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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.

Korea Zinc to cancel $1.29 bil. worth of own shares to boost value

Korea Zinc, the world's biggest refined zinc smelter, said Thursday that it plans to cancel over 2 million of its own shares valued at 1.82 trillion won ($1.29 billion) this year to boost share value. The retirement of the 2.04 million treasury shares represents 9.85 percent of its stocks issued in total, it said. The stock retirement will take place in three rounds each in June, September and December, it added. Korea Zinc bought back 2.08 million of its own stocks last year to defend against a takeover threat from an alliance between its biggest shareholder, Young Poong Corp., and private equity ally MBK Partners. In March this year, the chief of Korea Zinc managed to keep his position and control of the company board at this year's shareholder meeting after a Seoul court limited its biggest shareholder's voting rights for new board members. The management tussle began on Sept. 11 when the Young Poong camp launched a tender offer for an additional stake in the zinc smelter. In response, Korea Zinc, with the support of Bain Capital, conducted a massive stock buyback.

May 8, 2025By Yonhap
Korea Zinc to cancel $1.29 bil. worth of own shares to boost value

KT&G’s global cigarette sales boost Q1 earnings

KT&G reported strong first-quarter earnings Wednesday, driven by robust performance in its global cigarette business. The company reported consolidated revenue of 1.49 trillion won ($1.06 billion) and an operating profit of 285.6 billion won, up 15.4 percent and 20.7 percent year-on-year, respectively. Operating profit grew faster than revenue, underscoring KT&G’s profitability-focused management strategy. Revenue from KT&G’s core cigarette business rose 15.3 percent to 988 billion won, while operating profit increased 22.4 percent to 252.9 billion won. Overseas operations were the main driver, with price increases and higher sales volumes leading to “triple growth” in revenue, volume and profit for the fourth consecutive quarter. The global cigarette segment recorded a 312.5 percent surge in operating profit and a 53.9 percent increase in revenue, reaching 449.1 billion won — a record-high quarterly figure. KT&G attributed the results to its localized value chain strategy under CEO Bang Kyung-man, who took office last year. The company also highlighted the completion of a new

May 8, 2025By Ko Dong-hwan
KT&G’s global cigarette sales boost Q1 earnings

MOU signed to merge operators of Lotte Cinema, Megabox cinema chains

Korean media giant JoongAng Group and retail conglomerate Lotte Group signed an agreement Thursday to merge their respective affiliates that operate Megabox and Lotte Cinema — the country's third- and second-largest movie theater chains. JoongAng Group announced that it signed a memorandum of understanding (MOU) with Lotte Group for the merger of Megabox JoongAng and Lotte Cultureworks. It added the joint venture will be co-managed by both companies and they intend to proceed with attracting new investment and the Fair Trade Commission's review of the business combination as quickly as possible. Details of the merger plan will be decided through further discussions, officials said. JoongAng Group's entertainment arm, Contentree JoongAng, holds a 95.98 percent stake in Megabox JoongAng, while Lotte Group's Lotte Shopping owns an 86.37 percent stake in Lotte Cultureworks. JoongAng Holdings, the group's holding company, said the agreement was reached following discussions aimed at strengthening competitiveness and ensuring long-term sustainability in their cinema and film businesses. Lotte

May 8, 2025By Yonhap
MOU signed to merge operators of Lotte Cinema, Megabox cinema chains

KITA asks US to exempt chips, pharmaceuticals from Section 232 duties

The Korea International Trade Association (KITA) has requested a tariff exemption from the U.S. Department of Commerce for chips and pharmaceuticals, arguing that the industries do not pose any security threat to the world’s largest economy, the trade organization said Thursday. The nation’s largest trade association on Wednesday (local time) sent its public comment that the U.S. should exempt the Korean products from Section 232 duties. The rule authorizes U.S. President Donald Trump to implement trade restrictions such as tariffs. Under Section 232, the U.S. launched an investigation into imported semiconductors and pharmaceuticals beginning April 1 and accepted opinions from interested parties until Wednesday. Representing Korea’s trade-reliant industry players, KITA underscored the necessity for the United States to exclude Korean chips and pharmaceutical products from trade restrictions, arguing that local firms establish strong business ties with their U.S. partners and the exported items are not a threat to U.S. national security, the organization said. The U.S. has imposed

May 8, 2025By Lee Min-hyung
KITA asks US to exempt chips, pharmaceuticals from Section 232 duties

Biz association heads urge support for new growth in meeting with DPK candidate

The heads of Korea’s top business associations and lobby groups called for government-level support for industries’ efforts to explore new growth momentum, during a meeting with leading presidential candidate Lee Jae-myung of the Democratic Party of Korea, Thursday. Their requests came as they invited Lee in their plan to deliver policy recommendations from the business community to presidential candidates and listen to their economic policy schemes. The participants included Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Federation of Korean Industries (FKI) Chairman Ryu Jin, Korea International Trade Association (KITA) Chairman Yoon Jin-sik and Federation of Middle Market Enterprises of Korea Chairman Choi Jin-shik. During the meeting, the business groups expressed concerns over the country’s lack of growth drivers and urged policy incentives to create an environment that encourages corporate investment in emerging industries. “The current economic situation requires a new growth model that goes

