The Korea Times

The Korea Times
My TimesLatest

US, Japan emerge as Korean chipmakers' production bases amid AI boom

The United States and Japan are emerging as the next key production bases for Samsung Electronics and SK hynix, as the chipmakers accelerate capacity expansion to meet surging demand for artificial intelligence (AI) semiconductors. Both countries offer advantages, with the U.S. allowing greater proximity to major customers including Nvidia and Tesla, as well as incentives that could help offset investment costs and potentially reduce exposure to semiconductor tariffs from the Donald Trump administration. Japan has a well-established ecosystem of chip equipment and materials suppliers, reliable power and water supplies in some regions and substantial government subsidies for semiconductor investments. For chipmakers, the choice of location extends beyond customer proximity, with reliable supplies of electricity and water and government incentives becoming increasingly important as companies commit billions of dollars to new fabs. “Companies look closely at incentives, including infrastructure and subsidies,” an industry official said. “They first need to assess whether water and ele

3 MIN READ
US, Japan emerge as Korean chipmakers' production bases amid AI boom thumbnail

Controversies jeopardize confirmation prospects for Lee's Cabinet nominees

Two minister nominees are facing mounting questions over whether they can survive their confirmation hearings, as a series of controversies and corruption allegations have drawn growing public criticism. If even one of them fails to pass the hearing or steps down from the nomination, it will deal a blow to President Lee Jae Myung, who hoped the Cabinet reshuffle would help him regain momentum for his policies amid falling approval ratings. Lee nominated Kim Seung-won, a two-term lawmaker from the ruling Democratic Party of Korea (DPK) and a former judge, as his next justice minister, to oversee follow-up measures for reforms related to the prosecution and new criminal justice system, which are set to take effect Oct. 2. Kim, however, has come under intensifying scrutiny over allegations that he improperly used his influence as a lawmaker in October 2021 to help a pharmaceutical company obtain approval for a COVID-19 drug trial. He allegedly received a request from a broker with ties to Genencell to help speed up the approval process, after which he contacted the head of the Ministry of F

3 MIN READ
thumbnail

COVER STORY From Tiger to Align, shareholder activism takes root in Korea

When a U.S. fund began challenging SK Telecom in 1999, corporate Korea was only beginning to learn what shareholder activism looked like. The country had only recently emerged from the depths of the Asian financial crisis, and its capital markets were opening rapidly to foreign investors. Tiger Management built a 6.6 percent stake in the country's largest wireless carrier and pressed for changes, including stronger external oversight and a greater say in how the company was run. The Chey family, one of Korea's chaebol dynasties and the controlling family behind SK Group, spent about 2 trillion won defending its grip on the group. Within months, Tiger had reaped about 630 billion won ($463.6 million) from selling its stake. The idea that an outside investor could buy into a major Korean company and publicly demand change was still novel — and deeply unsettling to many companies. Tiger's windfall only deepened suspicions that foreign funds were enriching themselves at Korea's expense. That wariness persisted. Sovereign challenged SK Corp. in 2003. Carl Icahn took on KT&G in 2006. Elliott

4 MIN READ
[COVER STORY] From Tiger to Align, shareholder activism takes root in Korea thumbnail

Hyundai bets big on steel to anchor US strategy

Hyundai Motor Group is betting on steel to expand its manufacturing footprint in the United States, in a strategic move to build a local supply chain that serves not just the automotive industry, but also robotics, aerospace and artificial intelligence (AI) data centers. At the groundbreaking ceremony Friday (local time) for a $5.8 billion electric arc furnace steel mill being jointly constructed by Hyundai Steel and POSCO in Louisiana, Hyundai Motor Group Executive Chair Chung Euisun said the facility will become a key production hub for supplying low-carbon, high-grade steel to a broad range of advanced industries in the U.S. The strategy marks a major shift from viewing the mill as a way to shield Hyundai Steel's U.S. operations from the 50 percent tariff on imported steel. Instead, the group plans to use the facility as a foundation for expanding its manufacturing value chain in the world's largest economy. Chung said the plant will begin producing steel in early 2029, supplying automotive sheets as well as materials for humanoid robots, AI data centers, power-generation facilities

