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    Termination of Homeplus rehabilitation endangers 12,000 workers

    A court decision on Friday to terminate the rehabilitation proceedings for cash-strapped discount store chain Homeplus has raised concerns for the company's 12,000 employees who could lose their jobs. After Homeplus first filed for rehabilitation in March last year, the retailer began reducing its offline outlets. Of the 126 locations, only 67 stores remain, while the number of employees dropped from 20,000 to about 15,000 following the downsizing. After the company sold its supermarket unit Homeplus Express to NS Shopping last month to secure more cash, the workforce dropped again to 12,000 people. If Homeplus ultimately goes into bankruptcy, the government will activate a substitute payment program, which would allow it to advance unpaid wages of up to 21 million won ($13,600) per employee and later recover the funds. Employees who lose their jobs would also be eligible for unemployment benefits equivalent to 60 percent of their average wages over the three months preceding their termination. The government also plans to provide at least 440 billion won in emergency liquidity to help sm

    2 MIN READBy Ko Dong-hwan
    Termination of Homeplus rehabilitation endangers 12,000 workers
  • Banking & Finance

    Toss to face stricter oversight as Korea's first fintech financial conglomerate

    2 MIN READBy Park Han-sol
    Toss to face stricter oversight as Korea's first fintech financial conglomerate
  • Banking & Finance

    Korea's brokerages are raking it in. Their stocks aren't.

    2 MIN READBy Lee Yeon-woo
    Korea's brokerages are raking it in. Their stocks aren't.
  • Companies

    Lee to review mega chip cluster project next week

    1 MIN READBy Yonhap
    Lee to review mega chip cluster project next week
  • Tech & Science

    Korea to establish low-Earth orbit communications network by 2035

    2 MIN READBy Yonhap
    Korea to establish low-Earth orbit communications network by 2035
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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

KGC's ginseng extract technologies shared at Growth Asia Summit

Korea Ginseng Corp. (KGC), a maker of ginseng extract products, shared the nutritional benefits of ginseng and how it incorporates natural ingredients into its key products at a global health supplement industry summit in Singapore. KGC said Sunday it participated in Growth Asia Summit 2025 from July 15 to 17. Over 300 nutrition experts from 15 countries including China, Japan, Australia and Singapore joined the event. Keynote speakers included representatives of globally renowned brands such as Nestle, Danone, Blackmores, Swisse and Comvita. During the summit, KGC highlighted how red ginseng has been known for hundreds of years in Korea as a popular ingredient to slow aging and control blood sugar. It explained that Korea's Ministry of Food and Drug Safety has acknowledged red ginseng’s seven natural benefits for human health such as improvement of immunity, fatigue, blood flow and blood sugar. The company introduced its signature brand, Jung Kwan Jang, and some of its key products that specifically targeted men, women, children and older adults including RXGIN, GLPro and Everytime. L

Jul 27, 2025By Ko Dong-hwan
KGC's ginseng extract technologies shared at Growth Asia Summit
Companies

PHOTO Custom-built for FC Barcelona players

Seen above is a customized bus for FC Barcelona players, scheduled to visit Korea on Tuesday as part of their Asia tour. The bus features specially designed recliner seats for 20 passengers, each equipped with a massage function, leg rests and other comfort features. The bus will be used to transport the footballers during their stay in Korea, where they will play friendly matches against FC Seoul on Thursday in Seoul and FC Daegu on Aug. 4 in Daegu. Genesis BBQ, the friendly games' host, and DTCH GmbH, a bus customization company, jointly prepared the bus. Courtesy of Genesis BBQ

Jul 27, 2025By Ko Dong-hwanphoto
[PHOTO] Custom-built for FC Barcelona players
Banking & Finance

