Business - The Korea Times

Will Hahn & Co. sell K Car amid surge in used car industry?

The growing popularity of used cars here and abroad is creating favorable conditions for Hahn & Co. to speed up its long-awaited sale of K Car, a used car platform owned by the local private equity firm, according to data and industry officials Wednesday. Hahn & Co. took over SK Encar’s offline used car business in 2018 at 220 billion won ($160 million) and launched the K Car brand that same year. As expected, Hahn & Co. has taken a path similar to most other private equity firms by focusing on increasing the valuation of the acquired entity and putting it up for sale for a much higher price. Under this drive, K Car went public in 2021 on the benchmark KOSPI, and the firm recouped its initial investment. Hahn & Co. initiated its process for the sale of K Car in 2022, but has made little progress so far. The sales price for K Car is estimated to reach between 800 billion won to 1 trillion won. However, there is a growing possibility for the private equity firm to finally sell K Car, as the used car platform is on track to drastically enhance its earnings. The rosy outlook for the used c

Jun 18, 2025By Lee Min-hyung

Will Hahn & Co. sell K Car amid surge in used car industry?

Petrochemical industry restructuring gains momentum

Cautious optimism is growing about an earlier-than-expected restructuring of the domestic petrochemical sector under the leadership of President Lee Jae Myung, who has pledged policies to support the ailing industry's recovery. Amid a lingering downturn caused by oversupply of Chinese petrochemical products and sluggish global demand in recent years, industry officials are watching closely to see if the new government will accept their request to ease antitrust regulations on mergers and acquisitions of idle facilities. Rep. Ju Cheol-hyeon of the ruling Democratic Party of Korea has already proposed legislation for a special law to meet these demands. Along with 11 other lawmakers, he introduced a bill last week to exempt petrochemical companies from the Monopoly Regulation and Fair Trade Act when they collaborate with competitors to streamline production. The proposed bill also includes a clause allowing discounts on electricity bills to enhance the industry's competitiveness. It calls for government financial support for the sector such as tax incentives and low-interest loans. "The pro

Jun 18, 2025By Park Jae-hyuk

Petrochemical industry restructuring gains momentum

Shilla Duty Free gears up for visa-free Chinese tourist influx

Shilla Duty Free is working to enhance its services in anticipation of a potential surge in Chinese tourists to Korea by partnering with China’s major tourism conglomerate, China Tourism Group (CTG), the leading Korean duty-free retailer said Wednesday. The partnership comes after the Korean government announced a plan in March to temporarily allow visa-free entry to Chinese nationals on group tours, set to take effect next month. The move has raised anticipation for a significant increase in Chinese tourist arrivals to Seoul. Representatives of both companies are scheduled to meet on Thursday at the Shilla Duty Free store in central Seoul. Attendees will include Liu Kun, vice general manager of CTG and Kim Joon-hwan, vice president of Hotel Shilla and head of its travel retail division. Shilla Duty Free operates under Hotel Shilla, which runs both duty-free retail and hotel businesses. While in Korea, CTG representatives will navigate the Korean duty-free market and visit Shilla Duty Free malls in Seoul and on Jeju Island, Hotel Shilla said. It added the two companies are keen on dev

Jun 18, 2025By Ko Dong-hwan

Shilla Duty Free gears up for visa-free Chinese tourist influx

PHOTO Honoring Korean War veteran

LIG Nex1 CEO Shin Ick-hyun, second from left, poses with Korean War veteran Serge Archambeau, center, in France, Monday (local time), after presenting him with a plaque of appreciation and commemorative gifts. The French served as part of the United Nations Forces during the Korean War and fought in key battles, including the Battle of Triangle Hill and the Battle of T-Bone Hill in Cheorwon, Gangwon Province, from 1951 to 1952. The visit was part of LIG Nex1's ongoing initiative to support U.N. Forces veterans. The company has been actively involved in veteran support activities, including hosting events for veterans from the United States, Colombia and the Philippines, as well as supporting the United Nations Memorial Cemetery in Korea. Courtesy of LIG Nex1

Jun 18, 2025By Kang Seung-woo

P&G Korea dedicated to making social contributions

P&G Korea has been dedicated to creating a healthier and safer environment for its consumers, making social contributions in various ways beyond its business. As a global hygiene product maker, P&G has been working across its business to build trust with consumers by acting on its social responsibilities, from environmental protection and community support to providing help for families in need. According to last year’s report by the Federation of Korean Industries, companies are prioritizing environmental issues in both their new social projects and sustainable management. As such, P&G Korea has been focusing on educating future generations and sharing practical information about the environment. Since 2021, it has partnered with the World Wide Fund for Nature (WWF) Korea to create children’s storybooks that encourage eco-friendly habits. Since last year, P&G and WWF have been visiting elementary schools to conduct education on carbon neutrality and life cycle assessment. During the program, students are introduced to the concept of environmental protection and how products impact t

