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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.

LG Q1 net profit up 65.2% to $436.8 mil.

lg LG on Thursday reported its first-quarter net profit of 608.5 billion won ($436.8 million), up 65.2 percent from a year earlier. The company said in a regulatory filing that operating profit for the January-March period rose 51 percent on-year to 638 billion won. Sales increased 19.2 percent to 1.93 trillion won.

May 8, 2025By Yonhap
LG Q1 net profit up 65.2% to $436.8 mil.

LG Electronics breaks ground on new plant in India

LG Electronics broke ground Thursday on its third Indian home appliance plant in Sri City, Andhra Pradesh, as part of its strategy to expand its presence in the world’s most populous country and meet the growing consumer electronics demand in nearby regions. The company said that its President of Home Appliance and Air Solution, Lyu Jae-cheol, the Minister for Human Resources Development of Andhra Pradesh, Nara Lokesh, and several senior officials from both the company and the state government attended the groundbreaking ceremony. The plant will be LG Electronics’ third manufacturing complex in India following, those in Noida and Pune. With an investment of $600 million, the plant will occupy 1 million square meters of land, producing 800,000 refrigerators, 850,000 washers and 1.5 million air conditioners annually. It is scheduled to begin production with air conditioners by the end of 2026 and will expand to manufacturing washers and refrigerators by 2029. The plant is part of LG Electronics’ strategy to secure growth momentum in emerging markets, including Asia, Latin America, th

May 8, 2025By Nam Hyun-woo
LG Electronics breaks ground on new plant in India

Eco-friendly cars account for 81% of new imported car sales in April

The number of imported vehicles sold in South Korea last month dropped slightly from a year earlier, but eco-friendly vehicles such as hybrids and electric vehicles (EVs) accounted for a record 81 percent of the total, industry data showed Thursday. According to the Korea Automobile Importers and Distributors Association (KAIDA), a total of 21,495 imported cars were newly registered in April, down 0.3 percent from a year ago. KAIDA attributed the decrease to price hikes and inventory shortages for certain brands. By brand, BMW retained the top spot with 6,710 units sold, followed by Mercedes-Benz, Tesla and Lexus, with 4,908, 1,447 and 1,353 units, respectively. In terms of fuel type, hybrid vehicles led the sales, accounting for 63.7 percent, followed by EVs and gasoline models, at 17.3 percent and 17.1 percent, respectively. Diesel models accounted for 1.9 percent of total imports. By individual model line, Mercedes-Benz's E-Class topped the sales chart with 2,151 units, followed by BMW's 5 Series and Tesla's Model Y, with 2,040 units and 804 units, respectively.

May 8, 2025By Yonhap
Eco-friendly cars account for 81% of new imported car sales in April

SK earthon discovers oil reserves at offshore site in Vietnam

SK earthon Co., a Korean oil exploration and production (E&P) company, said Thursday oil reserves have been discovered in a Vietnamese block in which the company holds a stake. U.S.-based Murphy Oil Corp., the operator of Block 15-1/05, recently found a 32-meter-thick oil layer in the block located in the Cuu Long Basin and has been testing production of 2,500 barrels of light crude oil per day, SK earthon said in a press release. SK earthon holds a 25 percent stake in the block, based on its 2007 investment. Murphy Oil and Vietnam's state-run Petro Vietnam Exploration Production (PVEP) own 40 percent and 35 percent, respectively. In January, oil reserves were also discovered in Block 15-2/17, located 64 kilometers southeast of Vietnam's Ho Chi Minh City, in which SK earthon likewise holds a 25 percent stake. SK earthon has been expanding its E&P activities in China and Southeast Asia to bolster the bottom line of its refining parent company. Since 2022, it has generated over 1 trillion won ($716.6 million) in annual sales from overseas E&P projects. SK earthon is a wholly owned energy un

May 8, 2025By Yonhap
SK earthon discovers oil reserves at offshore site in Vietnam

US clean energy alliance joins Seoul-led carbon-free energy initiative

The United States' biggest clean energy alliance has joined a carbon-free energy (CFE) initiative led by Korea, Seoul's industry ministry said Thursday. The U.S. Clean Energy Buyers Association (CEBA) signed a memorandum of understanding (MOU) for bilateral cooperation with Korea's Carbon Free Alliance (CFA) on the sidelines of a CEBA event in Minnesota on Tuesday (U.S. time), according to the Ministry of Trade, Industry and Energy. Under the initial agreement, CEBA will take part in the CFE's global working group, representing the American private sector, on efforts to define carbon-free energy and create international certification standards for such energy. The CFE initiative, a global initiative proposed by Seoul in 2023, focuses on achieving carbon neutrality by utilizing a wide array of carbon-free energy sources, including nuclear and hydrogen power. With CEBA's participation, the CFE global working group now has seven members, including Korea, Japan, the United Arab Emirates and the Czech Republic. "CEBA's involvement, especially with the backing of influential U.S. tech companies

May 8, 2025By Yonhap
US clean energy alliance joins Seoul-led carbon-free energy initiative

