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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.

Hyundai Motor, GM to co-develop 5 new vehicles by 2028

Hyundai Motor and General Motors (GM) will launch five jointly developed vehicles by 2028 to make deeper inroads into both Latin and North America, the global carmakers said Thursday. This is the first significant milestone after they announced a strategic memorandum of understanding (MOU) last year. Under the latest collaboration, they will produce four vehicles tailored for Central and South American markets — a compact SUV, passenger car, small pickup and mid-size pickup. All four models will offer powertrain flexibility, with options for both internal combustion and hybrid engines. The two companies will jointly develop an electric commercial van designed for the North American market as well. Once production ramps up fully, Hyundai and GM anticipate annual sales of the co-developed vehicles to exceed 800,000 units. Design and engineering work is currently underway with plans to launch the vehicles in 2028. Development responsibilities will be divided between the companies: GM will lead on the mid-size pickup platform, while Hyundai will spearhead development for the compact vehicle

Aug 7, 2025By Lee Min-hyung
Hyundai Motor, GM to co-develop 5 new vehicles by 2028

POSCO E&C launches emergency management system, halts new infrastructure orders

POSCO E&C, the construction arm of Korea's leading steelmaker POSCO Group, said Wednesday it has begun an emergency management system and temporarily suspended new orders in its infrastructure business following a series of fatal industrial accidents at company-managed construction sites. In a statement, the company said any business expansion would be meaningless without restoring public trust first. The announcement came a day after a Myanmar national in his 30s was critically injured and lost consciousness in a suspected electrocution accident at an expressway construction site in Gwangmyeong, Gyeonggi Province. It marked the fourth serious accident this year at POSCO E&C-operated sites and prompted the resignation of former CEO Jeong Hee-min on Tuesday. The company also said it plans to gather expert opinions to develop institutional measures aimed at reforming its subcontracting structure — a long-standing issue in the construction industry. On Wednesday, the firm's new CEO, Song Chi-young, visited the Gwangmyeong construction site where the latest accident occurred, in his first

Aug 6, 2025By Yonhap
POSCO E&C launches emergency management system, halts new infrastructure orders

President Lee calls for tougher punishment against POSCO E&C over repeated fatal industrial accidents

President Lee Jae Myung on Wednesday instructed his aides to come up with measures to impose a tougher punishment on POSCO E&C over repeated fatal industrial accidents at workplaces of the construction firm. Lee also ordered a full investigation into the industrial accidents and to report all legally possible measures, including revoking the company's construction license and excluding the company from public bidding, presidential spokesperson Kang Yu-jung told reporters. So far this year, four workers have died at workplaces managed by POSCO E&C and another worker was killed at a POSCO steel mill in Gwangyang, about 290 kilometers south of Seoul. POSCO E&C is a subsidiary of POSCO, the nation's top steelmaker. In the latest industrial accident involving POSCO E&C, a Myanmar worker in his 30s who was critically injured in a suspected electrocution accident at an expressway construction site in Gwangmyeong, 20 km south of the capital, on Monday. He has yet to regain consciousness. During a Cabinet meeting last Tuesday, Lee specifically named POSCO E&C, saying fatal workplace incidents cou

Aug 6, 2025By Yonhap
President Lee calls for tougher punishment against POSCO E&C over repeated fatal industrial accidents

REPORTER’S NOTEBOOKKorea’s ‘self-applauding’ corporate policy catches flak

Anti-corporate government policies are adding to the pressure on major export-reliant companies at home, making it harder for them to seek timely relief from the strain of U.S. tariffs. Since the inauguration of the pro-labor administration led by President Lee Jae Myung in June, the nation’s corporate management environment has become more complicated. As expected, the administration is moving to pass a series of restrictive bills spanning broad areas of business, including taxation and labor relations. This contradicts the government’s outward pledge to support corporate growth. The government has issued messages almost every day promising to provide policy support for their survival and sustainable growth. “Companies stand at the center of Korea’s economic growth,” Deputy Prime Minister and Finance Minister Koo Yun-cheol said Tuesday during a meeting with heads of major business lobbies. “The government and private sectors will join forces to find specific measures to enhance their global competitiveness.” In reality, however, actions tell a different story. Last week, t

Aug 6, 2025By Lee Min-hyung
Korea’s ‘self-applauding’ corporate policy catches flak

Nongshim chief referred to prosecution for alleged false info disclosure

The antitrust regulator said Wednesday it has decided to refer the chairman of leading South Korean food company Nongshim to the prosecution for allegedly omitting key affiliate companies from required disclosures to avoid designation as a large business group and to benefit from incentives for small businesses. Nongshim Chairman Shin Dong-won is accused of failing to report a total of 39 affiliated companies, including 10 owned by his relatives, in corporate materials submitted to the Fair Trade Commission (FTC) between 2021 and 2023, in violation of the fair trade act. The foodstuff maker was supposed to be designated as a large business group in 2021, as its actual total assets exceeded the 5 trillion-won ($3.59 billion) threshold if the omitted entities were taken into account. As the company escaped being categorized as a large business group, however, dozens of its affiliates avoided regulations, including restrictions on unfair internal transactions by owner families and mandatory public disclosure requirements. Some of the omitted affiliates also received tax benefits that are re

Aug 6, 2025By Yonhap
Nongshim chief referred to prosecution for alleged false info disclosure

