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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.

Korean tire makers shift strategic focus to Europe amid US tariffs

Korea's three major tire manufacturers — Hankook Tire, Kumho Tire and Nexen Tire — are under growing pressure to restructure their global supply chain to focus on Europe and non-American markets to minimize the impact of impending U.S. tariffs, industry officials said Wednesday. U.S. President Donald Trump announced an executive order on April 2 to slap a 25 percent tariff on vehicles imported to the United States. Starting May 3, the same rate will apply to tires. Industry officials said tire makers are unlikely to make major investments in expanding production lines in the U.S. for tariff exemptions, as it remains unclear how long the tariff policy will remain in place. “Trump’s tariff policy is drawing strong backlash even in the home territory, and few can guarantee whether the drive will persist for a long period of time,” a tire industry official said. “Against the backdrop, it is desirable for tire firms to diversify their sales channel, rather than spending an enormous amount of money on establishing more manufacturing facilities there.” Europe and the U.S. are the t

Apr 9, 2025By Lee Min-hyung
Korean tire makers shift strategic focus to Europe amid US tariffs

Kia lowers 2030 global sales target to 4.19 mil. units amid Chinese market challenges

Kia, Korea's second-largest automaker, said Wednesday it has lowered its 2030 global sales target to 4.19 million units, down from 4.3 million units suggested last year, amid growing challenges in the Chinese market. The updated sales goal was announced by Song Ho-sung, Kia's chief executive officer (CEO), at the company's 2025 CEO Investor Day event in Seoul. The company emphasized the need to adjust goals pragmatically, citing macroeconomic challenges and growing geopolitical risks. Under the updated plan, Kia said it aims to achieve a 4.5 percent global market share by 2030. By region, the company said it aims for annual sales of 1.01 million vehicles in America, 770,000 units in Europe, 580,000 units in Korea and 400,000 units in India by then. Kia said it aims to sell 2.33 million eco-friendly vehicles by 2030, including 1.26 million electric vehicles (EVs) and 1.07 million hybrid and plug-in hybrid models. To this end, Kia plans to expand its EV lineup from nine models today to 15 by 2030. The company will reduce its internal combustion engine lineup from 23 to 17 in line with the

Apr 9, 2025By Yonhap
Kia lowers 2030 global sales target to 4.19 mil. units amid Chinese market challenges

SK hynix rises to No. 1 in global DRAM market for 1st time in Q1

Korean chip giant SK hynix has risen to the No. 1 position in the global dynamic random access memory (DRAM) market for the first time in the first quarter of this year, industry data showed Wednesday. SK hynix secured a 36 percent global market share in terms of sales, edging out Samsung Electronics at 34 percent and Micron Technology at 25 percent, according to the data by industry tracker Counterpoint Research. It marks the first time that SK hynix has surpassed Samsung Electronics in quarterly DRAM market share. The achievement is attributed to strong sales of SK hynix's high bandwidth memory (HBM) chips. "SK hynix has successfully dealt with rising demand for DRAMs, particularly HBM products," Choi Jeong-ku, a researcher at Counterpoint Research, said. "It is a milestone for the company." According to separate data from corporate research firm Trend Force, Samsung Electronics led the DRAM market in the fourth quarter of last year with a 39.3 percent share, while SK hynix held 36.6 percent. SK hynix currently leads the HBM market with its industry-leading fifth-generation HBM3E product

Apr 9, 2025By Yonhap
SK hynix rises to No. 1 in global DRAM market for 1st time in Q1

Celltrion chairman, 2 affiliates to purchase $135 mil. Celltrion stocks

The chief of Celltrion, a major Korean biopharmaceutical firm, and its two affiliates will purchase 200 billion won ($135 million) worth of Celltrion stocks to enhance shareholder value, the company said Wednesday. Celltrion Chairman Seo Jung-jin will purchase 50 billion won worth of Celltrion shares from May 9, using his private funds, while Celltrion Holdings and Celltrion Skincure plan to spend 100 billion won and 50 billion won, respectively, to buy the stocks, the company said in a press release. "The chairman made the decision to show his commitment to responsible management and enhancing shareholders' value," the release said, adding the planned purchases will be made during trading hours. Celltrion Holdings, the holding company of Celltrion Group, has a 21.96 percent stake in Celltrion, while Celltrion Skincure owns a 1.89 percent stake in the pharmaceutical firm. Separate from the share purchase plan, Celltrion has recently taken aggressive steps to prop up corporate and shareholder value through stock buybacks and cancellations. The company has been in the process of buying back

Apr 9, 2025By Yonhap
Celltrion chairman, 2 affiliates to purchase $135 mil. Celltrion stocks

Samsung Chairman Lee Jae-yong remains richest stockholder in Korea

Samsung Electronics Chairman Lee Jae-yong retained his position as Korea's wealthiest stockholder in the first quarter of the year, a corporate tracker said Wednesday. Lee's stock holdings were valued at 12.23 trillion won ($8.26 billion) as of end-March, the highest among 43 heads of local conglomerates on the Fair Trade Commission's watchlist, according to Korea CXO Institute. The list includes individuals with stock holdings exceeding 100 billion won. The value of his stock holdings rose slightly from 12 trillion won at the start of the year. Lee was followed by Seo Jung-jin, chairman of pharmaceutical giant Celltrion, with stocks valued at 9.78 trillion won. Kim Beom-su, founder of Kakao, Korea's top mobile messenger operator, came next with 4.12 trillion won. Hyundai Motor Group Chair Euisun Chung placed fourth with 3.8 trillion won, while Hybe Co. Chairman Bang Si-hyuk ranked fifth with 3.1 trillion won. SK Group Chairman Chey Tae-won held stocks worth 1.68 trillion won, and LG Group Chairman Koo Kwang-mo held 1.62 trillion won. The institute said the combined value of stocks held by

