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    LG Electronics' Tennessee plant tops 10 mil. units in cumulative production

    LG Electronics’ Tennessee plant surpassed 10 million units in cumulative production, playing a pivotal role in helping the company secure the top spot in the U.S. laundry appliance market. The company said Sunday it held a ceremony to congratulate the production of the 10 millionth unit at the plant participated by local officials and LG Electronics executives. LG Electronics built its Tennessee plant on a 1.25 million-square-meter site in Clarksville, Tennessee in 2018. Since then, the company has invested approximately $500 million in expanding facilities and improving manufacturing processes. The plant began producing washing machines in November 2018, followed by dryers in 2022 and wash towers in 2023. Its annual production capacity now stands at 2.25 million units, more than four times its 2019 level, comprising 1.55 million washing machines and 700,000 dryers. The expansion has established the plant as LG Electronics’ key local manufacturing and supply hub. LG Electronics’ washing machines and dryers accounted for 17.2 percent and 17.4 percent of the U.S. market, respectively

    2 MIN READBy Nam Hyun-woo
    LG Electronics' Tennessee plant tops 10 mil. units in cumulative production
  • Companies

    SK chairman calls for AI expansion beyond chips into models, services

    2 MIN READBy Ko Dong-hwan
    SK chairman calls for AI expansion beyond chips into models, services
  • Business

    HD Hyundai launches autonomous vessel developed with Anduril

    1 MIN READBy Yonhap
    HD Hyundai launches autonomous vessel developed with Anduril
  • Companies

    Kia's domestic electrified vehicle sales top 300,000 units in 2026

    1 MIN READBy Yonhap
    Kia's domestic electrified vehicle sales top 300,000 units in 2026
  • Companies

    Audi Korea accelerates recovery on solid sales of redesigned A6

    2 MIN READBy Lee Min-hyung
    Audi Korea accelerates recovery on solid sales of redesigned A6
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Companies

KHNP CEO reviews Dukovany project in Czech Republic

State-run Korea Hydro & Nuclear Power (KHNP) CEO Kim Hoe-chun met with Czech industry officials on Thursday (local time) to review progress on the Dukovany Nuclear Power Station project, marking one year since the two sides signed a landmark construction contract. During his two-day visit to the Czech Republic on Wednesday and Thursday, the KHNP CEO joined Industry Minister Kim Jung-kwan, Czech Deputy Prime Minister and Minister of Industry and Trade Karel Havlicek, and key engineering partners for a Dukovany Steering Committee meeting to review the project's progress. Participants reviewed progress on the project to build two nuclear reactors in the Dukovany region and discussed next steps, focusing on ensuring the project remains on schedule and strengthening bilateral cooperation. On Thursday, KHNP separately hosted a Korea-Czech nuclear industry partnership event in Prague to celebrate the contract’s first anniversary, where Korea Electric Power Corp. Engineering & Construction (KEPCO E&C) and the Czech firm Energoprojekt Praha signed a design support services agreement. "The Dukov

Jun 18, 2026By Lee Gyu-lee
KHNP CEO reviews Dukovany project in Czech Republic
Companies

POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace

POSCO has completed construction of Korea’s largest electric arc furnace (EAF) at its steelworks in Gwangyang, South Jeolla Province with an annual production capacity of 2.5 million tons, marking a major step in its transition toward low-carbon steel production. The largest single EAF installation in Korea, which began construction in February 2024, is part of the company’s broader strategy to respond to tightening global decarbonization policies and rising demand for low-emission steel products. It was built with about 600 billion won ($392.6 million) in investment, with a cumulative 270,000 workers involved. Unlike traditional blast furnace-basic oxygen furnace operations, which rely on iron ore and coking coal, the EAF uses recycled steel scrap as its primary raw material. POSCO estimates the process can cut carbon emissions by up to 75 percent compared with the average emissions generated by its conventional blast furnace operations between 2017 and 2019. To enhance the quality of EAF-produced steel, the company is advancing its proprietary hot metal-scrap mixing technology, whi

Jun 18, 2026By Lee Gyu-lee
POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace
Banking & Finance

