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.

Eased nontariff barrier unlikely to boost US car sales in Korea, experts say

Most U.S. auto brands are unlikely to see a significant rebound in sales in Korea, even after the country removes most nontariff barriers on American car imports following the latest tariff agreement, according to experts and industry officials. While the two countries are still finalizing the details of the barrier scope, they are seen as only minor external factors affecting U.S. car sales in Korea, they said. The point, they noted, is that American vehicles are not tailored to meet the specific preferences of Korean consumers, who favor "well-balanced and more convenient" vehicles available at reasonable price points. Under the latest Korea-U.S. tariff agreement, the U.S. agreed to lower a tariff rate on Korean vehicle imports to 15 percent. Korea also reached a broad agreement in alleviating a series of nontariff regulations on U.S. auto imports in such areas as safety and emission certification, which the U.S. Trade Representative cited as major “motor vehicle barriers.” “The eased regulations may help U.S. auto brands to export more models to Korea, but it remains questionabl

Aug 5, 2025By Lee Min-hyung
Eased nontariff barrier unlikely to boost US car sales in Korea, experts say

PHOTO 'Too early to celebrate US tariff deal'

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won, right, shakes hands with Industry Minister Kim Jung-kwan at the KCCI in Seoul, Monday. Chey welcomed Kim and other Korean negotiators signing a tariff deal with the United States, but he also remained cautious of viewing the tariff talks as concluded. The same day, Kim held separate meetings with Korea Enterprises Federation Chairman Sohn Kyung-shik and other representatives from major business associations. Yonhap

Aug 4, 2025By Park Jae-hyukphoto
[PHOTO] 'Too early to celebrate US tariff deal'

Regulations on online platforms delayed until after Lee-Trump summit

The government and the ruling Democratic Party of Korea (DPK) decided Monday to suspend their push to legislate regulations on online platforms until after the summit in Washington between the leaders of Korea and the United States later this month. The decision followed a request last month from the U.S. House of Representatives for the Fair Trade Commission to brief it by Thursday on how the proposed regulations on online platforms would affect U.S. companies. “Without discussion on the bill to regulate monopolistic online platforms, we initially planned to discuss the bill for fair intermediary transactions on online platforms," Rep. Kang Jun-hyeon of the DPK told reporters after meeting with FTC officials. "But we decided to reach a conclusion after hearing feedback from the presidential office and the government following the summit." The lawmaker also noted that a cautious approach is needed, given the serious concerns the U.S. has over this issue. In line with President Lee Jae Myung’s campaign pledge, the DPK had pushed ahead with two separate bills aimed at regulating monopol

Aug 4, 2025By Park Jae-hyuk
Regulations on online platforms delayed until after Lee-Trump summit

Experts tout support for National K-Entrepreneurship Center in Jinju

Experts and officials from Korea’s business community voiced support Monday for the proposed establishment of the National K-Entrepreneurship Center in Jinju, South Gyeongsang Province, emphasizing the importance of honoring and preserving the city’s legacy as a cradle of education and entrepreneurship that nurtured the founders of Samsung, LG, GS and Hyosung — four of Korea’s most influential conglomerates. The Jinju City Government hosted a forum at the National Assembly in Seoul to discuss the establishment of the center. The event, co-organized with the Korea Council on Economic Education (KCEE) and Korean Academic Society of Business Administration (KASBA), brought together more than 100 business leaders and experts. “Jinju is promoting the establishment of the K-Entrepreneurship Center to spread the entrepreneurship of the founders of Samsung, LG, GS and Hyosung to the world and pass them down to future generations,” Jinju Mayor Jo Kyoo-il said during his opening remarks. “We hope the forum will help build consensus for Jinju’s role in preserving Korea’s entrepre

Aug 4, 2025By Nam Hyun-woo
Experts tout support for National K-Entrepreneurship Center in Jinju

PHOTO HS Hyosung vice chairman questioned in probe involving ex-first lady

HS Hyosung Vice Chairman Cho Hyun-sang, center, appears at the office of a special counsel team in Seoul, Monday, to be questioned by the team over corruption allegations surrounding Kim Keon Hee, wife of former President Yoon Suk Yeol. The special counsel team is investigating allegations that a man surnamed Kim, who served as a "butler" for the former first lady's family, received 18 billion won ($13 million) in questionable investments in 2023 for his rental car company, IMS, from several firms including HS Hyosung and Kakao Mobility. Yonhap

Aug 4, 2025By Nam Hyun-woo
[PHOTO] HS Hyosung vice chairman questioned in probe involving ex-first lady

