Business - The Korea Times

Asan honorary chair mourns passing of Heritage founder

Chung Mong-joon, founder and honorary chairman of the Asan Institute for Policy Studies, on Sunday mourned the passing of Edwin Feulner, founder and longtime president of the Heritage Foundation, who died on Friday at the age of 83. “Feulner was a strong supporter of the Asan Institute since its establishment in 2008,” Chung said. “He served as a member of its international advisory board and was a speaker at every major conference the Institute hosted.” Chung said his relationship with Feulner began nearly 40 years ago during his Ph.D. studies at Johns Hopkins School of Advanced International Studies, when Feulner “generously shared his knowledge and became an intellectual guide to American politics and U.S. foreign policy.” In 1987, Feulner arranged a White House meeting for Chung and his father with then-President Ronald Reagan. In 2002, former President Kim Dae-jung awarded Feulner the Order of Diplomatic Service Merit for promoting bilateral ties. “Feulner’s leadership of the Heritage Foundation was the gold standard for how to turn ideas into policy outcomes in what

Jul 20, 2025By Park Jae-hyuk

Asan honorary chair mourns passing of Heritage founder

KCCI chief questions impact of agricultural concessions in US negotiations

GYEONGJU, North Gyeongsang Province — While Korea considers offering greater access to its agricultural markets as a bargaining chip in ongoing tariff negotiations with the United States, the head of the nation’s largest business lobby group cast doubt on whether such concessions would have any real impact. Trade Minister Yeo Han-koo suggested on July 14 that Korea may make “strategic” decisions in agriculture and livestock — such as opening markets for rice and beef — to avoid or reduce a 25 percent “reciprocal” tariff the U.S. plans to impose starting Aug. 1. The proposal has since sparked heated domestic debate. “When I visit Congress, I do occasionally meet some lawmakers who raise rice and beef issues. But honestly, they are too minor to serve as any real solution. Even if the U.S. were to gain concessions on those items, it is doubtful they would make a meaningful difference,” Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), said Thursday during a press conference on the sidelines of its annual summer forum. “And even if we were to

Jul 20, 2025By Kang Seung-woo

KCCI chief questions impact of agricultural concessions in US negotiations

'Pro-nuclear administration' frustrates environmentalists

The Lee Jae Myung administration’s unexpected support for the nuclear energy industry is drawing strong backlash from environmental activists who had anticipated a phase-out of nuclear power from Korea's energy portfolio under the president's renewable-friendly policies. Criticism from anti-nuclear groups has grown as the environment minister nominee voiced support for new reactors to pursue both nuclear energy and renewable sources. Once considered a vocal critic of nuclear energy within the ruling Democratic Party of Korea (DPK), Environment Minister nominee Kim Sung-whan said Tuesday that building two new full-size reactors and a small modular reactor (SMR) is necessary for Korea to end its reliance on coal-fired power amid ongoing electricity shortages. Kim said his previous support for phasing out nuclear power was a temporary response to global shock after the 2011 Fukushima nuclear accident in Japan. “Unlike the Moon Jae-in administration, which halted reactors after their design lifespans expired, the Lee administration will keep them running if their safety is secured,” Ki

Jul 18, 2025By Park Jae-hyuk

'Pro-nuclear administration' frustrates environmentalists

KCCI launches summer forum with focus on upcoming APEC summit

GYEONGJU, North Gyeongsang Province — The Korea Chamber of Commerce and Industry (KCCI) kicked off its annual Summer Forum, Wednesday, at the venue for the upcoming Asia-Pacific Economic Cooperation (APEC) summit in October and November. Departing from its usual location on Jeju Island, the nation’s largest business lobby group chose Gyeongju this year to highlight the significance of the APEC summit, which Korea hopes will draw leaders including U.S. President Donald Trump and Chinese President Xi Jinping. The four-day forum has drawn more than 500 top business leaders. Alongside the leaders’ meeting, the APEC CEO Summit will also be held, an event that will be a “global showcase of the strength and potential of the Korean economy,” according to KCCI Chairman Chey Tae-won. The KCCI is the official host of the APEC CEO Summit, scheduled for Oct. 28. “The APEC CEO Summit is the largest business event in the Asia-Pacific region, bringing together leaders from 21 member economies — representing 60 percent of global GDP — and over 1,700 global CEOs,” Chey said in his openin

Jul 16, 2025By Kang Seung-woo

KCCI launches summer forum with focus on upcoming APEC summit

Luxury label Loro Piana faces probe over sweatshop conditions

Loro Piana, the Italian fashion brand led by Frederic Arnault — the rumored boyfriend of BLACKPINK member Lisa — has come under legal scrutiny following allegations of labor exploitation at its subcontractors, according to reports. On Monday (local time), Italian daily Corriere della Sera reported that a Milan court had placed Loro Piana under judicial supervision for one year. The brand is a subsidiary of French luxury conglomerate LVMH (Louis Vuitton Moet Hennessy). According to the court’s findings, Loro Piana outsourced production of luxury cashmere clothing to a subcontractor, which then subcontracted the work to a Chinese company near Milan. This second-tier contractor allegedly employed undocumented Asian workers, forcing them to work nights and holidays. The working conditions were reportedly dire, including unsafe machinery, illegal dormitories and unsanitary environments. One Loro Piana cashmere jacket, which retails for 3,000 euros ($3,484), was produced by workers for just 80 euros, according to the court. The court said Loro Piana knowingly failed to oversee illegal pra

