Business - The Korea Times

LS Electric to hire over 10% new staff annually amid power supercycle

LS Electric is ramping up efforts to hire more manpower in a bid to secure leadership in the global electricity market amid a supercycle of power equipment, the company said Monday. The move is part of LS Electric Chairman Koo Ja-kyun’s people-centric management philosophy. Koo has underscored the importance of human resources for the firm’s future competitiveness. LS Electric plans to hire more than 10 percent of its annual white-collar workforce each year as part of the drive. Since 2006, LS Electric has maintained a regular recruitment system to ensure a steady inflow of young professionals. In 2023, the firm introduced a global internship program linked to full-time hiring, selecting candidates with strong language skills. They received on-site overseas training and were dispatched to the firm’s overseas business units. LS Electric also conducts year-round hiring for specialized personnel to bolster its research and development. Starting from 2024, the firm has also expanded its partnerships with universities to run field training internships tied to recruitment. The company is

Mar 30, 2026By Lee Min-hyung

LS Electric to hire over 10% new staff annually amid power supercycle

Director of Inje's only hospital recognized for decades of service

Kim Jong-won, director of Inje Korea Hospital in Gangwon Province, has been named the first recipient of the TJ Park Heroes Award presented by the POSCO TJ Park Foundation. The award ceremony was held Wednesday at the POSCO Center in Seoul. A graduate of Korea University’s College of Medicine, the 60-year-old orthopedic surgeon chose to work in Inje County rather than in larger cities. His hospital is the county’s only hospital-level medical institution. Under the Korean Medical Service Act, hospitals must have at least 30 beds, while medical institutions with fewer than 30 are classified as clinics. In the remote county with a population of about 30,000, Kim has cared for residents and saved lives for the past 25 years. Despite ongoing challenges in recruiting medical personnel, the hospital operates a 24-hour emergency room. To help financially struggling residents to continue receiving care, the hospital has also reduced costs for treatments not covered by the national health insurance program as much as it can. In addition, its obstetrics and gynecology department recently began acc

Mar 30, 2026By Park Jae-hyuk

Director of Inje's only hospital recognized for decades of service

Ex-Samsung chairman's legacy drives efforts to combat infectious diseases

The late former Samsung Group Chairman Lee Kun-hee’s legacy is driving Korea’s efforts to combat infectious diseases, with a 1 trillion won ($664 million) donation by his bereaved family being used to expand research infrastructure, build a specialized hospital and support treatment costs for children. The Korea Disease Control and Prevention Agency (KDCA) and the National Medical Center held the second Lee Kun-hee International Symposium for Infectious Diseases Research (LISID) at JW Marriott Dongdaemun Square Seoul from Thursday to Friday. The event is part of the government’s initiative to support efforts to combat infectious diseases through the donations from the Lee family in 2021. Lee had repeatedly emphasized the importance of human health and quality of life during his lifetime, and his family made the donation in honor of his vision. Of the total 1 trillion won donation, 700 billion won was allocated to the infectious disease response initiative. Of this, 200 billion won is funding the expansion of related infrastructure, including research support for the development of

Mar 30, 2026By Nam Hyun-woo

Ex-Samsung chairman's legacy
drives efforts to combat infectious diseases

OCI Holdings secures $125 mil. IFC financing for Malaysian chip expansion

OCI Holdings' Malaysian unit, OCI TerraSus, has secured $125 million in financing from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, to expand its semiconductor-grade polysilicon production in Sarawak, the company said Monday. The deal marks the IFC’s first-ever investment in the largest state of Malaysia and will fund the construction and operation of a new facility under OCI Tokuyama Semiconductor Materials (OTSM), a 50-50 joint venture between OCI TerraSus and Japan’s Tokuyama Corp. Unlike commercial lenders, the IFC requires strict adherence to international environmental, social and governance standards. OCI Holdings said the investment reflects the project’s business viability and the company’s commitment to low-carbon management, human rights and industrial safety. “Securing this investment as the first recipient in Sarawak after meeting the IFC’s rigorous screening standards is a landmark achievement. This partnership serves as international validation of our semiconductor business’s viability and our ESG execution cap

Mar 30, 2026By Park Jae-hyuk

OCI Holdings secures $125 mil. IFC financing for Malaysian chip expansion

Airlines suspend unprofitable flights on oil price hikes

Major airlines in Korea are scaling back international routes, as surging oil prices and the strengthening dollar erode their profitability at a rapid pace. The move is evident particularly from low-cost carriers (LCCs) — most of which have to cushion additional earnings falls from mounting external uncertainties. Most LCCs reported operating losses last year on the prolonged depreciation of the Korean won against the dollar. Their earnings outlook this year also remains dismal on the unexpected fuel cost hike amid the abrupt outbreak of armed conflict in the Middle East. They are preemptively reducing their flight operations on concerns over weakening passenger demand due to the rising ticket prices. Jin Air will suspend a total of 45 round-trip flights on eight routes from April 4 to April 30. The affected routes include Incheon-Guam, Incheon-Nha Trang and Busan-Cebu. Air Premia, which focuses on mid- to long-haul routes, will also cut back operations for a similar reason. Starting from April, the airline will reduce 26 flights on its Incheon-Los Angeles route and six on its Incheon-H