May 8, 2025By Nam Hyun-woo
Biz association heads urge support for new growth in meeting with DPK candidate

Ailing petrochemical giants consider stronger belt-tightening measures

Major petrochemical companies in Korea have begun considering additional cost-cutting measures after failing once again to return to profitability last quarter, due to a lingering global oversupply driven mainly by Chinese competitors. Lotte Chemical recently began recommending that senior blue-collar employees at its Ulsan plant leave the company. This follows a two-month suspension of operations at another factory in Seosan, South Chungcheong Province, and a series of disposals of unprofitable assets here and abroad. Over the past three years, Lotte Chemical has not posted an annual operating profit. Securities analysts also estimate the company's first-quarter operating loss — which will be announced Tuesday — at around 140 billion won ($100 million). Its recent decisions are therefore being interpreted as a response to mounting losses, although the company denies that its ongoing staff reductions amount to downsizing. "The latest measure is just intended to streamline operations," a Lotte Chemical official said. LG Chem recently informed employees at its plant in Yeosu, South Jeol

May 8, 2025By Park Jae-hyuk
Ailing petrochemical giants consider stronger belt-tightening measures

KCCI, GM Korea join AMCHAM's 'Buy America' campaign

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim, left, Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won, center, and GM Korea CEO Hector Villarreal pose at the KCCI building in Seoul, Thursday, after signing a tripartite memorandum of understanding to jointly promote the "Buy America" campaign. AMCHAM said the agreement is designed to foster a fair business environment and improve consumer access to GM vehicles in Korea through mutual cooperation. Under the agreement, the KCCI and AMCHAM will encourage their members to include GM vehicles in their executive and business-use fleet brochures, while GM Korea will provide competitive rates. Courtesy of AMCHAM

May 8, 2025By Park Jae-hyuk
KCCI, GM Korea join AMCHAM's 'Buy America' campaign

Theborn Korea shares in freefall despite CEO's apology

Theborn Korea shares have been on a sharp downtrend for days, battered by a slew of product quality scandals and alleged mismanagement, market analysts said Thursday. Company CEO Paik Jong-won said recently that he would indefinitely suspend TV and online broadcast appearances, pledging a support package of 5 billion won ($3.5 million) for its franchisees. However, investor sentiment remains deeply negative. The analysts say the shares will not be able to find a breakthrough, given “stock overhang,” a large block of shares that could significantly depress the stock price if released into the market all at once. The share lock-up period of six months expired as the company went public on Nov. 6, 2024. This means that more than 4.8 million shares, or about 33 percent of the total, held by Paik and other firm executives will be able to be traded. Also up for release are 282,000 shares held by institutional investors. According to the Korea Exchange, Theborn Korea shares closed at 26,400 won on Wednesday, down about 2 percent from the previous session. This was the lowest closing price si

May 8, 2025By Lee Kyung-min
Theborn Korea shares in freefall despite CEO's apology

Renault Korea expands sales into Latin America

Renault Korea is diversifying its export channels into Latin America, with the first shipment of its flagship Grand Koleos SUVs heading to Mexico and Colombia, the carmaker said Thursday. According to the company, a total of 894 Grand Koleos vehicles were loaded for export to the two countries on Wednesday. The company also plans to gradually expand its export destinations to additional Latin American countries in the future. The target nations for future exports include Brazil, Uruguay, Panama and the Dominican Republic. In March, some Grand Koleos SUVs were preshipped to the Middle East before its full-fledged entry into the region. The vehicle achieved immediate success in the Korean market following its debut last year. The Grand Koleos has since won multiple auto awards for its strong commercial value and unmatched safety features. Renault Group identifies Korea as its strategic hub to drive its global exports. The Korean subsidiary of the French automaker runs a major production line in the nation’s southern port city of Busan. The company is going all out to maximize its productio

May 8, 2025By Lee Min-hyung
Renault Korea expands sales into Latin America

Naver hit by Apple's 'AI replacing search engine' remark

Naver shares took a dive Thursday, rattled by remarks from a top Apple executive about artificial intelligence (AI) potentially replacing online search engines, according to market analysts. This concern also sent shares of Alphabet, Google’s parent company, tumbling by 7 percent, Wednesday (local time). The analysts say the share prices will not be able to see a breakthrough due to concerns that AI-powered programs would take over the search engine market, the main revenue generator for Naver, the country’s top web portal. Eddy Cue, Apple’s senior vice president of services, said Wednesday that the rise in AI use “will eventually replace standard search engine use.” He made the comments during a court hearing, according to a report by Bloomberg. According to Korea Exchange, Naver shares closed at 188,700 won, down 5.22 percent from the previous session. Naver is scheduled to release its first-quarter earnings Friday. Analysts expect both revenue and operating profit to post growth from the previous year. Shinhan Investment said Naver’s revenue in the first three months is expec

May 8, 2025By Lee Kyung-min
Naver hit by Apple's 'AI replacing search engine' remark
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