Business - The Korea Times

P&G Korea supports Gen Z job seekers

Major household goods company P&G Korea is rolling up its sleeves to support young job seekers from Generation Z — those in their teens and 20s — who often struggle to enter the job market due to limited professional experience. According to the Korean branch of the U.S.-based company, it is reaching out to young job seekers through internship programs designed to develop their skills and mindset in a global environment. Most recently, 15 interns from the company visited P&G’s Singapore office, which oversees operations across Asia-Pacific, the Middle East and Africa. The four-day trip included mentoring sessions, career workshops and tours of research facilities and local P&G stores. The highlight was their visit to the P&G Singapore Innovation Center, where the company conducts consumer analysis and research in robotics, big data and virtual reality. Oh Seo-young from P&G Korea’s Human Resource Division said the company has been “focusing on providing potentially talented interns with an opportunity to develop their professional skills through our internship programs.” The

Jul 30, 2025By Ko Dong-hwan

Pro-labor bill draws concerns among foreign investors

Foreign investors have joined Korean business leaders in opposing the proposed revision of the Trade Union and Labor Relations Adjustment Act. Expressing concern over the new law’s potential impact on Korea’s business environment and investment appeal, the American Chamber of Commerce in Korea (AMCHAM) said Wednesday that it strongly supports the joint statement issued by Korea’s eight leading business organizations regarding the legislation. Better known as the “yellow envelope bill,” the proposed revision aims to empower subcontracted workers by allowing them to negotiate directly with their employers’ clients, while prohibiting management from seeking compensation for damages incurred during illegal strikes. The bill earned its nickname after citizens delivered yellow envelopes containing money in 2014 to support unionized workers at SsangYong Motor, now KG Mobility. The workers had been ordered by a court to pay a total of 4.7 billion won ($3.4 million) in compensation to the automaker for their 2009 strike. As the ruling Democratic Party of Korea’s latest proposal also

Jul 30, 2025By Park Jae-hyuk

Pro-labor bill draws concerns among foreign investors

Hyosung breaks ground on high-voltage transformer plant

Hyosung broke ground Wednesday on a manufacturing base for high-voltage direct current (HVDC) transformers in a bid to secure market leadership in key future power grid technologies with homegrown capabilities. Hyosung Heavy Industries held the groundbreaking ceremony for the HVDC transformer manufacturing facility at its plant in Changwon, South Gyeongsang Province. The facility will span 29,600 square meters within the Changwon plant and is scheduled for completion by July 2027. Hyosung Heavy Industries plans to invest a total of 330 billion won ($238.8 million) in its HVDC business over the next two years. The investment includes 254 billion won for the construction of the manufacturing facility, as well as the expansion of production facilities for large-capacity voltage-sourced converter systems, a core component of HVDC. “Foreign companies have long been taking leadership in the voltage-sourced HVDC technology, but developing it domestically is crucial for Korea to stay competitive in next-generation power transmission and turn it into a key export sector,” Hyosung Vice Chairman

Jul 30, 2025By Nam Hyun-woo

Hyosung breaks ground on high-voltage transformer plant

Hanwha Ocean emerges as key player for US icebreaker market

Hanwha Ocean is emerging as a leading contender for upcoming icebreaking liquefied natural gas (LNG) carrier contracts from the United States, as the country ramps up efforts to expand its Arctic presence through large-scale construction of icebreakers. The Hanwha affiliate is well positioned to secure possible orders from the U.S., as the company has built more of the specialized vessels than any other shipbuilder. Hanwha Ocean has so far constructed 21 icebreaking LNG carriers — 15 in 2014 and six in 2020. The U.S. has been accelerating efforts to bolster its icebreaker fleet, which lags significantly behind that of Russia. According to a recent report published by the Federation of Korean Industries, the U.S. has had minimal icebreaker construction experience over the past 50 years, while Russia currently operates more than 50 icebreakers. U.S. President Donald Trump also said the country would seek to order approximately 40 large icebreakers for the country’s Coast Guard. Icebreaking LNG carriers are considered value-added vessels, costing about 1.6 times more than typical LNG car

Jul 30, 2025By Lee Min-hyung

Hanwha Ocean emerges as key player for US icebreaker market

Uijeongbu to welcome 1st premium Hillstate complex amid aging apartments

Hyundai E&C’s premium apartment brand Hillstate is set to transform the skyline of Uijeongbu, a city just north of Seoul where more than 90 percent of apartments are over 20 years old. The major construction company said Wednesday it will begin contract signing for Hillstate Hoeryong Station Parkview, located in Howon-dong, Uijeongbu, from Aug. 9 to 11. Of the town’s total 1,816 units, 674 will be available for sale during this period. One of the key advantages of the upcoming Hillstate complex is its convenient access to Seoul. Located just three kilometers from the capital’s northern border, the development is close to Hoeryong Station, which connects to both Seoul subway line 1 and Uijeongbu’s light rail transit U Line. According to the company, these transit options make most areas of Seoul reachable within an hour. The upcoming rapid transit GTX-C line, scheduled to open at Uijeongbu Station — just one stop from Hoeryong Station — in 2028, is expected to further enhance connectivity. Once operational, the line will enable residents to reach Seoul’s major business hubs

