EU Chip Industry Faces Growing Risks From China Export Controls and U.S. Technology Dependence: Report 
US Stock Futures Hold Steady Ahead of June Jobs Report as Fed Rate Outlook Remains in Focus 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
Lockheed Martin Emerges as Frontrunner to Acquire Ultra Maritime in $3.5 Billion Defense Deal 
Anthropic Tightens AI Access Controls After Reports of China-Based Workarounds 
Wall Street Ends Mixed as Weak Jobs Data Lowers Fed Rate Hike Bets, Chip Stocks Tumble 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
Japan Signals Readiness to Act on Yen as Intervention Speculation Grows 
Australia Trade Balance Swings to Surprise Deficit as Imports Outpace Exports in May 
Oil Prices Steady as U.S.-Iran Talks Ease Supply Fears Ahead of Holiday Weekend 
Sodexo Raises 2026 Revenue Outlook After Strong Q3 Sales Beat 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
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.
