Business - The Korea Times

EcoPro to expedite European market entry with Hungarian plant

Battery materials firm EcoPro has completed its cathode plant in Hungary, heralding an aggressive expansion in the local market based on strong responsiveness to regional regulatory requirements. According to the company Sunday, it held the completion ceremony of its new plant in Debrecen, the second-largest city in Hungary, on Friday (local time). The ceremony was attended by EcoPro founder Lee Dong-chae, CEO Song Ho-jun, SK On CEO Lee Seok-hee, Hungarian Investment Promotion Agency CEO Istvan Joo, Debrecen Mayor Laszlo Papp and other executives of the company’s key clients. “Thanks to the full-fledged and prompt support from the Hungarian government, we were able to complete the first European manufacturing base operated by a Korean cathode company,” Lee said. “The plant’s completion marks a new beginning for EcoPro and Europe to shape the future together at a time when the electric vehicle (EV) industry is rapidly evolving.” Occupying a 440,000-square-meter plot of land, the plant houses EcoPro BM, which manufactures cathode material; EcoPro Innovation, which processes li

Nov 30, 2025By Nam Hyun-woo

EcoPro to expedite European market entry with Hungarian plant

Large firms plan to cut domestic investments, increase overseas spending in 2026

Large businesses in Korea are seeking to cut their domestic investments next year in favor of expanding offshore spending, a survey showed Sunday, triggering concerns that corporate capital may increasingly flow abroad and slow down local economic activity. According to a survey commissioned by the Korea Enterprises Federation (KEF) of CEOs and senior executives at 229 companies, 47.1 percent said they plan to maintain this year’s level of domestic investment next year. Among large businesses with more than 300 employees, however, 40 percent said they plan to scale down their domestic investments next year, while 35 percent intend to keep it unchanged. For overseas investment, 45.7 percent said they would expand spending, and 28.3 percent said they would maintain the current level. The trend is tied closely to the impact of the United States’ tariff policies. Throughout this year, Korean corporations have faced mounting pressure to increase their investments in the U.S. in response to tariff measures pushed by the Donald Trump administration. As companies prioritize allocating their

Nov 30, 2025By Nam Hyun-woo

Large firms plan to cut domestic investments, increase overseas spending in 2026

Nongshim hosts Bae Hong Dong winter noodle challenge

Nongshim has launched a special winter promotion event for its popular Bae Hong Dong cold spicy noodle products, encouraging consumers to challenge the upcoming shivery winter season by slurping the summertime favorite. The company said on Sunday it has repackaged the Bae Hong Dong lineup’s three different flavors with a seasonal snowy design and launched a raffle event for consumers. Personally invented ideas on cold recipes for the product can be submitted to Nongshim’s social media channels through photos or video clips and will be shortlisted for prizes. Winners can win perks to beat the winter season, such as a roundtrip ticket to a sunshine region in Melbourne, Australia, or a stay at a premium hotel with a hot spring. A Nongshim official said the company will “make Bae Hong Dong popular throughout all seasons by promoting it not just in summer but also in winter.”

Nov 30, 2025By Ko Dong-hwan

Nongshim hosts Bae Hong Dong winter noodle challenge

Webzen slapped $107,000 fine for misleading probability of in-game items

The antitrust watchdog said Sunday it has imposed a fine of 158 million won ($107,000) on game publisher Webzen for misleading players about the probability of obtaining in-game items in its popular role-playing game MU Archangel. Webzen failed to properly disclose the actual probabilities of acquiring certain random items from in-game purchase from June 2020 to March 2024, generating an additional 6.7 billion won in revenue during the period, according to the Fair Trade Commission (FTC). The FTC ordered the company to halt the illegal practice and submit measures to prevent recurrence. At the same time, the FTC also fined four other game publishers — Gravity, Wemade, Krafton and Com2us — 2.5 million won each for similar violations.

Nov 30, 2025By Yonhap

Webzen slapped $107,000 fine for misleading probability of in-game items

Coupang's data breach undetected for five months, triggering customer alarm

Anxiety and frustration are mounting following a massive data breach at e-commerce giant Coupang that local observers noted Sunday may have been ongoing for months. On Saturday, the U.S.-listed company confirmed personal information belonging to 33.7 million customers — nearly its entire user base — had been compromised. The breached data includes names, phone numbers, email addresses and delivery addresses. The company said payment information, credit card numbers and login credentials were not affected. "Unauthorized access to delivery-related personal information for the affected accounts appears to have been made through overseas servers since June 24," the company said. The police reportedly have identified at least one suspect in the case, informed sources said. The suspect is said to be a former Chinese employee of Coupang, who is no longer with the company and has left the country, according to the sources. The police launched an investigation into the case after receiving a complaint on Tuesday. The company first discovered the breach on Nov. 18 and notified authorities within

