Business - The Korea Times

TEST DRIVE Renault Korea’s Filante set to take on Santa Fe, Sorento

GYEONGJU, North Gyeongsang Province — Renault Korea’s new crossover Filante places comfort and refinement at the center of its identity, delivering the quiet and smooth riding experience of a sedan in a fiercely contested midsize SUV segment. The Filante is the second model under Renault Korea’s Aurora project. The vehicle represents the carmaker’s strategic bet to challenge the dominance of Hyundai Motor’s Santa Fe and Kia’s Sorento. Combining a sleek coupe-style design with the quietness characteristic of hybrid vehicles, the model seeks to carve out a distinctive niche in a segment largely defined by boxy SUVs. During a roughly 150-kilometer round-trip media test drive around the historic city of Gyeongju, North Gyeongsang Province, the Filante revealed itself as a vehicle balancing two identities — the comfort and composure of a sedan with the practicality of an SUV. Compared with the Aurora project’s first model, the Grand Koleos, the Filante had a more refined overall balance. The Filante pairs a 1.5-liter turbocharged gasoline engine with a dual-motor hybrid system

Mar 7, 2026By Lee Min-hyung

[TEST DRIVE] Renault Korea’s Filante set to take on Santa Fe, Sorento

Carmakers expand sports marketing to enhance corporate image

Major automakers are ramping up sports marketing campaigns, as they seek to strengthen brand recognition and reinforce premium images by teaming up with high-profile athletes. Luxury brands are increasingly aligning themselves with major sporting events, viewing them as an effective platform to connect with consumers and elevate brand value. Lexus Korea recently extended its sponsorship contracts with Korean Professional Golfers’ Association tour players Park Sang-hyun and Ham Jeong-woo to the end of this year. The move is part of the carmaker’s broader effort to deepen its presence in the golf community and promote its brand through partnerships with top professional athletes. Genesis, Hyundai Motor Group’s luxury arm, has been aggressively expanding its golf marketing initiatives, particularly in the United States. The brand has partnered with golf legend Tiger Woods and serves as an official sponsor of the PGA Tour, underscoring its commitment to building a premium global image through the sport. German luxury carmaker BMW has also maintained a strong presence in golf marketing.

Mar 7, 2026By Lee Min-hyung

Carmakers expand sports marketing to enhance corporate image

Heir's US citizenship puts Poongsan in dilemma over munitions business

Poongsan is remaining ambiguous about rumors that it may sell its profitable munitions business so the chairman’s son, who holds U.S. citizenship, can take over management without violating Korean laws that restrict foreign nationals from running defense firms. Poongsan produces 155-millimeter artillery shells used in the K9 self-propelled howitzer, which has been exported to multiple countries, including Poland and Romania. According to industry sources and media reports, the copper products and munitions manufacturer emailed employees Thursday to reassure them that no decision had been made. Poongsan Vice Chairman Park Woo-dong, known as Chairman Ryu Jin’s right-hand man, reportedly told employees in the email that the rumors seemed to have been fueled by heightened attention in the financial market to the company’s possible restructuring plans. On Wednesday, local news outlets reported that Poongsan had hired U.S. investment bank Lazard, law firm Kim & Chang and accounting firm Samil PwC as advisers for the possible sale of its munitions business to a domestic defense company fo

Mar 6, 2026By Park Jae-hyuk

Heir's US citizenship puts Poongsan in dilemma over munitions business

Fuel prices surge after Iran crisis, raising collusion concerns in Korea

Fuel prices in Korea are rising at an unusually steep pace following the recent Iran crisis, raising concerns over possible collusion by gas stations and prompting renewed calls for stronger government intervention. According to Opinet, the fuel price information system operated by the state-run Korea National Oil Corp., average gasoline prices across the nation reached 1,871.83 won ($1.27) per liter as of 5 p.m. Friday, up 37.55 won from the previous day. Diesel prices climbed even more sharply, rising by 57.13 won over the same period to reach 1,877.38 won per liter. The latest surge pushed domestic gasoline prices above 1,800 won per liter for the first time in more than three years. The spike comes in the aftermath of U.S. and Israeli airstrikes on Iran and retaliatory moves by Tehran, which have fueled volatility in global oil prices. Industry officials and gas station operators said structural factors within the domestic fuel distribution system make it difficult to curb rapid price hikes. Under the current system, oil refiners supply fuel to gas stations at a provisional price and l

Mar 6, 2026By Lee Min-hyung

Fuel prices surge after Iran crisis, raising collusion concerns in Korea

LG Energy Solution opens Canada's 1st commercial-scale battery plant

LG Energy Solution (LGES) said Friday that NextStar Energy, the Korean battery maker’s Canadian subsidiary, has completed Canada’s first and only commercial-scale battery manufacturing facility, built to produce batteries for electric vehicles and energy storage systems on a 390,000-square-meter site. During the grand opening ceremony on Thursday (local time), Industry Minister Kim Jung-kwan called the new factory “an important symbol and milestone” of industrial cooperation between Korea and Canada, and asked his Canadian counterpart to continue bilateral collaboration in the submarine sector as well, extending government support for Hanwha Ocean’s bid to win the Royal Canadian Navy’s order for 12 new patrol submarines worth 60 billion Canadian dollars ($43 billion). At the event, Kim said it was particularly meaningful that the plant was built in Ontario, a province that sent troops to help defend Korea during the 1950-53 Korean War. “Just as LGES has fulfilled its commitment to investment and employment, let’s build a long-term, trust-based partnership for the future

