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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.

HD Korea Shipbuilding wins $1.03 bil. order for 4 LNG carriers

HD Korea Shipbuilding & Offshore Engineering said Tuesday it has secured a 1.4 trillion-won ($1.03 billion) order to build four liquefied natural gas container ships for a shipper based in Oceania. The vessels will be constructed at the shipyard of HD Hyundai Samho Heavy Industries, one of its shipbuilding units, with delivery scheduled for the second half of 2028, the company said in a filing. With the latest contract, HD Korea Shipbuilding has secured orders for a total of 76 vessels worth $10.5 billion so far this year, achieving 58.2 percent of its annual order target of $18.05 billion. HD Korea Shipbuilding is a subholding company under HD Hyundai, formerly known as Hyundai Heavy Industries Holdings. It has three affiliates, including HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard.

Jun 27, 2025By Yonhap
HD Korea Shipbuilding wins $1.03 bil. order for 4 LNG carriers

TEST DRIVE Renault Korea’s Scenic E-Tech to take on IONIQ 5, EV3

YANGPYEONG, Gyeonggi Province — Renault Korea’s first all-electric vehicle, the Scenic E-Tech, is moving to take on the nation’s two most sought-after electric vehicles (EVs), Hyundai Motor’s IONIQ 5 and Kia’s EV3. The Scenic compact electric SUV will be available for sale here in August, deepening the rivalry among price-competitive rivals. The vehicle carries strategic significance to Renault Korea for its smooth transition to the upcoming era of EVs. For now, the carmaker relies heavily on the Grand Koleos SUV, which accounts for more than 80 percent of Renault Korea’s total auto sales. All eyes were on the pricing of the Scenic, as few overseas carmakers have been able to challenge the rival models from the Korean firms due to their strong price competitiveness. Renault Korea unveiled Wednesday that the price for the Scenic E-Tech will start from 46 million won ($33,700) after subsidies in Seoul. As expected, the figure was higher than that of the IONIQ 5 and EV3. Customers can purchase the EV3 at prices between 30 million won and 40 million won here, and the IONIQ 5 is pr

Jun 27, 2025By Lee Min-hyung
[TEST DRIVE] Renault Korea’s Scenic E-Tech to take on IONIQ 5, EV3

K-cosmetics industry sees rising closures amid global success

Despite the global popularity of Korean beauty products, many cosmetic firms in Korea are, by contrast, going out of business, mainly due to a lack of sustained market competitiveness, which requires technological breakthroughs and stable revenue. According to the Ministry of Food and Drug Safety, 8,831 registered beauty product sellers closed their businesses last year — the highest number recorded in the past six years. In 2019, only 707 closed, but the figure has steadily increased since, surpassing 1,000 in 2021 and jumping to 3,258 in 2023. In the past six years, the largest number of shutdowns occurred between 2023 and 2024. This period coincides with the time when Korean beauty products began gaining global buzz for their quality and affordability. Last year, the number of registered beauty businesses nearly doubled from 15,700 in 2019 to 27,900. Experts note that, compared to other industries, cosmetics require relatively low manufacturing costs, making it easier for new businesses to enter the market with modest capital. On average, the cost breakdown per product includes 10

Jun 27, 2025By Ko Dong-hwan
K-cosmetics industry sees rising closures amid global success

Ki One’s Korean whiskies gain global traction

Whisky distiller Ki One is enhancing the global reputation of Korean whiskies by winning a series of honors at prestigious international spirits competitions. While Korean whiskies have rarely gained significant recognition either abroad or domestically, the Namyangju-based company is shifting the narrative. Korean American Bryan Do, who founded the company in 2018 and built its distillery in 2020, said people in Korea can now enjoy world-class single malt whiskies without relying on imports. Since releasing its first whisky in 2022 following a maturation period, the company has won 47 awards at major international competitions, including the industry's "Big 3" — the San Francisco World Spirits Competition (SFWSC), the International Wine & Spirit Competition (IWSC) and the International Spirits Challenge (ISC). Ki One’s latest achievements came after the IWSC announced its results earlier this month. Unicorn, one of the company’s three signature whiskies, received a prestigious Gold Outstanding award. The other two flagship offerings, Tiger and Eagle, earned Silver and Bronze, res

Jun 27, 2025By Ko Dong-hwan
Ki One’s Korean whiskies gain global traction

LG exploring business opportunities in space industry: KASA

Korea's LG Group is considering entering the space industry and exploring potential business opportunities in the field, the Korea Aerospace Administration (KASA) said Friday after holding talks with the conglomerate. KASA Administrator Yoon Young-bin met with LG officials at the group's research and development (R&D) complex in Seoul earlier in the day to discuss strategies for expanding the private sector's role in Korea's aerospace industry. At the meeting, LG outlined its ongoing review of space-related technologies and shared updates on its support for domestic space startups, according to KASA. The group presented a case study involving a successful lunar rover mobility test conducted in partnership with local startup Unmanned Exploration Laboratory, and unveiled a long-term goal of enabling lunar landing by 2032. LG Energy Solution, the group's battery manufacturing unit, was previously selected by the U.S. National Aeronautics and Space Administration (NASA) in 2016 to supply lithium-ion batteries for astronaut spacesuits used in deep space exploration. "LG is currently in the ear

