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.

BYD Korea seeks trustworthy growth with strong after-sales policy

BYD Korea is adopting a series of strong after-sales strategies — rarely seen among other imported carmakers — as part of its efforts to achieve sustainable growth by building trust with local customers, the Chinese carmaker said Thursday. The brand made its debut in Korea in January with the launch of its globally recognized Atto 3 electric SUV model. The carmaker has since focused on expanding repair and maintenance infrastructure as a top priority, rather than sticking to sales growth. The carmaker offers a 150,000-kilometer or six-year warranty on its vehicles, and the figure is generally above that offered by most other imported auto brands. The electric vehicle (EV) maker is also placing a strategic focus on easing lingering safety concerns of EVs by expanding the number of its service centers nationwide. The company opened 12 repair centers when it began operations in Korea, and the number has since grown to 14 nationwide. The automaker plans to establish 25 official service centers across the country by the end of this year. Notably, the facilities are evenly set up all across

Aug 21, 2025By Lee Min-hyung
BYD Korea seeks trustworthy growth with strong after-sales policy

Five Guys sale in Korea faces uphill battle

Five Guys, an American premium burger chain, is up for sale in Korea just two years after its splashy debut — a surprising move given its reputation as one of the country’s premium burger brands, and the fact that it turned profitable last year. Despite those strengths, market watchers say Hanwha Group’s plan to divest the franchise is unlikely to go smoothly. They point to structural hurdles in Korea’s burger market that have hampered Five Guys’ stronger growth and could complicate efforts to attract a buyer. Although the chain enjoyed strong popularity when it opened in 2023, that early enthusiasm has proved short-lived. Unlike casual burger brands such as McDonald’s, Lotteria and Mom’s Touch — which continue to post steady growth thanks to lower prices and wide accessibility — Five Guys has struggled to maintain momentum amid rising food and dining costs. “Consumers see price as a psychological barrier,” a senior official from a major casual burger franchise said on condition of anonymity. “Premium burgers often fail to overcome that hurdle, which is why repea

Aug 21, 2025By Ko Dong-hwan
Five Guys sale in Korea faces uphill battle

LX International recognized for restoring Philippine copper mine’s ecosystem

LX International, a trading company under LX Group, said Thursday it received a Certificate of Final Relinquishment from the Mines and Geosciences Bureau (MGB) under the Philippine Department of Environment and Natural Resources, after restoring the ecosystem of the Rapu Rapu copper mine in the Southeast Asian country. This marks the first time the Philippine government has granted the certificate since the 1995 amendment to the Philippine Mining Act, which mandated mine rehabilitation. The decision was based on the bureau’s review of LX International’s fulfillment of its plan to restore an abandoned mine. LX International also became the first Korean company to earn official recognition from a foreign government for restoring the ecosystem of an overseas mine. The company acquired the Rapu Rapu mine in 2008 to produce copper and zinc. It began rehabilitating the mine’s environment in 2018 in partnership with the local community. During this process, LX International improved village infrastructure near the mine, built an elementary school and donated funds to support residents att

Aug 21, 2025By Park Jae-hyuk
LX International recognized for restoring Philippine copper mine’s ecosystem

Regulator to decide penalties for SK Telecom over major data leak next week

The data protection regulator said Thursday it will hold a plenary meeting next week to decide penalties against SK Telecom over a major data breach that affected tens of millions of customers. The Personal Information Protection Commission (PIPC) said it will convene the closed-door session next Wednesday to review proposed penalties against the country's largest telecom operator by user numbers. The results, however, may not be finalized if the commission's members require further discussions. In April, SK Telecom belatedly reported the breach, in which universal subscriber identity module (USIM) data was potentially leaked during a cyberattack on its servers, prompting the company to offer free USIM replacements to around 25 million users. The regulator earlier wrapped up an investigation into the data breach and notified SK Telecom of its planned measures late last month. Under the personal information protection law, companies can be fined up to 3 percent of their total sales, although sales from areas unrelated to the violation can be excluded from the calculation. Considering SK Tel

Aug 21, 2025By Yonhap
Regulator to decide penalties for SK Telecom over major data leak next week

Gov't orders SK Telecom to cut non-mobile cancellation fees after data breach

Korea's telecom watchdog on Thursday ordered SK Telecom to partially waive cancellation fees for non-mobile services following a major data breach that affected its 25 million mobile service users. The move came after the country's top carrier decided to limit the waiver of cancellation fees to mobile service customers. In April, the company belatedly reported its universal subscriber identity module (USIM) data was potentially leaked during an unidentified cyberattack on its servers. The dispute resolution committee of the Korea Communications Commission said customers' cancellations of their contracts, including non-mobile services, with SK Telecom are an "inevitable measure" sparked by the company's negligence. "Fixed-line services, including internet and TV, are usually sold as a combination," the commission noted in a release, acknowledging that cancellation fees for such services are considered damage caused by the data breach. The committee decided SK Telecom should bear 50 percent of the cancellation fees for such bundled services. The commission, meanwhile, also ordered SK Telecom

Aug 21, 2025By Yonhap
Gov't orders SK Telecom to cut non-mobile cancellation fees after data breach

