The Korea Times

KCCI, Lotte, Hana support childcare infrastructure

Korea Chamber of Commerce & Industry (KCCI) Vice Chairman Woo Tae-hee, second from left, poses with Hana Financial Group Vice Chairman Lee Eun-hyung, third from left, Lotte Holdings Vice Chairman Lee Dong-woo, fourth from left, and other company and government officials during a visit to a childcare facility in Yeosu, South Jeolla Province, Thursday. Under the Entrepreneurship Round Table (ERT) initiative, led by the KCCI, Lotte and Hana pledged to donate funds to bolster childcare infrastructure and help increase South Jeolla Province's birthrate. Courtesy of KCCI

Jun 8, 2023By Kim Hyun-bin

KCCI, Lotte, Hana support childcare infrastructure

Companies

Hyundai Motor holds 'Pony's Time' exhibition

Hyundai Motor Group Executive Chair Chung Euisun talks about the history of the Pony Coupe Concept at the “Pony's Time” exhibition in Seoul, Wednesday. Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor restored the “Pony Coupe Concept” at the 1974 Turin Motor Show in Italy, showcasing it in its original form in Seoul. Korea's largest automaker held a commemorative event, Wednesday, for the unveiling of the restored car, the company's first independent model that achieved significant success, at Hyundai Motorstudio Seoul. The Pony Coupe made its global debut in Italy last month.The Pony Coupe was unable to enter mass production despite its groundbreaking accomplishments as Hyundai's inaugural standalone model.Hyundai Motor Group Executive Chair Chung Euisun attended the event and said, "I wanted to reflect on the past journey and understand what has shaped Hyundai today. It reminded me of the words of our founder and my grandfather, Chairman Chung Ju-yung."Pony Coupe Concept on display at the “Pony's Time” exhibition at Hyundai Motorstudio

Jun 8, 2023By Kim Hyun-bin

Hyundai Motor holds 'Pony's Time' exhibition

Companies

LG Electronics seeks new biz opportunities in Saudi Arabia, India

LG Electronics CEO Cho Joo-wan, second from left, visits an exhibition hall in Riyadh showcasing the Neom City project, Saudi Arabia, June 1. Courtesy of LG ElectronicsBy Kim Hyun-binLG Electronics CEO Cho Joo-wan recently visited Saudi Arabia and India to seek new business opportunities to further elevate the brand's presence in foreign markets, according to company officials, Wednesday.Cho visited the exhibition hall of the proposed smart city construction project dubbed Neom in Riyadh, Saudi Arabia, on June 1. He received an introduction to three projects: The Line an eco-friendly linear city spanning 170 km, Oxagon an octagonal advanced industrial complex floating on the sea, and Trojena a mountain tourism resort. He had in-depth discussions about the business opportunities associated with these projects. Subsequently, a management meeting was held to review the medium-term business strategy for the Middle East and Africa region."Leveraging LG Electronics' accumulated technological capabilities, we will secure various business opportunities in a wide range of fields, including op

Jun 7, 2023By Kim Hyun-bin

LG Electronics seeks new biz opportunities in Saudi Arabia, India

Companies

Dongwha breaks ground for electrolyte plant in Tennessee

Dongwha Enterprise Vice Chairman Seung Ji-soo, third from left, poses with Tennessee Governor Bill Lee, fourth from left, during Dongwha Electrolyte's groundbreaking ceremony for its electrolyte plant in Clarksville, Tennessee, Tuesday (local time). From left are Clarksville Mayor Joe Pitts, Montgomery County Mayor Wes Golden, Seung, Lee, Commissioner Stuart McWhorter of the Tennessee Department of Economic and Community Development, and Dongwha Electrolyte CEO Lee Si-joon. Courtesy of Dongwha ElectrolyteBy Kim Hyun-binDongwha Electrolyte, a subsidiary of Dongwha Enterprise, is entering the U.S. battery market as it starts to build a $70 million electrolyte plant in Clarksville, Tennessee, the company said Wednesday.The groundbreaking ceremony on Tuesday (local time) was attended by Dongwha Enterprise Vice Chairman Seung Ji-soo, Dongwha Electrolyte CEO Lee Si-joon, Tennessee Governor Bill Lee, Stuart McWhorter, Commissioner of the Tennessee Department of Economic and Community Development, and Clarksville Mayor Joe Pitts.Dongwha Electrolyte specializes in electrolytes, the core mater

Jun 7, 2023By Kim Hyun-bin

Dongwha breaks ground for electrolyte plant in Tennessee

Companies

Major companies conduct strategic meetings to address uncertainties

Samsung Electronics headquarters in Seoul / Korea Times fileBy Kim Hyun-binMajor companies such as Samsung and SK are holding consecutive strategic meetings to discuss measures for the second half of the year in response to market changes to secure future growth opportunities. The changes they seek to address include the transition to an endemic phase, prolonged global economic uncertainty and uncertainties in domestic companies' management due to the escalating U.S.-China power rivalry and supply chain disruptions.Samsung Electronics is scheduled to hold a global strategy meeting at the end of this month. The company's executives, including management and overseas branch managers, will gather both online and offline to discuss business strategies and crisis responses. Samsung's global strategy meetings take place twice a year ― in June and December ― bringing together executives from various business units and regions to share current issues and exchange opinions on sales strategies. SK Group will hold the "2023 Expanded Management Meeting" on June 15 at the SKMS Research Center in

