LG Philips gets approval for IPO

LG Philips, the second-largest manufacturer of LCD panels in the world, has received domestic regulatory approval to proceed with its initial public offering slated for July 14, the company said. LG Philips, a joint venture between Royal Philips Electronics of the Netherlands and Korea's LG Electronics, will attempt to raise $2 billion. The stock will be traded on exchanges in Seoul, South Korea, and New York City.