◇Weekly Business Briefing

[Asia Economy Reporter Park So-yeon]

◇Hyundai Motor Group to Skip CES for the First Time Since 2009

Hyundai Motor Group announced on the 18th that it will not participate in the 'International Consumer Electronics Show (CES) 2021' next year. The group has participated in CES annually since 2009. It is reported that Hyundai Motor Group decided to skip the event because it judged that the promotional effect of next year's CES, which will be held online due to the impact of the novel coronavirus disease (COVID-19), would not be significant. Hyundai Motor Group had Hyundai Motor Company and Kia Motors participate alternately every other year. Since Hyundai Motor participated in CES this year, it was Kia Motors' turn next year. Hyundai Mobis, which had participated in CES every year, will also not attend next year. At CES 2020 held in Las Vegas, USA, Hyundai Motor exhibited the full-scale concept of the personal air vehicle (PAV) 'S-A1,' developed in cooperation with Uber.

◇Choi Tae-won Appointed Vice President of the Olympic Council of Asia

Choi Tae-won (60), Chairman of SK Group and President of the Korea Handball Federation, has been appointed Vice President of the Olympic Council of Asia (OCA). The Korea Handball Federation announced on the 18th, "At the 39th OCA General Assembly held on the 17th in Muscat, Oman, Chairman Choi Tae-won was appointed as OCA Vice President and Executive Committee member." Chairman Choi had served as the head of the sports federations within OCA, and the newly established position oversees 90 sports federations across Asia. This is the first time a Korean has been appointed as an elected Vice President of the OCA. The OCA is an international Olympic organization that oversees Asian sports, including the selection of Asian Games host cities and event management, with 45 National Olympic Committees (NOCs) from Asian countries as members.

◇SKIET Applies for Preliminary Review for KOSPI Listing

SK Innovation's materials business subsidiary, SK IE Technology, announced on the 18th that it has submitted an application for preliminary review for listing on the Korea Exchange's KOSPI market. SK IE Technology was established in April last year following the physical division of SK Innovation's materials business division. The company produces lithium-ion battery separators (LiBS) and transparent polyimide films used in foldable smartphones and other displays. Since its establishment, until December last year, it recorded sales of 263 billion KRW and operating profit of 80.6 billion KRW. SK IE Technology plans to proceed with the listing process after completing the preliminary review and aims to be listed on KOSPI within next year.

◇LG Energy Solution and Indonesia Sign MOU for Battery Industry Cooperation

LG Energy Solution (formerly LG Chem's battery division) and Indonesia signed a memorandum of understanding (MOU) for cooperation in the battery industry on the 18th. The Indonesian delegation visited Korea for the formal signing ceremony of the Comprehensive Economic Partnership Agreement (CEPA) with Korea and strongly expressed their desire to conclude an investment agreement with LG Energy Solution in the battery industry during their visit. Indonesia, a producer of nickel, cobalt, and manganese used in batteries, is reported to have negotiated a 'package deal' with LG Energy Solution covering everything from nickel mining operations in North Maluku to refining industries and electric vehicle battery production plants.

◇U.S. House Representatives Urge LG and SK to Settle Battery Dispute

Some members of the U.S. House of Representatives from Georgia and Tennessee, states involved in the electric vehicle battery lawsuit between LG Energy Solution (formerly LG Chem's battery division) and SK Innovation, recently sent letters to both companies effectively urging them to reach a settlement. The signatories of the letters sent to LG Energy Solution and SK Innovation are Buddy Carter, Republican Representative from Georgia; Sanford Bishop, Democratic Representative from Georgia; and Chuck Fleischmann, Republican Representative from Tennessee. Georgia hosts SK Innovation's electric vehicle battery plant, and Tennessee hosts Volkswagen's electric vehicle plant, which will receive batteries from SK Innovation. Therefore, if an unfavorable ruling against SK is finalized, it would inevitably cause damage. In their letters addressed to LG Chem Vice Chairman Shin Hak-cheol and SK Innovation President Kim Jun, the representatives stated, "Both companies have significantly contributed to economic growth and local job creation across the United States," and added, "If one company receives an adverse ruling from the ITC, it will negatively impact the U.S. economy and public interest."

This content was produced with the assistance of AI translation services.