2 MIN READ
Hyundai bets big on steel to anchor US strategy thumbnail

Nicotine-like products expose blind spot in e-cigarette rules

A new regulatory blind spot is emerging around nicotine-free and nicotine-imitation products, following a law revision that brought liquid e-cigarettes under government oversight for the first time. Nicotine-imitation substances have not been fully verified for safety, and actual nicotine has turned up even in products marketed as "nicotine-free," prompting calls for a comprehensive system to regulate such products. In April, a revision to the Tobacco Business Act took effect extending the legal definition of tobacco from traditional leaf-based products to cover natural and synthetic nicotine. Under the revised law, use of e-cigarettes is banned in facilities such as schools, hospitals and government offices, as well as in designated outdoor no-smoking zones. Online sales of e-cigarettes are banned, and health warnings including nicotine content and ingredient disclosures must appear on packaging. Sales to minors are prohibited, along with any promotional activities targeting them. But the Tobacco Business Act defines tobacco only as products made from tobacco leaf or nicotine, leaving n

2 MIN READ
Nicotine-like products expose blind spot in e-cigarette rules thumbnail

Mother's surname at birth? Bill aims to shift Korea's family-name deadline

A group of legislators of the ruling Democratic Party of Korea (DPK) introduced a bill that would permit married couples to decide whether their child takes the mother’s surname at the time of birth registration, instead of when the marriage is registered. The amendment to Article 781 of the Civil Act, proposed last week by Rep. Park Ju-min and 14 other DPK lawmakers, would expand the time during which parents may agree to give a child the mother’s surname. Under the current law, in principle, children receive their father’s surname automatically. Parents are allowed to use the mother’s surname for their children only if they declare their intention to do so when registering their marriage. This means that couples are asked to make a decision about the surname of a future child before they may know if or when they will have any children. The bill would retain the assumption of paternal surname if otherwise unspecified, but allow parents to decide to use the maternal family name either when registering their marriage or when reporting the child’s birth. “There can be a conside

2 MIN READ
Mother's surname at birth? Bill aims to shift Korea's family-name deadline thumbnail

Korea narrows current account surplus gap with Taiwan amid chip boom

Korea is rapidly closing the gap with Taiwan in its current account surplus as a share of gross domestic product, with some global investment banks expecting Korea to overtake Taiwan this year, analysts said Sunday. According to data from the Korea Center for International Finance, the average forecast from eight foreign investment banks for Korea's current account surplus as a share of GDP rose to 16 percent in August from 14.7 percent in July. The banks are Barclays, Bank of America Merrill Lynch, Citi, Goldman Sachs, JP Morgan, HSBC, Nomura and UBS. The increase came as several banks significantly raised their forecasts on stronger expectations for semiconductor exports. Nomura expects Korea's current account surplus to reach 19.7 percent of GDP, while Goldman Sachs projects 18.7 percent and Citi cites 18.2 percent. The ratio shows the size of Korea's current account surplus relative to the size of its economy, allowing for comparisons between economies of different sizes. Seven investment banks expect Taiwan's current account surplus to average 20.6 percent of GDP this year, unchanged

2 MIN READ
Korea narrows current account surplus gap with Taiwan amid chip boom thumbnail

Tesla, BYD capitalize on Korean automakers' wage strike

Tesla and BYD are gaining ground in Korea, filling the void created by prolonged labor strikes at major domestic automakers in August. Combined domestic sales by Hyundai Motor, Kia, KGM, Renault Korea and General Motors (GM) Korea fell 28.3 percent from a year earlier to 79,601 vehicles last month, according to data from the Korea Automobile Importers & Distributors Association (KAIDA). All the five carmakers reported year-on-year declines. Hyundai Motor was hit particularly hard, with domestic sales plunging 41.1 percent to 34,333 vehicles. Production disruptions caused by a series of partial strikes by its union weighed heavily on vehicle output and deliveries. Hyundai workers staged partial walkouts from July through August, with the cumulative strike time reaching about 60 hours. This is estimated to have caused production losses of roughly 55,000 vehicles. Kia fared better, but its domestic sales still declined 7.6 percent to 40,213 units. The automaker was also affected by the strike and reduced production days during the summer vacation season. The fall in sales shows that supply-s

