Business - The Korea Times

European firms denounce 'yellow envelope law' as threat to jobs

European companies doing business in Korea have once again urged the government to reconsider the planned amendment to the Trade Union and Labor Relations Adjustment Act — better known as the "yellow envelope law" — warning that they may withdraw from the Korean market if the changes proceed. The companies have also recommended establishing a system for proactive oversight of dominant digital platform providers, puzzling Seoul, which is facing strong U.S. opposition to the regulations. "Questions have been raised about whether criminal liability on top of existing economic and financial sanctions aligns with international standards. This year's white paper reflects these concerns," European Chamber of Commerce in Korea (ECCK) Chairman Philippe van Hoof said Thursday during a press conference for the publication of the chamber's 2025 white paper, which includes the abovementioned suggestions. According to the ECCK, the latest edition of the white paper includes a total of 70 recommendations submitted by 15 committees and two forums. While some suggestions have continuously been submit

Sep 25, 2025By Park Jae-hyuk

European firms denounce 'yellow envelope law' as threat to jobs

LG Energy Solution ventures beyond batteries to cover software, ESS

Electric vehicle (EV) battery maker LG Energy Solution is bolstering new businesses to expand its reach beyond EVs into battery maintenance solutions and energy storage systems (ESS). The expansion is in line with the company's vision, announced last year, to expand its business beyond hardware into software and services. This includes battery management systems, which are emerging as a core technology for battery safety, as well as building a Battery-as-a-Service (BaaS) ecosystem to expand service businesses like battery leasing, rentals and recycling. The company currently runs B.around, a signature brand for its business management total solution business. Advanced from existing battery management solutions, software from B.around diagnoses a battery's safety level, remaining battery life and degradation in real time based on artificial intelligence (AI) and cloud technologies. The brand also offers platforms for software-defined vehicles. The company said B.around has advanced its algorithm with information on battery cells from diverse EVs to boost accuracy for battery prognosis by

Sep 25, 2025

LG Energy Solution ventures beyond batteries to cover software, ESS

PHOTO Backing Saudi Arabia's shipbuilding industry

HD Hyundai Executive Vice Chairman Chung Ki-sun, right, shakes hands with Saudi Arabia's Investment Minister Khalid Al-Falih at a hotel in Seoul, Thursday, to discuss ways to facilitate the operation of a shipyard currently under construction in the Middle Eastern country, backed by joint investments from the company and the kingdom. HD Hyundai said the two also discussed their joint investment in an engine plant in Saudi Arabia and their development of the country's shipbuilding supply chain. Courtesy of HD Hyundai

Sep 25, 2025By Park Jae-hyuk

[PHOTO] Backing Saudi Arabia's shipbuilding industry

Xiaomi launches new gadgets, home appliances targeting Korean market

The Korean arm of Chinese tech giant Xiaomi on Thursday launched new gadgets and home appliances as the company aims to expand its presence in the market. Xiaomi Korea said the set of eight new products includes the flagship Xiaomi 15T Pro smartphone and the Xiaomi Pad Mini tablet. Jony Wu, general manager at Xiaomi Korea, said the release came as 40 percent of Xiaomi smartphones sold since launching its first store in Korea three months ago were high-end models, reflecting strong demand for premium devices. Wu added the company will continue efforts to expand local partnerships, including opening two more stores in cooperation with retail giant E-Land Group this week. "Soon, we'll be working with Hyundai Department Store to take our offline presence even further," Wu said in a release. "In mobility and payments, we're currently exploring a potential partnership with T-money, a service that touches the daily lives of millions of Koreans," the Korean branch chief added. Xiaomi is also collaborating with SSG.com and Naver to sell its products on a wider range of platforms. In line with effort

Sep 25, 2025By Yonhap

Xiaomi launches new gadgets, home appliances targeting Korean market

HD Hyundai Infracore wins top recycling certification

HD Hyundai Infracore said Thursday it won the top-tier certification of Zero Waste to Landfill for the first time in the global construction equipment industry. The company said its plant in Incheon won the platinum grade certification from UL Solutions. The certification is a global program run by UL Solutions, a U.S.-based safety science company, which verifies how waste generated at business sites is recycled or reused. The platinum grade is the highest of the certification’s three levels, meaning the site’s recycling rate has reached 100 percent. Gold is awarded to those that recycle between 95 and 99 percent, and silver is granted for recycling rates of 90 to 94 percent. The certification serves as an indicator of a company’s resource circulation capabilities. HD Hyundai Infracore’s Incheon plant first achieved a 95 percent recycling rate in 2021, and maintained a 96 percent rate from 2022 to 2024, earning the gold grade certification for four straight years. The country’s average recycling rate for waste generated at plants stood at 84.4 percent in 2023, according to envi

