Business - The Korea Times

Lotte Mart enters Singapore market with PB products

Lotte Mart, a discount store chain under Korean retailer Lotte Shopping, said Thursday it has entered the Singaporean market with Korean food items and its private brand (PB) products. The company said in a press release that it has opened its first outlet in Singapore, Lotte Mart Express, as a shop-in-shop inside NTUC FairPrice, the country's largest retail chain. The new outlet features a space where customers can cook and enjoy Lotte's ready-to-cook products, such as tteokbokki and ramyeon. Lotte Mart's PB products, along with flagship items from its affiliates, will also be available at about 100 FairPrice stores across Singapore, the company said. Lotte Mart currently operates 111 outlets in Korea, as well as 48 in Indonesia and 15 in Vietnam.

May 15, 2025By Yonhap

Lotte Mart enters Singapore market with PB products

Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project

Hyundai Rotem, a Korean railway and defense systems company, said Thursday it has won a 420 billion won ($298.1 million) contract to supply automated trains for a subway project in Taiwan. Under the deal with the city government of Taichung, Taiwan's second-largest city with a population of about 2.8 million, Hyundai Rotem will supply fully automated trains with cutting-edge technology for the city's blue subway line. A single three-car trainset will be able to carry up to 530 passengers at a maximum operating speed of 80 kilometers per hour. It will use lightweight aluminum bodies to increase durability while reducing vehicle weight, thus improving energy efficiency, The blue line is the second of four planned metro lines in the city, spanning 24.78 kilometers with 20 stations. The line is expected to significantly improve commutes for local office workers and students. Hyundai Rotem said its successful track record in Taiwan has contributed to its bid success, following previous projects, such as supplying trains for Taiwan Railways, the Kaohsiung Red Line and Taipei Metro. "A series of

May 15, 2025By Yonhap

Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project

Battery makers see proposed US tax credit repeal as opportunity

Korean electric vehicle (EV) battery manufacturers have denied concerns that their profits may decline further as a result of the United States House Republicans' latest proposals to phase out former Democratic President Joe Biden's clean energy tax credits earlier than scheduled. Citing the expanded statutory definition of "foreign entity of concern (FEOC)" under the proposed amendment to the Inflation Reduction Act (IRA), manufacturers here claimed that the bill may allow them to gain an upper hand over their Chinese competitors in the U.S. market. The proposals include a new definition of a "prohibited foreign entity," which refers to a "foreign-influenced entity" or a "specified foreign entity," including companies identified as Chinese military firms operating in the U.S. According to the proposed amendment, credits will be disallowed to such entities after a two-year grace period. Companies sourcing components and minerals from those entities will also be excluded from subsidies. "The proposals will strengthen regulations on FEOC including China," a Korean battery industry official

May 15, 2025By Park Jae-hyuk

Battery makers see proposed US tax credit repeal as opportunity

Solar vs. nuclear: Rival candidates float contrasting energy policies

The June 3 presidential election is considered critical to the Korean energy industry, given the stark contrast between the two leading candidates' views on how best to generate electricity. Lee Jae-myung of the Democratic Party of Korea (DPK) has pledged to inherit a large part of former liberal President Moon Jae-in's policies aimed at boosting solar power. Kim Moon-soo of the People Power Party (PPP), by contrast, has aligned with former conservative President Yoon Suk Yeol's legacy by promising to maintain a heavy reliance on nuclear energy. The DPK candidate outlined his energy policies in his climate crisis response plan, which he ranked as the 10th-most important among his top 10 campaign pledges. To accelerate the transition to renewables, the current front-runner in the presidential race vowed to shut down all coal-fired power plants by 2040 and build more solar farms in farming villages, aiming to help older residents increase their incomes. He also said his administration will ease regulations on the required distances between solar panels — a move long requested by Hanwha an

May 15, 2025By Park Jae-hyuk

Solar vs. nuclear: Rival candidates float contrasting energy policies

Fears over Trump's drug price cuts overblown but risks remain for Korean biotechs

U.S. President Donald Trump sent jitters through Korea’s biotechnology industry by announcing plans for drug price cuts of up to 90 percent. The announcement dragged down shares of major Korean biotech firms amid fears over the potential impact, but the actual executive order he signed Monday (local time) is now prompting views that those concerns may have been overblown. Resurrecting a drug price policy from his first term, Trump signed an executive order centered on a “Most-Favored-Nation” pricing model, which would require drugmakers to lower prices to match those paid in other countries. Pharmaceutical companies have been given a 30-day window to voluntarily reduce their prices. The order also allows patients and hospitals to purchase drugs directly from manufacturers, bypassing intermediaries such as pharmacy benefit managers and insurers. However, analysts have raised questions over the order’s feasibility, pointing out the lack of detailed implementation measures and legal grounds to support Trump’s claim that the policy could cut prices by up to 90 percent. “While th

May 15, 2025By Nam Hyun-woo

Fears over Trump's drug price cuts overblown but risks remain for Korean biotechs

