Business - The Korea Times

FKI offers condolences for late founder of Heritage Foundation

Federation of Korean Industries (FKI) Chairman Ryu Jin sent a letter of condolence for the late Edwin Feulner, the co-founder of the Heritage Foundation, on the occasion of his funeral service on Monday (local time). In his letter, Ryu noted that Feulner visited Korea more than 200 times during his lifetime, emphasizing the strategic importance of the Korea-U.S. alliance and expressing support for Korea’s economic development. “Feulner held a deep and enduring affection for Korea,” Ryu wrote. “He reminded us time and again that our two nations are united not only by common interests, but by shared principles — freedom, responsibility and mutual prosperity.” Ryu recalled that the FKI had a special bond with Feulner, as he offered insights on Korea’s economic policy and global competitiveness through events hosted by the business organization. During a keynote speech at the 2022 Seoul Freedom Forum, Feulner said “private enterprises and organizations like the FKI are more vital than ever in generating and expanding ideas.” “Feulner’s passing marks more than the loss of

Aug 12, 2025By Nam Hyun-woo

FKI offers condolences for late founder of Heritage Foundation

Son Heung-min transfer clouds Coupang’s $303 mil. EPL streaming bet

Korean international Son Heung-min's surprise move across the pond has dealt a blow to e-commerce giant Coupang's ambitious bid to stream the English Premier League (EPL). Coupang, which has hosted the Coupang Play Series since 2022 by inviting top European football clubs to Korea for preseason matches, signed a six-year deal earlier this year to exclusively broadcast all EPL matches starting with the 2025–26 season, reportedly worth 420 billion won ($303 million). The massive investment was aimed at attracting more users — with Son’s star power at Tottenham Hotspur seen as a major draw — in an increasingly fierce streaming war. But last week, the former Tottenham captain completed a transfer to Los Angeles FC of Major League Soccer. Coupang has been focusing its strategy on sports to carve out a competitive edge against Netflix and local rivals in Korea’s cutthroat streaming market. In June, it rolled out the Sports Pass subscription plan, requiring users to pay an additional 9,900 won monthly on top of the existing Coupang Wow membership fee of 7,890 won to access premium liv

Aug 11, 2025By Lee Gyu-lee

Son Heung-min transfer clouds Coupang’s $303 mil. EPL streaming bet

80th Liberation Day Korea-Japan economic relations: 80 years of competition, evolving partnership

After decades of hardship under Japanese colonial rule since 1910, Korea reclaimed its independence on Aug. 15, 1945. However, it was not until 20 years later that the two countries began a new chapter of diplomatic and economic engagement after signing the Treaty on Basic Relations in 1965. Since then, the economic relationship between Korea and Japan has gone through a significant transformation. It began with one-sided cooperation driven by government-led aid and technology transfer from Japan to Korea, laying the groundwork for Korea’s rapid industrialization. Building on this, the relationship shifted to a more balanced, competitive and two-way partnership, while political and historical disputes tested the arrangement along the way. However, despite the unresolved tension, their interdependence continues to anchor the two countries as they adapt to new challenges and priorities in a rapidly changing regional and global context. Learning and asymmetry to partnership Up to 1990, Korea focused on learning technology and industrial expertise from Japan, which, as Asia's advanced indust

Aug 11, 2025By Lee Gyu-lee

[80th Liberation Day] Korea-Japan economic relations: 80 years of competition, evolving partnership

Will defense sector's supercycle continue?

Defense stocks in Korea, which surged sharply amid growing global geopolitical tensions, are now facing a valuation test as disappointing earnings reports on Friday triggered a steep decline in share prices, industry officials said Sunday. According to the Korea Exchange, shares of LIG Nex1 plunged 14.93 percent to close at 513,000 won ($368.67). Institutional investors sold 107 billion won worth of shares, while foreign investors offloaded 51.8 billion won. In a single day, the stock erased an entire month’s gains. The decline was sparked by its second-quarter earnings shock. After Thursday's market close, the company reported revenue of 77.6 billion won for the quarter — a 57.9 percent increase from a year earlier, but below the market consensus of 85.6 billion won. Speculation that U.S. President Donald Trump and Russian President Vladimir Putin will soon hold a summit also added downward pressure, fueled by hopes for an end to the Russia-Ukraine war. In response, Hanwha Aerospace, the leading defense stock, fell 5.47 percent. Other major domestic defense names also closed lower:

Aug 10, 2025By Lee Yeon-woo

Will defense sector's supercycle continue?

POSCO E&C faces credit rating downgrade risk after fatal accidents

A series of worker fatalities this year has heightened reputational risks for POSCO E&C, sparking concerns over its credit rating and its ability to secure funding, industry officials said Sunday. Two of Korea's three major credit agencies have issued reports as of Sunday expressing concern over the company’s credit standing. The warnings follow a series of serious industrial accidents at POSCO E&C worksites this year, in which four workers were killed and one was critically injured. The latest occurred on Aug. 4, when a worker lost consciousness from electrocution while on the job. The Ministry of Land, Infrastructure and Transport has launched a full-scale probe of the company's construction sites after President Lee Jae Myung called for a thorough investigation and the identification of all legally permissible punitive measures, including revoking the company's construction license. Korea Investors Service wrote that sustained negative perceptions of the brand’s credibility could ultimately erode its fundamental business strength if combined with potential disruptions to new contr