2 MIN READ
Tesla, BYD capitalize on Korean automakers' wage strike thumbnail

Korean firms delay converting dollars into won as local currency strengthens

Dollar deposits at Korea's five largest banks climbed to a record high as companies accumulated the U.S. currency, with the won trading at its strongest level in 23 months, data showed Sunday. Dollar deposits at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup reached a record $76.98 billion as of Thursday, the highest since comparable data collection began in May 2021. The total rose by more than $6.9 billion in August and increased by a further $600 million in the first three days of September. Corporate deposits accounted for most of the increase. Companies held a record $63.3 billion in dollar deposits as of Thursday as exporters delayed converting dollar revenue into won while the exchange rate remained low, and importers bought the U.S. currency in stages ahead of future payments. Dollar deposits held by individuals also rose to $13.68 billion, the highest since February 2022. Individuals converted $389 million worth of won into dollars in August, the largest monthly amount since January, while conversions from dollars into won were only about a third as large. The won, which had r

2 MIN READ
Korean firms delay converting dollars into won as local currency strengthens thumbnail

Lee heads to France for state visit, summit with Macron

President Lee Jae Myung departed Sunday for a four-day visit to France that will include a summit meeting with French President Emmanuel Macron on ways to enhance cooperation in security, the economy and other areas. The trip follows Macron's visit to South Korea in April. It also comes as the two countries mark this year the 140th anniversary of the establishment of diplomatic relations. Lee will first travel to Nice to attend the Lumiere Summit on the future of cinema in nearby Saint-Paul-de-Vence before making a two-day state visit to Paris from Tuesday. In the French capital, Lee will hold a one-on-one luncheon with Macron, followed by a summit and a dinner banquet hosted by the French president and his wife, Brigitte Macron, at the Elysee Palace. Lee will also attend a business roundtable involving 20 companies from both countries in Paris. The trip is expected to flesh out the "global strategic partnership" forged between the two countries during Macron's April visit to South Korea that seeks to enhance the countries' bilateral cooperation in major sectors, such as security, the eco

1 MIN READ
Lee heads to France for state visit, summit with Macron thumbnail

Civic groups call for UNESCO listing of comfort women documents

A coalition of civic groups on Sunday urged UNESCO to swiftly move forward with a long-stalled bid to list documents related to Japan's wartime sex slavery of women on its Memory of the World Register. In May 2016, civic groups from 8 countries, including South Korea and China, made an official request for the UNESCO listing of documents related to women, mostly Koreans, forced into sex slavery for Japanese troops during World War II. The documents, submitted under the title "Voices of the Comfort Women," include victims' testimonies and other materials related to the wartime sex slavery. The number of known surviving victims has continued to decline, with only five left in South Korea, six in China, five in the Philippines, about 20 in Indonesia and one in Timor-Leste, according to the civic groups. The listing process has been stalled since UNESCO's International Advisory Committee decided in 2017 to facilitate dialogue between the coalition and four other groups from Japan and the United States that had separately submitted records on the same issue. The first talks, initially planned

1 MIN READ
Civic groups call for UNESCO listing of comfort women documents thumbnail

Tourist complaints in Korea hit record high amid travel boom

Tourist complaints in Korea have hit a record high this year, data showed Sunday, with problems ranging from reckless taxi driving to overcharging at shopping malls. A total of 1,753 complaints were filed nationwide between January and July this year, already surpassing the 1,744 cases reported last year, according to the data compiled by the Korea Tourism Organization (KTO). The growing number of complaints has raised calls for Korea to come up with measures to improve tourism services, particularly as foreign visitors have complained of excessive accommodation cancellation fees and other issues during major events, such as K-pop supergroup BTS' concerts. According to the data, the total number of complaints from foreign visitors fell during the COVID-19 pandemic but has risen steadily since 2023 and reached 1,744 last year, with the figure for this year already surpassing the annual total of 2025 in just seven months. By region, Seoul recorded the most complaints at 665, followed by the southeastern city of Busan with 594, Incheon with 176 and the southern resort island of Jeju with 15