Mar 30, 2026By Lee Min-hyung

Airlines suspend unprofitable flights on oil price hikes

Hillstate Seonam Lake Park launches 1st-come sales with 5% deposit

Hillstate Seonam Lake Park, a project that has already demonstrated solid value and drawn strong interest, is now offering first-come, first-served unit contracts with a reduced initial pay-in for buyers, requiring only a 5 percent deposit and an initial payment of 5 million won ($3,300). Additional contract benefits are available for select units, with details provided at the model house in nearby Dal-dong upon inquiry. The project in Yaum-dong in Ulsan's Nam District has garnered attention not only for its buyer-friendly terms but also for its strong competitive edge in the city’s pre-sale apartment market. Industry observers suggest the development could go beyond a typical mixed-use complex to set a new benchmark for high-end residential standards in the district, potentially serving as a bellwether for the area’s future residential value. The Yaum-dong area, anchored by the nearby Daehyeon-dong residential cluster, is expected to see development of more than 2,000 high-rise brand-name residences. However, Nam District is already facing a gap in new supply as pre-sale inventory

Mar 29, 2026

Hillstate Seonam Lake Park launches 1st-come sales with 5% deposit

Hyundai Motor Group joins energy-saving drive amid Middle East crisis

Hyundai Motor Group will expand its energy-saving measures across all of its affiliates as part of a nationwide effort to tackle an escalating energy crisis, the carmaker said Sunday. Under the drive, the group is expanding its five-day vehicle rotation system — previously applied to the headquarters of Hyundai Motor and Kia — to all of the group’s subsidiaries. Employees from the firms are restricted from using their vehicles on designated weekdays based on license plate numbers. The latest decision came in swift response to the latest request from President Lee Jae Myung and his administration. Last week, Lee urged private firms to participate in energy conservation efforts amid escalating supply shortage concerns triggered by geopolitical conflict in the Middle East. Hyundai Motor Group said it plans to cut its electricity use at major workplaces by precisely controlling electricity use from computers, heating and cooling systems and lighting during weekdays, holidays, lunch hours and nighttime operations. The group will also integrate artificial intelligence into closed-circuit

Mar 29, 2026By Lee Min-hyung

Hyundai Motor Group joins energy-saving drive amid Middle East crisis

Korea Eximbank donates vehicles to 18 multicultural family centers nationwide

The Export-Import Bank of Korea (Korea Eximbank) has donated vehicles worth 500 million won ($375,000) to 18 multicultural family support centers across the country as part of its long-running social contribution program, the bank said Sunday. The state-run lender delivered a total of 18 vehicles — nine vans and nine compact cars — through the Community Chest of Korea, a major local charity organization. The handover ceremony took place Thursday at the bank’s headquarters in Seoul’s Yeouido district, attended by Korea Eximbank Chairman and CEO Hwang Ki-yeon and representatives from recipient family centers in Jeonju and Daegu. The vehicle donation program, one of the bank’s flagship corporate social responsibility initiatives, has been ongoing since 2011. Over the past 15 years, the bank has provided 156 vehicles worth a combined 3.36 billion won to multicultural support institutions nationwide. “These vehicles will greatly improve access to services for marriage immigrants, children from multicultural backgrounds and other residents who have had difficulty visiting centers d

Mar 29, 2026

Korea Eximbank donates vehicles to 18 multicultural family centers nationwide

Samsung Electronics' unionized workers halt talks with management

Unionized workers at Samsung Electronics Co. said Friday they have suspended talks with management three days after resuming negotiations. "Citing management's lack of sincerity, we have decided to break off negotiations and seek a ruling from a local labor arbitration commission," Choi Seung-ho, who leads the Samsung Electronics unit at the Samsung Group United Union (SGUU), said in a statement. He said the two sides have failed to reach an agreement on removing a cap on performance-based bonuses. However, the union hinted at a possible resumption, saying the suspension does not constitute a "breakdown," according to the minutes of Friday's negotiations posted on its website. The remarks came after three labor unions, including the SGUU and the National Samsung Electronics Union (NSEU), resumed wage talks on Tuesday. The unionized workers have been demanding that management remove the cap on bonuses and grant a 7 percent wage increase, along with greater transparency in calculating performance-based bonuses. Last week, the unions said 93.1 percent of their members voted in favor of stagin

Mar 27, 2026By Yonhap

Samsung Electronics' unionized workers halt talks with management

Hanwha Solutions faces backlash over abrupt rights offering plan

Hanwha Solutions has drawn mounting criticism from both shareholders and securities analysts after it abruptly announced on Thursday a plan to raise capital by issuing new shares worth 2.4 trillion won ($1.6 billion). While minority shareholders have begun procedures to file petitions with the presidential office and the financial regulator to prevent the expected depreciation of their shares, analysts warned investors against buying the company’s stocks, expressing doubts about whether the proposed rights offering will achieve its intended goals. Under the plan announced just two days after the general shareholders’ meeting, Hanwha Solutions will issue new common shares so that it can use 1.5 trillion won of the proceeds to repay debts. The remaining 900 billion won will go toward strengthening its solar power business, operated by its Qcells division. Because the deal will add 72 million common shares to the 171.89 million outstanding ones, the company’s stock price fell 18.22 percent on the day of the announcement. It inched down another 3.13 percent to 35,650 won Friday. Act, a

Mar 27, 2026By Park Jae-hyuk

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