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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.

Debate heats up over sale of Hyundai LNG Shipping to Indonesian firm

Controversy has reignited over the potential sale of a Korean liquefied natural gas (LNG) shipping firm to foreign buyers after residents of Busan joined protests against private equity firm IMM’s plan to sell Hyundai LNG Shipping to Indonesia’s Sinar Mas. Critics denounced the deal as a serious threat to President Lee Jae Myung’s maritime policy and urged the government to block the transaction. “The deal could pave the way for foreign takeovers of private equity-owned firms like SK Shipping and H-LINE Shipping, destabilizing Korea’s energy transport infrastructure,” a Busan civic group said Tuesday. SK Shipping and H-LINE Shipping, owned by another private equity firm, Hahn & Company, recently announced plans to relocate their headquarters to Busan following the Ministry of Oceans and Fisheries’ move to the city. The government says the relocation aims to develop Busan into a hub for the maritime industry in preparation for the era of Arctic shipping routes. “If a foreign buyer replaces skilled, high-paid Korean crews with foreign workers to cut costs, Busan’s job mar

Dec 17, 2025By Park Jae-hyuk
Debate heats up over sale of Hyundai LNG Shipping to Indonesian firm

PHOTO 'Antiaging' oil refinery

HD Hyundai Oilbank employees examine facilities during the "antiaging" project at the oil refiner's factory in Seosan, South Chungcheong Province, in this undated photo. The company said Wednesday the 10-year project has been underway since January to preemptively improve productivity and stability of key facilities. Courtesy of HD Hyundai Oilbank

Dec 17, 2025By Park Jae-hyukphoto
[PHOTO] 'Antiaging' oil refinery

Sum Air, 1st Korean airline to focus on underserved areas, to launch next year

Sum Air, Korea’s first airline dedicated to connecting islands and remote regions, will receive its first aircraft from its manufacturer in France later this month. The aircraft, an ATR 72-600, is the latest 72-seat turboprop model produced by Toulouse-based ATR. It is scheduled to depart the French city on Dec. 31 and make stopovers in Turkey, Uzbekistan and China before arriving at Gimpo International Airport on Jan. 2. Sum Air previously signed a purchase agreement with ATR for eight aircraft. The deal comes as the airline prepares to launch new domestic routes next year, including service between Gimpo and Sacheon, South Gyeongsang Province, in March and between Gimpo and Ulsan in May. The carrier plans to deploy the small-sized aircraft to expand air connectivity to regional destinations across the country. The ATR 72-600 — the first ATR model to be introduced in Korea — is designed to operate on runways that are shorter than those at major airports, according to Sum Air. The aircraft can take off from and land on runways as short as 1,200 meters, compared with the 2,800 to 3

Dec 17, 2025By Ko Dong-hwan
Sum Air, 1st Korean airline to focus on underserved areas, to launch next year

Court declares bankruptcy of Interpark Commerce

Interpark Commerce, an online retail subsidiary of e-commerce giant Qoo10 Group hit by an insolvency crisis last year, was declared bankrupt by a court Tuesday. The Seoul Bankruptcy Court made the ruling one year and four months after Interpark Commerce applied for rehabilitation proceedings in August 2024. Creditors have until Feb. 20 next year to file claims. The creditors' meeting and claims investigation will be held on March 17, 2026. Interpark Commerce has suffered serious financial difficulties and a chain of exodus of sellers and customers since July last year, when Qoo10 Group's two other subsidiaries — TMON and WeMakePrice — filed for court receivership due to liquidity problems that resulted in massive delayed payments to vendors on their platforms. The court began rehabilitation proceedings for Interpark Commerce in November last year but failed to find potential acquisition candidates. It decided to terminate the rehabilitation proceedings at the beginning of this month. The court had declared WeMakePrice bankrupt on Nov. 10, while TMON was acquired by grocery delivery pl

Dec 16, 2025By Yonhap
Court declares bankruptcy of Interpark Commerce

Young Poong, MBK support Korea Zinc's US project but reject financing method

The Young Poong–MBK Partners alliance said Tuesday that it is not opposed to Korea Zinc’s plan to build a large-scale smelter in the United States. It added, however, that the project should be pursued through a more transparent method, such as a rights offering to existing shareholders, rather than a third-party allotment. The alliance made the remarks after filing an injunction with the Seoul Central District Court to block the issuance of new shares under a third-party allotment. The allotment had been approved by Korea Zinc’s board the previous day to finance construction of the U.S. smelter, a project worth 11 trillion won ($7.5 billion). “Our action does not target the U.S. smelter project itself,” the alliance said in a statement. “The injunction is necessary because the new share issuance was structured to preserve Korea Zinc Chairman Choi Yun-beom’s control amid an ongoing management dispute, an act strictly prohibited under the Commercial Act and consistently rejected by Supreme Court precedents.” In a separate statement, Young Poong also stressed that it does

Dec 16, 2025By Jun Ji-hye
Young Poong, MBK support Korea Zinc's US project but reject financing method

