my timesThe Korea Times
lkm

Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

Go to EmailGo to URL

Read more

Companies

Lotte Aluminium loses trust after making battery foil with unauthorized equipment

Lotte Aluminium manufacturing plant in Ansan, Gyeonggi Province / Korea Times file By Lee Kyung-minLotte Aluminium, the battery foil manufacturing affiliate of Lotte Group, is coming under criticism for using unauthorized equipment for years to make the key component supplied to the country's leading battery makers, according to industry officials, Thursday.Whether the latest scandal will deal a blow to its expansion drive in the U.S. and Hungary remains to be seen. Lotte Aluminium and Lotte Chemical, another Lotte subsidiary, jointly invested 330 billion won ($251 million) to establish LOTTE Aluminium Materials USA in January. The battery foil manufacturing facility is expected to have an annual production capacity of 36,000 tons by 2025. Lotte Aluminium has a manufacturing facility in Hungary with an annual production capacity of 18,000 tons. The firm said last year that it will double the figures after investing 110 billion won.Lotte Aluminium maintains that the q

Mar 2, 2023By Lee Kyung-min
Lotte Aluminium loses trust after making battery foil with unauthorized equipment
Companies

Companies call for electricity rate cuts amid rising energy costs

By Lee Kyung-minBusiness groups are calling for electricity rate cuts, in the form of lowering the ratio for both value-added tax and contributions to energy funds, according to market watchers, Thursday.Consumers' monthly electricity bills charge a value-added tax of 10 percent in addition to a contribution rate of 3.7 percent of the electricity used every month.Businesses have long cited the two as the chief culprit in the rise of fixed costs, undermining corporate competitiveness. The energy fund contribution, established in 2000, is taking all the more flak, as evidenced by repeated recommendations by the Board of Audit and Inspection and the National Assembly to overhaul the system.Propelling the collective move is an expected sustained spike in global energy costs, brought on by Russia's prolonged invasion of Ukraine. Korea experienced the fallout of the military conflict in the form of heating costs more than doubling over the past two months from a year earlier. The energy crisis is unlikely to see a breakthrough any time soon, as indicated in large part by the worse-than-exp

Mar 1, 2023By Lee Kyung-min
Companies call for electricity rate cuts amid rising energy costs
Companies

Naver, Kakao faces FTC probe for alleged collusion in evaluating news outlets

Naver news page / screen captureKakao news page / screen captureBy Lee Kyung-minA local newspaper turned to the Fair Trade Commission (FTC) to look into whether Naver and Kakao Corp. colluded to deny a request to publish contents on their platforms, according to market watchers, Tuesday.Naver operates the Korea's largest portal and Kakao Corp. is the operator of Kakao Talk, the mostly widely-used messenger app.At issue is whether Naver and Kakao unduly and jointly refused to publish the newspaper's articles without clear reasons, in violation of antitrust laws.The FTC's laws prohibit any two market players with competing interests from engaging in joint action to suddenly and unexpectedly deny business to a third party in the same market. Also prohibited is unilaterally terminating existing contracts.Incheon-based Kyeongin Ilbo newspaper said it sought the FTC's review, Monday, challenging the two most dominant online platform operators with a combined share of 90 percent of the local news distribution market. The denied request, the newspaper said, directly hurts online readership e

Feb 28, 2023By Lee Kyung-min
Naver, Kakao faces FTC probe for alleged collusion in evaluating news outlets
Companies

Korea to cut dependence on China for key minerals

Minister of Trade, Industry and Energy Lee Chang-yang / Korea Times fileBy Lee Kyung-minKorea will reduce its dependence on China for imports of key minerals to 50 percent by 2030, down from the current 80 percent, the industry ministry said Monday.The country relies on imports to meet over 95 percent of its key mineral needs, including lithium, nickel, cobalt and graphite that are critical to maintaining the competitiveness of the country's high-tech industries, such as semiconductors and electric vehicles (EV). Up to 20 percent of the essential minerals will be recycled over the next seven years, compared to 2 percent at present.These are measures announced by the Ministry of Trade, Industry and Energy to help fortify the stability of local mineral supply chains, as part of a vision to turn the country into a high-tech global industrial powerhouse.Minister of Trade, Industry and Energy Lee Chang-yang said the drive is vital to securing the sustainable growth of Korea's industries, increasingly challenged by a slew of uncertainties in the global energy market.“Competition over

Feb 27, 2023By Lee Kyung-min
Korea to cut dependence on China for key minerals
Companies

Activist funds push KT&G to address thorny issues at shareholders' meet

KT&G headquarters in southern Seoul / Korea Times fileBy Lee Kyung-minA group of activist funds filed an injunction against KT&G, Friday, in a move to table a set of thorny issues that have largely been dismissed by the Korean cigarette and ginseng product manufacturer, according to market watchers.The legal move is the latest development in a months-long conflict between the two sides, escalated in part by KT&G's refusal to spin off its lucrative ginseng business among other recommendations made by the funds that have been brushed off.Led by Flashlight Capital, a Singaporean activist private equity fund, the group has repeatedly demanded that the ginseng business be spun off for stock listing to recover corporate value and share prices.However, KT&G maintains that the recommendations lack merit, saying a spin-off will do little to advance the interests of shareholders and corporate value in the long-term.Minority shareholders are siding with the activist funds, mostly because their interests are aligned with raising the corporate growth outlook and subsequent hikes i

Feb 24, 2023By Lee Kyung-min
Activist funds push KT&G to address thorny issues at shareholders' meet
Companies

LG Innotek seeks mutual growth with SMEs, promotes ESG goals

LG Innotek CEO Jeong Cheol-dong, fourth from left in the front, raises his fist with other CEOs of partner firms at LG Science Park in Magok, Seoul, Thursday. LG InnotekBy Lee Kyung-minLG Innotek held an event promoting mutual growth with its small partner firms at LG Science Park in Magok, Seoul, Thursday, the electronic components manufacturing affiliate of LG Group said Friday.About 50 people attended the event, including CEO Jeong Cheol-dong and other management officials. They discussed ways to foster long-term business relationships to benefit both sides.“A variety of activities that promote sustainable mutual growth with our partner firms are the most important foundation for creating unmatched customer value,” Jeong said at the event.“We will support environmental, social and corporate governance (ESG) management activities for us both to become sustainable entities.”The LG affiliate introduced a program whereby the firm and its partners will be able to seek cooperation across the financial, technological advancement, management and education sectors.

