Two Taiwanese display makers have been ordered to pay a combined 32.8 billion won ($25.1 million) in damages to LG Electronics Inc. for fixing the prices of LCD panels, sources said Monday. The Seoul Central District Court recently delivered the ruling in a compensation suit filed by LG and six of its overseas branches in January 2014 against AUO Corp. and HannStar Display Corp., both based in Taiwan. AUO, formerly AU Optronics Corp., and nine other LCD manufacturers and distributors were accuse

Samsung Electronics Co. has been making its final pitch for Busan's bid to host the 2030 World Expo with displays in Paris, company officials said Sunday. Samsung has displayed a message of support for the southeastern port city's expo bid across billboards at various places in France's capital, including Paris Charles de Gaulle Airport, major shopping areas and tourist attractions, according to the officials. Samsung has also put up a giant advertising post promoting its latest f

Mirae Asset Global Investments, an asset management company under Mirae Asset Financial Group, named two vice chairs, Choi Chang-hoon and Rhie Chun-yong, as chief executive officers of the firm in a shareholders meeting Thursday. Choi, who has held the co-CEO post since 2021, will serve another term. His efforts were appreciated for having secured investment stability by strengthening the diversity of the real estate investment portfolio in and out of Korea, the firm said. With 25 years of exper

Lee Sirgoo, CEO of Dunamu, the operator of Korea's largest cryptocurrency exchange Upbit, was officially tapped by board members to lead the fintech firm for another three-year term, it said on Wednesday. Lee, who has been serving his second term at the company, was first named its chief in 2017. The appointment is to be finalized through approval at a shareholders meeting, set to take place on Dec. 5. If approved, Lee’s term will last until December 2026. “I decided to assume

T1, the world’s top League of Legends esports company, is anticipated to reach a higher valuation and near the financial break-even point next year after winning the 2023 World Championship title, SK Telecom’s investment arm and T1’s majority shareholder SK Square said Monday. This victory was T1's fourth World Championship title and follows their two Mid-Season Invitational wins, another international LoL tournament hosted by Riot Games. Formed as a joint venture between

Lotte Chemical Corp. said Thursday it swung to a net profit in the third quarter from a year earlier due mainly to narrowed losses in the basic chemicals business division. Lotte Chemical shifted to a net profit of 32.77 billion won ($25 million) in the three months ended Sept. 30 from a net loss of 31.07 billion won in the same period last year, the company said in a statement. "On top of reduced losses in the basic chemicals division, the bottom line was buoyed by increased sales of high-

South Korean online lender Kakao Bank said Wednesday its net profit jumped 21 percent from a year earlier in the third quarter, helped by higher interest income. Third-quarter net profit came to 94.5 billion won ($72.7 million), up 21.2 percent from a year earlier, Kakao Bank said in a regulatory filing. Revenue surged 59.4 percent on-year to 656.6 billion won, with operating income growing 21.9 percent on-year to 127.5 billion won, it said. In the first nine months of the year, Kakao Bank said

Hahn & Co., one of the largest private equity firms in Korea, announced Tuesday it had signed a definitive agreement with SKC, a semiconductor material arm under SK Group, to acquire its fine ceramics business for 360 billion won ($267 million). The company said SKC is a major player in the semiconductor industry with its fine ceramics business producing high-purity quartz and silicon carbide consumable materials crucial for manufacturing advanced chips. “SKC’s fine ceramics busi

South Korean brokerage house Korea Investment & Securities has partnered with global private equity firm Carlyle Group, seeking to globalize its investment portfolio. The Korean firm said Monday it signed a strategic partnership with Carlyle Group, a global private equity firm with $385 billion of assets under management as of June. Korea Investment & Securities CEO Jung Il-moon and Harvey Schwartz, CEO of Carlyle Group, attended a signing ceremony held Friday in Seoul. Through the par

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday. The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects. Of the $60 million, some $20 million will be used first to fund the compan

Hyundai Motor Co. said Wednesday it has partnered with the International Union for Conservation of Nature for a forest restoration project in Vietnam. The company's Vietnamese joint venture HTV and the IUCN, along with Seoul-based development non-governmental organization Good Neighbors International, signed a memorandum of understanding Tuesday for the mangrove tree forest project in Ca Mau province in Vietnam's Mekong Delta region. Through the partnership, Hyundai will plant mangrove

Korean Air Co. has decided to retain workers of Asiana Airlines Inc. on condition that Asiana agrees to sell its cargo business to win antitrust approval from European Union regulators for the two carriers' merger, industry sources said Monday. According to the sources, Korean Air, the larger of South Korea's two full-service airlines, plans to seek approval for the decision to retain Asiana Airlines' workers at a company board meeting scheduled next Monday. The decision comes as

Mirae Asset Financial Group announced a massive reshuffle at the executive level on Monday, signaling a generational shift in leadership as its founding members are to step down. Mirae Asset Securities CEO and Chairman Choi Hyun-man, the group’s No. 2 man, will leave the firm 26 years after he co-founded the group together with Group Chairman Park Hyeon-joo back in 1997. Having served top posts at key affiliates, Choi was named the chairman of the brokerage firm in December 2021. Along wit

Mirae Asset Securities, Korea's largest investment bank and securities firm, said it plans to initiate a share buyback program worth 60.2 billion won ($44 million) in an effort to boost shareholders’ value, the firm said Wednesday. The firm will repurchase its 10 million shares, which is equivalent to some 2.1 percent of the market cap, over a three-month period from Thursday to Jan. 18 through intraday trading. The firm’s market cap stands at 3.83 trillion won as of Thursday.

The management and labor union of Kia Corp., South Korea's second-largest automaker, have reached a tentative wage deal to avoid a partial strike, according to the company Tuesday. The agreement was reached after unionized workers of Hyundai Motor Co. voted last month to accept this year's wage deal, averting a strike for the fifth consecutive year. Unionized workers of Kia had planned to go on a partial strike from this week unless it reached a wage deal. The union plans to vote wheth