my timesThe Korea Times
Business

Companies

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.

LG Chem files court injunction against Chinese firm for patent infringement

LG Chem has filed for a court injunction against the Korean arm of China's Ronbay Technology, the latest step in their patent dispute that began in 2024, industry sources said Tuesday. According to the sources, LG Chem filed an injunction against Jaese Energy last month in connection with a lawsuit filed with the Seoul Central District Court in August 2024, alleging the Chinese firm's products infringed on multiple patents. The injunction application came as a follow-up measure after the Intellectual Property Trial and Appeal Board recently acknowledged the validity of a set of LG Chem's patents, rejecting Jaese's earlier claim that they were invalid. A court approval of the injunction is expected to virtually suspend Jaese Energy's operations in Korea, potentially affecting the global cathode materials supply chain, industry watchers said. "LG Chem's patent technologies play a key role in helping Korea's high-performance batteries penetrate the global market," an official from the company said. "Based on our rightful exercise of rights and competitive patent portfolio, we aim to offer di

Feb 3, 2026By Yonhap
LG Chem files court injunction against Chinese firm for patent infringement

Special counsel grills CEO of Coupang affiliate in severance pay probe

A special counsel team questioned the top executive of a Coupang Corp. affiliate Monday over allegations of unpaid severance pay for company employees. Chung Jong-chul, CEO of Coupang Fulfillment Services (CFS), a logistics subsidiary of Coupang, appeared at the office of special counsel Ann Gweon-seob in the morning to be grilled as a suspect about the company's severance pay dispute. Chung and his predecessor, Eom Seong-hwan, are suspected of changing the company's employment rules in May 2023 to the disadvantage of its employees who have worked for more than one year and failing to pay their severance pay. Under the revised regulations, daily workers employed for over one year are eligible for severance pay only when they have worked for more than 15 hours per week every week. Previously, they were paid severance, with any weeks when they worked fewer than 15 hours excluded from the total. In other words, if there is even one time during the employment period when their weekly working hours are fewer than 15 hours, the retirement allowance calculation period is reset. The current retir

Feb 2, 2026By Yonhap
Special counsel grills CEO of Coupang affiliate in severance pay probe

Hanwha Aerospace eyes broader Nordic security partnership following Norway rocket deal

Hanwha Aerospace, a Korean defense giant, said Monday it aims to expand its role as a long-term security partner in the Nordic region, following its winning of a major rocket system supply contract from Norway last week. Son Jae-il, president and chief executive officer (CEO) of Hanwha Aerospace, has noted that Norway's selection of the company's Chunmoo multiple rocket launcher system (MRLS) reflects confidence established through earlier deliveries of Hanwha's K9 self-propelled howitzers, the company said in a press release. "We remain committed to contributing to the long-term security of the Nordic region through close cooperation with Norway and further developing our role as a strategic security partner," Son was quoted as saying. Under the contract signed with the Norwegian Defence Materiel Agency (NDMA) on Friday, Hanwha Aerospace will supply 16 Chunmoo MLRS units, a package of precision-guided missiles and integrated logistics support to the Norwegian Armed Forces. The deal is valued at roughly $2 billion. Oslo's decision follows nearly a decade of cooperation between Hanwha Aer

Feb 2, 2026By Yonhap
Hanwha Aerospace eyes broader Nordic security partnership following Norway rocket deal

CJ Olive Young partners with Don Quijote, UnionPay, Alipay to target foreign tourists

CJ Olive Young, a major beauty retail platform, is stepping up discount events for foreign visitors to Korea as it seeks to cement its status as a go-to K-beauty hub for tourists. The initiatives involve partnerships with major overseas retailers and digital wallet service providers, with promotional deals offered at selected Olive Young stores in key tourist areas across Korea. Beginning Monday and running through March, 14 Olive Young stores — including those in Seoul’s trendy areas of Myeong-dong, Seongsu-dong and Hongdae — are offering a promotion for members of Don Quijote, a major Japanese retailer. Customers who spend 80,000 won ($55) or more will receive a 4,000-won discount coupon along with an Olive Young pouch. Users of major Chinese digital wallet apps are also eligible for discount perks. UnionPay users can receive a 10 percent discount on purchases of 100,000 won or more at Olive Young stores in Korea through March 19. Alipay users, from Thursday through Feb. 25, can get a 15 yuan ($2.16) discount on purchases of 15 yuan or more. WeChat Pay users, from Feb. 9 to March

Feb 2, 2026By Ko Dong-hwan
CJ Olive Young partners with Don Quijote, UnionPay, Alipay to target foreign tourists

President triggers price cuts in sanitary pad market

A growing number of companies are joining the trend of offering low-priced sanitary pads, after President Lee Jae Myung repeatedly criticized the “relatively expensive” prices of menstrual products in Korea compared with those in other countries. E-Mart24 said Monday it will run a “buy one, get one free” promotion throughout this month to ease financial burdens for customers purchasing sanitary pads. The convenience store chain will also offer a 20 percent discount for shoppers who pay with the Toss Pay mobile app. In addition, customers who order one of 10 types of sanitary pads through the E-Mart24 mobile app and pick up their purchase on the same day will receive discount coupons for up to 63 percent off. Coupang, which has locked horns with the government over a massive customer data leak, is keeping pace with the administration in terms of lowering sanitary pad prices. According to the e-commerce giant, its private label subsidiary recently cut the price of Luna Mee sanitary pads by up to 29 percent, to 99 won ($0.07) per medium-sized pad and 105 won per large one. As a resu

