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  • Companies

    Will Homeplus liquidation decision be postponed again?

    Homeplus has submitted an amended rehabilitation plan just three days before a court deadline, but its failure to secure a crucial 200 billion won ($129 million) capital injection is increasing uncertainty over whether the troubled retailer will face liquidation, industry sources said Wednesday. The Seoul Bankruptcy Court will now assess the feasibility of the revised proposal to determine whether to continue with rescue proceedings or dissolve the company. Although the current deadline expires this Friday, expectations are rising that the court will defer the date once more to review the new submission. The country’s second-largest retail chain, controlled by private equity firm MBK Partners, filed for corporate rehabilitation on March 4 last year after struggling with financial difficulties and facing credit rating downgrades. The original deadline for court approval of its rehabilitation plan was March 4 this year, but the court first extended it to May 4 before granting an additional extension until this Friday. Bankruptcy law dictates that a rehabilitation scheme must receive appr

    3 MIN READBy Jun Ji-hye
    Will Homeplus liquidation decision be postponed again?
  • Tech & Science

    SK hynix finishes filing for US depositary share offering

    2 MIN READBy Nam Hyun-woo
    SK hynix finishes filing for US depositary share offering
  • Companies

    Renault Korea's June sales plunge 45 % on weak demand

    1 MIN READBy Yonhap
    Renault Korea's June sales plunge 45 % on weak demand
  • Companies

    GM Korea's June sales rise 6.6% on robust overseas demand

    1 MIN READBy Yonhap
    GM Korea's June sales rise 6.6% on robust overseas demand
  • Companies

    Hyundai Motor's global sales down in June on weaker demand

    1 MIN READBy Yonhap
    Hyundai Motor's global sales down in June on weaker demand
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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

Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project

Hyundai Rotem, a Korean railway and defense systems company, said Thursday it has won a 420 billion won ($298.1 million) contract to supply automated trains for a subway project in Taiwan. Under the deal with the city government of Taichung, Taiwan's second-largest city with a population of about 2.8 million, Hyundai Rotem will supply fully automated trains with cutting-edge technology for the city's blue subway line. A single three-car trainset will be able to carry up to 530 passengers at a maximum operating speed of 80 kilometers per hour. It will use lightweight aluminum bodies to increase durability while reducing vehicle weight, thus improving energy efficiency, The blue line is the second of four planned metro lines in the city, spanning 24.78 kilometers with 20 stations. The line is expected to significantly improve commutes for local office workers and students. Hyundai Rotem said its successful track record in Taiwan has contributed to its bid success, following previous projects, such as supplying trains for Taiwan Railways, the Kaohsiung Red Line and Taipei Metro. "A series of

May 15, 2025By Yonhap
Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project
Others

Container shipping costs on Korea-US West Coast route fall for 3rd month in April

Container shipping costs from Korea to the western part of the United States fell for the third consecutive month in April, the customs agency said Thursday. The average shipping cost for a 40-foot container from Korea to the U.S. West Coast dropped 6.8 percent from a month earlier to 5.76 million won ($4,080) last month, according to data from the Korea Customs Service. Shipping costs to the U.S. East Coast, on the other hand, gained 3.2 percent to 5.57 million won during the same period. Average shipping costs from Korea to the European Union fell 8.6 percent on-month in April to 3.97 million won, marking the fourth consecutive month of decline. Shipping costs to China fell 9.8 percent to 748,000 won, while those on the Korea–Japan route gained 2.5 percent to 742,000 won in March. The figures include freight rates, commissions and other related charges reported by local exporters, the agency said.

