my timesThe Korea Times
Business

Companies

Samsung Electronics expected to post $8.48 bil. operating profit for Q3

Samsung Electronics on Tuesday estimated its operating profit for the third quarter at 12.1 trillion won ($8.48 billion), indicating a solid recovery in profitability amid an upcycle in the global memory chip market. According to the company’s earnings guidance, Samsung is expected to post 86 trillion won in sales and an operating profit of 12.1 trillion won. This marks sales growing 8.72 percent and operating profit surging 31.81 percent from a year earlier. The figures outpace the brokerages' consensus estimates of 84.16 trillion won in sales and a 10.17 trillion won operating profit. They would mark the company’s highest quarterly revenue and the first time in 15 months that Samsung’s quarterly operating profit has exceeded 10 trillion won. As the figures are part of an earnings guidance released ahead of the detailed earnings call, the company did not provide a breakdown of business divisions' performances. However, brokerages widely assume that a recovery in its chipmaking Device Solutions (DS) division lifted overall profitability, driven by growing demand for advanced memor

Oct 14, 2025By Nam Hyun-woo
Samsung Electronics expected to post $8.48 bil. operating profit for Q3

Hyundai Motor’s 3rd-generation heir steers carmaker to global forefront

Hyundai Motor Group Executive Chair Chung Euisun has been lauded for steering the automaker’s remarkable ascent from a global player to international frontrunner during his five-year chairmanship. Tuesday marks the fifth anniversary of Chung’s assumption of the carmaker’s top managerial post. Under his stewardship, market watchers and critics have said he redefined modern mobility and elevated the group’s global standing. When Chung assumed the role in October 2020, the world was engulfed in the COVID-19 pandemic. He navigated the crisis with strategic agility and has since solidified the automaker’s position as one of the world’s top three in global sales. Under Chung, the group has aggressively expanded its presence in electric vehicles (EVs), launching dedicated EV brands such as Hyundai Motor’s IONIQ and Kia’s EV series. The IONIQ 5 and EV6 have played a pivotal role in opening a new chapter in the group’s EV business. The vehicles have won multiple “Car of the Year” awards and enabled Hyundai Motor Group to establish itself among the top sellers in the global E

Oct 13, 2025By Lee Min-hyung
Hyundai Motor’s 3rd-generation heir steers carmaker to global forefront

Business leaders to skip Assembly audit as Lee highlights APEC event

The upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit in Korea has provided business leaders with what appears to be a reprieve, as the event has been cited as a reason for them to skip the annual National Assembly audit. With a growing consensus between rival parties on the need to avoid summoning businesspeople before the global gathering, lawmakers have pulled back on plans to call chairs and CEOs from major conglomerates to testify at this year's audit. On Friday, Rep. Park Jeong-hyeon of the ruling Democratic Party of Korea (DPK) canceled her plan to question Hyundai Motor Group Executive Chair Chung Euisun regarding company security guards who disrupted a protest by subcontracted workers in front of the company's headquarters in Seoul earlier this year. Park's decision has largely been attributed to repeated advice from party leadership to avoid summoning business leaders for political reasons, although she also pointed to the carmaker's commitment to supporting subcontracted workers. President Lee Jae Myung also reportedly questioned lawmakers' intentions to summon so m

Oct 13, 2025By Park Jae-hyuk
Business leaders to skip Assembly audit as Lee highlights APEC event

Korean firms capitalize on absence of Chinese rivals in US solar market

Korean companies are rapidly expanding their presence in the U.S. solar market as their Chinese competitors are virtually banned from sales under the Donald Trump administration. Amid a decade of dominance by low-priced Chinese solar products in Korea, Hanwha Solutions and OCI Holdings have gradually decreased reliance on the domestic market and shifted their focus to the U.S. OCI Holdings announced Monday it will invest $78 million to acquire a 65 percent stake in Elite Solar Power Wafer’s plant in Vietnam, which is scheduled for completion by the end of this month. The Korean firm said the acquisition aims to produce wafers that are free from “prohibited foreign entities.” Under the U.S. One Big Beautiful Bill Act, which took effect in July, solar products that contain materials and components sourced from prohibited foreign entities, including China, are excluded from qualifying for tax incentives. OCI Holdings emphasized the Vietnamese plant will source all of its polysilicon from OCI Terrasus, its wholly owned subsidiary, to create complete vertical integration and boost both

Oct 13, 2025By Park Jae-hyuk
Korean firms capitalize on absence of Chinese rivals in US solar market

LG Electronics’ earnings backpedal in Q3

LG Electronics on Monday announced its third-quarter earnings guidance, which backpedaled from a year earlier, as the company faced mounting tariff pressure from the United States and intensifying competition in low-end home appliances. According to the electronics giant, its consolidated sales for the third quarter stood at 21.88 trillion won ($15.8 billion). It grew 5.5 percent from the previous quarter but slid 1.4 percent from a year earlier. During the same period, operating profit reached 688.9 billion won, up 7.7 percent from a quarter earlier but down 8.4 percent year-on-year. The second quarter is typically considered a seasonal off-peak period for the home appliance industry. The company attributed the earnings slowdown to one-off causes including the growing tariff burden stemming from rapid changes in the global trade environment. It also noted that a voluntary redundancy program across its TV division has also affected its overall profitability. Despite these pressures, LG Electronics said its third-quarter earnings came in about 10 percent above market consensus. The compan

