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  • Companies

    Chinese EV makers gain traction in Korea's import car market despite uphill battle

    When Choi, a 35-year-old office worker living in Korea, started looking for her next car, she did not expect BYD, a Chinese electric vehicle (EV) brand, to make her shortlist. “I've wanted an electric vehicle, but domestic models are just too expensive,” Choi said, adding that rising fuel prices first sparked her interest in EVs. Her attention later turned to Chinese brands after reading about China's rapid adoption of EVs and how it helped cushion the country from recent oil-price shocks linked to the conflict in the Middle East. “I still have some biases against Chinese products, but with so many people driving them in China, I figured they can't just be cheap junk,” she said. “They’ve probably spent years developing the technology and gone through plenty of trial and error.” Choi’s case reflects a subtle shift underway: Chinese EV makers are stepping up their presence in Korea, one of the world’s most competitive automotive markets, and are now gaining traction. The push comes as Chinese-made vehicles overtook Japanese brands in Korea’s import market for the first t

    3 MIN READBy Yulu Ao
    Chinese EV makers gain traction in Korea's import car market despite uphill battle
  • Companies

    Watchdog launches review on Google's alleged fair trade violation

    1 MIN READBy Yonhap
    Watchdog launches review on Google's alleged fair trade violation
  • Companies

    Temu boosts IP protection for K-brands

    2 MIN READBy Ko Dong-hwan
    Temu boosts IP protection for K-brands
  • Business

    National Growth Fund to scale up investment in physical AI sector

    1 MIN READBy Yonhap
    National Growth Fund to scale up investment in physical AI sector
  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
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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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Tech & Science

Samsung expected to unveil tri-folding smartphone at APEC summit: sources

Samsung Electronics is expected to unveil its first tri-folding smartphone at the upcoming Asia-Pacific Economic Cooperation (APEC) summit, industry sources said Tuesday. According to the sources, the Korean tech giant plans to showcase the new model at an exhibition on the sidelines of the multilateral summit, scheduled to take place in the southeastern city of Gyeongju on Oct. 31 and Nov. 1. The tri-folding device is an evolution of Samsung Electronics' existing Galaxy foldable series, which features a bi-fold design. The new model is designed to fold in three sections, offering a tablet-sized display when fully unfolded while maintaining the portability of a standard smartphone when closed. Samsung Electronics, known as a trailblazer in the foldable phone market since launching its first foldable model in 2019, has seen increased competition from tech giants, such as Google and Motorola, alongside Chinese manufacturers. According to industry data, Samsung Electronics led the foldable phone market with a share of 32.9 percent in 2024, followed by Huawei with 23.1 percent and Motorola wi

Sep 30, 2025By Yonhap
Samsung expected to unveil tri-folding smartphone at APEC summit: sources
Companies

Unionized workers of Kia vote to accept wage hike deal

Unionized workers of Kia, Korea's second-largest carmaker, voted Tuesday to accept a wage hike deal for this year, the company said, marking the fifth consecutive year the company wrapped up wage talks without a strike. Kia said 73.1 percent of 21,356 union members who participated in the vote on Tuesday supported the tentative deal reached between labor and management. The agreement includes a 100,000 won ($71) increase in monthly base pay, a performance-based bonus equivalent to 350 percent of base pay, 15.8 million won in cash and 200,000 won in gift certificates per worker. In addition, the company will recruit 500 engineers for its production lines by the end of next year. Kia and the union also agreed to cooperate in transforming the automaker's domestic plants into core production facilities for next-generation models, such as purpose-built vehicles. With the approval of the latest deal, Kia has successfully concluded wage and collective bargaining talks without labor disputes for five straight years since 2021.

