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    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?
  • 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
  • Companies

    JoongAng Ilbo puts controlling rights up for sale amid creditor workout

    1 MIN READBy Jung Min-ho
    JoongAng Ilbo puts controlling rights up for sale amid creditor workout
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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

Jeju Air to launch new route to Hakodate, expand other Japanese services

Jeju Air said Thursday it will launch a new route to Hakodate, Japan, next month to expand its service network to the neighboring country amid growing summer travel demand. The Korean low-cost carrier will begin operations on the Incheon-Hakodate route with two weekly flights starting June 5 and later increase the frequency to four flights per week beginning July 1. Hakodate is one of the main cities on Hokkaido, Japan's northernmost island. The airline noted the city's mild summer climate makes it an ideal destination for outdoor activities, such as golf and hiking. Jeju Air said it also plans to expand its flight frequency on other Japanese routes in the coming months, including those to Fukuoka, Hiroshima and Osaka, to enhance travel convenience for passengers.

May 1, 2025By Yonhap
Jeju Air to launch new route to Hakodate, expand other Japanese services
Companies

Dongwon F&B expands global presence with Korean-style prepared meals

Dongwon F&B is solidifying its status as the leading producer of Korean-style prepared meals with its Yangban home meal replacement brand. During the 2025 New York Festivals Korea-National Brand Awards last month, the food and beverage maker won the grand award in the Korean-style home meal replacement category, demonstrating growing brand awareness for Yangban. New York Festivals, the organizer of one of the world's most renowned advertising awards, hosts the Korea-National Brand Awards to select the most valuable and competitive brands in the country. "We will continue to develop globally popular K-foods and export them, so that Yangban can become the global No. 1 Korean food brand," a Dongwon F&B official said. Dongwon F&B has produced various Korean-style prepared meals under the Yangban brand since 1986 when the company launched Yangban Gim, Korea's leading seasoned seaweed brand. The company emphasized that its high-quality seasoned seaweed is now sold in more than 30 countries, including Japan, Thailand and the United States. Since receiving Halal certification in 2016, Dongwon F&B

May 1, 2025By Park Jae-hyuk
Dongwon F&B expands global presence with Korean-style prepared meals
Companies

Olive Young to promote K-beauty at PGA’s Byron Nelson tournament

CJ Olive Young, Korea’s largest beauty and health care product retailer, said Thursday it will participate as a booth sponsor at the CJ Cup Byron Nelson golf tournament, which runs until Sunday at TPC Craig Ranch in Texas. Visitors to the tournament will have access to the fan village between Wednesday and Sunday, where Olive Young will host engaging beauty experiences for U.S. consumers. Olive Young said it will introduce its popular private label brands including BIOHEAL BOH, BRINGGREEN, and colorgram at the dedicated Olive Young Zone. The featured products are bestsellers currently available on Olive Young Global, highlighting the brand’s growing presence in the North American market. In addition to products, Olive Young will offer an interactive giveaway event for booth visitors. Guests who sign up for the Olive Young Global app and share their photo booth experience on-site will receive a special beauty gift. The Olive Young Global app and website operate across more than 150 countries, offering over 10,000 products for 2.4 million users. The CJ Cup Byron Nelson has been offering

May 1, 2025By Nam Hyun-woo
Olive Young to promote K-beauty at PGA’s Byron Nelson tournament
Companies

Samsung to support foreign language speaking test fees for DX division employees

Samsung Electronics will support the cost of foreign language speaking proficiency exams for employees in its Device Experience (DX) division, a move aimed at strengthening the company's global competencies, industry sources said Thursday. According to the sources, the company announced this week that it will reimburse test fees for up to two language exams per year for all employees in the division, covering tests for foreign languages, including English, Vietnamese, Russian, Spanish, Chinese and Japanese, as well as Korean. The program will begin in June, with employees able to apply through the company's internal language testing platform. The move is seen as part of Samsung Chairman Lee Jae-yong's emphasis on global competency for company employees. In a meeting with newly hired employees in February 2023, Lee said he regretted not studying foreign languages more, noting that he makes an effort to retain his English and Japanese proficiency.

May 1, 2025By Yonhap
Samsung to support foreign language speaking test fees for DX division employees
Companies

Trump says he heard Samsung will build 'massive' production facilities in US

U.S. President Donald Trump said Wednesday he heard that South Korean conglomerate Samsung Electronics will construct "massive" facilities in the United States because of his tariffs, as he enumerated his policy achievements made during his first 100 days in office. Trump made the remarks during a Cabinet meeting, as he defended his tariff policy following a Commerce Department report that U.S. gross domestic product fell at an annual rate of 0.3 percent in the first three months of the year. "I heard Samsung is now, because of tariffs, they are going to build massive facilities in the United States," Trump said during the meeting at the White House. "If we didn't do the tariffs, they wouldn't be doing that." Trump also mentioned Samsung during an event involving business leaders with plans to invest in the U.S. "Even Samsung whose name isn't mentioned here, but I heard that they announced this morning that they're going to be building a very big plant because they want to be able to beat the tariffs," he said. "It's the only way to beat them." His remarks came after Samsung Electronics s

May 1, 2025By Yonhap
Trump says he heard Samsung will build 'massive' production facilities in US
Companies

