Business - The Korea Times

Korea to defer tax audits of foreign firms boosting local investments

The National Tax Service (NTS) will begin deferring routine tax audits of foreign companies for up to two years starting in December if they plan certain levels of increased investment in Korea. It marks the first time the country has introduced an audit deferral program specifically designed for foreign investors. During a roundtable meeting hosted on Friday by the American Chamber of Commerce in Korea (AMCHAM), NTS Commissioner Lim Kwang-hyun announced a new package of tax support measures aimed at easing the compliance burden on foreign companies. He noted that the initiative aligns with the Lee Jae Myung administration’s agenda to encourage greater foreign direct investment. Under the plan, small foreign firms that boost domestic investments by at least 10 percent from the previous year, as well as medium-sized firms that raise investments by 20 percent, will qualify for a routine tax audit deferral of up to two years. NTS also plans to assist foreign nationals working in Korea by offering English-language guides for year-end tax settlements and launching artificial intelligence-b

Nov 28, 2025By Park Jae-hyuk

Korea to defer tax audits of foreign firms boosting local investments

Hirediversity selected as top-30 fintech firm by FSC

Hirediversity said Friday that it has been selected for the K‑Fintech 30 Program, a fintech excellence initiative run by the Financial Services Commission (FSC). Specializing in tailored financial services for foreign residents and international students, Hirediversity is reportedly the only firm whose services are focused on foreign residents in Korea among the companies selected this year. Launched in 2023, the K-Fintech 30 Program aims to bolster the fintech industry by selecting 10 promising fintech firms each year for a total of 30 over three years, and supporting them with policy-linked funding, collaboration with financial institutions, investment attraction and other scale-up assistance. Hirediversity offers fintech and life-linked services tailored to foreign residents in Korea, aiming to allow them to continue using these services even after returning to their home countries. The company said its selection reflects recognition of its data-driven, client-certified approach, as well as its specialized design to address the unique circumstances of foreign residents. “Being nam

Nov 28, 2025By Jhoo Dong-chan

Hirediversity selected as top-30 fintech firm by FSC

SK hynix maintains lead in global DRAM market in Q3

SK hynix topped the global market for dynamic random-access memory (DRAM) in the July-September period, data showed Friday, maintaining its lead for three consecutive quarters. SK hynix accounted for 34.1 percent of the global DRAM market in terms of sales in the third quarter, keeping the top spot despite a 5.3 percentage-point drop from the previous quarter, according to industry tracker Omdia. During the period, Samsung Electronics' share edged up 0.5 percentage point to 33.7 percent, narrowing its gap with SK hynix. U.S.-based Micron Technology Inc. accounted for 25.8 percent of the global market. Global DRAM sales in the third quarter jumped 30 percent from the previous three-month period to US$40.3 billion amid rising prices, the researcher added. SK hynix first surpassed Samsung Electronics in the DRAM sector in the first quarter of 2025.

Nov 28, 2025By Yonhap

SK hynix maintains lead in global DRAM market in Q3

Oriental Brewery honored for campaign supporting self-employed business owners

Oriental Brewery has been recognized for its campaign video supporting self-employed business owners. According to the company, the video, part of a campaign launched in August, won the Minister of Trade, Industry and Resources Award at the 2025 CSR Film Festival Awards on Thursday. Established in 2012, the awards highlight and share the value of corporate and institutional social contribution activities that have achieved coprosperity with local communities through film over the past year. Oriental Brewery’s award-winning video focuses on supporting self-employed business owners who sustain local commercial districts during an era of more than 1 million business closures nationwide. The video features real stories collected on-site by the brewery’s sales staff, portraying the realities of neighborhood markets. “This award recognizes our commitment to mutually beneficial growth with self-owned stores in local commercial districts,” Oriental Brewery Executive Vice President Koo Ja-beom said. “We will continue working to foster sustainable coprosperity with neighborhood markets

Nov 28, 2025By Ko Dong-hwan

Oriental Brewery honored for campaign supporting self-employed business owners

Can Korean shipbuilders end disappointing streak with bid for Canadian subs?