Feb 2, 2026By Park Jae-hyuk
President triggers price cuts in sanitary pad market

Hyundai Mobis secures $9.2 bil. in 2025 global orders

Hyundai Mobis secured $9.17 billion in orders from global clients last year on solid demand for its diverse electrification components, the auto parts maker said Monday. The figure is significant as it excluded orders from Hyundai Motor Group’s two auto brands, Hyundai Motor and Kia. Hyundai Mobis said that orders from two major global carmakers in North America and Europe drove the robust performance. Under the deals with the undisclosed clients, Hyundai Mobis will supply key electrification components, such as battery system assemblies and chassis modules. The company did not share other details regarding the deals, but said they accounted for a significant share of its total orders last year. The outcome stands out at a time when a number of global automakers are scaling back or delaying new vehicle launches amid prolonged slowdown in demand for electric vehicles (EVs). Other factors that drove sales growth included proactive market expansion into regions such as China and India, Hyundai Mobis said. For this year, the company set a global order target of some $11.84 billion, up roughl

Feb 2, 2026By Lee Min-hyung
Hyundai Mobis secures $9.2 bil. in 2025 global orders

PHOTO 2026 Winter Olympics coming to Milan

A Samsung Electronics’ Galaxy Z Flip 7 advertisement for the Milan Cortina 2026 Winter Olympics is displayed at the Milan Cathedral, in this handout photo released Monday. As a worldwide partner of the International Olympic Committee, Samsung Electronics is running outdoor advertisements promoting the Winter Games at 10 locations across Milan through Feb. 28. Courtesy of Samsung Electronics

Feb 2, 2026By Nam Hyun-woophoto
[PHOTO] 2026 Winter Olympics coming to Milan

Hyundai Motor did not exercise option to buy back Russian auto factory

South Korean automaker Hyundai Motor did not exercise a buyback option for its former manufacturing plant in Russia, the company said on Monday, amid the continuing war in Ukraine. Along with its affiliate Kia, Hyundai was once the biggest foreign carmaker in Russia. However, Chinese brands have gained significant market share over the past four years, as South Korean and other carmakers suspended local production after Moscow's invasion of Ukraine provoked Western sanctions and disrupted supply chains and payments. In 2024, Hyundai sold its plant to Russia's AGR Automotive Group for a nominal 140,000 won ($97) and agreed to an option to repurchase it within a fixed timeframe. The buyback option expired in January. "Hyundai Motor continues to provide warranty repairs and customer care services for previously sold vehicles, and remains committed to maintaining these services going forward," Hyundai said in a statement to Reuters. Reuters reported exclusively in December that Hyundai was not in a position to repurchase the factory due to the continuing war in Ukraine.

Feb 2, 2026By Reuters
Hyundai Motor did not exercise option to buy back Russian auto factory

Lotte, Hyundai selected as new duty-free zone operators at Incheon Int'l Airport

Incheon International Airport (IIAC), operator of Korea's main gateway, has selected Lotte Duty Free and Hyundai DF as candidates for duty-free zone operators vacated by two other retailers, according to company officials Monday. Lotte and Hyundai were selected as the candidates Friday after submitting bids for licenses to operate the DF1 and DF2 zones on Jan. 20. The previous operators, Shinsegae Duty Free and Hotel Shilla, returned their business licenses due to declining sales. "We selected the two companies as qualified operators for the zones after reviewing their submitted documents and have notified the Korea Customs Service of the results," an IIAC spokesperson said. Once the customs office approves the selection, IIAC will sign final contracts with the two companies covering the operation of the duty-free zones and other operating rights. If approved, the two companies will be able to operate the zones — one per company — for seven years through June 2033, with an option to extend the contracts to up to 10 years, according to IIAC. Shinsegae plans to terminate operations in t

Feb 2, 2026By Yonhap
Lotte, Hyundai selected as new duty-free zone operators at Incheon Int'l Airport

GM, Renault take different paths in Korea

General Motors (GM) Korea is accelerating its import-based sales strategy, in what critics argue stands in contrast with Renault Korea’s strong localization drive, according to industry officials Sunday. Last week, General Motors Truck Company (GMC), owned by GM, unveiled three premium models — the Arcadia SUV, the Canyon pickup truck and the Hummer EV all-electric SUV. The introduction of the three new models to Korea is part of GM’s multi-brand strategy aimed at building the carmaker's footing for sustainable growth in Korea. The U.S. carmaker also shared its plan to introduce its Buick premium brand here by the end of this year. This will expand GM's foothold in the local market to four brands — Chevrolet, Cadillac, GMC and Buick — which the carmaker touted as a symbolic outcome, as Korea will become the first market outside North America where all four brands are sold. GMC’s launch of the diverse models made headlines, but it leaves much to be desired that the carmaker relies on imports of new vehicles, rather than expanding the number of models produced here, at a time w

Feb 2, 2026By Lee Min-hyung
GM, Renault take different paths in Korea
previous page
104105106107108
next page

Most Read in Business