my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    Samsung Electronics and SK hynix announced a combined 800 trillion won ($516.4 billion) investment commitment to establish advanced chip plants in Gwangju and South Jeolla Province in Korea's southwest, but stopped short of providing a timeline for when the investments will be made or construction will begin, leaving room to adjust their spending plans until the long-term memory chip cycle becomes clearer. According to the government and the chipmakers, Samsung and SK will each invest 400 trillion won to build two advanced memory fabrication each in the region, for a total of four new fabs as part of the government’s “three megaprojects for Korea’s leap forward.” Samsung Electronics Executive Chairman Lee Jae-yong named Gwangju as the candidate site, while SK Group Chairman Chey Tae-won referred to the region as a whole. While announcing the massive plans while standing with President Lee Jae Myung, who have been urging the chipmakers to make investment in the southwestern region, the leaders refrained from specifying timelines for the new fabs. The companies also did not mention

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
  • Banking & Finance

    KakaoBank lands 4 papers at leading AI conferences

    2 MIN READBy Lee Hyo-jin
    KakaoBank lands 4 papers at leading AI conferences
  • Companies

    LG Electronics to establish control tower for robotics business

    2 MIN READBy Nam Hyun-woo
    LG Electronics to establish control tower for robotics business
  • Companies

    Incheon airport operator to halve employee parking permits

    3 MIN READBy Lee Min-hyung
    Incheon airport operator to halve employee parking permits
  • Companies

    Court grants JTBC time for autonomous restructuring amid liquidity crisis

    1 MIN READBy Yonhap
    Court grants JTBC time for autonomous restructuring amid liquidity crisis
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

Companies

LS Electric to invest $240 mil. for expanded US production on Trump's tariffs

LS Electric, a Korean electric equipment maker, said Wednesday it will invest $240 million to expand its U.S. production facility by 2030 in response to U.S. President Donald Trump's import tariffs. LS Electric has recently upgraded its existing production facility in Bastrop, Texas, to add research and development (R&D) and planning functions, the company said in a press release. The U.S. market and the upgraded Bastrop Campus will serve as a steppingstone for LS Electric to become a global electric equipment company, the release said. Starting this year, the company will additionally produce mid-voltage electric equipment and switch gears in the Texas plant for supply to local big tech firms as part of its localization strategy to cope with the "tariff risks," according to the company. The plant has mainly produced circuit breakers and low-voltage electric equipment for Samsung Electronic's semiconductor plant in Texas and local data centers. "We will make an additional investment of $240 million in the Bastrop Campus by 2030 to foster it as an electric equipment solution hub of the Nor

Apr 16, 2025By Yonhap
LS Electric to invest $240 mil. for expanded US production on Trump's tariffs
Business

Korean delegation to visit UAE for high-speed rail, infrastructure bids

A high-level Korean delegation plans to visit the United Arab Emirates (UAE) this week to bolster Seoul's bids for high-speed railway and infrastructure projects in the Middle East nation, the Ministry of Land, Infrastructure and Transport said Wednesday. Led by Land Minister Park Sang-woo, the delegation will meet with UAE Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei on Friday to discuss bilateral cooperation in the transport and infrastructure sectors, with a focus on the UAE's envisioned high-speed railway project connecting Abu Dhabi and Dubai. The ministry has formed a public-private sector team, including the state-run Korea National Railway, Korea Railroad Corp .(KORAIL), Hyundai Rotem and POSCO E&C, for the UAE railway project bid. The team has passed the prequalification stage of the bidding process. The delegation plans to emphasize Korea's technological excellence and economic viability of its high-speed rail models, citing recent successes in securing high-value export deals from Uzbekistan and Morocco. The delegation will also discuss follow-up cooperatio

Apr 16, 2025By Yonhap
Korean delegation to visit UAE for high-speed rail, infrastructure bids
Companies

Hyundai Mobis to showcase China-focused automotive tech at Auto Shanghai 2025

Hyundai Mobis said Wednesday it plans to showcase a slate of new automotive technologies geared for the Chinese market at the upcoming Auto Shanghai 2025. The auto parts unit of Korea's Hyundai Motor Group will operate a 300-square-meter booth at the biennial Chinese auto trade show at the National Exhibition and Convention Center in Shanghai starting next Wednesday. Hyundai Mobis plans to exhibit eight advanced equipment prototypes, alongside newly developed technologies from its China-based research centers. The company operates two research and development hubs in the country. The two China-specialized technologies that will be showcased are the company's augmented-reality heads-up display, which projects a 70-inch virtual image on the car's windshield, and a new sound system that delivers theater-like audio immersion. Hyundai Mobis said it has recently ramped up promotional efforts in the Chinese market, targeting both local automakers and global clients operating in the country. The company aims to secure $200 million in orders from China this year.

