Business - The Korea Times

Tension mounts over Let’sRun Park Seoul relocation

The country’s horse racing authority is raising hairs against the central government over plans to relocate the nation's largest horse racing park as part of a new housing initiative. Amid the tension surrounding Let’sRun Park Seoul in Gwacheon, Gyeonggi Province, some local governments in the province are seeking to attract the park to their areas. While the Ministry of Agriculture, Food and Rural Affairs is discussing the relocation with the Korea Racing Authority (KRA), it remains unclear whether the move will go ahead amid opposition from the KRA and the Gwacheon city government. The state-run agency, which operates racecourses in Seoul, Busan and Jeju Island, is reportedly reluctant to move Let’sRun Park Seoul. The park, situated on a 1.14 million-square-meter site, has been the center of the country’s horse racing and betting since it opened in 1989. Last year, it drew more than 4 million visitors and generated an estimated 1.2 trillion won ($820 million) in ticket sales, accounting for 20 percent of the KRA’s total revenue. The park remains a key source of income for the

Mar 11, 2026By Ko Dong-hwan

Tension mounts over Let’sRun Park Seoul relocation

KHNP partners with CEZ on clean hydrogen projects for European market

Korea Hydro & Nuclear Power (KHNP) is moving to extend its footprint in Europe’s hydrogen market, partnering with Czech energy group CEZ to cooperate on clean hydrogen projects and technology development. KHNP announced Wednesday the two companies signed a memorandum of understanding (MOU) for a clean hydrogen partnership in Prague, the Czech Republic, deepening their current nuclear ties for the Dukovany nuclear power project. The agreement aims to leverage both sides’ nuclear power expertise and hydrogen technologies to jointly pursue new opportunities in Europe’s clean hydrogen market and contribute to global carbon neutrality efforts. “This MOU marks a meaningful milestone in expanding KHNP’s nuclear-based clean hydrogen business into the European market,” said Kong Young-gon, the head of KHNP’s hydrogen and smart business department. “KHNP will combine its technical and business capabilities to build a sustainable hydrogen ecosystem together with the Czech Republic.” Under the agreement, the two companies will collaborate on low-carbon and renewable hydrogen produc

Mar 11, 2026By Lee Gyu-lee

KHNP partners with CEZ on clean hydrogen projects for European market

Alaska Airlines elevates Korea office head to lead Asia operations

Alaska Airlines named Yu Soo-jin, a seasoned aviation expert, as the firm’s regional managing director for Asia, recognizing her broad range of experience in the global aviation and marketing industry, the airline said Wednesday. She will continue to head Alaska Air Group's Korea office, a position she has held since 2016. She mapped out the airline’s major sales and marketing strategies in Korea and built a foundation for Alaska Airlines’ deeper inroads into the country. In 2024, Alaska Airlines closed a deal to take over Hawaiian Airlines. Alaska Air Group has since sought ways to expand its presence in Korea and Asia, as demand for tourism to major Asian markets has in recent years increased at a rapid pace. “I am pleased to accept the position that covers core Asian markets, such as Korea and Japan,” Yu said. “I will focus on elevating Alaska Airlines’ footing in Asia by using my expertise in the aviation industry.” She was previously a regional manager for China at the former Renault Samsung Motors, where she engaged in new vehicle development projects and established

Mar 11, 2026By Lee Min-hyung

Alaska Airlines elevates Korea office head to lead Asia operations

Hyundai Motor ranks 2nd in operating profit among global automotive peers in 2025

Hyundai Motor Group, the world's third-largest automaker by sales, ranked second among global automotive groups in terms of operating profit in 2025, industry data showed Wednesday. According to an analysis of earnings data released by the groups, the Korean group, which houses Hyundai Motor and Kia, ranked second in terms of operating profit last year, which stood at 20.5 trillion won ($13.9 billion), trailing Toyota Group, which reported an operating profit of 4.3 trillion yen, or 40.2 trillion won, last year. The two Asian auto giants secured the top two positions by mitigating the impact of U.S. import tariffs through adjustments to inventory and production, according to industry watchers. General Motors (GM) ranked third, with $12.7 billion, or roughly 18.7 trillion won, followed by Volkswagen Group, with 8.9 billon euros, or roughly 15.3 trillion won. Hyundai Motor Group also ranked second in operating profit margin, at 6.8 percent, trailing Toyota Group's 8.6 percent. In vehicle sales, Hyundai Motor Group remained the world's third-largest automaker, with 7.27 million vehicles sold

Mar 11, 2026By Yonhap

Hyundai Motor ranks 2nd in operating profit among global automotive peers in 2025

SK chairman urges Korea to redesign growth model to reduce social costs

SK Group Chairman Chey Tae-won urged Korea to redesign its growth model so the country can achieve economic growth and reduce social costs simultaneously. During a panel discussion with Minister of the Interior and Safety Yun Ho-jung at a forum held by the Center for Social Value Enhancement Studies (CSES) on Tuesday, Chey noted that economic growth itself could be constrained if social problems are not addressed. “The conventional way of measuring economic growth through rising gross domestic product (GDP) cannot address various social problems including polarization,” Chey said. “The future growth model should be redesigned to achieve economic growth while simultaneously reducing social costs.” Chey said establishing a system to measure social value and providing appropriate incentives are key tasks in this endeavor. He noted that the SK Group has been quantifying the scale of corporate social value creation and reflecting it in management, adding that if activities addressing social problems are measured in quantitative terms and rewarded with incentives, companies’ particip

