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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.

LG Electronics Q2 net income down 3.1% on rising costs

LG Electronics said Friday its second-quarter net profit declined amid rising logistics and tariff costs, despite outperforming market expectations. In a regulatory filing, the company posted a net profit of 609.7 billion won ($442.5 million) for the April-June period, down 3.1 percent from a year earlier. Its operating profit plunged 46.6 percent on-year to 639.4 billion won, and revenue decreased 4.4 percent to 20.73 trillion won. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 173.2 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. LG Electronics attributed the better-than-expected net profit to equity gains from affiliates. However, the company noted that waning demand in major markets and external challenges, including U.S. tariff uncertainties and intensifying competition, weighed heavily on its operating profit and sales. Rising costs, including logistics expenses, also affected overall profitability compared with the same period last year. Among its divisions, the home appliance and

Jul 25, 2025By Yonhap
LG Electronics Q2 net income down 3.1% on rising costs

Kia’s earnings hit by headwinds from US tariff

Kia reported a sharp decline in second-quarter earnings on expanded spending to cover a 25 percent tariff from the United States, the carmaker said Friday in a regulatory filing. Kia reported an operating profit of 2.76 trillion won ($2 billion) between April and June, down 24.1 percent from the previous year. Its sales, however, increased 6.5 percent to 29.34 trillion won during the same period because of robust demand for value-added eco-friendly vehicles. Kia’s earnings drop was widely expected, as Hyundai Motor also reported a double-digit earnings decline the previous day due largely to the same tariff shock. Both automakers rely heavily on the U.S., their largest export market. Kia expected global trade uncertainty to continue weighing on its earnings in the latter half of this year, an outlook that reflects the unresolved tariff negotiations between Seoul and Washington. After the U.S. on April 2 began imposing the tariff on all auto imports, Korea has engaged in rounds of trade talks with the U.S., but the two countries have yet to reach a consensus. The decline in Korean carmak

Jul 25, 2025By Lee Min-hyung
Kia’s earnings hit by headwinds from US tariff

POSCO boosts shareholder value by reshaping business portfolio

POSCO Group is ramping up efforts to maximize shareholder value and lay the foundation for sustainable growth with a renewed business focus on steel, secondary battery materials and new growth engines, the company said Friday. The realignment strategy, called 2 Core + New Engine, is aimed at strengthening its core businesses and securing new growth drivers amid growing trade uncertainties abroad. POSCO is pursuing a localized and end-to-end strategy by proactively responding to global trade barriers and establishing strategic footholds in markets with high growth potential and high returns. In October last year, POSCO clinched an agreement with India’s largest steelmaker, JSW Group, to jointly push for a fully integrated steel mill project. In April this year, the company also announced a joint investment plan in a steel plant in the United States by partnering with Hyundai Motor Group. At the time, the company signaled its plan to expand collaboration in both steel and battery materials. POSCO Group is also accelerating its carbon reduction efforts in response to rapid changes in the

Jul 25, 2025By Lee Min-hyung
POSCO boosts shareholder value by reshaping business portfolio

Jeju Air launches new route to Singapore

Jeju Air, Korea's leading low-cost carrier, said Friday it has launched a new route to Singapore as part of efforts to strengthen its service network in the Asian market. The budget carrier began operating daily flights on the Incheon-Singapore route starting Thursday, the company said in a press release. Jeju Air already operates a Singapore route departing from Busan, Korea's largest port city, located some 330 kilometers southeast of Seoul. "The expansion is aimed at meeting travel demand not only to Singapore, a major financial hub and popular resort destination, but also to Indonesia's Batam Island, which is accessible by a one-hour ferry ride," the company said. Jeju Air currently operates six domestic routes and about 70 international routes with a fleet of 38 Boeing 737-800NG and six Boeing 737-8 aircraft.

Jul 25, 2025By Yonhap
Jeju Air launches new route to Singapore

Antitrust watchdog in policy limbo as gov’t delays leadership reshuffle

The Fair Trade Commission (FTC) remains in limbo in its future policy direction, as the government continues to delay the nomination of its new chief. The delayed leadership reshuffle makes it harder for the antitrust watchdog to handle a series of pending issues, such as the regulation of U.S. tech firms, at a critical time when Korea and the United States are engaged in high-stakes trade talks. Even though President Lee Jae Myung took office in early June, there has been no signs of a leadership change at the FTC. This stands in contrast with other economy-related authorities — most of which have already completed the personnel appointments in line with the Lee administration’s policy agenda. By comparison, under the former Moon Jae-in administration, it took only a week to nominate an FTC chairman following Moon's inauguration in 2017. At that time, the FTC wielded strong influence across the local business landscape, as the authority played a key role in conglomerate reform in tandem with the former Moon administration. The current situation raises concerns over whether the FTC wil

