The Korea Times

Prime minister dismisses Coupang's accusation against Korean government

A Coupang investor and board member threatened Thursday to file an international lawsuit against Korea, alongside another U.S. investor. The move appears to be losing steam after the Korean government called the claims groundless and the company distanced itself from the dispute. The investors’ move has further fueled negative public sentiment toward Coupang, which is believed to have tried to exert indirect pressure on the government to halt investigations into alleged labor, financial, and tax violations, as well as a massive data breach last November affecting more than 33.7 million users. The prime minister’s office said Friday that the U.S. investors distorted remarks made by Prime Minister Kim Min-seok on Dec. 19, 2025. In a letter sent by Greenoaks Capital Partners and Altimeter Capital Management to President Lee Jae Myung via the U.S. law firm Covington & Burling, the investors claimed that Kim urged regulators to approach enforcement against Coupang for the data breach "with the same determination used to wipe out mafias" and "impose strong economic sanctions" without worr

Jan 23, 2026By Park Jae-hyuk

Prime minister dismisses Coupang's accusation against Korean government

Companies

President’s remarks pit Yongin against southern regions over $680 bil. chip cluster

President Lee Jae Myung’s comments on relocating a semiconductor cluster to southern regions at Wednesday’s press conference have drawn mixed reactions, as some politicians have interpreted his remarks as a clear sign that the government wants Samsung Electronics and SK hynix to move their factories from sites near the capital to southern parts of the country. While lawmakers representing southern regions welcomed his comments, the mayor of Yongin in Gyeonggi Province — the city where the cluster is located — criticized the president for adding uncertainty to the 1,000 trillion won ($680 billion) project. “Yongin residents had hoped the president would resolve the dispute, but his ambiguous stance will not calm the ongoing controversy over relocating the semiconductor industry,” Yongin Mayor Lee Sang-il, a member of the main opposition People Power Party, said in a radio interview Thursday. “Although the president said he cannot overturn decisions made under previous administrations, he still raised questions about the supply of electricity and water.” At the nationally

Jan 23, 2026By Park Jae-hyuk

President’s remarks pit Yongin against southern regions over $680 bil. chip cluster

Companies

Hanwha meets retail investors as spin-off plan draws backlash

Hanwha Group’s de facto holding company held a rare meeting Wednesday with minority shareholders amid calls for the conglomerate to revise its controversial spin-off plan, which critics see as an attempt to allow the chairman’s youngest son to independently manage certain affiliates. A week after Hanwha Corp.’s board decided on Jan. 14 to spin off its machinery and services divisions into a separate holding company, the firm invited about 50 retail investors to discuss the plan. Before the meeting, Korea Corporate Governance Forum Chairman Lee Nam-woo criticized the spin-off as a maneuver to benefit the chairman’s three sons. “The company needs eight holding firms — four for aerospace, shipbuilding, energy and finance, two for tech and life solutions, and two for construction and gunpowder,” said Lee, who heads the forum of capital market insiders and legal experts advocating better corporate governance in Korea. He also called for higher dividends and a reorganization of the company’s board. When announcing the spin-off plan, Hanwha Corp. pledged to cancel 456.2 billion

Jan 22, 2026By Park Jae-hyuk

Hanwha meets retail investors as spin-off plan draws backlash

Companies

Uncertainty grows over HMM's relocation, new owner

Korean shipping company HMM has been facing multiple challenges since the beginning of this year. While it remains uncertain about who will become HMM's new owner and whether the firm will overcome a market downturn, the government has renewed its push to move the company's Seoul headquarters to Busan, Korea's second-largest city which is now home to the Ministry of Oceans and Fisheries. During Tuesday's livestreamed Cabinet meeting, President Lee Jae Myung asked acting Oceans Minister Kim Sung-bum when HMM will move its head office to the southeastern port city. As Kim cited a prolonged backlash from its labor union, Lee then asked whether its management is also undecided about the relocation. "Two major privately owned shipping companies decided to relocate their headquarters" the president said. "I listed other shipping firms that could move to Busan if the government persuades them to do so." Lee added that it is not useful to locate shipping firms' head offices in the capital area, as Kim introduced the ministry's plan to establish a shipping industry cluster through a "big deal" wi

Jan 22, 2026By Park Jae-hyuk

Uncertainty grows over HMM's relocation, new owner

Companies

President signals for incentives for companies to move $680 bil. chip cluster southward

President Lee Jae Myung indicated Wednesday that the government intends to offer incentives to companies if they relocate their semiconductor plants from sites near the capital to southern parts of the country. His remarks come amid calls from the ruling party for Samsung Electronics and SK hynix to move their chip clusters currently under construction in Yongin, Gyeonggi Province. The calls, made ahead of local elections scheduled for June 3, aim to disperse the industry across regions to promote more balanced regional development. While Lee has previously said the companies would not move their facilities even if the government tried to force them, his comments are considered to be signaling the administration's continued desire for the relocation. However, the related companies declined to comment. During a nationally televised New Year’s press conference, he said the government would encourage companies to build their semiconductor facilities in southern regions, where the electricity supply is sufficient. While acknowledging the difficulty of reversing decisions made under previou

