my timesThe Korea Times
Business

Companies

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

KT&G completes tobacco plant in Kazakhstan to supply Europe, CIS region

KT&G completed construction on its first manufacturing plant in Kazakhstan, bolstering its supply chain to better serve cigarette consumers across Central Asia and Europe, Korea’s largest tobacco maker said Wednesday. Located in Almaty Province, the new facility has a total floor area of 52,000 square meters and is equipped with three production lines capable of producing up to 4.5 billion cigarettes annually. KT&G described the plant as its “export outpost and core production base” tailored to meet growing demand from Europe, the Commonwealth of Independent States and the broader Eurasian markets. KT&G CEO Bang Kyung-man attended a completion ceremony at the site on Tuesday (local time), joined by Almaty Governor Sultangaziev Marat Eleusizovich, Korean Ambassador to Kazakhstan Cho Tae-ik and around 100 other guests. “KT&G, with completion of the new Kazakhstan factory, has laid the foundation of its global manufacturing network that will tow our global competitiveness,” Bang said during the ceremony. “KT&G will accept future challenges and expand our global direct business to

Apr 23, 2025By Ko Dong-hwan
KT&G completes tobacco plant in Kazakhstan to supply Europe, CIS region

Pope remembered for humble use of Korean cars, tech during papacy

The death of Pope Francis has drawn attention once again to the humility he showed through his use of various Korean products. When he came to Korea in 2014 for his first trip to Asia as pontiff, he chose Kia's unarmored Soul compact SUV as the popemobile, reportedly asking the Papal Visit Committee to provide the smallest Korean car available. Although Kia's Morning was smaller, the government recommended that he ride in the Soul or Avante (Elantra) of Hyundai Motor, Kia's sister carmaker, to ensure comfort in the back seat. The pope also declined to ride in a luxurious convertible during parades in Seoul and Daejeon. Instead, he opted for Hyundai's Santa Fe and Kia's Carnival, which were remodeled so the faithful could see him in the back seat. Last year, the pontiff traveled in Singapore with Hyundai's Ioniq 5 produced there. The electric vehicle targets drivers in the city state fighting air pollution. "As a Catholic myself, I found great inspiration in his leadership and humility," Hyundai Motor CEO Jose Munoz wrote on social media Tuesday, describing the pope as a true servant leade

Apr 23, 2025By Park Jae-hyuk
Pope remembered for humble use of Korean cars, tech during papacy

Korea Zinc offices raided over probe into plan to sell new shares

Prosecutors on Wednesday raided the headquarters and offices of Korea Zinc over their probe into a plan to sell new shares by the world's largest zinc smelter. The Seoul Southern District Prosecutors Office sent prosecutors and investigators to search six offices and five residences of Korea Zinc's executives to secure evidence. Prosecutors suspect that Korea Zinc's plan to sell new shares, announced in October last year, may constitute an unfair trading practice and violate the Financial Investment Services and Capital Markets Act. Financial regulators have asked prosecutors to investigate the case, saying that it was linked with unfair practices.

Apr 23, 2025By Yonhap
Korea Zinc offices raided over probe into plan to sell new shares

Korean Air wins bid for UH-60 Black Hawk helicopters upgrade project

Korean Air has been named the preferred bidder for a project to upgrade the UH-60 helicopters used for Korea’s armed forces, an undertaking worth 961.3 billion won ($673 million). A consortium — led by the national flag carrier — won the bid from the Defense Acquisition Program Administration (DAPA), Wednesday. The consortium also includes LIG Nex1 and Collins Aerospace. The UH-60 Black Hawk serves as a multi-purpose helicopter utilized by the Republic of Korea Army and Air Force for their special operations. The modernization will enhance the performance of a total of 36 UH-60 helicopters. This involves upgrades for digital cockpits, engines, survivability systems and communication suites, according to Korean Air. The airline will also offer integrated depot maintenance and force integration support under the project. The airline’s involvement with the UH-60 includes licensed production between 1991 and 1999. Korean Air currently provides depot maintenance and partial performance upgrades and modifications for the helicopter. Decades of technical expertise in its maintenance were

Apr 23, 2025By Lee Min-hyung
Korean Air wins bid for UH-60 Black Hawk helicopters upgrade project

Naver to release 3 AI models as open source, free for commercial use

Naver, the No. 1 online portal operator in Korea, said Wednesday it will release three lightweight models of homegrown artificial intelligence (AI), HyperCLOVA X, as open source. The new models — HyperCLOVA X SEED 3B, HyperCLOVA X SEED 1.5B and HyperCLOVA X SEED 0.5B — will be available free for commercial purposes, starting from Thursday, according to Naver. Among them, HyperCLOVA X SEED 3B is a visual language model capable of processing not only text but also images and video. It can interpret diagrams, recognize objects and describe photos, making it suitable for a wide range of multimodal applications. According to Naver, the SEED 3B model outperformed comparable U.S. and Chinese models in visual comprehension tasks, based on average scores from nine benchmark tests evaluating Korean and English-language capabilities. Naver said it also plans to introduce an inference AI model based on the flagship HyperCLOVA X within the first half of the year. Additionally, the company will continue enhancing HyperCLOVA X's multimodal functionality, moving beyond text to include images, video a

