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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.

Incheon airport achieves 1 bil. passengers milestone

Incheon International Airport has achieved a historic milestone in global aviation by recording 1 billion cumulative passengers in the shortest period among the world's major hub airports, the airport operator said Tuesday. According to Incheon International Airport Corp. (IIAC), the airport crossed the 1 billion passenger mark just 25 years and three months after its opening in March 2001. Spanning exactly 9,232 days of operations, this achievement reflects an unprecedented growth trajectory within the international aviation industry, outpacing all historic rival global hubs. The airport’s timeline for reaching 1 billion passengers was significantly shorter than other major transit hubs across Europe, Asia and the Middle East. Germany’s Munich Airport required 33 years and 10 months to hit the same metric, while Singapore’s Changi Airport took 35 years and five months. Japan’s Narita International Airport reached the milestone in 39 years and two months, and Dubai International Airport in the United Arab Emirates required 58 years and two months. To contextualize the scale of 1 b

Jul 7, 2026By Lee Min-hyung
Incheon airport achieves 1 bil. passengers milestone

Dongwha Electrolyte clinches supply deal with global battery maker

Dongwha Electrolyte, an affiliate of Korea's Dongwha Enterprise, said Tuesday it has clinched a supply contract with a major global battery manufacturer to provide electrolyte for energy storage systems (ESS). Under the terms of the agreement, production will take place at Dongwha’s manufacturing facility in Clarksville, Tennessee, before being shipped directly to the client’s localized production sites. The company declined to disclose the financial value of the deal or the identity of the buyer, citing a strict nondisclosure agreement. Electrolyte is a critical liquid chemical component that facilitates the movement of lithium ions within a battery, serving as a core building block for both electric vehicles (EVs) and stationary energy storage. ESS units function as large-capacity batteries designed to harvest and store electricity from power grids or renewable sources, such as solar and wind, for later deployment. The contract marks a significant operational pivot for Dongwha’s Tennessee footprint. While the Clarksville plant previously focused entirely on supplying electrolyte

Jul 7, 2026By Jhoo Dong-chan
Dongwha Electrolyte clinches supply deal with global battery maker

Watchdog to slap $488.7 mil. fine on 4 starch makers for price rigging

Korea's fair trade watchdog on Tuesday decided to impose a record 747.6 billion-won ($488.7 million) fine on four starch producers for colluding to fix prices. The Fair Trade Commission (FTC) said it made the decision after finding that Daesang Corp., Sajo CPK Ltd., Samyang Corp. and CJ CheilJedang Corp. fixed prices of starch and starch sugars from May 2018 to October 2025, noting the fine marks the largest amount for a single price-rigging case. Starch and starch sugar products are used in the production of foodstuffs, such as confectionery, bread, noodles, beverages and beer. They are also used in the manufacturing sector, including the production of paper and steel. "Thus, a hike in starch prices leads to chain effects across all levels of industry," the FTC said, noting the combined volume of related sales was estimated at 6.05 trillion won. According to the watchdog, the companies' executive-level officials reached an overall consensus, with other details, such as price targets and timing, discussed through follow-up working-level meetings. The FTC also ordered the companies to rese

Jul 7, 2026By Yonhap
Watchdog to slap $488.7 mil. fine on 4 starch makers for price rigging

Agoda fined $1.7 mil. for hidden fees, obscure refund policies

Korea’s media and communications regulator said Monday that it fined Agoda, a global travel booking platform, 2.42 billion won ($1.7 million) for failing to clearly disclose critical financial terms, including cancellation fees and hidden surcharges, to its users. The Korea Media and Communications Commission (KMCC) characterized the platform’s practices as a violation of the country’s Telecommunications Business Act. Following a sweeping investigation launched in September 2024, regulators concluded that Agoda had systematically obscured vital pricing information, potentially causing substantial financial harm to consumers booking flights and hotel accommodations. According to the commission, Agoda intentionally buried ticket refund conditions and change fees behind irrelevant hyperlinks labeled "Baggage Allowance and Policy," rather than displaying them on the primary booking interface. This design effectively prevented travelers from understanding their financial liabilities prior to purchase. The regulator also took aim at Agoda’s "Pay Later" feature. While the platform disp

Jul 7, 2026By Lee Kyung-min
Agoda fined $1.7 mil. for hidden fees, obscure refund policies

LG Electronics Q2 operating profit hits record high on robust home appliance sales

LG Electronics Inc. on Tuesday estimated its second-quarter operating profit jumped 146.9 percent from a year earlier to a record high, driven by robust sales in its home appliance business. Operating profit is expected to total 1.57 trillion won ($1.02 billion) in the April-June period, compared with 639.4 billion won a year earlier, the company said in a regulatory filing. Revenue rose 14.9 percent on-year to 23.82 trillion won, also a record. Net profit was not immediately available. For the first half of the year, revenue climbed to a record 47.56 trillion won, while operating profit reached an all-time high of 3.25 trillion won. First-half operating profit also exceeded the company's full-year operating profit of 2.48 trillion won recorded last year. The strong performance was driven by solid sales of premium home appliances and televisions. Air conditioner sales also increased in overseas markets during the peak seasonal demand period, while continued growth in the company's vehicle components business helped offset uncertainties stemming from the geopolitical conflict in the Middle

Jul 7, 2026By Yonhap
LG Electronics Q2 operating profit hits record high on robust home appliance sales