2 MIN READ
Tourist complaints in Korea hit record high amid travel boom thumbnail

Iranian official warns Korea Hormuz deployment would mean joining war

A senior Iranian official has warned Korea against deploying military assets to the Strait of Hormuz, saying any action against Iran would be considered direct participation in the war. “Any South Korean involvement against Iran in the Strait of Hormuz would amount to direct military participation in the aggression and war against Iran,” the unnamed senior political and security official was quoted as saying by Al Mayadeen, a Lebanon-based news network aligned with Iran and Hezbollah, on Friday. The official also urged Seoul not to “sacrifice its interests and reputation” by supporting U.S. military operations. The warning comes as Korea weighs a possible contribution to efforts to secure the key waterway amid growing pressure from Washington. Seoul said Friday that no decision has been made. A senior U.S. administration official said Washington was “still waiting for South Korea to deploy resources to the region,” noting that the country is one of the largest buyers of Middle Eastern oil, media outlets reported Friday.

1 MIN READ
Iranian official warns Korea Hormuz deployment would mean joining war thumbnail

Taiwan Pavilion opens at Gwangju Biennale amid naming controversy

A pavilion showcasing works by Taiwanese artists at the 16th edition of the Gwangju Biennale opened Saturday amid its naming controversy. This year's biennale, considered one of Asia's most prominent contemporary art events, features a main exhibition in the southwestern city of Gwangju alongside a project with 16 national pavilions and 11 institutional pavilions, including one for the National Taiwan Museum of Fine Arts (NTMoFA). The biennale organizers initially decided to call the space "Taiwan Pavilion" before changing it to "NTMoFA Pavilion." It drew a protest from Taiwan's culture ministry, forcing the Gwangju Biennale Foundation to reverse its decision and approve the use of "Taiwan Pavilion." This in turn drew a formal expression of regret and concern from Chinese Ambassador to South Korea Dai Bing to Gwangju Mayor Min Hyung-bae. China views self-ruled Taiwan as part of its own territory under a one-China principle. Artists representing the China Pavilion subsequently halted installation work and withdrew from the event in protest. At the opening ceremony for the Taiwan Pavilion,

2 MIN READ
Taiwan Pavilion opens at Gwangju Biennale amid naming controversy thumbnail

Young Koreans turn to court auctions as Seoul prices soar

Kim Yu-ji, 26, let out a sigh. "It failed," she said. "I had high hopes." It was the morning of Aug. 24 in Courtroom 101 of the Seoul Eastern District Court in Songpa District. The property on the block was a low-rise multifamily property commonly called a "villa" in Korean, located in Amsa-dong, Gangdong District, and appraised at 504 million won ($370,000). It drew 11 bidders, more than any other case heard that day. Kim had taken the morning off to sit beside her older brother, Kim Beom-jun, 31, who was making his first bid at a property auction. He had put his chances at about 80 percent. Then the judge announced the result. "The highest bid in this case is 436.07 million won," he said. Kim Beom-jun had bid 370 million won, falling 66.07 million won short of the winning bid. Neither of them lingered over it. They had to return to work that afternoon. They were not the only young bidders in the room. About 10 people in their 20s and 30s were there, among them Kang Ji-yun, 27, who lost a bid for a villa in Garak-dong. "Homes in Seoul are so expensive that I looked for a way to buy as c

