Business

LS Cable & System secures $137 mil. power cable order in Singapore

LS Cable & System has secured a high-voltage power cable order worth 200 billion won ($137 million) from Singapore’s national electricity provider, the company said Thursday. The contract with Singapore PowerGrid allows LS Cable to enhance its global presence in the underground power cable market. The project is part of a large-scale energy infrastructure initiative to transmit solar-generated electricity from Indonesia to Singapore. LS Cable will supply its 230-kilovolt high-voltage underground cables. The company clinched the contract on a turnkey basis, meaning that it will be involved in all stages of the project, including cable manufacturing, construction and installation, the company said. The LS affiliate is also in talks to win an additional underground cable order worth 150 billion won there. If finalized, the total contract will be valued at 350 billion won. "The project strengthens our position in the underground cable market and opens opportunities to expand into the submarine cable sector," an official from the company said. "LS Cable outpaced its rivals amid toughening glo

Paldo, Thai food firm sign partnership deal for Southeast Asian markets

Korean food company Paldo said Thursday it has signed an initial pact with Thailand's leading conglomerate for business cooperation in Southeast Asian markets. Paldo and Charoen Pokphand (CPup have signed a memorandum of understanding (MOU) to jointly develop new products, expand offline sales networks and launch localized products for customers in Thailand and other Southeast Asian markets, the company said in a press release. It is the first time Paldo signed an MOU with a local company in Thailand for its business expansion. The company has exported its products, including its famous instant noodle, or "ramyeon," product Paldo Bibimmyeon to Thailand. CP Group has a wide range of businesses from food, distribution to telecommunications.

Hahn & Co. emerges as likely buyer for SK Siltron

Korean private equity firm Hahn & Co. has emerged as a potential buyer of SK Siltron, as SK Group, the country’s second-largest conglomerate, seeks to divest its semiconductor wafer manufacturer, industry officials said Thursday. If the deal goes through, Hahn & Co. will have invested in 10 SK Group affiliates, further solidifying its position as a key strategic partner in the group’s ongoing restructuring efforts. According to sources in the investment banking industry, SK Corp., the holding company of SK Group, recently initiated talks with major private equity firms — including Hahn & Co. — to explore a potential sale of SK Siltron’s management rights. The stake under consideration reportedly includes 51 percent directly held by SK Corp. and an additional 19.6 percent secured through a total return swap agreement, bringing the total to 70.6 percent. The deal is expected to be valued at around 5 trillion won ($3.4 billion). The SK Siltron deal is seen as part of the group’s ongoing efforts to restructure its business portfolio. As the conglomerate continues to offload its no

Mirae Asset chair donates dividends for 15th consecutive year

Mirae Asset Group’s Global Strategy Officer and Chairman Park Hyeon-joo donated 1.6 billion won ($1 million) in dividends earned last year, bringing his total donations over the past 15 years to 33.1 billion won, the company said Thursday. He made this commitment in 2008, writing in a letter to Mirae Asset employees that he planned to donate all of his dividends to support the development of the younger generation in Korea. He first began donating his dividends in 2010 and has continued the annual drive since. The donation will be routed through two group-operated foundations, each dedicated to supporting either education or career development programs for young people. Included are scholarship programs, leadership projects and cultural exchange opportunities. As of last year, the two foundations have invested 106.9 billion won in various social contribution initiatives. The group said it will continue to nurture future generations, upholding the chair’s motto: “I would rather be the greatest giver than the richest man.” In his view, science and technology are other key areas for fo

Hall of Fame unveiled for LG Awards winners

LG Group unveiled a new Hall of Fame honoring LG Awards winners during this year's awards ceremony in Icheon, Gyeonggi Province, on Wednesday. The event, now in its seventh year, honors innovative products and services that have transformed customers’ lives. Since its launch in 2019, it has recognized a total of 492 teams and more than 4,000 individual awardees. This year's edition had about 500 people in attendance, including LG Group Chairman Koo Kwang-mo, its executives, consumer representatives and award winners. This year, a total of 87 teams and 680 individuals were honored, including three teams that received the “Customer Impression Grand Award." The award recognizes achievements based on criteria such as exceeding consumer expectations, making meaningful changes in consumers’ lives and demonstrating potential for innovations to become standard practices or processes. The winners are selected through a thorough evaluation from both consumers and employees, collecting opinions from a range of people, from experts to foreigners and housewives to younger generations. An LG Elec