CJ Cheiljedang to invest $72 mil. in new Japanese dumpling plant

Korean food company CJ Cheiljedang said Thursday it will invest 100 billion won ($72 million) to build its fifth plant in Japan as part of its global expansion strategy. The company plans to complete construction of the new dumpling plant by July, with operations scheduled to begin in September to serve the local market, it said in a press release. CJ Cheiljedang currently operates four frozen dumpling plants in the neighboring country. "The resurgence of the Korean Wave in Japan presents a decisive opportunity for the company to strengthen its presence in the Japanese market. We will accelerate localization efforts and strengthen our local production infrastructure to become a global leading company," CJ Group Chairman Lee Jae-hyun said in the release. Japan's frozen dumpling market is estimated to be worth 1.1 trillion won. Sales in CJ Cheiljedang's food division surged 42 percent to 11.35 trillion won in 2024, up from 8.01 trillion won in 2019. The share of overseas sales in its total food revenue also rose to 49 percent, or 5.58 trillion won, up from 39 percent over the same period. CJ

May 8, 2025By Yonhap
CJ Cheiljedang to invest $72 mil. in new Japanese dumpling plant

Hyundai Motor reshuffles US production division to mitigate tariff risks

Hyundai Motor has carried out a reshuffle for its major production facilities in the United States in a strategic move to maximize its operational efficiency amid escalating tariff risks there, according to the carmaker, Wednesday. Under the reshuffle, Chris Susock, who served as president and CEO of Hyundai Motor Manufacturing Alabama (HMMA), has been promoted to chief manufacturing officer at Hyundai Motor North America. The position was created for the first time as part of the firm’s efforts to preemptively tackle uncertainties following U.S. President Donald Trump’s imposition of a 25 percent tariff on all car imports on April 2. He will oversee the overall manufacturing operations for the carmaker’s U.S. production lines, including HMMA and Hyundai Motor Group Metaplant America (HMGMA), as the two facilities’ strategic importance grows rapidly while Trump pushes global carmakers to increase production in the U.S. In response, Hyundai Motor Group’s three car brands — Hyundai Motor, Kia and Genesis — are rebuilding their production portfolios rapidly by opening HMGMA, t

May 7, 2025By Lee Min-hyung
Hyundai Motor reshuffles US production division to mitigate tariff risks

KHNP files arbitration claim against KEPCO with international court over Barakah project costs

The state-run Korea Hydro & Nuclear Power (KHNP) submitted a request for arbitration with an international mediation court Wednesday regarding a conflict with parent company Korea Electric Power Corp. (KEPCO) over a payment dispute involving additional construction costs for a nuclear power plant in the United Arab Emirates (UAE), company officials said. KHNP asked the London Court of International Arbitration to mediate the conflict over some $1 billion in extra costs incurred during the construction of the Barakah Nuclear Power Plant in the Middle Eastern country, according to the officials. South Korea won the 20 trillion won ($14.3 billion) contract to build the plant in 2009, marking the country's first-ever overseas nuclear power plant project. Following the project's completion last year, KEPCO, the main contractor, and KHNP, which was in charge of operational support services, have been undergoing a final settlement process. KHNP has submitted a formal claim demanding reimbursement for the additional costs, citing delays and extra work orders caused by the UAE and KEPCO. "We regre

May 7, 2025By Yonhap
KHNP files arbitration claim against KEPCO with international court over Barakah project costs

Timeline of Korea's nuclear reactor deal with Czech Republic remains unclear

Concerns are rising that a Czech court’s temporary halt to a nuclear reactor construction deal between Korea and the Czech Republic may be prolonged, with both governments unaware when the court will make a decision on whether to allow the deal to proceed or not. While the high-profile delegation from Korea was already heading to the European country to sign the deal when the court issued the injunction, the Korean government is trying to downplay the diplomatic discourtesy, showing optimism for the final deal. The concerns came after a local court in the Czech Republic issued the injunction Tuesday to prevent the country's main electricity firm, Czech Power Company (CEZ), from signing a 26 trillion won ($18.6 billion) contract with a Korean consortium, led by Korea Hydro & Nuclear Power (KHNP). The deal was to build two 1,000-megawatt nuclear reactors at Dukovany Nuclear Power Plant, the biggest public procurement project in Czech history and Korea's first nuclear reactor export since 2009. The court granted the injunction by accepting a complaint from the losing bidder, France's EDF,

May 7, 2025By Lee Gyu-lee
Timeline of Korea's nuclear reactor deal with Czech Republic remains unclear

Lotte Group's AI boost launches new ethics code

Lotte Group announced Wednesday its new code of ethics for employees regarding the use of artificial intelligence (AI), as the technology becomes increasingly integrated across the conglomerate’s various divisions and expanding business operations. The key conglomerate in the country had a pronouncement ceremony for the new future-oriented business principles at the group’s office in Lotte World Tower in southeastern Seoul. Eighty employees of the group’s holding company, Lotte Corp., and subsidiaries who deal with AI technologies joined the event. Lotte Corp. Co-President and Head of Business Innovation Rho Jun-hyung was among the participants. The code, consisting of 10 clauses under six key values, is a set of guidance to keep the workers from causing any social disputes throughout all stages of business tasks, from development to application in practice. The key values are human dignity, security, transparency, fairness, responsibility and solidarity. The group said the key values share common ground with UNESCO as well as the AI ethical guideline from the Korean Ministry of S

May 7, 2025By Ko Dong-hwan
Lotte Group's AI boost launches new ethics code
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