my timesThe Korea Times
Business

Companies

Flights to Hungary, Austria to increase as Central Europe grows popular

Flights connecting Korea to Hungary and Austria will increase from six to 14 and from four to 21 per week, respectively, thanks to rising demand among Korean travelers for Central Europe. The Ministry of Land, Infrastructure and Transport said Wednesday it has struck an agreement with both countries to expand flight schedules to meet rising passenger demand in Korea. The Korea-Hungary schedule update came for the first time in 12 years. Under the revised agreement expanding traffic rights between Korea and European countries, Hungary agreed to add eight weekly flights. Korea’s flag carriers, Korean Air and Asiana Airlines, will serve airports in both countries. This comes after LOT Polish Airlines, which operated flights between Hungary and Korea, halted the route in April 2025, reducing available flights for Korean passengers. Flights between Korea and Austria will see an even larger increase, with the number of flights having remained unchanged since 1996. The addition of 17 weekly flights includes 10 connecting all airports in both countries and seven linking airports across Korea w

Apr 1, 2026By Ko Dong-hwan
Flights to Hungary, Austria to increase as Central Europe grows popular

April Fool's joke or free rent for life? Toss CEO's pledge stirs buzz

Some April Fool’s jokes don’t end up as jokes. For Lee Seung-gun, founder of fintech platform Toss, they have a way of becoming reality. On Wednesday, April Fool's Day, Lee notified employees that he would sell his own home and use the proceeds to cover the rent and loan interest of 100 Toss staff members — for life. “Even before founding the company, I’ve felt there was something deeply unfair about a system where some build wealth through real estate while others struggle just to afford housing,” he wrote, adding that he wanted to finally act on that belief. At first glance, it sounded like the kind of over-the-top promise that is easy to laugh off and forget. Even inside the company, it remains unclear for now whether it will actually come true. But Lee, who heads Viva Republica, has a track record of turning improbable April Fool’s Day pledges into reality. In 2022, he announced he would give away 20 Tesla vehicles. Employees took it as a prank until it proved “half true.” Three days later, 10 employees were selected by lottery to receive Teslas on one-year leases, wi

Apr 1, 2026By Park Han-sol
April Fool's joke or free rent for life? Toss CEO's pledge stirs buzz

HS Hyosung’s 1st non-owner chairman begins official duties

HS Hyosung Chairman Kim Kyoo-young began his official duties on Thursday as the advanced materials conglomerate’s first head without ownership ties, as it seeks to establish a more professional decision-making system. Kim made headlines in December when he was appointed chairman — a position above owner Vice Chairman Cho Hyun-sang — in what was seen as a rare move in the Korean business community, where ownership and management are typically intertwined. The group said Kim’s chairmanship is in line with Cho’s philosophy of separating ownership and management, in order to establish a more rational and professional decision-making structure. Kim’s leadership will strengthen transparency and accountability of the group, enhancing long-term corporate value, the group said. Kim joined Tongyang Nylon, the predecessor of Hyosung Group, in 1972. Over more than five decades, he has held key posts including factory manager of plants in Eonyang, near Ulsan, and Anyang, Gyeonggi Province; president of China operations; chief technology officer; and head of the Hyosung Technical Institut

Apr 1, 2026By Nam Hyun-woo
HS Hyosung’s 1st non-owner chairman begins official duties

KCC reverses paint price hike after antitrust probe

KCC, a leading paint manufacturer, scrapped its plan to raise paint prices Wednesday, becoming the latest company to align with the government’s push to curb inflation. “We decided to withdraw the plan to help ease consumers’ financial burden in line with the government’s price stabilization policy,” a company official said. “Although our current pricing structure results in losses with each sale, we plan to explore ways to minimize losses while closely monitoring market conditions and managing our pricing policy with the utmost caution.” KCC earlier notified its distributors of plans to raise product prices by 10 to 40 percent starting April 6, citing rising petrochemical costs following the war in Iran. However, the company reversed its decision after the Fair Trade Commission (FTC) conducted on-site inspections last month at the Korea Paint & Printing Ink Industry Cooperative, the KCC headquarters and four other paint makers. The antitrust regulator suspected collusion among the companies before their series of price hike announcements. Industry officials expect other pain

Apr 1, 2026By Park Jae-hyuk
KCC reverses paint price hike after antitrust probe

Volvo launches EX90 in Korea, targets 2,000 annual sales

YEONGJONG ISLAND, Incheon — Volvo Car Korea has launched its premium full-size electric SUV, the EX90, with an ambitious goal of reaching annual sales of 2,000 vehicles, the carmaker said Wednesday. Describing the EX90 as the culmination of Volvo’s design philosophy, safety heritage and advanced technologies, the carmaker said it introduces a new paradigm in which core vehicle functions are integrated through software. Volvo Car Korea said the next-generation flagship all-electric vehicle embodies the Swedish carmaker’s transition toward software-defined vehicles (SDVs). “We would like to define the EX90 as Volvo Car Korea’s safest model ever sold in history,” Volvo Car Korea CEO Lee Yoon-mo told reporters during a media event. “The vehicle will start its delivery to customers from the third quarter, and our initial EX90 sales target this year is 500 units. We also set the vehicle’s full-year sales target at more than 2,000.” At the heart of the EX90 is Volvo’s proprietary “Hugin Core” system, under which the vehicle processes data in real time by utilizing advance