Jun 27, 2025By Yonhap
LG exploring business opportunities in space industry: KASA

Hyundai Motor Group named among Time's 100 most influential companies of 2025

Korea's Hyundai Motor Group has been named one of Time magazine's 100 most influential companies of 2025. It was listed in the Leaders category for the Time 100 Companies list released Thursday (U.S. time), which also included Duolingo, LinkedIn, Penguins Random House, Prada Group and Anthropic. Hyundai is the only Korean company included in this year's list, and it marks the group's first appearance on the ranking since its affiliate Kia made the list in 2023. To select 100 companies with the criteria of impact, innovation, ambition and success, editors of the U.S. magazine request suggestions and applications from across sectors, survey its contributors and correspondents around the world and seek advice from outside experts. Calling the company an "automotive dark horse," Time highlighted Hyundai's rapid growth fueled by aggressive investment in eco-friendly vehicles and timely response to consumer preferences. "Hyundai continues to prove that its rise to the top ranks of global automakers — it was the third-largest automaker in 2024 — was no fluke," the magazine wrote. "Once saddl

Jun 27, 2025By Yonhap
Hyundai Motor Group named among Time's 100 most influential companies of 2025

Are Korea's shipbuilders nearing peak-out?

Korea's shipbuilding industry, which has enjoyed a strong stock market rally amid a rare supercycle, now faces growing concerns among investors about an imminent peak-out — a slowdown after reaching its peak value, according to securities analysts, Thursday. However, despite falling global ship orders and U.S. President Donald Trump's aggressive tariff policies, the industry's upward momentum is expected to continue for the time being, they said, citing solid fundamentals and resilient market indicators. Samsung Securities analyst Han Young-soo said that, while concerns persist over valuation pressures and a possible peak-out, the shipbuilding industry remains in a robust growth phase. "With the overall machinery sector on the rise this year, there is no reason for shipbuilding stocks to be undervalued compared to their peers," Han said. Han pointed out that HD Hyundai Heavy Industries warrants a valuation premium, especially given the upward momentum in machinery sector valuations. He also highlighted the shipbuilder's potential benefits from expanding into the overseas maritime defens

Jun 27, 2025By Jun Ji-hye
Are Korea's shipbuilders nearing peak-out?

Russia says against Iran suspending IAEA cooperation

Russian Foreign Minister Sergei Lavrov on Thursday spoke out against Moscow's key ally Iran suspending cooperation with the International Atomic Energy Agency (IAEA), after Iranian lawmakers voted in favour of halting work with the UN nuclear agency. "We are interested in continuing cooperation between Iran and the IAEA, so that everybody respects Iran's repeated statements that Iran does not have and will not have plans to develop a nuclear weapon," Lavrov said at a press conference in Moscow.

Jun 26, 2025By AFP
Russia says against Iran suspending IAEA cooperation

Korea's top court to deliver final verdict on Samsung chairman on July 17

The Supreme Court is set to deliver the final verdict on Samsung Electronics Chairman Lee Jae-yong next month, as he was acquitted in both the first and second trials on charges related to a 2015 merger case, sources said Thursday. The ruling, scheduled for July 17, comes four years and 10 months after Lee was first brought to trial and about five months after the appellate court upheld his acquittal. Lee was indicted in September 2020 on charges of unfair trading, stock price manipulation and accounting fraud during the 2015 merger of two Samsung affiliates, Cheil Industries and Samsung C&T. In February 2024, a lower court found him not guilty on all 19 charges, and the appellate court affirmed the ruling earlier this year. Prosecutors appealed to the Supreme Court, arguing that the merger and other alleged irregularities were intended to help Lee solidify control of Korea's largest conglomerate at minimal cost.

Jun 26, 2025By Yonhap
Korea's top court to deliver final verdict on Samsung chairman on July 17

Hanwha Aerospace inks $459.3 mil. deal to supply engines for KF-21 fighter jets

Hanwha Aerospace said Thursday it has signed a 623.2 billion-won ($459.3 million) follow-up contract with the state defense procurement agency to supply engines for Korea's next-generation KF-21 fighter jets. The agreement with the Defense Acquisition Program Administration (DAPA) builds on a previous engine supply deal worth 556.2 billion won signed a year ago, bringing the total contract value to 1.18 trillion won. With the latest contract, Hanwha Aerospace will deliver 80 units of F414 engines for the first mass-produced batch of KF-21 jets by December 2028. The deal also includes logistics support, such as maintenance parts, technical manuals and on-site technical assistance. Hanwha Aerospace has long been involved in the Korean military's aviation projects, having produced more than 10,000 engines for Korea's fighter jets, including the KF-5, KF-16 and F-15K, since 1979. To bolster its high-tech engine business, the company has invested 40 billion won to build a smart factory dedicated to jet engine production. "With our advanced aviation engine technology, we will ensure timely deli

Jun 26, 2025By Yonhap
Hanwha Aerospace inks $459.3 mil. deal to supply engines for KF-21 fighter jets
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