Business - The Korea Times

S-Oil, HD Hyundai, HMM gain on energy supply fears after US strikes on Iran

Stocks related to refining and natural gas, such as S-Oil and HD Hyundai, are expected to benefit from growing concerns over energy supply following U.S. airstrikes on Iran, securities analysts said Monday. They noted that Korean refiners may see higher margins and inventory valuation gains. In addition, some speculate that if Iran decides to block the Strait of Hormuz, a surge in maritime freight rates could also create favorable conditions for shipping companies such as HMM. In response to the U.S. strikes on Iran's nuclear facilities on Saturday (local time), Iran is moving to shut down the Strait of Hormuz, one of the world's most critical oil transit chokepoints. A closure of the strait would cause major disruptions in the energy market, dealing a direct blow to Asian nations and also leading to significant economic consequences for the U.S. and other countries. According to iM Securities, about 20 percent of the world's oil supply was shipped through the Strait of Hormuz last year. In the case of liquid natural gas (LNG), the strait also handled around 80 million tons, accounting fo

Jun 23, 2025By Jun Ji-hye

S-Oil, HD Hyundai, HMM gain on energy supply fears after US strikes on Iran

KEF chief wins Henry G. Bennett award for globalization of Korean brands

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik has been named a recipient of the Henry G. Bennett Global Fellow Award, the KEF said Monday. The award, launched in 2001, honors individuals who exhibit outstanding leadership in tackling complex global challenges and promoting international engagement, particularly those with connections to Oklahoma State University or the state of Oklahoma. The award ceremony was held Saturday in Seoul. Sohn, an alumnus of Oklahoma State University, has become the second Korean to receive the award, following former Prime Minister Nam Duck-woo. "This recognition is not only a personal milestone but also a moment of pride for CJ Group and the Republic of Korea," Sohn said during his acceptance speech. "As the second Korean recipient of this honor ... and as someone joining the ranks of global leaders such as former British Prime Minister Tony Blair, I am deeply humbled and inspired." Past recipients of the award also include former U.S. Secretary of State Condoloeezza Rice and Forbes Media Chair and Editor-in-Chief Steve Forbes. Sohn also noted hi

Jun 23, 2025By Ko Dong-hwan

KEF chief wins Henry G. Bennett award for globalization of Korean brands

Volvo XC40 gains prominence in import compact SUV market

The Volvo XC40 is gaining prominence in Korea’s import SUV market, leading the highly competitive compact SUV segment in sales for the first five months of the year. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), Volvo Car Korea sold 1,105 XC40 models from January to May, outpacing the BMW X1's 1,063 sold and the MINI Countryman's 716 sold during the same period. The XC40 has ranked as the top-selling premium compact SUV in the European market for four consecutive years since 2020. In Korea, it currently leads sales in the imported compact SUV category, ahead of other competitive models such as the BMW X1, MINI Countryman and Audi Q3. Volvo Car Korea is maintaining this momentum through a limited-edition sales strategy. On June 17, the company sold all 100 units of its XC40 Black Edition online within 15 minutes of launch, continuing the model’s strong sales performance. The XC40 has recorded sell-outs in three previous limited edition releases. In July 2023, all 25 units of the Sage Green Edition sold within three minutes of launch, followe

Jun 23, 2025By Nam Hyun-woo

Volvo XC40 gains prominence in import compact SUV market

Jin Air, T’way seek aggressive expansion in overseas route for LCC leadership

Jin Air and T’way Air are narrowing their gap with Jeju Air — the leader of the nation’s low-cost carrier (LCC) market, as the latter continues to lose passengers following last year’s devastating plane crash accident, according to data and industry officials, Sunday. According to data from the Ministry of Land, Infrastructure and Transport, Jeju Air maintained the top spot in passenger numbers during the first five months of the year, but the gap between the carrier and its two rivals has steadily decreased. Jeju Air carried 6.29 million passengers from January to May, followed closely by Jin Air with 6.23 million and T’way at 6.08 million. This is a drastic turnaround from a year ago, when Jeju Air led Jin Air by more than 1.3 million passengers. The shift is largely attributed to Jeju Air’s decision to reduce the number of flights by 24 each week between March 30 and Oct. 25 as part of its self-correction measure to improve its overall safety and regain trust from customers. However, the void created by Jeju Air has been filled by its rivals, both of which are going all ou

Jun 23, 2025By Lee Min-hyung

Jin Air, T’way seek aggressive expansion in overseas route for LCC leadership

BMW leads premium high-performance vehicle market

BMW M, the premium high-performance sub-brand under the German carmaker, continues to strengthen its leadership in the global and Korean markets with robust sales growth powered by its customer-centric marketing strategy, the carmaker said Sunday. In 2024, BMW M achieved its best-ever global sales performance by selling 206,582 M-branded vehicles, achieving a new record high in its annual sales, even as the global high-performance market remained in a state of overall slowdown, according to data from the carmaker. So far, they have introduced a total of 34 models for the M lineup. BMW M vehicles are also increasing their share of BMW Group’s overall sales, according to the company, accounting for a record high of 9.4 percent of the group’s total sales last year. BMW M is taking a proactive approach to embrace electrification, expanding its portfolio beyond the traditional high-performance gasoline models to include fully electric and plug-in hybrid options. The top-selling BMW M model worldwide last year was the BMW i4 M50 xDrive pure-electric sedan. The high-performance electric veh

