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Industry

SK Innovation to absorb SK IET as business division, targets operating profit break-even in 2029

SK Innovation plans to absorb SK IE Technology (SK IET) as a business division, targeting an annual EBITDA improvement of 60 billion won through organisational consolidation and lower interest costs. The merger is set for Jan. 1, 2027, and SK IET will cease to exist. The company aims to turn the separator business EBITDA positive within 2 to 3 years and expects operating profit to return to the black in 2029, with a focus on ESS demand.

Politics & Government

Park Hong-geun says Future Response Fund to invest in AI and regions

South Korea\'s government is considering a broad range of investment targets for a Future Response Fund to be formed from additional tax revenue, including AI and other advanced industries as well as rural and regional projects. Planning and Budget Minister Park Hong-geun said about 10 trillion won in extra funds had been secured from a surge in securities transaction tax and would be reviewed for contributions to rural development and agricultural growth. The fund\'s size has not been disclosed.

AI & Enterprise

MSIT launches Gangwon AX shift focusing on healthcare and wellness

South Korea has begun planning a regional AI transition (AX) project to apply AI to Gangwon’s healthcare and wellness industry. The Ministry of Science and ICT said Deputy Prime Minister and MSIT Minister Bae Kyung-hoon attended a launch briefing in Seoul on Aug. 13. The project is part of the government’s “5 poles, 3 specials” regional AX initiative. Planning runs through end-2026, followed by a 2027 pilot and a 2028 full rollout.