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.

HYBE to sell entire stake in SM Entertainment to China's Tencent

K-pop powerhouse HYBE said Tuesday it will sell its entire stake in rival SM Entertainment to Tencent Music Entertainment Group, a subsidiary of China's tech giant Tencent, for about 200 billion won ($145.5 million). Through the deal, Tencent Music will become the second-largest effective shareholder in SM Entertainment, following Kakao and Kakao Entertainment, which together hold a 41.5 percent stake. HYBE said in a regulatory filing that it will sell 2,212,237 shares of SM, which represents a 9.38 percent stake in the company. The shares will be sold for 110,000 won each, totaling about 243.3 billion won for the full transaction. The sale is scheduled to be completed Friday after the market closes through an after-hours block trade. HYBE acquired the stake in 2023 during a high-profile battle to take over SM Entertainment's management rights. "We divested noncore assets as part of a choice and concentration strategy," the company said. "Secured funds will be used to secure future growth engines." The music industry is watching closely Tencent Music's acquisition of SM Entertainment, one o

May 27, 2025By Yonhap
HYBE to sell entire stake in SM Entertainment to China's Tencent

Park Dae-jun to drive Coupang’s AI expansion as sole CEO

Coupang has announced that co-CEO Park Dae-jun will assume full control of the company’s management, signaling a shift away from its previous dual-CEO structure. Former co-CEO Kang Han-seung will step down to focus on advancing Coupang’s AI initiatives and global expansion efforts. Park joined the e-commerce giant in 2012 as director of policy and became vice president of policy in 2019. Since 2020, he has led the new business division, spearheading the nationwide expansion of Coupang’s Rocket Delivery one-day delivery service through AI-driven logistics innovations. He has also played a key role in developing the company’s new businesses and strengthening regional infrastructure, contributing to creating jobs. Park has also worked closely with regional governments and agencies to launch projects to help local businesses and farmers utilize digital platforms for sales. He also led the company’s new services, Coupang Eats and Coupang Play, to success, enhancing customer experience and achieving its sustainable growth. Under his sole leadership, the company aims to accelerate imp

May 27, 2025By Lee Gyu-lee
Park Dae-jun to drive Coupang’s AI expansion as sole CEO

KCCI chairman calls for economic partnership in meeting with Japanese PM

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won called for an expanded economic partnership between Seoul and Tokyo during his meeting Tuesday with Japanese Prime Minister Shigeru Ishiba. According to the KCCI, Chey visited Ishiba at the prime minister's residence in Tokyo as part of his trip to Japan for the Nikkei Forum happening on Thursday and Friday. The meeting was arranged to discuss the necessity of expanding economic cooperation between Korea and Japan on the occasion of the 60th anniversary of the normalization of diplomatic ties between the two countries. Along with Chey, KCCI Executive Vice Chairman Park Il-joon and SK Group’s SUPEX Council President Lee Hyung-hee joined the meeting. “At a time when both Korea and Japan are facing challenges stemming from the rising protectionism across the world, including the reciprocal tariffs by the United States, there is a growing need to expand economic cooperation and strengthen collaboration between our two countries,” Chey was quoted as saying. The KCCI said Chey asked Ishiba for the Japanese go

May 27, 2025By Nam Hyun-woo
KCCI chairman calls for economic partnership in meeting with Japanese PM

Renault Korea’s Arkana seen as ideal 1st car for young drivers

Renault Korea’s Arkana compact SUV is gaining attention as an ideal first car for young drivers, thanks to its impressive fuel efficiency, sleek coupe-like design and competitive pricing. The carmaker aims to boost sales of the upgraded 2026 Arkana by targeting consumers in their 20s and 30s. The Arkana is equipped with the French carmaker’s advanced safety systems, evidenced by its perfect score in the Korea New Car Assessment Program (KNCAP). These features make the vehicle more attractive to entry-level buyers. One of the standout features of the Arkana Hybrid E-Tech is its impressive fuel efficiency, delivering 17.4 kilometers per liter with 17-inch tires. According to real-world driving tests by some popular automotive YouTube channels, the figure was also seen approaching nearly 30 kilometers per liter under certain conditions. The gasoline-powered Arkana features a 1.6-liter engine that provides smooth, predictable acceleration by maintaining consistent engine revs in response to throttle input. Paired with a continuously variable transmission, the vehicle minimizes engine nois

May 27, 2025By Lee Min-hyung
Renault Korea’s Arkana seen as ideal 1st car for young drivers

Porsche ensures EV safety with strict battery testing at Weissach research center

WEISSACH, Germany — Porsche is dedicated to ensuring the safety of electric vehicle (EV) batteries, exposing them to various harsh climate conditions and use cases to develop the safest-ever luxury EVs. The Porsche Development Centre in Weissach is home to the carmaker’s innovation. For now, Porsche’s primary focus is on developing EVs with highly durable batteries under any conditions. The durability of Porsche’s EV batteries is designed for at least 15 years of life even in harsh climate conditions, which is the highest level in the industry. The figure differs from each carmaker, but a number of them go for 10 years, according to the German firm. “We plan that our batteries last for 15 years under all conditions that our customers put them into,” an engineer from the firm’s research center told reporters during a guided tour of the test facility. “It’s very important for us to give a high quality promise to our customers — that this is really high quality here, and it can be used in all use cases.” Porsche engineers expose the batteries to a number of extreme cond

May 27, 2025By Lee Min-hyung
Porsche ensures EV safety with strict battery testing at Weissach research center

