GE Vernova Q2 Revenue Tops Estimates as Earnings Miss, Shares Slide Despite Higher 2026 Outlook 
Ryanair Warns Summer Airfares May Stay Lower as Quarterly Profit Misses Estimates 
OpenAI Australia Data Center Switches Cooling Strategy After Recycled Water Plan Fails 
Super Micro Computer Stock Jumps 20% After Record AI Orders and Margin Surge 
Judge Approves Anthropic’s $1.5 Billion AI Copyright Settlement With Authors 
Samsung Cuts U.S. Consumer Electronics Jobs as Headquarters Moves to Texas 
Oil Prices Rise as Houthi Attacks on Saudi Tankers Heighten Middle East Supply Fears 
Belimo H1 Sales Surge as AI Data Center Cooling Drives More Than Half of Growth 
Alphabet Q2 Earnings Beat Estimates as AI Spending, Google Cloud Growth Fuel Outlook 
Elon Musk Fuels SpaceX-Tesla Merger Speculation After Earnings Call 
Nvidia Reveals 9.3% Stake in AI Cloud Firm Nebius Following $2 Billion Investment 
US Stock Futures Steady Ahead of Tesla, Alphabet Earnings as Iran Conflict Keeps Markets on Edge 
Macquarie Names Greg Ward as CEO, Signaling Stability and Strategic Continuity 
US Dollar Climbs to Weekly High as Middle East Tensions Lift Treasury Yields and Safe-Haven Demand 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
ASEAN Ministers Warn Middle East Conflict Threatens Regional Stability and Energy Security 
Gold Climbs Above $4,000 as Middle East Tensions and Fed Outlook Drive Safe-Haven Demand 
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.
