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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.

Daewoo E&C emerges as leader in large-scale public projects

Daewoo Engineering & Construction (E&C) is expanding its presence in large-scale national infrastructure projects in and outside of Korea, demonstrating its competitiveness not only in technology but also in the ability to lead and coordinate. In June, the company became the lead constructor for Korea Hydro & Nuclear Power (KHNP)’s project to build two reactors for the Dukovany nuclear power plant in the Czech Republic. Their participation marks an important milestone for Daewoo E&C, as its lead constructor status demonstrates the company’s capability to oversee every stage of commercial nuclear power plant construction, which the Czech government considers its most critical future energy project. In the transportation sector, the company participated in the Great Train eXpress (GTX) project, a major railway construction aimed at easing traffic congestion and reducing commute times in Korea’s capital area. Daewoo E&C joined the GTX-A line, which began service last December, and served as the lead project manager for the GTX-B line, which is set to begin construction. It is also play

Aug 15, 2025
Daewoo E&C emerges as leader in large-scale public projects

McDonald's Taste of Korea campaign makes sizable economic impact

McDonald’s Korea’s Taste of Korea campaign, which has gained popularity each year with seasonal items made from locally sourced ingredients, has made significant economic impact, data showed Friday. According to the data from market tracking agency Triplelight, the campaign, which was launched in 2021, has created a total of 61.7 billion won ($44 million) of economic value as of last year. To compile the data, the agency used records showing sales of all Taste of Korea burgers, desserts and beverages. It also used data on the volume of locally sourced ingredients and how often the campaign was exposed and shared on media and social network platforms. The largest value came from improvements in regions selected for the campaign, accounting for 56.7 billion won. The report analyzed the country’s public awareness of the agricultural products used as signature ingredients, and how its improvement translated into currency value. The data also showed that the campaign boosted earnings for local farmers by 4.49 billion won, through the company’s direct purchase of supplies. The campaigns

Aug 15, 2025By Ko Dong-hwan
McDonald's Taste of Korea campaign makes sizable economic impact

80th Liberation Day Korea faces mounting calls for economic coalition with Japan

The proposal to form a coalition with Japan to establish an economic community similar to the European Union sparked a sensation earlier this year, when Korea Chamber of Commerce and Industry and SK Group Chairman Chey Tae-won introduced the idea. For Koreans aware that the Empire of Japan used the term "annexation" in the treaty forcibly signed in 1910 to colonize Korea, the concept of a "coalition" with Japan may sound uncomfortable. The intensifying U.S. protectionist trade policies under the Donald Trump administration, however, have justified Korea's renewed push for economic integration with Japan, propelling discussions on a free trade agreement (FTA) between the two neighboring Northeast Asian countries. "In the face of growing global protectionism and U.S. reciprocal tariffs, Korea and Japan must expand economic cooperation and work closely together," Chey said in May after meeting Japanese Prime Minister Shigeru Ishiba in Tokyo. Although this year marks the 80th anniversary of Korea's liberation from Japanese colonial rule, business leaders in both countries have placed greater

Aug 15, 2025By Park Jae-hyuk
[80th Liberation Day] Korea faces mounting calls for economic coalition with Japan

HMM to buy back, cancel 2 tril. won in outstanding shares

Korea's top container shipper, HMM, said Thursday it will buy back and cancel its own shares worth 2.14 trillion won ($1.54 billion) as part of its shareholder return policy. In a regulatory filing, the company said it will repurchase roughly 81.8 million shares, or 7.98 percent of its outstanding stock, between Aug. 18 and Sept. 12, and cancel them on Sept. 24. The move follows the company's January announcement of a plan to return over 2.5 trillion won to shareholders through dividends and buybacks within the year. The upcoming buyback and cancellation will be HMM's first since it entered a creditor-led management system in 2016 due to a liquidity crisis. (Yonhap)

Aug 14, 2025By Yonhap
HMM to buy back, cancel 2 tril. won in outstanding shares

Lawsuits against unions withdrawn under labor-friendly administration

Korean conglomerates are yielding to government and ruling party requests to reconcile with subcontracted workers, while foreign companies still watch with concern over the labor-friendly administration’s efforts to redefine “employer” and limit damages lawsuits against striking workers. Hyundai Steel recently withdrew a lawsuit seeking 4.6 billion won ($3.3 million) in damages from 461 subcontracted workers who staged a 50-day sit-in at its Dangjin steel mill in South Chungcheong Province in 2021. The decision follows pressure from the ruling Democratic Party of Korea (DPK), which urged Hyundai Steel and Hyundai Motor — both subsidiaries of Hyundai Motor Group — to drop suits filed against subcontracted workers. “This outcome comes from our union’s meeting with DPK lawmakers and our appeal about the unfair lawsuit, as the party moves to revise the Trade Union and Labor Relations Adjustment Act,” Hyundai Steel’s union for irregular workers in South Chungcheong Province said Wednesday in a message to members. With political pressure intensifying, speculation is mounting

