Business - The Korea Times

POSCO Future M rises as beneficiary of US tariffs on Chinese graphite

The U.S. government’s recent move to impose heavier tariffs on Chinese graphite has driven investors toward POSCO Future M, even as the battery material maker reported weaker profits due to sluggish global demand for electric vehicles (EVs). With its natural graphite sourced from Africa and synthetic graphite produced using byproducts from POSCO’s steelworks, POSCO Future M’s anode materials are viewed as the U.S.' only alternative to Chinese products. Buoyed by this optimism, the company’s shares jumped 19.59 percent to 156,900 won ($113) on Friday, when it estimated its second-quarter operating profit at 773 million won, a 71.7 percent decline from a year earlier. “POSCO stands to gain the most as it is able to supply graphite to North America,” Yuanta Securities analyst Lee An-na said, referencing the latest U.S. tariffs on anode-grade graphite imported from China. The U.S. Department of Commerce said Thursday it will set preliminary anti-dumping duties of 93.5 percent on the key EV battery component, noting that Chinese anode materials have been sold in the U.S. below fai

Jul 20, 2025By Park Jae-hyuk

POSCO Future M rises as beneficiary of US tariffs on Chinese graphite

Hyundai, Kia sales rank in Britain's top five for 1st time

Hyundai Motor and its smaller affiliate Kia together ranked among the top five in vehicle sales in Britain for the first time in June, British industry data showed Sunday. According to the Society of Motor Manufacturers and Traders (SMMT), Hyundai sold 10,109 vehicles in Britain last month, up 9.9 percent from a year earlier and placing fourth in the market. Kia's sales fell 2.6 percent on-year to 10,043 units, but the brand still secured fifth place. Strong local demand for Hyundai's Tucson and Kia's Sportage sport utility vehicles (SUVs) supported the solid performance. Hyundai is expected to sell more than 100,000 vehicles in Britain this year as it plans to launch the all-electric Ioniq 9 flagship SUV later this year.

Jul 20, 2025By Yonhap

Hyundai, Kia sales rank in Britain's top five for 1st time

Krafton says Subnautica 2 delay aimed at protecting fans, franchise reputation

Korean game publisher Krafton Inc. said Saturday its recent decisions regarding the development of Subnautica 2 were made to protect the interests of game fans and ensure the long-term success of the franchise, as the company faces a legal dispute with the former leadership of its U.S. development subsidiary Unknown Worlds. "Releasing the game prematurely with insufficient content, falling short of what fans expect in a sequel, would have both disappointed the players — who are at the heart of everything Krafton does — and damaged the reputations of both the Subnautica and Unknown Worlds brands," the company said in a statement. It added that the decisions were "made to ensure Subnautica 2 is the best possible game and lives up to fan expectations. The statement came amid an ongoing high-profile legal dispute with the former leadership of Unknown Worlds. Krafton acquired Unknown Worlds in October 2021 in a deal aimed at diversifying its portfolio beyond its flagship PUBG shooter franchise. At the time, the company highlighted the studio's strong intellectual properties and reputation

Jul 19, 2025By Yonhap

Krafton says Subnautica 2 delay aimed at protecting fans, franchise reputation

MBK, Young Poong secure key witness testimony in US over Korea Zinc's Igneo acquisition

Private equity firm MBK Partners and Young Poong stepped up their pressure on Korea Zinc Chairman Choi Yun-beom by obtaining testimony from key executives based in the United States regarding the controversial high-priced acquisition of Igneo Holdings, the two companies said Friday. The MBK-Young Poong alliance, the largest shareholder of the world's largest zinc smelter, is currently locked in a fierce battle with Choi over management control. The alliance said that a district court in New York approved Young Poong's request on Wednesday (local time) for depositions from executives at Korea Zinc's U.S. subsidiary, PedalPoint Holdings. The ruling allows the alliance to obtain testimony from key figures involved in the controversial deal, including PedalPoint CFO, surnamed Ham, and a senior manager, surnamed Ha. MBK has claimed that Choi inflicted substantial financial harm on Korea Zinc by orchestrating the acquisition of Igneo, a financially insolvent waste management company based in the United States, at an inflated price of 580 billion won ($416 million) in 2022. When launching a tend

Jul 18, 2025By Jun Ji-hye

MBK, Young Poong secure key witness testimony in US over Korea Zinc's Igneo acquisition

Scandal linked to ex-first lady expands to financial, corporate figures

Scandals linked to former first lady Kim Keon Hee are spreading through financial and business circles, as the special counsel team accelerates its investigation into suspicious investments tied to her confidant, industry officials said Friday. The focus of the investigation is to uncover the circumstances surrounding the 2023 investment in IMS Mobility — a rental car company founded by Kim Ye-seong. He reportedly maintained a close relationship with the former presidential couple and was referred to as the first lady's "butler." The special counsel is examining whether certain firms provided 18.4 billion won ($13.2 million) in funding to IMS Mobility in an effort to manage ongoing criminal cases or mitigate risks associated with their owners. The latest round of questioning took place on Thursday. The team, led by prosecutor Min Joong-ki, summoned former Korea Securities Finance Corp. Chairman Yoon Chang-ho and former Daou Kiwoom Group Chairman Kim Ik-rae. Both were questioned as reference witnesses. Korea Securities Finance Corp. and Kiwoom Securities invested 5 billion won and 1 bil

