Hyundai Glovis plans to extend its dedicated site agreement at the Port of Philadelphia through 2056 and enter the vehicle terminal operations business, expanding its role at the key logistics hub on the east coast of the United States. The Korean company said Monday that it had signed a memorandum of understanding with the Philadelphia Regional Port Authority, known as PhilaPort, and a local developer to cooperate on port expansion and vehicle terminal operations. The agreement includes securing an additional vehicle logistics space and extending the existing site. Hyundai Glovis plans to participate in the vehicle segment of PhilaPort’s broader expansion, securing a dedicated berth for car carriers and adding terminal operations to its existing transport and storage services. Pennsylvania Gov. Josh Shapiro and state and port officials attended the expansion announcement, where Hyundai Glovis was introduced as a major private-sector partner. The event outlined plans for container and vehicle terminals and public-private cooperation. Hyundai Glovis has handled vehicle import and export

Korean regulators believe SK hynix’s potential listing of its NAND flash memory subsidiary Solidigm in the United States would run counter to rules governing listings of both parent companies and their subsidiaries, Financial Supervisory Service (FSS) Gov. Lee Chan-jin said Monday. “We are continuing to monitor the Solidigm issue. Both the Financial Services Commission (FSC) and the FSS consider it to conflict with those rules,” Lee said. He was responding to Rep. Park Sung-hoon of the main opposition People Power Party during a National Assembly audit. Park accused SK hynix of leaving domestic shareholders uninformed while explaining to the U.S. Securities and Exchange Commission that listing a subsidiary could adversely affect the parent firm’s share price. Solidigm was established in the United States through SK hynix’s $9 billion acquisition of Intel’s NAND flash memory business. SK hynix has maintained that no decision has been finalized on an initial public offering (IPO), saying Solidigm is exploring ways to strengthen its competitiveness. Still, expectations of a stock

JINJU, South Gyeongsang Province — The Jinju International Forum on Entrepreneurship opened Monday for its fourth consecutive year, bringing together business leaders, scholars, policymakers and international representatives to explore how entrepreneurship can address global uncertainty and rapid digital transformation. Held under the theme “An Era of Global Uncertainty and Digital Transformation: What Is the Role of Entrepreneurship?,” the 2026 forum focuses on how entrepreneurship can drive innovation, promote sustainable prosperity and address challenges such as technological disparities, demographic changes and the climate crisis. In his welcoming remarks, Jinju Mayor Jo Kyoo-il highlighted the city's entrepreneurial heritage, saying its emphasis on respect for people, community responsibility and innovation offered valuable lessons for navigating today's technological and economic changes. Jinju is deeply connected to the entrepreneurial roots of major Korean business groups, including LG, GS, Samsung and Hyosung, whose founders helped drive Korea's economic transformation, J

Korea is seeking a dedicated U.S. visa quota for shipbuilding workers as a condition for carrying out its $150 billion investment commitment under the Make American Shipbuilding Great Again (MASGA) initiative, according to the information submitted to Rep. Huh Sung-moo of the ruling Democratic Party of Korea by the Ministry of Trade, Industry and Energy. On Monday, Huh said that information he had received from the ministry indicated that it has been “explaining” to its U.S. counterparts the conditions “Washington needs to meet for Korea to fulfill its investment commitment.” “In particular, we have requested that the U.S. provide sufficient shipbuilding orders, allow joint shipbuilding through exemptions from restrictions on overseas construction, offer financial incentives and establish a dedicated visa quota for shipbuilding workers as prerequisites for implementing the investment commitment,” the ministry said in its response. The Korean government and business associations have been pushing for the introduction of a new E-4 visa category for Korean professionals in spec

Korean shipbuilders are struggling to expand production capacities despite order books stretching years ahead. Their main struggle is not about technology or infrastructure, but labor. They need to hire workers quickly enough to scale up and capitalize on additional orders, but they say Korea's inflexible employment practices, combined with the industry's cyclical nature, are complicating workforce planning: Hiring aggressively during a boom can leave shipbuilders with excess labor costs when orders decline, making them cautious about expanding their permanent workforce. While they are struggling with the rigid labor arrangements, Chinese rivals are rapidly ramping up capacity. Domestic industry officials worry that China's expanding shipbuilding experience could erode Korea's technological edge as Chinese shipyards build more vessels and hone their technical capabilities. “As shipbuilding is a cyclical industry with large swings between booms and downturns, flexibility is needed to adjust production capacity in line with market conditions,” an industry official said on condition of

Mercedes-Benz Korea on Monday launched all-electric versions of its CLA sedan and GLC sport utility vehicle (SUV) in Korea as part of its push to expand its electric vehicle lineup. The German luxury automaker unveiled the all-new electric CLA and GLC, both built on its next-generation, in-house-developed electric vehicle platforms. "Together with these two models, we marked a very important turning point in our electrification journey as the first representatives of a new generation of purpose-built electric architectures," Mercedes-Benz Korea CEO Shirin Emeera said during a launch event in Seoul. The electric CLA comes in two variants: the CLA 250+ electric with an 85 per kilowatt hour (kWh) nickel-cobalt-manganese (NCM) battery and the CLA 200 electric with a 58 kWh lithium iron phosphate (LFP) battery. Both models use batteries supplied by Chinese battery maker Contemporary Amperex Technology Co. Ltd. (CATL). The CLA 250+ electric and CLA 200 electric offer driving ranges of 474 kilometers and 342 kilometers, respectively, on a single charge under Korean certification standards. Both s

The final round of bidding to acquire control of JoongAng Ilbo, one of Korea’s leading newspaper publishers, is officially down to six contenders, industry officials said Monday. The six bidders, all of whom participated in last month’s preliminary bidding, include confectionery maker Orion, Global Sae-A, Daou Kiwoom Group, OK Financial Group, Geumbo Development and eBroadcasting. Daou Kiwoom Group is participating as part of a consortium with CJ Group, which emerged as a surprise contender in reports on Friday. JoongAng Ilbo entered a creditor-led workout program in July after its parent, JoongAng Group, ran into a liquidity crisis. The program allows a company to negotiate debt restructuring with creditors while retaining greater control of its operations than it would under court-supervised rehabilitation. The buyer will gain control of the publisher by acquiring newly issued shares rather than buying out the existing controlling shareholder. This arrangement would channel the acquisition money directly into cash-strapped JoongAng Ilbo, giving it fresh capital to shore up its fin

LS MnM, Korea’s only dedicated copper smelter, is considering adjusting copper concentrate purchases and production to protect profitability as a global shortage of the raw material drives processing fees to record lows, the company said Monday. The move comes as London Metal Exchange (LME) Week 2026 opens in London on Monday, bringing together miners, traders and smelters to discuss market conditions and commercial terms. Copper prices are approaching record highs, while spot treatment and refining charges (TC/RCs) for copper concentrate have plunged to record lows, squeezing smelters’ margins. The imbalance reflects a structural mismatch between constrained mine supply and expanding smelting capacity. In a March analysis, the International Energy Agency (IEA) cited declining ore grades, rising capital costs and lengthy mine development timelines as key constraints on copper concentrate supplies. New smelting capacity is growing faster than mine production, intensifying competition for raw materials. The IEA warned that low TC/RCs could persist over the medium term. The Internationa

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