Business - The Korea Times

Hyosung chairman's bet on power biz hits stride amid AI boom

Hyosung Group Chairman Cho Hyun-joon’s vision for proactive investment in power grid equipment is bearing fruit, as the global artificial intelligence (AI) boom fuels soaring demand for high-voltage power supply. His 2020 decision to acquire an extra-high-voltage transformer plant in Memphis, Tennessee, has helped propel the group’s power equipment unit to record earnings in recent months, with the company now targeting 5 trillion won ($3.62 billion) in annual revenue this year. According to Hyosung Heavy Industries, it logged 1.08 trillion won in sales and 102.4 billion won in operating profit in the first quarter of this year, achieving 9.3 percent and 82.2 percent year-on-year increases, respectively. The numbers are the highest first-quarter earnings for the company and widely accepted as an earnings surprise, as it surpassed brokerages' consensus of an operating profit of around 90.1 billion won. The company set new highs in its annual earnings in 2024, logging 4.9 trillion won in sales and 362.5 billion won in operating profit, up 13.8 percent and 40.6 percent respectively from

Jun 1, 2025By Nam Hyun-woo

Hyosung chairman's bet on power biz hits stride amid AI boom

Last-minute sales of expiring food gain popularity online

Foods nearing their expiration dates are becoming increasingly popular among both consumers and retailers in Korea. Consumers can purchase them at discounted prices, while sellers can generate profit rather than discarding them. The trend is driven by rising retail prices across food products and restaurants over the past year, fueled by higher ingredient costs and other operational expenses. This inflation has led more consumers to cut back on food spending, resulting in declining sales for Korea’s dine-in restaurants and other food-related retail businesses. Luckymeal is an online platform where registered outlets offer paper bags containing random, soon-to-expire food items. Unlike typical shopping, customers do not select specific products — instead, they purchase a surprise “treat bag” at discounts of 50 percent or more. Users of the platform can choose from various stores — ranging from bakeries to side dish or dessert shops — and check the number of available “lucky bags.” They can then reserve a bag along with a preferred pickup time. The platform later confirms

May 31, 2025By Ko Dong-hwan

Last-minute sales of expiring food gain popularity online

British Business Awards spotlight innovation and inclusion in Korea

Companies, brands and an individual that have played a key role in strengthening trade relations between Korea and the United Kingdom over the past year were honored by the British Chamber of Commerce in Korea (BCCK), Friday. The inaugural edition of the BCCK British Business Awards, held in Seoul alongside the King's Birthday Dinner, the chamber's traditional annual gala, celebrated winners across five categories. Dwight School Seoul received the Responsible Business of the Year Award. The BCCK recognized the international school, located in Seoul’s Mapo District, for its outstanding commitment to education, particularly through the integration of the Belonging, Justice, Equity, Diversity and Inclusion (BJEDI) initiative into its curriculum and institutional policies. Pharmaceutical and biotechnology company AstraZeneca received the Campaign of the Year Award for its "Lung Cancer Zero" initiative. The campaign engaged students, academics and celebrities to promote early lung cancer screening, resulting in 5,000 public pledges. It also contributed to a policy shift by the Korean gover

May 30, 2025By Ko Dong-hwan

British Business Awards spotlight innovation and inclusion in Korea

Hyundai E&C withdraws from Gadeok airport project

Hyundai Engineering & Construction officially announced Friday its withdrawal from the site preparation project for a new airport on Busan's Gadeok Island. The exit of the preferred contractor has raised concerns that the construction timeline for the airport could face significant delays. The government had selected the consortium — comprising Hyundai E&C, Daewoo E&C and POSCO E&C — as the preferred bidder last year after four failed rounds of competitive bidding. “Despite our efforts to ensure safety and quality, it has become impossible to secure the necessary construction period to guarantee safety. We have decided not to participate in the site preparation project for the Gadeok Island new airport,” Hyundai E&C said in a press statement. “It is unacceptable to comply with unreasonable demands and conditions to shorten the construction period, driven by regional and political interests, which compromise the safety of the airport.” The project, which includes the construction of a runway and breakwaters, carries a budget of 10.53 trillion won ($7.63 billion). A preliminary

May 30, 2025By Ko Dong-hwan

Hyundai E&C withdraws from Gadeok airport project

Porsche’s battery philosophy: A shining standard in safety

WEISSACH, Germany — Porsche is committed to every production process for electric vehicle (EV) batteries, spanning from its design to safety tests. This is a strict safety-first philosophy for the luxury carmaker. In a recent EV battery workshop, the automaker displayed an unwavering commitment to ensuring the safety of its EV batteries. Porsche Research & Development Centre handles the whole process under partnerships with global battery makers. The carmaker sources batteries for its Taycan EV from LG Energy Solution and does so for its Macan Electric from China’s CATL. However, Porsche teams up with the battery partners from the initial designing phase. After passing the requirement from Porsche, the battery makers start production for the Porsche-specific EV batteries. The carmaker then enters the next phase by placing the batteries into a durability test zone. Only after passing Porsche’s strict high-voltage battery system tests and a series of other safety tests can batteries be mass-produced for adoption into Porsche EVs. As batteries are connected with complex electric in-vehi

