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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.

Lotte Rental feud in spotlight as potential test case for fiduciary duty

A feud over Lotte Rental’s controversial rights offering is drawing attention in Korea’s business community, as it might become the first case of minority shareholders suing majority shareholders by invoking the country’s revised Commercial Act, which stipulates that board members have a fiduciary duty to all shareholders. According to industry officials, a group of minority shareholders of Lotte Rental submitted a petition to the presidential office and the Fair Trade Commission on Monday, claiming that their shareholder rights were infringed upon by Lotte Rental’s “unfair rights offering.” Along with the group, VIP Research & Management, an asset management firm that holds an approximately 4 percent stake in Lotte Rental, sent a letter to the company’s board on July 16, urging it to withdraw the rights offering plan. “The revised Commercial Act, which stipulates that directors owe a fiduciary duty to all shareholders, is set to take effect following the Cabinet’s approval on July 15,” the letter reads. “Several companies that understand the meaning of the revision

Jul 22, 2025By Nam Hyun-woo
Lotte Rental feud in spotlight as potential test case for fiduciary duty

Renault Group names Nicolas Paris as new CEO of Renault Korea

re Renault Group on Monday announced the appointment of Nicolas Paris as the new CEO of Renault Korea Motors, according to the carmaker. According to Renault Korea, Paris will succeed current CEO Stephane Deblaise, who has been tapped to lead Renault Group's operations in India, effective Sept. 1. Paris, a graduate of Reims Management School in France, brings over 20 years of experience in global automotive purchasing and leadership. He previously worked at automotive supplier ZF Lenksysteme before joining Renault Group in 2015. Since then, he has held key roles in France, India and China, including the head of purchasing at the group's Alliance Innovation Lab in China. Most recently, he has served as vice president in charge of purchasing for batteries, e-powertrains, ADAS, connectivity, software and electronic components. Outgoing CEO Deblaise, who assumed his post in March 2022, has led efforts to enhance Renault Korea's long-term competitiveness and strategic role within the group. Under his leadership, the company launched the Aurora Project, a key product development initiative align

Jul 21, 2025By Yonhap
Renault Group names Nicolas Paris as new CEO of Renault Korea

Korea makes all-out effort for tariff deal with US

Korea is making an all-out effort in its tariff negotiations with the United States, with newly appointed ministers and special presidential envoys traveling to Washington this week, following visits by the nation's top security adviser and lawmakers from both major parties. With Washington rejecting any further delay of the "reciprocal" tariffs expected to take effect on Aug. 1, Seoul is making a last-ditch effort by mobilizing all available political, administrative and business figures to convince the Donald Trump administration to work together on a new deal within the next 10 days. According to government sources on Monday, Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan plan to head to Washington as early as Tuesday to conduct a two-plus-two trade dialogue with their U.S. counterparts — U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer. High-level talks involving the finance and trade ministers have not been held since April, when negotiators from the former Korean administration agreed to work toward a "July package." The agre

Jul 21, 2025By Park Jae-hyuk
Korea makes all-out effort for tariff deal with US

Investor sentiment splits between Samsung, SK hynix over outlook

Foreign and domestic retail investors are showing a stark contrast in their semiconductor stock picks, with the former scooping up Samsung Electronics shares this month while the latter have been buying SK hynix, industry officials said Monday. The two firms' stock prices are also moving in opposite directions, with Samsung Electronics rising and SK hynix declining. According to the Korea Exchange, foreign investors purchased a net 1.88 trillion won ($1.4 billion) worth of Samsung Electronics shares from July 1 to 18. That more than doubles the 713 billion won they purchased in all of June. Foreign ownership in Samsung Electronics climbed back above the 50 percent mark to 50.19 percent, reaching that level for the first time since April 24, when it stood at 50 percent. On the other hand, foreign investors offloaded 301 billion won worth of SK hynix shares during the July 1-18 period. Domestic retail investors, meanwhile, showed the opposite trend, snapping up 1.23 trillion won worth of SK hynix shares, while selling 2.31 trillion won worth of Samsung Electronics shares over the same perio

Jul 21, 2025By Jun Ji-hye
Investor sentiment splits between Samsung, SK hynix over outlook

Bibigo expands into Don Quijote stores across Japan

Bibigo, the flagship Korean food brand of CJ CheilJedang, is expanding its global footprint in Japan by entering the shelves of major Japanese discount retailer Don Quijote, the company said Monday. The food arm of CJ Group has launched dedicated Bibigo shelves at 200 Don Quijote stores in Japan following its latest partnership with Pan Pacific International Holdings (PPIH), the operator of the discount retail chain. The launch features 17 Bibigo products that are being introduced in Japan for the first time, including dried seaweed snacks, cup udon, soups and sauces. According to CJ CheilJedang, Don Quijote is popular among young locals and tourists in Japan because of its affordable prices and wide range of products, from food to household items to liquor and medicine. The Korean company expects the Bibigo expansion to test the brand's global appeal in the Japanese market and gauge its growth potential there. CJ CheilJedang said it plans to expand Bibigo products to over 600 retail outlets run by PPIH, including all Don Quijote locations, by the end of this year. “PPIH’s new dedicate

