Business - The Korea Times

UK working mom urges flextime to empower mid-career Korean women

When Elspeth Stewart arrived in Korea three years ago, what struck her most was how discussions around family rarely include fathers and how central golf is to work culture here. She was surprised by working women who cook, get their children ready, work full days and then do the housework in the evening while men engage in "social rituals" such as golf and after-work drinking. Since her arrival in Korea, she has led the Empower program Korea to support the professional advancement of mid-career women here. Co-organized by the British Embassy and the British Chamber of Commerce in Korea (BCCK), the program has offered a platform for knowledge exchange, shared experiences and insights, as well as networking with industry professionals from prominent British firms in Korea. "Despite having the highest academic achievement levels, Korean women face the widest gender pay gap and one of the most persistent glass ceilings," the consultant working with the BCCK said during an interview after winning the Award for Personal Contribution from the chamber. She emphasized that the status quo is unsu

Jul 1, 2025By Park Jae-hyuk

UK working mom urges flextime to empower mid-career Korean women

Alaska governor urges Korea to join LNG project, emphasizing strategic advantages

Alaska Gov. Mike Dunleavy has invited Korea to join the state’s massive liquefied natural gas (LNG) project, highlighting shared security, economic and energy interests. Giving a special speech at the Korea Times-AMCHAM forum in Seoul, Tuesday, he highlighted Alaska’s legacy as the first LNG exporter to Asia — beginning with shipments to Japan in 1969 — and said the state is now seeking to deepen energy ties with Korea not only through gas sales but also through joint investment in the $50 billion project. U.S. President Donald Trump has been urging Korea, Japan and other Asian nations to invest in the Alaska LNG project, which aims to construct a 1,300-kilometer pipeline connecting the North Slope — a vast, proven natural gas reserve — to southern Alaska for export. “Many of you have heard about this project for decades, and this year this project has actually been accelerated with the help of President Trump and the economics throughout the world,” he said via video call, noting the state already holds a proven record of exporting gas. “Alaska pioneered LNG export in

Jun 24, 2025By Lee Gyu-lee

Alaska governor urges Korea to join LNG project, emphasizing strategic
advantages

Korean industries on alert as Iran-Israel war intensifies

As the conflict between Iran and Israel further escalates with the United States inserting itself into the war, Korea’s industrial sector is on high alert over concerns that prolonged warfare could drive up global oil prices and disrupt supply chains. The war between Iran and Israel, which began on June 13 with Israeli attacks on Iran’s nuclear and military sites, was intensified by U.S. strikes on three Iranian nuclear facilities, Saturday (local time). Although the conflict is unfolding far from Korea, its economic impact is being felt close to home, with oil prices surging immediately after the attacks. Both West Texas Intermediate and Brent crude oil prices were in the $60 range on June 12, but spiked to over $70 the following day after the initial attack. As oil prices rise, shipping costs increase, along with concerns about a potential surge in ocean freight rates if Iran decides to close the Strait of Hormuz, a key chokepoint for about 11 percent of total global ocean freight and 34 percent of seaborne fuel oil exports. The shipping industry is already facing increased fuel cos

Jun 22, 2025By Lee Gyu-lee

Korean industries on alert as Iran-Israel war intensifies

InterviewKorean corporate governance trapped in Asian financial crisis era, says Dutch pension fund director

Korea’s capital market operates under a set of practices that often diverge from global norms. For example, in 2022, LG Chem spun off its secondary battery business into LG Energy Solution and listed it. The stock price of LG Chem, once nearing 1 million won ($714.9), plummeted by half. Long-term investors who had believed in the future potential of the battery business were left deeply disappointed. Another case is Kakao’s consecutive initial public offerings of its key subsidiaries — Kakao Games, KakaoBank and Kakao Pay — between 2020 and 2021. This decision led to the parent company’s stock price being halved. Yet, it is regarded as a way to raise capital while allowing the founder to maintain control without diluting ownership. Similar incidents, with minor variations, have repeatedly occurred in the market and eroded public confidence in long-term investing. Some investors even refer to the Korean capital market as a "history of shareholder betrayal." "It's a market that gives you a little sense of reward," said Park Yoo-kyung, managing director of emerging markets equitie

May 17, 2025By Lee Yeon-woo

Korean corporate governance trapped in Asian financial crisis era, says Dutch pension fund director

Container shipping costs on Korea-US West Coast route fall for 3rd month in April

Container shipping costs from Korea to the western part of the United States fell for the third consecutive month in April, the customs agency said Thursday. The average shipping cost for a 40-foot container from Korea to the U.S. West Coast dropped 6.8 percent from a month earlier to 5.76 million won ($4,080) last month, according to data from the Korea Customs Service. Shipping costs to the U.S. East Coast, on the other hand, gained 3.2 percent to 5.57 million won during the same period. Average shipping costs from Korea to the European Union fell 8.6 percent on-month in April to 3.97 million won, marking the fourth consecutive month of decline. Shipping costs to China fell 9.8 percent to 748,000 won, while those on the Korea–Japan route gained 2.5 percent to 742,000 won in March. The figures include freight rates, commissions and other related charges reported by local exporters, the agency said.

