Business - The Korea Times

Hanwha eyes global leadership on 73rd anniversary

Hanwha Group marked its 73rd anniversary on Thursday, reaffirming its ambition to become a world-leading enterprise. Even after tripling its combined market value this year, Chairman Kim Seung-youn stressed that the group should not become complacent but continue to pursue bold innovation and technological excellence. “Our goal now is to become a global leader,” the chairman said in his address to celebrate the anniversary. “We must embrace our responsibility as one of Korea’s leading corporations and take the lead in every field.” Emphasizing the key factors for success like clear-eyed judgment on international dynamics, rapid networking and bold overseas expansion, Kim urged the company to build on Hanwha’s proven success and expertise in the shipbuilding and defense sectors throughout the entire organization. The chairman also underscored the necessity of securing world-class proprietary technologies across the group’s major business areas, such as defense, shipbuilding, energy and machinery. “For a latecomer to become a frontrunner, the key is to develop proprietary t

Oct 9, 2025By Lee Gyu-lee

Hanwha eyes global leadership on 73rd anniversary

PHOTO Samyang chief at Anuga 2025

Kim Jung-soo, center, vice chair of Samyang Foods' parent company Samyang Roundsquare, poses with Melik Bektas, chief commercial officer of French retail distributor SRG International, at Samyang Foods' booth at Anuga 2025 in Cologne, Germany, Oct. 4 (local time), after the two firms signed a memorandum of understanding to distribute the Korean company's popular Buldak instant noodle products in France. Buldak products are currently being distributed in Europe by local supermarket firms, including Albert Heijn in the Netherlands, Rewe in Germany and Tesco in the United Kingdom. On left is Korea's Minister of Agriculture, Food and Rural Affairs Song Mi-ryung. Courtesy of Samyang Roundsquare

Oct 9, 2025By Ko Dong-hwan

Lotte chairman stresses importance of biologics as growth driver for group

Lotte Group Chairman Shin Dong-bin stressed the strategic importance of its biopharmaceutical business to the conglomerate’s growth during his visit to a U.S. biologics plant earlier this week. According to the group Thursday, Shin visited Lotte Biologics’ Syracuse Bio Campus in New York on Sunday and inspected antibody-drug conjugate (ADC) manufacturing facilities at the plant. It was Shin’s first visit to the site since it began ADC production in April. “I expect the Syracuse Bio Campus to serve as a new growth engine, not only for Lotte Biologics but for the entire group,” Shin said. “As the company expands its ADC production facilities, it should accelerate efforts to secure additional ADC contracts and other contract development and manufacturing orders so that it can strengthen its global competitiveness.” The Syracuse plant is the key manufacturing base for Lotte Biologics, which was established in 2022 as a biologics contract development and manufacturing organization (CDMO). Lotte Biologics acquired the Syracuse plant in 2023 from Bristol Myers Squibb and has since

Oct 9, 2025By Nam Hyun-woo

Lotte chairman stresses importance of biologics as growth driver for group

InterviewFarmer fears mad cow disease following possible broader US imports

HAPCHEON, South Gyeongsang Province — The owner of a high-profile cow farm in South Gyeongsang Province is opposed to wider imports of U.S. beef. Byun Jung-il believes that allowing the import of some kinds of American beef would increase the risk of Korean consumers being exposed to bovine spongiform encephalopathy (BSE), a zoonotic infection also known as mad cow disease. Korea has had a ban on the import of beef from U.S. cows aged 30 months or older in place since 2008, following widespread protests over the safety of such imports. The Donald Trump administration, amid ongoing tariff negotiations with Korea, is seeking to turn the tables by demanding that Seoul lift the ban. Both countries reached an initial agreement in late July to leave the bilateral livestock trade conditions intact. However, subsequent ministerial meetings between Seoul and Washington suggest that the issue remains on the table. Byun, looking after over 160 head of domestic cattle, known as hanwoo, at Daemyung Livestock Farm in Hapcheon, suggests that lifting the ban would result in a higher risk of BSE infec

Oct 8, 2025By Ko Dong-hwan

Farmer fears mad cow disease following possible broader US imports

Korean Air partners with Sweden's Wingbits on advanced air mobility research

Korean Air Co., Korea's largest flag carrier, has signed a research cooperation agreement with Swedish flight-tracking company Wingbits to support airspace integration research for advanced air mobility (AAM), a release from the Stockholm-based company showed Tuesday. Under the agreement signed last month, Korean Air's research and development (R&D) center will gain access to Wingbits' real-time flight tracking data to advance the development and testing of the airline's in-house integrated air traffic control and routing coordination system. The collaboration is expected to bolster Korean Air's research into AAM and unmanned aircraft technologies, reinforcing its commitment to strengthening Korea's role as a global leader in aviation innovation. Wingbits will provide Korean Air with high-quality automatic dependent surveillance-broadcast (ADS-B) data covering the Incheon flight region, as well as portions of North America and Europe. Founded in Stockholm in 2023, Wingbits operates one of the world's fastest-growing encrypted flight tracking networks. Within its first year, it has achiev

