Latest news with #SouthKorea-based
CNBC
8 hours ago
- Automotive
- CNBC
South Korea's LG Energy Solution signs $4.3 billion battery supply deal with undisclosed party
South Korea-based LG Energy Solution announced Wednesday that it had signed a $4.3 billion contract for supplying batteries to a major corporation, without naming the customer. The effective date of contract — receipt of orders — began Tuesday and will conclude at the end of July, 2030. During this period, the counterparty will not be disclosed to maintain business confidentiality, the company's filing with the Korea Exchange showed Wednesday. Reuters reported that Tesla was the counterparty. Earlier this week, Tesla CEO Elon Musk confirmed that the EV maker was behind a previously undisclosed $16.5 billion chip contract with South Korea's Samsung Electronics. LG Energy said in its filing that details of the contract such as the deal amount were subject to change and the contract period could be extended by up to seven years. "Investors are advised to carefully consider the possibility of changes or termination of the contract when making investment decisions," the company cautioned. It's shares were trading 0.26% lower. The filing did not clarify whether the lithium iron phosphate batteries would be used in vehicles or energy storage systems. Its major battery customers include American electric-vehicle makers Tesla and General Motors. The company has been expanding its battery production in the U.S., and is constructing a plant in Arizona that will produce lithium iron phosphate batteries. LG Energy Solution and Tesla did not immediately respond to CNBC's requests for comment.
Dubai Eye
a day ago
- Business
- Dubai Eye
UAE, South Korea companies sign deal to expand nuclear energy cooperation
The Emirates Nuclear Energy Company (ENEC) and South Korea-based Hyundai Engineering & Construction (Hyundai E&C) have signed an agreement to jointly explore international nuclear energy opportunities. Signed in Seoul, the deal provides a "comprehensive framework for knowledge sharing, collaborative evaluation of project participation, and assessment of strategic investment opportunities." It also includes the formation of a joint working group to identify areas of mutual interest and support the development of future nuclear energy initiatives. The collaboration between ENEC and Hyundai E&C builds on the longstanding strategic partnership between the UAE and Korea in the nuclear sector and supports both countries' shared goals of advancing peaceful nuclear energy in line with IEA and IAEA projections for a significant global scale-up of nuclear capacity by 2030 and 2050 respectively. With the Barakah Nuclear Energy Plant fully operational, ENEC said it is now focused on working with global partners to support the acceleration of nuclear deployment and is committed to working with all "responsible" nations looking to deploy new nuclear or expand their existing fleets. Hyundai E&C was the lead contractor in the construction of the Barakah Nuclear Energy Plant, and a proven contributor to the UAE Peaceful Nuclear Energy Programme, which is now recognised as a global benchmark for safe and efficient nuclear development. The signing follows a series of recent agreements between ENEC and leading global operators, technology developers, and energy companies. These partnerships form an integral part of ENEC's broader focus on identifying global investment, collaboration and deployment opportunities to support the rapid delivery of civil nuclear energy, driving energy security and sustainability through the provision of clean baseload electricity. The successful construction of the Barakah Nuclear Energy Plant, earned Hyundai E&C high praise from the global nuclear industry for demonstrating its unique risk management and construction capabilities.
India Today
a day ago
- Politics
- India Today
North Korea dashes hopes for US talks, says dialogue depends on 'changed reality'
Hopes of resuming diplomatic talks between the United States and North Korea took a fresh hit after Kim Yo-jong, the influential sister of North Korean leader Kim Jong-un, dismissed the idea of future dialogue unless Washington acknowledges the "changed reality" and North Korea's status as a nuclear per the state-run Korean Central News Agency (KCNA), on Tuesday, Kim Yo-jong said that any meeting between the two nations would remain a distant "hope" if the United States continues to hold on to its "failed past" "If the US fails to accept the changed reality and persists in the failed past, the DPRK-US meeting will remain as a 'hope' of the US side," Kim said, referring to her country by its official name, the Democratic People's Republic of Korea (DPRK).'NOT BAD' TIES, BUT NOT GOOD ENOUGHDespite the harsh tone, Kim Yo-jong said that personal relations between her brother and US President Donald Trump were "not bad." Trump himself has frequently referred to his rapport with Kim Jong-un in positive terms, once calling it a "great relationship."But Kim made it clear that a friendly connection between leaders does not equate to meaningful policy change."If the personal relations between the top leaders of the DPRK and the US are to serve the purpose of denuclearisation, it can be interpreted as nothing but a mockery of the other party," she is the acronym of North Korea's official name, the Democratic People's Republic of KOREA WILL NOT BACK DOWN ON NUKESIn what was arguably the most pointed part of her statement, Kim repeated that the North will not give up its nuclear weapons. She urged the US to accept that North Korea's nuclear capabilities are now a part of the global landscape."Any attempt to deny the position of the DPRK as a nuclear weapons state ... will be thoroughly rejected," she said, drawing a red line that Pyongyang seems unwilling to Donald Trump is "receptive" to dialogue with North Korean leader Kim Jong Un, the White House has said, after a South Korea-based news site reported that Pyongyang repeatedly rebuffed Trump's outreach House Press Secretary Karoline Leavitt said that Trump would like to build on the "progress" made during his 2018 summit with Kim.- EndsTune InMust Watch
News18
5 days ago
- Business
- News18
Epack Durables partners with South Korean firm Bumjin
New Delhi, Jul 25 (PTI) Epack Durable, a manufacturer for air conditioners and home appliances, on Friday announced partnership with South Korea-based Bumjin Electronics. This makes foray of Bumjin, a global audio solutions manufacturer, into the Indian market, according to a statement from the Indian firm. The partnership will focus on the manufacturing of fast growing products such as soundbars, television speakers and bluetooth audio devices, it added. This collaboration also allows Epack Durable to grow beyond air conditioners and building a comprehensive portfolio of both small and large home appliances. 'The manufacturing operations of the products are expected to commence by Q3 of FY2026, with the combined entity targeting a 30 per cent market share in its category. It would support portfolio diversification and enhances brand visibility in the consumer electronics space of the company," it said. This joint venture will facilitate the transfer of technology, knowledge and development to cater requirements of local customers and export. Epack Durable MD & CEO Ajay DD Singhania said: 'By combining our large-scale manufacturing and distribution strengths with Bumjin's deep expertise in speaker technology, we aim to deliver high-quality, locally manufactured products that are aligned with evolving consumer needs and global standards." PTI KRH HVA Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Upturn
5 days ago
- Business
- Business Upturn
EPACK Durable partners with South Korea's Bumjin to enter smart audio segment
By Aditya Bhagchandani Published on July 25, 2025, 12:20 IST EPACK Durable Limited has entered into a strategic joint venture with South Korea-based Bumjin Electronics Co. Limited to manufacture soundbars, Bluetooth devices, and TV speakers in India. The deal, signed on July 24, 2025, is expected to kickstart manufacturing operations by Q3 FY26 and target a 30% market share in the segment. The partnership aims to leverage EPACK's large-scale manufacturing and Bumjin's expertise in speaker technology to develop AI-integrated, high-performance audio products. The collaboration also supports EPACK's plan to diversify beyond room air conditioners and into the broader smart consumer electronics space. EPACK Durable's MD & CEO Ajay DD Singhania said this alliance will help strengthen India's electronics manufacturing capabilities while delivering locally built products that match global standards. Executive Chairman Bajrang Bothra added that the joint venture aligns with the company's long-term roadmap and could reduce India's 25% import dependency in speaker systems. This collaboration is also expected to open up export opportunities while enabling the transfer of global best practices and advanced technologies into the Indian electronics ecosystem. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