May 15, 2025By Yonhap

Container shipping costs on Korea-US West Coast route fall for 3rd month in April

Oman seeks enhanced partnerships with Korean investors

By Shim Jae-yun MUSCAT, Oman — In a bid to attract foreign investment and showcase Oman's growing economic potential, the Gulf nation recently hosted the exclusive Advantage Oman forum. During the event, an Omani official shared insights about the country's economic vision and its desire to strengthen ties with South Korean businesses, particularly medium-sized enterprises. The invitation-only forum was designed as a platform for exchanging ideas and connecting potential investors directly with Omani decision-makers. Qais Mohammed Al Yousef, Omani minister of commerce, industry and investment promotion, emphasized that the event comes at a time of global economic uncertainty, with increasing trade challenges, tariff wars and growing polarization between nations. "What we thought with Advantage Oman is that investors are looking and wanting to know what is happening around the world, especially in the Arabian Gulf," Al Yousef stated during an interview with The Korea Times on April 27. "The GCC countries — Gulf Cooperation Council: Bahrain, Qatar, Saudi Arabia and Kuwait — are expe

May 8, 2025By Shim Jae-yun

Oman seeks enhanced partnerships with Korean investors

Korea, Czech Republic sign 14 MOUs to deepen economic, nuclear energy cooperation

Korea and the Czech Republic held high-level talks Wednesday aimed at expanding comprehensive economic ties, resulting in the signing of 14 agreements and memorandums of understanding (MOUs), including key accords in the nuclear energy sector. The agreements were signed despite a delay in the signing of an estimated 26 trillion won ($18.6 billion) deal for the construction of two nuclear reactors in the European country. A Korean consortium, led by Korea Hydro & Nuclear Power (KHNP), was originally scheduled to finalize the contract with Elektrarna Dukovany II (EDU II), a subsidiary of Czech state-run utility firm CEZ, on the day, but the signing has been postponed due to a court injunction following a legal challenge by French energy company EDF, a losing bidder in the tender process. The Korean delegation, headed by Industry Minister Ahn Duk-geun, met with Czech Prime Minister Petr Fiala to discuss a wide range of bilateral cooperation in areas such as industry, energy, construction, infrastructure, and science and technology. "I am confident that if leading nuclear companies from Kore

May 7, 2025By Yonhap

Korea, Czech Republic sign 14 MOUs to deepen economic, nuclear energy cooperation

REPORTER'S NOTEBOOK Prague's last-minute delay comes as little surprise

"I knew it" was this reporter's response to late Tuesday's push notification of the news that a Czech court had blocked Prague from signing a multibillion-dollar nuclear reactor construction deal with Seoul the following day. This reaction did not stem from the frequently cited concerns about the deal, such as its profitability or uncertainty surrounding governmental negotiations after Seoul's leadership vacuum following the impeachment of former President Yoon Suk Yeol and the resignations of two acting presidents — former Prime Minister Han Duck-soo and former Finance Minister Choi Sang-mok. While the news embarrassed the Korean delegation to the Czech Republic — which includes two ministers, four vice ministers and five lawmakers from three parties — this reporter was reminded of an episode involving a senior Czech government official who canceled an appointment with Korean reporters at the last minute. In the early morning on Feb. 18, when this reporter was en route to interview Czech Industry and Trade Minister Lukas Vlcek in Seoul, the Czech Embassy notified The Korea Times

May 7, 2025By Park Jae-hyuk

[REPORTER'S NOTEBOOK] Prague's last-minute delay comes as little surprise

Asan Institute chair awarded honorary doctorate from Korea University

Korea University has awarded an honorary doctorate in political science to Chung Mong-joon, founder and honorary chairman of the Asan Institute for Policy Studies. The university held a ceremony Monday at its Seoul campus to award the degree in recognition of Chung's contributions to social welfare and his efforts to support younger generations through the Asan Foundation and the Asan Nanum Foundation. The honorary doctorate also acknowledges Chung’s dedication to advancing political, diplomatic and national security affairs during his seven terms as a lawmaker. "Chairman Chung has shed light on Korea’s future in various fields including politics and diplomacy," Korea University President Kim Dong-one said. “His life and footsteps embody leadership with values of intellectualism and public service, which deeply align with Korea University's vision to contribute to the future of humanity. The chairman's future endeavors will continue to lead positive changes for our society and the world." Chung studied economics at Seoul National University as an undergraduate and earned a Master o

May 7, 2025By Lee Gyu-lee

Asan Institute chair awarded honorary doctorate from Korea University

Czech court temporarily halts nuclear plant deal with S. Korea: reports

A Czech court on Tuesday temporarily blocked the government in Prague from signing a multibillion-dollar agreement with South Korea for the construction of two nuclear reactors, according to multiple reports, making it highly unlikely that an official contract will be concluded this week. A South Korean consortium led by Korea Hydro & Nuclear Power Co. (KHNP) had been scheduled to finalize the deal on Wednesday with Czech state-run energy company Elektrarna Dukovany II (EDU II), a subsidiary of the country's main electricity firm, CEZ. However, according to multiple Czech media reports, the regional court in Brno, the Czech Republic's second-largest city, issued an injunction preventing CEZ from signing the estimated 26 trillion-won (US$18.6 billion) contract until it reviews a legal complaint filed by France's EDF, a losing bidder in the tender. Last year, both EDF and another bidder, U.S.-based Westinghouse, filed complaints with the anti-monopoly office, Czech Office for the Protection of Competition (UOHS), over the government's selection process. In October, however, the UOHS rejec

May 6, 2025By Yonhap

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