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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.

Conglomerates reluctant to hire amid zero-sum labor market

Korea’s four largest conglomerates — Samsung, SK, Hyundai and LG — have shown a pattern of hiring fewer younger workers, as aged employees are increasingly reluctant to leave their workplaces amid rising life expectancy, according to data and experts Tuesday. This trend persisted despite the companies reporting significant growth in assets and revenues between 2022 and 2024, according to data from Leaders Index. Data from the corporate market tracker found that the four conglomerates’ value of total assets jumped by 15 percent to a record high of 1,444.7 trillion won ($1,037 billion) during the same period. Their combined net profits also soared with a bigger margin of 30.8 percent between 2023 and 2024, while their sales increased merely 0.5 percent during the same period. However, they have not grown their workforce accordingly. Their combined employees reached 746,486 in 2024, a slight increase from 745,691 in the previous year. The four conglomerates were more reluctant to hire new employees compared to the top 30 companies in Korea. The total number of employees at the 30 lar

May 20, 2025By Lee Min-hyung
Conglomerates reluctant to hire amid zero-sum labor market

Dongsuh Foods’ Kanu coffee sales to exceed $71 mil. this year

Just two years after its launch, Dongsuh Foods’ coffee capsule brand Kanu Barista is on track to exceed 100 billion won ($71.77 million) in sales this year. Now valued at 400 billion won, the coffee capsule market in Korea is booming as more consumers seek convenient and cost-effective ways to enjoy coffee at home. Reflecting this trend, Dongsuh Food launched Kanu Barista in February 2023, drawing on 50 years of coffee manufacturing expertise. The brand is hoping to provide extra quality and quantity, with each capsule containing 9.5 grams of coffee — 1.7 times more than that of typical coffee capsules. "Premium coffee capsule Kanu Barista incorporates Dongsuh Foods’ long-standing coffee manufacturing expertise, allowing local consumers to enjoy the rich, cafe-quality taste of their favorite drink, the Americano," a company official said. "We will continue to introduce various types of coffee, allowing consumers to choose and enjoy coffee based on their individual preferences." Kanu Barista offers 13 different types of coffee, ranging from light and medium roast to dark roast, as we

May 20, 2025By Lee Gyu-lee
Dongsuh Foods’ Kanu coffee sales to exceed $71 mil. this year

Macan Electric blends strong driving with top comfort

LEIPZIG, STUTTGART, Germany — The Porsche Macan Turbo Electric delivers a blend of sedan-like comfort and powerful driving dynamics, positioning itself as a refined and versatile electric SUV. The vehicle was test-driven from the Porsche Experience Centre in Leipzig to the Porsche Museum in Stuttgart, covering a distance of approximately 500 kilometers via Germany’s Autobahn. One of the most striking aspects of the drive was the cabin’s quietness, even at sustained speeds exceeding 150 kilometers per hour. Despite the SUV’s higher body profile, the electric powertrain's naturally quiet operation provided a high level of comfort that rivaled — if not surpassed — that of a premium sedan. In unrestricted speed zones, the Macan Electric was pushed beyond 200 kilometers per hour, yet it maintained its composure with only minimal wind noise perceptible inside the cabin. Despite alternation between high-speed cruising and slow traffic due to congestion along the route, driver fatigue was minimal — a testament to the Macan’s well-balanced suspension and ergonomic interior design.

May 20, 2025By Lee Min-hyung
Macan Electric blends strong driving with top comfort

Porsche committed to smarter EV production with modern factories in Leipzig, Stuttgart

LEIPZIG, STUTTGART, Germany — On a vast area of land in the populous German city of Leipzig stands Porsche’s iconic manufacturing facility for not only luxury cars with internal combustion engines, but also electric vehicles (EVs). The Leipzig plant is located near the 32-meter-long diamond-shaped Porsche Experience Centre, where newly produced Porsche vehicles are tested at an eye-catching racetrack. Porsche added the Macan Electric to its lineup of vehicles produced at the smart and automated production line, ensuring manufacturing flexibility in this period of auto paradigm shift toward the mass adoption of EVs. The facility was busy assembling the strategic electric SUVs and Panamera luxury sedans. The Leipzig factory is home to Porsche’s much-touted “marriage” manufacturing process. The marriage is a type of an all-automated assembly process, in which vehicles’ chassis and powertrains are integrated by robots without any help from a human labor force. Porsche undertook major renovations at the Leipzig factory for solid and speedy manufacturing of the Macan Electric. The

May 20, 2025By Lee Min-hyung
Porsche committed to smarter EV production with modern factories in Leipzig, Stuttgart

Porsche Taycan GTS: pinnacle of dynamic driving

LEIPZIG, Germany — The Porsche Taycan GTS, a high-performance electric vehicle (EV), displays an unarguably strong identity as one of the world's most powerful EVs, delivering a race car-like experience. The vehicle was delivered for a racetrack ride at the Porsche Experience Centre in the German city of Leipzig. The vehicle stood out for its agility, staying true to Porsche’s core identity. Taycan often places its name on top of many people's wish lists here. When sitting in the vehicle, the low seating position immediately gives any driver the feeling of being in a sports car. The vehicle welcomes drivers with a quiet electric motor, rather than a roaring engine typical of race cars. For five laps, I drove the track like a race car driver, going full throttle and braking hard in rapid succession. The thrill of intense acceleration and quick stops made it clear that car enthusiasts and potential buyers should experience it on a racetrack, not just on everyday roads. The Taycan GTS delivers a maximum output of 605 horsepower — enough to make one question whether more power is even