Feb 24, 2023By Lee Kyung-min
LG Innotek seeks mutual growth with SMEs, promotes ESG goals
Companies

LGES, Ford to build joint battery plant in Turkey

LG Energy Solution manufacturing plant in Ochang, North Chungcheong Province. Korea Times fileBy Lee Kyung-minLG Energy Solution (LGES), Ford, and Koc Holding signed a non-binding memorandum of understanding (MOU) to form a new joint venture, in order to create one of Europe's largest commercial electric vehicle (EV) battery cell facilities near Ankara, Turkey, the firm said Wednesday. The new joint venture will be located in an industrial zone in Baskent, near Ankara. The project is expected to break ground later this year.Production is likely to start in 2026 with the three parties committing to at least 25 gigawatt hours (GWh) of annual production capacity, which could potentially expand up to 45 GWh.“Ford continues to ramp up our electric vehicle plans as we seek to be a leader in the electric vehicle revolution,” said Lisa Drake, vice president of Ford EV Industrialization.“We are delivering on the commitment to produce batteries in the same region where we build electric vehicles. Establishing the new joint venture with LGES and Koc Holding will lay a solid fo

Feb 22, 2023By Lee Kyung-min
LGES, Ford to build joint battery plant in Turkey
Companies

Hyundai Mobis, Hyundai Steel workers demand higher bonus

Unionized workers of Hyundai Mobis workers stage a two-hour protest in the lobby of the company headquarters in Seoul, Wednesday. YonhapBy Lee Kyung-minUnionized workers at Hyundai Mobis, the car parts manufacturing affiliate of Hyundai Motor Group, are demanding higher bonuses, saying theirs are lower compared to their counterparts at Hyundai Motor and its sister firm Kia, according to market watchers, Wednesday. Workers at Hyundai Steel, the steel manufacturing affiliate of Hyundai Motor Group, are also demanding bonuses, after having been denied any this year.Whether they will repeat previously organized protests over similar demands remains to be seen. Hyundai Steel workers occupied the firm CEO's office and manufacturing plants for 146 days last year. Hyundai Mobis workers staged a rally at the firm's headquarters last year, saying they should be given the same amount of bonuses as Hyundai Motor and Kia workers. About 100 Hyundai Mobis workers staged a two-hour protest in the lobby of the firm's headquarters in southern Seoul, Wednesday. The demands followed Hyundai Motor Group'

Feb 22, 2023By Lee Kyung-min
Hyundai Mobis, Hyundai Steel workers demand higher bonus
Companies

Businesses protest passage of 'yellow envelope' bill by Assembly committee

Members of the minor opposition Justice Party celebrate the passage of the so-called ''yellow envelope' bill during a press conference in front of the National Assembly, Tuesday. Yonhap By Lee Kyung-minBusiness associations expressed deep concern, Tuesday, over the opposition-led passage of the so-called “yellow envelope” bill, which limits employers' claims for compensation against losses caused by labor strikes. Critics say the bill will encourage irresponsible and reckless collective actions by the country's labor unions.Korea's militant labor unions have been and will continue to be the primary and strongest deterrent to foreign investors who otherwise would not hesitate to commit to long-term investments in Korea, the lobby groups said.The bill will be made into law, if it is tabled and passes with a majority vote during a plenary session.Opposition railroads controversial pro-labor bill“The bill was railroaded by opposition parties,” said an official at the Ko

Feb 21, 2023By Lee Kyung-min
Businesses protest passage of 'yellow envelope' bill by Assembly committee
  • Controversial pro-labor bill passed by opposition-controlled Assembly committee
Companies

Ssangyong E&C completes construction of luxury hotel in Dubai

The United Arab Emirates' new 795-room luxury hotel Atlantis The Royal in Dubai, lit up at night. Courtesy of Ssangyong E&CBy Lee Kyung-min Ssangyong E&C has completed the construction of Dubai's new high-end express hotel, Atlantis The Royal, according to the firm, Tuesday. The high-rise hotel has 795 rooms with 44 floors and luxurious facilities including 94 swimming pools. It took about eight years to build. The firm won the order in Dubai, United Arab Emirates (UAE) in December 2015.Atlantis The Royal is on the artificial island known as Palm Jumeirah in Dubai. About $1.2 billion (1.5 trillion won) was spent to build the hotel.It is a top-class hotel with magnificent views overlooking the Gulf Sea. All hotel guests can enjoy great views, according to the firm.The mega project was ordered in 2015 by the Investment Corporation of Dubai (ICD), the principal investment arm of the government of Dubai. The ICD manages a wide portfolio of assets that support Dubai's growth.The ICD is a sovereign wealth fund and was the largest shareholder of the Korean firm at the time. An aeria

Feb 21, 2023By Lee Kyung-min
Ssangyong E&C completes construction of luxury hotel in Dubai
previous page
150151152153154
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.