Apr 1, 2026By Lee Min-hyung
Volvo launches EX90 in Korea, targets 2,000 annual sales

Lotte, Korea Post, Hanjin top gov’t postal service evaluation

Lotte Global Logistics, Korea Post and Hanjin Logistics were named top performers in the government’s latest evaluation of postal and parcel services. The government said it assessed 19 companies in the country’s postal and parcel industry in the latest assessment, which has been conducted annually since 2014. The Ministry of Land, Infrastructure and Transport said Wednesday that eight business-to-customer logistics companies in Korea received either A+ or A in the annual assessment. Lotte, Korea Post and Hanjin earned the highest A+ rating. Companies that received an A rating were Coupang Logistics Service, CJ Logistics, Kurly, Logen and Ilyang Logis. In the customer-to-customer category, Lotte, Korea Post and Hanjin again received A+ ratings, followed by Ilyang, Logen and CJ with A. In the business-to-business category, Kyungdong Express earned the top A++ grade, while five other firms received either A+ or A. The evaluation was based on the companies’ performances last year. The evaluation criteria included customer service etiquette, delivery speed, shipment safety and the abilit

Apr 1, 2026By Ko Dong-hwan
Lotte, Korea Post, Hanjin top gov’t postal service evaluation

HiteJinro reintroduces Miller Genuine Draft to Korea

HiteJinro, Korea’s leading liquor maker, said Tuesday it has taken over domestic distribution of Miller Genuine Draft starting this month, bringing the American lager back to the Korean market. Miller Genuine Draft is a lager produced by Molson Coors Beverage Company, the global brewing conglomerate. Launched in 1985, the beer is brewed through a four-stage cold filtration process and contains 4.7 percent alcohol by volume. HiteJinro said the brand will be available in two formats: a 500 milliliter can for the retail channel and a 330 milliliter bottle for on-premise venues such as bars and restaurants. Distribution through both channels begins nationwide today. To mark its return to the Korean market, Miller Genuine Draft has updated its packaging. The redesign retains the brand's signature "M" logo while applying a brighter gold color scheme intended to reinforce its genuine image. An online marketing campaign tied to the brand's "Break the Mold" concept will also launch Tuesday through the brand's official Korean Instagram account. "Miller Genuine Draft is a brand that has long been

Apr 1, 2026By Jhoo Dong-chan
HiteJinro reintroduces Miller Genuine Draft to Korea

Hanwha Qcells expands US reach with solar sales to homebuilders

Hanwha Solutions said Tuesday that its Qcells division has launched Qcells New Homes, a unit that will supply solar panels and battery storage directly to homebuilders in the United States, expanding its footprint in the American residential energy market. Aiming to fill a gap in the residential clean energy market, the division will work with builders from the design phase, integrating solar and battery systems into new homes rather than retrofitting them — a model the company says cuts costs and simplifies installation. Qcells New Homes will initially launch in California, where a state mandate in effect since 2020 requires most newly built homes to include rooftop solar, before expanding nationwide. Homebuilders on the platform will receive solar panels manufactured at Qcells' Georgia factory along with domestically produced battery systems, permitting support, installation assistance and post-installation monitoring through a single point of contact. The company describes itself as the only direct-from-manufacturer solar and storage partner serving the new home construction market

Apr 1, 2026By Jhoo Dong-chan
Hanwha Qcells expands US reach with solar sales to homebuilders

McDonald’s Korea to hire 1,800 workers in nationwide recruitment drive

McDonald’s Korea said Wednesday that it will hold a three-day “Hiring Day” event from April 9 to 11 at more than 400 restaurants nationwide, aiming to recruit around 1,800 entry-level employees. The event will adopt a one-stop format that includes store tours, job briefings and on-site interviews, with applicants able to register online beforehand or apply on the spot. McDonald’s Korea currently maintains a workforce of between 18,000 and 19,000 employees. A company official said hiring will continue to grow in line with the chain's target of expanding its national store count to 500 locations by 2030, up from roughly 400 currently. At each participating location, store managers and shift managers will be on hand to explain job duties and answer questions about employee benefits, which include flexible scheduling, overtime and late-night shift allowances, product discount coupons, and language education support. The company emphasized its inclusive hiring policy. "McDonald's has consistently upheld an open hiring philosophy that does not discriminate based on education, age, gend

Apr 1, 2026By Jhoo Dong-chan
McDonald’s Korea to hire 1,800 workers in nationwide recruitment drive
previous page
6263646566
next page

Most Read in Business