my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • Companies

    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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Companies

Hyundai Wia makes European defense debut with AI-based weapon system, mobile artillery

Hyundai Wia is taking its defense ambitions to Europe, unveiling a lineup of artillery and artificial intelligence (AI)-powered weapon systems at one of the world’s largest defense exhibitions as the company seeks a bigger role in the continent’s military modernization drive. The company said Tuesday it is participating for the first time in Eurosatory 2026, a major international defense exhibition being held from Sunday through Thursday at the Nord Villepinte Exhibition Centre in Paris. More than 2,100 companies from 70 countries are taking part in this year’s event, according to Hyundai Wia. At the center of the company’s display is a lightweight 105mm self-propelled howitzer mounted on a light tactical vehicle. Hyundai Wia said the system weighs less than half as much as wheeled self-propelled artillery currently deployed by the Korean military while maintaining a maximum firing range of 18 kilometers. The system is designed to operate alongside a fire-control vehicle and an ammunition transport vehicle, allowing rapid deployment and battlefield support. The company said the pla

Jun 16, 2026By Lee Kyung-min
Hyundai Wia makes European defense debut with AI-based weapon system, mobile artillery
Companies

Dongwha Natural Maru becomes 1st Korean wood flooring brand to receive carbon storage certification

Dongwha Enterprise's building materials brand Dongwha Natural Maru said Tuesday it has received official certification from the Korea Forest Service for the carbon storage capacity of its wood-based flooring products, becoming the first domestic wood flooring brand to receive such recognition. The certification is issued under Korea's wood product carbon storage labeling system, which measures and discloses the amount of carbon dioxide sequestered in wood products made from domestically harvested timber. The scheme is grounded in the Act on the Sustainable Use of Timber, which promotes carbon storing and other environmental functions of wood. Five products received certification: the Gangmaru line's Jin Origin, Jin Grande, Jin Grande Square and Jin Terra; along with the laminate flooring line Crogen. The products store between approximately 34 and 38 kilograms of carbon dioxide per 3.3 square meters — roughly equivalent to one pyeong, a traditional Korean unit of floor area. Installing Jin Origin or Jin Grande Square across a typical 84-square-meter apartment is estimated to sequester

Jun 16, 2026By Jhoo Dong-chan
Dongwha Natural Maru becomes 1st Korean wood flooring brand to receive carbon storage certification
Companies

LS Electric to showcase ultra-high-voltage transformers, DC solutions at Munich energy expo

LS Electric said Tuesday it will exhibit its full lineup of power infrastructure products at EM-Power Europe 2026 in Munich next week, targeting a European market where electrification policy is driving a sharp rise in grid investment. The Korean electrical equipment maker will participate in EM-Power Europe — one of four trade shows under The smarter E Europe, Europe's largest energy industry expo — at Messe Munchen from June 23-25. The company's exhibit theme is "Total Solution Provider for a Smarter Power System," encompassing products ranging from ultra-high-voltage transformers down to DC distribution solutions. The centerpiece of LS Electric's booth will be a 132kV, 90MVA ultra-high-voltage transformer. The company has been accelerating its push into Europe's high-voltage segment after signing a 62 billion won ($45 million) supply contract for 400kV-class transformers with a German energy firm earlier this year. Also on display will be a 1,500kVA cast-resin transformer and a 35kV medium-voltage switchgear unit. LS Electric obtained Europe's Environmental Product Declaration cert

Jun 16, 2026By Jhoo Dong-chan
LS Electric to showcase ultra-high-voltage transformers, DC solutions at Munich energy expo
Banking & Finance

Citi becomes 1st to launch tokenized depositary receipt service for private shares

Citi has become the first to launch a blockchain-based depositary receipt service for shares in private companies, aiming to make it easier for issuers to reach investors and for investors to access private market opportunities, the company said Tuesday. The launch comes as private companies remain unlisted for a longer period of time, prompting many to seek alternative ways to provide liquidity to shareholders without relying on often fragmented secondary markets. The new offering, called the Digital Depositary Receipts, applies Citi’s traditional depositary receipt framework to private company shares. Using blockchain infrastructure operated by SIX, a Swiss financial market operator and one of the world’s first fully regulated digital central securities depositories, the service tokenizes depositary receipts backed by private market equity. Under the model, Citi acts as both issuer and custodian of the digital receipts, handling issuance, settlement and safekeeping. The company said the structure is designed to simplify transfers of ownership and broaden investor access while allo

Jun 16, 2026By Park Han-sol
Citi becomes 1st to launch tokenized depositary receipt service for private shares
Banking & Finance

InterviewKIS makes its move into digital asset industry

Korea Investors Service (KIS) continues to monitor the digital asset landscape in Korea and is exploring the feasibility of market participation, subject to the establishment of a regulatory framework, according to CEO Patrick Yoon. KIS, one of Korea's leading credit rating agencies and an affiliate of Moody's, has established a dedicated digital assets team and is developing methodologies that could be used to assess Korean won-backed stablecoins once legislation is in place. "Once won-backed stablecoins are created, an ecosystem needs to be built to ensure they can be used effectively. They need to function well not only in Korea but also overseas for a proper stablecoin system to take shape. We believe there is a role that KIS can play in that process," Yoon said in a recent interview with The Korea Times. "If we can establish a stablecoin assessment system tailored to Korea, the digital asset market can be evaluated more transparently and various risks can be managed more effectively," he added. The preparations come as lawmakers and financial regulators continue discussions on a leg

Jun 16, 2026By Lee Hyo-jin
KIS makes its move into digital asset industry
Tech & Science

