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.

Korens tapped for gov’t-backed AI manufacturing initiative

Korens, an auto parts maker specializing in exhaust gas recirculation (EGR) components, has been selected for the government-backed artificial intelligence (AI) manufacturing support program, the company said Tuesday. The company is best known for its EGR cooling products, in which Korens maintains the world’s largest market share. Korens’ participation in the government-led project will allow the company to transform its factory into one powered by AI and energy innovation. The firm aims to implement a Korean-style AI system to make decisions and operate autonomously without human intervention. Korens expects the application of the AI system to yield significant improvements in its overall manufacturing process, including a 60 percent reduction in process setup time, a 50 percent decrease in defect rates and more than 30 percent lower dependency on manual labor, according to the company. The company is also on track to modernize its production lines. The company is now deploying digital twin technology to create a virtual replica of its factory. This allows the firm to simulate equip

Oct 15, 2025By Lee Min-hyung
Korens tapped for gov’t-backed AI manufacturing initiative

Korea in communication with China over Beijing's sanctions on Hanwha Ocean's US-based units

Korea is in communication with China to minimize the impact from Beijing's move to sanction Korean shipbuilder Hanwha Ocean's U.S.-based units, the presidential office said Tuesday. Earlier in the day, China announced it would impose retaliatory measures against Hanwha Ocean's five U.S.-based subsidiaries, accusing them of cooperating with a U.S. investigation targeting China's maritime and shipbuilding industries. "In order to minimize harm, communication and response measures are taking place by activating the Korea-China trade channel," the office said. "It is difficult to predict the possibility of additional sanctions, but we will closely monitor (the situation)." It said the immediate impact from the announcement appears to be limited as Hanwha Ocean does not have many businesses with Chinese companies but noted it would assess whether the measures could impact Seoul's shipbuilding cooperation initiative with the United States. China's measures include prohibiting Chinese individuals and organizations from engaging in transactions or cooperation with the U.S. units of Hanwha.

Oct 14, 2025By Yonhap
Korea in communication with China over Beijing's sanctions on Hanwha Ocean's US-based units

POSCO Future M secures $470 mil. anode material deal with global automaker

Energy firm POSCO Future M will supply secondary battery materials to a major automobile company for up to 10 years starting in 2027, clinching a deal worth 671 billion won ($470 million). The POSCO Group subsidiary said Tuesday it will supply secondary battery anode materials to a company whose name was withheld under the contract’s confidentiality terms. The deal’s value covers only the first four years but is still the largest since the company entered the anode material business in 2011. The deal comes as the global electric vehicle (EV) industry faces growing demand for diversified supply chains for anode materials. So far, Chinese firms have dominated the global anode material market, accounting for all of the top 10 suppliers and 80 percent of global market share. To reduce reliance on inexpensive Chinese anode materials, the United States plans to impose high tariffs on these imports. China, in turn, is seeking to tighten control over the export of strategic materials and finished secondary batteries to restrict supplies to the U.S. if necessary. POSCO Future M ranks as the wo

Oct 14, 2025By Ko Dong-hwan
POSCO Future M secures $470 mil. anode material deal with global automaker

China sanctions Hanwha Ocean to retaliate against US port fees

Hanwha Ocean’s five U.S. affiliates have come under Chinese government sanctions, following the Korean company’s alleged support for the U.S. government’s investigation into Chinese competitors and the resulting imposition of new port fees. With the new fees taking effect Tuesday, China’s Ministry of Commerce said the same day that organizations and individuals within the country are banned from engaging in transactions, cooperation or any activities with Hanwha Shipping, Hanwha Philly Shipyard, Hanwha Ocean USA International, Hanwha Shipping Holdings or HS USA Holdings Corp. Of the companies, Hanwha Philly Shipyard is a symbolic site of the shipbuilding cooperation between Korea and the U.S. President Lee Jae Myung visited the shipyard during his trip to the U.S. in August. “Hanwha Ocean’s U.S. subsidiaries have helped and supported the U.S. government’s investigations, which endanger our country’s sovereignty, security and interests,” the Chinese ministry said in a release. The ministry also claimed that the U.S. Section 301 investigation and follow-up actions against

Oct 14, 2025By Park Jae-hyuk
China sanctions Hanwha Ocean to retaliate against US port fees

LG Electronics India makes debut on Indian stock market

LG Electronics India (LGEI) began trading on the local stock market Tuesday (local time), with the listing bringing in 1.8 trillion won ($1.26 billion) in proceeds for its headquarters. LG Electronics headquarters renewed its commitment to the Indian market, announcing the company's “Make for India” vision and showcasing four new home appliances tailored to local lifestyles. The company said it held a listing ceremony for LG Electronics India (LGEI) at the National Stock Exchange of India (NSE) in Mumbai, attended by LG Electronics CEO Cho Joo-wan, Chief Financial Officer Kim Chang-tae, LGEI Managing Director Jeon Hong-ju and other top executives. Cho and NSE CEO Ashish Chauhan struck the ceremonial bell at 10 a.m. to mark the start of trading for LGEI. For the listing, LG Electronics unloaded a 15 percent stake, or 101.8 million shares, in LGEI in an offer for sale at 1,140 rupees per share, which was the top end of the subscription price band. The subscription drew the largest amount of funds in India’s initial public offering market since 2008, with bids totaling 54 times the s

Oct 14, 2025By Nam Hyun-woo
LG Electronics India makes debut on Indian stock market