6 MIN READ
Young Koreans turn to court auctions as Seoul prices soar thumbnail

From ashes to architectural hotspot, Gangneung temple draws global attention

A wall of brightly colored rectangles floods the field of vision, creating a unique facade for a Buddhist temple. It traces a gentle curve, turning people's thoughts to the temple’s monks as they sit in meditation. Will this rid them of worldly thoughts, or sweep them away in a flood of ideas and inspiration? The wall belongs to Inwol Temple, near Gyeongpo Lake in Gangneung, Gangwon Province. This March, the temple drew international attention after winning a WA Award from the World Architecture Community. Word quickly spread that the temple was an example of “hip Buddhism,” even helping fuel memes. The temple is only one of Gangneung’s noteworthy architectural spaces. From Inwol Temple to the Sorol Art Museum, a public building that somehow emerged looking just like its architectural rendering, the coastal city hides a number of stylish spaces. The ‘temple that looks nothing like one' Inwol Temple is a single crescent-shaped building, modeled after the curve of the Buddha’s eyebrow. Rather than divide its long, narrow site into a separate prayer hall and meditation center, t

6 MIN READ
From ashes to architectural hotspot, Gangneung temple draws global attention thumbnail

Hana Financial supports low-cost egg supply ahead of Chuseok

Hana Financial Group has teamed up with small business support organizations to supply cheaper eggs to supermarkets, seeking to ease food price pressures ahead of the Chuseok holiday, the group said Sunday. The financial group signed an agreement Friday with the Small Enterprise and Marketing Service and the Korea Federation of Micro Enterprise to support the supply of eggs at lower prices. Under the initiative, dubbed the "Good Egg Project," Hana Financial plans to work with 20 poultry farms and supply about 120,000 trays of eggs to some 4,000 supermarkets nationwide. A set of two trays, or 60 eggs, will be priced at 9,990 won ($7) at designated stores, starting Friday. Hana Financial will contribute funds to the project and cover costs related to washing, inspecting and sorting the eggs, as well as transportation expenses as part of efforts to reduce distribution costs and keep retail prices down. The Small Enterprise and Marketing Service will establish guidelines for price labeling and oversee the project, while the Korea Federation of Micro Enterprise will help secure distribution th

2 MIN READ
Hana Financial supports low-cost egg supply ahead of Chuseok thumbnail

Editor's Pick

[WEEKENDER] Korean shamanism spreads far beyond its homeland

WEEKENDER Korean shamanism spreads far beyond its homeland

As Korea has taken its place among the world leaders in technology, many facets of its traditional culture also have found their way to a global audience. Through a series of appearances in media and popular streaming content, Korean shamanism has achieved a a new level of global awareness in recent years. For some, the idea of Korean shamanism being a global entity began 20 years ago with the arrival of Andrea Kalff, a woman from Prien am Chiemsee, Germany, who became the very first European to become a Korean shaman. Kalff was raised in a Catholic family in Bavaria, with little knowledge or interest in any kind of shamanism, let alone the Korean version. “Since childhood, I had experienced unusual dreams, intuitive perceptions, illnesses that physicians could not explain and psychological crises that correspond to what Korean tradition understands as 'sinbyeong',” she explained, referencing the "spirit sickness" that is thought to affect people marked to become shamans. Initiation into world of Korean shamanism At the age of 32, while in declining health, she was invited by a frien

7 MIN READ

Life in Korea

[RESTAURANT OF THE WEEK] Maple House returns strong after renovation

RESTAURANT OF THE WEEK Maple House returns strong after renovation

There's usually not much point in reviewing a restaurant a second time. I can only think of one restaurant that has been spotlighted in this column twice: CALI Kitchen, which got an initial rave in 2023 and then a farewell before closing a year later. The second Restaurant of the Week to wear that lofty accolade twice is going to be Maple House in central Seoul's Haebangchon, which was published almost two years ago. Formerly a Korean brunch cafe with an excellent food menu, it closed down a few months ago, and I probably wasn't the only one saddened. It reopened after a quick renovation, now taking on a bit more of the character of a Western-style diner, featuring great food — albeit with some changes. When factoring in price, quality and quantity, Maple House remains my favorite place for breakfast food in Seoul. The breakfast portion of the menu has been significantly expanded, providing more options without sacrificing the earlier selections. There have been a few other tweaks to the food preparation as well. One of my problems with the previous Maple House menu was how they prepa

