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What defines 'excess' profits and who should benefit from them?

The debate over how to share the enormous gains from the artificial intelligence (AI) semiconductor boom is growing louder in Korea by the day. The discussion usually centers on whether the larger-than-expected, or so-called “excess,” profits should be shared with other partners who contributed to the earnings, and how a company — or the government — should spend them. Yet basic questions remain unresolved: What, exactly, counts as “excess gains,” and who has a legitimate claim to them? “The government keeps talking about win-win growth and telling us to share ‘excess profits’ with subcontractors, but no one can explain what ‘excess’ actually means,” an official from the chip industry told The Korea Times on condition of anonymity. “How much gain is ‘normal,’ and at what point does it become excess? Who gets to set that standard?” He also pointed out the current discussion lacks clarity in identifying who the profit "contributors" are. “Which partner firms can really be said to have contributed to those profits? Maybe the ones that make key components, bu

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President orders swift measures on risks of single-stock leveraged ETFs

President Lee Jae Myung on Wednesday urged financial authorities to swiftly draw up measures to address risks posed by single-stock leveraged exchange-traded funds (ETFs) tied to Samsung Electronics and SK hynix, as the high-risk products come under mounting criticism for exacerbating volatility in the domestic stock market. Speaking at a policy briefing at Cheong Wa Dae, Lee singled out the controversial products, asking Korea Exchange Chairman Jeong Eun-bo, “Isn't there quite a stir over these ETFs?” The president then instructed the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to “quickly put together well-crafted follow-up measures” to address the issue. Leveraged ETFs are designed to magnify the daily gains or losses of an underlying asset, typically a broad market index such as KOSPI or the S&P 500, by two or three times. Single-stock versions take that concept a step further, allowing investors to make amplified bets on the direction of an individual company rather than a diversified benchmark. While the structure can turbocharge returns

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Defense export boom runs into overtime rule hurdle

Korea’s booming defense exports are running into a new challenge as manufacturers call for greater flexibility on working-hour rules, arguing that labor shortages and production deadlines are becoming harder to manage under the current 52-hour workweek. Defense companies say surging domestic and overseas orders have outpaced their ability to secure skilled workers, prompting the industry to seek broader use of the country’s special overtime system. But the Ministry of Employment and Labor maintains that it has no plans to ease the current framework for the defense sector, saying similar demands are raised across a wide range of industries. According to industry and government officials, major defense contractors recently met with labor ministry officials to explain the need for additional flexibility under the special overtime system, which allows employers to extend working hours beyond the statutory limit under limited circumstances with government approval. Defense manufacturers argue that the problem is not simply a shortage of workers, but a shortage of skilled workers. “Manufa

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'Coupang issue persisting longer than expected,' Korea's top envoy to US says

Korean Ambassador to the United States Kang Kyung-wha said the conflict between Seoul and Washington over the U.S.-headquartered e-commerce firm Coupang's data breach last year is persisting longer than expected. She made the remarks on Wednesday before meeting Foreign Minister Cho Hyun at the ministry headquarters in Seoul, after Cho requested her to come to Korea to discuss various bilateral issues affecting relations between the two countries. As such a request for in-person discussion is unusual, her visit has brought about speculation that the Coupang issue and other bilateral matters may require deep coordination between Korea and the U.S. When asked about the pressure coming from the U.S. with regard to Korea's handling of its Coupang investigation, Kang told reporters, “This issue is dragging on much longer than I expected," adding that Korea is managing the issue on its own while continuing to discuss other matters across various levels and on multiple fronts. “Bilateral relations between Seoul and Washington are intertwined, which means the two have many issues to be handle

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Lee warns officials against drinking with young employees after work