Hyundai Motor explores deeper ties with Toyota to counter US tariff risks

Hyundai Motor Group Executive Chair Chung Euisun is expected to explore new business opportunities in a possible meeting with executives from Toyota Motor on the sidelines of this year’s Trilateral Executive Dialogue (TED) in Tokyo. Chung and a group of Korean business moguls will attend the two-day economic dialogue starting Tuesday. This year’s TED holds strategic importance to both Korea and Japan, as they are now exposed to mounting external trade risks triggered by tariffs from the United States. Hyundai Motor and Japan’s Toyota in particular find themselves in the same position, as the U.S. decided to impose auto import tariffs of 15 percent to Korea and Japan. This has forced both automakers to shoulder unexpected costs for their U.S. businesses. Following multiple meetings between top management of the two firms last year, there stands a possibility for Chung to meet with Toyota Motor Chairman Akio Toyota during his visit to the Japanese capital. In October last year, the Toyota chairman visited Korea to attend the Hyundai N x TOYOTA GAZOO Racing Festival and discussed pote

Oct 14, 2025By Lee Min-hyung
Hyundai Motor explores deeper ties with Toyota to counter US tariff risks

Samsung to offer stock compensation to employees amid market-beating earnings

Samsung Electronics said Tuesday it plans to offer shares to its employees under a new compensation program after the company was expected to have posted market-beating earnings in the third quarter. The Korean tech giant made the announcement to employees, noting that it will implement a performance stock units (PSU) program, under which workers will receive higher compensation depending on Samsung's stock performance. The notice came after Samsung Electronics released an earnings guidance earlier in the day, suggesting it expects an operating profit of 12.1 trillion won ($8.5 billion) for the quarter ending in September, which would mark a 31.8 percent spike from the 9.18 trillion won tallied a year earlier. It would also mark the largest quarterly earnings since the second quarter of 2022, when the company posted a 14.1 trillion-won operating profit. Under the PSU program, Samsung will allocate 200 to 300 shares to each of its employees depending on their career level, with the exact amount to be determined based on the company's stock performance on the main index. The shares will be

Oct 14, 2025By Yonhap
Samsung to offer stock compensation to employees amid market-beating earnings

Hanwha to light up Gyeongju night sky with fireworks, drones

Hanwha Group has pledged full support for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting set for later this month in Gyeongju, North Gyeongsang Province. The conglomerate said Tuesday it will stage a fireworks and drone light show during the gala dinner for summit participants on Oct. 31. It plans to launch 50,000 fireworks and illuminate the Gyeongju night sky with 2,000 drones, while also funding safety and environmental management for the event. Hanwha Group previously staged fireworks displays at major international events in Korea, including the 1986 Asian Games, 1988 Summer Olympics, 2002 FIFA World Cup, APEC South Korea 2005 and 2018 Winter Olympics. “In addition to fireworks, this performance will feature aerial and waterborne drones powered by information and communication technology and media art,” a Hanwha Group official said. “We aim to portray Korea as a cultural powerhouse inheriting a thousand years of tradition from Silla (an ancient Korean kingdom that set up its capital in Gyeongju) and moving boldly toward the future.” Hanwha Group will a

Oct 14, 2025By Park Jae-hyuk
Hanwha to light up Gyeongju night sky with fireworks, drones

HD Hyundai Electric eyes North American MV/LV circuit breaker market

HD Hyundai Electric said Tuesday its air circuit breaker, molded case circuit breaker, vacuum circuit breaker and magnetic contactor have received certifications from UL Solutions and UL Solutions in Canada, two leading safety testing institutions in North America. With these certifications, the electronic equipment manufacturer is seeking to expand its share in the North American medium- and low-voltage circuit breaker market. UL Solutions issues certifications for electrical and electronic products, home appliances and industrial equipment after rigorous safety and quality testing. Although not required by law, certifications from UL Solutions and UL Solutions in Canada are effectively mandatory for selling products in the North American market— especially those at risk for fire or electric shock — playing a crucial role in ensuring product reliability and market competitiveness. “With these certifications, we plan to expand our presence not only in the ultrahigh voltage transformer market — where we have long maintained a leading share — but also across distribution equipmen

Oct 14, 2025By Park Jae-hyuk
HD Hyundai Electric eyes North American MV/LV circuit breaker market

Hyundai Motor, Tate Modern unveil works of Maret Anne Sara in joint art project

Hyundai Motor said Tuesday it has unveiled the works of artist Maret Anne Sara at Tate Modern in London, part of a prestigious annual art project hosted jointly by the Korean automaker and the renowned British art gallery. Now in its 10th year, the Hyundai Commission project selects one artist each year to hold an exhibition in the Turbine Hall, the central exhibition space at Tate Modern, to highlight innovative contemporary art. Sara is known for her work exploring ecological issues from the perspective of the Sami people, an indigenous group residing in the Sapmi region, which is today divided between Norway, Sweden, Finland and Russia. As part of the exhibition, a multi-layered sculpture comprising reindeer hides tightly bound by electrical power cables stretches the full 28 meter height of Tate Modern's Turbine Hall. Sara's works will be on display at Tate Modern until April 2026. "We are delighted to celebrate the 10th anniversary of the Hyundai Commission with Maret Anne Sara's significant work, which transforms Tate Modern's Turbine Hall into a space grounded in indigenous history

Oct 14, 2025By Yonhap
Hyundai Motor, Tate Modern unveil works of Maret Anne Sara in joint art project
previous page
183184185186187
next page

Most Read in Business