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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.

KEF chairman calls for flexible, cooperative labor market at ILO conference

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik emphasized the urgent need for more flexible labor policies and stronger cooperation among social partners at the 113th session of the International Labour Organization (ILO) Conference in Geneva, Switzerland, on Monday. Speaking as the representative of Korean employers, the chairman pointed to the multifaceted global challenges that businesses and workers are currently facing, saying that labor, management and governments are "obliged" to cooperate to address them. “We are now facing unprecedented and complex challenges,” the chairman said in his speech. “Growing global economic uncertainties and geopolitical tensions pose serious threats to sustainable growth and social integration.” He pointed out that accelerating technological innovation and climate change continue to reshape industries and labor markets worldwide, leading to alarming unemployment rates globally. “Technologies such as AI (artificial intelligence), robotics and automation are profoundly reshaping industrial structures and labor markets,” he said

Jun 9, 2025By Lee Gyu-lee
KEF chairman calls for flexible, cooperative labor market at ILO conference

Lee’s push for tax cuts on local chips, batteries feared to draw US backlash

President Lee Jae-myung’s push to grant more tax incentives for local chip and battery production is feared to draw backlash from the United States, as the drive could be seen as a “foreign trade barrier” that Washington will take issue with. Under the pledge, the Lee administration will provide a drastic tax cut for companies in key strategic industries if they source production here and sell their end products to local customers. This comes as part of Korea’s efforts to protect local firms amid growing global protectionism after U.S. President Donald Trump took office. However, the pledge is feared to face possible complaints from the U.S., which has repeatedly cried foul over such government measures or subsidies aimed at protecting local companies. The U.S. has yet to lodge an official protest over the plan, but the issue could be raised by the United States Trade Representative (USTR) in ongoing trade talks with its Korean counterpart. Both countries held two rounds of bilateral trade talks for the so-called July package deal on tariffs and other pending trade affairs. Korea

Jun 9, 2025By Lee Min-hyung
Lee’s push for tax cuts on local chips, batteries feared to draw US backlash

Kia unveils details of PV5 purpose-built vehicle, set to accept preorders this week

Kia on Monday unveiled the specifications and pricing for the PV5, the automaker's first-ever electric purpose-built vehicle (PBV), and said it will begin accepting preorders this week. The PV5 is a mid-sized PBV built on Hyundai Motor Group's dedicated electric platform E-GMP.S, and designed to serve both personal and commercial mobility needs, such as commuting, leisure and logistics. Preorders will begin Tuesday. At launch, the PV5 will be available in two main configurations, the passenger and cargo variants. Both will utilize Kia's new Flexible Body System, which features modular components allowing customized seat or cargo layouts to meet user needs. The PV5 passenger model is optimized for comfort and versatility, catering to activities such as camping and picnics, in addition to regular transportation. It is equipped with a 120 kilowatt electric motor and a 71.2 kilowatt-hour battery, allowing a maximum driving range of 358 kilometers on a single charge. The cargo variant, designed for maximum load efficiency, offers a spacious cargo area and low loading height, and is available

Jun 9, 2025By Yonhap
Kia unveils details of PV5 purpose-built vehicle, set to accept preorders this week

Samsung chairman visits bio units before planned spin-off

Samsung Electronics Chairman Lee Jae-yong on Monday visited the group’s two biotech units — Samsung Biologics and Samsung Bioepis — in what appears to be a move to review their operations ahead of a planned spin-off. According to industry officials Monday, Lee visited Samsung Biologics’ office in Songdo, Incheon, along with Samsung Electronics Vice Chairman Chung Hyun-ho, who leads the company's business support task force and is widely regarded as Lee's right-hand man. Samsung Biologics CEO John Rim also accompanied. Samsung confirmed Lee’s visit but declined to provide further details. He reportedly toured the contract drug manufacturer’s fifth manufacturing plant, which is under construction with plans to secure an annual capacity of 180,000 liters, and met with Samsung Biologics employees. He also visited the office of biosimilar developer Samsung Bioepis later that day. Lee has identified the biopharmaceutical business as one of Samsung’s three key growth drivers, along with semiconductors and artificial intelligence. Under the chairman’s vision, Samsung Biologics ha

Jun 9, 2025By Nam Hyun-woo
Samsung chairman visits bio units before planned spin-off

US businesspeople in Korea fly to Washington to boost economic ties

The American Chamber of Commerce in Korea (AMCHAM) said Monday its executive delegation will meet key officials of the Donald Trump administration this week, exploring ways to reshape the two countries' economic ties under new leadership in both nations. Through its annual Doorknock program in Washington from Tuesday to Thursday (local time), the AMCHAM delegation plans to call for stronger support for Korean investments in the United States, a reduced U.S. goods trade deficit with Korea and policy reforms that enhance Korea's appeal as home to regional headquarters of global enterprises. It will be the first business delegation to visit the U.S. capital since President Lee Jae-myung's inauguration last Wednesday. AMCHAM emphasized this year's visit comes at a critical moment for the Korea-U.S. partnership, as both countries begin new political chapters and navigate shifting global economic dynamics. "This Doorknock is about reaffirming our shared commitment to a strong and resilient U.S.-Korea economic alliance," AMCHAM Chairman James Kim said. "With Korea's new administration just taki

Jun 9, 2025By Park Jae-hyuk
US businesspeople in Korea fly to Washington to boost economic ties

