Business - The Korea Times

PHOTO Shinsegae chairman at Starfield Cheongna

Chung Yong-jin, second from left, inspects the Starfield Cheongna construction site in Incheon, Monday. Scheduled for completion in late 2027 and opening in early 2028, the facility will be a megacomplex combining a shopping mall, hotel, swimming pool and a dome stadium that will serve as the home venue for the SSG Landers, a Korea Baseball Organization club owned by the group. With a total floor area of 496,000 square meters, Starfield Cheongna will be the largest in the brand’s network of five malls nationwide. Chung's visit marks his fourth on-site inspection this year, following visits to a Starfield Market branch in Yongin, Starfield Village Unjeong in Paju and an Emart Traders branch in Incheon. Courtesy of Shinsegae Group

Mar 24, 2026By Ko Dong-hwan

[PHOTO] Shinsegae chairman at Starfield Cheongna

Renault Filante underscores hybrid crossover appeal in EV transition

Renault Korea’s Filante crossover is emerging as a practical alternative between electric vehicles (EVs) and cars with internal combustion engines due to the vehicle’s strong fuel efficiency and balanced driving features. The global auto industry is rapidly accelerating its transition to electrification, but consumers still remain hesitant to purchase fully electric vehicles due to insufficient charging infrastructures and high up-front costs. Hybrid cars are regaining growing attention as a realistic and balanced alternative to EVs. Rising global oil prices have also further reinforced the trend. With gasoline prices climbing rapidly, consumers are placing an emphasis on fuel efficiency. Against this backdrop, Renault Korea’s flagship crossover, the Filante, underscores its competitiveness through a hybrid-centric approach. Its E-Tech hybrid system, built on Renault’s long-accumulated electrification expertise, is designed to deliver both efficiency in everyday driving and a refined driving experience. The system goes beyond simply improving the vehicle’s fuel efficiency. It m

Mar 24, 2026By Lee Min-hyung

Renault Filante underscores hybrid crossover appeal in EV transition

Celltrion to invest $805 mil. for Incheon facility expansion

Celltrion will invest 1.2 trillion won ($805 million) to expand its drug substance production facility at its headquarters in Incheon, while setting the expansion capacity at its U.S. production site at 75,000 liters per year, bringing the company’s total annual production capacity to 570,000 liters. Celltrion said Tuesday the investment will be carried out in multiple phases from this year through 2030, describing it as a mid- to long-term growth initiative aimed at ensuring stable production and supply of next-generation biosimilars and drugs under development. At its Songdo campus in Incheon, Celltrion will invest 1.2 trillion won to establish Plants 4 and 5, which will have a combined annual production capacity of 180,000 liters of drug substances. Plants 4 and 5 will be equipped with automation systems and smart factory technologies to maximize production efficiency and flexibility, enabling both small-batch, multi-product manufacturing and large-scale mass production. This will allow the company to respond more quickly to production needs for its current key products as well as

Mar 24, 2026By Nam Hyun-woo

Celltrion to invest $805 mil. for Incheon facility expansion

Oil price hike boosts demand for EVs

The global oil price hike is accelerating consumer adoption of electric vehicles (EVs) in Korea, as prolonged high fuel costs weigh on drivers, according to data and industry officials, Monday. The trend is evident, with about 52,000 EVs registered from the start of the year through March 10 — more than double the level a year earlier — data from the Ministry of Climate, Energy and Environment showed. Other data also showed that more consumers prefer fully electric vehicles to hybrids or internal combustion engine vehicles. According to market tracker CarIsYou, the number of newly registered EVs in Korea reached 35,766 in February, surpassing hybrid vehicle registrations, which totaled 29,112 during the same period. It marks the first time since October 2022 that EV sales outpaced hybrids, ending a more than three-year gap. The oil price hike, driven by escalating geopolitical tension in the Middle East, is widely expected to continue boosting EV sales here. Industry officials said the possibility of prolonged conflicts in the Middle East could further increase demand for EVs, as the

Mar 24, 2026By Lee Min-hyung

LG shifts to independent director-led board chair system

LG Group is set to fully adopt an independent director-led board chair system across its listed subsidiaries this year, marking a major shift in its governance structure and ending Chairman Koo Kwang-mo’s eight-year tenure as LG Corp. board chair. According to industry sources Monday, major listed LG affiliates were expected to complete the appointment of independent directors as board chairs following this week’s shareholders’ meetings and subsequent board resolutions. LG is scheduled to hold a board meeting on Thursday to deliberate and approve the appointment of a new board chair from among its outside directors, replacing Koo, who has concurrently served as board chair since becoming head of the group in June 2018. The move is widely interpreted as part of LG’s efforts to further strengthen board independence and enhance checks and balances within its corporate governance, with the aim of improving transparency in decision-making. The independent director-led chair system is regarded as a governance model aligned with global standards, designed to prevent potential conflicts

