Business

Philippine investment board chief boosts Korea-Philippines economic ties in Seoul

The head of the Philippines’ top investment agency on Monday emphasized the potential for stronger economic ties with Korea and highlighted new government policies aimed at encouraging Korean investment in the Southeast Asian nation of over 115 million people. The Korean industry minister, the Filipino ambassador to Seoul and the president of The Korea Times also echoed the message at the Philippine Business Forum at the Korea Chamber of Commerce and Industry in Seoul, expressing optimism that the bilateral economic partnership — strengthened by a free trade agreement (FTA) that took effect in December — will continue to grow. Representatives from Philippine investment and energy agencies, as well as industry associations, also participated in the event. Ceferino Rodolfo, undersecretary of the Philippines Department of Trade and Industry and managing head of the Philippine Board of Investments (BOI), said the bilateral partnership is anchored by the FTA and the joint declaration on a strategic partnership signed last October, calling them the “two pillars” of the relationship

Disruptions in dairy, rice supply to Homeplus raise concerns among farmers

Farmers are increasingly concerned about potential losses amid delays in dairy and rice deliveries to Homeplus, which is currently undergoing corporate rehabilitation, agriculture industry officials said Monday. The country’s No. 2 supermarket chain abruptly filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4 amid liquidity concerns following a credit rating downgrade. Fearing nonpayment, Seoul Milk, Korea’s largest dairy company, suspended deliveries to the retailer on March 20. Homeplus notified Seoul Milk of its plan to begin installment-based payment of unpaid deliveries incurred prior to entering a rehabilitation procedure starting in June. It also pledged to pay on time for products delivered after the court-led process began. Despite this, the dairy producer remains firm, calling for a one-time settlement of the overdue payments and requiring upfront cash payments for any future deliveries. The ongoing delivery halt by Seoul Milk is raising concerns about financial strain among its secondary partners — including raw milk suppliers, material vendors a

Strategies for navigating US tariff impacts

KG Mobility adds Actyon SUV to lineup in Germany

KG Mobility, a Korean carmaker, said Monday it has added the Actyon sport utility vehicle (SUV) to its lineup in Germany as part of its strategy to boost sales in Europe. It is the second time for KG Mobility to launch the Actyon SUV in an overseas market following the model's introduction in Turkey in January, the company said in a press release. The company currently sells the Musso Sport, Rexton, Tivoli and Korando SUVs in Germany, a country known for its luxury carmakers, such as BMW and Mercedes-Benz. KG Mobility said it will gradually launch the Musso electric vehicle (EV) and the gasoline hybrid version of the Torres SUV in the German market following the Actyon SUV model. Last year, KG Mobility established its subsidiary in Germany to deal with marketing, sales and customer services for local customers. This year, the company aims to sell 5,000 vehicles in Germany, sharply up from 2,186 units sold there in 2024. The SUV-focused carmaker's lineup consists of the Actyon, Tivoli, Korando, Rexton, Torres, all-electric Torres EVX SUV, Musso Sports pickup and Musso EV pickup. The Torres E

LS intensifies rivalry with Daedong, TYM in Ukraine’s farming equipment market

LS Corp. Vice Chairman and CEO Myung Roe-hyun recently visited Ukraine to discuss with the country's Agrarian Policy and Food Minister, Vitaliy Koval, the possibility of constructing a modernized tractor plant once hostilities cease. His visit signals intensifying competition among Korea's three largest agricultural equipment makers — LS Mtron, Daedong and TYM — to secure a dominant position in the country known as the breadbasket of Europe amid ongoing peace talks to end its three-year war with Russia. According to the Ukrainian agrarian policy ministry, the new factory is expected to be built under a joint venture agreement between a local company and LS Mtron, the machinery unit of LS Group. Ensuring the Ukrainian government's support for the potential joint venture, Koval emphasized that the construction of the tractor plant would be a strategic step in developing the country's agricultural sector. "Since the beginning of the full-scale invasion of Russia into Ukraine, we have lost more than 8,000 units of machinery and equipment, of which over 1,000 units are tractors," he said.