Mar 11, 2026By Nam Hyun-woo

SK chairman urges Korea to redesign growth model to reduce social costs

Samsung Electronics spent $25.6 bil. on R&D in 2025

Samsung Electronics said Tuesday it spent a record 37.7 trillion won ($25.6 billion) on research and development (R&D) in 2025 as part of its push to gain an early lead in the global race for next-generation artificial intelligence (AI) chips. The amount represented a 7.8 percent increase from the previous year's 35 trillion won, the company said in an annual business report. Samsung Electronics said the massive investment was part of the company's strategy to preemptively cope with booming demand for AI semiconductors, including high-bandwidth memory (HBM) and high-capacity DDR5 chips. At the same time, the company funneled 52.7 trillion won into facility investment last year, 5 trillion won more than its earlier investment plan. The money was used to build future-generation semiconductor facilities, including the NRD-K complex, a semiconductor R&D hub at its Giheung campus in Yongin, Gyeonggi province. Samsung Electronics said it plans to make continued efforts to meet customer demand for sixth-generation HBM4 chips in 2026. The company said it shipped its first batch of mass-produced H

Mar 10, 2026By Yonhap

Samsung Electronics spent $25.6 bil. on R&D in 2025

JTI Korea rebrands Ploom tobacco sticks as ‘EVO’

JTI Korea’s heated tobacco device Ploom has transitioned its dedicated stick brand from “MEVIUS for Ploom” to “EVO,” effective Tuesday. The name EVO, short for “evolution,” reflects the brand’s goal of being modern and constantly evolving, a JTI Korea official said. Developed for use with the Ploom device, the sticks are designed to deliver an authentic tobacco taste while improving quality, flavor and user experience. EVO uses CleanSeal technology, which seals the bottom of the stick during manufacturing. The process helps prevent tobacco leaf residue from falling into the device, providing a cleaner heated-tobacco experience. JTI Korea also applied its proprietary ActivBlend technology, which is designed to produce a richer tobacco flavor when used with Ploom’s Heatflow technology. The new EVO lineup includes eight variants, mostly based on the existing MEVIUS for Ploom portfolio while keeping each product’s distinct flavor. EVO Amber, which has a rich, smooth taste, replaces MEVIUS Deep Regular. Cooling variants — EVO Arctic, EVO Green Option and EVO Jade — corr

Mar 10, 2026By Ko Dong-hwan

JTI Korea rebrands Ploom tobacco sticks as ‘EVO’

Aluminum, helium supply shortage weighs on Korean electronics industry

The protracted war in the Middle East is causing supply disruptions and pushing up prices of critical raw materials such as aluminum and helium, weighing on Korean manufacturers of electronic home appliances and semiconductors. According to the London Metal Exchange, aluminum was traded at $3,406.50 per ton in cash settlement as of Monday, up about 8 percent from $3,157.50 on Feb. 27, a day before the United States and Israel launched strikes on Iran. The price hike came amid growing concerns over supply disruptions following Iran’s repeated threats to close the Strait of Hormuz after the U.S.-Israel airstrikes. The strait is a key shipping route for oil and other major commodities, including aluminum. Aluminum produced in the Middle East accounts for about 9 percent of global production, but the share rises to around 22 percent when China, which accounts for nearly 60 percent of the global output, is excluded. Because most of the region’s aluminum is exported, and a large portion is shipped to Europe and the U.S., disruptions there can have a significant impact on global supply and

Mar 10, 2026By Nam Hyun-woo

Aluminum, helium supply shortage weighs on Korean electronics industry

Hyundai Mobis expands chassis module supply to Mercedes-Benz in Europe

Hyundai Mobis has begun supplying chassis modules for vehicles produced in Europe by Mercedes-Benz, expanding its partnership with the German carmaker beyond North America and strengthening its foothold in the European market, the Korean auto parts maker said Tuesday. The company recently completed building a new production facility in Kecskemet, Hungary. The plant is now fully operational and will produce chassis modules primarily for electric and hybrid vehicles manufactured by Mercedes-Benz in the region. Since 2022, Hyundai Mobis has been supplying chassis modules — including complete front and rear axle assemblies — to Mercedes-Benz through its plant in the U.S. state of Alabama. The new Hungarian facility marks an expansion of that supply relationship into Europe. A chassis module is a key component installed beneath a vehicle’s body, which houses steering, braking and suspension systems, as well as the integrated assemblies that mount these systems to the vehicle frame. Located near the customer’s manufacturing site, the Kecskemet plant covers about 50,000 square meters an

Mar 10, 2026By Lee Min-hyung

Hyundai Mobis expands chassis module supply to Mercedes-Benz in Europe

ISS recommends opposing Korea Zinc chairman's reappointment

The world’s largest proxy advisory firm, the Institutional Shareholder Services (ISS), has advised shareholders to oppose the reappointment of Korea Zinc Chairman Choi Yun-beom as an inside director ahead of the zinc smelter’s annual shareholders’ meeting scheduled for March 24. According to the ISS’ proxy analysis report issued Monday, the upcoming meeting should be viewed not simply as a contest over management control but as a broader attempt to address “repeated distortions in corporate governance and failures of oversight.” While acknowledging that Korea Zinc has improved operating results and share price appreciation in recent years, the ISS stressed that the key issue confronting the company is governance rather than financial performance. The advisory firm pointed to several developments as sources of concern surrounding Korea Zinc under the current leadership, including its attempt to pursue a discounted capital increase after conducting share buybacks at elevated prices. The ISS also cited controversy over the restriction of Young Poong’s voting rights through cro

Mar 10, 2026By Jun Ji-hye

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