Asian Markets Rise as AI Rally Caps 2025, Gold and Silver Hit Record Highs 
TSMC Honors Japanese Chip Equipment Makers With 2025 Supplier Awards 
Boeing Wins $2.04B U.S. Air Force Contract for B-52 Engine Replacement Program 
Nike Stock Jumps After Apple CEO Tim Cook Buys $2.9M Worth of Shares 
Brazilian Oil Workers’ Strike Continues as Key Petrobras Union Rejects Proposal 
Winter Storm Devin Triggers Massive Flight Cancellations and Travel Disruptions Across the U.S. 
U.S. Stock Index Futures Steady After S&P 500 Hits Record on Strong Economic Data 
Mexico Antitrust Review of Viva Aerobus–Volaris Deal Signals Growth for Airline Sector 
Gold and Silver Hit Record Highs as Safe-Haven Demand Surges Amid Global Uncertainty 
Japan Approves Record ¥122.3 Trillion Budget as Takaichi Seeks Fiscal Balance 
Lebanon Cabinet Approves Financial Gap Law to Tackle Ongoing Economic Crisis 
UBS Warns of Short-Term Risks as Precious Metals Rally to Record Highs 
Japan Plans $189 Billion Bond Issuance as Record Budget Signals Expansionary Fiscal Policy 
Taiwan Stock Market Ends Higher as Semiconductor and Energy Shares Lead Gains 
US and Japan Fast-Track $550 Billion Strategic Investment Initiative 
Tokyo Core Inflation Stays Above BOJ Target, Strengthening Case for Further Rate Hikes 
Texas App Store Age Verification Law Blocked by Federal Judge in First Amendment Ruling 
SK Innovation is set to split up its battery and petroleum refining business divisions. It was revealed on Wednesday, Aug. 4, that the South Korean company will be dividing the units and separate them to become two new entities by October.
According to The Korea Times, the move was to have been carried out as SK Innovation is working for its battery division to have a successful initial public offering (IPO). Through the separation, this unit will magnify its business expertise and improve the corporate value as well.
"We plan for the new battery affiliate to become the third-largest player in the global electric vehicle (EV) battery market in 2022, based on (annual) sales volume," Kim Cheol Joong, SK Innovation's head of strategy, told investors during the Q2 earnings call.
He added that with SKI’s battery business as an anchor, the company will pursue the development of new businesses by expanding the value chain. "Along with the battery materials recycling business, we will develop new businesses in the battery materials and next-generation batteries sectors, along with eco-friendly future growth areas," Kim said.
In any case, SK Innovation will remain the owner of the new battery and petroleum refinery businesses. The company is said to be looking forward to gaining the approval of the shareholders through a meeting that will be held on Sept. 16. Once everything is sorted out and approved, SKI will be launching the two new entities on Oct. 1.
Once split up, Pulse News reported that SK Battery will be responsible for the production of batteries for mid to large-size electric vehicles. It will serve battery service and energy storage system businesses. On the other hand, the refinery unit, which is the SK E&P, will operate for petrochemical development, production, and exploration in addition to the carbon capture and storage business.
Finally, Kim Jong Hoon, board chairman of SKI, said that the separation of the company’s battery and petroleum units will also make strategic investments and expansion faster for each of the businesses. Shares of SK Innovation dropped a bit at close by 3.75 at ₩243,500 on Wednesday.