Trump tariffs jeopardize Korea's seafood exports

U.S. President Donald Trump's planned imposition of a 25 percent tariff on Korea is expected to put the brakes on the recent popularity of Korean seafood in the United States. A report published recently by the Korea Maritime Institute (KMI) showed on Monday that the country's annual seafood exports to the U.S. are projected to fall by 11.4 percent when considering the effect of the "reciprocal" tariffs on Korean imports alone. The potential decrease is significant, given that Korea's seafood exports to the U.S. rose 11.7 percent year-on-year to $479 million in 2024. According to the Ministry of Oceans and Fisheries, U.S. exports accounted for 15.8 percent of Korea's total seafood shipments last year, which reached $3 billion. Before Trump announced the unexpectedly high tariff rate, the KMI had analyzed the possible impacts of 10 percent universal tariffs on Korean seafood. In a report published a day before his announcement, the state-sponsored research institute forecast that the universal tariffs would have a limited impact on Korean seafood exporters, as their competitors would also

Banks organize matchmaking events to tackle low birthrates

Commercial lenders are rushing to organize matchmaking events to help single employees find dates and possibly tie the knot, in a bid to help boost the ultra-low birthrate, industry officials said Monday. KB Kookmin, Hana and Woori will hold a joint matchmaking event at Hana Bank headquarters in Seoul on April 26. A total of 30 – five men and five women from each of the three firms — will join the event. They will submit self-introductions by Tuesday. They will disclose their Myers-Briggs Type Indicator (MBTI) results, a self-report questionnaire that makes pseudoscientific claims to categorize individuals into 16 distinct “psychological types” or “personality types.” Leisure activities they do for fun and reasons for applying can also be included. They will participate in bank-organized activities that involve meals, dates and group recreational exercises. The event is gaining popularity among the bank's employees, according to a Hana official. “Before the 52-hour workweek took effect, many became couples after spending well over 12 hours at the branch every day,” he said.

Innocean’s US subsidiary wins top media agency award

Canvas Worldwide, a subsidiary of Innocean, has been named the 2025 Media Agency of the Year by a prestigious global advertising publication for the agency’s data-driven strategy and innovative performance for clients. According to Innocean, an advertising arm of Hyundai Motor Group, Canvas Worldwide received the award from Campaign US. The achievement came only a decade after the agency's launch in 2015. Canvas was recognized for its data-focused business strategy and outstanding performance to improve the profile of its clients. Campaign US rated highly the agency’s ability to deliver customized and measurable business outcomes for its clients. For instance, Canvas supported Kia in achieving seven consecutive years of growth in the world’s largest economy and helped the carmaker attain record sales for six of its models in the United States. Canvas was established in 2015 as a joint venture between Innocean and Horizon Media. In 2022, Innocean acquired full ownership of Canvas. “We are fully embracing our mission to challenge the comfortable in a world of change through breaking

Hyundai Mobis opens software-oriented R&D center in India

Hyundai Mobis has opened its software-dedicated R&D center in India, identifying the facility as an advanced base to provide integrated software solutions to global automakers, the auto parts maker said Monday. The company combined two existing research centers into one large-scale R&D base to turn it into its software strategy hub that can handle multiple projects from the early stages of new product development to software development for vehicles, it said. The integrated R&D center is located in the center of India, in Hyderabad, a tech city located in the state of Telangana, with a total floor area of some 24,000 square meters. Hyundai Mobis opened its first Technical Center of India in 2007 and established its second research center there in 2020. The latest integrated R&D center will accommodate the increasing number of software personnel and combine the firm’s dispersed research centers to maximize efficiency. The opening of the research facility shows the growing importance of software and auto parts for major carmakers in an era of software-defined vehicles. Hyundai Mobis has c

LG Electronics Q1 operating profit down due to rising costs

LG Electronics said Monday its first-quarter operating profit is estimated to have decreased 5.7 percent from a year earlier due to rising logistics costs. Operating profit for the three months ending in March came to an estimated 1.25 trillion won ($856.7 million), down 5.7 percent from a year earlier, the company said in a regulatory filing. Its revenue increased 7.8 percent on-year to 22.74 trillion won, surpassing the 22 trillion-won level for the first time in any first quarter. The operating profit is 6.2 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The company said its operating profit went down due to a rise in shipping costs. However, its business-to-business (B2B) sectors, including electric vehicle components, subscriptions and heating, ventilation and air conditioning (HVAC) businesses, contributed to its steady growth in sales. The flagship home appliances business also showed a solid performance, it added. "Despite escalating uncertainties, we pulled off record high quarterly sales in the first