my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • 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
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

Tech & Science

Korea aims for global leadership in hyperloop technology despite late start

Korean hyperloop technologies, which currently lag behind early adopters such as the Netherlands, Germany, Japan and China, can advance significantly and position themselves to compete for global leadership in the emerging ultra-high-speed transport industry, according to Korean experts. Hypertube, Korea’s version of the next-generation magnetic levitation (maglev) transportation system, is considered essential for balanced economic growth nationwide by enabling ultra-fast mobility for both passengers and freight at speeds of 1,200 kilometers per hour or more. However, while Korea has just started with its project, China launched the world's first maglev train in Shanghai in 2004. It can now reach speeds of up to 600 km/h. In 2015, Japan saw its own maglev train reach speeds of 603 km/h and is currently building a rail connecting Tokyo and Nagoya with plans to open commercial service sometime after 2030. The Netherlands launched a hyperloop test course for Hardt Hyperloop in 2024, and Germany's TUV last year developed an initial hyperloop model. The Korean government launched a task f

May 5, 2025By Ko Dong-hwan
Korea aims for global leadership in hyperloop technology despite late start
Companies

Nearly 20 mil. SKT subscribers sign up for USIM Protection Service after data breach

SK Telecom said Sunday that nearly 20 million subscribers have signed up for its USIM Protection Service following a large-scale data breach. A total of 19.9 million people had registered for its USIM Protection Service as of Sunday morning, while 956,000 have already replaced their universal subscriber identity module (USIM) chips, SK Telecom said in a daily briefing. An additional 7.6 million subscribers have booked USIM replacements online. SK Telecom explained that the USIM Protection Service provides the same level of defense against illegal financial activities as physically replacing the USIM chip. The company detected a cyberattack on April 18 that showed signs of a large-scale leak of customer USIM data. In response, it offered free USIM replacements to all 25 million subscribers, including 2 million budget phone users, to prevent potential damage. The telecom provider also urged users to register for its USIM Protection Service. In a further step to enhance security, SK Telecom will temporarily suspend new subscriber sign-ups at its 2,600 retail stores nationwide, starting Monday.

May 4, 2025By Yonhap
Nearly 20 mil. SKT subscribers sign up for USIM Protection Service after data breach
Companies

Trump’s auto parts tariff feared to weaken Korea’s exports

The United States’ 25 percent auto parts tariff is feared to weigh heavily on Korea’s exports amid the growing strategic importance of the U.S. for local components manufacturers, according to data and industry officials on Tuesday. The U.S. is Korea’s largest auto parts trade partner. Korean vehicle components makers, particularly in areas such as batteries and electrified parts, face increased risks due to potentially shrinking demand from the world’s largest economy following the auto parts tariffs that took effect on Saturday, according to the Ministry of Industry, Trade and Energy. As of 1 p.m. Saturday (KST), the U.S. imposed a 25 percent tariff on imported auto parts including key components such as engines and transmissions. The U.S. administration announced relief measures on April 29, reducing duties for one year on car parts accounting for 15 percent of the value of a vehicle assembled in the United States. Korean auto parts companies' high exposure to the U.S. market is still stoking fears over potential losses. According to data from the Korea International Trade Ass

May 2, 2025By Lee Min-hyung
Trump’s auto parts tariff feared to weaken Korea’s exports
Companies

Renault Korea's April sales down 1.4% on weak exports

Renault Korea Motors, the Korean unit of Renault S.A., said Friday its sales fell 1.4 percent in April from a year earlier due to weaker exports. Renault Korea sold 10,427 vehicles last month, down from 10,572 units a year earlier, due to sluggish overseas demand, the company said in a press release. Domestic sales nearly tripled to 5,252 units from 1,780 during the cited period, while exports plunged 41 percent on-year to 5,175 units from 8,792. "Strong sales of the midsize Grand Koleos sport utility vehicle (SUV) and the coupe-style Arcana SUV (formerly known as the XM3) buoyed domestic results last month," the company said. From January to April, total sales rose 8.1 percent to 28,599 units from 26,453 in the same period last year. Domestic sales more than doubled to 18,850 vehicles from 7,271, while exports declined 49 percent to 9,749 from 19,182. Renault Korea's product lineup consists of the SM6 midsize sedan, QM6 sport utility vehicle, Grand Koleos SUV, Arcana SUV and the Master minivan.

May 2, 2025By Yonhap
Renault Korea's April sales down 1.4% on weak exports
Tech & Science

Korea's small satellite to join US Artemis II moon exploration program

Korea's small satellite designed to measure space radiation will take part in the Artemis II mission, a U.S.-led moon exploration program, the Korean space agency said Friday. Under an agreement between the Korea AeroSpace Administration (KASA) and the U.S. National Aeronautics and Space Administration (NASA), the K-RadCube, a Korean-made cube satellite, will be mounted on the Orion stage adapter, located between the Space Launch System (SLS) rocket and the crewed Orion spacecraft. The 19-kilogram satellite will monitor cosmic radiation and analyze its effects on astronauts as it passes through the Van Allen radiation belts, located more than 1,000 kilometers above Earth. The Korea Astronomy and Space Science Institute is leading the development project of the satellite in collaboration with a Korean space startup, Nara Space Technology Inc. KASA said it plans to deliver the satellite to NASA by July, ahead of its integration into the Orion spacecraft, which is scheduled to launch in April 2026. Artemis II is a planned mission under the NASA-led Artemis program and will mark the first cre

May 2, 2025By Yonhap
Korea's small satellite to join US Artemis II moon exploration program
Companies