May 15, 2025By Yonhap
Container shipping costs on Korea-US West Coast route fall for 3rd month in April
Companies

Battery makers see proposed US tax credit repeal as opportunity

Korean electric vehicle (EV) battery manufacturers have denied concerns that their profits may decline further as a result of the United States House Republicans' latest proposals to phase out former Democratic President Joe Biden's clean energy tax credits earlier than scheduled. Citing the expanded statutory definition of "foreign entity of concern (FEOC)" under the proposed amendment to the Inflation Reduction Act (IRA), manufacturers here claimed that the bill may allow them to gain an upper hand over their Chinese competitors in the U.S. market. The proposals include a new definition of a "prohibited foreign entity," which refers to a "foreign-influenced entity" or a "specified foreign entity," including companies identified as Chinese military firms operating in the U.S. According to the proposed amendment, credits will be disallowed to such entities after a two-year grace period. Companies sourcing components and minerals from those entities will also be excluded from subsidies. "The proposals will strengthen regulations on FEOC including China," a Korean battery industry official

May 15, 2025By Park Jae-hyuk
Battery makers see proposed US tax credit repeal as opportunity
Companies

Solar vs. nuclear: Rival candidates float contrasting energy policies

The June 3 presidential election is considered critical to the Korean energy industry, given the stark contrast between the two leading candidates' views on how best to generate electricity. Lee Jae-myung of the Democratic Party of Korea (DPK) has pledged to inherit a large part of former liberal President Moon Jae-in's policies aimed at boosting solar power. Kim Moon-soo of the People Power Party (PPP), by contrast, has aligned with former conservative President Yoon Suk Yeol's legacy by promising to maintain a heavy reliance on nuclear energy. The DPK candidate outlined his energy policies in his climate crisis response plan, which he ranked as the 10th-most important among his top 10 campaign pledges. To accelerate the transition to renewables, the current front-runner in the presidential race vowed to shut down all coal-fired power plants by 2040 and build more solar farms in farming villages, aiming to help older residents increase their incomes. He also said his administration will ease regulations on the required distances between solar panels — a move long requested by Hanwha an

May 15, 2025By Park Jae-hyuk
Solar vs. nuclear: Rival candidates float contrasting energy policies
Companies

Fears over Trump's drug price cuts overblown but risks remain for Korean biotechs

U.S. President Donald Trump sent jitters through Korea’s biotechnology industry by announcing plans for drug price cuts of up to 90 percent. The announcement dragged down shares of major Korean biotech firms amid fears over the potential impact, but the actual executive order he signed Monday (local time) is now prompting views that those concerns may have been overblown. Resurrecting a drug price policy from his first term, Trump signed an executive order centered on a “Most-Favored-Nation” pricing model, which would require drugmakers to lower prices to match those paid in other countries. Pharmaceutical companies have been given a 30-day window to voluntarily reduce their prices. The order also allows patients and hospitals to purchase drugs directly from manufacturers, bypassing intermediaries such as pharmacy benefit managers and insurers. However, analysts have raised questions over the order’s feasibility, pointing out the lack of detailed implementation measures and legal grounds to support Trump’s claim that the policy could cut prices by up to 90 percent. “While th

May 15, 2025By Nam Hyun-woo
Fears over Trump's drug price cuts overblown but risks remain for Korean biotechs
Tech & Science

SK in damage-control mode after data breach, sets up new committee

SK Group said Wednesday it has established the Information Security Innovation Committee (ISIC), which includes external experts, as part of its attempt to contain the fallout from a major data breach at its mobile carrier unit, SK Telecom. ISIC, which will act as an independent organization, will become the ninth committee of the SUPEX Council, SK’s highest consultative panel serving as the group's control tower. The newest committee has invited experts across academia and industry and is designated to detect and prevent security risks, and strengthen security across its subsidiaries, the group said. Chey Chang-won, chairman of the SUPEX Council, will head the new committee, with key SK Group affiliates, including SK Corp., SK Innovation, SK hynix and SK Telecom, participating. Professor Kwon Hun-yeong of Korea University, former chairman of the Presidential Committee on the Digital Platform Government, will serve as the chairman of the external advisory. The committee also includes prominent experts in information security and cybersecurity, such as Professor Choi Kyung-jin of Gachon

May 14, 2025By Lee Gyu-lee
SK in damage-control mode after data breach, sets up new committee
Companies

