Business - The Korea Times

Hanwha Aerospace raided over deadly factory fire

Labor authorities raided defense company Hanwha Aerospace on Thursday as part of an investigation into a deadly fire at the company's factory earlier this week. Workplace safety officials from the labor ministry, joined by police investigators, carried out the searches and seizures at the company's headquarters in Seoul and the factory in Daejeon, about 140 kilometers south of the capital. An explosion at the facility on Monday killed five people and injured two others. Company officials have said workers were cleaning propellant powder residue from tools used in the production of propulsion systems at the time of the explosion. The authorities plan to secure documents related to the cleaning work and check whether proper safety measures had been observed for the cleaning work. The Daejeon Regional Office of Employment and Labor said it plans to "thoroughly" investigate the cause of the explosion, vowing to "sternly" seek accountability if any violations of workplace safety laws are found. It marked the latest fatal incident at the factory following an explosion in 2018 that claimed five

Jun 4, 2026By Yonhap

Hanwha Aerospace raided over deadly factory fire

Hyundai Glovis to establish European vehicle logistics hub in Amsterdam

Hyundai Glovis will establish a finished-vehicle supply chain hub at the Port of Amsterdam in the Netherlands, in a move to create a strategic gateway linking major dealer networks across Europe, the company said Thursday. The company recently signed an agreement with the Port of Amsterdam to develop a dedicated automotive logistics hub. The signing ceremony was attended by Hyundai Glovis CEO Lee Kyoo-bok and Port of Amsterdam CEO Koen Overtoom. The agreement enables Hyundai Glovis to develop a vehicle-dedicated terminal spanning approximately 480,000 square meters within the port. The facility will feature berths capable of accommodating up to three pure car and truck carriers (PCTCs) simultaneously, vehicle storage yards with a capacity of more than 20,000 units and predelivery inspection facilities. Rail infrastructure will also be incorporated to support efficient inland transportation throughout Europe. Operations are scheduled to begin in January 2027 and will be managed by Hyundai Glovis Europe. The Amsterdam project marks the company’s first independently secured finished-vehic

Jun 4, 2026By Lee Min-hyung

Hyundai Glovis to establish European vehicle logistics hub in Amsterdam

Samsung bets on AI to extend its 2-decade grip on TV market

For more than 20 years, Samsung Electronics has dictated the terms of the global television market. Now, as lower-cost rivals threaten the broader hardware industry, the Korean conglomerate is leaning on artificial intelligence (AI) to safeguard its crown. According to data released by market research firm Omdia, Samsung captured 31.3 percent of global television revenues in the first quarter of 2026, up 1.3 percent from the previous year. The figure places Samsung’s market share at more than double that of its closest competitor, reinforcing a dominance that has remained unchallenged since the mid-2000s. The company’s grip is tightest at the top of the market. In the premium segment — defined as televisions priced above $2,500 — Samsung claimed 53.4 percent of all revenue. It also captured roughly half of the market for sets priced above $1,500, a lucrative tier driven by consumer appetite for sprawling, cinematic screens. Sales of ultralarge models, including 98-inch and 100-inch displays, helped Samsung secure 31.6 percent of revenue for televisions 75 inches and larger. Even

Jun 4, 2026By Jhoo Dong-chan

Samsung bets on AI to extend its 2-decade grip on TV market

NC AI to develop AI-powered autonomous welding system for Hanwha Ocean shipyards

Artificial intelligence (AI) company NC AI said Thursday it has won a contract from Hanwha Ocean to develop an AI-powered autonomous welding system aimed at automating one of the most labor-intensive and technically demanding processes in shipbuilding. The project, titled “Development of a Vision Recognition-Based Welding Model and Collaborative Robot-Based Autonomous Welding Model,” seeks to combine advanced computer vision and robotic control technologies to enable welding robots to identify weld seams, make real-time decisions and perform welding operations with minimal human intervention. The initiative targets a longstanding challenge for the shipbuilding industry, where welding quality and productivity have traditionally relied heavily on the skills and experience of veteran workers. According to NC AI, the companies aim to move beyond conventional industrial automation systems that repeatedly follow preprogrammed paths. Instead, the new system is designed to allow robots to recognize welding targets autonomously, assess changing conditions and adjust welding operations in rea

Jun 4, 2026By Jhoo Dong-chan

NC AI to develop AI-powered autonomous welding system for Hanwha Ocean shipyards

Mercedes-Benz Korea co-hosts 40th Korea Women's Open

Mercedes-Benz Korea said Thursday it will co-host the Mercedes-Benz 40th Korea Women's Open Golf Championship with the Korea Golf Association from June 11 to 14 at Lakewood Country Club in Yangju, Gyeonggi Province, under a three-year title sponsorship agreement running through 2028. The Korea Women's Open, which held its inaugural edition in 1987, is the country's most prestigious national women's golf title. With Mercedes-Benz Korea's entry as title sponsor, the total prize purse has been raised to 1.5 billion won ($1 million), with the winner's share set at 400 million won — the largest first-place prize in the history of Korean women's professional golf. The champion will also receive automatic berths in the AIG Women's Open, one of women's golf's five major championships, and the Japan Women's Open Golf Championship. Defending champion Lee Dong-eun, who is competing on the LPGA Tour this season, is among the notable entrants. Mercedes-Benz Korea brand ambassadors Park Hyun-kyung and Kim Min-byeol will also join the field. Former world No. 1 Shin Ji-yai, a two-time Women's British O