Sep 30, 2025By Yonhap
Unionized workers of Kia vote to accept wage hike deal
Banking & Finance

Young Poong reaffirms MBK partnership key to safeguarding Korea Zinc’s governance

Young Poong said Tuesday that its collaboration with private equity firm MBK Partners in a dispute to secure managerial control of Korea Zinc was unavoidable. The company reaffirmed that it will continue to act as the largest shareholder of the world's largest zinc smelter to protect corporate value and restore stable management. The remarks were made in response to claims from Korea Zinc Chairman Choi Yun-beom’s side that Young Poong had relinquished its controlling shareholder status in Korea Zinc to MBK, and that the MBK-Young Poong alliance’s tender offer amounted to a hostile takeover. “The allegation that we transferred our controlling stake to MBK is entirely false," a Young Poong official said. "We continue to be the largest shareholder of Korea Zinc and, as a responsible majority shareholder, place the company’s long-term stability and growth above all else." Young Poong joined forces with MBK and launched a tender offer on Sept. 13 of 2024 to oust Choi. According to the management cooperation agreement disclosed at the time, the two parties agreed that, when forming a ne

Sep 30, 2025By Jun Ji-hye
Young Poong reaffirms MBK partnership key to safeguarding Korea Zinc’s governance
Tech & Science

LG Innotek to boost future growth business share to 25% of sales by 2030

LG Innotek is accelerating its push into mobility sensing, robotics and semiconductor components as part of a bold strategy to secure new growth drivers, announcing plans to generate more than 25 percent of its revenue from future growth businesses by 2030. “Our future growth businesses, which are driving the company’s sustainable growth, are expanding rapidly. Let’s work together to grow the share of these new businesses to more than 25 percent of the company’s total revenue by 2030,” LG Innotek CEO Moon Hyuk-soo said during the company’s management session in Gumi, North Gyeongsang Province, Sept. 19. “By leveraging our most valuable future assets — high-value core technologies and business experience gained through collaboration with top-tier global customers — let’s build another leading business that creates differentiated customer value.” Moon, who took on the role of CEO in 2023, has been spearheading the expansion, seeking to diversify the business portfolio and establish new growth drivers. One of the flagship initiatives is light detection and ranging (LiD

Sep 30, 2025By Lee Gyu-lee
LG Innotek to boost future growth business share to 25% of sales by 2030
Tech & Science

Malaysian gas plant partly owned by KEPCO breaks ground

An inauguration ceremony to kick off the construction of a gas plant in Malaysia partly owned by Korea's state-run Korea Electric Power Corp. (KEPCO) took place Tuesday in the Southeast Asian country, KEPCO said. The event was held in Pulau Indah, approximately 60 kilometers southwest of Kuala Lumpur, with the chief executive officer (CEO) of KEPCO, Kim Dong-cheol, and Malaysian government officials in attendance, according to the company. KEPCO owns a 25 percent stake in the plant, which is expected to generate up to 1,200 megawatts of electricity. The company will also oversee the entire process, from construction to operation, of the facility, it said. The company predicted the plant to generate up to 11.6 trillion won ($9.3 billion) in sales over the next 21 years. "The successful construction of the gas plant will not only strengthen trust between the two nations but serve as an opportunity for KEPCO's overseas businesses to be recognized on the global stage," Kim said. This year marks the 65th anniversary of the establishment of diplomatic relations between Korea and Malaysia. Meanwh

Sep 30, 2025By Yonhap
Malaysian gas plant partly owned by KEPCO breaks ground
Companies

Musinsa to open 2 new stores in Shanghai

Major Korean fashion e-commerce platform Musinsa will open a Musinsa Store and a Musinsa Standard location in Shanghai in December, accelerating its expansion into the Chinese offline retail market. Musinsa Standard, the platform’s modern basic casualwear brand, will open a flagship store in mid-December on Huaihai Road, known as one of the major shopping districts among the younger generation in the city, with more than 500,000 daily visitors. The new store will span 1,300 square meters, making it Musinsa Standard’s third-largest offline location after the ones in Daegu and Seoul’s Hannam-dong. The Shanghai flagship will also connect with the brand’s flagship store on China’s online retail platform Tmall, which opened earlier this month, to provide an integrated online-to-offline shopping experience. The Shanghai location is especially significant as it will be Musinsa’s first overseas offline store. The company plans to expand its offline business throughout China, starting with Shanghai, a city that leads China’s fashion and lifestyle trends due to its concentrated, you

