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Waste management business loses appeal among Korean conglomerates

A growing number of major Korean conglomerates are withdrawing from the waste management business, once highly sought after for its alignment with the investing principles emphasizing environmental, social and corporate governance (ESG) factors. As ESG has received less attention in recent years, more companies have shifted their focus toward their core affiliates to adapt to challenging market conditions. SK Ecoplant announced Aug. 20 that it signed an agreement with KKR to sell its entire holdings in Renewus, Renewone and Renewenergy Chungbuk to the U.S. private equity firm for 1.78 trillion won ($1.3 billion). Renewus, acquired by the construction firm in 2020, specializes in wastewater treatment. Renewone was formed through the mergers of various waste incineration and landfill companies that SK Ecoplant acquired between 2021 and 2022. Renewenergy Chungbuk operates a waste incineration plant in Cheongju, North Chungcheong Province. Although SK Ecoplant changed its name from SK E&C in 2021 to signal its ambition to be an environmental company, it decided to divest the three unprofitab

Sep 1, 2025By Park Jae-hyuk
Waste management business loses appeal among Korean conglomerates

Samsung, SK face risks to chip production in China amid tighter US chips curbs

Samsung Electronics and SK hynix are facing increasing risks in upgrading their chipmaking technologies on time, as the United States moves to tighten controls on the shipment of equipment from the U.S. to the Korean firms’ manufacturing facilities in China, experts and industry officials said Sunday. The U.S. Department of Commerce Friday announced a plan to strip the two Korean companies as well as Intel Semiconductor of their validated end-user (VEU) status, a decision requiring them to obtain separate licences each time they seek to send U.S. chipmaking equipment to their plants in China. The firms will be given a 120-day grace period. Samsung Electronics’ plant in Xi’an, China, serves as its major NAND flash memory chip base, accounting for nearly 40 percent of its total NAND output. SK hynix operates factories in the Chinese cities of Wuxi and Dalian, where it produces its DRAM and NAND chips, respectively. While an immediate suspension of production lines is unlikely, industry observers warn that the restrictions could, in the long run, prevent process upgrades and equipmen

Aug 31, 2025By Lee Min-hyung
Samsung, SK face risks to chip production in China amid tighter US chips curbs

AliExpress Korea fined $1.5 mil. for deceptive pricing

AliExpress Korea and its affiliates have been fined some 2.1 billion won ($1.5 million) total for displaying deceptive sales prices on the e-commerce platform, the Fair Trade Commission (FTC) said Sunday. According to the latest investigation by the antitrust watchdog, AliExpress' two affiliated partners — Ocean Sky and MICTW — engaged in misleading sales practices by pretending to offer huge discounts from listed prices. However, the companies were found never to have sold the products at the advertised prices, which the FTC viewed as a violation of a local advertising act. For instance, they deceived customers by presenting a false fixed price tag of 660,000 won for a tablet PC and offering a discount of 58 percent, even if they had not sold the products at that price before. Both companies sold more than 7,000 products between May 2023 and October 2024 at AliExpress Korea with the deceptive pricing strategy, which ended up distorting customers’ reasonable choices when they purchased products through the e-commerce platform, the FTC said. The authority slapped a fine of 2 billion

Aug 31, 2025By Lee Min-hyung
AliExpress Korea fined $1.5 mil. for deceptive pricing

ESS batteries take center stage ahead of US removal of EV tax credit

Korean battery manufacturers are ramping up their focus on energy storage systems (ESS) as the United States moves to end subsidies for electric vehicle (EV) purchases. In July, U.S. President Donald Trump signed the One Big Beautiful Bill Act into law, announcing the planned elimination of up to $7,500 in tax credits for EV purchases after Sept. 30, seven years ahead of the original expiration date. Bracing for a longer-than-expected slowdown in U.S. demand for EV batteries, the top three battery makers here are broadening their foothold in the North American ESS market. LG Energy Solution (LGES) and Samsung SDI will attend the Renewable Energy Plus 2025 event. Both companies plan to showcase their newest ESS technologies at North America's largest renewable energy exhibition, scheduled for Sept. 8-11 in Las Vegas. LGES, the first battery manufacturer to mass-produce lithium iron phosphate (LFP) batteries for ESS at a U.S. facility, announced Sunday it will display its prismatic LFP battery. This marks the first public showing of the battery model known for high resistance to external sh

Aug 31, 2025By Park Jae-hyuk
ESS batteries take center stage ahead of US removal of EV tax credit

Hanwha improves fundamentals in 3 years under Vice Chairman Kim Dong-kwan

Hanwha Group Vice Chairman Kim Dong-kwan has marked his third year in the post with significant improvements in the business fundamentals of the heavy-industry-oriented conglomerate under his leadership. Kim, the eldest son of Hanwha Group Chairman Kim Seung-youn, has been at the forefront of the group’s management since being appointed vice chairman on Aug. 29, 2022. One of the most noteworthy changes under his leadership is the rapid growth of the group’s corporate value. As of August this year, the combined market capitalization of Hanwha’s 13 listed companies stood at 120.7 trillion won ($87 billion), up 177.4 percent from 43.5 trillion won at the end of last year. During the same period, the benchmark KOSPI grew 30.6 percent, meaning the market valuation on Hanwha Group has far outpaced the average. Playing a pivotal role are the group’s aggressive and timely investments in industries with strong momentum, especially shipbuilding and defense. In 2021, before Kim’s promotion to vice chairman, Hanwha’s defense and shipbuilding units posted a combined 6.76 trillion won in sa

