Business - The Korea Times

AMCHAM, PTC to promote adoption of US industrial tech in Korea

PTC, a Boston-headquartered software company, will accelerate smart manufacturing innovation and promote the wider adoption of U.S.-developed industrial technologies in Korea by joining the "Buy America" campaign led by the American Chamber of Commerce in Korea (AMCHAM). Under the memorandum of understanding the two institutions signed Tuesday, they will cooperate in key areas including regulatory advocacy, supply chain optimization and strategic engagement with Korean industry stakeholders. AMCHAM said the collaboration will support PTC's artificial intelligence-driven solutions in gaining broader market access and contributing to productivity enhancement across Korea's manufacturing sector, in alignment with the government's smart factory initiatives. "By strengthening the presence of leading U.S. technologies in Korea, we are helping both countries unlock new opportunities for sustainable growth, industrial advancement and shared prosperity," AMCHAM Chairman James Kim said. Robert Dahdah, executive vice president and chief revenue officer of PTC, said the collaboration will reinforce

Aug 26, 2025By Park Jae-hyuk

AMCHAM, PTC to promote adoption of US industrial tech in Korea

LG Innotek recruits AI, robotics experts in Chicago

LG Innotek has stepped up efforts to recruit overseas talent in artificial intelligence (AI), robotics and autonomous driving by hosting a recruitment event in Chicago. The company said Tuesday that more than 30 Ph.D. candidates and experienced professionals from 14 U.S. universities, including MIT, UC Berkeley, Georgia Tech and the University of Illinois, attended the Inno Connect event, held Saturday (local time). LG Innotek executives, including Chief Technology Officer Roh Sung-won, introduced the firm’s technology road map and research in areas such as AI-based optical imaging systems and sensing technologies for future vehicles and robots. The event also featured discussions on the company’s mid- to long-term strategy and talent development programs. LG Innotek said it aims to speed up future business growth and broaden its portfolio by securing top global talent. Roh said the company offers a research environment and training system that allows world-class experts to maximize their capabilities, building on its experience as a partner to leading global clients. The electronics c

Aug 26, 2025By Lee Gyu-lee

LG Innotek recruits AI, robotics experts in Chicago

GKL receives award for ESG, customer service from LACP

Grand Korea Leisure (GKL) received an award from the League of American Communications Professionals (LACP) for demonstrating excellence in environmental, social and governance (ESG) management and customer service. GKL is the public operator of the country’s largest foreigner-only casino, Seven Luck, under the Ministry of Culture, Sports and Tourism. Established in 2001, LACP aims to create a forum within the public relations industry to facilitate discussion of best-in-class practices while also recognizing those who demonstrate exemplary communications through its annual Vision Awards. The annual global competition evaluates the quality and impact of annual reports and other corporate publications, such as sustainability reports and integrated reports. More than 1,000 companies reportedly participate in the awards every year. Around 20 Korean companies, including Samsung Biologics, KT&G and Kakao, also competed for awards this year, the casino operator said. The company announced Tuesday that it won a platinum prize at LACP’s Vision Awards for 2024-25 by receiving 99 points out of

Aug 26, 2025By Jhoo Dong-chan

GKL receives award for ESG, customer service from LACP

Third-generation Audi A5 sedan makes debut in Korea

Audi has introduced the all-new A5 sedan in Korea, the German auto brand said Tuesday. Manufactured by Audi’s newly developed production platform for plug-in hybrid and combustion engine models, Premium Platform Combustion, the third-generation Audi A5 sedan features high-efficiency mild hybrid (MHEV) Plus technology for the first time for the automaker’s diesel model. According to Audi, the MHEV Plus technology integrates a powertrain generator, belt alternator starter and lithium iron phosphate battery to offer enhanced performance, reduced fuel consumption and lower emissions. Since the model’s initial production in 2008, the A5 sedan has long attracted fans with a sport luxury design featuring a tech-focused interior, solid comfort and competitive performance. The German luxury auto brand says they are ready to take on competitors like Mercedes-Benz’s C-Class and BMW’s 4 Series. Each trim, or version, of the Audi A5 offers the carmaker’s signature Quattro all-wheel drive system with the 7-speed S-tronic dual-clutch gearbox to deliver dynamic driving performance. The A5 40

Aug 26, 2025By Jhoo Dong-chan

Third-generation Audi A5 sedan makes debut in Korea

Taihan Cable wins projects worth $158 mil. from Qatar

Taihan Cable & Solution, Korea's second-largest cable maker, said Tuesday it has won cable projects worth 220 billion won ($158 million) in Qatar. The company said it received a letter of award from Qatar's state-run water and electricity supplier Kahramaa for a 180 billion-won project to expand the Middle Eastern nation's transmission system under a turnkey arrangement. The company added it had secured another project worth 40 billion won earlier this month in Qatar to establish a high-voltage power grid to meet the country's growing energy demand. Taihan has been participating in various projects commissioned by Kahramaa since 2008, proving its competitiveness against global rivals. "As demand for power infrastructure continues to grow throughout the Middle East, including Qatar, the company will expand its business portfolio to cover high-voltage direct current cable systems and submarine cable projects," the company said.