Doosan Enerbility wins 530 bil. won power plant contract in Oman

Doosan Enerbility, a major Korean plant builder, said Monday it has won a 530 billion won ($350 million) contract with a consortium including the state-run Korea Western Power Co. to build a combined cycle power plant in Oman. The company said it has formed an engineering, procurement and construction (EPC) consortium with China's SEPCO-3 for the construction of the 870-megawatt power plant in Duqm, 550 kilometers south of Muscat, the capital of the Middle Eastern nation. Doosan Enerbility will also manufacture and supply key equipment, including steam turbines and generators. The power plant, scheduled to be completed by 2029, will be built in a special economic zone at Duqm. The plant is expected to help meet the growing demand for electricity in southern Oman and improve the stability of power supply in the region. The project consortium includes Korea Western Power, Qatar's Nebras Power, the United Arab Emirates' Etihad Water and Electricity, as well as Bahwan Infrastructure Services of Oman. "We won the deal based on our experiences in carrying out projects in the Middle East and our

Jun 15, 2026By Yonhap
Doosan Enerbility wins 530 bil. won power plant contract in Oman
Companies

US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap

The United States and Iran are set to sign a peace agreement and reopen the Strait of Hormuz, easing concerns over crude oil supplies and broader disruptions to the global energy trade, but the Korean government is taking a prudent stance regarding the full normalization of supply chains. U.S. President Donald Trump announced on social media Sunday (local time) that “the Deal with the Islamic Republic of Iran is now complete,” adding he would authorize “opening of the Strait of Hormuz” and the removal of the U.S. naval blockade. The two countries have agreed on a framework deal to end the war, which is scheduled to be signed on Friday in Switzerland. The agreement is expected to improve crude import conditions for Korea, which sources roughly 70 percent of its oil from the Middle East as of last year, while also reducing pressures on shipping routes that have been strained for months by the conflict. The reopening of the critical oil chokepoint is set to help normalize supplies of petroleum and petrochemical products that faced delays and logistical bottlenecks after the war brok

Jun 15, 2026By Lee Gyu-lee
US-Iran deal eases pressure on supply chain, gov't cautious on fuel price cap
  • Korean firms express relief for eased uncertainties over US-Iran peace deal
Banking & Finance

Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries

Woori Bank said Monday that it signed an agreement with Hyosung Group to provide up to 2 trillion won ($1.32 billion) in credit financing over the next five years to support investments in strategic industries. The agreement was signed at Hyosung Group's headquarters in Seoul, with Woori Bank CEO Jung Jin-wan and Hyosung Vice Chairman Lee Sang-woon attending the ceremony. Under the agreement, Woori Bank will provide up to 2 trillion won in financing over the next five years to major Hyosung affiliates, including Hyosung Corp., Hyosung Heavy Industries, Hyosung TNC and Hyosung Neochem, as the group expands investments in advanced industries. A key feature of the arrangement is a preapproved credit limit system, which allows financing capacity to be secured in advance of planned investments. The structure is intended to reduce the time required for companies to obtain funding when investment projects move forward. Under the arrangement, Hyosung will be able to draw on previously approved financing as investment plans are implemented, avoiding the need to repeat loan approval procedures for

Jun 15, 2026By Lee Hyo-jin
Woori Bank, Hyosung sign $1.32 bil. financing deal for advanced industries
Companies

SK Group chief, ex-wife fail to reach agreement in court mediation for asset division

SK Group Chairman Chey Tae-won and his former wife, Roh Soh-yeong, failed to reach an agreement in a court mediation session for the division of their assets Monday, putting the high-profile divorce settlement case back to trial proceedings. The two sides had entered mediation for the asset division after the Supreme Court remanded the case to the Seoul High Court last October, while confirming the divorce. They have remained far apart on whether Chey's SK stocks should be included in the division. The Seoul High Court decided to end mediation and hold oral arguments on June 26, as the two sides apparently failed to narrow differences. Chey and Roh both appeared for their second mediation session earlier in the day, which marked the first time the two had faced each other in court since April 2024. Chey's side has argued that the stocks should not be considered as they were inherited or gifted, while Roh's side has claimed that they fall under marital property. In May 2024, the Seoul High Court ordered Chey to pay about 1.38 trillion won ($913 million) in asset division to Roh, recognizing

Jun 15, 2026By Yonhap
SK Group chief, ex-wife fail to reach agreement in court mediation for asset division
Companies

SK Telink, KEPCO, Starlink Korea launch satellite network initiative for power grid emergencies

SK Telink, Korea Electric Power Corp. (KEPCO) and Starlink Korea have launched a three-way partnership to deploy low-Earth orbit (LEO) satellite communications technology across Korea’s power infrastructure, aiming to strengthen emergency communications capabilities during natural disasters and network outages. The companies said the initiative will begin at KEPCO’s headquarters in Naju and expand in phases toward a nationwide emergency communications network covering all 15 regional headquarters. The project is being positioned as a model for integrating global satellite communications technology into Korea’s public infrastructure systems. KEPCO operates thousands of facilities nationwide, including headquarters, regional offices, substations and field work sites. Maintaining communications during emergencies such as typhoons, wildfires and large-scale power outages has long been a challenge because terrestrial networks can be disrupted. The partners said LEO satellite systems provide a physically independent communications path that remains available even when ground-based infras

Jun 15, 2026By Jhoo Dong-chan
SK Telink, KEPCO, Starlink Korea launch satellite network initiative for power grid emergencies
previous page
203204205206207
next page

Most Read in Business