my timesThe Korea Times
Business

Companies

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Hyundai Steel suspends operations at Pohang No. 2 plant amid industry slump

Hyundai Steel, Korea's second-largest steel manufacturer, has temporarily shut down its No. 2 plant in the southeastern city of Pohang, North Gyeongsang Province, due to a prolonged industry-wide slump, the company said Wednesday. The suspension took effect Saturday due to a lack of production volume amid a severe industry-wide demand contraction. A company official said future decisions will be made through discussions with the labor union. The latest move marks a reversal from Hyundai Steel's earlier decision. In November last year, the company, a unit of Hyundai Motor Group, announced a plan to close the plant due to low operations but later reversed it following strong opposition from the union. The company decided to scale down operations instead. However, continued weakness in global demand, compounded by sluggish domestic market conditions, has led to the latest decision for a full suspension of operations at the facility. The company has been dealing with a tough business environment this year, including steel tariffs imposed by Washington under U.S. President Donald Trump. Earli

Jun 11, 2025By Yonhap
Hyundai Steel suspends operations at Pohang No. 2 plant amid industry slump

SK On CEO highlights need for tech talent in battery industry

SK On CEO Lee Seok-hee Tuesday emphasized the importance of cultivating technology talent to drive the future of the battery industry during a lecture at the Korea Advanced Institute of Science and Technology (KAIST). Speaking to about 100 students and faculty at the research university in Daejeon, Lee said the company views hands-on experience in research and manufacturing as essential to long-term success. “The future of the battery industry ultimately depends on technology talent,” said Lee, who previously served as a professor of electrical engineering at KAIST from 2010 to 2012. “We place the highest value on hands-on experience in R&D and manufacturing.” Lee introduced SK On’s core identity as a growth-focused, innovation-driven company and presented its latest battery technologies, including high-voltage mid-nickel batteries and cell-to-pack solutions. He said the company’s products lead the industry in energy density, charging speed and safety. “The battery business is a technology-driven manufacturing sector,” he said. “We are committed to enhancing our technol

Jun 11, 2025By Park Jae-hyuk
SK On CEO highlights need for tech talent in battery industry

Jollibee ramps up expansion with Norang Tongdak, Compose Coffee acquisition

The Philippines' Jollibee Foods Corp. (JFC) is poised to take over a Korean fried chicken franchise, Norang Tongdak — translated literally as "yellow chicken" — following its acquisition last July of the Korean low-priced coffee shop chain Compose Coffee. Its aggressive expansion has been interpreted as a signal of its optimistic outlook for the Korean food and beverage industry, despite intensifying competition in a market with low entry barriers, high price sensitivity and poor brand loyalty. According to industry officials on Wednesday, JFC's Korean subsidiary was recently selected as the preferred bidder to acquire a 100 percent stake in Norang Food, the operator of Norang Tongdak, for about 130 billion won ($95 million) by August from two private equity firms — Corstone Asia and Q Capital Partners. The deal is reportedly backed by Elevation Equity Partners, another private equity firm that financed JFC's acquisition of the entire stake in Compose Coffee for about 470 billion won. "If this acquisition is finalized, it would signify increasing efforts by Jollibee Foods to expand

Jun 11, 2025By Park Jae-hyuk
Jollibee ramps up expansion with Norang Tongdak, Compose Coffee acquisition

BTS military discharge boosts HYBE stocks amid lingering chairman risk

Expectations are growing for a rebound in HYBE's stock price as all BTS members have completed, or are soon expected to complete, their mandatory military service, according to market analysts, Wednesday. However, concerns are also mounting that Bang Si-hyuk, founder and chairman of the K-pop powerhouse corporation, could have a negative impact on the stock, as he is under investigation by the Financial Supervisory Service (FSS) for alleged violations of the Capital Markets Act, they said. On Tuesday, when RM and V were discharged from the military, HYBE shares closed at 309,000 won ($226), up 2.32 percent from the previous trading day. This marked the highest closing price since April 2022. HYBE's stock had reached 301,000 won on June 23, 2023, before experiencing a series of fluctuations and eventually falling to 158,000 won by Sept. 23 last year. On Wednesday, when Jimin and Jungkook were discharged, HYBE shares closed slightly lower, down 2.83 percent from the previous day at 300,250 won. Jin and J-Hope completed their service in June and October of last year, respectively. With RM an

Jun 11, 2025By Jun Ji-hye
BTS military discharge boosts HYBE stocks amid lingering chairman risk

Korean biotechs set to step up global outreach at Bio USA

Korean biopharmaceutical companies are aiming to strengthen their outreach to global clients and potential partners at the upcoming BIO International Convention 2025, the world’s largest bio and health care industry event, better known as BIO USA. Organized annually by the U.S. Biotechnology Innovation Organization, the event serves as a global networking platform where pharmaceutical and biotech officials explore partnership opportunities. This year’s convention will take place from June 16 to 19 at the Boston Convention and Exhibition Center, featuring exhibitions, conferences, partnering sessions and other programs that offer insights into the future of the bio industry. According to industry officials, approximately 80 Korean pharmaceutical and biotech companies will participate in this year’s event, exploring opportunities to form partnerships and deals with global pharmaceuticals. Major firms including Samsung Biologics, Celltrion, Lotte Biologics, SK Biopharmaceuticals and Kolon Life Science will attend the event. Samsung Biologics will mark its 13th consecutive appearance a

