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Lee Min-hyung

Korea Times Business Reporter

Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.

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Ex-White House chief of staff optimistic over Korea’s US investment

Former acting White House Chief of Staff Mick Mulvaney said he is “highly optimistic” about Korean companies’ large-scale investment in the United States, noting that Washington will likely continue its protectionist policies even after the Donald Trump administration. Mulvaney served from 2019 to 2020, during Trump’s first administration. He also previously worked as director of the Office of Management and Budget and U.S. Special Envoy for Northern Ireland. In a special luncheon hosted Thursday by the American Chamber of Commerce in Korea (AMCHAM), he confirmed his high confidence in Korean firms and their investment drive in the U.S., saying it was in line with Trump’s "America First" policies. “Trump understands the importance of having direct foreign investment in the U.S., and Korean companies are doing a really good job in the U.S.,” Mulvaney said during the event. “The relationship (between Korea and the U.S.) is really, really good.” His remarks came as Korean companies increased investments in the U.S. after Trump took office for the second time in January 2025

May 21, 2026By Lee Min-hyung
Ex-White House chief of staff optimistic over Korea’s US investment
Companies

Maxim Mocha Gold: most beloved, iconic instant coffee

Dongsuh Foods’ Maxim Mocha Gold is reaffirming its status as Korea’s most beloved instant coffee mix, marking its 37th anniversary this year. Since its launch in 1989, the product has become a familiar part of everyday life for generations of Korean customers. Over the past year alone, cumulative sales reached approximately 5.3 billion sticks — equivalent to roughly 170 sold every second. The brand’s lasting popularity stems from its signature balance of flavor and convenience, carefully refined over decades to suit Korean consumers’ tastes. The origins of Maxim Mocha Gold trace back to the late 1980s. After introducing the world’s first coffee mix in 1976, Dongsuh Foods sought to develop a smoother and cleaner-tasting coffee as competition intensified in Korea’s growing instant coffee market. Through years of experimentation involving roasting techniques and extraction methods, the company succeeded in creating a blend distinguished by its rich aroma and mild flavor profile. The result was Maxim Mocha Gold, which debuted in 1989 and quickly gained widespread popularity. As

May 21, 2026By Lee Min-hyung
Maxim Mocha Gold: most beloved, iconic instant coffee
Companies

BMW Korea maintains luxury sedan leadership with 7 Series

BMW Korea’s flagship luxury sedan, the 7 Series, continues to dominate the nation’s imported large sedan market, securing the top sales spot for four consecutive months this year. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), the BMW 7 Series — including the all-electric BMW i7 — recorded combined sales of 2,148 vehicles during the January-April period, making it the best-selling imported large sedan here. The figure marks a 9.4 percent increase from the same period last year, further widening the gap with competing models in the same segment. The strong performance was driven by balanced demand across the model’s diverse powertrain lineup. The gasoline-powered BMW 740i xDrive led sales with 1,062 vehicles, accounting for nearly half of total deliveries. The diesel-powered BMW 740d xDrive also posted robust growth, with sales rising 17.4 percent year-on-year to 656 vehicles. Electrified variants also maintained steady sales momentum, with 273 BMW i7 vehicles and 157 plug-in hybrid BMW 750e xDrive vehicles sold during the same period. B

May 20, 2026By Lee Min-hyung
BMW Korea maintains luxury sedan leadership with 7 Series
Companies

7 flour makers fined $444 mil. for price-fixing scheme

Seven flour makers were fined a combined 671 billion won ($444 million) for colluding on prices and supply volumes for nearly six years, the Fair Trade Commission (FTC) said Wednesday, marking the largest cartel penalty ever imposed in Korea. The companies are Daehan Flour Mills, CJ CheilJedang, Sajo DongA One, Samyang, Daesun Flour Mills, Samhwa Flour Mills and Hantop. They engaged in unfair price-fixing activities between November 2019 and October 2025, targeting their major business-to-business (B2B) clients, such as noodle, instant noodles, confectionery and bakery makers, according to the FTC investigation. Collectively, the seven firms accounted for 87.7 percent of the nation’s B2B flour-based sales in 2024. The antitrust watchdog said the companies held a total of 24 rounds of collusive agreements covering both price hikes and price cuts, while also coordinating supply quantities. Senior executives and working-level officials conducted 55 meetings to implement the cartel during the period, according to the regulator. The collusion began after competition intensified in 2019. Daeh

May 20, 2026By Lee Min-hyung
7 flour makers fined $444 mil. for price-fixing scheme
Companies

Imported car brands bolster EV strategies amid oil price hike

Foreign automakers are bolstering their electric vehicle (EV) strategies, as surging oil prices rapidly accelerate demand for EVs with lower fuel costs. The trend is evident as more price-competitive EV models from Tesla and BYD are rapidly increasing their sales volume here. EVs from other mid-tier foreign carmakers are also gaining popularity with local customers. According to the Korea Automobile Importers & Distributors Association, BYD Korea ranked fourth in imported car sales between January and April with 5,991 EVs sold here. The figure represents growth of approximately 1,000 percent from 553 vehicles sold last year. Industry officials say that rising global oil prices linked to geopolitical tensions in the Middle East have prompted more consumers to shift from internal combustion engine vehicles to all-electric alternatives. Jumping on the booming EV demand here, overseas automakers are preemptively building their own identity ahead of the mass adoption of EVs, in hopes of expanding sales. Data from the Korea Automobile & Mobility Association showed total EV sales here surging 15

