Super Micro Computer Stock Jumps 20% After Record AI Orders and Margin Surge 
Ryanair Warns Summer Airfares May Stay Lower as Quarterly Profit Misses Estimates 
Cathay Pacific Sees H1 Profit Surge on Strong Travel Demand 
Gold Climbs Above $4,000 as Middle East Tensions and Fed Outlook Drive Safe-Haven Demand 
Domino’s Weighs Appeal After Australian Court Rules Workers Were Misled on Pay 
Gold Price Climbs Above $4,130 as Middle East Tensions Boost Safe-Haven Demand 
Nike Shifts China Online Sales Strategy to Boost Brand and Fight Local Rivals 
Nasdaq Drops as AI Earnings, Oil Surge and Middle East Tensions Weigh on Wall Street 
Samsung Cuts U.S. Consumer Electronics Jobs as Headquarters Moves to Texas 
Gold Price Holds Above $4,130 as Fed Rate Outlook and Middle East Tensions Support Safe-Haven Demand 
Gold Price Jumps Near 2% Above $4,080 as Middle East Tensions Lift Safe-Haven Demand 
Saudi Oil Tankers Reverse Course as Houthi Threats Disrupt Red Sea Shipping 
US Dollar Pauses Rally as Middle East Tensions Support Safe-Haven Demand 
Macquarie Names Greg Ward as CEO, Signaling Stability and Strategic Continuity 
ASEAN Ministers Warn Middle East Conflict Threatens Regional Stability and Energy Security 
US Dollar Climbs to Weekly High as Middle East Tensions Lift Treasury Yields and Safe-Haven Demand 
European Stocks Slip as Earnings, UK Inflation and ECB Decision Keep Investors on Edge 
Hyundai Oilbank and Lotte Confectionery have partnered to engage in the production of biodiesel using disposed oil products. The South Korean petroleum and refinery company based in Seosan, South Korea, announced its new deal with the Seoul-headquartered confectionery firm on Monday, Aug. 1.
Korea Joongang Daily reported that through the signed deal, Lotte Confectionery would supply Hyundai Oilbank with by-products that were produced during the food manufacturing process in its plants. These are mostly used as cooking oil since the company makes snacks and other food items.
The collected oil will be processed by Hyundai Oilbank and will be used as feedstock for biodiesel. The companies are also said to be mulling entering a joint venture agreement for overseas expansion plans as well as raw material procurement business. Part of the plan is to further widen their cooperation to other business areas outside of feedstock procurement.
With the partnership, Lotte Confectionery will be delivering its used oil products to Hyundai Oilbank’s factory. Its biodiesel production facility is said to measure 10,000 square meters or around 107,639 square feet, and it sits in its Daesan plant located in Seosan, South Chungcheong.
The facility is the first stage of Hyundai Oilbank’s in its biofuel business expansion. The new biodiesel production plant is expected to be completed some time in 2023. The plant has a capacity to produce 130,000 tons of biodiesel per year.
“HD Hyundai and Lotte Group have been strengthening the partnership with each other through Hyundai Chemical, a joint petrochemicals company between Hyundai Oilbank and Lotte Chemical,” Hyundai Oilbank’s head of global business, Lee Seung Soo, said in a statement.
The executive added, “We expect this collaboration to mark another starting point for the two companies to explore new opportunities for joint businesses, taking it a step further from a simple business transaction.”
Meanwhile, Aju Business Daily reported that Hyundai Oilbank and Lotte Confectionery have signed the MOU or memorandum of understanding at Hyundai Oilbank’s office in Jung District in Seoul. The signing ceremony was also attended by the former’s chief executive officer, Chu Young Min and Lotte Confectiomery’s marketing and e-commerce head, Lee Jin Sung.