SK Telecom draws backlash for ‘partially accepting’ sales suspension order

SK Telecom has come under continued public backlash for “partially accepting” a sales suspension order regarding its customer data leak. The company said Friday it will stop attracting new subscribers for its T world stores starting no later than Monday, following an administrative guidance issued by the Ministry of Science and ICT on Thursday. The telecom firm is facing its worst-ever crisis after it reported a leak discovered April 18 of its customers’ universal subscriber identity module (USIM) information. The incident tarnished the firm’s image as the most influential mobile carrier here. The company is taking flak for deciding not to block sales activities on other retail and online sales channels not controlled by its headquarters, despite doing so for some 2,600 T world stores nationwide. Any losses from T world stores will be compensated by SK Telecom, the company said. “We reached an internal conclusion not to demand stores, which have not signed any direct contract with SK Telecom, to stop their sales activities,” SK Telecom CEO Ryu Young-sang told reporters during

May 2, 2025By Lee Min-hyung
SK Telecom draws backlash for ‘partially accepting’ sales suspension order
Companies

Woori Financial gets conditional approval to take over 2 life insurers

Woori Financial Group got regulatory approval on Friday for the takeovers of two life insurance companies, on condition that the group faithfully implements its planned measures aimed at strengthening its internal control. The Financial Services Commission (FSC), the country's financial regulator, approved Woori Financial's takeovers of Tongyang Life Insurance and ABL Life Insurance, for a combined 1.54 trillion won ($1.07 billion), paving the way for the financial holding firm to expand its business portfolio. In August, Woori Financial inked deals to take over a 75.34 percent in Tongyang Life for 1.28 trillion won and wholly acquire ABL Life for 265 billion won. Tongyang Life was the country's sixth-largest life insurer with 33 trillion won worth of assets in 2023. ABL Life ranked ninth with 17 trillion won in assets. The FSC said its evaluation showed Woori Financial's management failed to meet regulatory requirements, but conditioned that the takeover be subject to the banking group's steps to improve its internal control as planned. Woori Financial is required to carry out its commit

May 2, 2025By Yonhap
Woori Financial gets conditional approval to take over 2 life insurers
Companies

ExclusiveKyiv urges Seoul to tighten controls on DN Solutions' CNC equipment reaching Russian military

DN Solutions, Korea's leading machine tools manufacturer, has drawn criticism from the Ukrainian government for alleged negligence in preventing Chinese distributors from re-exporting its computer numerical control (CNC) equipment to Russia for military use. Describing Korea as a partner in preventing sanctions circumvention, Ukraine also called for cooperation between the two governments on the matter. "In the field of high-tech exports, responsibility is increasingly defined not only by direct contractual relationships but also by the strength of a company's internal oversight of its distribution channels," Vladyslav Vlasiuk, sanctions commissioner for Ukrainian President Volodymyr Zelenskyy, told The Korea Times in a recent written interview. "When equipment repeatedly ends up in a sanctioned jurisdiction — even indirectly — this reasonably warrants an internal review," he said. His remarks followed a recent investigation by the Economic Security Council of Ukraine (ESCU) into Russia's imports of Korean, Japanese and Taiwanese CNC machines via China. ESCU, established in 2021 to co

May 2, 2025By Park Jae-hyuk
Kyiv urges Seoul to tighten controls on DN Solutions' CNC equipment reaching Russian military
Companies

Grand Korea Leisure holds strategy meeting amid rising cyber threats

Grand Korea Leisure (GKL) said Friday it held a strategy meeting on information security in response to increasingly sophisticated cyber threats, including a recent large-scale data breach involving SK Telecom. The meeting, attended by GKL President Yoon Doo-hyun and key personnel from company headquarters and its three business sites, focused on strengthening the company's cybersecurity posture. The agenda included improving procedures for preventing and responding to cyber incidents, enhancing the management of access records to personal information, restructuring the authority management system for storage devices such as USB hardware and reviewing collaboration systems between the headquarters and branch offices. “Information security is not merely a technical issue, but the last line of defense in maintaining public trust,” Yoon said. “Even a single incident can damage the organization’s reputation, so all employees must remain security-conscious and respond collectively.” Looking ahead, GKL plans to not only upgrade its systems, but also to strengthen internal security tr

May 2, 2025By Kang Seung-woo
Grand Korea Leisure holds strategy meeting amid rising cyber threats
Companies

Sales of Hyundai, Kia in US rise 16% in April

Hyundai Motor and its smaller affiliate Kia said Friday their combined vehicle sales in the United States surged 16 percent in April from a year earlier, driven by strong demand for sport utility vehicles (SUVs). Hyundai and Kia sold a total of 162,615 vehicles in the U.S. last month, up from 139,865 units a year ago, according to the companies' sales data. Hyundai's vehicle sales jumped 19 percent to 81,503 units from 74,111 over the cited period, while those of Kia advanced 14 percent to 74,805 from 65,754. Hyundai's sales figures include those of its independent luxury brand, Genesis. Strong sales of Hyundai's Palisade and Santa Fe, as well as Kia's Telluride and Sportage SUV models contributed to the robust monthly performance. "Reporting sales records for seven consecutive months has bolstered the Kia brand even more and we remain dedicated to further strengthening our product lineup and enhancing customer satisfaction through ongoing innovation," Eric Watson, vice president in charge of sales operations at Kia America, said in a press release. To that end, Kia has officially begun pr

May 2, 2025By Yonhap
Sales of Hyundai, Kia in US rise 16% in April
previous page
497498499500501
next page

Most Read in Business