Apr 16, 2025By Yonhap
Hyundai Mobis to showcase China-focused automotive tech at Auto Shanghai 2025
Companies

Average length of employment at 80 major firms rises

The average length of service of employees at 80 major Korean companies has increased in the past five years despite frequent job changes among young workers and retirement programs for senior workers, a corporate data tracker said Wednesday. In its survey of 80 companies that released data on their employees' average years of service for the 2020-2024 period, CEO Score found the workers' average length of service rose to 14.03 years in 2024 from 13.55 years in 2020. The 80 firms belong to the country's top 100 companies in terms of sales. The average period of employment for female workers jumped to 12.94 years from 11.38 years over the cited period, while that of male employees climbed to 14.41 years from 14.29 years, the data firm said. SK Networks, an information technology (IT) solutions unit under SK Group, reported the sharpest growth in the employment period, with it increasing to 13.92 years in 2024 from 9.05 years in 2020. In contrast, leading automaker Hyundai Motor saw its workers' years of service fall by the most, dropping to 15.8 years from 18.8 years. In 2024, topped others

Apr 16, 2025By Yonhap
Average length of employment at 80 major firms rises
Business

Korea to boost shipbuilding, energy cooperation with US for tariff negotiations: trade minister

Korea will work to bolster its cooperation with the United States in the shipbuilding and energy sectors, Seoul's trade minister said Wednesday, ahead of upcoming negotiations over U.S. import tariffs. The government earlier said such cooperation may serve as a bargaining chip in the tariff negotiations after U.S. President Donald Trump highlighted Seoul's interest in a multi-billion dollar liquefied natural gas (LNG) project in Alaska. "The government will put in all-out efforts to make the most of the 90-day grace period by refining our response strategy for (tariff) negotiations with an aim of securing our national interests," Trade Minister Cheong In-kyo said in a meeting with the trade policy advisory committee. "We will consolidate economic cooperation between the two countries in shipbuilding, energy and other areas of mutual interest," he added, stressing that the U.S. is Korea's "most important" ally. The Trump administration implemented its country-specific reciprocal tariff scheme, including a 25 percent duty for Korea, earlier in the month, only to have it suspended for 90 da

Apr 16, 2025By Yonhap
Korea to boost shipbuilding, energy cooperation with US for tariff negotiations: trade minister
Companies

GM Korea to increase vehicle production amid US tariff-related exit concerns

GM Korea, the Korean unit of General Motors GM), plans to increase production at its Incheon plant by about 9 percent this year, the company's labor union said Wednesday, easing concerns over a potential withdrawal amid growing uncertainty over the United States' tariff policies. According to the union, the company recently said it would allocate an additional 21,000 vehicles to the plant in Bupyeong, Incheon, west of Seoul, for production this year. The increase amounts to nearly 9 percent of the plant's annual production capacity of 250,000 units. The move comes as speculation has grown about a possible exit of GM from Korea in response to Washington's 25 percent tariff on imported vehicles. GM Korea ships about 85 percent of its exports to America. According to the union, the added production volume signals that GM intends to maintain the Korean base as a key export hub. "The decision to boost production will likely ease some of the anxiety among our members," a union official said. The union plans to hold a meeting with management to reflect the updated production plan in next month's w

Apr 16, 2025By Yonhap
GM Korea to increase vehicle production amid US tariff-related exit concerns
Banking & Finance

Ex-Woori Financial PR official committed to serving students from low-income households