Sep 25, 2025By Nam Hyun-woo

HD Hyundai Infracore wins top recycling certification

BTS Jin's liquor brand accused of product misinformation

A liquor brand co-founded by Jin of BTS and celebrity restaurateur and businessman Paik Jong-won is under government investigation for product misinformation after a consumer filed a complaint. According to industry officials Thursday, the National Agricultural Products Quality Management Service recently received a consumer complaint about the liquor brand and transferred the case to its regional office in Yesan, South Chungcheong Province. The agency is an arm of the Ministry of Agriculture, Food and Rural Affairs. The report came to light after an unnamed user posted on a popular online forum that they had filed a complaint because IGIN highball drinks, manufactured by Jini’s Lamp, has “risks of misleading consumers regarding its origin labeling.” Jini’s Lamp is the company that the two celebrities founded in 2022 in Yesan and distributes through Paiksooldoga, another traditional liquor company launched by Paik. The consumer said that online product information for IGIN gins with plum and watermelon flavors was not the same as what Jini’s Lamp claimed. Whereas the company i

Sep 25, 2025By Ko Dong-hwan

LG chairman sounds alarm over rise of Chinese rivals

LG Group Chairman Koo Kwang-mo sounded the alarm over aggressive investments by the conglomerate's Chinese rivals, saying LG companies “still have much to do” to strengthen their fundamental competitiveness. The group said Thursday that Koo made those remarks during a strategy meeting between LG Group CEOs at the conglomerate’s training institute in Icheon, Gyeonggi Province, a day earlier. The meeting was attended by over 40 top executives of LG Electronics, LG Display, LG Chem, LG Energy Solution, LG Uplus and other affiliates, including their CEOs and chief digital officers overseeing each unit’s artificial intelligence (AI) transformation. The participants shared their views on the increasingly challenging business environment and held in-depth discussions on ways to accelerate AI transformation as a way to overcome challenges, LG Group said. “Chinese competitors are making capital and human resource investments three to four times greater than ours,” Koo said. “Based on our shared view of the need to enhance fundamental competitiveness, we have been working on strategic

Sep 25, 2025By Nam Hyun-woo

LG chairman sounds alarm over rise of Chinese rivals

InterviewMongolian economy minister seeks investment, cooperation in AI, energy with Korea

Amid the 35th anniversary of diplomatic ties between Mongolia and Korea, cooperation between the two nations is more critical than ever as rising geopolitical tensions around the world underscore the need for resilient partnerships. With Mongolia accelerating its efforts to attract global investors, Nyam-Osor Uchral, the country’s first deputy prime minister and minister of economy and development, underscored the country’s determination to deepen economic ties with Korea in sectors ranging from mining and energy to advanced technology and artificial intelligence (AI), highlighting its drive to create a more transparent and investor-friendly climate. “Last year, foreign direct investment in Mongolia increased significantly, by about 75 percent. However, Korea’s share accounted for only 1.4 percent, which still feels quite insufficient,” the minister said during an interview with The Korea Times in Seoul on Monday. “The Mongolian government recognized the need to further expand the two countries’ ties, holding rounds of discussions for an economic partnership agreement …

Sep 24, 2025By Lee Gyu-lee

Mongolian economy minister seeks investment, cooperation in AI, energy with Korea

S-Oil marks Chuseok with charity event

S-Oil held its annual charity event, “Sharing Songpyeon with S-Oil,” at its headquarters in Mapo District ahead of the Chuseok holiday, the company said Tuesday. Chuseok, one of the country's biggest traditional holidays, falls on Oct. 3 this year and is often celebrated with songpyeon, a half-moon-shaped rice cake. The event, co-hosted with the Loveaid Foundation Community Welfare Center, brought together CEO Anwar Al-Hejazi and about 100 employees, who prepared 500 Chuseok gift packages worth a combined 60 million won ($44,000). The packages were delivered to low-income households in nearby Gongdeok-dong. Saudi Arabian students studying in Korea and children from the company’s day care center also took part, spending time with community members. “I understand that Chuseok is a special holiday in Korea for sharing warm affection with neighbors,” Al-Hejazi said. “S-Oil wishes to convey comfort and hope to underprivileged neighbors in the local community with heartfelt warmth. I hope everyone enjoys a happy Chuseok holiday.” S-Oil has hosted the songpyeon-sharing event every

Sep 24, 2025By Ko Dong-hwan

CGV shuts down last LA theater, ending 15-year US presence

CGV, a major multiplex cinema chain, said Wednesday it has closed its last theater in Los Angeles, ending its 15-year physical presence in the North American market. "After much consideration, we have made the difficult decision to permanently close CGV LA," the company said on its U.S. website, noting Sunday was its last day of business. The decision was made to allow a strategic shift toward more competitive, high-performing specialty theaters — 4DX and ScreenX — according to CGV. CGV's U.S. operations began in June 2010 with the opening of a 600-seat theater in LA, followed by a 1,187-seat location in Buena Park in 2017. A large 14-auditorium theater opened in San Francisco in September 2021. But following the COVID-19 pandemic and a decline in moviegoers, the San Francisco location shut down in 2023 and the Buena Park theater closed last year. Shifting its business strategy, the company now plans to focus on expanding its specialized theater technologies. This move is bolstered by a significant 47 percent year-over-year revenue increase from its 4DX and ScreenX formats in North A

Sep 24, 2025By Yonhap

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