Business - The Korea Times

SK Telecom vows to take full responsibility for damage from recent data leak

SK Telecom, South Korea's leading mobile carrier, vowed Sunday to take full responsibility for any damage to customers caused by a recent network hacking incident involving the potential leak of subscriber information. Earlier this month, the carrier detected signs of a massive leak of customers' universal subscriber identity module (USIM) data due to a cyberattack and offered the free replacement of the USIMs of all of its 23 million users. "You can prevent hacking damage by subscribing to the USIM protection service. Please trust us and sign up," the company said in a release. "If any damage occurs, SK Telecom will take full responsibility." As of 6 p.m., 5.54 million people had subscribed to the service, accounting for 24 percent of the carrier's total subscribers. The company emphasized that the service is as effective at preventing damage as replacing the USIM itself. The free replacement service will begin Monday, and the company has asked customers to make online reservations to minimize inconvenience. Acting President Han Duck-soo instructed officials to review whether the company'

Apr 27, 2025By Yonhap

SK Telecom vows to take full responsibility for damage from recent data leak

Renault Korea drives safety innovation

Renault Korea proved its strength in vehicle safety, with two key models — the Grand Koleos and Arkana — winning top ratings in a recent auto assessment program here, the carmaker said Sunday. According to the carmaker, the Grand Koleos mid-size SUV and the Arkana small SUV received the top ratings from the 2024 Korea New Car Assessment Program (KNCAP). The program was overseen by the Ministry of Land, Infrastructure and Transport and the Korea Transportation Safety Authority. The two vehicles achieved decent ratings across 21 safety categories, including pedestrian protection and accident avoidance. The Grand Koleos in particular earned the honor of top-rated SUV here by clinching a score of 86.9 points in the assessment. Renault Korea said it will continue building customer trust by upholding its human-first management philosophy. The carmaker is adopting multiple safety-focused vehicle systems represented by its hybrid E-Tech powertrain. These vehicles, equipped with the E-Tech hybrid system, feature prismatic cells known for their durability and impact resistance. Even if the power

Apr 27, 2025By Lee Min-hyung

Credit card delinquencies hit 10-year high in Q1 amid economic slump

Delinquency rates at Korea's major credit card companies surged to their highest levels in a decade during the first quarter of 2025, reflecting the prolonged economic downturn, industry data showed Sunday. The number of payments overdue by more than one month, such as credit card bills, installment payments and credit card loans, rose across all major credit card firms — Shinhan, KB, Woori and Hana — in the first three months of the year, the data showed. Hana Card reported a delinquency rate of 2.15 percent, up 0.21 percentage point from the previous quarter and 0.28 percentage point from the same period last year. This marks the highest rate since Hana Card was established in December 2014. KB Kookmin Card saw its delinquency rate climb to 1.61 percent, the highest level since the end of 2014. Shinhan Card also recorded a delinquency rate of 1.61 percent, its highest level since the third quarter of 2015. "Due to the sluggish economy, delinquency rates are rising, particularly among financially vulnerable groups, such as small business owners and self-employed individuals," said a

Apr 27, 2025By Yonhap

Credit card delinquencies hit 10-year high in Q1 amid economic slump

ExclusiveREC Silicon's Norwegian shareholders protest Hanwha's tender offer

Hanwha Group, the largest shareholder of REC Silicon with a 33.3 percent stake, is facing backlash from the Norwegian silicon materials maker's minority shareholders. The criticism follows Hanwha's announcement on Friday of a 925 million Norwegian krone ($89 million) tender offer to acquire the remaining 66.6 percent. The offer, priced at 2.2 krone per share, also includes plans to delist the Oslo Stock Exchange-listed company. A representative of an action group of the minority shareholders told The Korea Times that the offer is a "disgrace and far from satisfactory." Denouncing the proposal as "a scandalously low offer," the action group is considering legal action against the announcement, which came after nearly four months of the two companies' silence on the minority shareholders' requests to explain how REC Silicon's board decided to shut down its Moses Lake polysilicon plant in the United States and elect new board members representing their interests. "Even after subtracting $400 million in debt, it is obvious that the underlying values — spread across 420 million shares —

Apr 27, 2025By Park Jae-hyuk

REC Silicon's Norwegian shareholders protest Hanwha's tender offer

BOK expected to lower policy rate to 1.75% by year-end: Fitch

The Bank of Korea (BOK) is expected to lower its policy rate to 1.75 percent — a 100 basis point decline from the current 2.75 percent — by the end of this year, Fitch Ratings said Friday. "With inflation well under control. I believe the potential economic slowdown should be given greater weight, especially when weighed against concerns over rising household debt," Jeremy Zook, lead Korea sovereign analyst at Fitch Ratings, said Friday at a press meeting in Seoul. "High global policy uncertainty around trade may also dampen domestic demand through the investment channel, as firms may push back investment plans waiting for greater clarity on global trade prospects," he added. "Still, domestic consumption should gradually recover as the BOK continues to cut rates in our forecasts." Last week, Fitch lowered its 2025 growth forecast for Korea to 1.0 percent, a 0.3 percentage point decline from its March projection. The revision reflected the sharp escalation in the U.S. tariff rates, and aligns with downward growth adjustments in most major economies, the agency explained. "Fitch assume