Jul 25, 2025By Lee Min-hyung
Antitrust watchdog in policy limbo as gov’t delays leadership reshuffle

Bunjang gains attention for growth model in Europe

Korea's leading recommerce platform Bunjang is gaining attention for introducing its growth model, the company said Thursday. According to a Bunjang official, it delivered a presentation during the final reporting workshop and high-level policy dialogue of the 2024/25 Korea-Poland Knowledge Sharing Program (KSP) in Warsaw, Monday (local time). The event was hosted by Poland’s Ministry of Economic Development and Technology, and a number of the ministry’s key figures, including its Secretary of State Michal Jaros and Digital Economy Director Marianna Sidoroff, participated. Representatives from major stakeholders such as Eastern Europe’s largest e-commerce platform Allegro and Poland’s lobby organization for ICT businesses also joined the event. During the presentation, Bunjang emphasized the platform’s technological advancements. “The platform uses an AI (artificial intelligence)-based real-time fraud monitoring system and secures escrow payment service,” Bunjang Global PR Lead Yeom Seung-hoon said during the presentation. “It has reduced fraud rates by over 80 percent an

Jul 24, 2025By Jhoo Dong-chan
Bunjang gains attention for growth model in Europe

PHOTO Discussion on AI-driven labor market change

Minister of Employment and Labor Kim Young-hoon, left, shakes hands with Korea Chamber of Commerce and Industry Chairman Chey Tae-won during the former's visit to the chamber in Jung District, Seoul, Thursday. The two shared their views on technological innovation in artificial intelligence and the resulting changes in the labor market. Joint Press Corps

Jul 24, 2025By Nam Hyun-woophoto
[PHOTO] Discussion on AI-driven labor market change

Hanwha Galleria open to selling Five Guys

Hanwha Galleria, a major player in the food and retail sector, said Thursday it is open to selling the operating rights of its premium burger brand, Five Guys. However, the Hanwha Group subsidiary dismissed rumors that the potential sale is due to poor performance in Korea, saying the brand has actually exceeded expectations and recorded globally outstanding sales. Hanwha Galleria said that while it has hosted the brand in the fast food market here since its launch in 2023 and can be assured of continuing the business, it wanted to “approach the brand from an opposite point of view” and came up with the option to sell it. “Five Guys has maintained strong brand value and continued sustainable growth. At the same time, there have been views that selling the brand at this point to maximize revenue could be a sound business strategy in the best interests of the company and its shareholders,” Hanwha Galleria said in a press statement. “If the brand is sold, we will further diversify our business portfolio and enhance the market competitiveness of our shopping mall sector by redevelo

Jul 24, 2025By Ko Dong-hwan
Hanwha Galleria open to selling Five Guys

Hyundai Motor reports earnings shock amid US tariff

Hyundai Motor reported a sharp drop in second-quarter earnings, hit hard after the U.S. imposed a 25 percent auto tariff, the carmaker said Thursday. The Korean carmaker’s operating profit came in at 3.6 trillion won ($2.63 billion) between April and June, down 15.8 percent from the previous year. Its sales, however, increased 7.3 percent to 48.28 trillion won during the same period on robust performance in North America, the carmaker said. Hyundai Motor has gone all out to defend against the tariff shock by focusing on sales of its inventories in the U.S., after the country imposed the tariff in April. It suffered an operating profit fall worth 828.2 billion won to cover the cost of the tariff, the carmaker said during a conference call. Net profits also suffered a bigger drop of 22.1 percent, to 3.25 trillion won. The carmaker was not exposed to the tariff shock during the entire second quarter by utilizing sales of its U.S. inventories, but as they are nearly out of stock, the company will have to deal with a bigger tariff impact in the latter half of this year. Hyundai Motor’s thi

Jul 24, 2025By Lee Min-hyung
Hyundai Motor reports earnings shock amid US tariff

Biz groups donate to support heavy rain victims

Korea’s major business groups have stepped up efforts to aid victims of recent torrential rains that left 23 people dead and five missing as of Thursday. According to company announcements, eight Samsung affiliates — including Samsung Electronics, Samsung Display and Samsung SDI — have donated a combined 3 billion won (approximately $2.14 million) to support victims and aid recovery efforts. In addition to the donation, Samsung plans to provide emergency relief supplies to help ease the hardship of affected residents. Hyundai Motor Group has donated 2 billion won to the Hope Bridge Korea Disaster Relief Association to help expedite the restoration of flood-damaged areas and provide urgent support to local communities. The group has also dispatched six mobile laundry and sanitation trucks to wash contaminated clothing and carry out disinfection at disaster sites. SK Group contributed 2 billion won to the Hope Bridge Korea Disaster Relief Association via the Community Chest of Korea. It also delivered relief supplies worth 300 million won (about $215,000). LG Group also donated 2 bil

Jul 24, 2025By Nam Hyun-woo
Biz groups donate to support heavy rain victims
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