Aug 14, 2025By Park Jae-hyuk
Lawsuits against unions withdrawn under labor-friendly administration

FTC to suspend push to regulate US platform firms amid trade risk

The Fair Trade Commission (FTC) will temporarily suspend its push to regulate monopolistic platform firms from the United States amid Korea’s unsettled trade negotiation with the world’s largest economy, its chairman nominee said Thursday. “The antitrust authority cannot independently proceed with the so-called Online Platform Act at a time when the U.S., which has the most influential hegemonic power, makes unprecedentedly strong trade demands to Korea,” Ju Biung-ghi told reporters. The FTC chairman nominee said the commission will devise the best possible measures once the two countries conclude their detailed trade negotiations. The Online Platform Act is a regulation targeting market-dominant online platform firms here and abroad. The enactment of the regulation was one of President Lee Jae Myung’s major election pledges. However, the drive hit a snag when Lee took office in June, as uncertainties surrounding Korea-U.S. trade negotiations showed no signs of abating. Korea has since maintained a low profile in the push for the act, fearing that the country’s key industries

Aug 14, 2025By Lee Min-hyung
FTC to suspend push to regulate US platform firms amid trade risk

Top 4 biz group leaders to join Lee's US trip

The heads of Korea’s leading conglomerates — including those from the nation’s four largest business groups — are expected to accompany President Lee Jae Myung as part of a business delegation during his upcoming Korea-U.S. summit, scheduled for Aug. 25. The delegation is anticipated to represent Korea’s core industries of semiconductors, automobiles, batteries and shipbuilding, aiming to bolster economic cooperation with the United States. According to industry sources on Thursday, the business delegation joining Lee’s visit to the U.S. from Aug. 24 to 26 is likely to include Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo. Other prominent leaders expected to participate are Korean Air Chairman Cho Won-tae, Hanwha Group Vice Chairman Kim Dong-kwan and HD Hyundai Senior Vice Chairman Chung Ki-sun. Samsung has recently signed foundry supply contracts with Tesla and Apple, leading to speculation that its chairman may announce an expansion plan for the compan

Aug 14, 2025By Nam Hyun-woo
Top 4 biz group leaders to join Lee's US trip

Top Korean firms face strike threat amid disputes over incentives

The specter of strikes is looming over SK hynix and Hyundai Motor as their respective labor unions remain dissatisfied with proposed incentives, adding to the headwinds facing the nation’s chip and automobile sectors, both already bracing for U.S. tariff pressures. According to industry officials Thursday, SK hynix’s two unions representing production workers have declared negotiations deadlocked, rejecting management’s proposed incentives. The company’s three labor unions, including its office workers’ union, staged a rally on Tuesday at the company’s headquarters in Icheon, Gyeonggi Province, demonstrating solidarity ahead of a potential general strike. The protest followed an earlier rally on Aug. 6. At SK hynix, the union representing technical and office workers negotiates wages separately from the unions representing production workers at its Icheon and Cheongju plants, though their demands are generally similar. Since May, the production unions and management have held 10 rounds of negotiations, but failed to narrow their differences over incentives, known as the “pr

Aug 14, 2025By Nam Hyun-woo
Top Korean firms face strike threat amid disputes over incentives

Korean Air's new lounges at Incheon airport

David Pacey, fourth from left, executive vice president and chief of in-flight service and lounges at Korean Air, poses with flight attendants and officials at Incheon International Airport, Thursday, after completing renovations of its Miler Club and Prestige East Lounge. The new lounges will officially open Monday. Courtesy of Korean Air

Aug 14, 2025By Lee Min-hyungphoto
Korean Air's new lounges at Incheon airport

Hoban, Harim suspected of joining forces against LS

Harim, Korea’s largest poultry processing company, appears to be supporting Hoban in the construction-to-media conglomerate’s apparent efforts to participate in the management of LS, which specializes in cables, power equipment, metal and machinery. According to a regulatory filing submitted earlier this week, Pan Ocean, the shipping subsidiary of Harim, acquired a 0.24 percent stake in LS Corp. for 12.3 billion won ($8.9 million) on May 16. Pan Ocean said its investment in LS Group's holding company is not intended to interfere with management. However, the investment has been widely interpreted as part of Harim’s efforts to assist Hoban, given their long-standing cooperation in various fields. In 2023, when Harim sought to acquire HMM, Korea’s largest container shipping company, Hoban attempted to finance the deal through a bond issuance. That same year, Hoban regained a 5.85 percent stake in Hanjin KAL, the parent company of Korean Air, from Pan Ocean, one year after selling the share to secure liquidity amid a real estate market slowdown. Industry officials expect Hoban, whic

Aug 14, 2025By Park Jae-hyuk
Hoban, Harim suspected of joining forces against LS
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