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  • Companies

    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

    InterviewSelling experiences, not volume, key for Pernod Ricard

    4 MIN READBy Ko Dong-hwan
    Selling experiences, not volume, key for Pernod Ricard
  • Others

    Weak won, K-beauty fuel Chinese shopping trips, spending in Korea

    4 MIN READBy Yulu Ao
    Weak won, K-beauty fuel Chinese shopping trips, spending in Korea
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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

LG Energy Solution posts Q2 profit without US tax credits

LG Energy Solution is expected to post an operating profit in the second quarter without relying on U.S. tax benefits, driven by strong battery sales in the United States, the nation’s leading battery maker said Monday. Operating profit likely surged to 492.2 billion won ($361.2 million) from April to June, up 195.3 billion won from a year earlier, despite a 9.7 percent drop in revenue to 5.56 trillion won from 6.16 trillion won amid an overall slowdown in electric vehicle (EV) sales. The turnaround is especially notable as the projected profit excludes tax credits from the U.S. Inflation Reduction Act. The company has benefited from the law’s Advanced Manufacturing Production Credit (AMPC). Tax benefits received under the AMPC amounted to 490.8 billion won in the second quarter. Excluding the AMPC credits, the company’s operating profit stood at 1.4 billion won — the first time it has posted a profit without the subsidies since the fourth quarter of 2023, when it logged 88.1 billion won. “Increased shipments of battery products for our customers, including Hyundai Motor, Kia a

Jul 7, 2025By Park Jae-hyuk
LG Energy Solution posts Q2 profit without US tax credits
Companies

EVs poised to go mainstream in Korea

Electric vehicles (EVs) are on track to become part of the mainstream in Korea’s imported car market, as they rapidly widen an unexpected sales gap, surpassing those of petrol cars. The trend is picking up steam as Korean customers jump into the global auto paradigm shift driven by electrification. For now, hybrids stand at the top as the most sought-after powertrain here as cars powered by gasoline engines are losing their glory amid the rise of eco-friendly mobility. According to data from the Korea Automobile Importers & Distributors Association (KAIDA), EVs accounted for 23.5 percent among the nation’s newly registered imported cars in the first half of this year, outnumbering gasoline cars for the first time ever. The share for petrol cars was 14.6 percent during the same period. This is an unexpected twist, as gasoline cars were considered mainstream just two years earlier. They accounted for almost half of all imported car sales in the first half of 2023, while EVs amounted to only 7.7 percent. The rapid rise of EVs was primarily driven by Tesla. The EV maker has sold some 19,

Jul 7, 2025By Lee Min-hyung
EVs poised to go mainstream in Korea
Banking & Finance

Banks tilted toward conglomerates in loan business over tightened household lending rule

Major commercial banks are focusing more on conglomerates over households to secure revenues for their loan business, a result of pressure to reduce loans for private households. The data compiled by five biggest lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — showed their combined outstanding balance in loans for large corporations totaled at 165.65 trillion won ($121.31 billion) last month, up 4.6 percent from December 2024. The net increase averaged 1.21 trillion won per month over the corresponding six months. “Such an increase marks a turnaround in corporate loan business, considering the amount was on a downward trend previously,” an industry official said. He noted the five lenders’ aggregate outstanding balance in loans for conglomerates amounted to 158.39 trillion won in December 2024. The figure represented a 0.3 percent decline from June 2024, and a net decrease of 80 billion won per month on average over the six months. Officials said the lenders are expanding loans for large businesses, as they are regarded as a reliable source of income at a time when f

Jul 7, 2025By Yi Whan-woo
Banks tilted toward conglomerates in loan business over tightened household lending rule
Companies

Samsung Heavy wins $637 mil. offshore facility deal in Africa

Samsung Heavy Industries, a major Korean shipbuilder, said Monday it has secured a deal worth 869.4 billion won ($637 million) to build an offshore production facility in Africa. Samsung Heavy signed an initial contract with a European shipping company operating in Africa to construct a floating liquefied natural gas (LNG) production facility in Mozambique, the company said in a press release. The final agreement will be signed at a later date, a company spokesperson said. "Countries have shown increased interest in energy security following the Russia-Ukraine war, and investments in offshore energy production facilities are expected to grow amid U.S. President Donald Trump's shifting energy policies," the company said. Samsung Heavy aims to win one to two offshore energy production facility orders annually in global markets. So far this year, the company has secured $3.3 billion worth of orders, achieving 34 percent of its annual target of $9.8 billion. Last year, it obtained $7.3 billion in orders. The shipbuilder's order backlog stood at $26.5 billion as of the end of June, enough to ke

Jul 7, 2025By Yonhap
Samsung Heavy wins $637 mil. offshore facility deal in Africa
Companies

Hyundai, Kia face pressure to hike prices amid US tariff impact

Amid widespread forecasts of double-digit declines in second-quarter operating profit, speculation is growing that Hyundai Motor and Kia may need to consider raising their prices in the United States to offset potential earnings losses caused by the country’s 25 percent auto tariff. Supporting this speculation is the likelihood of an even larger profit decline in the following quarter, driven by shrinking U.S. inventory that has stopped them from raising prices so far. Korean auto exports to the U.S. have been subject to a 25 percent tariff since early April, with Seoul currently in talks with Washington seeking an exemption or a reduction in the rate. According to data from market tracker FnGuide, Hyundai Motor is estimated to have chalked up an operating profit of 3.63 trillion won ($2.66 billion) between April and June, down 15.1 percent from a year earlier. Kia operating profit is also forecast to have dropped by 13.7 percent to 3.14 trillion won during the same period. In response to the auto tariff, both firms have resorted to sales of vehicles already stocked in the U.S. to main

