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MBK warns of criminal accusation; Korea Zinc invites rivals on board After four months of power struggle and a 13-hour shareholder meeting on Thursday, the battle over management control of the world’s largest refined zinc smelter Korea Zinc is likely to continue. While the thwarted MBK-Young Poong coalition signaled its intent to press criminal charges, Korea Zinc suggested collaborating with its rival, inviting MBK Partners to join its management. On Thursday, Korea Zinc's current management t
Automaker hits all time high global sales of 3.1 million units Kia, Hyundai Motor Group’s smaller affiliate, set a major milestone last year, marking record-high sales and profits, even amidst a downturn in the electric vehicle market and economic uncertainties. According to the company’s earnings release on Friday, last year’s sales revenue and operating profit soared 7.7 percent and 9.1 percent compared to 2023 to 107.4 trillion won and 12.7 trillion won ($8.9 billion), respectively. This sing
LG Electronics said Friday it would become the largest shareholder in Bear Robotics by exercising a call option to acquire an additional 30 percent stake in the US-based robotics firm. The decision, made during a board meeting Thursday, will raise LG’s total ownership in Bear Robotics to 51 percent, enabling it to take over management control and incorporate the US company as a subsidiary, the home appliance maker said. In March, LG invested $60 million to acquire a 21 percent stake in the US fi
South Korea’s leading brokerage house Mirae Asset Securities plans to inject around 290 billion won ($202 million) into its Indian subsidiary, aiming to expand its presence in the fast-growing country. Mirae Asset Securities will purchase 1.44 billion shares of its Indian affiliate Mirae Asset Capital Market (India) Pvt. Ltd., by allocating 288.7 billion won, according to a regulatory filing made by the firm Thursday. “The money allocated through the capital raise will be used to expand the busi
Korea Medical Institute announced Friday the opening of its newly expanded Gwanghwamun Medical Checkup Center, offering upgraded facilities and improved accessibility in the heart of Seoul. The new center, located in the Gwanghwamun Building (formerly Donghwa Duty-Free Building), spans 4,208 square meters, 300 square meters larger than its previous location. Its central location ensures convenient access by public transportation, making health screenings more accessible for clients, the institut
Samsung SDI said Friday it posted a fourth-quarter deficit in 2024, its first quarterly loss in seven years, amid an electric vehicle slowdown largely driven by reduced consumer subsidies and increased interest rates. In the fourth quarter, the company experienced a 28.8 percent drop in sales revenue, falling to 3.7 trillion won ($2.6 billion) from the previous year, and its first operating loss since 2017 of 256.7 billion won. For the full year, it posted 16.6 trillion won in revenue, marking a
Korean business leaders attending Donald Trump's presidential inauguration on Monday networked with key political and business figures in the new Trump administration. Their roles, especially with a leadership vacuum in South Korea, received outsized attention, as their cross-sector reach spanning political and business circles could potentially impact future Korea-US relations. Among the attendees, Shinsegae Group Chairman Chung Yong-jin stood out, having forged a connection with the US preside
Culmulative voting system approved for March general meeting amid looming legal fight The current management of Korea Zinc tied the hands of takeover contender MBK-Young Poong, partially limiting the alliance's voting rights through a cross-shareholding structure. With its bid thwarted, MBK-Young Poong warned of legal action against the move. Korea Zinc hosted an extraordinary general shareholders' meeting on Thursday. It was the first shareholders' meeting to take place since late September, wh
Hyundai Motor Company fell short of achieving record-breaking performance last year, as profits declined for the first time in two years amid deepening uncertainties in the domestic economy and major automotive markets. According to the automaker’s earnings report on Thursday, the auto giant’s annual operating profit for 2024 dropped 5.9 percent to 14.2 trillion won ($9.9 billion) compared to 2023, while its sales revenue climbed 7.7 percent to 175.2 trillion won. Its profit margin also fell fro
Revamped family SUV offers hybrid variant and nine-seater for 1st time, competes head on with Kia Carnival Hyundai Motor's flagship family sport utility vehicle, the Palisade, sparked a comeback after six years in Korea, offering a roaring drive and upgraded comfort. The automaker previously avoided direct competition with its smaller sibling, Kia, by excluding hybrid and nine-seater variants. However, with these offerings alongside additional premium features, the competition to lead the large
Despite strong 2024, Shinhan Financial’s profit dips in Q4
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LG CNS posts record profit in 2024
LG CNS becomes Korea’s first SAP Asia-Pacific strategic services partner
KB Financial logs industry's first W5tr annual earnings