Jun 17, 2025By Lee Gyu-lee

P&G Korea dedicated to making social contributions

LG Display announces $925 mil. investment plan to bolster OLED technology

LG Display said Tuesday it will invest 1.26 trillion won ($925 million) to strengthen the competitiveness of its organic light-emitting diode (OLED) business, marking the first major corporate investment pledge since the launch of Seoul's new administration. In a regulatory filing, LG Display said the funds will be allocated to develop advanced OLED technologies as part of its strategy to secure a stronger foothold in the global display market. The investment period will run through June 30, 2027. The investment, approved at a board meeting earlier in the day, marks the first major investment plan announced by a domestic firm since the launch of the Lee Jae Myung administration on June 4. The company said the spending forms part of its broad capital expenditure (CAPEX) plan. LG Display added it will continue efforts to improve its financial structure independently of the new investment plan. To respond proactively to global OLED demand, LG Display plans to allocate most of its investment for its production campus in Paju, north of Seoul. Approximately 700 billion won of the total investm

Jun 17, 2025By Yonhap

LG Display announces $925 mil. investment plan to bolster OLED technology

KG Mobility set to launch 7 new vehicles by 2030

PYEONGTAEK, Gyeonggi Province — KG Mobility will launch a total of seven new vehicles by 2030 with the focus on eco-friendly SUVs, as part of its strategy to achieve stable earnings recovery through a diversified and commercially competitive lineup, the company said Tuesday. The automaker, formerly known as SsangYong Motor, reported a long-awaited turnaround in 2023, a year after KG Group took over the once cash-strapped carmaker. In 2023, KG Mobility recorded an operating profit of 5 billion won ($3.66 million), and widened the figure to 12.3 billion won the following year. For this year, the carmaker set an operating profit target of 172.9 billion won by expanding sales of its flagship Torres and Musso SUVs not only in Korea, but also in key European markets, including Turkey. “After KG Group acquired the formerly SsangYong Motor, we have completed diagnosis for the once-ailing firm, and now is the time for treatment,” KG Mobility Chairman Kwak Jae-sun said during a press conference. “The global auto industry faces difficulties following the inauguration of U.S. President Donal

Jun 17, 2025By Lee Min-hyung

KG Mobility set to launch 7 new vehicles by 2030

Kolmar, Tmall team up for K-beauty push in China

Cosmetic manufacturer Kolmar Korea has joined forces with Tmall Global, the cross-border e-commerce platform under China’s Alibaba Group, to support K-beauty brands in expanding into the Chinese market. The move comes amid rising expectations for improved Korea-China relations and is part of a broader strategy to help Korean cosmetics companies achieve tangible growth overseas. According to the company Tuesday, it participated in a forum in Seoul Monday aimed at providing practical guidance to Seoul-based small- and medium-sized beauty companies seeking to enter the Chinese market. Tmall Global, China’s largest cross-border e-commerce platform with 880 million monthly active users, expressed its hope during the forum to see more Korean cosmetic brands operating on its platform to reach consumers across China. Tmall Global also highlighted the steady growth of China’s beauty and personal care market and noted the rising interest in Korean products among Chinese consumers. The company provided guidance to Korean sellers on how to begin operations on its platform and strategies to boo

Jun 17, 2025By Ko Dong-hwan

Kolmar, Tmall team up for K-beauty push in China

Korean steelmakers hit by Japanese rival's US expansion

High-grade steel products from Korea are expected to lose ground in the U.S. market as Japan's Nippon Steel has won approval from the United States for its acquisition of U.S. Steel. Amid Washington's imposition of 50 percent tariffs on steel and aluminum imports, Korean companies are expected to rely more heavily on exports to Asian countries until their planned U.S. factory becomes operational. On Friday, U.S. President Donald Trump signed an executive order granting conditional approval for Nippon Steel's takeover of U.S. Steel. The decision came more than a year after the Japanese firm proposed its $15 billion acquisition of the American steelmaker in December 2023. The previous Joe Biden administration had blocked the deal amid strong opposition from unionized U.S. steelworkers. Although Trump initially opposed the acquisition, Japanese Prime Minister Shigeru Ishiba reportedly persuaded him during their summit in February. Once finalized, the deal will make Nippon Steel the world’s third-largest steelmaker by output, surpassing China’s Anshan Iron and Steel Group. Korea's POSCO r

Jun 17, 2025By Park Jae-hyuk

Korean steelmakers hit by Japanese rival's US expansion

Korea University names new medical center after Hyundai Motor honorary chairman

Korea University has opened a new medical research center named after Hyundai Motor Group Honorary Chairman Chung Mong-koo, who donated 10 billion won ($7.3 million) in 2021 to support its establishment, the country’s largest automaker said Tuesday. The completion ceremony for the Chung Mong-Koo Future Medicine Building was held at Mediscience Park on the Korea University Medicine campus in Seoul’s Seongbuk District. The seven-story facility, with a total floor area of 12,213 square meters, is designed to support advanced research in vaccines, gene and cell therapy, next-generation treatment technologies and more. The company said the facility has been “extensively equipped with high-value instruments such as an optical imaging system, imaging-based cell analysis equipment and a G3 robot workstation.” It added that the center is fully capable of conducting research on infectious disease pathogens and carrying out clinical studies aimed at preventing future pandemics that pose a threat to humanity. Hyundai Motor Group Executive Chair Chung Euisun, son of the honorary chairman, par