Business - The Korea Times

KEZAD Group emerges as key gateway for Korean businesses expanding globally

Khalifa Economic Zones Abu Dhabi, or KEZAD Group, is fast becoming a key hub for Korean businesses seeking to expand into the Middle East, Africa and South Asia. As the United Arab Emirates’ largest operator of integrated economic zones, KEZAD offers a fully developed, investor-ready platform tailored for companies navigating today’s shifting global trade landscape. The deepening economic relationship between Korea and the UAE underpins this growing partnership. In 2023, bilateral trade between the two nations reached nearly $21 billion, making the UAE Korea’s second-largest trading partner in the Arab world. With the Comprehensive Economic Partnership Agreement (CEPA) now in effect and a UAE sovereign pledge to invest $30 billion in Korea’s strategic sectors, ties between the two countries are entering a new phase of cooperation. KEZAD plays a central role in this development. Spanning 550 square kilometers across 12 economic zones, KEZAD accounts for more than half of the UAE’s industrial land. Its strategic location near Khalifa Port — one of the region’s most advanced

Jul 7, 2025By Kim Hyun-bin

KEZAD Group emerges as key gateway for Korean businesses expanding globally

LG Energy Solution posts Q2 profit without US tax credits

LG Energy Solution is expected to post an operating profit in the second quarter without relying on U.S. tax benefits, driven by strong battery sales in the United States, the nation’s leading battery maker said Monday. Operating profit likely surged to 492.2 billion won ($361.2 million) from April to June, up 195.3 billion won from a year earlier, despite a 9.7 percent drop in revenue to 5.56 trillion won from 6.16 trillion won amid an overall slowdown in electric vehicle (EV) sales. The turnaround is especially notable as the projected profit excludes tax credits from the U.S. Inflation Reduction Act. The company has benefited from the law’s Advanced Manufacturing Production Credit (AMPC). Tax benefits received under the AMPC amounted to 490.8 billion won in the second quarter. Excluding the AMPC credits, the company’s operating profit stood at 1.4 billion won — the first time it has posted a profit without the subsidies since the fourth quarter of 2023, when it logged 88.1 billion won. “Increased shipments of battery products for our customers, including Hyundai Motor, Kia a

Jul 7, 2025By Park Jae-hyuk

LG Energy Solution posts Q2 profit without US tax credits

EVs poised to go mainstream in Korea

Electric vehicles (EVs) are on track to become part of the mainstream in Korea’s imported car market, as they rapidly widen an unexpected sales gap, surpassing those of petrol cars. The trend is picking up steam as Korean customers jump into the global auto paradigm shift driven by electrification. For now, hybrids stand at the top as the most sought-after powertrain here as cars powered by gasoline engines are losing their glory amid the rise of eco-friendly mobility. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), EVs accounted for 23.5 percent among the nation’s newly registered imported cars in the first half of this year, outnumbering gasoline cars for the first time ever. The share for petrol cars was 14.6 percent during the same period. This is an unexpected twist, as gasoline cars were considered mainstream just two years earlier. They accounted for almost half of all imported car sales in the first half of 2023, while EVs amounted to only 7.7 percent. The rapid rise of EVs was primarily driven by Tesla. The EV maker has sold some 19,

Jul 7, 2025By Lee Min-hyung

Samsung Heavy wins $637 mil. offshore facility deal in Africa

Samsung Heavy Industries, a major Korean shipbuilder, said Monday it has secured a deal worth 869.4 billion won ($637 million) to build an offshore production facility in Africa. Samsung Heavy signed an initial contract with a European shipping company operating in Africa to construct a floating liquefied natural gas (LNG) production facility in Mozambique, the company said in a press release. The final agreement will be signed at a later date, a company spokesperson said. "Countries have shown increased interest in energy security following the Russia-Ukraine war, and investments in offshore energy production facilities are expected to grow amid U.S. President Donald Trump's shifting energy policies," the company said. Samsung Heavy aims to win one to two offshore energy production facility orders annually in global markets. So far this year, the company has secured $3.3 billion worth of orders, achieving 34 percent of its annual target of $9.8 billion. Last year, it obtained $7.3 billion in orders. The shipbuilder's order backlog stood at $26.5 billion as of the end of June, enough to ke

Jul 7, 2025By Yonhap

Samsung Heavy wins $637 mil. offshore facility deal in Africa

Hyundai, Kia face pressure to hike prices amid US tariff impact

Amid widespread forecasts of double-digit declines in second-quarter operating profit, speculation is growing that Hyundai Motor and Kia may need to consider raising their prices in the United States to offset potential earnings losses caused by the country’s 25 percent auto tariff. Supporting this speculation is the likelihood of an even larger profit decline in the following quarter, driven by shrinking U.S. inventory that has stopped them from raising prices so far. Korean auto exports to the U.S. have been subject to a 25 percent tariff since early April, with Seoul currently in talks with Washington seeking an exemption or a reduction in the rate. According to data from market tracker FnGuide, Hyundai Motor is estimated to have chalked up an operating profit of 3.63 trillion won ($2.66 billion) between April and June, down 15.1 percent from a year earlier. Kia operating profit is also forecast to have dropped by 13.7 percent to 3.14 trillion won during the same period. In response to the auto tariff, both firms have resorted to sales of vehicles already stocked in the U.S. to main