President Lee Jae Myung urged public officials to exercise greater caution regarding sexual misconduct during a policy briefing on Wednesday, warning them not to sit next to young people of the opposite sex at drinking gatherings. “Drinking and having a good time is all well and good, but do not have a young person of the opposite sex seated beside you,” Lee said during a policy briefing by government ministries at the Cheong Wa Dae guesthouse. The briefing was attended by officials from the Ministry of Finance and Economy, the National Data Agency, the Financial Services Commission and the Ministry of Planning and Budget. “Most people do not behave that way, but it appears to happen occasionally,” Lee said. “A young employee of the opposite sex is not there for your amusement. Being treated that way is, in itself, something that would provoke immense outrage.” Lee said such an attitude and mindset are an affront to human dignity because they involve treating someone not as an equal human being, but as an object or a means to an end. He added that officials should pay particu

2 MIN READ
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Court overturns conviction of defector who helped send money to family in North Korea

A court has overturned a lower court's guilty verdict against a North Korean defector who helped other defectors send money to family members back in the North, marking the latest ruling to push back against a string of prosecutions targeting such remittances. The Uijeongbu District Court on Tuesday acquitted a 54-year-old North Korean defector on charges of violating the Foreign Exchange Transactions Act, reversing a lower court ruling that had handed the defector a suspended fine. A police investigation found the defector helped North Korean escapees send money to family members left behind in the North in 2021, using their own bank account and that of an acquaintance in China a total of 11 times. The Goyang branch of the Uijeongbu District Court, ruling in February last year, acknowledged that the defector's method of sending money had been unavoidable, but still found the defector guilty. Legally sending money abroad requires currency exchange and transfer through a licensed foreign exchange bank, but that route is unavailable to North Korea. Defectors instead rely on broker accounts

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KOSPI closes near 7,300 as SK hynix ADR surge boosts investor sentiment

Korean stocks soared Wednesday, with KOSPI closing near 7,300 and Kosdaq reclaiming 800, as sentiment toward chipmakers rebounded and softer-than-expected U.S. inflation data boosted risk appetite. The benchmark KOSPI closed at 7,284.41, up 6.24 percent from the previous session. The index opened 3.3 percent higher at 7,082.91, before extending its advance to more than 6 percent and triggering a buy-side sidecar. Most sectors gained, supported by net buying from foreign investors. Foreign and institutional investors purchased a net 2.34 trillion won and 183.1 billion won of shares, respectively, while retail investors sold a net 2.46 trillion won. U.S. semiconductor stocks advanced overnight as bargain hunters stepped in following a recent sell-off. Sentiment toward Korean chipmakers received an additional boost after Barclays said the price of SK hynix's American depositary receipts (ADRs) could double, sending the securities up 27 percent. SK hynix rose 8.83 percent to 2,082,000 won, while Samsung Electronics gained 6.27 percent to 279,500 won. SK Square jumped 16.13 percent and Samsun

2 MIN READ
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Empty streets and restaurants at Moran Market signal end of dog meat era

A heat wave gripped Korea on Monday, two days before "chobok," traditionally believed to be the beginning of the hottest days of summer, but Moran Market in Seongnam, Gyeonggi Province, was nearly empty. The market, once a hub for traditional summer dishes, is seeing a quiet final season before the landmark dog meat ban takes full effect on Feb. 7, 2027. Dog meat was once considered one of the most restorative foods for combating summer lethargy. About 10 specialty restaurants sat mostly empty, with few customers and almost no foot traffic. "There are no customers looking for dog meat and only a few places still sell it," said a 58-year-old merchant surnamed Ju, who runs a butcher shop and restaurant at the market. The shop owner attributed the drop to growing pet ownership and changing public attitudes toward dog meat. "Even occasional customers cut back as prices rose," Ju said. Prices surged from about 10,000 won ($6.71) per 600 grams to the mid-20,000-won range after 80 percent of farms raising dogs for meat closed last year, severely reducing supply. Dog meat stew, known as "boshint

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Gov't strips disgraced stem cell researcher of top science award

