Business - The Korea Times

SK Group focuses on rebuilding trust after data breach

Top executives of SK Group held a meeting on the conglomerates’ management strategy and emphasized the importance of rebuilding the trust of customers and other stakeholders, in a response to a recent massive user data breach at its telecom unit, SK Telecom. According to the group, on Sunday Chairman Chey Tae-won, Senior Vice Chairman Chey Jae-won and more than 20 CEOs of key units attended the meeting on Friday and Saturday at SK Management System Institute in Icheon, Gyeonggi Province. The meeting explored the group’s strategies for the second half of this year, coordinating the business goals of each unit. During the meeting, SK Group executives discussed the crisis stemming from both external and internal challenges, including growing global uncertainties and the recent data breach at SK Telecom. They agreed that the group must return to “the very basics of management through thorough self-scrutiny” and focus on delivering greater value to customers and society as part of efforts to restore public trust. SK Telecom is currently banned from enrolling new customers, following t

Jun 15, 2025By Nam Hyun-woo

SK Group focuses on rebuilding trust after data breach

InterviewHow Korean startup became a financial lifeline for India's middle class

India is a massive financial market, yet few foreign startups have managed to break into it as successfully as Balance Hero, led by CEO Lee Cheol-won. Strict regulations and the difficulty of building consumer trust have posed significant barriers to entry. Lee zeroed in on a sweet spot: India’s massive middle class. Depending on the definition, they account for as much as half of India’s 1.4 billion population, but are often overlooked by traditional finance due to a lack of credit history. Founded in 2014, Balance Hero operates a nationwide-used microloan app in India called True Balance. It offers short-term loans ranging from 1,000 to 100,000 rupees ($1,170) to India’s middle-class population earning between 300,000 won and 1.2 million won ($876.3) per month. Using an AI-based alternative credit scoring (ACS) system, the technology enables fast, contactless credit assessments, typically completed in under a minute. By the end of last year, the platform had issued a cumulative total of 1.64 trillion won in microloans. Lee said he chose India in just seconds. "The market was virtu

Jun 15, 2025By Lee Yeon-woo

How Korean startup became a financial lifeline for India's middle class

Korea’s auto industry exposed to bigger threat from Chinese, US carmakers

Korea’s auto market faces mounting pressure from both U.S. and Chinese carmakers, while its own vehicle exports to the world’s two largest economies continue to falter. If the trend persists, it could undermine the competitiveness of the local economy and domestic carmakers amid ongoing global trade uncertainties and rising protectionism. The concerns are backed by multiple data. According to the Korea Automobile Importers and Distributors Association (KAIDA), sales of U.S. vehicles in Korea jumped 40.1 percent in May from a year earlier, driven by the strong popularity of Tesla’s electric vehicles (EVs). On the other hand, Korean carmakers struggled in the U.S. market, with their auto exports to the United States dropping by more than 30 percent during the same period, hit hard by the impact of the recently imposed 25 percent U.S. auto tariff. According to the Ministry of Trade, Industry and Energy, Korea’s auto exports to the U.S. came in at $1.84 billion (2.5 trillion won) in May, down 32 percent from a year earlier. The figure extended a losing streak from April when it repor

Jun 14, 2025By Lee Min-hyung

Korea’s auto industry exposed to bigger threat from Chinese, US carmakers

Kangwon Land goes all out against illegal online gambling sites

Kangwon Land, the nation’s only casino legally open to Korean nationals, is stepping up measures against illegal online gambling websites that falsely impersonate the casino’s name and logo. The move comes after the casino operator detected a fraudulent gambling website May 28, that had illegally used the company’s name and logo to mislead users by displaying the casino’s official logo while redirecting them to their illegal gambling platforms. According to Kangwon Land, the casino operator immediately reported the case, requesting the shutdown of the site with the Korea Communications Standards Commission (KCSC). “Kangwon Land does not operate any online casino services. It only operates the casino at the designated location in Gangwon Province,” a Kangwon Land official said in a press release. “We will remain committed to help monitor and crack down on such illegal gambling websites by working closely with relevant authorities.” The casino operator said it has launched a nationwide awareness campaign while using multiple channels, including its website, Instagram, blog a

Jun 13, 2025By Jhoo Dong-chan

Kangwon Land goes all out against illegal online gambling sites

Samsung, LG on alert as US plans additional 50% steel tariff on appliance imports

Samsung Electronics and LG Electronics are scrambling to assess the impact of Washington's decision to add home appliances to a list of derivatives subject to a 50 percent steel tariff, according to industry sources Friday. The U.S. commerce department has published a notice on the Federal Register, noting that the tariff will be assessed on various home appliance imports, including refrigerators and washing machines, based on the value of the steel content in each of them. The measure will take effect on June 23. Although both Samsung and LG operate manufacturing plants in the United States, local production is limited primarily to washing machines. A significant portion of other key products is still manufactured in countries such as Korea, Mexico and Vietnam, making the companies vulnerable to the tariff increase. Korean home appliance makers rely heavily on their Mexican plants to export products to the U.S., with shipments from Mexico valued at approximately $2.4 billion. As a result, the total trade volume potentially affected by the latest measure is estimated at around $3.84 bil

Jun 13, 2025By Yonhap

Samsung, LG on alert as US plans additional 50% steel tariff on appliance imports

