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Reporter : Park Jae-hyuk
Mon, May 23, 2022 | 00:10
Korean steelmakers unlikely to benefit from Biden's visit
Domestic steelmakers have remained skeptical that U.S. President Joe Biden's meeting with President Yoon Suk-yeol will lead to the renegotiation of the U.S. import quota on Korean steel products, according to industry officials, Friday. “Chance are slim for the steel tariffs being placed on the summit's agenda,” a Korea Iron & Steel Association official said. “This topic shou...
S-Oil CEO apologizes for deadly refinery explosion in Ulsan
S-Oil CEO Hussain A. Al-Qahtani held a press conference in Ulsan, Friday, to make a public apology for Thursday night's explosion at the company's refinery in the southeastern industrial city, which killed one subcontracted worker and injured nine more.
Hyundai Glovis enters Thai logistics market
Hyundai Glovis established a joint venture in Thailand with a local automotive parts manufacturer and a logistics company there to accelerate efforts to expand its presence in the Southeast Asian market, the company said Thursday. The new company named Hyundai Glovis Logistics Thailand will operate 150 electric trucks to transport products to 7-Eleven convenience stores in Ba...
Hanwha unveils Korea's first solar beehive
Hanwha Group has introduced Korea's first solar beehive - a photovoltaic low-carbon solar beehive that uses electricity generated from solar energy - to mark the UN's World Bee Day, it said, Thursday. As the damaging effects of the climate crisis compound across the globe, bee populations, nature's most important pollinators, have been rapidly declining. Through this project,...
Business associations resume exchanges with Japanese counterparts
Korea's economic ties with Japan have shown signs of recovery recently under the presidency of Yoon Suk-yeol, after a long pause due to a diplomatic feud over historical issues and amid the COVID-19 pandemic, according to industry officials, Thursday. The Federation of Korean Industries (FKI) decided recently to push ahead with a meeting with the Japan Business Federation thi...
Lotte Chemical to open US subsidiary for EV battery material production
Lotte Chemical will establish a U.S. subsidiary directing its electric vehicle (EV) battery material business there by the end of the first half of this year, as part of efforts to counteract the Joe Biden administration's “Buy American” policies, the company said Thursday.
Hanwha E&C struggles with delayed Bismayah project in Iraq
Hanwha E&C's profitability has worsened for the third straight year, as the builder has continuously failed to get the construction of the Bismayah new city in Iraq back on track, according to market analysts, Wednesday. Its deteriorating profits have also had a negative impact on the outlook for its parent firm, Hanwha Corp., which holds a 100-percent stake in the unlisted c...
Korea's ESG leaders recognized at ceremony
A group of Korean companies selected as sustainability leaders by Statista, a German market research firm, were honored during an award ceremony hosted jointly by The Korea Times and its sister paper, the Hankook Ilbo, Wednesday. The event was a follow-up to the “Korea's Sustainability Leaders 2022” report, which was announced earlier this month by Statista to honor companies...
3 employees steal 3 billion won from Amorepacific for crypto investment
Amorepacific apologized Tuesday, after it was reported that three of its employees had embezzled a combined 3 billion won ($2.3 million) to invest in stocks and cryptocurrencies, as well as for illegal gambling. “Through our recent internal audit, we discovered the embezzlement by our employees and disciplined them,” the company said in a statement.
Money-losing SK on scrambles to hire capital market experts
SK on, the electric vehicle battery manufacturing subsidiary of SK innovation, has been rushing to hire capital market experts from law firms, investment banks and consulting firms after failing again to make money in the first quarter, according to industry officials, Tuesday. Last month, the company appointed foreign attorney Park Sung-uk from law firm Yoon & Yang as the vi...
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