Otoki to invest $40 mil. in US subsidiary

Otoki, a major Korean food company, said Wednesday it will invest 56.5 billion won ($40 million) in its U.S. subsidiary to strengthen its presence in the American market. Otoki, formerly known as Ottogi, said in a regulatory filing that it plans to purchase 400,000 shares of Otoki America Holdings on June 27. "The U.S. subsidiary is wholly owned by Otoki, and it will issue 400,000 shares next month," a company spokesperson said. In March, the company announced a target for overseas sales of 1.1 trillion won by 2030, nearly triple the 361.4 billion won it posted in 2024. Overseas sales in 2024 accounted for about 10 percent of the company's overall sales of 3.54 trillion won. To help achieve its 2030 target, Otoki plans to complete a global logistics center in Korea by April next year and build a ramyeon plant in the United States by 2027. Otoki, best known for its Jin Ramen product, currently operates several domestic logistics centers and production facilities in Korea, Vietnam and New Zealand.

May 14, 2025By Yonhap

Otoki to invest $40 mil. in US subsidiary

US biz lobby rises as platform for presidential election campaigns

"A non-political, non-partisan organization" is how American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim frequently describes the largest foreign chamber here, especially when he meets with Korean politicians. The Korean American chief of the business lobby that represents U.S. firms doing business here is likely to use that expression more often this month, as presidential candidates have lined up to hold meetings with the organization in response to growing voter attention to U.S. President Donald Trump's protectionist trade policies. Kim Moon-soo, the presidential candidate of the conservative People Power Party (PPP), is scheduled to join a special luncheon with AMCHAM next Monday. According to his submission to the National Election Commission, one of his most important election pledges is an immediate summit with Trump for a package deal over tariffs. "This timely event will provide a rare opportunity to hear firsthand from candidate Kim about his policy vision, priorities for strengthening U.S.-Korea relations and key areas for bilateral industrial and economic coope

May 14, 2025By Park Jae-hyuk

US biz lobby rises as platform for presidential election campaigns

Gender equality policies virtually absent in presidential race

Czech envoy reaffirms Korea’s role in Dukovany nuclear reactors project despite legal challenge

The Czech Republic's government remains committed to its agreement with a Korean state-run company to build new reactors at the Dukovany nuclear power plant, despite a recent lawsuit filed by a French company apparently seeking to get the deal canceled, according to its envoy. Czech Ambassador to Korea Ivan Jancarek said Wednesday that the deal is crucial for his country’s energy security and that the government cannot afford to delay the project by canceling the agreement with Korea Hydro & Nuclear Power (KHNP). Jancarek called the lawsuit filed by EDF last week in a Czech regional court a "bump on the road." “It might have been expected, you know, this kind of bump,” the ambassador told The Korea Times at his office in Seoul. “But this is a deal we should proceed, and I’m sure it will proceed.” The "bump" occurred on May 7, as a Korean delegation — including the ministers of energy and infrastructure, as well as lawmakers — was heading to Prague to sign the 26 trillion won ($18.6 billion) deal to build two reactors at the Dukovany power plant. EDF asked the court to revi

May 14, 2025By Ko Dong-hwan

Czech envoy reaffirms Korea’s role in Dukovany nuclear reactors project despite legal challenge

CITEM to host Philippines’ largest food, beverage event next week

The Center for International Trade Expositions and Missions (CITEM) will organize the Philippines’ largest international food, beverage and ingredients trade show next week. CITEM is an export promotion government agency under the Southeast Asian country’s Department of Trade and Industry. The agency said Tuesday it will host the International Food, Beverage and Ingredients Trade Show (IFEX) at the Exhibition Halls of the World Trade Center Metro Manila in the Philippines from May 22 to 24. The yearly exhibition has played a role since its inception in 2004 as a networking instrument for export-oriented small and medium-sized enterprises of the global food and beverage industry. The event has showcased more than 5,000 global food products from over 700 companies through the years. More than 10,000 trade buyers and visitors from 50 countries are expected to visit this year’s show. “CITEM has developed an agile marketing tool for its thousands of participating exhibitors with food suppliers, manufacturers, traders, consolidators and private and public support organizations,” the

May 14, 2025By Jhoo Dong-chan

CITEM to host Philippines’ largest food, beverage event next week

Theborn Korea chief points finger at YouTubers for fueling scandals

Food franchise mogul and Theborn Korea CEO Paik Jong-won criticized YouTubers and online trolls for fueling scandals against him and his company, highlighting the company's dedication to its franchisees and intent to keep developing regional economies outside the capital region through food festivals. Paik’s argument came after he and his company have been rocked by scandals and public criticisms, including issues with product sourcing, food safety and quality. The company is currently the target of police investigations on allegations of false advertising. During a series of press conferences on Monday and Tuesday, Paik said he has been maintaining “good ties” with his franchisees by supporting their businesses. The company now operates 22 brands with restaurant, takeout, pub and coffee shop sector franchises. He said his anti-fans have been uploading videos and posting photos trying to incriminate the company. “They kept reproducing and uploading videos and posts mentioning a few same problems we had blundered over and over again, even after I admitted those mistakes through o