Otoki to invest $40 mil. in US subsidiary

Otoki, a major Korean food company, said Wednesday it will invest 56.5 billion won ($40 million) in its U.S. subsidiary to strengthen its presence in the American market. Otoki, formerly known as Ottogi, said in a regulatory filing that it plans to purchase 400,000 shares of Otoki America Holdings on June 27. "The U.S. subsidiary is wholly owned by Otoki, and it will issue 400,000 shares next month," a company spokesperson said. In March, the company announced a target for overseas sales of 1.1 trillion won by 2030, nearly triple the 361.4 billion won it posted in 2024. Overseas sales in 2024 accounted for about 10 percent of the company's overall sales of 3.54 trillion won. To help achieve its 2030 target, Otoki plans to complete a global logistics center in Korea by April next year and build a ramyeon plant in the United States by 2027. Otoki, best known for its Jin Ramen product, currently operates several domestic logistics centers and production facilities in Korea, Vietnam and New Zealand.

May 14, 2025By Yonhap
Otoki to invest $40 mil. in US subsidiary
2025 Presidential Election

US biz lobby rises as platform for presidential election campaigns

"A non-political, non-partisan organization" is how American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim frequently describes the largest foreign chamber here, especially when he meets with Korean politicians. The Korean American chief of the business lobby that represents U.S. firms doing business here is likely to use that expression more often this month, as presidential candidates have lined up to hold meetings with the organization in response to growing voter attention to U.S. President Donald Trump's protectionist trade policies. Kim Moon-soo, the presidential candidate of the conservative People Power Party (PPP), is scheduled to join a special luncheon with AMCHAM next Monday. According to his submission to the National Election Commission, one of his most important election pledges is an immediate summit with Trump for a package deal over tariffs. "This timely event will provide a rare opportunity to hear firsthand from candidate Kim about his policy vision, priorities for strengthening U.S.-Korea relations and key areas for bilateral industrial and economic coope

May 14, 2025By Park Jae-hyuk
US biz lobby rises as platform for presidential election campaigns
  • Gender equality policies virtually absent in presidential race
Tech & Science

Kakao Entertainment shuts down major piracy site

Kakao Entertainment has shut down Reaper Scans, one of the biggest English-language webtoon and web novel piracy sites, the company said Wednesday. The company’s P.CoK, a team dedicated to countering piracy, has successfully led the site to halt operation last Friday, using its special technology to identify the proprietary operator. Reaper Scans is one of the biggest sites that illegally distributed Korean webtoons and web novels for six years, garnering an average of 10 million user visits per month. Its Discord channel had approximately 95,000 subscribers. It has been known to operate with its own professional groups for high-quality, unauthorized translations, resulting in a large number of frequent users and secondary distribution of its illegally translated content. The piracy site regularly updated content and generated revenue through opening sponsorship channels and running advertisements. At one point, it even charged users to view its content. Through investigations and database comparisons since 2022, P.CoK recently succeeded in identifying three operators in the United Stat

May 14, 2025By Lee Gyu-lee
Kakao Entertainment shuts down major piracy site
Companies

Czech envoy reaffirms Korea’s role in Dukovany nuclear reactors project despite legal challenge

The Czech Republic's government remains committed to its agreement with a Korean state-run company to build new reactors at the Dukovany nuclear power plant, despite a recent lawsuit filed by a French company apparently seeking to get the deal canceled, according to its envoy. Czech Ambassador to Korea Ivan Jancarek said Wednesday that the deal is crucial for his country’s energy security and that the government cannot afford to delay the project by canceling the agreement with Korea Hydro & Nuclear Power (KHNP). Jancarek called the lawsuit filed by EDF last week in a Czech regional court a "bump on the road." “It might have been expected, you know, this kind of bump,” the ambassador told The Korea Times at his office in Seoul. “But this is a deal we should proceed, and I’m sure it will proceed.” The "bump" occurred on May 7, as a Korean delegation — including the ministers of energy and infrastructure, as well as lawmakers — was heading to Prague to sign the 26 trillion won ($18.6 billion) deal to build two reactors at the Dukovany power plant. EDF asked the court to revi

May 14, 2025By Ko Dong-hwan
Czech envoy reaffirms Korea’s role in Dukovany nuclear reactors project despite legal challenge
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