Inter-Burgo chairman recognized for global business expansion efforts

The Chang Pogo Global Foundation and Wando County said Wednesday that Kwon Young-ho, honorary chairman of Inter-Burgo, has been selected as the grand prize recipient of the 10th Changpogo-Hansang Award. The award recognizes overseas Korean business leaders who have contributed to expanding Korea's global economic and cultural footprint and fostering a unified Korean economic community. To date, 55 recipients from 23 countries have been honored over the award's 10-year history. Kwon relocated to Las Palmas, Spain, in 1971 for work. Starting in 1980 with a single decommissioned vessel on the verge of being scrapped, he eventually came to own a fleet of over 50 ships, including freezer carriers and trawlers. Over a span of 20 years, he undertook deep-sea fishing operations in the Atlantic Ocean and off the coast of Southern Africa. He also invested 300 billion won in Korea to establish over 20 affiliate companies, including a hotel chain. Leading a conglomerate with assets valued at over 10 trillion won ($7.1 million), he is also known for his charitable work. He donated 100 million yuan in

Aug 6, 2025By Lee Yeon-woo
Inter-Burgo chairman recognized for global business expansion efforts

HD Hyundai Heavy Industries lands MRO contract for USNS Alan Shepard

HD Hyundai Heavy Industries said Wednesday it has secured a contract for the maintenance, repair and overhaul (MRO) of a U.S. Navy auxiliary ship, marking the first deal of its kind since Korea committed to major investments in the U.S. shipbuilding sector under the two countries’ recent tariff agreement. According to the shipbuilder, it recently won the scheduled overhaul project for the USNS Alan Shepard, a 41,000-ton dry cargo and ammunition ship assigned to the U.S. Navy’s Seventh Fleet. Commissioned in 2007, the vessel is named after Rear Adm. Alan Shepard, the first American astronaut to travel into space. Starting in September, HD Hyundai Heavy Industries will carry out the overhaul at a berth near HD Hyundai Mipo in Ulsan. The process will include propeller cleaning, the maintenance of various tanks and the inspection of onboard equipment. Upon completion of the project, the vessel is scheduled to be returned to the U.S. Navy in November 2025. This is the first MRO order that a Korean shipbuilder has received since Seoul proposed the so-called “Make American Shipbuilding G

Aug 6, 2025By Nam Hyun-woo
HD Hyundai Heavy Industries lands MRO contract for USNS Alan Shepard

Agriculture ministry to showcase K-food, smart farming at APEC food security meeting

Korean cuisine, known globally as “K-food,” will take center stage at the upcoming Asia-Pacific Economic Cooperation (APEC) 2025 Food Security Ministerial Meeting, as the Ministry of Agriculture, Food and Rural Affairs intensifies efforts to promote the strategic value of the country’s agri-food sector and use the event as a platform for agricultural diplomacy. The meeting, scheduled to take place on Saturday and Sunday in Songdo, Incheon, will bring together food and agriculture ministers and working-level officials from 21 APEC member economies to discuss ways to strengthen food security under the theme of “Driving Innovation in Agri-food Systems for Shared Prosperity.” As the chair of the meeting, the ministry will address the topic of sharing innovation practices in agri-food systems among member economies, and share ways to foster cooperation to apply artificial intelligence (AI) to the agriculture sector. At the meeting, the APEC economies will adopt a joint ministerial statement emphasizing efforts to innovate in all aspects of agriculture, including technologies and po

Aug 6, 2025By Nam Hyun-woo
Agriculture ministry to showcase K-food, smart farming at APEC food security meeting

Innocean presents ‘world’s largest lifeguard’ at Busan beach

Innocean has presented the “world’s largest lifeguard” on a digital signage display in front of the landmark Haeundae Beach in the southern port city of Busan, the advertising arm of Hyundai Motor Group said Wednesday. Innocean set up the display on Grand Josun Media, a curved digital signage board installed on the facade of the Grand Josun Busan Hotel, to offer real-time environmental data and messages regarding the safety of visitors to the beach. The video displays data such as weather conditions, wave height and a series of safety guidelines, and 3D anamorphic technology is used to provide vivid and immersive viewing experiences for visitors. For instance, a sizable lifeguard figure appears on the screen to issue restriction alerts on days with high waves. The background of the video also reflects weather changes by presenting clear skies, clouds and rain in real-time. The board measures 25 meters wide and 31 meters high. The project started its operations in June, with a view to raising the awareness of safety near the beach area. Innocean and Shinsegae Property partnered for

Aug 6, 2025By Lee Min-hyung
Innocean presents ‘world’s largest lifeguard’ at Busan beach

HanmiGlobal joins refurbishment of Romania's Cernavoda nuclear plant

HanmiGlobal, Korea's leading construction project management company, said Wednesday it has signed a 10 billion won ($7.2 million) deal with Korea Hydro & Nuclear Power (KHNP) to oversee the construction of infrastructure needed to refurbish Unit 1 of Romania's Cernavoda Nuclear Power Plant. This is the first time HanmiGlobal has joined an overseas nuclear plant project. KHNP formed a consortium with Canada's Candu Energy and Italy's Ansaldo Nuclear, signing a contract last December with Romanian state-owned energy company SNN to refurbish Unit 1, which began commercial operation in 1996. The project aims to keep the reactor running for an additional 30 years. The Korean government-owned nuclear operator is working with Doosan Enerbility, Hyundai E&C and Samsung C&T to build the necessary infrastructure. Given the need for coordination among multiple global firms, HanmiGlobal has been tasked with establishing strategies for each project phase, managing costs and risks, ensuring compliance with local regulations and providing technical advice. “As the Cernavoda project marks Korea’s fi

Aug 6, 2025By Park Jae-hyuk
HanmiGlobal joins refurbishment of Romania's Cernavoda nuclear plant
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