All-in-one apps emerge as new battleground among financial groups

Major financial groups are stepping up efforts to consolidate banking, securities, card and insurance services into single mobile platforms, intensifying competition to build all-in-one financial apps, industry officials said Thursday. The latest move came from Shinhan Financial Group, which on Wednesday unveiled its new integrated financial platform, Shinhan Super SOL, as part of a broader strategy to unify services across its banking, card, securities and insurance affiliates. According to the company, the upgraded platform allows customers to access banking, card, securities and insurance functions through one application, reducing the need to repeatedly log in or switch between apps. The launch reflects a broader industry trend as major financial groups seek to strengthen customer loyalty and increase user engagement within their digital ecosystems. Other financial groups are pursuing similar strategies. Earlier this year, Hana Bank overhauled its Hana One Q app to integrate deposits, loans, foreign exchange and card-related services into a single platform. Woori Bank has expanded the

Jun 18, 2026By Lee Hyo-jin
All-in-one apps emerge as new battleground among financial groups
Companies

BMW Korea launches iX3 electric SUV with revamped design

BMW Korea has launched its highly-anticipated all-electric SUV — the iX3 — featuring the carmaker’s next-generation Neue Klasse design language, the company said Thursday. The vehicle comes with symbolic significance as the carmaker’s first mass-produced model built on the completely revamped exterior design. The premium electric SUV blends a modern reinterpretation of BMW’s iconic 1960s heritage with futuristic innovations spanning design, digital integration and electrification technology, the carmaker said. Powered by the sixth-generation BMW eDrive system, the new iX3 introduces the brand’s first cylindrical cell battery technology. Utilizing a “cell-to-pack” manufacturing method that integrates battery cells directly into the pack without modules, the vehicle has achieved a 20 percent increase in energy density and a 30 percent boost in driving range. Equipped with a 113.4 kilowatt-hour high-voltage battery, the flagship iX3 50 xDrive model boasts a single-charge driving range of up to 611 kilometers under Korean certification standards. Its 800-volt architecture enabl

Jun 18, 2026By Lee Min-hyung
BMW Korea launches iX3 electric SUV with revamped design
Companies

Meritz's funding condition pushes Homeplus closer to bankruptcy

Meritz Financial Group has approved 100 billion won ($66 million) in emergency financing for Homeplus, the struggling retailer currently undergoing court-led rehabilitation, the company said Thursday. However, confusion continues to deepen as the blame game intensifies between MBK Partners, Homeplus' largest shareholder, and Meritz over the latter's conditional loan offer. The approval falls short of the 200 billion won sought by Homeplus. Meritz also stipulated that the funds can only be drawn if MBK Partners, the private equity firm that controls the retailer, and MBK Chairman Michael ByungJu Kim provide legally valid and enforceable joint guarantees, casting doubt on whether the financing will ultimately be disbursed. The conditions have heightened concerns over Homeplus' restructuring prospects, with industry observers warning that the retailer could face bankruptcy if it fails to secure sufficient funding before a key court deadline in July. According to Meritz, its board approved the 100 billion won debtor-in-possession (DIP) loan at a meeting on Wednesday. Rather than being disburs

Jun 18, 2026By Jun Ji-hye
Meritz's funding condition pushes Homeplus closer to bankruptcy
Companies

Shin Ramyun leaves spicy impression at major Mexico City festival

Thousands of festivalgoers in Mexico City are getting a taste of Korea's signature spicy noodles as Nongshim ramps up its overseas marketing push at one of the country's largest cultural events. Nongshim said it is operating a Shin Ramyun promotional booth Thursday at Campo Marte 26, a major festival being held in Mexico City from June 11 to July 19. The event combines Mexican food and cultural experiences, art exhibitions, concerts and fan activities, drawing large crowds from Mexico and abroad. At the festival grounds, visitors can sample Shin Ramyun by using instant noodle cooking machines installed at the booth. The company is also distributing hand fans featuring SHIN, the brand's mascot, to help attendees cope with the city's summer heat while strengthening familiarity with the brand. Nongshim said it plans to further expand the visibility of Shin Ramyun by continuously airing promotional videos on large screens installed throughout the festival venue. The company has already seen strong interest from visitors. On Wednesday, the first day Nongshim operated a booth at the festival, mor

Jun 18, 2026By Lee Kyung-min
Shin Ramyun leaves spicy impression at major Mexico City festival
Companies

POSCO International launches PT.PAR, strengthening integrated palm oil value chain