Korea's highest science and technology award presented in 2004 to former Seoul National University professor Hwang Woo-suk whose stem cell research was later found to have been fabricated was revoked this week, 22 years after it was conferred, the interior ministry said Wednesday. The science ministry requested the interior ministry in March to revoke Hwang's Top Science and Technology Award, according to ministry officials. The interior ministry sought presidential approval for the revocation Tuesday and the approval was granted the same day, they said. Hwang is a disgraced stem cell scientist who was found in 2005 to have used forged data for a research paper to claim to have created the world's first cloned human embryo. The award is a presidential honor presented to scientists and technologists who have made significant contributions to the nation's scientific and technological development. Hwang received the award and a prize of 300 million won ($201,200) in 2004 in recognition of his achievements in human embryonic stem cell research. After his fabricated research paper was disclose

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UNESCO review finds Japan's Sado mines follow-up still falls short

Korea's foreign ministry said Wednesday that a draft UNESCO decision validates its long-standing position that Japan has failed to adequately address the "whole history" of Korean forced labor at the Sado Island Gold Mines, as the World Heritage Committee (WHC) prepares to adopt the review at its 48th session in Busan. The draft decision, reviewing of Japan's State of Conservation (SOC) report on the site, welcomes the progress Japan has made on "management, conservation planning and visitor management." But on the history question, it finds that "further clarification is needed" on how the site's interpretation strategy addresses "the whole history of the property throughout all periods of mining exploitation" and asks Japan to keep the World Heritage Centre "regularly informed of its progress." The committee also recommends that Japan hold "close consultation with the States Parties concerned," referencing Korea, to improve the site's interpretation strategy, after finding that Japan's approach to presenting the whole history "has shown some progress but remains to be fully developed

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Modest minimum wage hike reflects president's pragmatic approach to labor policy

Next year's minimum wage, set with a modest increase, is reinforcing the view that President Lee Jae Myung's administration is pursuing a pragmatic economic agenda that balances the interests of workers and employers, according to analysts, Wednesday. The hourly minimum wage for 2027 was set at 10,700 won ($7.10) on Tuesday, up 380 won, or 3.7 percent, from this year's 10,320 won. The latest adjustment follows this year's 2.9 percent raise, bringing the average annual growth rate during the Lee administration's first two years in office to 3.3 percent. The figure represents the second-lowest average annual rise among all governments since the minimum wage system was introduced, trailing only former President Yoon Suk Yeol's administration, which posted a record-low average of 3.1 percent. "The data suggest that, despite its progressive roots, the Lee administration is placing equal weight on the interests of workers and businesses rather than tilting decisively toward organized labor,” said Jung Ho-chul of the Citizens’ Coalition for Economic Justice (CCEJ), a civic activist group. Ju

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InterviewAI is rewriting corporate leadership playbook: MetLife global HR chief

“The playbook just hasn’t been written yet.” That’s how Shurawl Sibblies describes the challenge confronting today’s leaders as artificial intelligence (AI) accelerates change faster than organizations can comfortably absorb it. For the MetLife executive vice president and chief human resources officer (CHRO), however, the technology itself is only part of the story. The more profound shift, she argues, lies in the nature of leadership itself. “The pace of change, the velocity, is so fast and probably unlike anything we’ve ever experienced,” Sibblies said during her first visit to Korea last week. That, she believes, calls for a different leadership instinct. In an environment where change outpaces experience, the willingness of leaders to admit they don’t have every answer is becoming as important as their ability to provide direction. “Making it OK to be vulnerable with your teams and say, ‘I don’t have all the answers, but this is what I do know, and we’re going to learn together,’ makes such a difference,” she said. “It’s a bit of humility that’s re

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Sunmi returns with rainy summer single 'Forever July'

