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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

LG Chem wins 3.76 tln-won EV cathode material supply deal from US

LG Chem, Korea's leading chemical company, said Thursday it has won a major electric vehicle (EV) battery cathode material supply deal from the United States. The contract is valued at 3.76 trillion won ($2.57 billion) and covers the period from Saturday through July 31, 2029, the company said in a regulatory filing. It did not disclose the buyer, citing confidentiality. The contract marks one of the largest such deals for the company despite a temporary slowdown in global EV demand. LG Chem currently has an annual cathode production capacity of 150,000 tons across Korea, China and other locations, and is building a new 60,000-ton capacity facility in the U.S. state of Tennessee.

Nov 13, 2025By Yonhap
LG Chem wins 3.76 tln-won EV cathode material supply deal from US

Mercedes-Benz chairman holds high-profile meeting with Samsung, LG

Mercedes-Benz Group Chairman Ola Kallenius held high-profile business meetings Thursday with top executives from Samsung and LG to strengthen their auto parts partnership amid the shift to electrification. He met with Samsung Electronics Executive Chairman Lee Jae-yong and a group of other CEO-level officials from the two Korean conglomerates. This marks the first visit by the Mercedes-Benz chief to Korea since 2023. The Mercedes-Benz chief was widely expected to discuss future ties with the carmaker’s major Korean clients in areas such as batteries, in-vehicle displays and auto chips, as the luxury automaker undergoes a major shift to electrification. The focus is on whether Samsung can deepen its battery partnership with Mercedes-Benz. In September, LG Energy Solution secured a large-scale battery supply contract worth 15 trillion won ($10.2 billion) from the German automaker. Mercedes-Benz sells electric vehicles (EVs) equipped with batteries from Korean firms, such as LG Energy Solution and SK On, for the Korean market, but Samsung SDI has yet to supply its EV batteries to the auto

Nov 13, 2025By Lee Min-hyung
Mercedes-Benz chairman holds high-profile meeting with Samsung, LG

S-Oil CEO wins top industrial honor

S-Oil CEO Anwar Al-Hejazi received the Gold Tower Order of Industrial Service Merit, the highest industrial honor bestowed by the Korean government, for his contributions to the nation’s economy on Thursday. Al-Hejazi was recognized for enhancing the competitiveness of Korea’s petrochemical industry and leading its development through the successful execution of the 9.3 trillion won ($6.33 billion) Shaheen Project. The large-scale initiative aims to respond to the global energy transition and strengthen S-Oil’s petrochemical business portfolio for sustainable growth. Under his leadership, S-Oil completed the TS&D Center at Seoul’s Magok-dong complex in September 2023 to boost research and development in fuel and petrochemical technologies. The company also secured a final investment decision in November 2024 for a 263 billion won gas turbine generator project, designed to reduce carbon emissions and improve operational efficiency. S-Oil’s continued investment in both traditional and new businesses has significantly contributed to Korea’s economic growth. In August 2024, the

Nov 13, 2025By Ko Dong-hwan
S-Oil CEO wins top industrial honor

HD Hyundai, India explore maritime partnership

HD Hyundai Chairman Chung Ki-sun met with India’s energy minister and senior officials on Thursday to explore deeper maritime cooperation, as India accelerates efforts to strengthen its shipbuilding capacity and expand its commercial fleet. Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri met Chung at HD Hyundai’s Global R&D Center in Seongnam, Gyeonggi Province, and discussed how to bank on their partnership. Also present at the meeting were Indian Ambassador to Seoul Gourangalal Das, Secretary of the Ministry of Petroleum and Natural Gas Esha Srivastava, Chairman and CEO of Oil and Natural Gas Corp. Arun Kumar Singh, Chairman of Cochin Shipyard Madhu Nair and Chairman of Deendayal Port Authority Sushil Kumar Singh. HD Hyundai said Chung guided the delegation through the research center demonstrating the conglomerate’s ship design and smart shipyard operation systems. The meeting covered how the Korean engineering powerhouse can implement its technologies into improving the Indian shipbuilding industry and advancing the country’s commercial fleet. The meeting came

Nov 13, 2025By Ko Dong-hwan
HD Hyundai, India explore maritime partnership

Samsung Electronics' new business support division launches M&A team: sources

Samsung Electronics' newly launched business support division has created a team dedicated to merger and acquisition (M&A) projects, industry sources said Thursday, raising expectations the Korean tech giant will speed up efforts to pursue new takeover deals. According to the sources, Samsung Electronics' business support division, which kicked off last week by reorganizing a task force launched in November 2017 after Samsung Group closed its Future Strategy Office, has formed a separate team for M&A projects. The team is led by Ahn Joong-hyun, president at Samsung Electronics who oversaw the company's previous acquisition projects, including the takeover of U.S. automotive electronics firm Harman International Industries. Harman International Industries, which Samsung Electronics acquired for $8 billion in 2017, currently posts an annual operating profit of around 1 trillion won ($679 million), serving as one of the company's key businesses. Industry watchers expect Samsung Electronics to make full-fledged efforts to foster new growth engines through M&A deals under the team. Last week,

Nov 13, 2025By Yonhap
Samsung Electronics' new business support division launches M&A team: sources

