Business - The Korea Times

Samsung Electronics teases new foldable smartphone ahead of July unpacking event

Samsung Electronics released a teaser for its upcoming foldable smartphone Wednesday, promising wider screens and higher-performance cameras. In a short video posted on its official Newsroom site, the company showcased a smartphone folding in half like a book, hinting at the next evolution of its foldable lineup. Samsung Electronics highlighted increasing consumer demand for larger screens, enhanced cameras and advanced artificial intelligence (AI) features. "The demand is clear — an Ultra-experience that goes beyond a simple list of upgraded features in a smaller and more portable form factor," the company said. "With industry-leading hardware, cutting-edge performance and seamless AI integration optimized for the foldable format, it's what users have come to expect from Galaxy Ultra." The Galaxy Ultra represents the premium tier of Samsung Electronics' flagship smartphone lineup. Samsung is expected to unveil the latest models in its foldable series — the Galaxy Z Fold 7 and Galaxy Z Flip 7 — at its summer Galaxy Unpacked event, slated for July in New York.

Jun 4, 2025By Yonhap

Samsung Electronics teases new foldable smartphone ahead of July unpacking event

US sales of Hyundai, Kia cars up 6.4% in May amid tariff woes

Hyundai Motor and its smaller affiliate Kia said Wednesday their combined vehicle sales in the United States rose 6.4 percent in May from a year earlier, although growth slowed compared with the previous month amid ongoing tariff concerns. The two carmakers sold a total of 163,528 vehicles in the U.S. last month, up from 153,641 units a year ago, according to company sales data. Hyundai's sales rose 8 percent on-year to 84,521 units from 78,485, while Kia's climbed 5.1 percent to 79,007 units from 75,156. Sales figures for Hyundai do not include its independent luxury brand, Genesis. The two companies had recorded a double-digit on-year sales growth in the world's largest automotive market in April. Hyundai said its growth in May was driven by solid demand for the Elantra compact car, as well as the Tucson and Santa Fe sport utility vehicles (SUVs). "Kia's diverse powertrain lineup, including internal combustion engines, hybrids and EVs, combined with strong demand for the Telluride and Sportage SUVs, the Carnival minivan and K4 sedan, have been key drivers of the company's continued sales

Jun 4, 2025By Yonhap

US sales of Hyundai, Kia cars up 6.4% in May amid tariff woes

Korea’s business lobbies urge new president to spur economic recovery

Korea's major business lobbies have urged President Lee Jae-myung to spur economic recovery, as the country struggles to navigate mounting challenges posed by global protectionism and a rapid tech paradigm shift. Lee of the liberal Democratic Party of Korea was elected president after defeating Kim Moon-soo of the conservative People Power Party, winning 49.42 percent of the vote to Kim’s 41.15 percent. In a statement, the Korea Chamber of Commerce and Industry asked for the next administration to drive Korea’s economic rebound with strong leadership. “The country faces multiple challenges of low growth, low birthrate and the extinction of small towns,” the business lobby said. “Coupled with the domestic agendas, the president is advised to harness national capabilities to navigate the rapidly changing global environment, represented by growing protectionism and artificial intelligence-driven tech innovation.” The Federation of Korean Industries also called on Lee to build a more business-friendly environment to help the country tackle worsening global trade uncertainty and s

Jun 4, 2025By Lee Min-hyung

Korea’s business lobbies urge new president to spur economic recovery

Cartier latest luxury brand hit by consumer data breach

Luxury jewelry brand Cartier has confirmed a breach of customer data, raising concerns over data security among high-end brands following recent incidents involving Dior and Tiffany. The company sent out an email Tuesday informing its customers that an “unauthorized third party” accessed its systems temporarily and obtained certain customer information. While Cartier assured customers that sensitive financial data such as passwords, credit card numbers and bank account information were not compromised, the brand said it has confirmed that the compromised data possibly includes customer names, email addresses, birth dates and country of residence. The company noted that it has taken immediate action to strengthen its security systems and is working closely with external cybersecurity experts and relevant authorities to investigate the incident. The Cartier announcement comes as Korea's Personal Information Protection Commission (PIPC) is currently conducting an investigation into data breaches at Christian Dior and Tiffany, both owned by the French luxury conglomerate LVMH. According t

Jun 3, 2025By Lee Gyu-lee

Carmakers face double whammy of export fall, domestic slump amid leadership vacuum

The nation’s auto industry is trapped in a double whammy of drastic declining exports and a domestic consumption slump amid a prolonged leadership vacuum. The export decline is attributed to U.S. President Donald Trump’s 25 percent auto tariff, which is expected to cause serious earnings damage to Hyundai Motor, Kia and General Motors (GM) Korea. The weakening domestic consumption is also cited as another major risk for the major automakers. Data from four major carmakers — Hyundai Motor, Kia, KG Mobility and GM Korea — reported a drop in domestic sales in May. Hyundai Motor’s vehicle sales decreased 5.2 percent last month from a year earlier, while those of Kia also dropped by 2.4 percent during the same period. KG Mobility and GM Korea suffered even bigger declines, with sales falling 11 percent and 39.8 percent, respectively. Renault Korea was the only top-five carmaker to report a sales growth last month. This was triggered by the economy’s continuous exposure to weak demand. Despite the economic slump, Korea has in recent months failed to implement any preemptive policy m

Jun 3, 2025By Lee Min-hyung

Carmakers face double whammy of export fall, domestic slump amid leadership vacuum