Mar 6, 2026By Park Jae-hyuk

LG Energy Solution opens Canada's 1st commercial-scale battery plant

Samsung faces growing risks as labor unions move toward strike

Samsung Electronics is facing a potential general strike by its unionized workers, increasing a sense of uncertainty for the company, which is already facing heightened geopolitical risks from the current conflict in the Middle East. According to the unions, the National Labor Relations Commission decided on Wednesday to suspend mediation for wage negotiations between Samsung Electronics and its top three labor unions — Samsung Electronics Labor Union (SELU), National Samsung Electronics Union and Samsung Electronics Co. Union. When combined, the three unions have more than 90,000 members, accounting for nearly 70 percent of the company’s 129,000 employees. SELU alone has more than 66,000 members. With the commission failing to mediate the dispute, the unions are now legally allowed to carry out labor actions, including strikes. To proceed, the unions must hold a vote among their members, and a strike can begin if a majority votes for the action. The unions said Thursday they will hold a vote from March 9 to 18. If union members approve, the unions plan to stage a joint protest at th

Mar 5, 2026By Nam Hyun-woo

Samsung faces growing risks as labor unions move toward strike

Korea to cut investments if Canada splits submarine contract

Seoul made it clear Thursday that investments by Korean firms in Canada would be smaller than proposed if Ottawa splits a contract for 12 new patrol submarines worth 60 billion Canadian dollars ($43 billion) by purchasing an equal number from both Hanwha Ocean and Germany’s TKMS. Speaking to reporters before departing for Canada to support Hanwha’s bid and attend the completion ceremony for LG Energy Solution’s battery plant in the province of Ontario, Industry Minister Kim Jung-kwan said the level of industrial cooperation with the North American country would not remain the same if it orders only six submarines from the Korean shipbuilder. “Of course, we have been trying to win an order for 12 submarines,” he said. “However, it totally depends on the Canadian government’s decision.” Citing Canadian government sources, The Globe and Mail newspaper reported earlier this week that Ottawa is considering purchasing six KSS-III Batch-II submarines from Hanwha for the Pacific coast and six Type-212CD submarines from TKMS for the Atlantic coast. Following the report, concerns h

Mar 5, 2026By Park Jae-hyuk

Korea to cut investments if Canada splits submarine contract

Board of flour industry association resigns over alleged price-fixing scandal

The entire board of the Korea Flour Milling Industry Association resigned Thursday over an alleged price-fixing scandal involving major domestic producers, the association said. The association said it held a general meeting and decided that the heads of all seven member companies will step down from the association's board to take responsibility over the allegation. "We deeply apologize for causing great disappointment and concern to the public," the association said in a statement. Association members include CJ Cheiljedang Corp., Daehan Flour Mills Co. and Sajo Dongaone Co. The companies have faced an investigation by the Fair Trade Commission (FTC) for allegedly colluding to fix flour prices between November 2019 and October of last year. The FTC is currently reviewing penalty measures against the companies.

Mar 5, 2026By Yonhap

Board of flour industry association resigns over alleged price-fixing scandal

TerraPower wins approval to build 1st commercial SMR in US

TerraPower, a small modular reactor (SMR) developer, won approval to build an advanced commercial nuclear power plant in the United States — a key milestone that proves the firm's technological stability in the emerging industrial sector. The approval will pave the way for SK Innovation and Korea Hydro & Nuclear Power (KHNP) to deepen their ties with TerraPower for its upcoming SMR project in the U.S. In 2023, the three firms forged a partnership to jointly develop fourth-generation SMR technology. According to SK Innovation, the U.S. Nuclear Regulatory Commission recently authorized the construction of TerraPower’s first commercial SMR in the U.S. state of Wyoming. This marks the first time the authority has granted construction approval for an SMR. Following the latest approval, TerraPower will build the world’s first commercial SMR plant in the U.S. state with a plan to start its operation by 2030. The approval is widely seen as official recognition of the safety and technical maturity of TerraPower. TerraPower was founded in 2008 by Microsoft co-founder Bill Gates and is conside

Mar 5, 2026By Lee Min-hyung

TerraPower wins approval to build 1st commercial SMR in US

PHOTO Domino's American Classics

Models pose with Domino's Pizza’s new American Classics pizzas, set to launch Friday. Grilled Patty Cheeseburger Pizza and Double Meat Jalapeño Pizza are the company’s latest offerings, highlighting the brand’s signature originality. Courtesy of Domino’s Korea

Mar 5, 2026By Ko Dong-hwan

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