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SEOUL: South Korea's LG Chem Ltd said on Wednesday it has signed a conditional contract with China's Ningbo Shanshan Co Ltd to sell most of its liquid crystal display (LCD) polarizer business for US$1.1 billion. The chemicals and battery maker said some of its LCD polarizer business including those for automobiles would be excluded from the sale. Polarizers improve the display function in products. "We are going to focus on strengthening our competitiveness in tech materials, especially organic light-emitting diode (OLED) and nurture our OLED polarizer business," LG Chem said in a statement. The company said the deal is pending approval from its board of directors, and the terms are subject to change. It said it plans to make another announcement once the deal is finalized. Ningbo Shanshan said on Tuesday it plans to raise up to 3.1 billion yuan (US$438 million) in a share placement to fund acquisition of a majority interest in LG Chem's LCD polarizer business in China, … [Read more...] about LG Chem in US$1.1 billion deal with China’s Shanshan to sell LCD polarizer business

SEOUL: Hyundai Motor Group, which includes Hyundai Motor and its sister company Kia Motors has picked LG Chem as one of the battery suppliers for its upcoming new electric vehicles, a group spokesman said on Wednesday. Details of the supply contract including the electric vehicle (EV) model and the full amount of the deal, which are yet to be decided, will be confidential, the spokesman said. LG Chem declined to comment. Hyundai Motor said last year it would launch 16 EV models by 2025 with an aim to boost EV sales to 560,000 by then. (Reporting By Joyce Lee and Heekyong Yang; Writing by Jane Chung; editing by David Evans) … [Read more...] about Hyundai Motor Group to get electric vehicle batteries from LG Chem

SEOUL: LG, a South Korean Apple supplier, reported on Thursday (Apr 32) its fifth straight quarter of operating losses, hit by slumping demand for smartphones and televisions due to the coronavirus pandemic. The operating loss for the first quarter ended March widened to 362 billion won (US$294.70 million) from a loss of 132 billion won a year earlier, and compares with a Refinitiv SmartEstimate drawn from 19 analysts for a 390 billion won loss. LG Display's revenue fell 20 per cent to 4.7 trillion won. "We expect volatility in demand to increase down the road, as industry sectors are impacted by the COVID-19 outbreak. The difficult situation will inevitably linger, although it is expected that demand in IT products will grow due to stay-at-home orders and consequent surge in online activities," LG said in a statement. Analysts say although liquid crystal display (LCD) panel prices in the industry rose when production was disrupted in China at the peak of the coronavirus … [Read more...] about Apple Inc supplier LG Display posts wider first-quarter loss on demand slump

Kotak Mahindra Bank one of India 's leading financial services conglomerates announced a 0.10 percentage point cut in its home loan rates for a limited period, claiming its offering to be the lowest in the market. Customers will be able to avail home loans for 6.65 % till March 31 as part of a special offer after the rate reduction, the bank said in a statement. Interest rates are linked to borrowers’ credit score and the Loan to Value (LTV) ratio. Kotak Home Loans are linked to an external benchmark i.e. RBI’s policy repo rate Ambuj Chandna, President – Consumer Assets, Kotak Mahindra Bank management said , “They will continue to set the pace as the price leader in the home loan market and are delighted to offer consumers a special year-end bonus in the form of even lower home loan interest rates. This is indeed the best time to buy a home.” … [Read more...] about Kotak Mahindra Bank cuts home loan interest rate to 6.65%

Kindly Share This Story: By Festus Ahon ITSEKIRI Progress Club, IPC, Weekend, has frowned at the ceding of Warri North Local Government Council Chairmanship position to the Ijaws in the March 6 Delta State Local Government election. IPC in a letter dated 15th February 2021, addressed to the Delta state Governor, Dr. Ifeanyi Okowa, tagged: “Treachery of our Political Actors” signed by its Chairman, Chief Tony Onuwaje and Secretary, Mr. Godwin Okotie, copy of which was made available to newsmen in Asaba, raised alarm over what it termed as betrayal and compromise of the rights of the people which has led to the loss of its patrimony due to personal interest. READ ALSO: How states can recoup investment in airports using Delta State example While accusing Government at all levels of tending to be rewarding lawlessness and violent agitations instead of adherence to rule of law and orderliness in pursuit of political gains, the club said: “the peaceful … [Read more...] about DELTA LG POLLS: IPC frowns at ceding of Warri North Chairmanship to Ijaws