Jan 21, 2026By Park Jae-hyuk

Companies

PHOTO Donation to share hope

S-Oil CEO Anwar Al-Hejazi, second from left, and S-Oil President Ryu Yul, left, pose with officials from the Community Chest of Korea at the charity organization's headquarters in Seoul, Wednesday, after the company's donation of 2 billion won ($1.36 million) for the 2026 Hope Sharing campaign. The donation will be used to support the underprivileged and programs to assist social welfare facilities. Courtesy of S-Oil

Jan 21, 2026By Park Jae-hyuk

Companies

Former Canadian Navy officer and Lockheed exec joins Hanwha Ocean

Hanwha Ocean said Wednesday that former Lockheed Martin Canada General Manager Glenn Copeland, who served as a Royal Canadian Navy officer for 22 years, has been appointed the inaugural CEO of Hanwha Defence Canada, the shipbuilder’s new office in Ottawa. His appointment marks the latest effort by Hanwha Ocean in its ongoing competition with Germany’s TKMS to secure an order for 12 submarines worth 60 billion Canadian dollars ($43 billion) with the Canadian government. “Copeland will lead Hanwha Ocean’s expansion in Canada, overseeing defense and naval business activities as the company advances its participation in the Canadian Patrol Submarine Project (CPSP),” Hanwha Ocean said in a press release. “His appointment reflects Hanwha’s strategy of embedding experienced local leadership as it deepens long-term industrial and defense cooperation with Canada, reinforcing its commitment not only to the CPSP but also to sustained engagement with Canada’s naval, industrial and security communities.” While at Lockheed Martin, Copeland was involved in major programs including mod

Jan 21, 2026By Park Jae-hyuk

Former Canadian Navy officer and Lockheed exec joins Hanwha Ocean

Tech & Science

HD Hyundai seeks data-driven decision making with Palantir software deal in Davos

HD Hyundai said Wednesday it signed an agreement with Palantir Technologies for additional purchases of the U.S. company’s software, aiming to expand a data-driven decision making system across the group. The two companies signed the contract during a high-level meeting on the sidelines of the annual World Economic Forum in the Swiss town of Davos this week. The deal is estimated to be worth hundreds of millions of dollars, though both companies have kept its terms confidential. Specifically, HD Hyundai plans to jointly establish a “Center of Excellence” with Palantir to systematically embed advanced data analytics and artificial intelligence (AI) capabilities across the organization, while securing sustainable growth engines to support AI-driven innovation. They emphasized that their alliance broadens platform access and collaboration across the full spectrum of HD Hyundai’s business, including electric systems, robotics and marine aftermarket services. Since Palantir began partnering with HD Hyundai Oilbank in 2021, the Korean conglomerate has deployed the U.S. tech firm’s b

Jan 21, 2026By Park Jae-hyuk

HD Hyundai seeks data-driven decision making with Palantir software deal in Davos

Companies

Lee says US tariffs on Korean chips would hit American consumers

President Lee Jae Myung said Wednesday that Seoul does not take Washington’s recent threat to impose a 100 percent tariff on semiconductors seriously. Describing the move as a typical attempt to gain leverage in trade talks, he said the government will respond to the issue based on standards and principles. “As far as I know, Taiwan and Korea hold about 80 to 90 percent of the global semiconductor market, so a 100 percent tariff by the United States would ultimately raise its consumer prices by nearly the same margin,” Lee told reporters during a nationally televised New Year’s press conference. “Most of the tariffs would be passed on to U.S. commodity prices.” Lee made the remarks as Samsung Electronics and SK hynix face U.S. President Donald Trump’s threat of steep tariffs on all memory chips, not only advanced ones already subject to the 25 percent duty. Last week, U.S. Commerce Secretary Howard Lutnick urged global memory chip manufacturers to choose between paying a 100 percent tariff or building a new plant in his country. Uncertainty has deepened after Taiwanese chipm

Jan 21, 2026By Park Jae-hyuk

Lee says US tariffs on Korean chips would hit American consumers

Companies

Dongwha Electrolyte ramps up push to meet US demand

Dongwha Electrolyte said Tuesday it has signed an agreement with PGT for an equity investment and the sourcing of high-purity lithium hexafluorophosphate from the Pohang-based specialty precision chemical company. According to the electrolyte maker, the decision aims to strengthen its competitive edge in the North American market by meeting demand for non-Chinese battery materials. PGT will supply the core ingredient for battery electrolytes through its new plant built last year. The facility employs an advanced continuous synthesis and dynamic crystallization process that reduces raw material and infrastructure costs as well as processing time. The proprietary process is also considered environmentally friendly because it minimizes waste generation and enables byproduct recycling. With a stable supply of high-quality materials from PGT’s domestic production base, Dongwha Electrolyte seeks to reduce supply chain uncertainty and dependence on foreign suppliers. Following the U.S. government’s introduction of the prohibited foreign entity requirements under the foreign entity of concer

Jan 20, 2026By Park Jae-hyuk

Park Jae-hyuk

Read more

Prime minister dismisses Coupang's accusation against Korean government

President’s remarks pit Yongin against southern regions over $680 bil. chip cluster

Hanwha meets retail investors as spin-off plan draws backlash

Uncertainty grows over HMM's relocation, new owner

President signals for incentives for companies to move $680 bil. chip cluster southward

PHOTO Donation to share hope

Former Canadian Navy officer and Lockheed exec joins Hanwha Ocean

HD Hyundai seeks data-driven decision making with Palantir software deal in Davos

Lee says US tariffs on Korean chips would hit American consumers

Dongwha Electrolyte ramps up push to meet US demand

Top 5 stories