LG Chem enjoyed the greatest quarterly revenue and operating profit in its history in the July-September period ahead of its controversial battery business split-off, according to a regulatory filing Wednesday. The South Korean refinery-to-battery firm recorded 7.5 trillion won in revenue ($6.6 billion) in the third quarter, a 8.8 percent increase on-year, while its operating profit jumped 158 percent to 902.1 billion won in the same period. The revenue and operating profit figures would b

Samsung, SK’s strides bring LG’s old life sciences biz back in focus

Samsung Biologics marked an operating profit in the first three quarters of 2020 of more than double its entire yearly performance of 2019, proving it has been undamaged and even buoyed by the COVID-19 pandemic, which has largely slashed earnings across various industries. During the three months of July through September, Samsung biologics made revenue of 274.6 billion won ($242.4 million) and an operating profit of 56.5 billion won, according to the accumulated third quarter report on Wednesd

South Korea’s biggest battery expo, “Inter Battery,” opened Wednesday, the first and the largest expo to be held in Coex, Seoul, since Oct. 12, when the social distancing measures were lowered to Level 1. At the expo, which will be held until Friday, 198 companies are participating, including LG Chem, Samsung SDI and SK Innovation, to tout their battery technologies. To enter the expo, visitors had to scan their QR codes and wear masks and disposable gloves. As Korea&rsquo

LG Display signed a three-year strategic partnership with Walt Disney Studios’ StudioLAB to provide it with organic light-emitting diode TV panels, the company said Wednesday. The deal will add transparent, ultrahigh-definition display panels developed and manufactured by LG Display for StudioLAB. StudioLAB is a subsidiary of Walt Disney Studios that researches cutting-edge filmmaking technologies. Walt Disney Studios comprises of Disney, Walt Disney Animation Studios, Pixar Animation

Shin Yu-yeol, the only son of Lotte Group Chairman Shin Dong-bin, joined Lotte Japan earlier this year, the group confirmed on Wednesday. His educational and career path resembles his father’s corporate journey. Shin went to Keio University, got a management degree from Columbia University and previously worked at Nomura Singapore. His father also began his career at Nomura London when he was 25 and moved to Lotte International in Japan when he was 32. He graduated from Aoyama Gakuin

Samsung Biologics Co. on Wednesday reported its third-quarter net profit of 56.1 billion won ($49.5 million), up 27 percent from a year earlier. The company said in a regulatory filing that operating income for the July-September period rose 139.5 percent on-year to 56.5 billion won. Sales increased 48.6 percent to 274.6 billion won. (Yonhap)

SPC Group said Wednesday it will open a Shake Shack location in Galleria Timeworld in Daejeon in November. The Shake Shack store planned to launch in Daejeon is the third outlet for the burger chain to be opened outside the Greater Seoul area that includes Incheon and Gyeonggi Province, SPC said. A fence installed around the Shake Shack store at Galleria Timeworld department store is decorated with colorful graffiti art depicting people dining in the burger house by Junk House, SPC said. The

SK Engineering & Construction said Wednesday it has teamed up with US platform-as-a-service company Veea to develop and operate a Smart Safety Platform, a service designed to protect staff on construction sites. The safety management system collects and analyzes big data with regards to industrial disasters and sends information to supervisors and construction workers via portable devices, the construction company said. The move will see SK E&C bypass technical difficulties surrounding

Posco International said Wednesday it would partner with Seoul Techno Holdings to foster startups with global potential. The trading firm signed a business agreement with the tech firm of Seoul National University in Seoul to help local startups advance into the global market. The event was attended by Posco International CEO Joo Si-bo and Seoul Techno Holdings President Mok Seung-hwan. With this agreement, the two will build a win-win model to promote overseas expansion of startups with ex

Daewoo Shipbuilding & Marine Engineering Co. said Wednesday it has won approval for its design for its upgraded floating liquefied natural gas (LNG) facility from ABS, a US ship quality assurance and risk management company. The approval in principle for Daewoo Shipbuilder's design for the LNG offshore facility by the US firm allows the shipbuilder to seek orders for the facility, the company said. Daewoo Shipbuilding has pushed for the project under the cooperation with ABS since June 201

LG Electronics Inc. on Wednesday unveiled an eye skin care device in South Korea as the company tries to expand its presence in the beauty and health care sector amid the pandemic-driven stay-at-home trend. Preorders for LG Pra.L EyeCare will run until Oct. 29 with a price tag of 599,000 won ($530), according to the company. It is the eighth product launched under LG's beauty appliance brand PRA.L., whose lineup includes an LED face mask and a hair growth helmet. The eyewear device is desi

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The Korea International Trade Association’s open innovation venue Startup Branch is becoming a mecca for innovative growth among local and global firms. According to KITA, it has been 500 days since the venue opened. Startup Branch was set up at Coex in Samseong-dong, southern Seoul, in June last year to create a domestic startup ecosystem and encourage global scale-ups. Since that time, leading local and foreign companies and startups have visited the venue and held about 400 large-sca

SK Engineering & Construction opened a new fuel cell manufacturing plant in the city of Gumi, North Gyeongsang Province, on Tuesday. The facility for the joint venture with US fuel cell company Bloom Energy 2020, known as Bloom SK Fuel Cell, comes as part of the company’s yearslong efforts to locally produce solid oxide fuel cells. The annual generating capacity of the factory is projected at 50 megawatts in 2021 with plans to grow to up to 400 megawatts by 2027. By Yim Hyun-su (hyu