Business - The Korea Times

European firms less confident of business in Korea

Business confidence among European firms in Korea has fallen below 50 percent for the first time since 2018, when it stood at 48 percent. Fewer companies also view Korea as an increasingly important part of their global strategies. These findings were revealed Monday in an annual survey conducted between January and February by the European Chamber of Commerce in Korea (ECCK), the Korean-German Chamber of Commerce and Industry (KGCCI) and nine other European business chambers. Among the 139 CEOs of European companies operating in Korea, only 45 percent expressed satisfaction with their business performance in 2024, continuing a steady decline from 71 percent in 2021, 68 percent in 2022 and 58 percent in 2023. While 34 percent rated their performance as "average," 22 percent responded that they were either "discontent" or "very discontent" — a significant increase from 12 percent in 2023 and 9 percent in 2022. "This trend is also reflected in revenue performance. In 2024, only 27 percent of companies achieved year-on-year earnings before interest and taxes growth of over 5 percent, down

Mar 24, 2025By Park Jae-hyuk

European firms less confident of business in Korea

FILA Holdings boosts shareholder returns with $373 mil. plan

FILA Holdings has announced a plan to allocate up to 500 billion won ($373 million) in shareholder returns over the next three years, reinforcing its commitment to long-term shareholder value. The company made the announcement during its investor relations day on Friday, where it revealed an updated shareholder return policy designed to balance financial flexibility with sustainable growth. The revised policy raises the company’s total cumulative shareholder return target to up to 800 billion won from 2022 to 2027, reflecting a 200 billion won increase over its previous goal. The company emphasized its proactive approach to capital allocation and shareholder engagement, highlighting its focus on special dividends, share buybacks and treasury stock retirements. Since implementing its shareholder return policy in 2022, FILA Holdings has delivered three consecutive years of special dividends and other return initiatives. In 2024, total shareholder returns reached 170 billion won, with a shareholder payout ratio of 201.8 percent. Over the past three years, the company has returned approxi

Mar 24, 2025By Nam Hyun-woo

FILA Holdings boosts shareholder returns with $373 mil. plan

LG Energy Solution seeks sustainable growth with subcontractors

LG Energy Solution (LGES) said Monday that it has implemented various measures to enhance the competitiveness of its subcontractors and ensure sustainable growth with them. The company emphasized its commitment to strengthening cooperation with subcontractors to navigate business uncertainties and solidify its status as the world's leading battery manufacturer. To achieve these goals, LGES has expanded its support program to include both domestic and overseas subcontractors, focusing on improving productivity and quality. According to the battery maker, this program not only enhances subcontractors' cost competitiveness through short-term projects but also helps them localize value chains and develop new technologies through long-term initiatives. Financial support is another key pillar of LGES' subcontractor growth strategy. In 2020, the company established a 150 billion won ($102 million) fund to provide subcontractors with low-interest loans, enabling them to invest in facilities and cover operational costs. Before the Lunar New Year and Chuseok holidays, LGES also made early payments t

Mar 24, 2025

LG Energy Solution seeks sustainable growth with subcontractors

Civic group files complaint against Apple over alleged misleading ad for iPhone 16

A civic group in Korea said Monday it has filed a complaint with the Fair Trade Commission (FTC) against Apple over alleged violation of advertising laws regarding its artificial intelligence (AI) feature in the iPhone 16 smartphone. The Seoul YMCA said the complaint was submitted in response to the exclusion of the AI Siri feature in the iOS 18 operating system for Apple's latest smartphone model, which was launched in the country in September. The feature had initially been promised to be included in the iOS 18 system for the iPhone 16 but was later postponed for a future release. The group claimed that Apple has removed related advertisements from YouTube, raising suspicions that the company was aware of the delay in advance but continued to market the product without disclosing such information. "We will closely monitor the investigation process and results, and take further action if necessary," the group said. (Yonhap)

Mar 24, 2025By yonhap

Civic group files complaint against Apple over alleged misleading ad for iPhone 16

Samsung chief visits China in search for breakthrough

Samsung Electronics Executive Chairman Lee Jae-yong visited China to meet the world’s most influential business gurus, local reports and industry officials said Sunday, amid efforts to search for opportunities for a company breakthrough despite mounting doubts on its future viability. Beijing Sina Technology reported that Lee visited Xiaomi's automotive plant in Beijing on Saturday, and met Xiaomi Chairman Lei Jun. Along with Lee, semiconductor firm Qualcomm CEO Cristiano Amon also visited the plant. Details of their talks remain unknown, but industry officials assume the meetings were focused on deals involving Xiaomi’s electric vehicles. Xiaomi is a major competitor of Samsung Electronics in the smartphone and home appliance markets but stands as a potential customer for Samsung Electronics' car component business, particularly in semiconductors and displays. Since 2015, Lee has highlighted car components as one of Samsung Electronics’ future growth drivers. As part of this, Samsung Electronics took over Harman International in 2017. Lee also noted the importance of advanced car