Singer Sunmi is returning with a new digital single Wednesday, betting that rain, rather than sunshine, can carry this summer's soundtrack. "Forever July," due out at 6 p.m., marks the singer's first release in about eight months following her first full-length album, "Heart Maid," released last November. Sunmi once again took part in writing and composing the track, according to her label Abyss Company. The agency described "Forever July" as an inversion of the familiar summer anthem. The song draws inspiration from Korea's monsoon season, comparing love to a sudden downpour that arrives without warning. Built around a U.K. garage beat, the track explores both the thrill and instability of unexpected romance. Summer has become one of Sunmi's strongest seasons. While K-pop has typically leaned into brighter, more upbeat concepts, the 34-year-old has carved out a distinctive niche with moodier, more sophisticated summer releases. Her 2020 single "pporappippam" reached the top 10 of the Circle Digital Chart, and "Heart Burn" followed as another seasonal hit in 2022. The comeback also follow

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RESCENE named half-time performers for upcoming Man City vs. AT Madrid match

K-pop girl group RESCENE will take to the stage during an upcoming high-profile football match in the 2026 Coupang Play Series. Coupang Play on Wednesday announced RESCENE’s performance during the half-time show for the 2026 Coupang Series’ Manchester City vs Atlético Madrid match, set to take place at Seoul World Cup Stadium on Aug. 9. RESCENE, consisting of members Woni, Liv, Minami, May and Zena, debuted in 2024 with the release of their first album “Re:Scene" under The Muze Entertainment, a newly formed agency. The group went viral this year on social media with a video showing Woni and Minami’s Japanese “gyaru” style makeup — based on the Japanese subculture and its over-the-top makeup, clothes and hair — during a visit to Woni’s rural hometown of Geoje, South Gyeongsang Province. The video sparked widespread interest in RESCENE, as well as spawning memes. The group’s performance carries particular significance due to RESCENE’s passion for football. Most notably, the group streamed their reactions and commentary on Korea’s performance in the 2026 FIFA World

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Foreign investment in Korean companies jumps 30% in a year

Foreign investment in listed companies here surged by about 30 percent over the past year, led largely by U.S. asset managers and investment funds. Cosmetics, semiconductors and biotechnology attracted particularly strong interest, data showed Wednesday. According to CEO Score, a corporate research firm, foreign companies and funds held stakes of at least 5 percent in 123 of Korea’s 500 largest listed companies by market capitalization as of June. The figure was up 29.5 percent from 95 a year earlier. By country, U.S.-based investors accounted for more than half of the total, with holdings in 69 companies. They were followed by European investors with holdings in 25 companies, Japanese investors with 10 and Chinese investors with eight. BlackRock held stakes in the largest number of Korean-listed companies. The world’s largest asset manager added 12 companies to its portfolio of holdings of at least 5 percent, becoming a major shareholder in 19 Korean companies. Its largest holdings included stakes of 7.41 percent in KB Financial Group, 7.22 percent in Hana Financial Group, 7.18 perc

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LG Energy Solution to supply batteries for Google's largest solar-storage project

LG Energy Solution will supply battery energy storage systems (BESS) for a large-scale renewable energy infrastructure project to be developed by Google and Cypress Creek Energy (CCE), a leading U.S. independent power producer, the companies said Tuesday (local time). The project, dubbed the Steel River Energy Center, will integrate solar photovoltaic generation with BESS powered by batteries supplied by LG Energy Solution. The initiative is designed to address rapidly growing electricity demand driven by expansion of data centers and artificial intelligence workloads. The project will initially deploy approximately 2 gigawatt-hour (GWh) of battery capacity, with operations targeted for 2029 and a planned expansion to 2.9 GWh. Google will purchase the facility's entire output during its initial phase, underscoring its commitment to clean energy and grid reliability. The company said the Steel River Energy Center is the largest solar-plus-storage project in its global energy portfolio. The deal underscores LG Energy Solution’s rising prominence in North America’s energy storage market

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'30 Days in Seoul' turns confused newcomers into confident residents