Sep 30, 2025By Lee Gyu-lee
Musinsa to open 2 new stores in Shanghai
Companies

Kolmar Korea boosts beauty product packaging service with AI

Kolmar Korea, a major original design manufacturer of beauty products, has launched an AI-powered platform designed to shorten sourcing timelines for client companies, enabling faster product launches. The global company, which serves more than 4,300 clients worldwide, said Tuesday that the new platform’s time efficiency will help the companies target global beauty markets more conveniently. The online tool strengthens Kolmar Korea’s reputation in the global beauty industry as Korean products gain traction among global consumers with cost-effectiveness and quality. Kolmarpkg.com is where beauty brand firms launching new products can search for packaging solutions by uploading images of an end product they want to release. The platform then analyzes the images and recommends a packaging container. The platform has 4,000 options for bottle, tube, jar, pump, closure, makeup, stick and accessory products, all made by companies Kolmar Korea has certified. Besides the container type, the platform has a filtering feature allowing clients to search based on a product’s content type, volum

Sep 30, 2025By Ko Dong-hwan
Kolmar Korea boosts beauty product packaging service with AI
Companies

Korean Air proposes 10-year validity for Asiana mileage after merger

Korean Air is planning to allow customers to use Asiana Airlines mileage for the next 10 years after the carriers’ scheduled merger, under an antitrust proposal aimed at easing concerns over fairness among customers. It also suggested converting Asiana Airlines mileage into Korean Air points at a 1-to-1 ratio for flight miles, and at 0.82 points per Asiana mile for partner programs such as credit card rewards. However, the plan did not address consumer complaints calling for an expansion of Korean Air’s mileage redemption options. The country’s Fair Trade Commission (FTC) said Tuesday it will collect public opinions on Korean Air’s proposed plan to integrate the two carriers’ mileage programs over the next two weeks. When it approved the merger between Korean Air and Asiana Airlines in 2022, the FTC ordered Korean Air to submit its integration plan by June 12 this year, but immediately rejected a draft citing concerns that the plan may harm the interest of Asiana’s customers. At the time, the FTC said the integration plan should prevent any disadvantages and ensure a fair bal

Sep 30, 2025By Nam Hyun-woo
Korean Air proposes 10-year validity for Asiana mileage after merger
Companies

Korean Air diversifies portfolio into aerospace sector

Korean Air will diversify its business portfolio into the aerospace sector, as part of its efforts to secure next-generation growth engines beyond the firm’s conventional passenger and cargo business, the flag carrier said Monday. The airline’s expansion into the sector is aimed at elevating its global competitiveness even after the firm's ongoing “chemical” or operational takeover of Asiana Airlines. Korean Air is set to finalize the process for the acquisition of Asiana by the end of 2026 and launch a combined mega-carrier. In particular, Korean Air is expanding its footing in the development of satellites and space rockets, as evidenced by increasing sales in its aerospace business. According to data from Korean Air, it chalked up sales of 491 billion won ($350 million) in the area in 2022. The figure has since jumped into a steady growth track until 2024, when the figure reached 593 billion won. The company is also solidifying its position as Korea’s only fully-integrated aerospace firm, handling development of aircraft systems, satellites, launch vehicles and even unmanne

Sep 30, 2025By Lee Min-hyung
Korean Air diversifies portfolio into aerospace sector
Banking & Finance

Securities firms climb brand rankings on KOSPI rally

Securities companies have made noteworthy advances in corporate brand value rankings, driven by a bullish stock market that recently saw the benchmark KOSPI surpass the 3,400-point mark for the first time. According to Brandstock, a research firm specializing in brand valuation, Tuesday, Mirae Asset Securities ranked 16th among Korea’s top 100 corporate brands for the third quarter of 2025. The company rose from 20th place in the third quarter of 2024, becoming the only brokerage firm to break into the top 20 — a list largely dominated by manufacturing and other commercial companies. Mirae Asset Securities’ rise came as the firm surpassed 1,000 trillion won ($713.11 billion) in client assets, solidifying its position as the nation’s leading brokerage house. Other brokerage firms also improved their rankings over the same period. KB Securities moved up three spots to 25th, while Samsung Securities climbed five places to 39th, benefiting from its affiliation with the Samsung brand. Hana Securities modestly improved from 85th to 83rd. Shinhan Securities made its debut in the top 100 a

Sep 30, 2025By Yi Whan-woo
Securities firms climb brand rankings on KOSPI rally
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