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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.

Doosan’s big comeback: What’s behind the stock boom?

In 2020, creditor banks — including the Korea Development Bank and the Export-Import Bank of Korea — called on Doosan to implement sweeping self-rescue measures, including the sale of key affiliates. The company agreed, embarking on a major restructuring and divested assets worth approximately 3 trillion won ($2.2 billion) over a two-year period. Now, Doosan, one of Korea's oldest conglomerates with a 128-year history, is staging a strong comeback in the stock market. Doosan Enerbility, Korea's leading power plant builder, has emerged as the primary driver of the group’s rally this year. Its share price has jumped 160.5 percent, rising from 17,550 won at the end of December to 45,700 won as of Thursday. The stock also spiked 7.62 percent on news that the company signed a final contract for a 26 trillion-won nuclear power plant project in the Czech Republic. During intraday trading, it even reached a 52-week high of 45,800 won. The rally is being fueled by a global policy shift toward nuclear energy. In the U.S., President Donald Trump signed an executive order to revive the domestic

Jun 5, 2025By Lee Yeon-woo
Doosan’s big comeback: What’s behind the stock boom?

Trump's steel tariffs to affect US production for Samsung, LG

With the U.S. tariff hike on steel and aluminum to 50 percent now in effect, Samsung Electronics and LG Electronics are facing increased supply chain complexities in their U.S. home appliance manufacturing operations. U.S. President Donald Trump signed an order doubling tariffs on steel and aluminum imports Tuesday. The levy came into effect the following day, affecting most products using metal as a component. Since steelmaking generally has low operating profit margins, a sharp increase in tariffs is likely to lead to higher product prices. The tariffs come as a concern for not only steelmakers here but also home appliance makers including the two Korean companies, as steel and aluminum are major component of their washers, dryers and other appliances. In the wake of Trump’s latest tariff, the two companies have been exploring ways to increase their U.S. production by relocating parts of their manufacturing lines around the world. Since 2018, Samsung Electronics has been assembling home appliances at its plant in Newberry, South Carolina, capable of manufacturing 1 million washing mac

Jun 5, 2025By Nam Hyun-woo
Trump's steel tariffs to affect US production for Samsung, LG

When will new president meet business leaders?

The absence of businesspeople at President Lee Jae-myung's inauguration ceremony on Wednesday has raised questions about when he will meet the heads of Korea's largest conglomerates. His predecessor, impeached former President Yoon Suk Yeol, met the chiefs of Samsung, SK, Hyundai Motor and LG on the first day of his term in 2022, inviting them to both the inauguration and a follow-up banquet. During former President Park Geun-hye's inauguration in 2013, then-chairmen of Hyundai Motor, LG, POSCO and Hanjin attended the event along with the heads of major business lobby groups, while Samsung and SK sent high-level executives on behalf of their chairmen. In contrast, former President Moon Jae-in's inauguration in 2017 did not include any businesspeople, as he assumed office immediately without a transition period following Park's impeachment. That event, attended by only 500 people, had been the smallest presidential inauguration in Korea — until Lee's, which had about 300 attendees. Industry officials expect business leaders to participate in what the presidential office calls the "appo

Jun 5, 2025By Park Jae-hyuk
When will new president meet business leaders?

Foreign biz community expects stronger economic ties under new leadership

The election of President Lee Jae-myung is raising hopes Wednesday among foreign businesspeople in Korea that the new administration will strengthen economic ties with their home countries. As Lee ended a monthslong government leadership vacuum, foreign business associations congratulated him on his victory, promising to provide support for the success of his new administration. "We look forward to building on the strong foundation of bilateral economic cooperation and to working closely with the new administration to foster mutual growth, innovation and opportunity for our business communities," the Korean-German Chamber of Commerce and Industry said in a statement. The second-largest foreign chamber of commerce in Korea has continuously called for a reliable and transparent regulatory framework, consistent enforcement of the rule of law and policies that actively encourage foreign investment. During an interview with The Korea Times in April, CEO Marie Antonia von Schonburg urged Korea and Germany to reaffirm their commitment to multilateralism and a rules-based global trade system. "In

Jun 4, 2025By Park Jae-hyuk
Foreign biz community expects stronger economic ties under new leadership

Stellantis Korea hit by excessive sales intervention amid falling revenue

Stellantis Korea was ordered Wednesday to rectify its inadequate sales intervention on its retail stores, taking another hit from its steep sales fall here, the antitrust watchdog said. According to the Fair Trade Commission (FTC), a sanction was imposed on the local subsidiary of the global carmaker for violating fair trade rules by coercing its retail stores into submitting confidential sales data. Stellantis Korea sells vehicles from two major overseas auto brands — Jeep and Peugeot. The FTC investigation found that the carmaker had demanded that its retail stores provide documents containing their specific revenue data. Unless the carmaker’s affiliated retail stores submitted them by the deadline, Stellantis Korea cut incentives by 0.2 percent from employees in the stores. The submitted data is seen as confidential, so the stores do not necessarily have to provide them, according to the antitrust watchdog. “Stellantis Korea abused its power to intervene in sales activities from its retail stores,” an FTC official said. The authority said any corporate headquarters should protec

Jun 4, 2025By Lee Min-hyung
Stellantis Korea hit by excessive sales intervention amid falling revenue

