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Lee Gyu-lee

Korea Times Business Reporter

Lee Gyu-lee is a business writer at The Korea Times, focusing primarily on IT & telecommunications, the Ministry of Trade, Industry and Energy and KOTRA. Prior to this, she has covered a wide range of cultural news, from film, television and K-pop to lifestyle and fashion.

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Companies

KEPCO posts modest Q1 gain, flags fuel price risks ahead

Korea Electric Power Corp. (KEPCO) reported a modest increase in first-quarter earnings on Wednesday, but warned that the impact of the Middle East crisis and rising global fuel prices could weigh on results from the second quarter onward. According to the electric utility company, first-quarter revenue rose 0.7 percent year-on-year to about 24.4 trillion won ($16.4 billion). Operating profit edged up 0.8 percent to 3.8 trillion won, while net profit climbed 6.7 percent to 2.5 trillion won. KEPCO said operating profit rose despite weaker sales thanks to its emergency cost‑cutting drive, including 300 billion won in savings on purchased power and 100 billion won from efficiency gains in maintenance spending through regulatory changes and wider use of artificial intelligence (AI)‑based asset management systems. The company said the first-quarter performance reflects a time lag in the impact of the late‑February spike in global crude and liquefied natural gas prices triggered by the Middle East crisis, adding that fuel cost volatility has had a limited effect on earnings so far. Howev

May 13, 2026By Lee Gyu-lee
KEPCO posts modest Q1 gain, flags fuel price risks ahead
Companies

Kumho Petrochemical backs STEM talent with scholarship donation

Kumho Petrochemical Group donated 30 million won ($20,000) on Wednesday to the nonprofit KJ Choi Foundation to support students pursuing science and engineering degrees, underscoring its commitment to nurturing next-generation technical talent. The scholarships will be awarded as part of the foundation’s initiative to support the next generation of talent. A total of five undergraduate and graduate students will be selected among those who are majoring in robotics, computer science, artificial intelligence (AI), information security and cryptography and chemical engineering, which is a core area closely related to the company’s business. Kumho Petrochemical explained the scholarship initiative reflects its longstanding emphasis on fostering science and engineering talent in Korea, where it has grown from the country’s early days as a marginal player in petrochemicals into a global competitor. The partnership came as the foundation’s response to that commitment. Founded in 2008 by PGA Tour player Choi Kyung-joo, an eight-time winner on the U.S. men’s golf circuit, the foundation

May 13, 2026By Lee Gyu-lee
Kumho Petrochemical backs STEM talent with scholarship donation
Tech & Science

Xiaomi Korea names Summer Peng as new GM

Xiaomi Korea has appointed Summer Peng as its new general manager, as the company seeks to strengthen its leadership and expand its presence in the Korean market. Peng brings extensive experience in regional business management, channel operations and global e-commerce. She previously led Xiaomi’s operations in Hong Kong and Macau, where she helped expand market share, refine multichannel retail strategies and reinforce the company’s premium brand positioning. She also oversaw cross-border e-commerce initiatives, contributing to Xiaomi’s competitiveness across international markets. Before joining Xiaomi, Peng held various roles at major tech companies, including Huawei, Skyworth and Oppo, working across channel sales, product operations and consumer-focused strategy. “Xiaomi’s core value lies in delivering high-quality products that resonate with consumers at reasonable prices, while pursuing continuous growth through technological innovation,” Peng said. “In Korea, we aim to help more consumers experience Xiaomi’s differentiated technologies and smart ecosystem through a

May 13, 2026By Lee Gyu-lee
Xiaomi Korea names Summer Peng as new GM
Tech & Science

Local map platforms rush upgrades as Google Maps eyes expansion

Local map platform operators are racing to overhaul their services as Google prepares to expand its mapping services in Korea, setting the stage for a renewed clash between global big tech and entrenched local players. The shift follows the government’s conditional approval in February allowing Google to access high-precision, 1:5,000 scale map data, which will enable the company to offer full navigation capabilities. Momentum has increased since then, as officials from the Ministry of Land, Infrastructure and Transport met with Google executives late last month to discuss potential cooperation in artificial intelligence (AI)-powered spatial data and urban mobility. As a result, domestic players including Naver, Kakao and TMAP Mobility are repositioning their services to defend market share by doubling down on localized data and differentiated user experiences. Naver Map, the country’s dominant map service, is reinforcing its competitive edge through its long-accumulated local data and content ecosystems. Naver recently reinstated its five-star rating system for the first time in five

May 12, 2026By Lee Gyu-lee
Local map platforms rush upgrades as Google Maps eyes expansion
Tech & Science

LG Uplus inks 1st overseas deal to launch ixi-O in Malaysia

LG Uplus has secured its first overseas deal to launch its artificial intelligence (AI) call assistant ixi-O in Malaysia, marking a key step in the company’s push to expand its AI services globally. The company announced on Monday that it has signed an agreement with Maxis, one of Malaysia’s leading telecom operators, to launch ixi-O commercially in the local market. The deal marks the Korean company's first overseas business discussion since it announced its global AI expansion strategy at MWC26 in March. LG Uplus CEO Hong Bum-shik met with Maxis CEO Goh Seow Eng at Maxis headquarters in Kuala Lumpur on Thursday to discuss plans to launch ixi‑O in Malaysia. The overseas rollout of ixi-O will use a software-as-a-service (SaaS) model, allowing the service to be tailored and delivered to fit the operational environments of the country’s telecom operators. “We are localizing ixi-O for Malaysia’s telecom environment and preparing it as a service that real-world customers can use,” Hong said. “Building on the AI experience accumulated in Korea, we will continue expanding our