For Nadine Hummel, a 23-year-old German from a small town near Frankfurt, Seoul is the first big city she's ever lived in. Coming to study at Ewha Womans University for four years, she's having the time of her life. “There's so much more going on in Korean university life. The campuses are huge and there are university festivals, so many school clubs to join, activities planned by the students,” she told The Korea Times. “If it's possible, maybe I would like to pursue a career here.” Helping her navigate that whirlwind journey and settle in Seoul in the long run is “30 Days in Seoul,” a city government program that helps global residents adjust quickly and put down roots for the long term. Launched in 2025, it is open to international students at universities and graduate schools in the capital, as well as job seekers who graduated within the past two years. This comes as more international students are choosing to study in Korea, with many hoping to stay long term. According to the Ministry of Justice, the number of international students in Korea reached 308,838 as of Decem

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Prosecutors raid Gwangju police agency over alleged mishandling of murder case

Prosecutors on Wednesday raided the Gwangju Metropolitan Police Agency as part of a probe into allegations that police officers destroyed evidence and leaked investigative information of a high-profile murder case. The Gwangju District Prosecutors Office carried out a search-and-seizure warrant at the agency's headquarters in the southwestern city as multiple officers face investigation over the allegations related to the case involving the fatal stabbing of a high school student in May. The prosecution seeks to secure documents on how senior officers at the agency handled the murder case. Allegations have intensified over possible ties between local investigators and the father of the murder suspect, accused of killing the 16-year-old female victim and attempting to murder a 17-year-old male student. The suspect's father is a serving police officer in the city. A local district court issued an arrest warrant last week for the murder case's lead police investigator, accused of destroying evidence. Separately, a special police team investigating the police handling of the case referred the

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Editor's Pick

Why political neutrality rules leave teachers unable to address classroom hate speech

Why political neutrality rules leave teachers unable to address classroom hate speech

Korean teachers say the growing problem with hate speech among teenagers in the classroom could be addressed by expanding educators' political rights, while experts stress that adults must model responsible language first. Concern has intensified following a series of controversies, including an incident last month when Paichai High School students chanted a phrase condemned as a direct reference denigrating the 1980 pro-democracy movement in Gwangju, prompting calls for a broader look at how schools address the issue. A survey by the Korean Teachers and Education Workers' Union, released last week, found that 89.3 percent of 1,109 elementary, middle and high school teachers nationwide had witnessed or heard about students engaging in hate speech, discrimination, historical distortion or anti-democratic expressions in their remarks, assignments or presentations over the past year. The most commonly encountered expressions mocked politicians or historical figures, cited by 88.9 percent of teachers, with 58.2 percent saying they heard such remarks repeatedly and often. That reality is fami

4 MIN READ

Life in Korea

Busan to kick off 10-city night tourism campaign with cinema festival

Busan to kick off 10-city night tourism campaign with cinema festival

The coastal city of Busan and the Busan Tourism Organization will host the "2026 Korea Bam Bam Festa Busan" from July 18 to 19 at the Busan Cinema Center, launching a nationwide night tourism festival that will roll out across 10 Korean cities through October. The festival’s name draws from "bam," the Korean word for night. Selected through a competitive national grant from the Ministry of Culture, Sports and Tourism, the joint network includes Busan, Tongyeong, Gangneung, Jeonju, Gongju, Daejeon, Incheon, Jinju, Seongju and Yeosu. As the Korea Tourism Organization's designated national night tourism hub for the year, Busan will host the inaugural leg of the campaign. Under the slogan "A midsummer night's rest — fill up, empty out, stay a while," organizers aim to capitalize on the global shift toward experience-based travel. The event transforms the city's architecture into a twilight retreat featuring an outdoor library, candlelight concerts and night market zone. The outdoor library will feature a night-themed lounge stocked with 500 books, outfitted with bean bags and camping ch

