Berkshire Hathaway Cash Falls as Abel Boosts Stock Buybacks 
ADNOC Gas Targets Up to $4B Profit in 2026 
Nvidia Secures $500 Billion AI Infrastructure Push With Wall Street Giants 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
US Judge Dismisses Gautam Adani Criminal Charges 
JPMorgan Plans More Asia-Pacific Hiring in 2027 as Corporate Banking Revenue Surges 
OpenAI Executive Brad Lightcap to Leave for New AI Venture 
ANZ Home Loan Applications Drop 12% After Australia Property Tax Changes 
CBA Posts Record A$10.98B Profit Despite Cautious Outlook 
Airbus Joins Air India A320 Altitude Drop Probe 
ASX Faces Legal Action Over Failed Blockchain CHESS Project 
Super Micro Stock Jumps 19% as AI Server Demand Drives Strong 2027 Outlook 
SpaceX Shares Surge as Wall Street Backs AI Growth Potential 
Sony, TSMC Eye $6.3 Billion Japan Chip Venture for Next-Gen Image Sensors 
Hims & Hers Shares Fall as GLP-1 Costs Widen Q2 Loss 
Natura Q2 Profit Plunges 92% as Financial Expenses Weigh on Earnings 
Cisco Forecasts Strong Fiscal 2027 Growth as AI Networking Demand Surges 
SK Innovation recently aired what it thinks about the U.S. International Trade Commission’s ruling against the company. It received a harsh punishment of a 10-year ban in America, and SKI is calling this decision “catastrophic” because it can also harm the public.
SKI’s reveals its options due to the penalty
As per The Korea Herald, SK Innovation has been looking at all options that it could take in response to a decade of business prohibition in the U.S. While it filed a motion in an attempt to overturn the February decision of the USITC, the South Korean company is also considering pulling out its business in the country.
This means that it is also considering abandoning its plans for its manufacturing facilities in Georgia. The $2.7 billion factory is already being built, and the recent development in its dispute with LG Chem halted the project. Since SK will not be allowed to import, make and sell in the U.S. for a decade after the ban takes effect, then the factory could not be used even if it will be completed.
Thus, SKI may be left with no choice but to drop the Georgia plant. If it has other options to continue the business, it was not revealed. Then again, to prevent this scenario that also means the loss of income for Georgia and jobs for the locals, the S. Korean company is trying to appeal its case and already asked for President Joe Biden’s help by interfering with the situation and reversing USITC’s decision.
SKI’s alleged offense against LG Chem
SK Innovation has been placed in this predicament after LG Energy, owned by LG Chem, alleged that SK stole at least 22 trade secrets from them. These are battery patents and other technologies that were supposedly used by SKI to produce their own products, including electric vehicle batteries. The trade commission in the U.S. confirmed that SK is guilty of stealing LG’s patents in February.
“The commission’s orders destroy the economic viability of SK’s investment in battery production in Georgia and will rationally and inevitably lead to its abandonment, and will also cause the loss of the thousands of domestic jobs and environmental benefits that the project would have brought,” SK stated regarding the ruling.
Meanwhile, one of the facilities for making EV batteries was already completed in Georgia, and the second building is under construction, it is expected to finish in 2023, but its fate may depend on the outcome of SK Innovation’s efforts to reverse ITC’s ruling.