Nov 30, 2025By Yonhap

Coupang's data breach undetected for five months, triggering customer alarm

Coupang says 33.7 mil. customer accounts exposed in data leak

U.S.-listed e-commerce giant Coupang Inc. said Saturday it has confirmed personal information from 33.7 million customer accounts was exposed, far higher than the 4,500 accounts initially believed to be affected. The updated figure suggests that nearly all Coupang customers may have had personal information — including names, phone numbers, email addresses and delivery addresses — compromised. However, the company said payment information, credit card numbers and login credentials were not accessed. "Unauthorized access to delivery-related personal information for the affected accounts appears to have been made through overseas servers since June 24. The access route has been blocked and internal monitoring strengthened," Coupang said in a press release. The company said it is conducting a joint investigation with security experts and is cooperating with law enforcement and regulatory authorities. Coupang apologized for the incident and urged customers to be cautious about phone calls, text messages or other communications impersonating the company. Given that active users in Coupang's

Nov 29, 2025By Yonhap

Coupang says 33.7 mil. customer accounts exposed in data leak

Tesla’s FSD launch poses threat to domestic EVs

With Tesla’s much-touted Full Self-Driving (FSD) system making its debut in Korea, Hyundai Motor and Kia face growing risk of losing electric vehicle (EV) market share to the U.S. carmaker, as more price-competitive Tesla models equipped with the service are set to enter the country, industry officials and experts said Friday. The new software from Tesla enables drivers to enjoy an advanced level of self-driving even in cities with huge traffic jams, such as Seoul. For Korea, Tesla has launched the supervised version of the FSD, so drivers have to keep their eyes forward. The software is considered a Level 2 system, meaning drivers must remain engaged and monitor road conditions constantly in case of emergency. Tesla’s Model S and Model X EVs — equipped with the carmaker’s fourth-generation self-driving computer hardware — are available for the software update here. Data from the Korea Automobile Importers & Distributors Association (KAIDA) showed that around 900 Tesla EVs imported from the United States are eligible for the update here, but most Model 3 and Model Y vehicles

Nov 29, 2025By Lee Min-hyung

Tesla’s FSD launch poses threat to domestic EVs

PHOTO Samsung chairman's son commissioned as Navy officer

Lee Jee-ho, left, salutes his father, Samsung Electronics Executive Chairman Lee Jae-yong, second from right, and his grandmother, Hong Ra-hee, right, honorary director of the Leeum Samsung Museum of Art, during a commissioning ceremony at the Naval Academy in Changwon, South Gyeongsang Province, Friday. Lee was commissioned as a Navy officer after completing 11 weeks of training. Born in the United States in 2000, Lee Jee-ho renounced his U.S. citizenship to fulfill his military duty as an officer. Yonhap

Nov 28, 2025By Kang Seung-woo

[PHOTO] Samsung chairman's son commissioned as Navy officer

Korea’s shipbuilding hubs divided over surge in migrant workers

Cities home to Korea’s largest shipyards are seeing rising internal conflicts over the rising number of migrant workers. Although shipbuilders continue to cite severe labor shortages amid a surge in orders, local residents and labor unions say companies should pay more to attract Koreans and criticize the limited local spending by foreign workers. Geoje Mayor Byun Gwang-yong of South Gyeongsang Province asked Labor Minister Kim Young-hoon on Nov. 24 to reduce the visa quota for migrant workers, as the number of foreign residents on the island surpassed 15,000 as of October — more than triple the figure five years ago. Geoje is home to Hanwha Ocean and Samsung Heavy Industries. “The increase in foreign workers has not led to their integration or spending in the local economy,” Byun said. “By gradually reducing the visa quota, we aim to establish a stable labor structure centered on skilled Korean workers.” Elected in April as a candidate of the ruling Democratic Party of Korea, Byun has prioritized reducing the city’s reliance on migrant labor, while backing unionized Korean

Nov 28, 2025By Park Jae-hyuk

Korea’s shipbuilding hubs divided over surge in migrant workers

LS Electric breaks ground for ESS plant in Japan

LS Electric has broken ground on a grid-connected energy storage system (ESS) plant in Japan for the stable storage and supply of electricity, thereby stabilizing fluctuations in renewable energy generation from solar and wind power there, the company said Friday. The ground-breaking ceremony took place in Ichihara, Chiba Prefecture, Thursday. LS Electric’s grid-connected ESS plant will be equipped with a 2-megawatt power conversion system and an 8-megawatt-hour battery. LS Electric also plans to supply key electric equipment for the facility and build an energy management system (EMS) there. This is the first major milestone for the firm’s business in Japan, as LS Electric carries out both direct investment and management of the new plant. The company expects the latest achievement to propel its Japanese business across the full ESS value chain. Most global ESS projects have so far been conducted under partnerships between financial institutions and electric equipment players, but LS Electric has expanded its footing into the financing sector with its latest project. The company did

Nov 28, 2025By Lee Min-hyung

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