Apr 25, 2025By Lee Yeon-woo

BOK expected to lower policy rate to 1.75% by year-end: Fitch

Why brokerages lowered SK hynix’s target price despite earnings surprise

Securities firms are revising down their target prices for SK hynix despite the company's stronger-than-expected earnings in the first quarter, industry officials said Friday. Analysts attribute the downward revisions to heightened uncertainties surrounding the U.S. Donald Trump administration’s proposed "reciprocal" tariffs, warning that the world’s second-largest memory chipmaker could face a possible demand correction in the latter half of the year. According to financial data provider FnGuide, Mirae Asset Securities lowered its target price for SK hynix to 244,000 won ($170) from 277,000 won, while Shinyoung Securities slashed its target to 260,000 won from 280,000 won. BNK Securities and iM Securities cut their estimates to 250,000 won from 310,000 won, and to 200,000 won from 210,000 won, respectively. SK hynix posted first-quarter revenue of 17.6 trillion won, a 41.9 percent increase year-on-year. Operating profit came in at 7.4 trillion won, up 157.8 percent from the same period last year. The surprise earnings results exceeded market consensus by 2.3 percent and 12.8 percent

Apr 25, 2025By Jun Ji-hye

Why brokerages lowered SK hynix’s target price despite earnings surprise

Hyosung’s recycled fiber to bolster greener fashion brands at Musinsa

Hyosung Group’s textile industry arm has formed a partnership with the country’s largest fashion retail platform Musinsa to expand its eco-friendly fiber material, Regen, across the industry, the companies said Friday. The partnership is between Hyosung TNC and Musinsa Earth, a group of fashion brand makers at Musinsa that employ eco-friendly manufacturing practices or materials. The two sides signed the partnership on April 18. Under the partnership, Hyosung TNC will supply its Regen fiber to the Musinsa makers and promote the material's use to over 300 brands that sell on Musinsa's platform. Hyosung TNC said the cooperation on Regen will be “versatile and far-reaching,” covering stages from new product development to promotion and marketing. Regen, a fiber made from recycled abandoned fishing nets and plastic PET bottles, comes in different categories including Regen Spandex, Regen Nylon and Regen Polyester. The first release of Regen-related products, according to Hyosung TNC, has been set for World Environment Day on June 5. Seven brands selling at Musinsa will debut fashion i

Apr 25, 2025By Ko Dong-hwan

Hyosung’s recycled fiber to bolster greener fashion brands at
Musinsa

LG Electronics CEO drops hints at price hikes in US

LG Electronics CEO Cho Joo-wan hinted at increasing the prices of the company's refrigerators, washers and other appliances, saying it would review price hikes if U.S. tariffs surpass “a tolerable level.” According to the company on Friday, Cho made the remarks during a lecture at Seoul National University a day earlier. LG Electronics is one of the Korean tech firms that is heavily affected by “reciprocal” tariffs from the U.S., which imposed 10 percent as a base rate on imports. A 90-day pause is currently underway to allow time for negotiations on additional duties. “If the tariff is fixed at 10 percent, hikes in product prices are inevitable,” he said. “LG Electronics will tolerate (tariff impacts) as much as it can, but if it surpasses our tolerable level, we may review price hikes.” He noted that the company is now discussing price increases with U.S. retailers “at levels that consumers can accept,” adding that the company can cover the overall tariff impact by adjusting selling prices if the tariff is fixed at 10 percent. LG Electronics currently manufactures w

Apr 25, 2025By Nam Hyun-woo

LG Electronics CEO drops hints at price hikes in US

KHNP’s nuclear power raises hope in Africa

The head of Korea Hydro & Nuclear Power (KHNP) drew strong interest from African energy experts and government officials this week, showcasing South Korea’s advanced nuclear technologies and their potential to support the continent’s growing demand for stable electricity supply across homes and industries. KHNP President and CEO Whang Joo-ho attended the Africa Nuclear Business Platform (AFNBP) 2025 held in Rabat, Morocco, from Wednesday to Thursday (local time). During the event, he proposed a collaborative initiative between Korea and African nations to co-develop a new nuclear power plant model — a suggestion that was met with enthusiasm from participants. Approximately 200 participants attended the conference, including energy ministers from 17 African nations, heads of nuclear energy commissions from various countries, and representatives from global nuclear-related businesses. In his speech, Whang introduced KHNP’s nuclear power plant models APR1400 and Innovative Small Modular Reactor (i-SMR). He said Korea had originally learned the technologies from outside the country

Apr 24, 2025By Ko Dong-hwan

KHNP’s nuclear power raises hope in Africa

Steelmakers pin hopes on earnings recovery through US expansion

Korea's two largest steelmakers experienced declines in their first-quarter revenues, largely due to the lingering oversupply of low-priced Chinese steel products amid weakening demand in the domestic construction industry. While Washington has maintained the sweeping 25 percent tariffs on all steel imports, both companies expressed optimism that their planned investments in the United States will lead to earnings recoveries. POSCO Holdings, which posted 17.4 trillion won ($12.1 billion) in sales and 568 billion won in operating profit, announced Thursday that its steelmaking unit, POSCO, saw a 5.8 percent year-on-year drop in revenue to 8.97 trillion won and a 16.7 percent rise in operating profit to 346 billion won. The steelmaker attributed the results to a surge in product prices and cost-reduction measures, as well as large-scale factory maintenance. "We aim to secure footholds in highly profitable markets with high growth potential," a POSCO Holdings official said. POSCO Holdings highlighted its planned partnership with Hyundai Motor Group as part of the strategy. Recently, POSCO de

Apr 24, 2025By Park Jae-hyuk

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