May 16, 2026By Lee Min-hyung
Imported car brands bolster EV strategies amid oil price hike
Companies

Samsung’s chip output cut feared to disrupt global supply chains

Samsung Electronics’ move to cut its chip output is fueling concerns over major disruptions to global customer deliveries, after the chipmaker failed to reach a wage agreement with its unions, industry officials said Friday. More than 43,000 unionized workers — mostly from the firm's Device Solutions Division, which oversees the company’s semiconductor business — are set to begin an 18-day strike on Thursday following the latest deadlock in negotiations. They are demanding fixed performance bonuses equivalent to 15 percent of the operating profit generated by the company’s semiconductor division, along with a removal of the payout cap. The output reduction is expected to strain the global semiconductor supply chain at a critical time when demand for memory chips — particularly high-bandwidth memory — far exceeds supply in the era of artificial intelligence (AI). Samsung is a major supplier of memory chips to global tech giants such as Nvidia, Apple, AMD, Google and Meta. Semiconductor manufacturers typically reduce their production in response to weakening market demand, in

May 15, 2026By Lee Min-hyung
Samsung’s chip output cut feared to disrupt global supply chains
Companies

Hyundai Motor transforms headquarters into robot-friendly workplace

Hyundai Motor Group is signaling its broader transformation into a robot-friendly mobility firm by deploying a range of advanced service robots throughout the carmaker's renovated headquarters lobby. The initiative aligns with the group’s much-touted vision to evolve into a physical artificial intelligence (AI) firm. At this year’s CES tech fair in January, the carmaker drew attention for presenting its robotics vision to become a leading physical AI player in the mobility sector. The firm has introduced three robot services as part of its headquarters remodeling project: the DAL-e Gardener watering robot, DAL-e Delivery robot and the quadruped Spot security robot. DAL-e Gardener assists facility managers by autonomously watering plants placed throughout the lobby. Equipped with advanced sensors, the robot can recognize plants, soil and flower beds in three-dimensional spaces. Its robotic arm, capable of vertical movement and six-axis rotation, enables precise watering. DAL-e Delivery transports beverages from the first-floor cafe to pickup zones on each floor. Employees can place or

May 14, 2026By Lee Min-hyung
Hyundai Motor transforms headquarters into robot-friendly workplace
Companies

Calls grow to integrate operators of Incheon and unprofitable regional airports

The government’s proposed integration of major airport operators is gaining support from industry experts as a necessary step toward building a more balanced and sustainable national aviation network. The proposal — a merger of Incheon International Airport Corp. (IIAC) with Korea Airports Corp. (KAC) and Gadeokdo New Airport Construction Authority — is part of a broad restructuring initiative for public institutions ordered by President Lee Jae Myung. The move comes as IIAC remains the only profitable airport operator, while KAC, which runs 14 airports nationwide, including Gimpo and Jeju, is facing structural deficits. Additionally, the agenda is emerging as a politically hot-button issue ahead of the June 3 local elections. Advocates for the integration argue that the current separate airport management system has deepened structural imbalances among local airports. Under the current structure, IIAC has continued to expand as a highly profitable global hub airport, while most regional airports have struggled with chronic losses amid declining passenger demand and weakening compe

May 14, 2026By Lee Min-hyung
Calls grow to integrate operators of Incheon and unprofitable regional airports
Companies

Hyundai Motor's Grandeur returns with AI infotainment system

Hyundai Motor has launched the facelifted Grandeur sedan — powered by the carmaker’s latest artificial intelligence (AI) infotainment system and next-generation hybrid powertrain, the carmaker said Wednesday. The new Grandeur blends the vehicle’s long-standing luxury heritage with cutting-edge software-defined vehicle (SDV) technologies. Grandeur is Hyundai Motor’s most iconic flagship sedan. Since its debut in July 1986, the model has remained at the forefront of Korea’s premium sedan market for nearly four decades. Hyundai Motor hopes to redefine the flagship sedan segment by integrating its Pleos Connect infotainment system with a newly developed hybrid system. The new Grandeur is the first model equipped with the carmaker’s first mass-produced infotainment system featuring its AI-powered voice assistant, dubbed Gleo AI. At the heart of the cabin is a 17-inch central display that delivers a more immersive and intuitive user experience. The high-resolution screen allows drivers and passengers to seamlessly access navigation, media, vehicle settings and other functions at a

May 14, 2026By Lee Min-hyung
Hyundai Motor's Grandeur returns with AI infotainment system
Companies

Korean Air to launch integrated airline in December 2026

Korean Air will launch its integrated flag carrier on Dec. 17, after completing all legal procedures for its high-profile acquisition of Asiana Airlines, the boards of the two companies said Wednesday. The agreement follows the initial share subscription agreement signed in November 2020. Korean Air will absorb all Asiana Airlines assets, liabilities, rights, obligations and personnel for the full-scale integration of the two carriers. The merger ratio has been set at 1 share of Korean Air to 0.2736432 shares of Asiana Airlines. Earlier, the Korean government and state-led creditors provided 3.6 trillion won ($2.42 billion) in liquidity support to cash-strapped Asiana following the outbreak of the COVID-19 pandemic. Korean Air managed Asiana’s financial and operational restructuring during the acquisition process, which also included full public fund repayment. Following Korean Air’s contract execution slated for Thursday, the carrier will submit a merger application to the Ministry of Land, Infrastructure and Transport. Once domestic approvals are finalized, Korean Air will proceed wi

May 13, 2026By Lee Min-hyung
Korean Air to launch integrated airline in December 2026
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