Business - The Korea Times

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

AI to fuel Korea's agricultural assistance for developing nations

JEONJU, North Jeolla Province — Korea will step up assistance for developing countries in the agricultural sector, leveraging a state-led initiative to apply artificial intelligence (AI) to farming technologies, data-driven advisory services and the development of climate-resilient crops, according to the head of the nation’s top agricultural research institute. Lee Seung-don, administrator of the Rural Development Administration (RDA) under the Ministry of Agriculture, Food and Rural Affairs, said on Thursday the agency’s official development assistance (ODA) projects for countries with poor self-reliant infrastructures and labor shortages will continue to expand. Lee said the agency’s multilateral Food and Agriculture Cooperation Initiative (FACI) will expand from three regional groups — Asia, Africa, and Central and South America — to five by 2028, adding the Caribbean and South Pacific. The expansion will bring the number of partner countries to around 100 across the five regions, with costs covered by the Korean government’s budget. Lee’s remarks come as the RDA is

Jan 23, 2026By Ko Dong-hwan

AI to fuel Korea's agricultural assistance for developing nations

Civic groups condemn Coupang investors' petition against S. Korean gov't

Domestic civic groups on Friday denounced a request by two U.S. investors in e-commerce giant Coupang for the U.S. government to investigate the South Korean government's alleged discrimination against the U.S.-listed firm. The People's Solidarity for Participatory Democracy (PSPD), based in Seoul, issued a statement, condemning the U.S. investors' move as an attempt to violate South Korea's sovereignty by undermining its legitimate law enforcement and regulatory authority. "A U.S.-listed company, which generates the majority of its revenue in South Korea, failed to take even basic protection measures and leaked a massive amount of personal information of three quarters of the Korean population," the statement said. "Nevertheless, the American political and business communities have set out to apply diplomatic and trade pressure over the Korean government's measures. It is not the basic attitude of a civilized nation." The PSPD then urged the Seoul government to respond firmly and resolutely according to the law and principles, rather than yielding to threats from the U.S. political and

Jan 23, 2026By Yonhap

Civic groups condemn Coupang investors' petition against S. Korean gov't

Seoul to provide 400 bil. won in financial support to shipbuilding industry

A special guarantee program will be launched to provide up to 400 billion won ($272.4 million) in financing support to help the shipbuilding industry enhance its export competitiveness, the industry ministry said Friday. The program is aimed at offering low-interest loans to small and medium-sized suppliers of South Korean shipbuilding giant HD Hyundai Heavy Industries, according to the Ministry of Trade, Industry and Resources. To this end, HD Hyundai and Hana Bank will make a special contribution of a combined 28 billion won, which will be used by the state-run Korea Trade Insurance Corp. (K-Sure) to provide payment guarantees for up to 400 billion won worth of low-interest loans to the suppliers of HD Hyundai. K-SURE, HD Hyundai and Hana Bank held a cooperation agreement signing ceremony for the special program Friday in the southeastern city of Ulsan, home to major shipbuilding companies.

Jan 23, 2026By Yonhap

Seoul to provide 400 bil. won in financial support to shipbuilding industry

Stellantis Korea to revive sales with new vehicles from Jeep, Peugeot

Stellantis Korea will revive its 2026 sales momentum by launching two new strategic lineups — Peugeot’s 5008 hybrid SUV and the Jeep Grand Cherokee, its CEO Bang Sil told reporters during a press conference, Thursday. Bang, who took the helm at Stellantis Korea on Feb. 1, 2024, is now entering her third year as CEO, facing mounting challenges as the carmaker grapples with declining vehicle sales. The carmaker recently began accepting pre-orders for the Peugeot 5008, a premium SUV, ahead of its official launch in Korea this February. The third-generation 5008 is equipped with Stellantis’ much-touted electrification platform, the STLA Medium, which makes the vehicle a well-balanced option in terms of fuel efficiency and environmental friendliness, the carmaker said. “The 5008 SUV will play an important role in refreshing Peugeot’s momentum and drive a turnaround of the brand in Korea,” Bang said. “The model is a mid-size SUV with solid demand from customers.” The fully redesigned vehicle offers improved interior space, flexible seating configurations and versatile cargo opti