May 30, 2025By Lee Min-hyung

Porsche’s battery philosophy: A shining standard in safety

Leadership risk weighs on Hankook Tire

Hankook & Company, the holding firm of Korea’s largest tire maker Hankook Tire, faces increasing risks to its effective decision-making — particularly in its overseas business — following the imprisonment of Chairman Cho Hyun-bum. Cho was sentenced to three years in prison and taken into custody on Thursday on charges of embezzlement and breach of trust amounting to 20 billion won ($14.5 million). The leadership vacuum comes at a critical juncture, as Hankook Tire faces mounting business risks in the United States, which has imposed a 25-percent tariff on tire and auto part imports — a protectionist measure that poses a significant threat to the company. Under Cho's leadership, the tire company decided to double its production capacity in Tennessee to mitigate the impact of U.S. tariffs. However, his absence is expected to stall key decision-making at Hankook Tire, making it more difficult for the company to proactively deal with external risk factors. A spokesperson at Hankook & Company said the group will take legal steps. “We consider taking legal actions or lodging an appeal

May 30, 2025By Lee Min-hyung

GKL joins hands with KOMSCO to strengthen digital services

Grand Korea Leisure (GKL) signed a memorandum of understanding with the Korea Minting and Security Printing Corp. (KOMSCO) to enhance visitors’ digital experience at the nation’s largest foreigner-only Seven Luck casino. According to a public company under the Ministry of Culture, Sports and Tourism, Friday, GKL has applied KOMSCO’s latest digital security and authentication technology to its mobile service platform SevenLuck+. It said in a press release that KOMSCO’s digital technology will improve the platform’s security and facilitate the casino’s digitalization in service. “GKL is doing its best to transform it into a smart casino,” GKL President Yoon Doo-hyun said during the signing ceremony with KOMSCO at the company’s headquarters in Seoul, Thursday. “We will continue helping other casinos’ digital transformation with our digital technology and data.” Under the partnership, SevenLuck+ will use KOMSCO’s identification verification technology at the casino’s entrance, issue digital membership cards and provide a cashless electronic wallet service powered

May 30, 2025By Jhoo Dong-chan

GKL joins hands with KOMSCO to strengthen digital services

HD Hyundai Samho wins $280 mil. container ship order in Oceania

HD Hyundai Samho Heavy Industries, a Korean shipbuilder, said Friday it has secured a 386.8 billion-won ($280 million) order to build two container carriers for a client in the Oceania region. The vessels will be delivered in phases to an undisclosed shipping company in Oceania by March 2028, the company said in a regulatory filing. HD Hyundai Samho Heavy is one of three affiliates under HD Korea Shipbuilding & Offshore Engineering (HD KSOE), alongside HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard. HD KSOE is a subholding company of HD Hyundai, formerly known as Hyundai Heavy Industries Holdings. With the latest order, HD KSOE has secured shipbuilding contracts worth $6.98 billion so far this year, achieving 38.7 percent of its annual order target of $18.05 billion.

May 30, 2025By Yonhap

HD Hyundai Samho wins $280 mil. container ship order in Oceania

Daehong Communications to host contest for future talent in media industry

Daehong Communications, the media and advertising arm of Lotte Group, will host a contest to discover future talent in the industry. The company announced Thursday that it will hold the 42nd Daehong Creative Awards this July. Launched in 1984, the awards have served as a gateway for college students aspiring to build careers in communications, media, and advertising. Over 4,000 students have participated in the awards every year. Applications will be accepted online from July 11 to 17 in five categories: visual (for print and visual concepts), film (covering TV and video ads), digital content, experience (for online and offline customer engagement), and outdoor activation (for interactive outdoor campaigns). The contest winners will be announced in September. The grand prize-winning team will receive 5 million won (approximately $3,700) and an internship opportunity at Daehong Communications. Participants will develop campaigns by utilizing Lotte Group’s nine brands, including Lotte Wellfood, Lotte Chilsung, Lotte World, Uniqlo and Nexen Tire, targeting the country’s Gen Z-ers. For mor

May 30, 2025

Daehong Communications to host contest for future talent in media industry

Will Samyang Foods defy 'emperor stock' curse?

The shares of Samyang Foods, the maker of the globally popular Buldak instant noodles, recently surpassed 1 million won ($723.43), earning the coveted title of "emperor stock." While the price has already surged tenfold in two years, brokerages scramble to raise their target prices, with some estimates reaching as high as 1.7 million won. Few believe the ride is over. Choi, a financial industry worker based in Yeouido, is confident the rally has room to continue. The 33-year-old said he has been recommending the stock to friends and colleagues since it was in the 600,000 won range. Yet, his advice has often been met with lukewarm responses. "With a single share now priced at over 1 million won, it’s understandably a bit burdensome to buy in at this point," he added. As the stock shows no signs of cooling, attention is turning to whether Samyang Foods will soon fall victim to the so-called "emperor stock curse." In Korea’s stock market, companies whose shares surpass the 1 million won mark have often faced sharp declines afterward, leaving peak-time investors to endure years of losses. F

May 30, 2025By Lee Yeon-woo

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