Aug 31, 2025By Nam Hyun-woo
Hanwha improves fundamentals in 3 years under Vice Chairman Kim Dong-kwan

Hyundai's new hydrogen car sales hit around 7,000 units since launch

Hyundai Motor said Sunday sales of its face-lifted Nexo hydrogen-powered sport utility vehicle (SUV) have reached nearly 7,000 units since its launch in June, far outpacing its predecessor. Sales of the upgraded hydrogen fuel cell electric vehicle (FCEV) model came to 6,767 units in the June-August period, far surpassing the 1,500 units recorded by the first-generation model during the first three months after its release in 2018, according to the company. The new model boasts a driving range of up to 720 kilometers on a single charge and a high-efficiency powertrain with a maximum motor output of 150 kilowatts. To promote hydrogen cars, Hyundai Motor provided 32 Nexo SUVs as protocol vehicles for the Asia-Pacific Economic Cooperation Energy Ministerial Meeting held in the southern port city of Busan last week. "The rising sales of the Nexo, along with its use at international events, indicate hydrogen mobility is gradually becoming part of everyday life," a company official said.

Aug 31, 2025By Yonhap
Hyundai's new hydrogen car sales hit around 7,000 units since launch

Number of Kakao subsidiaries down 30% since 2023 amid business reshuffle

The number of subsidiaries under Korean IT giant Kakao fell 30 percent over the past two years, data showed Sunday, amid the company's efforts to streamline its businesses. The operator of Korea's most popular mobile messenger, KakaoTalk, had 102 subsidiaries as of Sunday, sharply down from 147 in May 2023, according to the data. The decrease came as Kakao carried out a company-wide reshuffle to focus on its artificial intelligence (AI) business while streamlining non-essential operations. Recently, Kakao Games, the gaming arm of Kakao, completed the process of selling its shares in Neptune to Krafton, after announcing the plan in a regulatory filing in April. Kakao plans to unveil its latest AI vision during an annual conference scheduled for September, including the launch of an AI platform under a unified brand, Kanana, as well as other related services in collaboration with U.S. tech giant OpenAI.

Aug 31, 2025By Yonhap
Number of Kakao subsidiaries down 30% since 2023 amid business reshuffle

Samsung Electronics tops Indian TV market in H1: data

Samsung Electronics ranked first in the Indian TV market in the first half of 2025, data showed Sunday, backed by robust sales of large-sized premium models. The Korean tech giant accounted for 23.8 percent of the market during the January-June period, maintaining the top spot since 2017, according to data compiled by global market research firm Omdia. LG Electronics, Samsung's smaller Korean rival, ranked second with a 16.5 percent share, followed by China's Xiaomi with 7.9 percent. Industry watchers said Samsung was able to sustain strong sales in India with its cutting-edge large-screen models, including Neo QLED and OLED TVs. Educational content offered through Samsung's smart TV platform, along with global entertainment titles, including programs from Korea, also helped the company maintain its leading spot, they added. The combined sales of TVs in India were estimated at 11.29 million units in 2024.

Aug 31, 2025By Yonhap
Samsung Electronics tops Indian TV market in H1: data

US to make it harder for SK hynix, Samsung to make chips in China

The U.S. Commerce Department announced a plan Friday to strip South Korean tech firms Samsung Electronics Co. and SK hynix Inc. of "validated end-user (VEU)" status, a move that will require them to secure licenses for sending certain U.S. chipmaking equipment to their plants in China. On the Federal Register, the department's Bureau of Industry and Security said it will revise the existing VEU authorizations list for China by removing the companies as well as Intel Semiconductor Ltd. The department stressed its intention not to grant licenses to expand their capacity or upgrade technology at plants in China. During the previous Biden administration, Samsung Electronics and SK hynix were designated as VEUs, a status that reduces the licensing burden on the companies by allowing them to ship certain U.S. semiconductor equipment to pre-approved sites under a general authorization instead of individual export licenses. The decision will take effect 120 days after the official date of its publication on Sept. 2. In a press release, the Commerce Department said that the plan to revoke the VEU

Aug 29, 2025By Reuters
US to make it harder for SK hynix, Samsung to make chips in China

Louis Vuitton opens pop-up in Seoul to debut beauty line

Global luxury fashion brand Louis Vuitton will open a new beauty product store in Seoul, embarking on a new business here alongside the country’s K-beauty trend, now growing worldwide. La Beaute Louis Vuitton is set to open its first pop-up store in Seoul’s Gangnam District on Monday. The first floor of the three-story shop includes a virtual test zone and Key Look experience zone, located next to displays of products for sale. The second floor is dedicated to a vanity trunk, makeup station and perfumes, and contains a lounge. The vanity trunks and makeup stations are inspired by Louis Vuitton’s history and craftsmanship, dating back to the company's foundation as a luggage maker in 1854. The top floor is a cafe serving beverages and desserts. British makeup artist Dame Pat McGrath is the creative director for La Beaute Louis Vuitton’s inaugural beauty collection. Dubbing the brand the “fruit of craftsmanship and innovation,” she said the collection will open a new dimension for luxury beauty. La Beaute Louis Vuitton’s products span lipsticks, balms and eyeshadows. LV Rouge,

Aug 29, 2025By Ko Dong-hwan
Louis Vuitton opens pop-up in Seoul to debut beauty line
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