2 MIN READ

Lifestyle

National Museum of Korea logs record first-half attendance

The National Museum of Korea drew a record number of visitors in the first half of this year, boosted by the global surge in interest in Korean culture, data showed Wednesday. A total of 3,795,400 people visited the museum in Seoul between January and June, up 39.7 percent from 2,716,323 during the same period last year, according to figures cited by cultural industry sources. The figure marks the highest first-half attendance since the museum opened in 1945 and already surpasses its total visitor count for all of 2024, which stood at 3,788,785. Visitor numbers rose steadily throughout the period, with monthly attendance exceeding 700,000 in January and February, when winter vacations and the Lunar New Year overlapped, as well as in May, which included several holidays. About 536,000 people visited in June alone. The number of foreign visitors also jumped 68.8 percent on-year from 97,985 to 165,404. The museum's strong performance follows a record year in 2025. According to data from British art magazine The Art Newspaper, it ranked as the world's third most-visited museum with 6,507,483

1 MIN READ
National Museum of Korea logs record first-half attendance

K-Culture

'Agent Kim Reactivated' tops Netflix's weekly non-English chart for 2nd week

The action-packed revenge thriller "Agent Kim Reactivated" continued its chart-topping run on Netflix's non-English chart for the second straight week, the streaming platform said Wednesday. The SBS series portrays So Ji-sub as an ordinary father who hides his secret agent past but sets on a mission to find his missing daughter. The webtoon-based series accumulated 9.1 million views during the latest tracking week ending Sunday, according to Netflix. It was the most-watched show in 22 countries, including Korea, Singapore and Peru, and reached the top 10 in 50 others. "Teach You a Lesson," another Korean drama that has remained in the top ranks for the past few weeks, stayed at No. 2 with 3.6 million views. It also reached the top 10 in 51 countries. The second installment of the reality dating program "Better Late Than Single" debuted at No. 8 with 1.5 million views, while the new JTBC series "The Apartment Job," starring Ji Sung, debuted at No. 10 with 1.4 million views. In the non-English film category, the Korean action-comedy "Husbands in Action" ranked No. 10 with 900,000 views. In t

1 MIN READ
'Agent Kim Reactivated' tops Netflix's weekly non-English chart for 2nd week

Celebrities

TWICE member Tzuyu's future with JYP causes stir

Tzuyu of K-pop girl group TWICE is currently in discussions with JYP Entertainment over the renewal of her exclusive contract, the agency said Tuesday, following reports that she is set to leave the company after 11 years. A JYP Entertainment official told Hankook Ilbo that the agency is "currently discussing contract renewals with the TWICE members and will provide an update once anything is finalized." Earlier in the day, News1 reported that Tzuyu would part ways with JYP Entertainment after more than a decade with the agency. According to the report, while contract renewal negotiations have reportedly fallen through, she is expected to continue participating in TWICE's group activities. The news follows recent reports involving fellow member Jeongyeon, who was said to have met with Baro Entertainment ahead of her contract renewal period, fueling speculation that she may pursue an acting career. At the time, Baro Entertainment confirmed that a meeting had taken place but said no decision had been made regarding a contract. JYP Entertainment also maintained that renewal discussions wit

1 MIN READ
TWICE member Tzuyu's future with JYP causes stir

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Top 10 Stories

  1. Empty streets and restaurants at Moran Market signal end of dog meat era

  2. What defines 'excess' profits and who should benefit from them?

  3. Court overturns conviction of defector who helped send money to family in North Korea

  4. Feud deepens between Samsung's device, chip divisions over incentives

  5. '30 Days in Seoul' turns confused newcomers into confident residents

  6. Men accused of growing marijuana in underground bunker using government grants

  7. Gov't strips disgraced stem cell researcher of top science award

  8. Lee warns officials against drinking with young employees after work

  9. Defense export boom runs into overtime rule hurdle

  10. 'Coupang issue persisting longer than expected,' Korea's top envoy to US says

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