LG Energy Q2 operating profit plunges 77% on EV slowdown

LG Energy Solution (LGES), Korea's leading battery maker, said Tuesday its estimated operating profit plunged 77 percent in the second quarter amid a prolonged slowdown in the electric vehicle (EV) market. In the three-month period that ended in June, operating profit fell to 113.3 billion won ($74.1 million) from 492.1 billion won a year earlier, the company said in a press release. "Sluggish EV sales in the North American market and the suspension of operations at U.S. joint venture plants since early this year affected the quarterly results," a company spokesperson said. Ultium Cells, the joint venture between LGES and General Motors, temporarily halted operations at its first plant in Ohio and its second plant in Tennessee in January due to slowing demand. Sales rose 24.8 percent to 7.56 trillion won in the second quarter from 6.06 trillion won a year ago. LGES received a tax credit of 241 billion won under the Advanced Manufacturing Production Credit (AMPC) program of the U.S. Inflation Reduction Act, the company said. Excluding the AMPC, the company posted an operating loss of 127.7

Jul 7, 2026By Yonhap
LG Energy Q2 operating profit plunges 77% on EV slowdown

Hanwha Ocean defeated by Germany’s TKMS in Canada submarine deal

Hanwha Ocean has lost its bid to supply Canada’s next-generation submarine fleet, after Ottawa selected Germany’s TKMS as the preferred bidder for the megaproject, Canada’s Prime Minister Mark Carney said Monday. The decision marks a major setback for the Korean shipbuilder in Canada's 60 trillion won ($39.2 billion) project to replace the Royal Canadian Navy's aging fleet of four Victoria-class submarines with 12 new 3,000-ton diesel-electric vessels. The program also includes long-term maintenance, repair and overhaul (MRO) services. Carney formally announced the selection of TKMS before his departure for the North Atlantic Treaty Organization (NATO) leaders' summit in Turkey. "This was a difficult, close decision between two highly qualified suppliers. Both the TKMS and Hanwha platforms met the capabilities of the Royal Canadian Navy, and both put forward strong proposals,” he said in his speech in Halifax, Canada’s largest Atlantic coastal city. Hanwha Ocean pitched a variant of its 3,000-ton KSS-III Batch-II submarine. The vessel, developed for the Korean Navy, features fu

Jul 7, 2026By Lee Min-hyung
Hanwha Ocean defeated by Germany’s TKMS in Canada submarine deal

SK hynix lowers Nasdaq ADR offering to $28 bil.

Chip giant SK hynix said Monday it plans to raise up to 43.14 trillion won ($28.14 billion) through a stock offering linked to the listing of its American depositary receipts (ADRs) on the Nasdaq market. The amount was revised down from 45.45 trillion won in an earlier plan, reflecting Friday's closing price of 2.42 million won on the Korea Composite Stock Price Index (KOSPI), compared with 2.55 million won on June 23. In a regulatory briefing, SK hynix said it will issue up to 17.79 million new shares, equivalent to about 2.5 percent of its total shares, for the ADR listing scheduled for Friday. The subscription and payment dates are set for July 14, while the new depository receipts are scheduled to be listed on July 29. The exact amount will be confirmed after book building, the chipmaker said. ADRs refer to securities issued in the U.S. stock market that allow investors to trade shares of foreign companies. They allow companies to attract U.S.-based investors without a full listing of common shares. The world's second-largest memory chipmaker said the proceeds from the stock sale will

Jul 6, 2026By Yonhap
SK hynix lowers Nasdaq ADR offering to $28 bil.

Samsung chip division employees to receive 100% bonus amid AI supercycle

Employees of Samsung Electronics' semiconductor business will receive performance bonuses of up to 100 percent of their base salary for the first half of this year, the company said Monday. According to a notice, employees in the lucrative chip division will receive the maximum payout of 100 percent, matching last year's second-half bonus. The payments will be made on Wednesday. The strong payouts come as the semiconductor industry enters an unprecedented AI supercycle, driven by rising shipments of high-bandwidth memory (HBM). Analysts estimate that Samsung's memory division generated operating profit of about 140 trillion won ($91 billion) in the first half alone. Full-year operating profit could approach 350 trillion won. The company is scheduled to announce its second-quarter earnings guidance on Tuesday. Meanwhile, a labor union representing employees in the division that oversees appliances, TVs and smartphones plans to hold a rally over the outcome of the wage negotiations. The union plans to hold a demonstration near the company's plant in Suwon, south of Seoul, July 16. Under the w

Jul 6, 2026By Yonhap
Samsung chip division employees to receive 100% bonus amid AI supercycle

Audi Korea to host FC Bayern Munich friendly in August

Audi Korea said Monday it will host German football powerhouse FC Bayern Munich in Korea as part of the club's global preseason Audi Summer Tour 2026. The annual preseason program, jointly organized by Audi and Bayern Munich since 2014, combines football with customer engagement events and brand experiences. Celebrating its 10th edition this year, the tour will take place from Aug. 1 to 8 in Korea and Hong Kong. The Korea leg of the tour will feature a friendly match between Bayern Munich and Jeju SK FC at Jeju World Cup Stadium on Aug. 4. Bayern Munich, Germany's most successful Bundesliga club, is expected to attract local football fans with a rare appearance in Korea. Audi, which has been a key partner of Bayern Munich since 2002, said the tour reflects its strategy of strengthening customer engagement in Korea through global sports marketing. "We are very pleased to present a match featuring one of the world's top football clubs here in Jeju," said Steve Cloete, executive director of Audi Korea. "Through the Audi Summer Tour 2026, we look forward to offering a more special and memorabl

Jul 6, 2026By Lee Min-hyung
Audi Korea to host FC Bayern Munich friendly in August
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