SK Bioscience, Gates Foundation to deepen cooperation on global health

SK Bioscience, the biotech arm of Korea's SK Group, said Thursday it will expand cooperation with the Gates Foundation on next-generation preventive medicines, with a focus on research and development (R&D) for pandemic preparedness. Officials from SK Bioscience and the foundation held a meeting in Seoul on Wednesday to discuss collaboration on vaccine development and global public health projects, the company said in a press release. The meeting came amid Bill Gates' ongoing trip to Korea that began Wednesday. The two sides have previously worked together on several projects, including the development of vaccines for typhoid and pediatric diarrhea, as well as other antiviral preventive solutions, it said. One of their key achievements was the joint development of SKYCovione, Korea's first domestically developed COVID-19 vaccine, which was commercialized for domestic use in 2022. Gates, who has led global initiatives on climate change, poverty reduction and public health through the foundation, is visiting Korea to explore possible cooperation with local pharmaceutical companies on a vac

Aug 21, 2025By Yonhap
SK Bioscience, Gates Foundation to deepen cooperation on global health

Hyundai Steel wins Red Dot award for website design

Hyundai Steel has earned the Red Dot Design Award for improving user accessibility to its newly revamped official website, the steelmaker said Wednesday. The company was recognized for effectively presenting the gravity and professionalism of the steel industry with the redesigned online communication channel, the firm said. The Red Dot Design Award is one of the world’s most prestigious design competitions with a history of some 70 years. Each year, it recognizes outstanding works in three categories: product design, design concept and brand and communication design. Hyundai Steel won the award in the brand and communication design category. The company was lauded for enhancing both engagement and accessibility of the website in a more user-friendly manner. The new site was developed under the concept of “Heavy Steel, Light Experience.” The company showcased its decades-long history, innovations and future vision in a more intuitive interface. Hyundai Steel used 3D graphics and vibrant color to improve user experiences, so visitors have easier access to its corporate information si

Aug 21, 2025By Lee Min-hyung
Hyundai Steel wins Red Dot award for website design

Hyundai, Audi, BYD race for EV sedan market

Hyundai Motor, Audi and BYD are redirecting their strategic focus on electric sedans to achieve balanced sales growth with their SUV lineups. The three carmakers recently introduced flagship all-electric models in Korea, hoping to capture local demand for quality sedans. Last month, Hyundai Motor unveiled the freshly redesigned IONIQ 6 electric vehicle (EV) for the Korean market. The upgraded model came in almost three years after the vehicle debuted in September 2022. The IONIQ 6 is one of the carmaker’s flagship EV models, along with the IONIQ 5 compact SUV. The new IONIQ 6 has clear upsides compared with other electric sedans, as the vehicle is capable of traveling up to 562 kilometers on a single charge — the highest among EVs available in Korea. Given local customers’ strong preference for longer-range EVs, the vehicle holds a strong competitive edge in the non-premium EV sedan market. The vehicle is available for less than 50 million won ($35,700), making it an outstanding competitor for imported premium EVs, whose prices are generally higher even with less driving range than

Aug 21, 2025By Lee Min-hyung
Hyundai, Audi, BYD race for EV sedan market

KT&G boosts shareholder returns with high dividend payouts, buybacks

KT&G is fueling speculation of record-high shareholder returns this year, after the nation’s largest tobacco company pledged Wednesday to maintain a high dividend payout throughout 2025. The optimism follows the company’s robust second-quarter performance, marking a third straight quarter of growth in both sales and operating profit. Revenue in the first half of the year also surpassed 3 trillion won ($2.14 billion) for the first time, as KT&G continued its long-standing policy of returning large profit shares to shareholders. On Aug. 7, KT&G’s board of directors approved a 200 won increase in dividends to 1,400 won per share, reinforcing its high-dividend policy. The company also announced plans to repurchase and cancel 300 billion won worth of treasury shares starting the following day. To further reinforce its shareholder return plan, the company said it will carry out another share repurchase and cancellation in the second half of this year, using proceeds from the liquidation of noncore assets, including real estate. In the first quarter, the company canceled 360 billion won

Aug 20, 2025By Ko Dong-hwan
KT&G boosts shareholder returns with high dividend payouts, buybacks

POSCO to raise $36 mil. to invest in promising global startups

POSCO, the steelmaking unit of POSCO Group, announced Wednesday that it will create a 50 billion won ($36 million) fund in partnership with POSCO Investment, the group’s corporate venture capital (CVC) unit, to address paradigm shifts in the global steel industry and pursue new business opportunities. The fund, called POSCO CVC No. 1, will launch Aug. 29 with 40 billion won invested by POSCO and 10 billion won from POSCO Investment. CVC refers to venture capital established by nonfinancial companies. Through a CVC, a company can identify promising firms and cooperate with them, investing in startups related to its own business domains. According to POSCO, the new fund will target startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy, aligning with the steelmaker’s strategies for future growth. In particular, 20 percent of the fund will be allocated to investing in promising startups overseas, aiming to strengthen the company’s ties with global innovators. “With this fund, we will expand cooperation with startups that h

Aug 20, 2025By Park Jae-hyuk
POSCO to raise $36 mil. to invest in promising global startups
previous page
217218219220221
next page

Most Read in Business