Lee urged not to repeat past eco-mobility failures

President Lee Jae-myung should prevent the recurrence of botched eco-friendly mobility policies pushed by former administrations by mapping out more concrete long-term strategies, experts and industry officials said Wednesday. Lee took office tasked with the revival of the nation’s key industries, as they are at risk of losing growth momentum here and abroad amid unfavorable economic circumstances and increasing trade pressure from the United States. The automobile sector is particularly vulnerable to these risk factors, with most carmakers reporting a drastic drop in auto sales. The industry is in dire need of policy support from the new administration to tackle an escalating set of uncertainties. Auto experts and industry watchers said the government should learn from past mistakes in eco-friendly policies. Lee pledged to make the market share for electric vehicles (EVs) exceed 50 percent by 2030, in line with a global shift towards more eco-friendly forms of mobility. However, experts argued the pledge is unfeasible during his five-year tenure, as infrastructure for the spread of EV

Jun 4, 2025By Lee Min-hyung
Lee urged not to repeat past eco-mobility failures

KAI president offers to resign on Day 1 of Lee administration

Kang Goo-young, CEO of Korea Aerospace Industries (KAI), expressed his intention to resign on Wednesday, the same day President Lee Jae-myung was inaugurated. According to the nation’s sole aircraft manufacturer, Kang informed the Export-Import Bank of Korea (Korea Eximbank) — KAI’s largest shareholder — that he would step down once a successor is appointed. Given that the government holds more than a 35 percent stake in KAI and the defense industry is particularly sensitive to shifts in government policy, it has been customary for the company’s top executive to be replaced with each change of administration. Kang, 66, is the first former Air Force pilot to serve as CEO in KAI’s history. His three-year term is set to end in September. A graduate of the Republic of Korea Air Force Academy, Kang previously served as commander of the Fifth Air Mobility Wing and as deputy chief of staff of the Air Force. He also played a key role in the development of homegrown jet trainers, including the KT-1 basic training aircraft and the T-50 supersonic advanced trainer. During the 2022 preside

Jun 4, 2025By Nam Hyun-woo
KAI president offers to resign on Day 1 of Lee administration

Commercial Act revision by new gov't to test businesses

With the launch of the Lee Jae-myung administration, the president’s proposal to revise the Commercial Act is emerging as a new challenge for businesses in Korea. The plan aims to boost stock prices but could also expose companies to increased pressure from activist shareholders seeking to influence corporate decision-making. During a YouTube livestream on Monday, a day before the presidential election, Lee said he will handle the revision “within two to three weeks after taking office.” “Since the revision has already passed the National Assembly once, it should be reinforced and made stronger,” he said. “The largest shareholders are abusing their control over companies and taking the benefits through spin-offs and relistings. There’s no other country that allows this. We can stop it through revisions to the Commercial Act.” The revision Lee was referring to was passed in the National Assembly on March 13 with the unilateral endorsement of Lee's party, the Democratic Party of Korea, which holds a majority. It was vetoed by then-acting President Han Duck-soo on April 1,

Jun 4, 2025By Nam Hyun-woo
Commercial Act revision by new gov't to test businesses

2 Korean firms vying to become partners in Alaska LNG project: Glenfarne

At least two Korean companies have participated in the strategic partner selection process of the lead private developer of an Alaska liquefied natural gas (LNG) project, U.S. energy firm Glenfarne Group said Wednesday. Glenfarne, the private joint developer in the estimated $44 billion project, said over 50 companies from Korea, the United States, Japan, Taiwan, Thailand, India and the European Union took part in the first round of its strategic partner selection process for the Alaska LNG project, hosted by its subsidiary Glenfarne Alaska LNG LLC. Glenfarne did not disclose further details on the list of companies involved in the process but said the potential partners have formally expressed interest in various partnerships with the project, including equipment and material supply, services, investment and customer agreements, which have a combined value of US$115 billion. U.S. President Donald Trump's administration has been pushing Seoul, Tokyo and other Asian countries to invest in the Alaska LNG project, which aims to build a 1,300-kilometer pipeline connecting the North Slope, a

Jun 4, 2025By Yonhap
2 Korean firms vying to become partners in Alaska LNG project: Glenfarne

US businesses hope Lee will boost Korea as high-tech, green industry hub

U.S. companies doing business here congratulated President Lee Jae-myung on his election Wednesday, promising continuous support to enhance Korea's long-term economic competitiveness through policies that promote a more predictable and fair regulatory environment. Expecting Lee's leadership to reinforce Korea's role as a global hub for high-tech industries and green development, the American Chamber of Commerce in Korea (AMCHAM) said in a statement that it will continue to serve as a trusted bridge to strengthen the two countries' economic ties. "On behalf of the U.S. business community, I would like to extend my heartfelt congratulations to President Lee Jae-myung," AMCHAM Chairman James Kim said. "His leadership and vision come at a pivotal moment for Korea, and I'm truly excited about the opportunity to work closely with him and his administration to further deepen the U.S.-Korea economic partnership." Recalling previous meetings with Lee, the chairman also recognized the new president as a "real visionary." "I've had the privilege of meeting President Lee many times over the years —

Jun 4, 2025By Park Jae-hyuk
US businesses hope Lee will boost Korea as high-tech, green industry hub
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