Apr 23, 2025By Yonhap
Naver to release 3 AI models as open source, free for commercial use

Frozen pizza overtakes dumplings as CU's top-selling convenience food

Frozen pizza has become the top-selling refrigerated food product at CU convenience stores, surpassing dumplings for the first time in terms of sales share, the store chain said Wednesday. From January through Sunday, pizza products accounted for 28.1 percent of CU's refrigerated food sales, outpacing frozen dumplings and chicken products, which accounted for 27.2 percent and 25.8 percent, respectively. Last year, dumplings were the most popular product in the category, accounting for 31.8 percent of frozen food sales, followed by chicken and pizza products, with 25.7 percent and 24.3 percent shares, respectively. The sales share of frozen pizza has been steadily growing from 17.9 percent in 2021 to 22.2 percent in 2023. CU attributed the trend to the rising number of single person households seeking easy-to-prepare meals and the growing variety of frozen pizza products available at its stores.

Apr 23, 2025By Yonhap
Frozen pizza overtakes dumplings as CU's top-selling convenience food

KORAIL clinches Manila subway contract, eyes global railway expansion

Korea Railroad (KORAIL) signed a contract Tuesday with a Filipino company to operate and maintain a planned metro subway line in the Philippines, according to the Ministry of Land, Infrastructure and Transport. The signing marks a significant step in the state-run Korean railway operator’s push to expand its global presence by leveraging advanced technology and operational expertise developed through its high-speed services, including the KTX, which connects cities nationwide, and GTX, which serves the greater Seoul area. KORAIL President & CEO Han Moon-hee met with Ramon Ang, chairman and CEO of San Miguel Corp., in Manila to finalize the partnership for MRT-7, a metro line scheduled for completion and launch in the Filipino capital in December 2026. The 23-kilometer subway line will serve 14 stations across Metro Manila. The two sides agreed that KORAIL will jointly operate the metro line with San Miguel and carry out maintenance work from July until December 2034. KORAIL will oversee a team of 28 experts, including local professionals, to handle subway control, service monitoring,

Apr 23, 2025By Ko Dong-hwan
KORAIL clinches Manila subway contract, eyes global railway expansion

Affordable cosmetics become new blue ocean for retail giants

Affordable cosmetic products are becoming a new blue ocean for retail giants in Korea as more companies are introducing products or forming partnerships to do so. Behind the trend is a surge in retail prices that has led to a slump in consumption. With shoppers looking for more affordable options, beauty product makers are increasingly responding to demand for less expensive alternatives. Major superstore chain Emart and Korean beauty product giant LG H&H have introduced a new line of cosmetic products offering smaller amounts for similarly lower prices. Eight different skincare products under the company's Beyond brand sell for less than 5,000 won ($3.50), including toner, serum, moisturizer and multi balm, all containing ingredients like collagen, bakuchiol and glutathione. The products all come in amounts of 150 milliliters or less. Emart said the products cater to the current "slow-aging" beauty trend. LG H&H, which owns premium beauty brands like Whoo and Ohui, said its partnership with Emart came about as beauty product consumers have become increasingly interested in value. The co

Apr 23, 2025By Ko Dong-hwan
Affordable cosmetics become new blue ocean for retail giants

INTERVIEW Lego Korea urges cultural shift toward play so kids can build future

Young Koreans, despite all their potential, are under significant academic pressure and lack space to develop their creativity, a critical skill for future industries, according to the head of Lego Korea’s marketing division. Soren Morup, a Danish national, is working to empower Korean children and young people to be creative in his role as marketing director for the 93-year-old company. With three children of his own, he believes his job is not just to sell products, but also to find opportunities to raise awareness among parents and children of the value of play in building skills. Morup’s concern about Korea's educational atmosphere, with its overwhelming academic pressures, is based on research into the emotional toll of Korea's school system. Lego Group’s Play Well Study 2024 revealed that Korean children consistently ranked near the bottom of the happiness index in OECD countries — a pattern that has persisted since the 2010s. According to the report, while an average of 91 percent of respondents from OECD countries believed that play contributes to family wellbeing and ch

Apr 23, 2025By Ko Dong-hwan
[INTERVIEW] Lego Korea urges cultural shift toward play so kids can build future

Hanwha Systems supplies key component for South Korea's 4th military spy satellite

Hanwha Systems said Tuesday it has developed and supplied a synthetic aperture radar (SAR), a key component of Korea's fourth military spy satellite placed in orbit earlier in the day. The SAR is used to generate high-resolution images of the Earth's surface, according to the defense electronics arm of South Korea's Hanhwa Group. The satellite was successfully put into orbit via a SpaceX Falcon 9 rocket launched from Cape Canaveral Space Force Station in the United States. The satellite will undergo several months of operational testing before being deployed for surveillance and reconnaissance missions, with a particular focus on monitoring North Korea. Hanwha Systems had also developed the SAR payloads for the country's three previous military reconnaissance satellites. The company said it has reaffirmed its technological leadership in SAR systems with the latest launch. It also plans to supply an SAR system for the fifth reconnaissance satellite set to be launched later this year.

Apr 22, 2025By Yonhap
Hanwha Systems supplies key component for South Korea's 4th military spy satellite
previous page
312313314315316
next page

Most Read in Business