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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.

Corporate credit rating downgrades show struggling Korea Inc.

Korean companies are experiencing a broad-based decline in credit ratings, with more downgrades than upgrades recorded in the first half of this year, according to credit rating agencies and market analysts Tuesday. They said this downward trend is likely to continue in the second half, as the domestic economy remains sluggish. With widening performance gaps between sectors, credit downgrades are expected to persist, particularly in industries facing structural headwinds, such as petrochemicals, construction and secondary batteries. Data compiled by Korea's three major credit rating agencies — Korea Ratings, Korea Investors Service (KIS) and NICE Investors Service — revealed that the credit rating upgrade-to-downgrade ratio stood at 0.79 in the first half of the year, indicating that downgrades outpaced upgrades. This marks the third consecutive year the ratio has remained below 1. International credit rating agency S&P Global Ratings also noted in its recent report that the credit outlook for major Korean companies has worsened compared to the previous year. As of June last year, am

Jul 8, 2025By Jun Ji-hye
Corporate credit rating downgrades show struggling Korea Inc.

Conglomerates concerned over additional earnings fall amid US tariffs

Korea’s major tech-focused conglomerates are bracing for steep earnings declines in the latter half of this year, as trade uncertainties show no clear signs of abating amid stalled tariff talks between Seoul and Washington, officials from companies and business lobbies here said Tuesday. On Monday (local time), U.S. President Donald Trump warned more than a dozen countries, including Korea, that they will face steep tariffs on their exports starting Aug. 1 unless they reach new trade agreements by then. The export-reliant structure of the Korean economy makes it more vulnerable to the massive tariff imposition from the United States. Key export players, such as Samsung and LG, are already jolted by sequential earnings shocks in the second quarter following Trump’s tariff measures. In recent months, Korea and the U.S. have engaged in a series of high-profile trade negotiations. Korea initially sought to secure the so-called “July 8 package deal” to abolish item-specific tariffs, particularly on automobiles and steel — two of the nation’s core export growth engines. However, wi

Jul 8, 2025By Lee Min-hyung
Conglomerates concerned over additional earnings fall amid US tariffs

PHOTO Dongwon exec meets Senegalese president

Dongwon Industries Vice Chairman Lee Myung-woo, left, poses with Senegalese President Bassirou Diomaye Faye after signing a memorandum of understanding for the African country’s economic cooperation with the holding company of Dongwon Group at the president's office in Dakar, Monday (local time). Dongwon Group, a leading canned tuna producer in Korea, is supplied by S.C.A SA and Capsen — two Senegalese companies it acquired in 2011. Dongwon’s latest meeting with the Senegalese president followed his recognition of the group’s investments and employee-friendly policies at its subsidiaries in Senegal. Courtesy of Dongwon Group

Jul 8, 2025By Ko Dong-hwanphoto
[PHOTO] Dongwon exec meets Senegalese president

HD KSOE wins $610.6 mil. container ship order from Oceania

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) said Tuesday it has secured a 834.8 billion-won ($610.6 million) contract to supply four container ships to a shipping company based in Oceania. Under the deal, HD Hyundai Heavy Industries and HD Hyundai Samho Heavy Industries will each construct two vessels, with deliveries scheduled to be carried out in phases through 2028. With the latest order, HD KSOE has secured contracts for a total of 80 vessels worth $11.11 billion so far this year, achieving 61.5 percent of its annual order target of $18.05 billion. HD KSOE, a subholding company of shipbuilding-to-machinery conglomerate HD Hyundai, has three affiliates — HD Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard.

Jul 8, 2025By Yonhap
HD KSOE wins $610.6 mil. container ship order from Oceania

Convenience store chain CU expands logistics center in Mongolia

CU, a Korean convenience store chain operated by BGF Retail, said Tuesday it has expanded its logistics center in Mongolia as part of its ongoing business expansion in the East Asian country. The logistics center, located two hours away from the Mongolian capital Ulaanbaatar, has been enlarged by 3,300 square meters to a total of 8,300 square meters, equipped with a new digital picking system (DPS). With the expansion, CU Mongolia has secured the logistics capacity to process deliveries for up to 700 stores. In addition, CU plans to expand its instant food production facility built in Mongolia last year. CU entered the Mongolian market in 2018 and now leads the local convenience store sector, operating 490 stores across the country. "CU will continue to establish a professional management system and modern business infrastructure in Mongolia to drive further growth," said Kim Tae-han, head of the overseas business team at BGF Retail.