Mar 23, 2026By Nam Hyun-woo

LG shifts to independent director-led board chair system

Asiana to align seat numbering system with Korean Air ahead of integration

Asiana Airlines said Monday it will align its aircraft seat numbering system with that of Korean Air ahead of their planned integration later this year. The carrier said the revised system will be applied to all domestic and international flights operating between Dec. 14 and 17, with full implementation set to begin Dec. 18. Under the revisions, for all aircraft types except the A380, the starting row for business class will shift from Row 1 to Row 7, while economy class will begin at Row 28 instead of Row 10, a company spokesperson said. For A380 aircraft, the starting row for economy class on the lower deck will move from Row 30 to Row 28, while other seating arrangements on both decks will remain unchanged. "The changes affect only row numbering by aircraft type and class, with no physical changes to seat configurations," the spokesperson said. Both carriers have said the unified Korean Air will launch next year after completing the merger process within this year. However, industry sources and the 2,500-member Korean Air Pilots Union said the company is internally targeting a Dec. 17

Mar 23, 2026By Yonhap

Asiana to align seat numbering system with Korean Air ahead of integration

Oceans minister nominee highlights contingency plans for Hormuz disruption

Oceans Minister nominee Hwang Jong-woo said Monday he will ensure the safety of crewmembers stranded in the Strait of Hormuz, allowing them to leave their ships in an emergency. He also pledged to mobilize civilian vessels to transport crude oil and other resources through alternative routes to address the petroleum shortage following the war in Iran. “The Ministry of Oceans and Fisheries is prepared to help crewmembers disembark,” Hwang said during his confirmation hearing at the National Assembly, after being asked about communication channels with crew and trainees concerned about possible disadvantages if they leave their ships. In response to the monthlong suspension of crude shipments from the Middle East, he mentioned the potential use of “nationally essential ships.” Under the Act on Maintaining Marine Transportation and Port Functions to Prepare for Emergencies, the government can designate ships to deliver munitions and other goods critical to the national economy in times of war or other emergencies. The oceans ministry must provide compensation to the owners of such s

Mar 23, 2026By Park Jae-hyuk

Oceans minister nominee highlights contingency plans for Hormuz disruption

Higher fuel surcharges weigh on airlines, travel firms

Higher fuel costs, driven by the escalating Iran crisis and a weakening Korean won, are placing financial strain on airlines and passengers, forcing carriers to raise fuel surcharges and ticket prices. More travelers in Korea are reconsidering or canceling overseas trips as airfares rise. A soon-to-be-married traveler who had planned to visit Spain in September recently saw her projected travel cost jump from 1.6 million won ($1,061) to 2.4 million won, prompting her to reconsider the trip. Another traveler said a flight to Australia that was priced at 1.03 million won last month rose to 1.5 million won as of last weekend. Naver, the country’s largest online portal and a major e-commerce platform, recently posted a notice warning that airfares could rise by as much as threefold starting in April. It advised customers to book flights by the end of this month before higher fuel surcharges take effect. According to the notice, fares are expected to increase by up to 36,000 won for Osaka, 84,000 won for Bangkok and 196,500 won for Paris routes. The hike reflects a rise in the Mean of Platts

Mar 23, 2026By Ko Dong-hwan

Higher fuel surcharges weigh on airlines, travel firms

CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom

California Public Employees' Retirement System (CalPERS) — the largest public pension fund in North America — has decided to vote against the reappointment of Korea Zinc Chairman Choi Yun-beom, as the zinc smelter is set to hold a shareholders' meeting on Tuesday. According to industry sources Monday, CalPERS decided to oppose the reappointment of Choi and also vote against audit committee candidates Kim Bo-young and Lee Min-ho, both recommended by Korea Zinc, citing concerns over "damage to corporate value and infringement of shareholder rights." The decision comes after Korea's National Pension Service (NPS) said Friday it would abstain from voting on Choi's reappointment and vote against the appointment of Kim and Lee. NPS' decision was interpreted by watchers as withholding confidence in the current management. Industry observers say the series of moves by major pension funds reflects broader concerns about the effectiveness of board oversight and the functioning of internal control mechanisms under Choi's leadership. "The consistency of voting decisions by major pension funds, in

Mar 23, 2026By Lee Hyo-jin

CalPERS opposes reappointment of Korea Zinc Chairman Choi Yun-beom

PHOTO Paris Baguette opens at Techo airport

A Paris Baguette store at Techo International Airport in Cambodia opens, March 15. It is the seventh overseas international airport where the bakery brand, operated by Paris Croissant, has expanded, following locations in Singapore, Malaysia and the Philippines. The store also marks the fourth Paris Baguette location in Cambodia, all operated by HSC Group, which signed a master franchise agreement with the Korean company in 2021. The first phase of the Techo airport construction project was completed and unveiled to the public last September. According to the company, the airport has an annual capacity of 13 million passengers. Paris Croissant currently operates 720 Paris Baguette stores across 15 countries. Courtesy of Sangmidang Holdings