Competition heats up for Trump's shipyard visit during APEC summit

The shipbuilding rivalry between HD Hyundai and Hanwha has spilled over into a competition to invite U.S. President Donald Trump to their shipyards during his likely visit to Korea for the APEC summit in late October in Gyeongju, North Gyeongsang Province. Rep. Kim Tae-seon of the ruling Democratic Party of Korea recently urged the government to proactively organize visits to Korean companies for leaders of APEC member states. Kim represents Ulsan’s Dong District, home to the shipyard of HD Hyundai Heavy Industries (HHI). “Those visits are necessary to show our technologies and vision to world leaders,” the lawmaker said during a National Assembly meeting Tuesday. Citing a proposed U.S. Congress bill aimed at allowing overseas shipyards to build naval vessels for the U.S. Navy, Kim emphasized that the construction of U.S. naval ships in Ulsan could soon become a reality. “Against this backdrop, their visits to HD HHI, the world’s largest shipyard, will provide an opportunity for Korea to strengthen diplomatic and economic partnerships with their nations,” he added. In a YouTub

Jun 13, 2025By Park Jae-hyuk

Competition heats up for Trump's shipyard visit during APEC summit

Korean Air to operate mileage-exclusive flights on Jeju route from July-September

Korean Air Lines said Friday it will operate special mileage-exclusive flights on its domestic route connecting Seoul and the country's southern resort island of Jeju from July to September. The airline will run the Gimpo-Jeju flights on Fridays, Saturdays and Sundays over three consecutive weeks each month in response to increasing demand for domestic travel during the summer vacation season. The special flights will be available for mileage use only. A total of 54 flights will be operated between July 4 and Sept. 21. An Airbus A330-300 aircraft, which includes prestige-class seating and accommodates 284 passengers, will be deployed on these flights. Industry observers see the move as an attempt to encourage mileage consumption amid Korean Air's ongoing integration of its mileage system with that of Asiana Airlines Inc. as part of an ongoing merger of the two flag carriers. On Thursday, Korea's Fair Trade Commission rejected a proposed mileage integration plan submitted by Korean Air and Asiana Airlines, citing insufficient details and consumer benefit concerns. As of the end of March, Ko

Jun 13, 2025By Yonhap

Korean Air to operate mileage-exclusive flights on Jeju route from July-September

Automotive steel supply deal follows Hyundai Motor-GM partnership

General Motors has selected Hyundai Steel to replace China’s Baoshan Iron & Steel, which has provided the U.S. carmaker’s Korean plants with around 100,000 tons of automotive steel plates annually. The supply deal comes after a meeting last September between Hyundai Motor Group Executive Chair Chung Euisun and GM CEO Mary Barra, where they signed a memorandum of understanding (MOU) to collaborate in various areas. These included joint development of internal combustion engines, electric and hybrid vehicles and joint sourcing of raw materials such as batteries, steel and other components. Although Hyundai Steel denied any relevance between the new agreement and the previous MOU, industry officials are watching closely to see whether the two automotive giants will expand their cooperation beyond steel. “The supply deal can be attributed partially to GM’s efforts to manage supply chain risks,” a Hyundai Steel official said. Hyundai Steel has long depended on its affiliates, Hyundai Motor and Kia, for the majority of its revenue, though it has also supplied automotive steel plates

Jun 13, 2025By Park Jae-hyuk

Automotive steel supply deal follows Hyundai Motor-GM partnership

Homeplus plans M&A ahead of rehabilitation as liquidation value exceeds going-concern value

Homeplus' liquidation value exceeds its going-concern value by over 1.2 trillion won ($883 million), according to a financial investigation released Thursday by the court-appointed accounting firm. In response, the major supermarket chain decided to pursue mergers and acquisitions (M&A) ahead of approval of its rehabilitation plan. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4, citing a credit rating downgrade. Samil PwC, the country's largest accounting firm and the court-appointed investigation committee, conducted the review. Earlier in the day, the firm submitted its report to the court and held a briefing for creditors at Homeplus headquarters to present its findings and outline the next steps. The report cited three main factors leading to Homeplus' rehabilitation filing — rising fixed costs, the impact of the COVID-19 pandemic coupled with a shift to online retail, and liquidity risks stemming from a credit rating downgrade. Homeplus' assets were reported at 6.8 trillion won, with liabilities totaling 2.9 trillion won, indicating a signific

Jun 12, 2025By Jun Ji-hye

Homeplus plans M&A ahead of rehabilitation as liquidation value exceeds going-concern value

IFEZ pushes new zone in southern Ganghwa

The Incheon Free Economic Zone (IFEZ) Authority is in the final stages of an administrative process to designate the southern part of Ganghwa Island as an additional free economic zone, aiming to expand and strengthen the IFEZ for long-term sustainability. According to the authority Thursday, it will collect public opinions on the proposal through June 23. Meanwhile, the Ministry of Trade, Industry and Energy is set to hold a third preliminary consultation on Monday to gather expert feedback. Following these consultations, the IFEZ Authority plans to revise the proposal and submit an official application to the ministry by the end of the month. If approved, the government is expected to officially designate southern Ganghwa as part of the IFEZ in the second half of this year. Southern Ganghwa is regarded as a strategic location within the airport economic zone due to its proximity to Incheon International Airport and its potential connections with existing IFEZ areas, including Songdo, Yeongjong and Cheongna. The region’s rich cultural heritage and natural attractions along the West S

Jun 12, 2025By Lee Gyu-lee

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