POSCO International has completed the postmerger integration of Indonesian palm oil company Sampoerna Agro, which it acquired last year, and unveiled a new corporate identity for the business under its new name, PT Prime Agri Resources (PT.PAR). The company held a launch ceremony for PT.PAR on Wednesday in Jakarta, Indonesia, formalizing the new brand and signaling a strategic milestone in its agribusiness expansion into a fully integrated palm oil value chain spanning seed development, plantation operations and refining. POSCO International secured management control of Sampoerna Agro through an investment of approximately 1.3 trillion won ($854.9 million) carried out from 2025 through early 2026. The acquisition added 128,000 hectares of plantation across Sumatra and Kalimantan, significantly expanding the company’s upstream production base. It also enabled the company to acquire Indonesia’s second-ranked palm seed business, along with its research and development capabilities. The deal expands POSCO International’s palm oil operations beyond plantation management into seed devel

Jun 18, 2026By Lee Gyu-lee
POSCO International launches PT.PAR, strengthening integrated palm oil value chain
Companies

Nexen Tire ramps up European logistics footprint

Nexen Tire is expanding its logistics footprint in Europe, opening a larger automated warehouse at its manufacturing plant in Zatec, Czech Republic, as the company seeks to strengthen supply stability and respond more quickly to customer demand across the region. The company said Thursday that the expanded finished-goods warehouse has begun full-scale operations at its European production facility. The investment comes as Nexen Tire increases production capacity in Europe and looks to build a more efficient supply chain for customers across the continent. Nexen Tire launched the first phase of operations at the Czech plant in 2019 and expanded the site with a second production facility in 2024. The plant now has annual production capacity of about 10 million tires, prompting the company to expand its storage and logistics infrastructure to accommodate rising output and growing regional demand. Construction of the expanded warehouse began in October 2024. The new facility has a total floor area of 7,104 square meters and stands 51 meters tall. With the expansion, tire storage capacity increa

Jun 18, 2026By Lee Kyung-min
Nexen Tire ramps up European logistics footprint
Companies

Shinsegae seeks to create World Cup magic under giant screen in Seoul

A historic retail district in the heart of the capital is preparing to transform into a massive outdoor stadium this month, as one of Korea's premier luxury department stores pivots from high fashion to international sports. Shinsegae Department Store will host large-scale public viewing events for the Korean national football team's upcoming World Cup matches at Shinsegae Square, a giant digital media facade attached to its flagship store in central Seoul. The company said it will broadcast Korea's matches against Mexico on June 19 and South Africa on June 25 live on the venue's massive outdoor screen. Visitors will be able to watch the games from designated cheering areas and participate in a range of fan events. Shinsegae Square is a 1,300-square-meter media facade installed on the exterior of Shinsegae Department Store's main branch in Myeong-dong, one of Seoul's most popular shopping and tourism districts. The site has become known for showcasing digital content such as music videos by major pop artists, and has emerged as a prominent destination for visitors to the Korean capital. Sh

Jun 18, 2026By Jhoo Dong-chan
Shinsegae seeks to create World Cup magic under giant screen in Seoul
Banking & Finance

Mirae Asset Group crosses $1 tril. mark in client assets

Mirae Asset Group's client assets have surpassed the $1 trillion mark, a milestone that reflects the firm's transformation from a domestic financial company into a global investment player, according to company officials Thursday. As of the end of May, the group's domestic assets totaled 1,140 trillion won ($757.1 billion), while overseas balances reached 390 trillion won. Mirae Asset Securities accounted for roughly 800 trillion won of the total, followed by Mirae Asset Global Investments with 680 trillion won. Mirae Asset Life Insurance and other affiliates managed a combined 50 trillion won. The growth trajectory has accelerated markedly in recent years. Customer assets climbed from 666.5 trillion won in 2022 to 777.9 trillion won in 2023, 906 trillion won in 2024 and 1,158.7 trillion won in 2025. In the first five months of this year alone, the increase exceeded the gain recorded during all of last year. The group's capital base has expanded in tandem. Its equity capital stood at 26.3 trillion won at the end of March, up 2,630-fold from the 10 billion won with which the company was f

Jun 18, 2026By Park Han-sol
Mirae Asset Group crosses $1 tril. mark in client assets
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