Jul 16, 2025By Xportsnews

Luxury label Loro Piana faces probe over sweatshop conditions

Korea mulls lowering barriers to US agricultural imports

Korea's lead negotiator in tariff talks with the United States has signaled that Seoul may accept Washington's request to reduce barriers to agricultural imports amid the Donald Trump administration's threat to impose a 25 percent “reciprocal” tariff on Korean goods on Aug. 1. The move is seen as the Lee Jae Myung administration signaling Korea's willingness to address some of the so-called nontariff barriers that Trump claims are blocking U.S. exports to Korea. Despite mounting calls from local farmers to maintain strict quarantine measures on U.S. agricultural products, Trade Minister Yeo Han-koo said Monday that “strategic decisions” are needed on the farming industry for a broader trade agreement. “Trade negotiations on agricultural products are always painful, whether with the U.S. or other countries. But we have consequently improved our industrial competitiveness,” Yeo told reporters during a briefing on his U.S. trip from July 5 to 10. “The agricultural sector is what we need to make strategic decisions on. Of course there are sensitive aspects that we should protec

Jul 14, 2025By Park Jae-hyuk

Korea mulls lowering barriers to US agricultural imports

Potential Korea-US shipbuilding ties linked to Washington’s China strategy: official

The United States has made Korea's participation in its containment policy against China a prerequisite for bilateral cooperation in the shipbuilding sector, one of the key items in the two countries' ongoing trade negotiations, a Seoul official said Friday. "The shipbuilding industry is one of the most notable areas where the U.S. seeks cooperation with Korea in terms of checking China," Chang Sung-gil, director general for trade policy at the Ministry of Trade, Industry and Energy, said in a parliamentary forum on Seoul's negotiation strategy on tariff talks with the Donald Trump administration. "Washington views China's shipbuilding industry as a growing threat and is regarding Korea as a strategic partner to defend the American industry," he added. "The prerequisite for the shipbuilding cooperation is Korea's participation in Washington's efforts to contain China." Chang's remarks came as Seoul has been holding talks with the Trump administration on tariffs, non-tariff measures, industrial cooperation and other trade issues in a bid to get a full exemption or reductions in U.S. reci

Jul 11, 2025By Yonhap

Potential Korea-US shipbuilding ties linked to Washington’s China strategy: official

US interested in Korea's proposal on shipbuilding, semiconductor cooperation: trade minister

The United States has shown interest in Korea's proposal for manufacturing cooperation, particularly in the shipbuilding and semiconductor sectors, during recent trade talks, Seoul's top trade negotiator said Thursday. Trade Minister Yeo Han-koo briefed reporters on his trip to Washington, where he held tariff negotiations with U.S. Commerce Secretary Howard Lutnick, U.S. Trade Representative (USTR) Jamieson Greer and members of the U.S. Congress. His visit came as Korea enters the final three weeks of ongoing trade negotiations, after the Donald Trump administration said it would impose 25 percent reciprocal tariffs on Korean products beginning Aug. 1. During two meetings with Secretary Lutnick, Yeo emphasized Seoul's commitment to deepening manufacturing ties and urged the Trump administration to grant "favorable treatment" to Korean firms when considering tariffs on imported cars, steel and other products, according to his office. "The U.S. side was very interested in bilateral collaboration in the areas of shipbuilding and semiconductors, as they are crucial sectors in terms of indus

Jul 10, 2025By Yonhap

US interested in Korea's proposal on shipbuilding, semiconductor cooperation: trade minister

Haste makes waste? Lee urged to resist US tariff threats

Calls are mounting for Seoul to refrain from signing a tariff deal hastily with Washington, as the leaders of Japan and other U.S. trade partners criticized U.S. President Donald Trump’s letters threatening “reciprocal” tariffs he said will take effect on Aug. 1. Amid the limited impact of the U.S. tariff threats on the stock market, speculation is also growing that the Lee Jae Myung administration will maintain a cautious approach — though it has ostensibly vowed to accelerate trade negotiations. After receiving Trump's letter Tuesday, Lee remained silent on the issue during public events. The presidential office also said Kim Yong-beom, presidential chief of staff for policy, prioritized the national interest over immediate negotiations during an emergency meeting with relevant ministry officials that day. The president’s stance was somewhat softer compared to the leaders of Japan, South Africa and Brazil. Japanese Prime Minister Shigeru Ishiba called the U.S. moves “truly regrettable,” while South African President Cyril Ramaphosa said the 30 percent reciprocal tariff i

Jul 9, 2025By Park Jae-hyuk

Haste makes waste? Lee urged to resist US tariff threats

Inside KOMIPO’s remote Tanggamus Hydropower Plant in Indonesia

TANGGAMUS, Indonesia — The journey to Korea Midland Power’s (KOMIPO) Tanggamus Hydropower Plant begins at an airport in Lampung Province, Indonesia, a region just an hour’s flight from the country’s capital Jakarta. The final 150 kilometers from there is a two-hour ride over turbulent off-road tracks, traversing remote backcountry where villagers remain largely untouched by urban civilization. The plant sits deep in a mountainous forest accessible only by narrow, dusty roads, and operates two 27.7 megawatt units around the clock for a total of 55.4 megawatts — enough to run 56,000 wall air conditioners for an hour — drawing water from the Semangka River. Operating since 2018 after two and a half years of construction, Tanggamus marks the company’s second hydropower plant following Wampu Hydropower Plant located in the northern part of Sumatra, which opened in 2016 as the first overseas hydropower plant commercially operated by a Korean power company. Unlike traditional dams that rely on dramatic drops to generate power, Tanggamus uses a diversion method, channeling water f

Jul 8, 2025By Lee Gyu-lee

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