PHOTO 1st CU store in Hawaii

BGF Retail Vice Chairman Hong Jung-kuk, second from left, poses with Robert Kurisu, second from right, CEO of CU Hawaii LLC, in front of BGF Retail's first CU convenience store in the United States, located in Honolulu, Hawaii, Wednesday (local time). CU Hawaii LLC, a subsidiary of Hawaii-based WKF, operates CU Downtown on Oahu under a master franchise agreement signed in May. WKF, with 40 years of experience in real estate, property development, distribution, publishing and media, will help BGF Retail expand CU to 50 locations across Hawaii within three years. Hawaii is the Korean firm’s fourth overseas market expansion after Mongolia, Malaysia and Kazakhstan. Courtesy of BGF Retail.

Nov 13, 2025By Ko Dong-hwanphoto
[PHOTO] 1st CU store in Hawaii

Lotte Chemical sells entire Pakistan unit amid restructuring

Lotte Chemical said Thursday it has sold its entire stake in a Pakistani subsidiary for 98 billion won ($67 million) as part of its ongoing business reorganization. The company sold its 75.01 percent stake in Lotte Chemical Pakistan Ltd., a producer of purified terephthalic acid, to PTA Global Holdings, it said in a press release. PTA Global Holdings is a special purpose vehicle (SPV) established by AsiaPak Investments Ltd., a Pakistani private equity fund, and UAE-based petrochemical trading firm Montage Commodities FZCO. Lotte Chemical, the chemical arm of South Korea's retail conglomerate Lotte Group, said it has secured a total of 127.6 billion won from the subsidiary, including dividend income over the past three years. The divestment is part of the company's efforts to streamline its business portfolio, enhance competitiveness in line with government-led industrial restructuring and strengthen its financial soundness by selling non-core assets. Lotte Chemical produces basic materials such as polyethylene and ethylene, used in plastics and industrial chemicals across the construction

Nov 13, 2025By Yonhap
Lotte Chemical sells entire Pakistan unit amid restructuring

NIS detects flaws in text message encryption on KT network smartphones

The National Intelligence Service (NIS) has detected vulnerabilities in text message encryption on smartphones using KT's network and notified both the telecom company and the government, sources said Thursday. In a report submitted to Rep. Choi Min-hee, the NIS verified a tip that text message encryption on certain KT-powered smartphone models could be compromised, according to the sources. The agency confirmed that the flaw made end-to-end encryption defective and potentially susceptible to data theft during transmission. The NIS did not disclose further details, including which smartphone models were affected or whether users' private data had been compromised. End-to-end encryption is a security communications method that ensures only the sender and recipient can read messages, as data is encrypted on the sender's device and only decrypted on the recipient's device. This process is designed to protect data from being accessed by any third parties, including malicious actors. Korean mobile carriers use end-to-end encryption in line with recommendations from the Korea Telecommunications

Nov 13, 2025By Yonhap
NIS detects flaws in text message encryption on KT network smartphones

Younger leaders take helm of Korean conglomerates

Younger leaders — mostly born in the 1980s — are taking the helm of Korean conglomerates, marking a major generational shift sweeping across the local business landscape in a new tech era driven by artificial intelligence (AI). The latest in a series of leadership changes came from HD Hyundai, whose new Chairman Chung Ki-sun was promoted to the top post last month. He's just one of the third-generation heirs from major tech-driven manufacturing players here to have moved up in recent days. Chung was born in 1982. The company promoted the former HD Hyundai executive vice chairman to the highest-ranking position at a crucial moment for its expansion in the United States under President Donald Trump’s initiative to revive America’s shipbuilding industry. He is the youngest chairman among Korea’s top 10 conglomerates by market capitalization. “We face a very serious management environment amid the hegemonic battle between the U.S. and China, economic slowdown and oversupply risks stemming from China,” Chung said shortly after taking office as the firm’s new chairman. “We sh

Nov 13, 2025By Lee Min-hyung
Younger leaders take helm of Korean conglomerates

Korea's mega unicorns rush toward IPOs as market heats up

A wave of Korean unicorns is lining up for initial public offerings (IPO), betting on resurgent investor appetite and a bullish stock market, industry officials said Wednesday. Kbank filed Monday for a preliminary review with the Korea Exchange to list on the KOSPI, targeting a debut in the first half of 2026. The internet-only bank is eyeing a valuation of about 5 trillion won ($3.4 billion). Essex Solutions, a U.S.-based affiliate of LS Group and North America's top wire supplier, also submitted a listing application on Friday. The firm, which counts Tesla as a key client, is expected to seek a valuation above 2 trillion won. Several other firms across sectors are stepping up efforts to tap public markets. Musinsa, the most high-profile contender, has begun IPO preparations. The K-fashion giant aims to hit a 10 trillion won valuation by ramping up overseas expansion and opening more offline stores. It held a pitch last month for investment banks vying to lead the deal. Goodai Global, the K-beauty label behind the hit brand Beauty of Joseon, is also pushing ahead with its IPO plans, targ

Nov 12, 2025By Lee Yeon-woo
Korea's mega unicorns rush toward IPOs as market heats up
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