Jun 11, 2025By Nam Hyun-woo
Korean biotechs set to step up global outreach at Bio USA

Hyundai Mobis unveils safety technology to prevent rear-end collisions

Hyundai Mobis has unveiled a new rear safety control technology designed to help prevent rear-end collisions, particularly on highways. According to the auto parts manufacturer on Wednesday, the system warns drivers and automatically maintains a safe distance from vehicles approaching too closely from behind. The technology integrates rear-side radar sensors and front-facing cameras with existing driving control systems. It is activated when a driver uses the vehicle’s smart cruise control system. If a vehicle is detected following at a dangerously close distance — about 10 meters behind or less — the system issues an audible alert or a visual warning in the instrument cluster. If the situation continues, the vehicle will automatically accelerate to create a safer buffer. Rear-side radars, located on both sides of the rear bumper, track the tailgater's movement, while the front camera monitors lane position and the vehicle ahead to enable safe acceleration. This marks a major step forward in what the company describes as “defensive driving” technology — offering protection no

Jun 11, 2025By Lee Min-hyung
Hyundai Mobis unveils safety technology to prevent rear-end collisions

S-Oil halts recruiting amid worsening profits

S-Oil has abruptly halted its recruitment process for hiring college graduates who would have been responsible for managing the company’s transactions with local gas stations, citing growing uncertainties in the global economy and a deteriorating business environment. The Saudi Aramco-owned refiner said Wednesday it dropped its plan to hire a double-digit number of retail sales managers. As a result, applicants who passed the resume screening phase are now left to either search for other jobs or wait indefinitely for two rounds of interviews, which were to follow an aptitude test taken on May 4. “As a result of the worsening external business environment caused by protectionist policies of major economies, drastic changes in tariff policies and a shift in the global economic order, our financial performance has weakened,” the company said in an email sent Tuesday to applicants informing them of its decision to suspend the recruitment process. “Given these conditions, we had no choice but to suspend the ongoing hiring process for retail sales managers,” it added. S-Oil posted the

Jun 11, 2025By Park Jae-hyuk
S-Oil halts recruiting amid worsening profits

Samsung SDI to supply battery to Europe’s top ESS provider

Samsung SDI announced Wednesday that it has signed a deal with Tesvolt, a leading German manufacturer specializing in commercial energy storage systems (ESS), to supply its all-in-one battery solution, the Samsung Battery Box (SBB). The company will deliver SBB to Tesvolt by the end of this month. Tesvolt will then integrate the batteries with its own power conversion systems and advanced cybersecurity features to create and provide its own ESS solution for customers. “We’ve been supplying ESS batteries to Tesvolt since 2017, and this new SBB agreement will take our partnership to the next level. We’re going to ramp up our push into European and other global markets,” a Samsung SDI official said. In addition, the two companies also agreed to explore further supply deals and strengthen their partnership through joint marketing efforts to win forthcoming ESS projects. “The SBB features a unique solution to prevent battery fires, the enhanced direct injection system, and is also highly durable and low noise,” Tesvolt said, indicating possibly more collaborations in the future.

Jun 11, 2025By Lee Gyu-lee
Samsung SDI to supply battery to Europe’s top ESS provider

BGF Retail launches industry's 1st tattoo kiosk at CU convenience stores

BGF Retail, the operator of CU convenience stores, said Wednesday it has introduced the industry's first-ever "tattoo kiosk" aimed at enhancing the in-store customer experience. The tattoo kiosk allows users to print temporary tattoos onto their skin in just 1-2 seconds using a simple rolling device. Customers can choose from over 100 designs, including Korean cultural motifs like palaces and tigers, the company said in a press release. The tattoos use cosmetic-grade pigment ink that meets South Korean safety regulations and lasts for about two days. The kiosk supports three foreign languages — English, Chinese and Japanese — to woo foreigners, it said. BGF Retail said it plans to transform CU stores into lifestyle hubs, offering interactive and experience-based services beyond conventional retail. Last year, CU launched in-store services that include capsule toy machines and smoothie makers, which have gained popularity among younger customers. "We will continue to introduce services tailored to evolving customer needs, expanding the role of CU convenience stores," the company said. B

Jun 11, 2025By Yonhap
BGF Retail launches industry's 1st tattoo kiosk at CU convenience stores

Korea fines Chinese e-commerce platform Temu over deceptive promotions

Korea's antitrust watchdog said Wednesday it has fined Temu for misleading Korean consumers through deceptive promotional campaigns, marking the first regulatory sanction imposed on the Chinese e-commerce platform by the agency. The Fair Trade Commission (FTC) said it has imposed a fine of 357 million won ($260,000) on Temu for violating the law governing fair advertising, along with an order for corrective measures. The watchdog said Temu advertised that users could easily receive cash-equivalent reward points by simply tapping a roulette-style game. However, in reality, users were required to fulfill complex conditions, such as inviting multiple friends, in order to receive the rewards. "Consumers typically decide whether to participate in such promotions based on initial advertising messages," an FTC official said. "But in Temu's case, they could only discover the actual requirements after investing a significant amount of time and effort." Separately, the FTC imposed a fine of 1 million won on Temu for violating the commerce act that requires platform operators to display their busin

Jun 11, 2025By Yonhap
Korea fines Chinese e-commerce platform Temu over deceptive promotions
previous page
269270271272273
next page

Most Read in Business