra

South Korean beauty tech company APR, known for its Medicube brand, announced Wednesday that it has signed a supply agreement with The TJX Companies, a global retail giant operating nearly 5,000 stores across nine countries, including the United States and Canada. With this agreement, Medicube's popular skin care products and AGE-R beauty devices will now be available in TJX-owned stores like TJ Maxx and Marshalls, both well-established names in the North American retail landscape. The prod

LG Electronics is bringing the late ink wash master Suh Se-ok’s iconic work, reimagined by his son, artist Suh Do-ho, to life on billboards across Seoul, Incheon, New York and London ahead of Frieze Seoul 2024. The four-day event, starting Oct. 4 at Coex in Gangnam, Seoul, will feature Suh’s 1978 work "Walker” displayed on LG’s transparent OLED display. The tech giant also on Tuesday announced a three-year partnership with the National Museum of Modern and Contempora

Keen eyes on NPS's stance amid fierce proxy battle ahead of shareholder vote next month

Korean shipbuilding conglomerate invests 72 million euros in Finnish firm

South Korean discount chain Homeplus said Monday it saw a significant sales increase during it latest promotional event, which featured discounts on meat, vegetables and fruit, targeting peak demand in the summer vacation season. The event, which ran from July 25 to Aug. 11, resulted in growth across both physical stores and online. According to the company, sales at Homeplus' five major branches surged by over 50 percent, with some branches seeing sales increases of up to 90 percent. Meanw

South Korean biotech company GI Innovation announced Monday a new partnership with Merck Sharp & Dohme, a subsidiary of pharmaceutical company Merck & Co., to test its drug GI-102 in combination with MSD’s anti-PD-1 therapy Keytruda (pembrolizumab) for treating patients with immunotherapy-resistant liver cancer, melanoma and renal cell carcinoma. This marks GI Innovation’s second collaboration with MSD, building on their earlier work for GI-101A. The trial will specifically t

South Korean biopharmaceutical firm Celltrion announced Monday that it has received the European Commission’s final approval for Steqeyma, a Stelara (ustekinumab) biosimilar used to treat various autoimmune conditions. Steqeyma, or CT-P43, has been approved for use in all indications of reference product Stelara, including plaque psoriasis, psoriatic arthritis and Crohn's disease, following recent approvals in Korea and Canada in June and July, respectively. According to market resear

South Korean tech giants Samsung Electronics Co. and LG Electronics Inc. are planning to showcase various new artificial intelligence-powered home appliances at the IFA 2024 home electronics show in Berlin next month, industry sources said Sunday. Samsung will present a range of products, including the Bespoke AI Combo, an all-in-one washer-dryer; the Bespoke AI Family Hub, a premium refrigerator product; and the Bespoke AI Steam, a new robot vacuum cleaner product. The company will also showcas