Industry minister meets biz leaders, vows efforts to mitigate tariff risks

Industry Minister Kim Jung-kwan reaffirmed government efforts to minimize the impact of U.S. tariffs on local industries in meetings with the chiefs of two major business lobby groups in Seoul on Monday while also delivering his gratitude for the business community's efforts to help Korea strike a trade deal with the United States. Kim said the government will do its utmost to help local companies mitigate risks from U.S. tariff policies and expand their foothold in the global market amid the rise of trade protectionism in separate meetings with the heads of the Korea Chamber of Commerce and Industry (KCCI) and the Korea Enterprises Federation (KEF), according to the Ministry of Trade, Industry and Energy. The KCCI is headed by SK Group Chairman Chey Tae-won and the KEF is led by CJ Group Chairman Sohn Kyung-shik. It marked Kim's first official meeting with leaders of major business groups since he took office last month as the minister had been busy taking part in the tariff negotiations with the U.S. In Monday's meetings, Kim also expressed his gratitude to the business community for

Aug 4, 2025By Yonhap
Industry minister meets biz leaders, vows efforts to mitigate tariff risks

GKL releases new company emblem to mark 20th anniversary

Grand Korea Leisure (GKL) has released the company’s new emblem to mark its 20th anniversary. GKL is the public operator of the country’s largest foreigner-only casino, Seven Luck, under the Ministry of Culture, Sports and Tourism. The company said Monday that the new emblem symbolizes GKL’s ambition for growth under three pillars: Leap, Stack and Energy. ‘Leap’ is represented in GKL’s logo by its commitment to the future while ‘Stack’ is implied in the number 20, which reflects its accumulated experience and sustainability. ‘Energy’ is expressed by the color blue, with its bright and positive vibe — the image GKL aims to deliver. In June, a total of 1,747 citizens and 621 company workers participated in choosing the company’s emblem. GKL added it will use the emblem in future promotional operations as well as official documents and ad flyers.

Aug 4, 2025By Jhoo Dong-chan
GKL releases new company emblem to mark 20th anniversary

Audi Korea on course for strong rebound with robust EV sales

Audi Korea is on a path to reclaim its old glory with solid sales of its electric vehicle (EV) lineups, marking a surprising turnaround after the luxury carmaker suffered years of sluggish performance in the market. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Audi Korea’s total auto sales soared by 36.27 percent to 4,910 vehicles in the first half of this year. Two strategic models — the Q4 e-tron electric SUV and the A6 sedan — led the sales rebound. The Q4 e-tron in particular topped Audi Korea's lineup, with 1,178 sold during the same period. Audi Korea is moving to introduce more EV models to solidify its position and regain its luster here. The carmaker began sales of the Q6 e-tron EV in March to boost its overall sales growth. The vehicle has yet to match the popularity of the Q4 e-tron, but it serves as additional profit driver, recording 218 vehicles sold between March and June. The carmaker is also ready to start sales of its A6 e-tron electric sedan in the third quarter. Audi Korea expects the electric version of its symbolic

Aug 4, 2025By Lee Min-hyung
Audi Korea on course for strong rebound with robust EV sales

SeAH files antidumping suit over steel bar imports from China

SeAH Besteel and SeAH CSS, two steelmaking subsidiaries of SeAH Group, said Monday they have filed an antidumping complaint against special steel bar imports from China. The move came after the government recently accepted Hyundai Steel's request to impose antidumping tariffs on Chinese thick steel plates and hot-rolled steel plates, aimed at countering an oversupply of low-priced and lower-quality steel products in the Korean market. SeAH Besteel warned that excessive inflows of Chinese special steel bars could undermine the competitiveness of Korean companies, as these materials are critical to the automotive, defense, heavy equipment, aerospace and nuclear energy industries. “As the United States, Europe and India have recently tightened antidumping sanctions against Chinese special steel bars, we expect imports to Korea to further increase,” a SeAH Besteel official said. “By establishing minimum levels of protection for the special steel bar industry, we hope Korea will secure sovereignty in material supply and enhance fundamental competitiveness in the materials, components a

Aug 4, 2025By Park Jae-hyuk
SeAH files antidumping suit over steel bar imports from China

PhnyX Lab raises $4 mil. in funding round led by SK Networks

PhnyX Lab, a pioneering generative AI startup transforming operations in the life sciences sector, has announced the successful close of a $4 million seed round through a SAFE (simple agreement for future equity). The round was led by SK Networks, with participation from several prominent angel investors including Aidan Gomez, co-founder and CEO of Cohere, and Illia Polosukhin, co-founder of NEAR Protocol, both of whom are original co-authors of “Attention Is All You Need,” the paradigm-shifting paper that ushered in the transformer era and laid the foundation for today’s generative AI models. Their involvement follows extensive discussions with both Choi Sung-hwan, executive adviser to PhnyX Lab and COO of SK Networks, and Bae Min-seok, CEO of PhnyX Lab, reflecting a shared conviction in the transformative role of AI. “This funding marks an important milestone that reflects PhnyX Lab’s potential to fundamentally transform how life science companies work,” Bae said. “Our mission goes beyond improving efficiency — we’re reimagining the way critical work gets done, helpin

Aug 4, 2025By Nam Hyun-woo
PhnyX Lab raises $4 mil. in funding round led by SK Networks
previous page
228229230231232
next page

Most Read in Business