Samsung, LG air conditioner sales surge ahead of summer

Sales of air conditioners from Samsung Electronics and LG Electronics grew sharply from a year earlier in the first quarter as consumers brace for what is expected to be an unusually hot summer, the companies said Thursday. Samsung Electronics said sales of its home air conditioners jumped 51 percent year-on-year in the January-March period. Sales in March alone surged 61 percent compared with the same month last year. LG Electronics said its first-quarter sales of air conditioners spiked 60 percent from a year earlier, with sales in March skyrocketing 80 percent year-on-year. Both companies said they have been operating their air conditioner production lines at full capacity to meet the soaring demand. In its annual climate outlook, the Korea Meteorological Administration forecast a 60 percent chance that the summer of 2025 will be hotter than average.

Novelis supports wildfire recovery

Hyundai Mobis hosts mobility tech conference in Detroit to boost North American outreach

Hyundai Mobis, the car parts unit of Hyundai Motor Group, held an annual mobility tech show in the United States this week, highlighting its vision and investment strategy for the North American market. The company's fourth Mobis Mobility Day event was held in Detroit on Wednesday (U.S. time) and showcased its latest developments in software-defined vehicles, electrification and electronic components. More than 200 participants, including representatives from North American automakers and startups, attended the event, the company said. Hyundai Mobis engineers and staff from its North American research and development center led the presentations, offering a detailed overview of the company's global innovation strategy. With a significant share of the company's recent global orders coming from North American clients, Hyundai Mobis said it aims to deepen collaboration with local startups to co-develop cutting-edge technologies and improve market responsiveness.

POSCO chair promotes steel, energy businesses in Australia

POSCO Group Chairman Chang In-hwa paid a three-day visit to Australia this week to strengthen the group's steel and energy businesses. The group said Thursday that Chang attended the World Steel Association's executive committee meeting in Sydney on Monday to discuss his company's planned construction of a steel mill in India and explore potential cooperation with global steelmakers in developing technologies to reduce carbon emissions. "With global steelmakers pursuing various technologies to cut carbon emissions, international collaboration on low-carbon steelmaking processes is more essential than ever," Chang said. POSCO, the group's steelmaking unit, was also selected a day later as a Sustainability Champion for the fourth consecutive year during the association's regular meeting, reinforcing its status as a global leader in environmental, social and corporate governance standards. On Wednesday, Chang visited Senex Energy's gas field in the Australian state of Queensland. Acquired by POSCO International in 2022 for AU$442 million ($270 million), Senex Energy operates gas fields on ru

Five foreign car brands to recall over 117,000 vehicles for faulty parts

Volvo Car Korea, Mercedes-Benz Korea, Man Truck & Bus Korea and two other foreign car brands will voluntarily recall over 117,000 vehicles due to manufacturing defects, the transport ministry said Thursday. The five companies, including Jaguar Land Rover Korea and Nissan Korea, are recalling a combined 117,925 units across 49 models sold in Korea, according to the ministry. Volvo will recall 95,573 units of eight models, including the XC60, due to a software error in the event data recorder that may result in driving information not being properly recorded. Mercedes-Benz will recall 17,285 units of nine models, including the S580 4MATIC, due to insufficient durability in the brake hoses. Man Truck & Bus will recall 1,515 units across 24 models due to a defect in the central vehicle control system. Jaguar Land Rover will take corrective measures on 1,401 units of four models, including the New Range Rover P530 LWB, due to possible moisture entry in the rear camera that may obstruct driving. Nissan will recall 591 units of the Pathfinder due to a defective hood part, which could allow the h