Oct 13, 2025By Nam Hyun-woo
LG Electronics’ earnings backpedal in Q3

Doosan Enerbility exports gas turbines to US in 1st such deal for Korea

Doosan Enerbility, a major Korean plant builder, said Monday it has exported gas turbine products to the United States, marking the country's first deal to ship domestically developed gas turbines overseas. Doosan Enerbility signed a contract with a "big tech" company to supply two 380-megawatt-class gas turbines for power plants by the end of 2026, the company said in a press release. The company did not disclose the client's name or the value of the contract. In 2019, Korea became the world's fifth country to develop a gas turbine, after the United States, Japan, Germany and Italy. The country had previously relied entirely on imports. "This deal is a meaningful turning point for Korea, transforming it from a major importer to an exporter of gas turbines," said Sohn Seung-woo, chief executive officer (CEO) of the company's Power Service Business Group. "We will continue to expand our presence in global markets by ensuring strict adherence to product quality and delivery schedules."

Oct 13, 2025By Yonhap
Doosan Enerbility exports gas turbines to US in 1st such deal for Korea

China-made EV surge challenges Korea’s auto industry

The rapid rise of China-made electric vehicles (EVs) is reshaping the structure of Korea’s auto industry — long dominated by Hyundai Motor Group and some German luxury carmakers, according to data and industry officials, Sunday. The new paradigm is driven by outstanding sales growth of Tesla’s Model Y. The vehicle is assembled in the carmaker’s Gigafactory in Shanghai. According to data from market tracker CarIsYou, sales of imported EVs in Korea soared 73 percent between January and September from a year earlier, led by strong demand for Tesla’s midsize electric SUV. The U.S. EV maker posted a 572.6 percent jump in sales during the same period. Tesla has surpassed Korea's top two foreign import brands — BMW and Mercedes-Benz — and the gap is widening rapidly, driven by the growing popularity of its Model Y. In September alone, Tesla sold 8,361 Model Y vehicles, outpacing most other best-selling EVs not only from the two German carmakers, but also from Hyundai Motor Group. Mercedes-Benz's E200 sedan came in second with 1,981 sales last month, followed by 1,539 from BMW's 52

Oct 13, 2025By Lee Min-hyung
China-made EV surge challenges Korea’s auto industry

Retired US rear admiral joins Hanwha

Retired U.S. Navy Rear Adm. Tom Anderson has become yet another former U.S. Navy officer to join Hanwha Group. Earlier this month, Hanwha Defense USA, a subsidiary of Hanwha Aerospace, announced that the former program executive officer for ships, who had a 34-year career with the U.S. Navy, has been appointed as the president of U.S. shipbuilding at the company. The defense firm said he will be responsible for executing Hanwha's U.S. shipbuilding programs and shipyard operations, as well as developing future programs, infrastructure and associated workforce to accommodate future growth. "Tom has had a distinguished and impactful naval career, and we are delighted to bring his deep industry expertise, creative thinking and demonstrated leadership to Hanwha," Hanwha Defense USA CEO Mike Smith said. "Tom brings a wealth of experience and unique perspectives that will accelerate the delivery of novel solutions to our customers' most elusive industrial base challenges." Between 2023 and 2024, Anderson frequently visited Korea in his capacity as a U.S. admiral to learn about the latest shipbui

Oct 13, 2025By Park Jae-hyuk
Retired US rear admiral joins Hanwha

Korean business chief visits China ahead of APEC CEO Summit

The head of a major Korean business organization visited China to rev up support for the successful hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit later this month, the organization said Sunday. SK Group Chairman Chey Tae-won, who is also serving as the head of the Korea Chamber of Commerce and Industry (KCCI), has visited China to bolster support for the successful hosting of the upcoming APEC CEO Summit in Korea, the KCCI said. Chey embarked on a three-day trip to Beijing and Shanghai beginning Friday, roughly two weeks ahead of the APEC CEO Summit, an official side event of the multilateral forum of APEC leaders, to be held from Oct. 28 to 31 in Gyeongju, located about 330 kilometers southeast of Seoul. Chey first met with key Chinese officials, including Vice Premier He Lifeng and Ren Hongbin, chairman of the China Council for the Promotion of International Trade, in Beijing on Friday. The discussions focused on the current state of bilateral economic cooperation and ways to enhance private-sector exchanges between companies of the two nations. During his

Oct 12, 2025By Yonhap
Korean business chief visits China ahead of APEC CEO Summit

Conglomerates go all out for Korea’s successful hosting of APEC summit

Major conglomerates and business lobbies are accelerating efforts to support Korea’s hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) summit, seeing it as an opportunity to enhance exchanges with participating economies and raise their global profile through promotional campaigns. Korea Chamber of Commerce and Industry Chairman Chey Tae-won went on a three-day business trip to Beijing from Friday to Sunday and asked for China’s support in elevating bilateral economic cooperation. Chey also serves as chairman of SK Group, Korea's second-largest conglomerate by market capitalization. The trip was a strategic move aimed at deepening partnerships with China’s business circles ahead of the regional economic forum in Gyeongju, North Gyeongsang Province. Chey met with ranking Chinese officials, including China Council for the Promotion of International Trade (CCPIT) Chairman Ren Hongbin and Vice Premier He Lifeng. The Chinese council will form a major delegation — consisting of some 100 businesspeople — for the upcoming APEC CEO Summit running from Oct. 28 to 31. China

Oct 12, 2025By Lee Min-hyung
Conglomerates go all out for Korea’s successful hosting of APEC summit
previous page
184185186187188
next page

Most Read in Business