Korea wins $18 bil. deal to build Czech nuclear power plant

The Czech Republic has made a final decision to sign a contract with Korea Hydro & Nuclear Power (KHNP) on May 7 for the construction of two nuclear reactors at the Dukovany Nuclear Power Plant, Korea’s Ministry of Trade, Industry and Energy said, Wednesday. The Czech government held a Cabinet meeting on the day and approved the project, which is valued at 400 billion Czech koruna ($18 billion). The decision follows the Czech Republic’s selection of KHNP as the preferred bidder for the Dukovany project in July 2024. It marks Korea's second nuclear power plant export, following the 2009 Barakah project in the United Arab Emirates. The Korean ministry welcomed the Czech government’s decision to move forward with the deal and confirmed that the two countries are now coordinating the details for a joint signing ceremony. The project was tendered in 2022 by Elektrarna Dukovany II, a subsidiary of the state-run utility company CEZ Group. KHNP and France’s EDF were shortlisted as the final bidders. Initially, U.S. nuclear technology firm Westinghouse, which was excluded from the final bi

Apr 30, 2025By Ko Dong-hwan
Korea wins $18 bil. deal to build Czech nuclear power plant
Companies

Korea should show more commitment to US trade: ex-trade official

Korea should “keep demonstrating its commitment" to cooperate and work with the United States in major trade areas, such as shipbuilding, semiconductors and energy, until both sides agree to a so-called July package deal, Wendy Cutler, a former top U.S. trade negotiator, said during an interview Wednesday. “I think it is extremely important that Korea continues doing what it has been doing and demonstrates to the U.S. that it is prepared to cooperate and work on the major issues,” she told The Korea Times. “Korea has a lot to offer in the ongoing negotiation.” The remarks came amid growing trade uncertainties in the era of President Donald Trump, as he pushes for provocative trade policies against U.S. allies after taking office in January. Cutler served as a chief negotiator from the U.S. side during the Korea-U.S. Free Trade Agreement (KORUS FTA) in 2007. She is now vice president at the Asia Society Policy Institute. Another round of a major trade negotiations between Korea and the U.S. is underway. A particular concern for Korea is how to receive U.S. tariff exemptions for

Apr 30, 2025By Lee Min-hyung
Korea should show more commitment to US trade: ex-trade official
Companies

US Navy chief's visit adds fuel to HD Hyundai-Hanwha shipbuilding rivalry

Competition between the heirs of HD Hyundai and Hanwha heated up as U.S. Navy Secretary John Phelan visited the two conglomerates' shipyards in the southeast of Korea on Wednesday. According to industry officials, HD Hyundai Executive Vice Chairman Chung Ki-sun and Hanwha Group Vice Chairman Kim Dong-kwan personally showcased their respective shipyards' capabilities during Phelan's visits to discuss cooperation in reviving his country's naval shipbuilding. Last year, Chung also hosted then-U.S. Navy Secretary Carlos Del Toro at HD Hyundai Heavy Industries' shipyard in Ulsan. Kim reportedly rushed to Geoje Island, home to Hanwha Ocean's shipyard, after meeting Donald Trump Jr., the U.S. president's oldest son, earlier that day in Seoul. The shipbuilding rivals are believed to have sought not only maintenance, repair and overhaul (MRO) contracts, but also new construction orders from one of their most important potential clients. Both companies have worked to expand their presence in the U.S. shipbuilding market, as the Donald Trump administration has sought partnerships with Korea and oth

Apr 30, 2025By Park Jae-hyuk
US Navy chief's visit adds fuel to HD Hyundai-Hanwha shipbuilding rivalry
Companies

Korean Air to build $844.3 mil. aviation research, training hub in Bucheon

Korean Air Lines, Korea's leading air carrier, said Wednesday it plans to invest 1.2 trillion won ($844.3 million) to establish a next-generation aviation research and training hub in Bucheon, west of Seoul. The company plans to break ground on the 65,800 square-meter facility in 2027, with the opening planned for 2030. It will house more than 1,000 personnel, including researchers and flight instructors, and integrate a drone research center, a flight training center and a safety experience facility. Korean Air said the facility reflects its long-term vision to lead the future of aviation through advanced technologies, pilot training and sustainable practices. A signing ceremony for the project was held Tuesday in Bucheon, attended by Korean Air Vice Chairman Woo Kee-hong and Bucheon Mayor Cho Yong-eek, among others. The flight training center, in particular, will consolidate Korean Air and Asiana Airlines Inc.'s training operations to enable the annual training of up to 21,600 pilots. "Through bold investments in research, training and technology, we are laying the foundation to lead th

Apr 30, 2025By Yonhap
Korean Air to build $844.3 mil. aviation research, training hub in Bucheon
Companies

Korean top biz leaders engage Trump Jr. to navigate trade uncertainties

Korea’s top business leaders lined up to meet Donald Trump Jr., the eldest son of U.S. President Donald Trump, in Seoul on Wednesday, seeking to navigate uncertainties stemming from the Trump administration’s volatile trade policies and explore ways to strengthen their U.S. business ties. Trump arrived in Seoul on Tuesday evening for a two-day stay. His visit follows an invitation from Shinsegae Group Chairman Chung Yong-jin, who is known to have close ties with the younger Trump. He has no official position in the U.S. administration but is known as a key presence in Washington. His arrival has drawn significant attention, as the meetings offer Korean firms exporting to the U.S. a rare opportunity to engage directly with someone closely connected to President Trump and potentially establish a reliable communication channel with Washington. In the morning, Hanwha Group’s owner family — Hanwha Group Vice Chairman Kim Dong-kwan, Hanwha Life Insurance President Kim Dong-won and Hanwha Galleria Vice President Kim Dong-seon — visited the Josun Palace Hotel in southern Seoul, where

Apr 30, 2025By Nam Hyun-woo
Korean top biz leaders engage Trump Jr. to navigate trade uncertainties
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