Gold and Silver Prices Slide as Dollar Strength and Easing Tensions Weigh on Metals 
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock 
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Silver Prices Plunge in Asian Trade as Dollar Strength Triggers Fresh Precious Metals Sell-Off 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
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.
