Asian Currencies Rise as Dollar Hovers Near Multi-Month Lows 
CK Hutchison Seeks $1.5 Billion From Panama Over Canal Ports 
Asian Chip Stocks Plunge as Bond Yields Fuel AI Valuation Fears 
Samsung Eyes $72 Billion Shareholder Return Plan as AI Chip Boom Fuels Profits 
OpenAI Tightens AI Safety Monitoring After Security Incidents 
Gold Prices Edge Higher as Dollar Weakens Ahead of Fed Minutes 
Japan Trade Deficit Widens as Imports Surge on Energy and AI Demand 
Anthropic Eyes $10B-Plus Credit Line Ahead of Potential IPO 
Sun Pharma Wins U.S. Appeal in Pfizer Lipitor Antitrust Case 
Coty Revenue Beats Estimates as Beauty Demand Holds Firm 
Shein Targets $26B-$27B Valuation for Hong Kong IPO 
Schott Pharma Stock Rises as Barclays Upgrades Rating on Growth Outlook 
Asian Currencies Steady as Dollar Weakens After Treasury Bond Buybacks 
Moderna Short Sellers Hit With $4.8 Billion Loss as Stock Soars 
Standard Chartered Expands Hedge Fund Access for Wealth Clients 
UK Inflation Rises to 2.9% in July as Energy Costs Climb 
Trump Says Iran Talks Halted as Strait of Hormuz Dispute Fuels Oil Concerns 
Add as a preferred source on Google
LG Electronics is ditching its solar panel business, and this was announced on Wednesday, Feb. 23. The South Korean company cited the unfavorable market conditions today as the main reason for its decision.
LG Electronics explained it could no longer continue with its solar panel business unit as the rising costs are making it difficult for the company to operate. On top of this, there is also stiff competition, especially with the pricing.
According to The Korea Herald, the Seoul-based company said it made the decision due to "uncertainties in the global solar panel business continue to increase due to a variety of factors, including price competition and the rising cost of raw materials." The declining sales in recent years is another factor for the closure.
The firm's board of directors gathered on Tuesday this week to vote if they should shut down the solar panel unit or not, and discuss how they should tackle the issues. In the end, most of the executives voted to just cease production.
It was revealed that the production of solar panels and modules will officially stop on June 30. Around 900 workers are going to be affected by the move, but LG Electronics assured they will be relocated to other units and subsidiaries of the company.
The company established its solar panel biz in 2010, but it suffered from slow revenue due to fierce competition with its Chinese rivals that are offering products at lower prices. LG Electronics cannot match the low rates due to the rising costs of raw materials and other factors.
"While exiting the solar panel business, LG is concentrating on products and services that can have an even greater impact," LG Electronics North America's chief executive officer and president, Thomas Yoon, said in a press release. "Sustainability is a core business principle at LG Electronics, and we are constantly evaluating the ways in which LG can unlock potential, create greater value and support our vision for a better life for all."
This is LG Electronic's second business discontinuation as it also pulled out its mobile phone business last year. It was shuttered due to low sales and burgeoning expenses.