Banks on edge as president warns against 'easy profits' from mortgages

Banks are on high alert following President Lee Jae Myung's warning against relying on "easy profits" from mortgages, referring to their interest margin-driven business models, industry officials said Sunday. The timing of the president's call for a shift toward more productive financing adds to the pressure, as the four major financial groups — KB, Shinhan, Hana and Woori — posted a record-breaking combined net profit of over 10 trillion won ($7.2 billion) for the first half of the year, largely fueled by interest income. As political criticism grows over the banks' profit structures, calls for reform are intensifying. However, shifting focus to small and medium-sized enterprises (SMEs) and self-employed loans, as urged by the president, presents a dilemma for banks. Expanding such loans too aggressively could weaken key financial soundness indicators, potentially undermining their shareholder return strategies. During a meeting with his senior presidential secretaries last Thursday, Lee sharply criticized domestic financial institutions for their heavy reliance on interest income w

Jul 27, 2025By Jun Ji-hye
Banks on edge as president warns against 'easy profits' from mortgages
Business

Rice price hike feared amid climate threats

Rice prices in Korea are rising as domestic production is hit hard by extreme weather conditions. The increases are raising concerns among consumers who are already struggling with higher prices across a wide range of food products and at local restaurants. According to NongNet, an online agricultural produce information platform run by the Korea Agro-Fisheries & Food Trade Corp., the official retail price of a 20-kilogram bag of rice reached 60,112 won ($43.42) on Thursday. It was the first time this year the price surpassed 60,000 won. The figure has jumped 14 percent from the previous year, and is 16 percent higher compare to last year's average price. The price hike is attributable to low supply. Local wholesalers, which purchase rice directly from domestic producers, bought smaller volumes than last year, according to the Center for Agricultural Outlook under the Korea Rural Economic Institute (KREI). The agency said that from January to April, these wholesalers purchased a total of 157,000 tons, down 16,000 tons from the same period last year. The low supply is visible in volumes of

Jul 27, 2025By Ko Dong-hwan
Rice price hike feared amid climate threats
Companies

Court sides with Kolmar vice chair in feud over management rights

Kolmar Holdings, the holding firm of cosmetics and pharmaceutical manufacturer Kolmar Korea, will be allowed to hold a special shareholders’ meeting for its health supplement unit Kolmar BNH, signaling that the group’s management dispute is leaning in favor of Executive Vice Chairman Yoon Sang-hyun. According to Kolmar BNH’s regulatory filing on Sunday, the Daejeon District Court on Friday approved Kolmar Holdings’ request to hold the unit’s special shareholder meeting. In the ruling, the court said the holding firm may convene the shareholder meeting by Sept. 26 to vote on key issues, including Yoon’s appointment as a Kolmar BNH board member. Kolmar Holdings is led by Executive Vice Chairman Yoon, the eldest son of group founder and Chairman Yoon Dong-han, while Kolmar BNH is headed by younger sister, President Yoon Yea-won. The family has been locked in a dispute over the group’s managing rights since April, when Kolmar Holdings demanded Kolmar BNH hold a shareholder meeting to appoint additional board members, including Executive Vice Chairman Yoon, citing the unit’s p

Jul 27, 2025By Nam Hyun-woo
Court sides with Kolmar vice chair in feud over management rights
Banking & Finance

Major financial groups post record profits in H1 despite economic slowdown, rate cuts

Four major financial holding companies in Korea posted record earnings in the first half of this year despite economic uncertainties and declining interest rates, data showed Sunday. The combined net profit of KB Financial, Shinhan Financial, Hana Financial and Woori Financial totaled 10.33 trillion won ($7.47 billion) during the first six months of 2025, marking a 10.5 percent increase from the same period a year earlier, according to their regulatory filings. KB, Shinhan and Hana each posted double-digit on-year growth in net profit, setting new records for first-half earnings. In detail, KB saw its profit surge 23.8 percent on-year in the first half to 3.44 trillion won. Shinhan came in a distant second, reporting 3.04 trillion won in net profit, up 10.6 percent on-year. Hana Financial's net profit advanced 11.2 percent to 2.3 trillion won during the cited period. But Woori posted a decline in the first-half reading, with net profit falling 11.6 percent to 1.55 trillion won. The stellar performance was attributable to an increase in both interest and non-interest income. The four financi

Jul 27, 2025By Yonhap
Major financial groups post record profits in H1 despite economic slowdown, rate cuts
Companies