Apr 9, 2025By Yonhap
Samsung Chairman Lee Jae-yong remains richest stockholder in Korea

JYP donates $202k for Myanmar quake relief

K-pop powerhouse JYP Entertainment has donated 300 million won ($202,300) to World Vision to support emergency relief efforts and child medical treatment in Myanmar, which was hit by a powerful 7.7 magnitude earthquake last month. JYP said Wednesday the donation will be used to provide emergency food, daily necessities and drinking water to 11 villages in Mandalay State, an area that suffered significant damage from the earthquake. The fund will also cover child medical expenses and offer psychosocial support, it added. "We extend our deepest condolences to those who lost their lives, their bereaved families and everyone who lost their homes in an instant," the company said in a statement. "We hope that, through this medical support, children and their families can quickly recover from the disaster and return to their daily lives and health." The disaster has so far claimed more than 3,500 lives. (Yonhap)

Apr 9, 2025By Yonhap
JYP donates $202k for Myanmar quake relief

Shipbuilding partnership seen as bargaining chip in tariff talks

The government has expressed its intention to leverage potential cooperation with the United States in the shipbuilding industry as part of its negotiations with Washington to lower the 25 percent "reciprocal tariff." Calling the sector a key bargaining chip in ongoing trade talks, Industry Minister Ahn Duk-geun highlighted the strong interest the Donald Trump administration has shown in a potential shipbuilding partnership. "U.S. shipbuilding capabilities have been in continuous decline since World War II, which is why the country is placing high expectations on Korea's technology and manufacturing capacity," Ahn told lawmakers during a meeting at the National Assembly on Wednesday, the day that U.S. reciprocal tariffs took effect. His remarks came a day after a phone call between the leaders of Korea and the U.S. According to the Prime Minister's Office, shipbuilding was one of the three key areas in which acting President Han Duck-soo conveyed Korea's willingness to cooperate with the U.S. Trump also mentioned shipbuilding as one of the topics discussed with Han in a post on his social

Apr 9, 2025By Park Jae-hyuk
Shipbuilding partnership seen as bargaining chip in tariff talks

McKinsey promotes Choi Seung-hyuk to senior partner

McKinsey & Company promoted Choi Seung-hyuk to senior partner, the highest position a consultant can attain at the global consulting firm, the company said Wednesday. Choi began his career at McKinsey in 2008 and was promoted to partner in 2017. He now serves as the practice leader for advanced industries at the firm’s Korea office, focusing on high-tech sectors, including automotive, semiconductors and aerospace. He also holds a regional leadership role in Asia, overseeing both the McKinsey Center for Future Mobility and the Sustainability Hub. He has managed a wide range of projects for leading companies both domestically and internationally, including enterprise-wide transformations, digital innovation, growth strategies, M&A, technology strategies and value-enhancement programs. In particular, he has showcased leadership in mobility-related projects, including electric vehicles, autonomous driving and EV batteries, according to the company. Prior to joining McKinsey, he was part of Samsung Electronics’ semiconductor division, where he was responsible for formulating mid- to long-te

Apr 9, 2025By Jun Ji-hye
McKinsey promotes Choi Seung-hyuk to senior partner

Hanwha Aerospace hosts int'l gathering of K9 howitzer operators in Poland

Hanwha Aerospace, a Korean defense equipment manufacturer, said Wednesday it has held an annual international meeting of military authorities that use the company's K9 self-propelled howitzer in Poland. The company's K9 User Club meeting, held in Krakow, Poland, on Tuesday, brought together military representatives from seven countries, including Poland, Norway, Finland and Australia, as well as observer delegations from the United States and Sweden. During the event, participants shared maintenance strategies, discussed ammunition interoperability and reviewed next-generation system enhancements. Attendees also toured production facilities of Poland's state-run defense firm Huta Stalowa Wola (HSW), which manufactures the Krab howitzer based on the K9 chassis, and observed K9 units being operated in the field. "With more countries adopting the K9, providing effective and timely support is becoming increasingly important," said Cho Sang-hwan, head of Hanwha's maintenance, repair and operations (MRO) division. "We are focused on improving quality and maximizing support capabilities." Last w

Apr 9, 2025By Yonhap
Hanwha Aerospace hosts int'l gathering of K9 howitzer operators in Poland

Fines on financial firms tripled in Korea last year

Fines imposed on financial companies by Korea's financial regulator nearly tripled in 2024 from a year earlier, a corporate data tracker said Wednesday. The Financial Supervisory Service (FSS) imposed fines totaling 43.92 billion won ($29.3 million) on local financial firms last year, jumping from 15.27 billion won a year ago, according to CEO Score. By sector, commercial banks topped other business categories with a combined fine of 8.14 billion won, followed by life insurers with 7.67 billion won and asset management firms with 5.79 billion won, the data showed. Viva Republica Inc., which operates the internet-only Toss Bank, ranked first with a 6 billion-won fine for using transaction information for its business analysis without approval from electronic receipt providers and collecting personal information in its membership registration process. The National Credit Union Federation of Korea ranked second with a fine of 2.99 billion won, followed by Samsung Life Insurance with 2.47 billion won and iM Bank with 2 billion won, it said. (Yonhap)

Apr 9, 2025By Yonhap
Fines on financial firms tripled in Korea last year
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