Aug 26, 2025By Yonhap

Taihan Cable wins projects worth $158 mil. from Qatar

SUMMIT Korean firms ready to invest $150 bil. in US: FKI chief

Korean companies will make large-scale investment worth $150 billion (208.7 trillion won) in the United States to open a new era of “manufacturing renaissance” with the world’s largest economy, Federation of Korean Industries Chairman Ryu Jin said during the Korea-U.S. Business Roundtable in Washington, D.C., Monday (local time). The event was organized on the sidelines of the summit between President Lee Jae Myung and his U.S. counterpart Donald Trump. Business leaders from both countries attended the roundtable to give a more concrete shape to the investment initiative. “Our goal is to deepen the two countries’ partnership in a larger framework beyond the expansion of manufacturing facilities,” Ryu said. “We will open a new chapter of the manufacturing renaissance between Korea and the U.S.” The investment announcement followed Korea's $350 billion commitment to U.S. investement under last month's tariff deal, which helped lower U.S. tariffs on Korean exports, including vehicles, from 25 percent to 15 percent. Kim Yong-beom, the presidential chief of staff for policy, s

Aug 26, 2025By Lee Min-hyung

[SUMMIT] Korean firms ready to invest $150 bil. in US: FKI chief

SUMMIT Korean Air to purchase 103 Boeing planes following Korea-US summit

Korean Air has decided to purchase a total of 103 next-generation Boeing airplanes worth $36.2 billion (50.3 trillion won) following the latest summit between President Lee Jae Myung and his U.S. counterpart Donald Trump in Washington, Korea's Ministry of Trade, Industry and Energy said Monday (local time). This is the single-largest aircraft order in the history of the nation’s flag carrier. The orders include 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s and eight Boeing 777-8F freighters. They are scheduled for phased delivery around the end of 2040. The latest deal is part of Korean Air's proactive move to support its sustainable growth after acquiring Asiana Airlines. On top of the aircraft purchase, the airline will purchase 19 spare engines from GE Aerospace and CFM International. Korean Air is also set to receive a comprehensive engine maintenance program with GE Aerospace, as part of its efforts to ensure safer and more stable aircraft maintenance, the airline said in a statement. Korean Air will spend $690 million in purchasing the spare engines, and invest $13 billi

Aug 26, 2025By Lee Min-hyung

[SUMMIT] Korean Air to purchase 103 Boeing planes following Korea-US summit

SUMMIT US to buy Korean ships as Korean firms rebuild its yards

An initiative to revitalize shipyards in the United States with investments from Korea is on track, as the two countries' leaders reaffirmed cooperation in the shipbuilding sector during their first summit at the White House in Washington, Monday (local time). Aligned with the government-level talks, Korea's leading shipbuilders also announced U.S. expansion, declaring the launch of the so-called "Make American Shipbuilding Great Again" (MASGA) project, agreed upon last month during Korea-U.S. tariff talks. Touted as the key contributor to the deal, the project aims to rebuild U.S. shipyards with $150 billion in investments from Korea. U.S. President Donald Trump opened his remarks for the summit by addressing shipbuilding, and said the U.S. will buy ships from Korea and have Korean companies build ships in U.S. territory using American labor. "We are thinking about contracting some ships," he said. "They build them very well in South Korea. They're also thinking about coming to our country with some shipyards to start on the process of building ships again." Trump has frequently express

Aug 26, 2025By Park Jae-hyuk

[SUMMIT] US to buy Korean ships as Korean firms rebuild its yards

Hyundai Motor union votes in favor of strike for higher wages

Unionized workers of Hyundai Motor on Monday voted in favor of launching a strike to demand higher pay, the union said, a move that could lead to the company's first walkout in seven years. In a daylong vote, 86.15 percent of members supported the strike plan, with nearly 95 percent of the 42,180 members casting ballots, according to the union. With arbitration by the state labor relations committee also failing earlier in the day, the 42,000-member union has now secured the legal right to stage a walkout. Still, the results are unlikely to lead to an immediate strike. The union will launch an ad hoc strike committee Thursday and hold a meeting to discuss detailed plans. If carried out, it would mark Hyundai Motor's first walkout in seven years. The union and management have held 17 rounds of wage talks this year but have yet to narrow their differences over the union's demand for higher wages and performance-based bonuses. The union is demanding a 141,300-won ($102) increase in the monthly base pay per worker and 30 percent of Hyundai's annual net profit to be distributed as performance-b

Aug 25, 2025By Yonhap

Hyundai Motor union votes in favor of strike for higher wages

SK deepens partnership with TerraPower to advance Natrium SMRs

SK Group is playing a central role in commercializing next-generation nuclear energy, deepening its partnership with U.S.-based TerraPower to advance Natrium small modular reactors (SMRs). SK Group Chairman Chey Tae-won met with TerraPower Chairman Bill Gates in Seoul Thursday to discuss accelerating the development and global deployment of the Natrium reactor. Also attending the dinner were Ahn Jae-yong, CEO of SK bioscience; Kim Moo-hwan, head of Energy Solution Business at SK Innovation; Chey Yoon-chung, head of business development at SK Biopharm; and Chris Levesque, president and CEO of TerraPower. “I believe Korea and SK will be able to play key roles in commercializing TerraPower’s SMRs,” Chey said. “Building on the safety, efficiency and eco-friendliness of SMR technology, we should work together so that the market embraces this innovation.” The partnership builds on SK’s $250 million investment in TerraPower in 2022 and reflects a long-standing collaboration to commercialize advanced nuclear reactors and expand a Korea- and U.S.-based SMR ecosystem. In March 2023, S

Aug 25, 2025By Nam Hyun-woo

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