Jun 6, 2023By Kim Hyun-bin

Companies

Asiana Airlines pilots union to initiate mass flight delays

Asiana Airlines A350 / Courtesy of Asiana AirlinesBy Kim Hyun-binThe union of pilots affiliated with Asiana Airlines plans to begin delaying aircraft takeoffs starting Wednesday, with both domestic and international flights operated by the airline to experience mass departure delays.Aircraft departures could be delayed by more than one hour if the pilots go ahead with the work-to-rule delay plan, and if the pilots choose to taxi the aircraft at low speeds on the ground, the delay times are expected to increase further.According to the aviation industry, the pilots' union of Asiana Airlines conducted a vote from May 23 to 28 on whether to take action in response to a dispute over wages. Out of a total of 1,095 union members, 946 participated in the vote, with 874 in favor and 72 against.As the support rate exceeded 90 percent, the union made plans to establish a dispute response committee and engage in work-to-rule delays to aircraft operations starting Wednesday.Asiana Airlines' pilots and flight attendants usually gather for a briefing 80 minutes prior to takeoff. However, they had

Jun 6, 2023By Kim Hyun-bin

Asiana Airlines pilots union to initiate mass flight delays

Companies

Korea's export dependency on China dips below 20%

By Kim Hyun-binKorea's export reliance on China dropped below 20 percent in the first quarter of this year as the country continues to diversify exports to other markets to reduce its heavy dependency on the world's second-largest economy, according to a report released by the Korea International Trade Association (KITA), Monday.KITA said Korea's dependence on exports to China decreased consistently from 26.8 percent in 2018 to 22.8 percent in 2022 and dropped further to 19.5 percent in the first quarter of this year. That means 19.5 percent of Korea's total outbound shipments went to China during the first three months of 2022."The recent decline in the trade balance is driven primarily by a decrease in exports rather than an increase in imports, with the significant drop in exports to China having a substantial impact," said Jo Ui-yoon, a researcher at KITA. “In preparation for the possibility of a prolonged slump in Chinese exports, the importance of exploring export markets beyond China has increased.” KITA analyzed that export growth to markets outside of China has o

Jun 5, 2023By Kim Hyun-bin

Korea's export dependency on China dips below 20%

Companies

Hyundai Motor wins WRC Italy

The Hyundai Motor's i20 N Rally1 Hybrid takes part in the 2023 World Rally Championship in Italy, Sunday. Courtesy of Hyundai Motor GroupBy Kim Hyun-binHyundai Motor secured its first win of the year at the 2023 World Rally Championship (WRC) in Italy, the company said Monday. Thierry Neuville, representing the Hyundai World Rally Team, claimed the top spot at the sixth event of the WRC held in Sardinia, Italy from June 1-4.Driving the i20 N Rally1 Hybrid, Neuville completed the race with a time of 3 hours, 40 minutes, and 1.4 seconds, earning the winner's trophy. This victory brings Hyundai's total wins in the rally to six.Esapekka Lappi, also part of the Hyundai World Rally Team, finished in second place, contributing to the team's overall performance. With a total of 43 points in the event, the Hyundai World Rally Team maintained its second place in the manufacturer's standings. They currently trail the Toyota team by 23 points."We anticipate that the Hyundai World Rally Team, led by Cyril Abiteboul, a director with extensive experience on the international motorsport stage, will

Jun 5, 2023By Kim Hyun-bin

Companies

Korean Air chief receives ATW leadership award

Korean Air Chairman and CEO Walter Cho speaks after receiving the Excellence in Leadership award during the Air Transport World's (ATW) Awards ceremony in Istanbul, Turkey, Friday (local time). Courtesy of Korean Air

Jun 5, 2023By Kim Hyun-bin

Korean Air chief receives ATW leadership award

Companies

POSCO, GM expand joint EV battery materials investment in North America

POSCO Future M and GM are jointly constructing an Ultium CAM cathode material plant in Vancouver, Canada, capable of producing 30,000 tons annually. Courtesy of POSCO Future M By Kim Hyun-binPOSCO Future M and General Motors (GM) have announced plans to expand their joint investment in battery core and electrode materials, while also strengthening their supply chain collaboration in North America.According to POSCO Future M Friday, the two companies have initiated a two-phase investment to increase the production capacity of their North American cathode material joint venture (JV), Ultium CAM."Through proactive investments in the rapidly growing North American electric vehicle market, we have established a foundation to leap forward as a global leader in battery materials. With POSCO Future M's exceptional technology and close collaboration with our partners, we will produce the highest quality battery materials and drive the growth of the global eco-friendly mobili

Jun 2, 2023By Kim Hyun-bin

Kim Hyun-bin

Read more

KCCI, Lotte, Hana support childcare infrastructure

Hyundai Motor holds 'Pony's Time' exhibition

LG Electronics seeks new biz opportunities in Saudi Arabia, India

Dongwha breaks ground for electrolyte plant in Tennessee

Major companies conduct strategic meetings to address uncertainties

Asiana Airlines pilots union to initiate mass flight delays

Korea's export dependency on China dips below 20%

Hyundai Motor wins WRC Italy

Korean Air chief receives ATW leadership award

POSCO, GM expand joint EV battery materials investment in North America

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