Business - The Korea Times

Hyundai Motor CEO hails Korea-US tariff deal

Hyundai Motor Company CEO Jose Munoz on Friday praised the tariff agreement between Korea and the United States, saying the deal will reinforce Hyundai’s localization strategy and collaboration between its operations in the two countries. Munoz wrote on LinkedIn that the deal, which was announced a day earlier to lower tariffs on Korean auto imports to the U.S. to 15 percent, provides “clarity and predictability for our business moving forward.” “This framework reinforces our localization strategy while maintaining the seamless collaboration between our Korean design, engineering, and manufacturing teams and our American manufacturing operations,” he wrote. “It's exactly the kind of predictable environment that allows us to execute our long-term plans.” In March, Hyundai Motor Group announced it will invest $21 billion in the U.S. by 2028, in what appeared to be a preemptive move to cushion the impact from U.S. auto tariffs. The Trump administration initially proposed a 25 percent tariff on Korean manufactured vehicles, but lowered it as part of the two countries’ agreem

Aug 1, 2025By Nam Hyun-woo

Hyundai Motor CEO hails Korea-US tariff deal

In the world of characters, cute means cash

On a sunny July day, Kim Eun-mi was excited to reunite with her 16-year-old niece, who had come to Korea from the U.S. for summer break. But her niece seemed even more eager to visit Pop Mart stores in Seoul than to see her — at least on the surface. "She was absolutely determined to find a specific Labubu doll," Kim recalled. "We ended up going from one store to another just to help her get it. I knew it was popular, but her enthusiasm was on a whole different level." Forget the idea that these are just children's toys. Adorable characters are taking the market by storm. From basic figurines to keychains and a wide array of merchandise, they've become a cultural phenomenon among Gen Z collectors who take real joy in the thrill of collecting. One firm currently enjoying its heyday is Kosdaq-listed SAMG Entertainment. The animation production company is generating revenues in various areas based on its flagship intellectual property (IP), Teenieping. The fairy characters captured the hearts of all age groups with the animated film "Heartsping: Teenieping of Love," released last Septembe

Aug 1, 2025By Lee Yeon-woo

In the world of characters, cute means cash

Analysis Tariff deal levels Korean firms’ footing in US, uncertainty remains

The Korea-U.S. agreement on a 15 percent tariff on Korean imports to the United States is seen as an above-average outcome, as it sets the trade barrier to levels imposed on major competitors such as Japan and the European Union, helping to ensure a more level playing field. The agreement partially cleared a cloud of uncertainties that had hampered Korean companies from making business plans, while easing financial burdens by securing a lower tariff rate than the 25 percent initially threatened by U.S. President Donald Trump. However, the deal came with strings attached, as Korea pledged to establish a $350 billion investment fund, which Trump said would be “owned, controlled and selected” by the U.S. The amount accounts for nearly 20 percent of the country’s 2024 gross domestic product. Experts and industry officials said that close attention is needed to how the tariffs will be applied to individual items, especially in key sectors such as semiconductors and biopharmaceuticals. “The agreement will have effects in two ways — one from the tariffs being directly imposed by the U

Jul 31, 2025By Nam Hyun-woo

[ANALYSIS] Tariff deal levels Korean firms’ footing in US, uncertainty remains

Olive Young Global enjoys 70% year-on-year growth in first half sales

Olive Young Global, the cross-border e-commerce platform of CJ Group’s health and beauty subsidiary Olive Young, posted 70 percent growth in sales, along with a 60 percent increase in order volume in the first half of 2025 compared to the same period last year, the company said in a press release, Thursday. Thanks to increasing interest, especially in the platform’s cosmetics products, Olive Young Global’s sales more than tripled year-on-year during the “Olive Young Summer Sale” held from May 31 to June 6. It marked the platform’s highest sales record to date. As of the end of June, Olive Young Global had amassed over 3.35 million registered members, the company added. Sales in the U.K. rose over 300 percent, while the Southeast Asian market, including Malaysia (256 percent), Singapore (191 percent) and the Philippines (138 percent), also had a strong performance. “The trend is attributed to the rising global popularity of Korean cosmetics products, as well as increased exposure to these products through tourism,” an Olive Young Global official said. “Many international

Jul 31, 2025By Jhoo Dong-chan

Olive Young Global enjoys 70% year-on-year growth in first half sales

'Make American Shipbuilding Great Again' project touted as key contributor to tariff deal

The government said Thursday its proposal to create a $150 billion fund aimed at revitalizing the American shipbuilding industry played an important role in securing a tariff deal with the United States in Washington on Wednesday (local time), just before the Aug. 1 deadline. Shortly after meeting U.S. President Donald Trump at the White House to finalize the deal, Deputy Prime Minister and Finance Minister Koo Yun-cheol told reporters in the U.S. capital that the so-called “Make American Shipbuilding Great Again” (MASGA) project was a key contributor. “Recognizing Korean shipbuilders’ capabilities, Trump also requested immediate construction of new vessels in the U.S.,” Koo said. The proposed $150 billion investment is part of a $350 billion fund to be invested by Korea in the U.S. in return for reducing “reciprocal” and auto tariffs to 15 percent. Before the deal, Washington had planned to start imposing 25 percent “reciprocal” tariffs on Korean imports on Aug. 1. It had already levied 25 percent item-specific tariffs on Korean cars. According to the government, the M

