Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
UOB Q2 Net Profit Rises 10% as Wealth Management Growth Boosts Earnings 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
Berkshire Hathaway Cash Falls as Abel Boosts Stock Buybacks 
Trump Unveils $3 Billion U.S. Critical Minerals Push 
US Yen Intervention Unlikely to Deliver Lasting Recovery, Yardeni Says 
US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Brazil Cuts Selic Rate to 14% as Inflation Eases but Risks Persist 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
China Exports Beat July Forecasts as AI Demand Fuels High-Tech Trade 
Oil Prices Surge as Iran Hormuz Restrictions Renew Supply Fears 
Moderna Wins FDA Approval for mFLUSIVA mRNA Flu Vaccine for Adults 50+ 
DoorDash Q2 Revenue Jumps 36% as Orders and DashPass Growth Drive Results 
Asian Stocks Slide as Semiconductor Selloff Weighs on South Korea and Japan 
Gold Prices Surge 7% as Dollar Falls, Fed Rate Hike Bets Ease 
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.