Jul 30, 2025

Uijeongbu to welcome 1st premium Hillstate complex amid aging apartments

LG Energy wins $4.26 bil. overseas LFP battery deal

LG Energy Solution (LGES), Korea's leading battery maker, said Wednesday it has signed a 5.9 trillion-won ($4.26 billion) lithium-ion phosphate (LFP) battery supply deal with an overseas client. In a regulatory filing, LGES said it will supply LFP batteries to the unnamed client for three years, from Aug. 1, 2027, to July 31, 2030. The contract value is equivalent to 23.2 percent of the company's annual sales of 25.6 trillion won last year, the filing said. The contract period and value are subject to change depending on the outcome of further consultations with the client, it added. Market watchers speculate the client may be Tesla, as the U.S. electric vehicle maker said during its first-quarter earnings call that it was seeking an LFP battery supplier outside of China, citing U.S. import tariffs. In the United States, LGES operates three battery cell plants in Ohio, Tennessee and Michigan. The Michigan plant currently produces LFP batteries for energy storage systems (ESSs). LFP batteries are known for their enhanced safety and lower manufacturing costs, though they offer lower energy d

Jul 30, 2025By Yonhap

LG Energy wins $4.26 bil. overseas LFP battery deal

Tesla CEO Musk says he discussed chip deal with Samsung Chairman Lee

Tesla Chief Executive Officer (CEO) Elon Musk said he discussed the details of a recent semiconductor supply deal with Samsung Electronics Chairman Lee Jae-yong. In a response to a user's comment on his X account on Tuesday (U.S. time) that Samsung Electronics "has no idea what they signed up for," Musk replied, "They do. "I had a video call with the chairman and senior leadership of Samsung to go over what a real partnership would be like," he continued, adding they will "use the strengths of both companies to achieve a great outcome." Later, when another user commented that "Samsung is definitely the underdog when it comes to chipmaking," Musk defended the Korean tech giant, saying: "Both TSMC and Samsung are great companies. It is an honor to work with them." Shortly after Samsung Electronics announced a 22.8 trillion-won ($16.5 billion) deal to supply artificial intelligence (AI) chips to an undisclosed customer, Musk revealed that Tesla was the partner behind the contract. He said Samsung Electronics will manufacture Tesla's next-generation AI6 chip at its new semiconductor plant in

Jul 30, 2025By Yonhap

Tesla CEO Musk says he discussed chip deal with Samsung Chairman Lee

LCCs struggle to overcome falling earnings with longer-haul routes

Korea’s low-cost carriers (LCCs) are struggling to overcome a drastic earnings fall by launching mid- to long-haul routes in hopes of turning them into stable revenue streams. The local LCC industry has long been trapped in a state of de facto price war, as most airlines focus on attracting passengers for only a few highly sought-after short routes to Japan and China. The strategy, however, is doing little to enhance their profitability, as they end up selling tickets at lower prices to woo more customers away from their rivals, at the cost of falling revenues. According to data from market tracker FnGuide, Jeju Air is forecast to report an operating loss of 39.5 billion won ($28.36 million) during the second quarter. This is similar to other major LCCs. T’way Air is estimated to have suffered an operating loss of 47.5 billion won during the same period. The market tracker also expected Jin Air to report an operating loss of 4.8 billion won. Even if the period is widely considered an off-season for airlines, their earnings fall raises concerns that they need to shift their business st

Jul 30, 2025By Lee Min-hyung

LCCs struggle to overcome falling earnings with longer-haul routes

Krafton logs record sales in 1st half of 2025

Game studio Krafton posted record-high revenue for the first half of this year, driven by continued growth of its flagship title, PUBG: Battlegrounds, the company said Tuesday. During its earnings call, Krafton announced that its sales for the January-June period stood at 1.54 trillion won ($1.1 billion), up 11.9 percent from a year earlier. During the same period, operating profit grew 9.5 percent year-on-year to reach 703.3 billion won. This marked the highest first-half performance in the company’s history. In the second quarter alone, the company posted 662 billion won in sales and 246 billion won in operating profit, down 6.5 percent and 25.9 percent year-on-year, respectively. In the first half, Krafton posted 543.2 billion won in revenue from PC games, 960 billion won from mobile titles and 33 billion won from console and other platforms. PUBG continued to drive growth in PC games, backed by strong live-service updates and content diversification efforts. The mobile division also had a strong performance, with growth-type skins contributing to user engagement and revenue. In the s

Jul 29, 2025By Nam Hyun-woo

Krafton logs record sales in 1st half of 2025

Samsung chairman departs for Washington amid tariff talks

Samsung Electronics Executive Chairman Lee Jae-yong departed for Washington on Tuesday, in an apparent move to support the government’s ongoing tariff negotiations with the Donald Trump administration. He left for the U.S. capital from Gimpo International Airport in Seoul without speaking with reporters, who asked about the purpose of his visit. His departure followed a private dinner with President Lee Jae Myung last Thursday, which is believed to have focused on Samsung’s plans to invest in the U.S. Given the previous day’s announcement of a $16.5 billion semiconductor foundry deal between Samsung and Tesla, industry officials expect the chairman to emphasize his company’s large-scale investments in the U.S. market to help Seoul persuade Washington to lower the 25 percent “reciprocal” tariffs which the U.S. plans to impose on Korean products starting Aug. 1. Samsung Electronics, which operates a foundry plant in Texas, plans to invest at least $37 billion by 2030 to reinforce its U.S. semiconductor production base. Expectations are that Korea may suggest expanded investments

Jul 29, 2025By Park Jae-hyuk

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