Kim Byung-jin, deputy general manager of Woori Financial Group Future Foundation, strongly believes he made the right choice in his banking career by joining the foundation, as he is able to help high school students from low-income households. Kim was a founding member of the foundation in July 2022. He also played a key role for Woori Learner, a project launched in March 2024 to offer financial support for high school students unable to afford private tutoring and other forms of after-school classes. The foundation runs the project on a yearly basis in tandem with two school semesters, offering a check card to each selected student to spend up to 2 million won ($1,400) per year on private educational expenses. The project grew fast, and for 2025 a total of 150 students have been selected to receive assistance, up from 93 in 2024. The 2025 program also expanded to benefit high school sophomores, after focusing solely on freshmen last year. Moreover, the foundation opened the door wider for all eligible students nationwide to apply for the program, after restricting it to those in Seoul i

Apr 16, 2025By Yi Whan-woo
Ex-Woori Financial PR official committed to serving students from low-income households
Companies

Renault Korea to balance exports, domestic sales for sustainable growth: CEO

Renault Korea will achieve sustainable growth by “balancing exports and domestic sales” in the hyper-competitive automotive market here, its CEO Stéphane Deblaise said during a recent interview. The carmaker made a surprise comeback last year with the successful launch of its flagship Grand Koleos SUV — the first new model the company introduced for Korea after a four-year hiatus. The head of the French carmaker’s local subsidiary expressed confidence in extending its winning streak by placing a strategic focus on spurring growth both in exports and domestic sales on an equal footing. “I think it is most ideal to be able to sell 50 percent of each of the total sales in the domestic and export markets,” he told The Korea Times at its flagship store in Seoul, April 4. Unlike most other foreign-based carmakers here, Renault Korea has its own production lines in the nation’s southeastern port city of Busan. The facility manufactures its vehicles for customers here and abroad. Buoyed by the Grand Koleos' robust sales, Renault Korea’s overall sales are on a solid recovery track

Apr 16, 2025By Lee Min-hyung
Renault Korea to balance exports, domestic sales for sustainable growth: CEO
Banking & Finance

Financial holding firms see 2024 profit jump nearly 11%

Financial holding companies in South Korea logged an almost 11 percent rise in their earnings last year thanks to robust performances of banks and insurers, data showed Wednesday. The combined net profit of 10 financial holding firms here came to 23.85 trillion won ($16.79 billion) in 2024, up 2.32 trillion won, or 10.8 percent, from a year earlier, according to the preliminary data from the Financial Supervisory Service. Net income from their banks accounted for 59.8 percent of the total, while earnings from their insurance firms accounted for 14.3 percent of their combined net profit, with returns on their financial investments accounting for 11.7 percent of the total. As of end-December, the combined total assets of the financial holding firms stood at 3,754.8 trillion won, up 224 trillion won, or 6.3 percent, from a year earlier. Their nonperforming loan (NPL) ratio came to 0.9 percent at end-December, up 0.18 percentage point from 0.72 percent a year ago. Amid a rise in the NPL ratio, the firms' loan loss reserve ratio dropped to 122.7 percent from 150.6 percent over the cited period

Apr 16, 2025By Yonhap
Financial holding firms see 2024 profit jump nearly 11%
Business

Acting president promises more support for auto industry during visit to Kia plant

Acting President Han Duck-soo visited a Kia car plant Tuesday and promised to provide the industry with more support as needed following the imposition of steep U.S. tariffs. Han's visit to the Kia plant in Gwangju, 267 kilometers south of Seoul, came days after the United States imposed 25 percent tariffs on all imported cars, one of South Korea's biggest industries. Around 35 percent of cars produced at the Gwangju facility are exported to the U.S., Han noted, making the impact of the levies especially large. "U.S. President Trump has stated his will to prioritize negotiations with South Korea and other allies, so we are putting our best effort into negotiating to minimize the tariff burden," Han said. The acting president recalled the government announced plans last week to inject an additional 2 trillion won ($1.35 billion) in liquidity into the local auto industry, saying there are also plans to increase the sector's budget for research and development. "Even after the announcement of these measures, the government has plans to provide additional necessary measures when they are need

Apr 15, 2025By Yonhap
Acting president promises more support for auto industry during visit to Kia plant
previous page
517518519520521
next page

Most Read in Business