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 Energy Solution eyes bigger share of ESS orders with LFP batteries

An upcoming selection of companies to supply batteries for a government-led energy storage system (ESS) procurement project has drawn attention to lithium iron phosphate (LFP) batteries. The focus mainly stems from the government’s decision to prioritize safety in the 1 trillion won ($678 million) project, unlike the previous bid where price was the main factor. Compared with ternary batteries made of nickel, cobalt and manganese, or nickel, cobalt and aluminum, LFP batteries are less prone to fires and explosions because of their stable chemistry. Their longer lifespan has also made them increasingly popular in ESS projects, while ternary batteries continue to power electric vehicles (EVs) that require rapid acceleration. According to industry officials Monday, both LG Energy Solution (LGES) and SK On offered to supply LFP batteries in the latest bid. Samsung SDI once again participated with its ternary batteries. In the previous 1 trillion won ESS procurement project, Samsung SDI secured six of eight battery supply deals using its ternary batteries. LGES was awarded two contracts, wh

Dec 22, 2025By Park Jae-hyuk
LG Energy Solution eyes bigger share of ESS orders with LFP batteries

Korean Air ordered to revise mileage conversion plan with Asiana

Korean Air was ordered to revise its mileage conversion program with Asiana Airlines by supplementing a mileage redemption program for in-flight seats, the nation’s antitrust watchdog said Monday. The Fair Trade Commission (FTC) urged Korean Air to submit revised measures on the management of bonus seats and seat upgrades using mileage. Korean Air has less than a month to report its updated measures. This is the second time the authority has put the brakes on Korean Air’s proposed mileage integration plan. In June, the FTC rejected Korean Air’s initial mileage conversion proposal on concerns that it did not adequately safeguard Asiana customers’ interests. Three months later, Korean Air submitted a rectified measure that would allow Asiana customers to convert their flight-accrued mileage at a 1-to-1 ratio. Korean Air also offered to apply a 1-to-0.82 conversion ratio for Asiana customers’ partner mileage earned from credit card rewards. “We view that the mileage conversion plan should be fixed in line with the expectations of the public, so the FTC will review the proposed i

Dec 22, 2025By Lee Min-hyung
Korean Air ordered to revise mileage conversion plan with Asiana

Gov't to seek development of LNG cargo tanks to reduce foreign dependency

Korea has launched a public-private working group to push for the development of proprietary liquefied natural gas (LNG) cargo tanks to lessen dependence on foreign technologies, the industry ministry said Monday. The working group comprises industry, finance and oceans ministries, as well as major Korean companies, including Korea Gas, HD Hyundai Heavy Industries and Samsung Heavy Industries, according to the Ministry of Trade, Industry and Resources. An LNG cargo tank, a key component of an LNG carrier, is a cryogenic tank designed to safely store and transport LNG at very low temperatures. An LNG carrier is one of Korea's key export items, but the country has been paying trillions of won in technology fees for LNG cargo tanks to foreign companies because it does not have commercial-level indigenous technologies. The ministry said the LNG cargo tank development project is one of the government's top priority initiatives, noting that it aims to conduct a proof-of-concept project as early as the first quarter of next year. "The government will devise measures to foster the development of

Dec 22, 2025By Yonhap
Gov't to seek development of LNG cargo tanks to reduce foreign dependency

More than half of Korean firms anticipate challenging 2026: poll

More than half of South Korean companies anticipate the business environment in 2026 will be challenging, due mainly to sluggish domestic demand and a weak Korean won, a poll showed Monday. According to the poll conducted on the top 1,000 businesses by revenue, 52 percent of those that responded expected a challenging business environment next year, while 44.7 percent anticipated conditions to be favorable, according to the Federation of Korean Industries (FKI). When asked about the most concerning internal business risks for 2026, 32.2 percent cited slowing domestic demand, while 21.6 percent pointed to lingering inflation. Regarding external risks, 26.7 percent cited volatility in the foreign exchange market, with 24.9 percent expressing concerns over global protectionism and trade barriers. To address such issues, 18.9 percent of respondents said the government needs to ease business regulations, while 17.8 percent stressed the need to revitalize domestic consumption. Another 16.9 percent said the government needs to address uncertainties in global trade. "Due to unstable external condi

Dec 22, 2025By Yonhap
More than half of Korean firms anticipate challenging 2026: poll

Coupang faces possible business suspension after massive data breach

The government is signaling that it may suspend Coupang’s operations following a massive customer data breach affecting 33.7 million users of the U.S.-listed e-commerce giant, amid criticism of the company’s tepid response to the incident. During a televised interview on Friday, Fair Trade Commission (FTC) Chairperson Ju Biung-ghi said “the possibility is open” regarding the suspension of Coupang’s operations in Korea. “The authorities will first determine whether consumers are at risk of suffering or have actually suffered financial losses,” Ju said. “If Coupang is found to have failed to implement adequate measures to remedy the damage, a suspension of its operations can be imposed.” His remarks came after the FTC, the Ministry of Science and ICT, the National Intelligence Service, police and other government units launched a joint task force to investigate the Coupang data breach on Thursday. The task force will work alongside existing investigators to examine the cause of the breach, measures to protect users and possible regulatory actions against the company incl