Jul 6, 2025By Lee Min-hyung

Hyundai, Kia face pressure to hike prices amid US tariff impact

Fried chicken price war heats up among discount retailers

The country’s largest superstore chains are locking horns over discounted fried chicken, slashing prices to 5,000 won ($3.66) or less — a price unseen in decades. The promotion, a runaway hit for Emart, Homeplus and Lotte Mart, reflects a broader trend in Korea’s retail food market, where persistent price hikes over the past year have driven consumers to seek more affordable options. Fried chicken, a popular item for dine-in, takeout and delivery, has been no exception to inflation. By offering the discount, companies are striving to attract customers who have increasingly been spending less amid rising living costs. Lotte Mart, a discount chain brand of Lotte Group’s retail subsidiary Lotte Shopping, launched a weeklong discount starting June 26, selling a bucket of fried chicken for 5,000 won. Lotte Mart sold approximately 100,000 fried chickens during the event at their 110 stores nationwide, seeing long queues of visitors. Emart, the retail arm of Shinsegae Group and the largest among the three major chains with more than 150 stores, offered fried chicken for 3,480 won ($2.5

Jul 6, 2025By Ko Dong-hwan

Fried chicken price war heats up among discount retailers

LG Electronics to work with Saudi Arabia to develop HVAC solutions for high-temperature regions

LG Electronics, Korea's leading home appliance maker, said Sunday it will join hands with Saudi Arabia to develop heating, ventilation and air conditioning (HVAC) solutions for regions prone to extreme heat. LG Electronics has decided to conduct a joint research project on developing HVAC technologies that deliver high-efficiency and high-performance even under extremely high temperatures with Saudi's major home appliances company Shaker Group and researchers from King Saud University in Riyadh and Pusan National University in Korea's southeastern city of Busan, according to company officials. Under the joint project, LG Electronics will provide system air conditioners for commercial use and households in the Middle Eastern country, which will be installed and operated by Shaker Group. In detail, the Korean company plans to test its engine powered by artificial intelligence (AI), which can increase energy efficiency by automatically controlling air conditioning in line with the temperature. "This collaboration will serve as an opportunity for us to further strengthen our capabilities in

Jul 6, 2025By Yonhap

LG Electronics to work with Saudi Arabia to develop HVAC solutions for high-temperature regions

HD Hyundai joins hands with India's largest shipyard

HD Hyundai announced Sunday that HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing the group’s shipbuilding operations, has recently signed a memorandum of understanding with Cochin Shipyard, India’s largest state-owned shipbuilder, to pursue long-term cooperation. Located in Kerala in southern India, Cochin Shipyard boasts extensive capabilities in the design, construction and repair of vessels ranging from commercial ships to aircraft carriers. Over the past five years, it has delivered 70 vessels, including 60 small commercial ships and 10 naval vessels. According to HD Hyundai, the agreement with Cochin Shipyard aims to foster strategic cooperation in several areas, including design and procurement support, technical collaboration to boost productivity and ensure global quality standards, and workforce development through enhanced training systems. The two companies have also agreed to jointly seek new shipbuilding orders in both Indian and international markets. Their partnership aligns with India’s maritime development strategies, such

Jul 6, 2025By Park Jae-hyuk

HD Hyundai joins hands with India's largest shipyard

Louis Vuitton Korea says systems breach led to customer data leak

SEOUL ― A systems breach at Louis Vuitton Korea in June led to the leak of some of customer data including contact information, but did not involve customers' financial information, the luxury brand's South Korea unit said on Friday. "We regret to inform that an unauthorized third party temporarily accessed our system resulting in the leak of some customer information," the unit said in a statement. The company became aware of the breach on Wednesday and had notified government authorities, the statement said. Measures had been taken to contain the breach and to boost system security, it added. The South Korean units of two other labels, Christian Dior Couture and Tiffany, under the world's largest luxury group, have been under government investigations since May for customer data leaks they reported earlier in the year, according to the country's Personal Information Protection Commission.

Jul 4, 2025By Reuters

Louis Vuitton Korea says systems breach led to customer data leak

SK Telecom cuts 2025 sales target over data breach costs

SK Telecom, Korea's largest wireless carrier, said Friday it has lowered its 2025 sales target to 17 trillion won ($12.5 billion) from the previously announced 17.8 trillion won, reflecting customer compensation plans following a data breach earlier this year. The company also revised its operating profit outlook to a year-on-year decline from an earlier growth forecast, it said in a regulatory filing. The adjustments reflect planned customer compensation packages worth 500 billion won in connection with the April breach that affected all 25 million users. "The target figures may change depending on future business performance and management conditions," the company said.

Jul 4, 2025By Yonhap

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