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.

Hyundai Motor advises employees to postpone US trips following immigration raid

Hyundai Motor Group has advised employees to postpone travelling to the United States for business trips after hundreds of South Koreans were taken into custody following an immigration raid in Georgia, industry sources said Sunday. In a notification to employees who were set to make business trips to the U.S. next week, the company advised them to review such plans, with the exception of urgent and essential visits, according to the sources. The advisory was apparently seen as part of efforts to prepare for potential situations that could arise following the recent raid, although no Hyundai Motor employees have been detained. More than 300 South Korean nationals out of 457 people have been taken into custody during the raid on the site operated by Hyundai Motor Group and LG Energy Solution Ltd. The presidential office has announced that negotiations for the release of the South Korean workers have concluded.

Sep 7, 2025By Yonhap
Hyundai Motor advises employees to postpone US trips following immigration raid

Raid casts shadow over Korean firms' US investments

Concerns are mounting among Korean companies investing in the United States after nearly 300 Korean workers were detained Thursday at the construction site of HL-GA Battery's electric vehicle battery plant in Georgia, a joint venture between Hyundai Motor and LG Energy Solution (LGES). Amid the Donald Trump administration’s ongoing refusal to grant work visas to Koreans despite a shortage of skilled U.S. labor, Korean firms are facing a dilemma over how to address stricter immigration crackdowns and the continued pressure to manufacture goods in the U.S. using American workers. According to industry officials, Sunday, most of the detained Korean workers entered the U.S. on B-1 visas for short-term business travel or through the Electronic System for Travel Authorization (ESTA) travel visa. Although Korean companies require the H-1B (foreign specialist) visa to send supervisors to their U.S. factory construction sites, only 85,000 specialty occupation visas are awarded worldwide each year, chosen by random lottery. “It is unreasonable to ask companies to wait months for their employe

Sep 7, 2025By Park Jae-hyuk
Raid casts shadow over Korean firms' US investments

Naver's AI to empower Lotte shopping platforms

Lotte Group's retail division has partnered with internet giant Naver to empower Lotte's online and offline shopping businesses with artificial intelligence (AI), the former said Sunday. Kim Sang-hyun, Lotte retail division vice chairman and CEO, and Naver CEO Choi Soo-yeon agreed to a partnership on AI transformation during a roundtable event at Naver’s headquarters in Seongnam, Gyeonggi Province, Friday. Under the partnership, Lotte's retail division will introduce a new AI-powered operating system to manage offline stores. In doing so, the two sides will cooperate to develop agentic AI systems each tailored for Lotte's shopping, merchandise, operation and management support. The collaboration is targeted at improving Lotte’s shopping experiences at its 15,000 offline stores worldwide, including Lotte Mart, Hi-Mart, department stores, supermarkets and convenience stores. Naver’s e-commerce services will support those shopping platforms by offering reward point promotions and Naver’s fast delivery service. The partnership allows Lotte to use Naver’s AI advertisement solution,

Sep 7, 2025By Ko Dong-hwan
Naver's AI to empower Lotte shopping platforms

Senior executive of LG Energy Solution departs for US over immigration crackdown

A senior executive of LG Energy Solution on Sunday departed for the United States over the arrests of hundreds of Koreans by U.S. immigration authorities at a Korean battery plant site in Georgia. More than 300 Korean nationals out of 457 people have been taken into custody after U.S. immigration authorities arrested them during a raid on the site operated by Korean companies, Hyundai Motor Group and LG Energy Solution in Bryan County. "Our top priority now is working for the swift and early release of both LG Energy Solution employees and the staff of our partner company," Kim Ki-soo, chief human resources officer at LG Energy Solution, told reporters before departing for the U.S. "As the Korean government is making all-out efforts to respond the situation, we will also do our utmost to ensure everyone's safe and prompt return," he said.

Sep 7, 2025By Yonhap
Senior executive of LG Energy Solution departs for US over immigration crackdown

‘Korea Zinc complicit in SM Entertainment stock manipulation:’ MBK

Korea Zinc, Korea’s leading nonferrous metal manufacturer, had prior knowledge that one of its investment funds would be used to manipulate the stock price of K-pop powerhouse SM Entertainment, according to Youngpoong Group on Friday. The fresh allegation comes amid a prolonged battle as Youngpoong and private equity fund MBK Partners vie with Korea Zinc for control over management of the zinc smelter. Youngpoong claimed that the alleged manipulation highlights Korea Zinc’s lack of internal oversight and ethical standards. Market watchers and legal experts say Korea Zinc could be held criminally liable for violating the law governing capital markets, under which collusion and aiding and abetting in stock manipulation are subject to prosecution. Under the revised law governing the punishment of stock manipulation, penalties can be up to twice the total of illicitly gotten gains and the total of losses evaded. The private equity fund said its claims are backed by internal emails among senior Korea Zinc executives, obtained through court proceedings. According to Youngpoong and MBK, execu

Sep 6, 2025By Lee Kyung-min
‘Korea Zinc complicit in SM Entertainment stock manipulation:’ MBK