Mar 23, 2025By Nam Hyun-woo

Samsung chief visits China in search for breakthrough

Investors brace for chaos at Theborn Korea's upcoming shareholders' meeting

Celebrity restaurateur Paik Jong-won's company, Theborn Korea, is bracing for impact, as investors threaten to create an uproar at the company's shareholders' meeting scheduled for this week, saying recent scandals involving Paik have impaired the company's value. Online comments criticized Theborn Korea ahead of the meeting on Friday in Seoul, saying the company was allegedly undermining public health and misleading the public with false product information, adding that the firm had not been dealt due punishment. Critics also noted how much Paik earned last year despite the scandals and how much he will earn through a planned dividend payout following the meeting. “At this point, it feels like there's no hope of Paik winning back the public sentiment," a comment on Theborn Korea's Naver shareholder forum said. "He built his image by doing good — supporting farmers and helping struggling small businesses — but in a moment that image of goodness slipped away, and there's no turning back." Another online comment mocked Paik, as he will be paid 1.76 billion won ($1.2 million) in divi

Mar 23, 2025By Ko Dong-hwan

Investors brace for chaos at Theborn Korea's upcoming shareholders' meeting

China's Zeekr takes steps to enter Korea

China's Zeekr Group has taken steps to launch its electric vehicles in Korea, according to court documents on Sunday. Zeekr, one of the premium electric vehicle brands in China, set up its office called Zeekr Intelligent Technology Korea in Korea late last month, the court documents showed. The move came as another Chinese electric vehicle manufacturer BYD officially entered the nation's passenger car market in January. (Yonhap)

Mar 23, 2025By yonhap

China's Zeekr takes steps to enter Korea

All-black ‘Dolce & Gabbana look’ of Hotel Shilla CEO, sister of Samsung chairman, turns heads at annual shareholder meeting

Lee Boo-jin, CEO of Hotel Shilla, drew attention once again for her impeccable fashion sense at this year’s shareholders’ meeting, opting for an all-black ensemble from the Italian luxury brand Dolce & Gabbana. On Thursday, Lee attended the Hotel Shilla shareholders’ meeting at the company’s headquarters in downtown Seoul. She wore a black “double-breasted cordonetto lace and wool crêpe coat” from Dolce & Gabbana, black long boots, and silver earrings. The dress is made in Italy and is currently listed on the brand’s official Korean website for 9.1 million won ($6,800). Her all-black outfit for the 2025 meeting stands in stark contrast to her 2024 appearance, when she wore an all-white suit from British designer label Alexander McQueen. That look was highlighted by the striking embroidery on the white jacket. Although Lee keeps a relatively low profile in the media, her appearances at annual shareholder meetings consistently showcase her reputation as a fashion icon in the business world. Her understated yet luxurious style has been widely recognized in the fashion indust

Mar 23, 2025By KTimes

All-black ‘Dolce & Gabbana look’ of Hotel Shilla CEO, sister of Samsung chairman, turns heads at annual shareholder meeting

Korean Air to sign $32.7 bil. in aircraft deals with Boeing, GE Aerospace

Korean Air Lines, Korea's national carrier, will acquire some 20 aircraft from U.S. Boeing and procure spare engines from GE Aerospace, in a combined deal worth US$32.7 billion, Seoul's industry ministry said Friday. A pre-signing ceremony took place at the Department of Commerce in Washington, attended by Cho Won-tae, chairman of Hanjin Group, Korean Air's parent firm; Kelly Ortberg, Boeing's president and CEO; and Russell Stokes, president and CEO of GE Aerospace Commercial Engines and Services. Also present at the event were Industry Minister Ahn Duk-geun and U.S. Secretary of Commerce Howard Lutnick. Under the agreement, Korean Air will acquire 20 Boeing 777-9 and 20 Boeing 787-10 aircraft by 2033, with an option to purchase an additional 10 aircraft. The two companies agreed to swiftly proceed with the deal, valued at $24.9 billion. Korean Air and GE agreed to a contract worth $7.8 billion for the procurement of eight spare engines and engine maintenance services. At the ceremony, Ahn expressed hope for the agreement to help further facilitate broad exchanges between the allies, pled

Mar 22, 2025By yonhap

Korean Air to sign $32.7 bil. in aircraft deals with Boeing, GE Aerospace

TEST DRIVE BMW X6 exudes unexpected charm with nimble movement

The BMW X6, undeniably the most iconic large coupe SUV in the world, exudes unexpected charm with surprisingly nimble driving performance — a feature hard to anticipate due to its strikingly muscular exterior. The X6 is considered a pioneer in the mid-to-large coupe SUV market after making its debut in 2007. The vehicle’s symbolic position has not been shaken for more than a decade, as few rivals succeeded in leaving a stronger impression in terms of sleek design and powerful driving performance. The vehicle’s major appeal is unarguably its masculine design, which is why the vehicle is often found on the wish list for many so-called "young and rich" customers here. The BMW X6 xDrive40i M Sports edition was delivered for a test drive, and this reporter's first impression was that the vehicle was much more agile than expected. Its acceleration was smooth yet powerful, giving the vehicle a modern image. It accelerates from zero to 100 kilometers per hour in only 5.3 seconds. The model's 381-horsepower output was also more than enough for most city drives under Korean road conditions.

Mar 21, 2025By Lee Min-hyung

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