May 20, 2025By Lee Min-hyung
Porsche Taycan GTS: pinnacle of dynamic driving

Assets, profits of top 4 biz groups rise, but employment stays flat: data

Korea's top four biggest business groups — Samsung, SK, Hyundai Motor and LG — have seen significant growth in assets and net profits over the past three years but little change in employment levels, a market tracker said Tuesday. The combined assets of the top four business groups totaled 1,444.8 trillion won ($1,039 billion) in 2024, up from 1,360 trillion won in 2023 and 1,255.7 trillion won in 2022, according to the Leaders Index. Their assets have been on a steady rise since topping the 1,000 trillion-won mark in 2019. The big four's combined assets accounted for 53.1 percent of the total assets held by the country's 30 largest conglomerates in 2024. Their net profit also soared 30.8 percent over the 2022-2024 period, while the top 30's net profit edged up 0.8 percent. However, the Leaders Index noted that the increase in assets and profits has not led to a parallel rise in hiring. The number of employees in the top four groups remained nearly unchanged, rising from 745,000 in 2022 to 746,000 in 2024. The 30 largest groups, on the other hand, saw their total number of employees inc

May 20, 2025By Yonhap
Assets, profits of top 4 biz groups rise, but employment stays flat: data

British chamber to host inaugural British Business Awards next week

The British Chamber of Commerce in Korea (BCCK) will honor companies that have significantly contributed to strengthening trade relations between the two countries next week. The awards will be presented during the 2025 King’s Birthday Dinner, a black-tie banquet event scheduled for May 30 in Seoul. The inaugural 2025 BCCK British Business Awards will celebrate winners across five categories: U.K. Impact in Korea, Campaign of the Year, Responsible Business of the Year, Innovative Business of the Year and the Chair’s Award for Personal Contribution. The organization began accepting applications for nominations last month. According to the BCCK, the awards will “recognize outstanding achievements by businesses and individuals that made a significant impact on the British-Korean business landscape.” The awards will shine a spotlight on entities that have made a lasting impact on bilateral commerce, as well as those with notable marketing or corporate social responsibility practices. Companies committed to embracing diversity, equity and inclusion, as well as environmental, social, a

May 20, 2025By Ko Dong-hwan
British chamber to host inaugural British Business Awards next week

Domino's donates for child patients

Domino’s Pizza Korea CEO Oh Kwang-hyun, left, poses with Seoul National University Hospital President and CEO Kim Young-tae after presenting a cash donation of 100 million won ($72,000) to support child patients at Seoul National University Hospital in Seoul’s Jongno District, Monday. Domino’s Pizza Korea has made annual donations to the hospital every year since 2005, with total contributions reaching 1.7 billion won. The funds have helped treat nearly 700 child patients, including 276 from low-income families. Additionally, the company has been donating to Gangnam Severance Hospital and Samsung Medical Center since 2010. Courtesy of Domino’s Pizza Korea

May 19, 2025By Ko Dong-hwanphoto
Domino's donates for child patients

InterviewPatent monetization offers Korean firms easy revenue amid economic uncertainty: Global legal finance experts

In times of economic uncertainty, companies may hesitate to invest heavily in new products or untapped markets. But what if there's a revenue source that's been largely overlooked — one that's already sitting on the balance sheet? That’s where patent monetization comes in, extracting value from a corporation's intellectual property (IP). This takes several forms. Firms can pursue direct enforcement through litigation to seek damages or negotiate settlements for unauthorized use. Or more commonly, they opt for divestiture, including sale or spin-off of patent assets, to streamline their portfolios and gain liquidity. "People are looking for new, creative ways to generate revenue. And this is an easy fix, because it's sitting right there," said Eric Carlson, Burford Capital's managing director. "You put a lot of hard work and money into developing IP, and it's literally sitting on the shelf in many instances. That's a whole new revenue stream that can be unlocked." The Korea Times conducted an exclusive interview with the Burford Capital team during their visit to Korea on May 13, when

May 19, 2025By Lee Yeon-woo
Patent monetization offers Korean firms easy revenue amid economic uncertainty: Global legal finance experts

Hanwha Galleria scoops American taste with new ice cream brand

Hanwha Galleria has entered Korea's ice cream market with the launch of Benson, a brand inspired by the creamy, topping-rich ice creams popular in the United States. The first Benson store is set to open Friday in Seoul’s Gangnam District, led by Better Scoop Creamery, a subsidiary of Hanwha Galleria, the department store and food and beverage arm of Hanwha Group. According to Better Scoop Creamery CEO Oh Min-woo, the brand focuses on the “flavor of ingredients” to realize ice cream’s true taste. “I have been pondering about ice cream’s very definition and originality, and what it should taste like,” said Oh, who also heads FG Korea, a Hanwha Galleria subsidiary that operates the Korean branch of global burger franchise Five Guys. “Benson, with our ingredients, transparent manufacturing process and creativity, proposes a new standard for real ice cream." Oh said that Benson is reminiscent of Bensons’ Homemade Ice Cream, established in Massachusetts in 1932. However, he highlighted how Benson is Better Scoop Creamery’s original brand and its use of the name reflects how

May 19, 2025By Ko Dong-hwan
Hanwha Galleria scoops American taste with new ice cream brand
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