POSCO Future M eyes lithium manganese-rich cathode biz as growth driver

POSCO Future M will scale up its lithium manganese-rich (LMR) cathode material business for electric vehicle (EV) batteries, in a view that the technology will be “a game changer” for the EV market, the battery materials producer said Tuesday. According to the company’s revised prospectus, POSCO Future M will secure mass-production technology for LMR cathode materials by the end of this year and will pursue large-scale orders. POSCO Future M submitted the prospectus for its planned rights issuing. In the prospectus, the company said it will pursue the LMR cathode material business to respond to the growing market share of lithium iron phosphate (LFP) batteries, which are widely used by Chinese manufacturers, noting that LMR cathode materials have advantages in efficiency and price competitiveness compared to LFP materials. LMR batteries significantly reduce the use of expensive materials like cobalt and nickel by using low-cost manganese. In addition, unlike LFP batteries, which are difficult to recycle, LMR batteries offer a higher lithium recovery rate, enhancing their overall e

May 27, 2025By Nam Hyun-woo
POSCO Future M eyes lithium manganese-rich cathode biz as growth driver

KT’s partnership with Viettel to boost AI access in Vietnam

Korean telecommunications giant KT has partnered with Vietnam’s Viettel Group to integrate KT’s artificial intelligence (AI) technologies, aiming to boost Vietnam’s AI market and talent development, thereby strengthening Viettel’s influence across Southeast Asia. KT CEO Kim Young-shub met with Viettel Group Chairman and CEO Tao Duc Thang in Hanoi on Monday (local time), where they signed a strategic partnership to collaborate on AI transformation (AX). Viettel is a global telecommunications company operating Viettel Telecom, the largest telecom provider in Vietnam, serving 138 million customers across 11 countries in Southeast Asia, Africa and Central America. According to KT, Viettel posted $7.34 billion in sales last year and is now shifting its market position from a telecommunications company to a technology company. Under the partnership, the two companies agreed on six key goals, including KT providing systematic AX consulting to Viettel and jointly developing a long-term roadmap for the Vietnamese firm. KT will also develop an AI model, AI agent and counter-voice phishing

May 27, 2025By Ko Dong-hwan
KT’s partnership with Viettel to boost AI access in Vietnam

Hyundai Steel impresses European buyers at World Rally Championship in Portugal

Korea’s leading steelmaker Hyundai Steel made a strong impression on its European clients at the World Rally Championship (WRC) in Portugal earlier this month, where vehicles built with its steel raced through challenging rally stages. Hyundai Steel invited its European clients to the WRC Service Park in Matosinhos, northern Portugal, to watch the rally together from May 16 to 18. The company spotlighted racing cars featuring its logo, emphasizing that they were built using Hyundai Steel products. As part of its Customers Day event, Hyundai Steel also hosted a conference where it showcased its globally recognized steel manufacturing capabilities to its European clients. The company provided insights into its production of automotive steel plates and shared updates on its ongoing electric arc furnace construction project in the United States. It also highlighted its dual production system that combines electric and blast furnaces, and emphasized the strong evaluations its low-carbon steel products have received. Hyundai Steel informed its clients that it has established a new operation

May 27, 2025By Ko Dong-hwan
Hyundai Steel impresses European buyers at World Rally Championship in Portugal

Celltrion strives to boost stock price

Korean biotech firm Celltrion is striving to pump up its stock price through a series of stock buyback programs and other measures to improve shareholder value in an effort to dispel shareholder concerns over the company’s profitability and impacts from U.S. tariffs. Celltrion said Tuesday it has repurchased its own shares through six rounds of stock buyback programs so far this year, totaling 550 billion won ($402.75 million). The amount surpassed the 436 billion won of total buybacks it carried out last year. Celltrion Group Chairman Seo Jung-jin, the group's holding company Celltrion Holdings and its affiliate Celltrion Skincure recently announced plans to purchase Celltrion shares worth 50 billion won, 100 billion won and 50 billion won, respectively. Alongside Seo, other executives are also purchasing company shares to help boost the stock price. On Monday, Celltrion CEO Seo Jin-seok, the chairman’s eldest son, reported the purchase of 2,610 shares worth 400 million won. Kee Woo-sung and Kim Hyoung-ki, both vice chairmen, also reported buying 2,604 shares each. Since January, th

May 27, 2025By Nam Hyun-woo
Celltrion strives to boost stock price

OCI Holdings signs energy storage agreement with CPS Energy, Vertech

OCI Holdings announced Tuesday that its U.S. subsidiary, OCI Energy, has signed a three-party memorandum of understanding with CPS Energy, a Texas-based energy provider, and Vertech, the U.S. subsidiary of LG Energy Solution, to collaborate on energy storage system (ESS) projects in North America. The signing ceremony took place Monday at OCI’s headquarters in Seoul. Under the agreement, OCI Energy will obtain ESS batteries from Vertech, store solar energy generated during the daytime and sell the stored electricity to CPS Energy. CPS Energy is the largest municipally owned electric and natural gas utility in the United States, serving about 1.28 million customers in Texas. The partnership will launch with the Alamo City ESS project, scheduled for completion by the end of 2026, and expand to cover OCI Energy’s pipeline of 13 ESS projects totaling around 3 gigawatts. The Alamo City ESS project is a solar power facility under development on a 35-acre site in southeastern Bexar County in Texas. It will combine a 120-megawatt solar photovoltaic system with a 480-megawatt-hour energy stor

May 27, 2025By Park Jae-hyuk
OCI Holdings signs energy storage agreement with CPS Energy, Vertech
previous page
281282283284285
next page

Most Read in Business