Aug 10, 2025By Lee Yeon-woo

POSCO E&C faces credit rating downgrade risk after fatal accidents

Hyundai Motor Group's H1 operating profit ranks No. 2 globally, surpasses Volkswagen

Hyundai Motor Group ranked second globally in operating profit during the first half of this year, surpassing Germany's Volkswagen Group, industry data showed Sunday. The combined operating profit of Hyundai Motor and Kiatotaled 13.01 trillion won ($9.35 billion) for the January-June period. By comparison, Volkswagen Group, the world's second-largest automaker by sales volume, recorded an operating profit of 6.7 billion euros (10.86 trillion won) during the same period. It was the first time Hyundai Motor Group has outperformed Volkswagen Group in operating profit on a half-year basis. Hyundai, currently ranked third globally in sales volume, is believed to have narrowed the gap with Volkswagen on the back of its swift response to market disruptions amid U.S. tariff measures, such as inventory adjustments and production management. "Although Hyundai Motor Group saw its first-half operating profit fell by more than 10 percent, it performed relatively well compared with competitors like Toyota Group, which faced over 4 trillion won in tariff-related costs," an industry official said. Toyota

Aug 10, 2025By Yonhap

Hyundai Motor Group's H1 operating profit ranks No. 2 globally, surpasses Volkswagen

Hyundai Rotem delivers 1st tram batch to Edmonton under 2021 Canadian contract

Hyundai Rotem, the rolling stock unit of Korea's Hyundai Motor Group, said Friday it has delivered the first batch of trams to the city of Edmonton in Canada under a 2021 supply deal. The initial batch is part of a 218.8 billion-won ($157.3 million) contract signed in 2021 to provide trams for Edmonton's Valley Line West light rail project. The delivered unit will undergo around 2,000 kilometers of trial runs before entering official service. Hyundai Rotem plans to deliver all vehicles under the contract sequentially through 2027. The trams are equipped with advanced temperature control systems capable of maintaining comfortable interior conditions even in temperatures as low as minus 40 degrees Celsius. "This marks our first entry into the North American tram market," the company said. "We will do our utmost to ensure a safe and convenient means of transportation for the citizens of Edmonton."

Aug 8, 2025By Yonhap

Hyundai Rotem delivers 1st tram batch to Edmonton under 2021 Canadian contract

KOGAS Q2 operating profit falls 13% on lower returns, subsidy costs

Korea Gas Corp. (KOGAS) said Friday its second-quarter net profit dropped more than 66 percent from a year earlier mainly due to weak operating profit from a decrease in interest rates and utility rate subsidies for low-income households. KOGAS reported a net profit of 85.1 billion won ($61.3 million) in the April-June period, down 66.4 percent from a year ago. Its operating income fell 13.1 percent on-year to 404.6 billion won, while revenue increased 1.9 percent to 7.63 trillion won. The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 150.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The Korean company said its operating income fell as the return on its investment on wholesale supply decreased following a decline in interest rates. An increase in gas bill subsidies for low-income households can also be attributed to the weak operating profit, it added. KOGAS said its accumulated debt decreased 14.8 percent to 6.9 trillion won in the second quarter thanks to the company's efforts t

Aug 8, 2025By Yonhap

KOGAS Q2 operating profit falls 13% on lower returns, subsidy costs

US firms escalate opposition to Korea's new corporate regulations

U.S. business leaders in Korea are increasing efforts to prevent the government and the ruling Democratic Party of Korea (DPK) from advancing the proposed amendment to the Commercial Act and the revision of the Trade Union and Labor Relations Adjustment Act, better known as the “yellow envelope law.” Following a closed-door roundtable discussion on Friday with Trade Minister Yeo Han-koo, the American Chamber of Commerce in Korea (AMCHAM) said senior executives from its member companies talked about the difficulties their businesses are facing in Korea. “Participants shared insights from firsthand experience operating in Korea and offered recommendations aimed at improving the country’s investment environment and business competitiveness,” the largest foreign chamber of commerce in Korea said in a press release. The roundtable was initially arranged to discuss a recent tariff agreement signed between Korea and the U.S. and to explore opportunities for strengthening bilateral economic cooperation. During a dialogue open to the press, AMCHAM Chairman James Kim outlined the chambe

Aug 8, 2025By Park Jae-hyuk

US firms escalate opposition to Korea's new corporate regulations

LCC operators pull back on M&As

Operators for major low-cost carriers (LCCs) here are retreating from their planned acquisition of other budget airlines, as the industry faces an unexpectedly severe downturn with no immediate signs of recovery, market watchers said Friday. All eyes are on the fate of Eastar Jet, as VIG Partners, the largest shareholder for the LCC, is moving to sell the company after achieving rapid earnings normalization for the once-cash-strapped budget carrier. The private equity firm purchased a 100-percent stake in Eastar in January 2023 at 40 billion won ($28.78 million). The airline has since rapidly reduced its operating loss, while expanding sales. Eastar Jet is widely expected to turn a surplus this year, after reporting an operating loss of 37.3 billion won last year. Aekyung Group, the operator of Jeju Air, has been considered one of the strong potential bidders for the upcoming deal. The LCC acutely needs to expand its external size ahead of its planned launch of a converged budget carrier following Korean Air’s acquisition of Asiana Airlines. The mega LCC — which combines Jin Air, Ai

Aug 8, 2025By Lee Min-hyung

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