2 MIN READ

Lifestyle

Inside Jung Kook's medicine bag: Here's what experts say

Click here for more articles by Kormedi.com. BTS member Jung Kook revealed during a livestream that he takes dozens of medications, vitamins and supplements, prompting concerns about potential adverse effects. Jung Kook showed fans the various products he takes while speaking on the fan community platform Weverse on Tuesday. “I have to take magnesium,” he said, looking around in the middle of the livestream. “Let me show you the vitamin bag I normally carry around.” He then held his personal medicine bag up to the camera. “There’s a lot in here,” Jung Kook said with a slightly embarrassed laugh. The plastic bag he pulled from the medicine bag was packed with dozens of white pill bottles. And that was only the beginning. He proceeded to take out a dizzying array of products, including his morning vitamins, prescription medications for colds and tonsillitis, medication for elevated liver enzyme levels, an all-in-one cold remedy, sleep aids, medications for skin inflammation and allergies, and liquid vitamins. As he explained what each product was for, the BTS member also discus

3 MIN READ
Inside Jung Kook's medicine bag: Here's what experts say

K-Culture

IU to release new digital single next week

Singer-songwriter IU will release a new digital single next Thursday, her agency said, marking her first new music in a year after health issues forced concert cancellations and delayed her sixth studio album. EDAM Entertainment announced the return in a statement Friday, alongside a teaser video uploaded to the artist's social media channels. The agency did not provide further details about the single, including its title. IU's most recent release was the digital single "Bye, Summer" in September 2025. The 33-year-old artist, one of Korea's best-selling solo acts, had planned to hold standalone concerts in Goyang near Seoul earlier this month. The shows were canceled after she suffered a flare-up of patulous Eustachian tube, a condition in which the tube inside the eardrum remains abnormally open. She also postponed the release of her sixth studio album due to the same health issue and has not announced a new date.

1 MIN READ
IU to release new digital single next week

Celebrities

Lisa reveals solo song was inspired by past secret relationship, says ex approved its release

BLACKPINK’s Lisa has opened up about the hardships and restrictions she faced as a K-pop idol. According to a report by the Toronto Star on Thursday, Lisa discussed her past relationships and the constraints of idol life in her solo documentary, “Always Lalisa.” Lisa moved to Korea in 2011 at the age of 14 to begin training under YG Entertainment. Recalling those years, she said, “I didn’t dare speak up or express my thoughts.” She was also seen wiping away tears as she described the monthly performance tapes she submitted to bosses for review during those years and the feedback. “In K-pop culture, we can't date,” Lisa said. “When I was younger, I dated a few times, but we had to hide when we’re dating. I didn’t want my dating to be the thing that hurts BLACKPINK's popularity.” She also revealed that her debut solo studio album, “Alter Ego,” released last year, draws on her own romantic experiences. One of its songs, “Dream,” was inspired by a relationship she had kept secret in the past, Lisa explained. The artist added that she had contacted her former pa

1 MIN READ
Lisa reveals solo song was inspired by past secret relationship, says ex approved its release

Get key insights on Korea from the members-only personalized news service My Times.

Opinion

Top 10 Stories

  1. Tourist complaints in Korea hit record high amid travel boom

  2. US, Japan emerge as Korean chipmakers' production bases amid AI boom

  3. Young Koreans turn to court auctions as Seoul prices soar

  4. Mother's surname at birth? Bill aims to shift Korea's family-name deadline

  5. Fireworks show lights up Seoul skies

  6. Iranian official warns Korea Hormuz deployment would mean joining war

  7. COVER STORY From Tiger to Align, shareholder activism takes root in Korea

  8. Controversies jeopardize confirmation prospects for Lee's Cabinet nominees

  9. Tesla, BYD capitalize on Korean automakers' wage strike

  10. Nicotine-like products expose blind spot in e-cigarette rules

Video

Interesting contents

Taboola 후원링크