Jul 31, 2025By Park Jae-hyuk

'Make American Shipbuilding Great Again' project touted as key contributor to tariff deal

Korea, US strike 15% auto tariff deal

Korea has defended itself “relatively well” in the last-minute auto tariff negotiation with the United States, as local carmakers will face a smaller financial burden following their latest agreement to set the tariff rate at 15 percent, experts and industry officials said Thursday. The stance of the Korean government was to reduce the earlier 25 percent auto tariff to 12.5 percent, but the country failed to narrow its gap with the U.S. agreeing to a 15 percent auto tariff on Wednesday (local time). Experts said the latest outcome is still a relief for tariff-hit Korean carmakers — particularly Hyundai Motor and Kia — as it is expected to boost their profitability in the second half of the year. The carmakers were hit hard in the second quarter, reporting double-digit declines in their operating profits due to the 25 percent tariff burden from the world’s largest economy. The U.S. began imposing the tariff on Korean automakers on April 3. “It leaves much to be desired that Korea has de facto lost its competitive edge from the Korea-U.S. Free Trade Agreement (KORUS FTA), after

Jul 31, 2025By Lee Min-hyung

China remains obstacle to US Navy ship maintenance at Gunsan yard

Debate is intensifying over a proposal to redesign HD Hyundai Heavy Industries’ (HHI) dockyard in Gunsan, North Jeolla Province, as a dedicated site for the maintenance, repair and overhaul (MRO) of U.S. Navy vessels. This follows speculation that Seoul presented the idea during tariff negotiations with Washington. While many residents of the southwestern port city are pinning hopes on the MRO project to help revive the local economy, concerns are mounting about potential threats from China, which lies just 190 kilometers from the dockyard. Since 2017, HD HHI has not constructed new ships at its Gunsan dockyard. Instead, the facility has produced shipbuilding blocks that are shipped to the company’s main yard in Ulsan. The loss of new shipbuilding has added to Gunsan’s economic difficulties, which were further compounded by the closure of a General Motors plant in 2018. Residents in Gunsan have repeatedly called for converting the city’s dockyard into an MRO-exclusive facility for the U.S. Navy, in line with the Donald Trump administration’s push for allies to help counter China

Jul 31, 2025By Park Jae-hyuk

China remains obstacle to US Navy ship maintenance at Gunsan yard

POSCO Group launches industrial hazard task force amid series of fatal accidents

POSCO Group said Wednesday it will establish a group-wide special safety task force to strengthen safety management across operations following a string of fatal industrial accidents at its sites. According to the group, the task force will be launched Friday and will report directly to Chairman Chang In-hwa. It will be responsible for conducting a comprehensive review of safety managements and practices across the group's steel, energy materials and infrastructure operations. On Monday, a worker in his 60s was killed after becoming trapped in a drilling machine at a highway construction site in Uiryeong, South Gyeongsang Province, overseen by POSCO E&C. It marked the fourth fatal accident at POSCO E&C sites this year. President Lee Jae Myung addressed the accidents during a Cabinet meeting on Tuesday, saying that fatal workplace accidents can be seen as far as "murder through willful negligence," while ordering Cabinet members to come up with ways to prevent industrial accidents.

Jul 30, 2025By Yonhap

POSCO Group launches industrial hazard task force amid series of fatal accidents

Kumho Tire reaches long-delayed deal on factory relocation

Kumho Tire reached a long-delayed agreement with its labor union on a factory relocation plan Wednesday, clearing a major hurdle for the company’s planned expansion into Europe, the tiremaker said. This ended the months-long stalemate between Kumho Tire’s management and its union over the relocation of its now-suspended plant in the southwestern city of Gwangju to Hampyeong, South Jeolla Province. Operations at the Gwangju plant have been suspended since a devastating fire in May destroyed one of its production lines. According to the latest agreement, Kumho Tire’s relocated plant will produce some 5.3 million tires each year starting in 2028. The management also said it will resume tire production at the factory in Gwangju by the end of this year, with a daily capacity of 6,000 tires. “Regardless of the factory relocation, we will also ensure employment for existing workers,” a Kumho official said. “Kumho Tire promises to contribute more to the regional community until we complete the factory relocation.” The settlement is expected to pave the way for Kumho Tire to solidif

Jul 30, 2025By Lee Min-hyung

Kumho Tire reaches long-delayed deal on factory relocation

SK to merge EV battery unit with lubricant arm

SK Innovation announced Wednesday it will merge its battery manufacturing unit with its lubricant-producing subsidiary as part of strategies to improve its financial structure and boost competitiveness. The group's intermediate holding company, responsible for its energy and petrochemical businesses, said that the boards of directors of SK On and SK Enmove both approved the former's acquisition of the latter earlier in the day. The newly merged entity is scheduled to launch by Nov. 1. SK Innovation explained the merger will help SK On improve profitability, noting demand from the battery maker's customers for SK Enmove’s immersion cooling technology. The decision comes after SK Enmove's unsuccessful initial public offering in June, which led SK Innovation to fully incorporate the lubricant arm into its wholly-owned subsidiary. The listing, seen as a potential way to fund the group’s struggling battery and petrochemical businesses, was scrapped following a government warning against conglomerates listing subsidiaries through carve-outs. Since then, SK Innovation has shifted its focus

Jul 30, 2025By Park Jae-hyuk

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