Porsche Korea boosts customer satisfaction, aims for sustainable growth

Porsche Korea has conducted a diverse range of projects this year to boost customer satisfaction with service quality and brand experiences, in hopes of solidifying its footing as the nation’s most trusted premium carmaker, the company said Tuesday. In February, the luxury carmaker opened its cutting-edge service center in Seoul’s trendy neighborhood of Seongsu-dong, in a show of strong commitment to local customers. The facility is one of the largest in Asia and features energy-efficient infrastructure. The 11-story after-sales service center can repair over 90 vehicles on average each day, the highest rate among all service facilities nationwide. Equipped with electric vehicle (EV) maintenance infrastructure and ultrafast charging systems, the center significantly raises service standards for EV customers, according to Porsche Korea. The center also offers differentiated customer services, as it is equipped with VIP lounges and screen golf machines, so customers can rest while sending their vehicles for repair. The carmaker also launched its signature care service package in Septemb

Dec 16, 2025By Lee Min-hyung
Porsche Korea boosts customer satisfaction, aims for sustainable growth

Ki One unveils red pepper-infused Korean whisky

Ki One, a Korean single malt whisky maker with more than 50 international awards, unveiled a new Korean red pepper-infused offering on Tuesday. Ki One Red Pepper Cask was released in a limited run of 1,500 bottles, including 200 for export to the United States. The batch, a variation of the company’s original whisky, underwent double maturation in seven virgin oak casks that had previously held bourbon. The casks were first seasoned by filling them with chopped red peppers and hot water and left to rest for two weeks. Ki One Signature whisky was then poured into the emptied, seasoned casks and stored for six weeks, during which it absorbed the flavors of the pepper. The company said the method is unprecedented worldwide. Andrew Shand, Ki One’s master distiller and blender from Scotland, who first proposed the idea, said he sourced the peppers from Jayang Traditional Market in Seoul’s Gwangjin District. In search of the hottest red peppers in the country, he visited four traditional markets before making his selection. Ki One first supplied its Red Pepper Cask batch to GS Retail, op

Dec 16, 2025By Ko Dong-hwan
Ki One unveils red pepper-infused Korean whisky

PHOTO SK Group makes year-end donation of $13.6 mil.

SK Supex Council Social Value Committee President Jee Dong-seob, left, and Community Chest of Korea Chairman Kim Byong-joon pose after SK Group delivered its donation at the charity’s headquarters in Seoul, Tuesday. SK Group made a 20 billion won ($13.6 million) year-end donation to the community support fundraising campaign, which it has contributed to annually since 1999. Employees of SK affiliates also voluntarily raised an additional 6 billion won, bringing this year's total donation to about 26 billion won. Courtesy of SK Group

Dec 16, 2025By Lee Gyu-lee
[PHOTO] SK Group makes year-end donation of $13.6 mil.

REPORTER’S NOTEBOOKGM Korea’s latest investment fails to dispel doubts over rebound

General Motors (GM) Korea’s latest $300 million investment drive still leaves much to be desired, lacking a concrete road map for boosting domestic vehicle sales amid persistent rumors of the carmaker’s exit from the Korean market. Most of the investment is expected to be used to sophisticate its research and tech prowess at GM Technical Center Korea, not for expanding its localized production capacity. GM Korea assembles two flagship vehicles — the Chevrolet Trax Crossover and the Trailblazer — at its production lines here, with most of the locally produced vehicles exported to the United States. The export-driven sales strategy has left the carmaker mired in an unceasing series of controversies surrounding its potential withdrawal from the Korean market. The carmaker also does not have any immediate plans to produce new vehicle models here. While unveiling its investment plan Monday, GM Korea also said it will debut the Buick brand here next year and launch one model from the premium auto brand. The carmaker also pledged to launch three new GMC vehicles for local customers in 2

Dec 16, 2025By Lee Min-hyung
GM Korea’s latest investment fails to dispel doubts over rebound

Musinsa to merge brand subsidiary to strengthen core business

Fashion and retail platform Musinsa is restructuring its brand operations as part of a broader strategy to strengthen the competitiveness of its fast-growing brand business. The company announced on Tuesday that it plans a parent-subsidiary merger with Musinsa Trading, a subsidiary that oversees its brand business. The merger is aimed at reinforcing Musinsa’s brand operations as a core growth pillar alongside its platform business. By integrating organizational structures and operational resources, the company plans to enhance efficiency, unlock sales synergies and establish a more sustainable and efficient growth framework for its expanding portfolio of brands. “Musinsa’s brand business has been growing rapidly and has become one of our most important growth engines,” the company’s official said in a press release. “This merger with Musinsa Trading is a strategic step to further enhance our brand competitiveness and strengthen the foundation for sustainable and long-term growth.” Musinsa Trading has served as the company’s dedicated brand business arm, introducing and dis

Dec 16, 2025By Lee Gyu-lee
Musinsa to merge brand subsidiary to strengthen core business
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