Jul 18, 2025By Lee Yeon-woo

Scandal linked to ex-first lady expands to financial, corporate figures

Samsung Bioepis transfers eye care biosimilar sales rights to US firm

Samsung Bioepis has transferred the commercial responsibility of its two ophthalmic biosimilars in the United States to a local pharmaceutical firm, the biotech firm said Friday. Samsung Bioepis entered into a license, development and commercialization agreement (DCA) with Harrow, a U.S. eye care drug specialist, transferring the commercialization rights of the former’s ophthalmology biosimilar drugs Byooviz and Opuviz in the U.S. Currently, the U.S. commercial rights for the two drugs are held by Biogen, a former stakeholder of Samsung Bioepis. Harrow’s commercial license will become effective upon completion of the transition of commercial rights from Biogen back to Samsung Bioepis, which is expected to be completed by the end of 2025. In October 2024, Biogen notified Samsung Bioepis of its decision to terminate the 2019 DCA on the two drugs within the U.S. and Canada. Biogen held 50 percent less one share of Samsung Bioepis, but ended the shareholding relationship in 2022 by selling its stake to Samsung Biologics. Byooviz was approved by the U.S. Food and Drug Administration (FDA)

Jul 18, 2025By Nam Hyun-woo

Samsung Bioepis transfers eye care biosimilar sales rights to US firm

Chug it with kick: Oriental Brewery appeals with stronger alcohol, extra coldness

Oriental Brewery (OB) is fueling the country’s beer market with its latest products that offer stronger alcohol content and extra cooling sensation, driving a new consumer trend amid ongoing summer heat. For over a decade, the company, which has dominated the Korean market with its Cass brand, has focused on releasing drinks with low alcohol concentrations. It is now attempting to reverse that trend, targeting consumers who prefer stronger alcoholic beverages, drink less in quantity and spend less overall. The company earlier this month launched Cass Fresh ICE in a limited quantity for the summer season, claiming the new beverage has a cooling sensation no other OB products have. Last month, the company also released Cass Lemon Squeeze 7.0, with an alcohol by volume (ABV) of 7 percent, up from its usual 4.5 percent. Their pop-up store for Lemon Squeeze 7.0 in Seoul’s trendy Seongsu-dong area drew over 12,000 visitors in 10 days. OB said this product was a measure to target consumers with diversified tastes in alcoholic beverages. The product’s recipe included not just the alcohol b

Jul 18, 2025By Ko Dong-hwan

Chug it with kick: Oriental Brewery appeals with stronger alcohol, extra coldness

Hanwha mulls selling burger chain Five Guys

Hanwha Group is considering selling the operation of burger chain Five Guys in Korea, just two years after launching the brand amid much hype. Hanwha Galleria, a food and shopping mall company, said in a regulatory filing Thursday that it is currently "looking into various options with the U.S. headquarters to enhance the brand competitiveness of Five Guys in Korea." Regarding a news report alleging the exit, the company said it has not reached a decision, adding that it will announce its decision through regulatory filings. Five Guys is operated by FG Korea, a wholly owned subsidiary of Hanwha Galleria. According to industry officials, FG Korea recently appointed a lead manager and distributed teaser letters to several private equity firms inviting their investment. FG Korea last year posted 46.5 billion won ($33.4 million) in sales, up 10 billion won from a year earlier, and an operating profit of 3.4 billion won. Despite the profit, Hanwha Galleria apparently decided to put the brand up for sale because of its unpromising profitability. Industry officials assume that fixed costs includ

Jul 17, 2025By Ko Dong-hwan

Hanwha mulls selling burger chain Five Guys

Lotte Chairman calls for restoring core competitiveness at executives' meeting

Lotte Group Chairman Shin Dong-bin emphasized the need to restore the fundamental competitiveness of the group’s key businesses to overcome the current struggling business environment during a gathering of the group's top executives, the conglomerate said Thursday. The group held the biannual event, called the Value Creation Meeting, on Wednesday and Thursday at the group’s employee training center in Osan, Gyeonggi Province. The latest edition gained extra attention, as the group held the event behind closed doors unlike previous gatherings. During the gathering, Shin assessed the group’s performance in the first half of the year, stressing that regaining core businesses’ fundamental strengths needs to come first in order to improve key performance indicators group-wide. "A critical mistake in managing a corporation is to ignore problems you are aware of or to fail to recognize them as problems,” the chairman said during the event, calling on all its CEOs to approach their roles with a sense of heavy responsibility. "CEOs should anticipate changes in the business environment f

Jul 17, 2025By Lee Gyu-lee

Lotte Chairman calls for restoring core competitiveness at executives' meeting

Korean carmakers grow reliant on Chinese batteries

Concerns are growing over the possibility of Korean battery makers losing ground in the domestic electric vehicle (EV) market, as Hyundai Motor Group's two car manufacturing units have increased their reliance on Chinese batteries. According to industry officials on Thursday, Kia is preparing to launch the EV5 in Korea using CATL’s nickel-cobalt-manganese (NCM) batteries. Beginning the production of the midsize SUV at the Gwangju plant in the second half of the year, the sister carmaker of Hyundai Motor plans to roll out the all-electric car in Korea by the end of this year. When Kia released the EV5 in China last year, the company chose BYD’s lithium iron phosphate (LFP) batteries, which are less expensive and have higher thermal stability than ternary batteries. However, for sales in Korea, the automaker has reportedly decided to use CATL’s ternary batteries, which offer higher energy density and performance. Kia has already used CATL’s NCM batteries in the Niro EV and PV5, while its Ray EV runs on the Chinese firm’s LFP batteries. Hyundai Motor has also used CATL’s NCM bat

Jul 17, 2025By Park Jae-hyuk

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