Oct 7, 2025By Yonhap

Korean Air partners with Sweden's Wingbits on advanced air mobility research

Seoul grapples with stalled US tariff talks even during Chuseok holiday

Seoul has continued with efforts to break the deadlock in stalled tariff negotiations with Washington throughout the extended Chuseok holiday. Aiming to finalize details about the tariff negotiations ahead of the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting scheduled for later this month in Gyeongju, North Gyeongsang Province, the government dispatched senior officials to the United States and held an emergency meeting to discuss countermeasures. Industry Minister Kim Jung-kwan, who returned Monday from an unannounced trip to meet U.S. Commerce Secretary Howard Lutnick in New York, said Washington understands Seoul's concern that Korea's foreign exchange market could be destabilized if the country accepts U.S. President Donald Trump's request to provide the proposed $350 billion investment fund in cash. Expressing optimism about additional meetings with the U.S. before the APEC summit, Kim said he expects to meet with Lutnick again soon. "Both sides have narrowed the gap concerning the foreign exchange market," Kim told reporters at Incheon International Airport. Sin

Oct 6, 2025By Park Jae-hyuk

Seoul grapples with stalled US tariff talks even during Chuseok holiday

Korean content industry grows 2.7% in Q1: report

Korea's content industry expanded 2.7 percent in the first quarter, driven by strong growth in the music and animation sectors, a report showed Saturday. According to a quarterly report by the Korea Creative Content Agency (KOCCA), the industry's sales reached 38 trillion won ($27.2 billion) in the January to March period, up from 37 trillion won a year earlier. The information technology sector led with 6.39 trillion won in sales, accounting for 16.8 percent of the total, followed by publishing with 6.1 trillion won in sales and gaming at 5.8 trillion won. The music sector recorded the fastest growth, surging 41.2 percent year-on-year to 3.6 trillion won, while the animation sector rose 16.5 percent to 289.6 billion won. By contrast, the film sector saw its quarterly sales decline 9.8 percent year-on-year to 1.3 trillion won, while gaming and broadcasting sales fell 8.3 percent and 6.2 percent, respectively. The KOCCA report also showed that Korea exported $3.1 billion worth of content in the first quarter amid rising demand for Korean TV titles and music. Overseas sales of Korean TV cont

Oct 5, 2025By Yonhap

Korean content industry grows 2.7% in Q1: report

LG Electronics India faces market test after Oct. 14 listing

The stock price of LG Electronics’ Indian unit is set to face tests after its listing on the Indian stock market Oct. 14, with both optimism and pessimism coexisting over the much-touted stock’s trajectory. Market watchers cast a rosy outlook for the fundamentals of LG Electronics India's (LGEI) business, citing its strong market dominance, profitability indicators and margin improvements that outpace rivals. At the same time, however, they point out that the momentum could be limited since the listing is an offer for sale (OFS) of shares previously held by LG Electronics headquarters, meaning none of the proceeds go to LGEI. According to LG Electronics regulatory filings and LGEI’s prospectus, LG Electronics will unload a 15 percent stake in LGEI at a price band between 1,080 and 1,140 rupees per share, which is expected to raise between 1.74 trillion won ($1.24 billion) and 1.84 trillion won. While the exact offering price will be set when the subscription finishes Oct. 9, multiple Indian media outlets expect it to be finalized at the upper end of the price band, citing demand f

Oct 4, 2025By Nam Hyun-woo

LG Electronics India faces market test after Oct. 14 listing

LG Energy Solution to resume biz trips to US following Georgia detention

LG Energy Solution, a leading battery maker, said Thursday it plans to gradually resume officials' business trips to the United States later this month, about a month after a mass detention in Georgia. The company has suspended all trips to the U.S. after 47 of its employees and some 250 subcontractor workers were detained in a U.S. immigration raid at a construction site for a joint Hyundai Motor-LG Energy Solution battery plant on Sept. 4. LG Energy Solution said the decision follows a working group meeting earlier this week in which Seoul and Washington clarified permissible activities for holders of B-1 short-term business visas. Under the agreement, Korean companies can use the B-1 visa for activities associated with their investment process in the U.S., such as installing, servicing and repairing equipment purchased from overseas. Those who enter the U.S. on an ESTA program may also engage in the same activities. The company stressed it will prioritize employee safety and provide systemic support. It currently operates or is building seven plants in the U.S. "We will do our best to c

Oct 2, 2025By Yonhap

LG Energy Solution to resume biz trips to US following Georgia detention

OpenAI officials tour Samsung Electronics' chip plant

OpenAI officials have toured Samsung Electronics' semiconductor manufacturing facilities in Korea following a partnership deal for its Stargate project, sources said Thursday. According to the sources, six research and development (R&D) staff from OpenAI visited Samsung Electronics' Pyeongtaek Campus, the company's largest chip plant located in Gyeonggi Province, on Wednesday. The site produces about half of Samsung Electronics' dynamic random access memory (DRAM) wafers. The visit followed a letter of intent (LOI) signed between Samsung Chairman Lee Jae-yong and OpenAI Chief Executive Officer (CEO) Sam Altman to collaborate in areas such as chips, data centers and cloud computing. Under the agreement, Samsung Electronics will support OpenAI's Stargate project with a stable supply of low-power memory chips. OpenAI is projected to require as many as 900,000 wafers of high-performance DRAM each month, underscoring the scale of the partnership.