LG Electronics Q2 net income down 3.1% on rising costs

LG Electronics said Friday its second-quarter net profit declined amid rising logistics and tariff costs, despite outperforming market expectations. In a regulatory filing, the company posted a net profit of 609.7 billion won ($442.5 million) for the April-June period, down 3.1 percent from a year earlier. Its operating profit plunged 46.6 percent on-year to 639.4 billion won, and revenue decreased 4.4 percent to 20.73 trillion won. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 173.2 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. LG Electronics attributed the better-than-expected net profit to equity gains from affiliates. However, the company noted that waning demand in major markets and external challenges, including U.S. tariff uncertainties and intensifying competition, weighed heavily on its operating profit and sales. Rising costs, including logistics expenses, also affected overall profitability compared with the same period last year. Among its divisions, the home appliance and

Jul 25, 2025By Yonhap
LG Electronics Q2 net income down 3.1% on rising costs
Companies

Kia’s earnings hit by headwinds from US tariff

Kia reported a sharp decline in second-quarter earnings on expanded spending to cover a 25 percent tariff from the United States, the carmaker said Friday in a regulatory filing. Kia reported an operating profit of 2.76 trillion won ($2 billion) between April and June, down 24.1 percent from the previous year. Its sales, however, increased 6.5 percent to 29.34 trillion won during the same period because of robust demand for value-added eco-friendly vehicles. Kia’s earnings drop was widely expected, as Hyundai Motor also reported a double-digit earnings decline the previous day due largely to the same tariff shock. Both automakers rely heavily on the U.S., their largest export market. Kia expected global trade uncertainty to continue weighing on its earnings in the latter half of this year, an outlook that reflects the unresolved tariff negotiations between Seoul and Washington. After the U.S. on April 2 began imposing the tariff on all auto imports, Korea has engaged in rounds of trade talks with the U.S., but the two countries have yet to reach a consensus. The decline in Korean carmak

Jul 25, 2025By Lee Min-hyung
Kia’s earnings hit by headwinds from US tariff
Companies

POSCO boosts shareholder value by reshaping business portfolio

POSCO Group is ramping up efforts to maximize shareholder value and lay the foundation for sustainable growth with a renewed business focus on steel, secondary battery materials and new growth engines, the company said Friday. The realignment strategy, called 2 Core + New Engine, is aimed at strengthening its core businesses and securing new growth drivers amid growing trade uncertainties abroad. POSCO is pursuing a localized and end-to-end strategy by proactively responding to global trade barriers and establishing strategic footholds in markets with high growth potential and high returns. In October last year, POSCO clinched an agreement with India’s largest steelmaker, JSW Group, to jointly push for a fully integrated steel mill project. In April this year, the company also announced a joint investment plan in a steel plant in the United States by partnering with Hyundai Motor Group. At the time, the company signaled its plan to expand collaboration in both steel and battery materials. POSCO Group is also accelerating its carbon reduction efforts in response to rapid changes in the

Jul 25, 2025By Lee Min-hyung
POSCO boosts shareholder value by reshaping business portfolio
Tech & Science

Samsung SDI overwhelms rivals in gov't-led ESS deals

Samsung SDI has secured six of eight battery supply deals in a 1 trillion won ($726 million) project led by the Ministry of Trade, Industry and Energy to install energy storage systems (ESS) in Korea’s southern regions. According to industry officials on Friday, Samsung SDI was selected as the preferred bidder to supply its nickel-cobalt-aluminum (NCA) batteries to six facilities in South Jeolla Province’s Jindo, Goheung, Yeonggwang, Muan and Shinan counties. These facilities will have a combined capacity of 465 megawatts, or 2,574 megawatt-hours. The other two facilities, in Gwangyang, South Jeolla Province and on Jeju Island, will use lithium iron phosphate (LFP) batteries from LG Energy Solution (LGES). SK On did not win any orders this round. The outcome came as a surprise, given LGES' track record of winning most ESS bids. Because NCA batteries with higher energy densities are more expensive than LFP batteries, LGES had been expected to sweep most of the recent orders. However, the government reportedly favored Samsung SDI for its plan to manufacture most of the batteries for th

Jul 25, 2025By Park Jae-hyuk
Samsung SDI overwhelms rivals in gov't-led ESS deals
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