Top biz groups prepare strategic responses as new government takes office

Major conglomerates are set to begin high-level meetings later this month to review their overall business strategies in response to the launch of the new Korean administration and rising uncertainties caused by U.S. tariff policies. According to industry officials, Tuesday, Samsung Electronics, SK Group, Hyundai Motor Group and other major business groups in Korea are set to hold a series of strategy meetings from mid-June through July to strengthen their readiness for the shifting business environment. Samsung Electronics is planning to hold a global strategy meeting later this month to outline its business strategy for the second half of the year. While the exact date has not been confirmed, key executives and heads of overseas subsidiaries are expected to attend to review issues facing each business division and assess global market conditions. Discussions are expected to focus on revitalizing the company’s memory business and developing global sales strategies for its new Galaxy foldable smartphones, which are scheduled to be unveiled in July. In addition to reviewing internal bus

Jun 3, 2025By Nam Hyun-woo

Top biz groups prepare strategic responses as new government takes office

Bun crisis hits Korea’s burger industry after SPC plant fatal accident

A fatal accident at SPC Samlip’s Siwha factory has triggered a widespread disruption in hamburger supply chains, leaving franchises like Lotteria and Mom’s Touch scrambling to secure enough burger buns. According to the food service industry on Monday, SPC Samlip is the largest B2B hamburger bun supplier in South Korea. While other plants such as the Seongnam facility also produce hamburger buns, the Siwha site has the largest capacity. SPC Samlip halted operations at the Siwha plant after a fatal accident involving an employee on May 19. The Ministry of Employment and Labor issued a work stoppage order for 10 production lines related to the incident, leading the company to suspend all 29 lines at the facility. This shutdown has paralyzed production of SPC Samlip’s popular KBO-themed pastries as well as the hamburger buns. Major franchises that rely on SPC Samlip’s supply — including Lotteria, No Brand Burger, Mom’s Touch and Burger King — are facing shortages. The only major chain unaffected is McDonald’s Korea, which exclusively sources buns from Grupo Bimbo Korea, the

Jun 3, 2025By Hankookilbo

Bun crisis hits Korea’s burger industry after SPC plant fatal accident

Hyundai Motor, GM Korea face union tensions amid US tariff risks

Hyundai Motor and General Motors (GM) Korea are grappling with escalating demands from labor unions for substantial wage increases, compounding challenges posed by auto tariffs from the United States. Unions at both automakers are pressing for significant portions of company profits to be distributed as bonuses, despite mounting business uncertainties stemming from U.S. President Donald Trump's push for a 25 percent tariff on automobile imports. Hyundai Motor’s labor union is demanding that 30 percent of the company’s 2024 net profit be paid as a special bonus to union members — an estimated 4 trillion won ($2.9 billion). However, the likelihood of the automaker accepting the demand appears slim, as the company faces growing external risks from potential tariffs. The U.S. accounted for 54 percent of Hyundai’s total exports last year. On Tuesday, Hyundai Motor reported a 1.7 percent decline in sales for May compared to the same period last year, attributing the drop to weaker consumer spending amid an economic slowdown. Hyundai sold 351,174 vehicles last month, down from 357,099

Jun 3, 2025By Lee Min-hyung

Hyundai Motor, GM Korea face union tensions amid US tariff risks

InterviewL&F confident in overcoming China's dominance in battery industry

As the global battery industry comes under intense U.S. pressure to reduce reliance on China, L&F is seizing the moment to position itself as a key supplier of cathode materials independent of Chinese companies designated as foreign entities of concern (FEOC), which the U.S. government identifies as national security risks. Through continued efforts to develop homegrown cathode materials — ranging from high-nickel NCMA (nickel, cobalt, manganese and aluminum) to lithium iron phosphate (LFP) — the Daegu-based company is preparing to meet the needs of clients seeking FEOC-free supply chains to access the U.S. market. "The market and global customers are asking for three things with LFP — technological independence from FEOC, performance equal to or better than Chinese products and long-term supply chain stability," L&F President and Chief Product Officer Chang Sung-kyun told The Korea Times in a recent interview. L&F has maintained the lead in high-nickel NCMA for premium electric vehicles (EVs), but it has actively diversified its portfolios, expanding into the lower-cost LFP segme

Jun 3, 2025By Park Jae-hyuk

L&F confident in overcoming China's dominance in battery industry

Hyundai Steel mulls sale of caterpillar track division at Pohang plant

Hyundai Steel, Korea's second-largest steelmaker, said Monday it is considering selling a division that produces caterpillar tracks at one of its domestic plants, amid a prolonged slump in the construction industry. The company is in talks with Daejoo.KC — whose business spans steel structures to auto components — to sell the caterpillar track division of Pohang 1 plant, located 273 kilometers southeast of Seoul, a Hyundai spokesperson said. "Sales of caterpillar tracks produced by Hyundai Steel plunged 65 percent last year compared with 2021 due to intensified competition and an oversupply of low-priced Chinese products," the spokesperson said. Hyundai Steel said it will guarantee job security for employees currently working in the division by relocating them to other departments. The caterpillar-track system is used in the manufacturing of heavy equipment, such as excavators, bulldozers and track loaders. In recent months, the company has faced mounting challenges due to weakening demand and steep U.S. tariffs. In April, Hyundai Steel temporarily shut down one of its three domestic s

Jun 2, 2025By Yonhap

Companies