Jul 8, 2025By Yonhap
Convenience store chain CU expands logistics center in Mongolia

HD Hyundai Infracore wins $67.6 mil. deal to supply K2 engines to arms agency

HD Hyundai Infracore said Tuesday it has won a 92.3 billion-won ($67.6 million) contract from the state-run Defense Acquisition Program Administration (DAPA) to supply engines for Korea's K2 battle tanks. Under the agreement, HD Hyundai Infracore will deliver the 1,500-horsepower K2 tank engines in phases through 2028. According to the company, the engine model matches the output of those used in main tanks operated by top global militaries, enabling the 56-ton K2 tank to reach a maximum speed of 70 kilometers per hour. The model uses an advanced turbocharging system for improved power and combustion efficiency, and is designed to reduce vibration and ensure even power distribution. HD Hyundai Infracore succeeded in localizing production of the K2 tank engine in 2014 and has been DAPA's sole supplier of engines for the tank model since 2019. DAPA announced last week that it had secured the second sales agreement of K2 tanks with Poland. The deal is estimated to be worth around 8.8 trillion won. "The contract demonstrates HD Hyundai's defense technology capabilities and reliability," said K

Jul 8, 2025By Yonhap
HD Hyundai Infracore wins $67.6 mil. deal to supply K2 engines to arms agency

CJ Logistics boosts Crocs warehouse in Shanghai with robotic automation

Major logistics company CJ Logistics has deployed its latest robotic automation system at a global fashion brand’s warehouse in China, reinforcing its competitiveness across the industry. The logistics arm of CJ Group said on Tuesday it has implemented its Mini AGV Assorting System (MAAS) at the Crocs Center in Shanghai. The system uses automated guided vehicles that pick and carry stocked items to the packaging section for each shipment order. Human involvement is limited to packaging the items and preparing them for delivery. The company first introduced the system in February last year at another warehouse for Crocs, an American shoe company, in Icheon, Gyeonggi Province. The company said MAAS greatly increases operational efficiency within the warehouse. Before its introduction, the tasks handled by the system — picking and sorting items — were performed manually by workers. According to CJ Logistics, the system has not only accelerated the process but also reduced errors. The Crocs Center in Shanghai handles not only shoes but also Jibbitz Charms, a brand of accessories specif

Jul 8, 2025By Ko Dong-hwan
CJ Logistics boosts Crocs warehouse in Shanghai with robotic automation

PHOTO Kia’s EV5 electric SUV

The exterior of Kia’s fifth electric vehicle (EV) – the EV5 – is shown in a promotional image. The carmaker unveiled the design of the mid-size SUV, which is set to go on sale in Korea in the second half of this year, on Tuesday. Kia highlighted the vehicle’s boxy and dynamic silhouette. Courtesy of Kia

Jul 8, 2025By Lee Min-hyung
[PHOTO] Kia’s EV5 electric SUV

InterviewKorea should adopt balanced approach for senior reemployment: Robert Walters

Korea should introduce a more balanced approach to senior reemployment, as their insight and experience can be of significant help in educating a younger workforce and boosting the economy, said Choi Jun-won, country manager of Robert Walters Korea. The view is a commentary on the nation’s weak social perception of elderly workers. Starting this year, Korea entered the early phase of a super-aged society where more than 20 percent of its population is aged over 65, according to data from Statistics Korea. However, the country still sets the legal retirement age at 60, making it difficult for the aged workforce to extend their career beyond that age. Choi, who leads the local subsidiary of the British recruitment firm, underscored the need to change the perception of senior workers for the health of Korean society and companies. “We need to build an institutional framework in a way to benefit both aged and young workers for the sustainable growth of the nation’s labor market,” Choi said during a recent interview with The Korea Times. For instance, senior officials, working as part-

Jul 8, 2025By Lee Min-hyung
Korea should adopt balanced approach for senior reemployment: Robert Walters

Epic Games drops app store-related antitrust lawsuit against Samsung

The head of U.S. gaming giant Epic Games said Tuesday the company has dropped an antitrust lawsuit against Samsung Electronics involving the blocking of software originating from sources outside of app stores of Google and Samsung on the South Korean tech company's mobile devices. "We're dismissing our court case against Samsung following the parties' discussions. We are grateful that Samsung will address Epic's concerns," Tim Sweeney, chief executive officer (CEO) and founder of Epic Games, said on X, formerly known as Twitter. Epic Games, best known for popular online shooter Fortnite, had filed the lawsuit last year in the U.S. over a feature on Samsung devices that automatically blocks the installation of apps from sources outside the Google Play Store and Samsung's own Galaxy Store. Epic had argued that this mechanism constituted an unfair barrier to competition. Epic users had to download the company's apps from its official website after manually disabling the feature. With the case against Samsung now dropped, Epic is expected to continue its legal dispute against Google alone. T

Jul 8, 2025By Yonhap
Epic Games drops app store-related antitrust lawsuit against Samsung
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