Jul 6, 2025By Lee Min-hyung
Hyundai, Kia face pressure to hike prices amid US tariff impact
Companies

Fried chicken price war heats up among discount retailers

The country’s largest superstore chains are locking horns over discounted fried chicken, slashing prices to 5,000 won ($3.66) or less — a price unseen in decades. The promotion, a runaway hit for Emart, Homeplus and Lotte Mart, reflects a broader trend in Korea’s retail food market, where persistent price hikes over the past year have driven consumers to seek more affordable options. Fried chicken, a popular item for dine-in, takeout and delivery, has been no exception to inflation. By offering the discount, companies are striving to attract customers who have increasingly been spending less amid rising living costs. Lotte Mart, a discount chain brand of Lotte Group’s retail subsidiary Lotte Shopping, launched a weeklong discount starting June 26, selling a bucket of fried chicken for 5,000 won. Lotte Mart sold approximately 100,000 fried chickens during the event at their 110 stores nationwide, seeing long queues of visitors. Emart, the retail arm of Shinsegae Group and the largest among the three major chains with more than 150 stores, offered fried chicken for 3,480 won ($2.5

Jul 6, 2025By Ko Dong-hwan
Fried chicken price war heats up among discount retailers
Others

Korea pulls out all stops to delay Trump’s reciprocal tariffs

Korea has dispatched its trade minister and national security adviser to Washington in a concerted diplomatic push to persuade the Donald Trump administration to extend a pause on "reciprocal" tariffs, as the 90-day grace period is set to expire on July 8. Trade Minister Yeo Han-koo, who arrived in Washington just one week after his previous trip, held talks with U.S. Trade Representative Jamieson Greer on Saturday (local time), while National Security Adviser Wi Sung-lac departed for the U.S. capital Sunday. Their visits come amid rising concern in Seoul, as Trump said he had signed letters to 12 countries detailing the tariff levels their exports to the United States would face. However, speaking to reporters ahead of his meeting with Greer, Yeo expressed optimism that the Trump administration may extend the pause, saying that it would be difficult to reach a full-fledged trade deal within the three days remaining before the deadline, though he did not rule out the possibility of reaching a broad agreement in principle. "Even if the U.S. unveils a new reciprocal tariff rate for Korea a

Jul 6, 2025By Park Jae-hyuk
Korea pulls out all stops to delay Trump’s reciprocal tariffs
Companies

LG Electronics to work with Saudi Arabia to develop HVAC solutions for high-temperature regions

LG Electronics, Korea's leading home appliance maker, said Sunday it will join hands with Saudi Arabia to develop heating, ventilation and air conditioning (HVAC) solutions for regions prone to extreme heat. LG Electronics has decided to conduct a joint research project on developing HVAC technologies that deliver high-efficiency and high-performance even under extremely high temperatures with Saudi's major home appliances company Shaker Group and researchers from King Saud University in Riyadh and Pusan National University in Korea's southeastern city of Busan, according to company officials. Under the joint project, LG Electronics will provide system air conditioners for commercial use and households in the Middle Eastern country, which will be installed and operated by Shaker Group. In detail, the Korean company plans to test its engine powered by artificial intelligence (AI), which can increase energy efficiency by automatically controlling air conditioning in line with the temperature. "This collaboration will serve as an opportunity for us to further strengthen our capabilities in

Jul 6, 2025By Yonhap
LG Electronics to work with Saudi Arabia to develop HVAC solutions for high-temperature regions
Companies

HD Hyundai joins hands with India's largest shipyard

HD Hyundai announced Sunday that HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing the group’s shipbuilding operations, has recently signed a memorandum of understanding with Cochin Shipyard, India’s largest state-owned shipbuilder, to pursue long-term cooperation. Located in Kerala in southern India, Cochin Shipyard boasts extensive capabilities in the design, construction and repair of vessels ranging from commercial ships to aircraft carriers. Over the past five years, it has delivered 70 vessels, including 60 small commercial ships and 10 naval vessels. According to HD Hyundai, the agreement with Cochin Shipyard aims to foster strategic cooperation in several areas, including design and procurement support, technical collaboration to boost productivity and ensure global quality standards, and workforce development through enhanced training systems. The two companies have also agreed to jointly seek new shipbuilding orders in both Indian and international markets. Their partnership aligns with India’s maritime development strategies, such

Jul 6, 2025By Park Jae-hyuk
HD Hyundai joins hands with India's largest shipyard
Companies

Louis Vuitton Korea says systems breach led to customer data leak

SEOUL ― A systems breach at Louis Vuitton Korea in June led to the leak of some of customer data including contact information, but did not involve customers' financial information, the luxury brand's South Korea unit said on Friday. "We regret to inform that an unauthorized third party temporarily accessed our system resulting in the leak of some customer information," the unit said in a statement. The company became aware of the breach on Wednesday and had notified government authorities, the statement said. Measures had been taken to contain the breach and to boost system security, it added. The South Korean units of two other labels, Christian Dior Couture and Tiffany, under the world's largest luxury group, have been under government investigations since May for customer data leaks they reported earlier in the year, according to the country's Personal Information Protection Commission.

Jul 4, 2025By Reuters
Louis Vuitton Korea says systems breach led to customer data leak
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