Immediate push for online platform law unlikely, FTC chairman nominee says

The Fair Trade Commission (KFTC) cannot immediately regulate market-dominant global platform firms through new legislation, as the issue is closely linked to Korea’s ongoing trade negotiation with the United States, the watchdog’s nominee for chairman said Friday. “As the trade negotiations are too important to ignore, we cannot boldly push ahead with the so-called Online Platform Act,” Ju Biung-ghi told lawmakers during a confirmation hearing at the National Assembly in Seoul. “U.S. Federal Trade Commission Chair Andrew Ferguson made it clear that Korea should not regulate U.S. platform firms in advance (through the act) during his visit to Korea on Thursday,” he said. The nominee added, “Korea’s trade uncertainties are way too huge under the Donald Trump administration.” The Online Platform Act is aimed at regulating monopolistic tech firms so they do not harm the interest of customers here. The government and the watchdog have in recent years called for the need to introduce a law to prevent platform firms from exuding excessive influence and engaging in unfair busin

Sep 5, 2025By Lee Min-hyung
Immediate push for online platform law unlikely, FTC chairman nominee says

POSCO considering HMM acquisition to drive growth beyond steel

POSCO Group is considering acquiring shipping giant HMM as part of efforts to diversify its portfolio beyond steel. According to the investment banking industry, the company has formed a group of advisers, including from Samil PwC and Boston Consulting Group, to review the possibility of acquiring HMM. The potential acquisition is seen as significant, signaling POSCO’s bid to secure new growth drivers as it restructures in response to sluggish performances in its core businesses. POSCO has prior experience in the shipping sector, acquiring and running Geoyang Shipping. However, it stepped away when it sold Geoyang to Hanjin Shipping in 1995. The company currently spends about 3 trillion won ($2.16 billion) annually on logistics, which covers importing raw materials such as metallurgical coal, steel products and battery materials, as well as exporting finished goods. By buying a shipping company, POSCO is expected to stabilize procurement and exports while mitigating external risks such as surging freight rates and supply chain disruptions. As part of its future strategy, HMM has been exp

Sep 5, 2025By Lee Gyu-lee
POSCO considering HMM acquisition to drive growth beyond steel

Trump tariff cut on Japanese cars poses threat to Hyundai Motor, Kia

U.S. President Donald Trump’s latest move to lower a tariff on Japanese auto imports is feared to weaken the price competitiveness of Hyundai Motor Group, which still faces a higher tariff burden in the world’s largest economy. According to the White House Thursday (local time), Trump signed an executive order to cut its tariff on imports of Japanese cars to 15 percent from the previous 27.5 percent. The tariff reduction will take effect seven days after publication of the order. The order leaves Hyundai Motor, Kia and Genesis at a disadvantage in the U.S., as they remain subject to a 25 percent tariff more than a month after the U.S. agreed to lower the levy on Korean car imports to the same level as Japan. Korean carmakers are in dire need of receiving the same the same tariff rate so they can minimize the earnings shock and further increase their market share in the U.S. through price competitiveness. According to data from the Korean carmakers, Hyundai Motor’s export reliance on the U.S. reached 54 percent last year, with that of Kia coming in at 38 percent during the same peri

Sep 5, 2025By Lee Min-hyung
Trump tariff cut on Japanese cars poses threat to Hyundai Motor, Kia

US authorities detain some 450 workers in Hyundai-LG battery plant site raid in Georgia: reports

U.S. immigration authorities have detained as many as 450 workers at a construction site for a joint battery plant between Hyundai Motor Group and LG Energy Solution Ltd. in Georgia, as part of an investigation into undocumented individuals, reports said Friday. The U.S. Immigration and Customs Enforcement and the Homeland Security Investigations sent agents to the construction site for the electric vehicle (EV) battery production facility in Ellabell, located in Bryan County, west of Savannah, to carry out a search warrant, according to local media reports. They took about 450 people into custody, including more than 30 Koreans on business travel from Seoul. They all face possible charges of illegal stay, according to the reports quoting immigration authorities. The individuals from Seoul arrived in the United States on a B1 visa, issued for business purposes such as attending meetings or signing contracts, or under the Electronic System for Travel Authorization (ESTA) visa waiver program for short-term stays. The Korean consulate in Atlanta is forming a legal team, including Korean Ame

Sep 5, 2025By Yonhap
US authorities detain some 450 workers in Hyundai-LG battery plant site raid in Georgia: reports

Major dealerships expand used car business for next cash cow

Korea’s major dealerships for imported luxury auto brands are tapping deeper into the used car market as they look for new, reliable sources of revenue. The shift is seen as inevitable for sustainable growth, as most dealerships for top German and other luxury brands, including Mercedes-Benz and BMW, face steep declines in profitability. Han Sung Motor, one of the nation’s most influential dealerships and a key distributor for Mercedes-Benz Korea, runs a total of nine certified used car showrooms across the nation. The old glory of the dealership, however, is fading away with drastic earnings falls in recent years. Han Sung Motor reported an operating loss of 70.6 billion won ($50 million) in 2024. The loss almost doubled from the previous year. Starting this year, the dealership is expanding promotional campaigns for its used car business in a desperate bid to reverse its earnings slump. The company launched a used car refund program for its customers, enabling them to get a full refund within five days of purchase of one of the firm’s certified Mercedes-Benz vehicles. No other de

Sep 5, 2025By Lee Min-hyung
Major dealerships expand used car business for next cash cow
previous page
205206207208209
next page

Most Read in Business