Jun 4, 2026By Jhoo Dong-chan

Mercedes-Benz Korea co-hosts 40th Korea Women's Open

World Cup marketing buzz fades in Korea

With the 2026 FIFA World Cup about a week away, Korean businesses are showing little interest in expanding their promotional activities amid the event's falling marketing impact and shifting consumer spending patterns, industry officials said Wednesday. The tournament — hosted jointly by the United States, Canada and Mexico from June 11 to July 19 — is generating a notably muted commercial response. Even if some retailers plan to hold modest campaigns, marketing activities across most industries have effectively ground to a halt. The consumer electronics sector, which once thrived on the so-called “World Cup effect,” has particularly taken a hit. Lotte Himart recorded a 35 percent surge in sales of large-screen televisions 55 inches and above during the first 10 days of June 2018, shortly before the World Cup kicked off. This year, sales in May came in flat compared with a year earlier — a stark indicator that the television industry can no longer count on the tournament for a reliable boost. This is attributable to a fundamental shift in people’s viewing habits. “As consum

Jun 4, 2026By Lee Min-hyung

Hanwha Aerospace to suspend production lines after deadly explosion

Hanwha Aerospace, a defense affiliate of Hanwha Group, said Thursday it will suspend operations at all of its production facilities and conduct special safety inspections following a deadly explosion at its Daejeon facility. The company said it will halt operations at its nine business sites nationwide for two days starting Thursday, marking the first companywide production shutdown since its establishment in 2023. Some essential production processes, however, will be exempt from the suspension. The explosion at the facility, located about 140 kilometers south of Seoul, on Monday killed five people and injured two others. Police have launched a joint investigation to determine the exact cause of the accident. The company said it has concluded that securing a safe working environment is a higher priority than avoiding temporary production disruptions caused by the suspension of operations. During the shutdown, all business sites will conduct comprehensive inspections of potential fire and explosion hazards, major industrial accident risks, unsafe conditions and facilities, risk assessment

Jun 4, 2026By Yonhap

Hanwha Aerospace to suspend production lines after deadly explosion

Personal info of Tving users leaked

Tving, the streaming platform of content giant CJ ENM, said Wednesday personal information of its users has been leaked due to unauthorized external access and apologized for the data breach. Tving said personal information of its users, including IDs, names, birthdays, phone numbers and e-mail addresses, has been leaked, but their resident registration numbers and payment-related info have not been compromised. Choi Ju-hee, chief executive of Tving, issued an apology, saying the company is in the process of notifying affected individuals of the incident and taking steps for remedies. "We are implementing necessary measures after identifying the incident and currently faithfully cooperating with an investigation by the government and relevant agencies," she said. "We are fully committed to providing remedies for those affected and protecting our users." The science ministry said it has decided to establish a private-government team to investigate the data breach.

Jun 3, 2026By Yonhap

KEPCO wins $1.4 bil. Saudi cogeneration project from Aramco

Korea Electric Power Corp. (KEPCO) has secured another cogeneration project in Saudi Arabia, strengthening its foothold in the Middle East’s fast-expanding energy market. The state-run utility announced on Wednesday that it signed power and steam purchase agreements with oil giant Saudi Aramco to construct and operate Phase 2 of Saudi Arabia’s Jafurah cogeneration power plant. It also finalized an engineering, procurement and construction contract with Doosan Enerbility for the plant. The project involves building a 331-megawatt cogeneration facility capable of producing about 465 tons of steam per hour by June 2029. The facility will supply electricity and steam to Aramco for 17 years, generating an estimated 2.1 trillion won ($1.4 billion) in revenue over the contract period. The deal builds on KEPCO’s earlier contract for the Jafurah Phase 1 cogeneration project, a 317-megawatt plant secured in 2022, which is scheduled for completion later this month. “KEPCO secured the Phase 2 project on a sole-source basis, underpinned by its proven execution capabilities demonstrated in Phas

Jun 3, 2026By Lee Gyu-lee

KEPCO wins $1.4 bil. Saudi cogeneration project from Aramco

Korea’s robotics alliance with Nvidia boosts major tech firms

Shares of Korea's major robotics business operators are sharply increasing, driven by mounting anticipation over Nvidia CEO Jensen Huang's planned Seoul visit and his repeated signals of interest in deepening collaboration with the local robotics players. On Monday, the Nvidia chief expressed optimism for possible investment in Korea’s robotics sector during the Korea Partner Night event at GTC Taipei 2026. The remarks have resonated strongly with investors ahead of his scheduled visit to Seoul, slated for Thursday. His well-documented enthusiasm for physical artificial intelligence (AI) — the integration of machine intelligence and real-world robotic systems — has also helped frame Korean industrial heavyweights as potential frontline beneficiaries of the next wave of AI-driven automation. Large-cap robotics stocks, such as LG Electronics, Hyundai Motor and Doosan Robotics, are also on a sharp rally on the growing expectation of the robotics industry. LG Electronics is the standout performer, with its shares soaring more than 300 percent this year. The stock closed at 392,500 won

Jun 3, 2026By Lee Min-hyung

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Hanwha Aerospace raided over deadly factory fire

Hyundai Glovis to establish European vehicle logistics hub in Amsterdam

Samsung bets on AI to extend its 2-decade grip on TV market

NC AI to develop AI-powered autonomous welding system for Hanwha Ocean shipyards

Mercedes-Benz Korea co-hosts 40th Korea Women's Open

World Cup marketing buzz fades in Korea

Hanwha Aerospace to suspend production lines after deadly explosion

Personal info of Tving users leaked

KEPCO wins $1.4 bil. Saudi cogeneration project from Aramco

Korea’s robotics alliance with Nvidia boosts major tech firms

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