Jun 22, 2025By Lee Min-hyung

BMW leads premium high-performance vehicle market

SK targets 4th quantum leap with Ulsan AI center

SK Group is preparing to embark on its fourth quantum leap, through the construction of an artificial intelligence (AI) data center. Since its founding in 1953 as a textile company, SK has undergone three transformative shifts — first into petrochemicals in 1980, then into mobile telecommunications in 1994, and most recently into semiconductors in 2012. Building on this legacy, the group aims to establish Ulsan as a national hub for manufacturing-driven AI innovation, supporting President Lee Jae Myung’s initiative to position Korea among the world’s top three AI powerhouses. On Friday in Ulsan, SK Group officially signed an agreement with global cloud leader Amazon Web Services (AWS) and Ulsan Metropolitan City to construct a hyperscale AI data center. The project marks a major milestone just one year after SK announced AI and semiconductors as its primary investment focus during its annual management strategy meeting. Over the past two years, SK Group has reinforced its corporate foundation through a “selection and concentration” strategy — streamlining overlapping business

Jun 22, 2025By Nam Hyun-woo

SK targets 4th quantum leap with Ulsan AI center

Coway unveils new dehumidifiers in time for rainy season

Coway has expanded its dehumidifier lineup, ramping up efforts to expand its market share in time for Korea’s rainy season. The company has launched two new products, the Noble air purifying dehumidifier and Inverter dehumidifier 23L, to differentiate itself from competitors with its high-performing, consumer-oriented products. “With early seasonal rain forecasted, consumer interest in controlling indoor humidity has increased. In time for that, we’ve expanded our product lines to include models that are both functional and easy to use,” a company spokesperson said. “Both of our new models have been receiving strong positive feedback for their sophisticated designs and for meeting a wide range of consumer needs, including premium and practical features.” The Noble air purifying dehumidifier is an all-in-one product that combines both dehumidification and air purification functions, significantly enhancing air management efficiency and space utilization. Equipped with a high-efficiency inverter compressor, the product earned a top-tier Grade 1 energy efficiency rating and provi

Jun 22, 2025By Lee Gyu-lee

Coway unveils new dehumidifiers in time for rainy season

Innocean wins Grand Prix at Cannes Lions 2 years in row

Innocean, the global marketing and communications arm of Hyundai Motor Group, has won the Grand Prix at the 2025 Cannes Lions International Festival of Creativity for the second straight year. The agency took home the top honor in the Entertainment category for its 13-minute branded short film, “Night Fishing,” co-produced with Hyundai Motor. The campaign also earned a Silver Lion in the Film category, marking a rare double win at the world’s most prestigious advertising festival. “Night Fishing” is a mystery thriller starring actor Son Suk-ku and set near an electric vehicle charging station. Shot entirely from the perspective of a car camera, the film creates a suspenseful narrative while highlighting Hyundai’s innovation. The short was released theatrically in Korea after receiving an official film rating, making it the first branded content of its kind to appear in cinemas. Tickets were priced at 1,000 won ($0.72), drawing public interest for its unique presentation. Innocean managed the project from concept to execution, including production, promotion and international

Jun 22, 2025By Lee Min-hyung

Innocean wins Grand Prix at Cannes Lions 2 years in row

LG Electronics to set up large scoreboards at Spain's Roig Arena

LG Electronics said Sunday it will install large light-emitting diode (LED) digital displays at Roig Arena, a new indoor multipurpose facility in Spain, as part of its effort to expand its global sports entertainment business. The company plans to install a massive exterior LED screen, dubbed "The Eye," as well as a central scoreboard, a 76-meter-long main display and an LED ribbon screen encircling the interior of the stadium. Roig Arena, designed to host a variety of events, including sports and entertainment, is currently under construction and is expected to open in September. It will serve as the new home for the Valencia Basket team. LG Electronics has been expanding its footprint in the global commercial display market by supplying large digital signage to sports venues worldwide, particularly in the United States and Europe. Its digital displays are already featured at several iconic sports venues, including the Riyadh Air Metropolitano Stadium in Madrid, home of Atletico Madrid; Wembley Arena in London; and Fenway Park, home of Major League Baseball's Boston Red Sox.

Jun 22, 2025By Yonhap

LG Electronics to set up large scoreboards at Spain's Roig Arena

From snacks to sneakers, Jennie’s favorites sweep consumer markets

BLACKPINK’s Jennie is extending her fame built on global K-pop stages to consumer markets worldwide, as her flamboyant style and favorites in fashion and other consumer brands influence her millions of fans. Items she promotes or calls her favorites instantly become trending keywords, which translates into sales and operating profits for the brands. Whether it’s through official endorsements, modeling or even behind-the-scenes glimpses of her daily life, anything tied to Jennie is now seen as an almost-guaranteed jackpot. Nongshim’s Banana Kick is one recent example. In March, Jennie appeared on "The Jennifer Hudson Show," a syndicated U.S. daytime talk show, and introduced the banana-shaped crispy snack as one of her favorite bites. Banana Kick quickly became popular on social media sites, stirring its sales worldwide. Nongshim’s exports of the snack to the United States jumped 69 percent in April from a month earlier. Its domestic sales also jumped over 40 percent during the same period. Nongshim’s market cap also jumped to 2.6 trillion won ($1.9 billion) from 2.3 trillion wo

Jun 21, 2025By Ko Dong-hwan

Companies