May 12, 2026By Lee Gyu-lee
LG Uplus inks 1st overseas deal to launch ixi-O in Malaysia
Companies

LVMH CEO visits Korea for 1st time in 3 years

Bernard Arnault, chairman and CEO of LVMH, visited Korea on Monday for the first time in three years, where he is expected to meet key retail partners and review the group’s expanding luxury footprint in one of its fastest-growing markets. His first stop was the Louis Vuitton Visionary Journeys Seoul store at Shinsegae Department Store, accompanied by his daughter and Christian Dior CEO Delphine Arnault as well as Louis Vuitton CEO Pietro Beccari. The LVMH chief met with Shinsegae’s executives before touring the store, which was closed to the public for the day, allowing him to review the layout and operations privately. He also visited other LVMH brands in the department store, including Fendi, Celine and Tiffany. The six-story flagship store, which opened last November, is the largest Louis Vuitton store worldwide, combining retail with exhibition, dining and brand history content. The space is designed to showcase Louis Vuitton’s craftsmanship and culture along with its products, reflecting the group’s push to deepen engagement with Korean consumers. During his visit, Arnault

May 11, 2026By Lee Gyu-lee
LVMH CEO visits Korea for 1st time in 3 years
Tech & Science

Science ministry awards KEPCO, Noanix engineers

The Ministry of Science and ICT has named two engineers — from Korea Electric Power Corp. (KEPCO) and medical equipment manufacturer Noanix — as the recipients of its Engineering Award for May, recognizing their contributions to industrial innovation and engineering advancement. The ministry announced on Monday that it awarded KEPCO project manager Yoon Hoon and Noanix research head Choi Jae-hoon. The monthly award program, jointly organized with the Korea Industrial Technology Association, honors engineers who have made significant real-world engineering contributions, awarding them with a ministerial commendation and a prize of 5 million won ($3,400). Yoon, who works in the nuclear business division, was recognized for developing a 3D-based software solution that automates and enhances pipe damage assessment in nuclear power plants. The technology replaced conventional manual assessment methods that rely on 2D drawings, significantly improving maintenance efficiency and reducing inspection time in nuclear facilities. The software has already demonstrated commercial viability, secur

May 11, 2026By Lee Gyu-lee
Science ministry awards KEPCO, Noanix engineers
Tech & Science

Samsung labor union to resume wage talks next week

Samsung Electronics Labor Union (SELU), the company’s largest labor union, has agreed to resume talks with management next week, ahead of a planned strike set for May 21. The union said it accepted a renewed mediation request during a tripartite meeting involving Gyeonggi District Employment and Labor Office, Friday, as the office's commissioner strongly recommended resuming the negotiation process, while pledging full government-level support. “In light of the government’s active commitment and repeated requests, the union decided, after internal review, to participate in an additional negotiation process,” the union said, adding that it made the decision as the delegated authority negotiating for Samsung Electronics labor unions. However, SELU vowed to press ahead with strike preparations if the outcome fails to satisfy its members, with its leader Choi Seung-ho stressing, “We will move forward with a general strike without hesitation.” The additional talks are scheduled from Monday to Tuesday. The request came as Samsung Electronics’ labor coalition faced escalating inter

May 8, 2026By Lee Gyu-lee
Samsung labor union to resume wage talks next week
Policy

Korean firms unlikely to gain from ruling against Trump tariff

The United States Court of International Trade struck down U.S. President Donald Trump’s 10 percent tariff imposition on most U.S. imports on Thursday (local time), marking another legal setback for the administration’s aggressive trade agenda. However, the ruling is expected to have minimal impact on Korean exporters as the administration is likely to push ahead with alternative trade enforcement. A three-judge panel ruled 2-1 that the administration unlawfully invoked Section 122 of the Trade Act of 1974 to impose a 10 percent tariff on nearly all imports in February after the Supreme Court invalidated Trump’s earlier reciprocal tariffs. The Seoul government took a cautious stance on the new ruling. "The government plans to continue closely monitoring related developments and respond calmly under the principle of securing a balance of interests under existing tariff agreements,” Cheong Wa Dae said. The court ruling is applied only to the plaintiffs and the Trump administration is expected to appeal, so it does not directly mean the 10 percent tariff on Korean goods will be lift

May 8, 2026By Lee Gyu-lee
Korean firms unlikely to gain from ruling against Trump tariff
Companies

HD Hyundai Electric secures $119 mil. US grid deal, unveils next-gen roadmap

HD Hyundai Electric is intensifying its push into the North American power market, securing orders for ultra-high-voltage equipment and unveiling its next-generation technology road map at the region’s largest power industry exhibition, the IEEE PES Transmission and Distribution Conference and Exposition. The biennial exhibition, held Monday through Thursday (local time) in Chicago, brought together around 900 energy companies, including global industry leaders such as ABB, Siemens Energy and Hitachi Energy. On the sidelines to the exhibition, the company announced it signed a deal worth a total of 173 billion won ($119 million) with a major utility company in the United States to supply 765-kilovolt (kV) ultra-high-voltage transformers and reactors. With the new deal, the company will take part in the 765kV backbone project under the Southwest Power Pool’s (SPP) long-term transmission master plan for the south-central U.S. The SPP region, which spans parts of 17 states, is one of the country’s largest wind power hubs and a key market where demand for ultra‑high‑voltage transmi

May 7, 2026By Lee Gyu-lee
HD Hyundai Electric secures $119 mil. US grid deal, unveils next-gen roadmap
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