Dec 21, 2025By Nam Hyun-woo
Coupang faces possible business suspension after massive data breach

Trade feud with US reignited over Korea's online platform regulations

Korea and the United States are showing signs of entering another trade dispute over the former’s renewed attempts to regulate monopolistic online platforms. Amid growing calls in Korea to legislate an online platform law following Coupang’s massive data breach that affected more than 33 million users, the U.S. government and lawmakers have warned against the proposed regulations on digital services. A delay in Thursday’s closed-door meeting of the Korea-U.S. Free Trade Agreement Joint Committee has also been attributed to Washington’s complaints about Seoul’s pursuit of digital proposals that the Donald Trump administration views as discriminatory. U.S. political news outlet Politico reported Friday (local time) that the committee’s first gathering since the updated Korea-U.S. trade deal was canceled due to “different views and opinions on digital policies,” citing sources familiar with the matter. The report came after Trade Minister Yeo Han-koo told reporters Wednesday that the meeting was postponed because both sides needed more time to discuss the details of the age

Dec 21, 2025By Park Jae-hyuk
Trade feud with US reignited over Korea's online platform regulations

Consumer agency orders SK Telecom to pay $67 per user over data leak

Korea's state-run consumer agency on Sunday ordered SK Telecom to pay 100,000 won ($67) in compensation to each user following its massive data breach earlier this year. The decision by the Korea Consumer Agency came after 58 consumers sought dispute mediation with the agency in May following a data breach that affected all of the company's 23 million users. In April, SK Telecom belatedly disclosed a major leak of universal subscriber identity module (USIM) data from its servers, prompting the company to offer free USIM replacements to all of its users and triggering an investigation by regulators. In August, the Personal Information Protection Commission (PIPC) slapped SK Telecom with a record of 134.8 billion won. "Considering the joint investigation conducted by the government and the private sector in July and the ruling by the PIPC, it was recognized that the hacking incident caused damage to consumers," the agency said. "SK Telecom holds responsibility for compensating individual consumers for the damage," it added. Under the decision, the Korea Consumer Agency ordered SK Telecom to

Dec 21, 2025By Yonhap
Consumer agency orders SK Telecom to pay $67 per user over data leak

Renault Korea sets sights on 2026 market rebound

Renault Korea is seeking to capitalize on a recovery forecast for the domestic car market in 2026 by extending its momentum from the strong performance of the Grand Koleos with the launch of the Aurora 2 next year. The domestic automobile market is expected to show gradual recovery in 2026, with sales projected to reach 1.69 million vehicles next year, up 0.8 percent from this year, driven by expanded subsidies for electric vehicles (EVs) and the scheduled launch of new models. Carmakers are set to roll out 16 new models next year, expanding their lineups with a focus on EVs and hybrid vehicles. As both premium and mass-market brands accelerate their lineup expansions, industry officials expect consumer sentiment to recover gradually. Renault Korea is looking to capitalize on the expected momentum through its Aurora project. The initiative is part of Renault Group’s mid-term strategy, under which Renault Korea will take the lead in developing three new models and pursue a phased transition from an internal combustion engine-focused lineup to hybrids and EVs. Renault launched the Grand

Dec 21, 2025By Nam Hyun-woo
Renault Korea sets sights on 2026 market rebound

PHOTO HD Hyundai, Peru sign submarine deal

HD Hyundai Heavy Industries Senior Executive Vice President Park Yong-yeol, right, poses with Peruvian President Jose Jeri, center, at the South American country's state-owned SIMA shipyard in Lima, Friday (local time). The Korean shipbuilder said Sunday it signed a contract with the Peruvian Navy and SIMA to jointly develop a next-generation submarine. Courtesy of HD Hyundai

Dec 21, 2025By Park Jae-hyukphoto
[PHOTO] HD Hyundai, Peru sign submarine deal

Samsung, SK hynix accelerate memory output amid AI boom

Korean chipmakers are ramping up memory production to meet surging demand from artificial intelligence (AI) servers, industry analysts said Sunday, as competition intensifies across the global semiconductor industry. Production capacity is increasingly seen as a key determinant of competitiveness, with AI-related demand expected to continue growing sharply in the coming years. Samsung Electronics has gradually increased utilization rates at its domestic dynamic random access memory, or DRAM, and NAND flash manufacturing lines while expanding output of high-end products, such as high bandwidth memory (HBM). In November, the Korean tech giant decided to resume construction of the framework for its Line 5 chip production facility at its Pyeongtaek complex, the company's main semiconductor manufacturing hub, Gyeonggi Province. The Line 5 facility is scheduled to begin commercial operations in 2028, strengthening Samsung's ability to meet rising demand for advanced memory chips. SK hynix is also preparing to start operations at its new M15X fabrication plant in Cheongju, North Chungcheong Pro

Dec 21, 2025By Yonhap
Samsung, SK hynix accelerate memory output amid AI boom
previous page
134135136137138
next page

Most Read in Business