LG reaffirms commitment to Indonesia's EV battery industry

LG Group Chairman Koo Kwang-mo visited Indonesia earlier this month to inspect the electric vehicle (EV) battery production facilities of HLI Green Power, a joint venture established in 2021 by LG Energy Solution (LGES) and Hyundai Motor Group. LG Group said Monday that Koo visited the joint venture in Karawang, West Java Province, where he emphasized the company's commitment to the EV battery business, which has faced concerns due to a global slowdown in demand. Writing "I hope it becomes the heart of future mobility" on a battery cell produced at HLI, the chairman also encouraged employees to pursue a level of competitiveness that surpasses global rivals, according to the group’s holding firm, LG Corp. This is Koo’s first trip to Indonesia since attending a business roundtable in Jakarta in September 2023, and comes about two months after an LGES-led consortium withdrew from the Grand Package project. The $8 billion project is aimed at building a full EV battery value chain in the mineral-rich country, encompassing raw material extraction, processing and battery cell manufacturing.

Jun 9, 2025By Park Jae-hyuk
LG reaffirms commitment to Indonesia's EV battery industry

Samsung Bioepis enters Japanese market through partnership

Korean biosimilar developer Samsung Bioepis said Monday it will make its entry into the Japanese market through a partnership with a Japanese health care company. According to Samsung Bioepis, it has entered into a license, development and commercialization agreement in Japan with NIPRO for Bioepis’ multiple biosimilar candidates, including autoimmune disease biosimilar SB17. This is the first time for Samsung Bioepis to sign a partnership with a Japanese firm to make a foray into the Japanese market. Under the terms of the agreement, Samsung Bioepis will be responsible for the development, manufacture and supply of the medicines, while NIPRO will be responsible for their commercialization in Japan. “This partnership marks an important step towards expanding our footprint in Japan,” Samsung Bioepis CEO Kim Kyung-ah said. “We look forward to collaborating with NIPRO, a company renowned for its high-quality medical devices and health care solutions, to accelerate access to treatments in the Japanese market. We will continue to advance our development platform and innovate access to

Jun 9, 2025By Nam Hyun-woo
Samsung Bioepis enters Japanese market through partnership

Jinro soju named world's bestselling spirit for 24 consecutive years

Hitejinro said Monday its flagship soju brand Jinro has been named the world's best-selling spirit for the 24th consecutive year by the British drinks industry publication, Drinks International. In 2024, Hitejinro sold 96.8 million cases (9 liters per case) of soju products worldwide, the company said in a press release. If laid end-to-end, the bottles sold would circle the Earth approximately 13 times, or reach the equivalent height of 57,000 Mount Everests, it said. Despite shifting consumer preferences and a global market slowdown, Jinro's sales volume last year was over twice that of tequila, one of the world's leading distilled spirits categories. "Jinro's unprecedented achievement of being the world's top-selling spirit brand for 24 consecutive years cements our status as a global soju leader," said Hwang Jung-ho, managing director of Hitejinro's overseas business division. "We will continue to strengthen our localization strategies to grow Jinro into a widely accessible brand that fits into the daily lives of consumers worldwide." Hitejinro currently exports soju and other beverage

Jun 9, 2025By Yonhap
Jinro soju named world's bestselling spirit for 24 consecutive years

Hyundai Motor salesperson achieves milestone with customer-centric mindset

Kang Byung-chul, a sales director for Hyundai Motor’s commercial vehicles, cites his unwavering focus on a customer-centric mindset as the key driving force for his surprising sales milestone. He earned the recognition as the carmaker’s second salesperson to achieve a cumulative total of 3,000 commercial vehicle sales. The figure is noteworthy in that all the sales were from commercial cars, such as large trucks for transportation of equipment. Commercial cars refer to specially-designed vehicles, such as buses, vans and concrete trucks known in Korea as "remicon." Kang joined the automaker in 1997 and achieved robust sales over his 28 years with the company. In 2022, he also received the title of sales master after reaching a milestone of more than 2,500 vehicles sold. Kang said he has not hesitated to travel to meet interested customers. “There is no special secret for my sales,” he said during a telephone interview. “I travel all around the country when customers contact me. I always make it a rule to listen to the voice of customers with sincerity and empathy.” The sales ac

Jun 9, 2025By Lee Min-hyung
Hyundai Motor salesperson achieves milestone with customer-centric mindset

Korean Air faces internal complaints over Asiana merger

Korean Air faces internal complaints over concerns that employees may have to share welfare benefits with incoming Asiana Airlines staff amid the high-stakes takeover. The flag carrier, which completed its legal procedure for the acquisition of the cash-strapped Asiana last year, plans to launch and operate a converged single Korean Air brand by the end of October 2026. Currently, it runs Asiana as a subsidiary. Korean Air seeks to minimize potential backlash from both sides by undertaking a two-year integration of corporate culture with Asiana Airlines. However, employees from Korean Air still remain skeptical about whether management's plan will proceed as expected amid concerns that they may receive fewer benefits from their current welfare programs due to the acquisition. One of Korean Air's flagship welfare programs is the zonal employee discount (ZED) tickets. The airline offers some 25 ZED tickets annually to its employees at discounts of up to 90 percent. The airline’s employees and their lineal family members are eligible to enjoy the benefit. Given the considerable discount ra

Jun 9, 2025By Lee Min-hyung
Korean Air faces internal complaints over Asiana merger
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