Jan 23, 2026By Lee Min-hyung

Stellantis Korea to revive sales with new vehicles from Jeep, Peugeot

Coupang investors seek US probe over Korea's handling of data leak

Two major U.S. investors in Coupang Inc. said on Thursday they have petitioned the U.S. government to investigate the Korean government and potentially impose trade remedies over what they describe as discriminatory treatment of the e-commerce company. Tech investors Greenoaks and Altimeter said they have also filed arbitration claims against Korea under the U.S.–Korea Free Trade Agreement (KORUS), accusing Seoul of mounting a campaign against Coupang following a consumer data breach that has caused billions of dollars in losses for investors. The move comes after Coupang reported in November that personal data for some 33 million customers in Korea were compromised, triggering a backlash from lawmakers and the public, which prompted a wide-ranging investigation as well as lawsuits from investors and consumers. The investors said they have asked the U.S. Trade Representative (USTR) to investigate South Korea’s actions and impose "appropriate trade remedies, potentially including tariffs and other sanctions," arguing that the response to the breach has gone far beyond normal regulato

Jan 22, 2026By Reuters

Coupang investors seek US probe over Korea's handling of data leak

Hyundai Motor union warns against humanoid robot deployment

Hyundai Motor’s labor union stated its strong opposition to the carmaker’s plan for deploying humanoid robots across its major assembly lines here and abroad. “The introduction of artificial intelligence (AI) robots — aimed at cutting labor costs — becomes visible,” the union said in a statement, Thursday. “The union warns that not a single robot can be deployed at worksites without an agreement between the union and management.” Starting this year, Hyundai Motor Group has identified the Atlas humanoid robot as its next major growth engine in the burgeoning era of physical AI. The carmaker unveiled the vision during this year’s CES tech fair when it displayed a concrete plan to deploy Boston Dynamics’ Atlas robots to Hyundai Motor Group Metaplant America (HMGMA) by 2028. Regarding concerns over the impact on the job market, Hyundai Motor said robots will focus primarily on repetitive and dangerous tasks avoided by humans, so the deployment of humanoid robots at factories will improve the overall labor efficiency. The union, however, stepped up its negative rhetoric aga

Jan 22, 2026By Lee Min-hyung

Hyundai Motor union warns against humanoid robot deployment

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

Walmart eyes K-beauty as cosmetics exports hit record highs

As the global boom in K-beauty continues, Walmart, the world’s largest retailer, has stepped up efforts to explore collaboration opportunities with Korean beauty brands. The Korea Trade-Investment Promotion Agency (KOTRA) said Wednesday that a delegation of 12 Walmart executives, including six vice presidents and purchasing heads, arrived in Korea on Tuesday for business networking and sourcing events in Seoul. The visit came as Korea’s cosmetics exports rose 12.3 percent year over year last year, surpassing $10 billion for the second consecutive year to reach $11.4 billion. Since 2024, Korean cosmetics have ranked No. 1 in the U.S. import market, overtaking French products. Last year, the United States became Korea’s largest export destination for cosmetics. Amid the K-beauty boom, KOTRA approached Walmart to explore broader cooperation, as the retailer views the rapid growth of Korean beauty brands as a potential driver of its own beauty business. With support from KOTRA, Walmart held one-on-one business meetings with 57 Korean companies selected through a comprehensive review of

Jan 22, 2026By Lee Gyu-lee

Walmart eyes K-beauty as cosmetics exports hit record highs

Ceragem recliners earn recognition in medical journal for neuroergonomics

Ceragem, a health care company known for popularizing massage beds and chairs, has demonstrated its technological competence by earning recognition in the medical journal Frontiers for its work in neuroergonomics. Ceragem said Thursday that the journal recommended the company’s recent study involving its signature medical equipment lineup, the Master V Collection, confirming its therapeutic effects in helping users recover from back-related issues. Spearheaded by researchers at NYU Langone Health, the study was jointly conducted by the NYU Grossman School of Medicine, the City College of New York and Ceragem Clinical, the company’s clinical research division. The study looked to verify the purported benefits of the recliners, which feature heating and customized massaging functions, through randomized controlled clinical trials. The results showed that the group using the Master V Collection experienced improvements in back pain, waist mobility and overall recovery despite a relatively short usage period. The study highlighted the home-care devices’ ability to adapt to different s

Jan 22, 2026By Ko Dong-hwan

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