Business - The Korea Times

Hyundai Glovis clinches $396 mil. LNG shipping deal

Hyundai Glovis said Thursday it has secured a 580 billion won ($396 million) liquefied natural gas (LNG) transportation contract that will run for up to 15 years, with the Hyundai Motor Group affiliate identifying the client only as “a global trading firm.” The company said the contract will begin in 2029 after it acquires a new LNG carrier that will be built exclusively for the project. Hyundai Glovis did not disclose the shipbuilder, citing confidentiality agreements. The vessel will have a capacity of 174,000 cubic meters — more than half of Korea’s average daily LNG consumption — and will load LNG in the Arabian Gulf region for delivery to destinations around the world. It will feature an advanced containment system capable of maintaining temperatures at minus 162 degrees Celsius to keep the cargo stable during long-distance transport. The latest contract underscores Hyundai Glovis’ push to expand beyond its core business of transporting vehicles manufactured by Korean automakers to overseas markets. The company has been accelerating its transition into the energy shippi

Nov 27, 2025By Ko Dong-hwan

Hyundai Glovis clinches $396 mil. LNG shipping deal

Google to launch YouTube Premium without music service in Korea following antitrust probe

Google will launch a cheaper version of its YouTube Premium subscription without its music streaming component in Korea, the country's antitrust watchdog said Thursday, following months of investigation into alleged anti-competitive practices. The move is part of a self-proposed corrective measure agreed upon by the U.S. tech giant and the Fair Trade Commission (FTC), which has been probing the company over suspicions that bundling YouTube Music with YouTube Premium violated fair trade rules. Under the decision, Google will introduce YouTube Premium Lite, a video-only subscription that includes advertisement removal, background playback and offline viewing services, the FTC said. Existing YouTube Premium and YouTube Music Premium subscriptions will continue to be available. YouTube Premium Lite is expected to be priced at 8,500 won ($5.80) per month for Android and web users and 10,900 won per month for iOS users, the FTC said. YouTube Premium currently costs 14,900 won, while YouTube Music is offered separately for 11,990 won per month. The new service, currently available in 19 other c

Nov 27, 2025By Yonhap

Google to launch YouTube Premium without music service in Korea following antitrust probe

Kia PV5 named Family Car of Year at BBC TopGear.com Awards

Kia said Thursday that its PV5 Passenger electric van has been honored as Family Car of the Year at the 2026 BBC TopGear.com Awards, one of the world’s most influential automotive recognitions presented annually by popular TV show “Top Gear.” According to the awards, its judges selected the PV5 Passenger for its spacious and versatile interior, smooth driving for an electric family car and remarkable price value compared to key rivals. “The PV5 offers an uncommon blend of generous space, refined comfort and impressive efficiency, all delivered with standout value,” Top Gear contributor Jack Scarlett noted in the PV5 review. “Its design is thoughtful, family-focused and executed with real clarity and purpose.” Kia said the recognition bears greater significance as it comes just a week after the PV5 was unanimously voted the 2026 International Van of the Year by 26 judges. The carmaker also noted that the TopGear.com award is especially meaningful because the PV5 became the first small commercial van to be named Family Car of the Year, a category previously dominated by SUVs

Nov 27, 2025By Nam Hyun-woo

Kia PV5 named Family Car of Year at BBC TopGear.com Awards

Gov't launches working group with Samsung, Hyundai to advance AI plan involving Nvidia GPUs

The government on Thursday launched a working group with Samsung Electronics, Hyundai Motor Group and other companies to advance a nationwide effort to establish an artificial intelligence (AI) infrastructure utilizing 260,000 graphics processing units (GPUs) to be supplied by U.S. chip behemoth Nvidia, officials said. The inaugural meeting of the group, chaired by Second Vice Science Minister Ryu Je-myung, comes about a month after Nvidia announced a plan to supply up to 260,000 Blackwell GPUs to the Korean government and leading conglomerates. At the meeting, senior executives from Samsung, Hyundai, as well as SK Telecom and Naver Cloud, discussed implementation strategies for the GPU plan and ways to expand cooperation to strengthen the country's AI ecosystem. Participants agreed to maintain a standing coordination system through the new working group, which will be convened regularly. Nvidia announced last month the plan to deploy up to 260,000 GPUs in Korea in partnership with the government and major companies to build large-scale AI factories in the country. The company said the Bl

Nov 27, 2025By Yonhap

Gov't launches working group with Samsung, Hyundai to advance AI plan involving Nvidia GPUs

Sales bid for court-rehabilitated retailer Homeplus fails due to lack of bidders

Homeplus, a financially troubled discount store chain currently under a court-led rehabilitation program, has failed to draw any bidders in an auction to sell the company, a Seoul court said Wednesday. No companies submitted their bids by the 3 p.m. deadline for the auction, the Seoul Bankruptcy Court said, although two companies had previously submitted letters of intent (LOIs). Homeplus entered the rehabilitation program in March after two local credit rating agencies downgraded its corporate bonds from A3 to A3-, citing deteriorating financial health. The deadline for submitting its rehabilitation plan to the court was pushed back from Nov. 10 to Dec. 29, following several extensions since June. Two companies, including artificial intelligence agent-based direct transaction platform company Harex InfoTech Inc., had handed in their LOIs late last month but decided not to participate in the main bidding round. The court said it will discuss next steps with Homeplus, Samil PricewaterhouseCoopers, the court-appointed accounting firm, and other stakeholders, including whether to carry out a