Jul 21, 2025By Ko Dong-hwan
Bibigo expands into Don Quijote stores across Japan

LS Electric bets big on Vietnamese plant for ASEAN leadership

BAC NINH, Vietnam — In a small city located some 30 kilometers northeast of Hanoi stands LS Electric’s primary overseas production line used to supply its switchgears and other electric equipment to local and international clients. The factory’s strategic importance is growing rapidly, as global demand for the firm’s low voltage electric products surges for not just Vietnamese customers, but global firms seeking expansion here. LS Electric completed construction for the Bac Ninh factory in October 2022 with an area of 30,000 square meters, after relocating its outdated facility in Hanoi. The decision was necessary to expand its manufacturing capacity in line with soaring demand for its products. Last year, LS Electric Vietnam achieved a landmark sales figure of more than $100 million (140 billion won) for the first time, driven largely by the increased production capacity of the Bac Ninh plant. LS Electric is betting on the factory's continued expansion, with plans to build another production line on an unused piece of land nearby. The company has set a sales target of $300 milli

Jul 21, 2025By Lee Min-hyung
LS Electric bets big on Vietnamese plant for ASEAN leadership

Celltrion posts record Q2 earnings on sales expansion

Celltrion announced on Monday its earnings guidance for the second quarter of this year, projecting sales of 961.5 billion won ($691.28 million) and an operating profit of 242.5 billion won. The figures mark its strongest second-quarter performance yet. According to the guidance, the sales and operating profit grew 9.9 percent and 234.5 percent year-on-year, respectively. The operating margin also improved to 25 percent. The biotech attributed the growth to strong global sales of its existing products and an improvement in its sales mix toward high-margin drugs. In particular, the sales of Remsima SC, Yuflyma, Vegzelma, Steqeyma and other high-margin products gained traction, boosting both revenue and operating profit. The company said high-margin products accounted for 53 percent of total sales, up from 30 percent a year earlier. Celltrion expects its growth momentum to continue to be driven by high-margin products. In the second half of this year, the company plans to launch four new drugs — Omlyclo, Avtozma, Eydenzelt, Stoboclo and Osenvelt — in major markets, which is expected to

Jul 21, 2025By Nam Hyun-woo
Celltrion posts record Q2 earnings on sales expansion

Luxury vehicles drive growth of Korea’s imported car market

Luxury vehicles priced at more than 100 million won ($71,700) drove the overall growth of Korea’s imported car market in the first half of 2025, as foreign premium brands expanded their pricey lineups to capture growing demand, according to industry officials Monday. This marks a major rebound following two consecutive years of negative growth in the nation’s imported car market in 2023 and 2024. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), sales of imported cars increased 9.9 percent between January and June from a year earlier. This was driven by robust demand for high-end luxury cars, whose sales surged by 15 percent during the same period. Their share of the total imported vehicle market also increased by 1.1 percent to 24.3 percent. The significant sales growth of luxury vehicles has been led by premium brands expanding their lineups of high-priced models. “Premium brands, such as Mercedes-Benz, BMW and Audi are on track to launch higher-end lineups and expand their investment in customers with strong purchasing power,” an official

Jul 21, 2025By Lee Min-hyung
Luxury vehicles drive growth of Korea’s imported car market

Korea ramps up efforts to win Canadian submarine project

The Korean shipbuilding industry’s bid to receive orders for patrol submarines from the Royal Canadian Navy has gained momentum under the Lee Jae Myung administration, which is backing domestic firms in a 60 billion Canadian dollar ($44 billion) project against European competitors. Following the president’s promotion of Korean submarines at the G7 summit in Canada, the government will send a four-star general-turned-lawmaker to the North American nation on Tuesday as a special presidential envoy. The presidential office announced Sunday that Rep. Kim Byung-joo of the ruling Democratic Party of Korea will lead a delegation visiting Canada from July 22 to 27, saying that it will meet Canadian government officials to enhance the two countries’ comprehensive strategic partnership through cooperation in defense and energy sectors. Kim said last week that he will visit Canada as a special presidential envoy to create a favorable market environment for Korean defense companies. The former deputy commander of the Republic of Korea-United States Combined Forces Command has no special conne

Jul 21, 2025By Park Jae-hyuk
Korea ramps up efforts to win Canadian submarine project

Hanwha Philly Shipyard mulls joining US Navy ship project

Hanwha Philly Shipyard, owned by Korea's chemicals-to-shipbuilding conglomerate Hanwha Group, is considering bidding for the U.S. Navy's combat support ship construction project, the group said Sunday. At a recent media briefing in Philadelphia, the shipyard's CEO David Kim said Hanwha is in "discussions" about participating in the project. An additional U.S. defense budget of more than $20 billion has been approved for the construction of combat and support ships, he said, adding the Senate and House of Representatives are discussing how to execute the funding. Some of the planned combat support ships are the type of vessels Hanwha is capable of building, which is why the company needs to win the bid, Kim said. The company is already preparing documents for submission to the U.S. Navy and getting ready for the bidding process, he added. Hanwha Group acquired Philly Shipyard Inc. for $100 million last year as part of its global expansion strategy. Through the acquisition, Hanwha aims not only to enter the market for building 3,600 twenty-foot equivalent unit (TEU) liquefied natural gas-pow

Jul 20, 2025By Yonhap
Hanwha Philly Shipyard mulls joining US Navy ship project
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