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Industry

LG Electronics posts Q2 operating profit of 1.58 trillion won, up 147 percent year on year

LG Electronics posted its highest-ever second-quarter sales and operating profit, reporting revenue of 23.83 trillion won and operating profit of 1.58 trillion won. Sales rose 14.9 percent and operating profit jumped 147 percent from a year earlier. Revenue edged up from the previous quarter, while operating profit fell. The company said growth was led by home appliances, supported by sports events and vehicle solutions, with profitability helped by cost efforts and a one-off tariff refund.

People & Appointments

Hanwha promotes Kim Dong-kwan to vice chairman, revamps CEOs at five affiliates

Hanwha Group has reshuffled its leadership by promoting key executives and nominating new chief executives at five affiliates. The changes take effect on Aug. 1. Kim Dong-kwan is promoted to vice chairman. Kim Dong-won becomes vice chairman and Kim Dong-sun is promoted to president. The group also named CEO nominees at Hanwha Aerospace’s business division, Hanwha Systems, Hanwha Impact’s business division, Hanwha Asset Management and Hanwha Semitech.

Crypto

Japan's Gumi launches crypto management fund with SBI to invest in bitcoin and altcoins

Japanese game developer Gumi will launch a 3 billion yen cryptocurrency investment fund with SBI Financial Services. The fund will invest in bitcoin and major altcoins, while seeking returns through staking and using hedging and rebalancing strategies to manage risk. Gumi said the fund aims to connect Japanese corporate capital with crypto markets and to build a track record ahead of possible future approval of crypto exchange-traded funds in Japan.