Nov 26, 2025By Yonhap

Sales bid for court-rehabilitated retailer Homeplus fails due to lack of bidders

Naver Financial to acquire crypto exchange operator Dunamu as wholly owned subsidiary

Naver Financial, the fintech subsidiary of Korea's leading portal operator Naver, on Wednesday decided to acquire Dunamu, the operator of the country's largest cryptocurrency exchange Upbit, as a wholly owned subsidiary, the company said. Naver Financial's decision to acquire Dunamu in a share-swap deal was approved at a board meeting, the company said in a regulatory filing. Each Dunamu share will be exchanged at 2.54 shares in Naver Financial. The decision was reached in order for Naver Financial to "secure new future growth engines based on digital assets," Naver Financial said. Upbit is the country's No. 1 and the world's fourth-largest crypto exchange in terms of trading volume. Once completed, the deal will place Dunamu under Naver Financial, positioning Naver to expand its portfolio into digital finance and strengthen its foothold in the fast-growing blockchain-based services sector. It is also expected to create a new mega financial platform with an estimated value of about 20 trillion won ($13.6 billion). The companies are expected to seek shareholder approval before formally ini

Nov 26, 2025By Yonhap

Naver Financial to acquire crypto exchange operator Dunamu as wholly owned subsidiary

EcoPro to launch high-voltage mid-nickel cathodes production

EcoPro, the leading company in high-nickel cathode technology, is now diversifying its product lineup with mid-nickel materials. The company announced that it has completed technical validation of its newly developed high-voltage mid-nickel (HVM) cathode material and is preparing for full-scale mass production to meet automakers’ growing demand for lower-cost battery components. High-nickel cathodes, used in premium electric vehicle (EV) batteries, contain over 90 percent nickel, whereas mid-nickel cathodes contain around 60 percent. As nickel, one of the three main elements for ternary cathode materials, accounts for about 70 percent of their raw material cost, reducing nickel content helps lower overall costs. HVM sets itself apart from conventional mid-nickel cathodes through a single-crystal design that boosts performance at high voltages, while improving the battery’s lifespan and safety. In particular, the company has significantly improved its performance in low-temperature conditions, which previously was seen as a weak point of mid-nickel batteries, allowing them to deliver

Nov 26, 2025By Lee Gyu-lee

EcoPro to launch high-voltage mid-nickel cathodes production

Amorepacific criticized by Innisfree franchisees for unfair marketing

Major beauty company Amorepacific faced an angry group of Innisfree franchise owners on Wednesday, as the brand’s struggling sellers blamed the flawed marketing for their declining sales. Some 70 franchisees protested in front of Amorepacific’s headquarters in Seoul’s Yongsan District, demanding that the company provide more practical business support and stop giving greater marketing benefits to multi-brand shopping (MBS) channels than to their offline franchise stores. Innisfree’s annual sales have steadily declined over the past few years, dropping from 552 billion won ($377 million) in 2019 to 225 billion won last year. The frustrated sellers said Amorepacific has been giving more support to the country’s major MBS platforms that carry Innisfree products — including CJ Olive Young, Coupang and Naver Store — over their stores. They claimed that the company, "through such unfair measures, has discriminated against their offline franchise businesses." The franchisees said that Innisfree’s Perfect Intensive Skincare set, which includes five items, sells on Coupang, the c

Nov 26, 2025By Ko Dong-hwan

Amorepacific criticized by Innisfree franchisees for unfair marketing

Samsung Heavy Industries accused of migrant worker discrimination, rights violations

Samsung Heavy Industries (SHI) is facing allegations that the shipbuilder unfairly dismissed migrant workers, withheld wages and violated their human rights. A union of subcontracted shipyard workers under the Korean Metal Workers’ Union said in a recent press release that SHI forced three migrant employees, who had worked at its shipyard for about six months under E-7-3 visas for skilled workers, to resign this month despite having two-year contracts. The union said it was unreasonable to believe the E-7-3 visa holders voluntarily resigned, noting that the workers each paid at least 10 million won ($6,800) to come to Korea and would need to return home if they quit voluntarily. “If their skills were unsatisfactory, the employer could simply decide not to renew their contracts once the terms expired,” the union said. “Migrant workers whose contracts are not renewed can still seek other employment with a D-10 visa for job seekers.” The union also pointed to discrimination in meal services at the shipyard. Unlike Korean workers, who receive free lunches and pay 1,000 won for each

Nov 26, 2025By Park Jae-hyuk

Samsung Heavy Industries accused of migrant worker discrimination, rights violations

Starbucks Korea awarded for spurring local partnerships

Starbucks Korea earned government recognition on Tuesday for its consistent partnerships with local communities and small businesses to fund outreach projects and help boost their sales. The major coffee chain received a Prime Minister’s Commendation during "Shared Growth Week", declared by the Ministry of SMEs and Startups annually during the last week of November to celebrate mutual growth efforts among companies of all sizes. The ministry jointly hosted the award ceremony with the Korea Commission for Corporate Partnership (KCCP), a non-government organization, at KBIZ headquarters in Seoul. Starbucks Korea, operated by Shinsegae Group’s subsidiary SCK Company, signed a partnership in 2022 with KCCP and the Cafe Owner Cooperative Organization to promote mutual growth in the domestic coffee industry. Since then, the company has supplied 970 small cafe businesses nationwide with locally sourced ingredients, which were used to develop new recipes for region-specific beverage items. The supplied ingredients were enough to produce a total of 416,000 cups. The company has also funded m