Uncertainty is growing over Korea’s ambition to become a powerhouse in naval vessel exports, as the nation’s shipbuilders have repeatedly failed to win significant warship contracts from Western nations. Amid heightened entry barriers to NATO countries and other key U.S. allies, Korean shipbuilders are now pinning their hopes on Canada’s upcoming order for 12 submarines worth 60 billion Canadian dollars ($43 billion), expected next year. On Wednesday (local time), Poland announced that Sweden’s Saab was selected for the Orka Project to supply three new 3,000-ton submarines aimed at strengthening its defenses in the Baltic Sea. The project is valued at up to 20 billion Polish zloty, including maintenance, repair and overhaul work. Despite Seoul’s offer to transfer the 1,200-ton ROKS Jang Bogo submarine to Warsaw free of charge once it is decommissioned later this year, Hanwha Ocean and HD Hyundai Heavy Industries were eliminated from the competition. “We respect Poland’s decision,” the presidential office said. “We will continue to strengthen cooperation with Poland in t

Nov 28, 2025By Park Jae-hyuk

Can Korean shipbuilders end disappointing streak with bid for Canadian subs?

Information of 6.1 mil. users, employees of Netmarble leaked in suspected hacking

Game publisher Netmarble said Thursday personal data of 6.1 million users and employees has been leaked in a possible hacking attempt targeting its PC game site. "We have confirmed and are responding to a customer data leak caused by an external hacking attempt on Nov. 22," Netmarble said in a notice posted on its website. The company said the information suspected to have been leaked includes customer data from its casual PC game service webpage, information of internet cafe affiliate owners prior to 2015 and data of some current and former employees. Leaked information includes customers' names, birth dates and coded passwords; internet cafe owners' names and email addresses; and employees' names, emails and phone numbers. Netmarble stressed that highly sensitive information, such as identification numbers, was not compromised. "We sincerely apologize for the leakage of personal information due to this hacking incident," the company said. "We are conducting an expanded inspection of our entire system and will spare no effort in establishing measures to prevent a recurrence."

Nov 27, 2025By Yonhap

Information of 6.1 mil. users, employees of Netmarble leaked in suspected hacking

LG Electronics replaces CEO in search for growth momentum

LG Electronics named its home appliance division head Lyu Jae-cheol as its new CEO, with Cho Joo-wan stepping down from the post after running the company for four years. LG Electronics announced Thursday that its board had approved appointing Lyu, previously president of Home Appliance Solution division, as the new CEO, in a recognition of his role leading the company to stable sales growth in its home appliance business. The appointment came as a surprise, as the outgoing Cho had been widely expected to be promoted to vice chairman due to his role in guiding LG Electronics’ shift from a consumer appliance-focused portfolio to a business-to-business (B2B) structure and diversifying its revenue streams. LG Electronics said Cho has “laid the foundation for the company’s sustainable growth” and “decided to step down to enable a desirable transition.” Lyu is a career engineer who joined GoldStar, the predecessor of LG Electronics, in 1989. He spent more than half of his career in research and development, and later leveraged his deep technical expertise to lead business operatio

Nov 27, 2025By Nam Hyun-woo

LG Electronics replaces CEO in search for growth momentum

Aer Works opens 3rd Japanese workwear store in Korea

GUNPO, Gyeonggi Province — Aer Works, a multi-brand fashion platform bringing Japanese workwear to Korea, opened its third store here Thursday. The platform features jackets, pants, jumpsuits, and accessories from leading Japanese brands including Burtle, Xebec, Grace Engineer’s, I’Z Frontier and TS Design, along with hardware tools from Japanese and German makers. CNTUS, an industrial air and water filter maker that operates the platform, is bringing Japan’s advanced workwear styles to key markets in Korea. Representatives from the leading Japanese workwear brands said Thursday that Korea, like Japan, has a well-developed manufacturing sector, and they hope this market environment will boost consumer interest in workwear designed for physically demanding workplaces. The Gunpo shop is CNTUS’ third Aer Works location, following openings in Busan in June and in Suwon earlier this month. Workwear differs from other fashion styles by emphasizing utility features and advanced fabrics alongside designs aimed at broader appeal. Burtle, Japan’s most popular workwear brand, offers

Nov 27, 2025By Ko Dong-hwan

Aer Works opens 3rd Japanese workwear store in Korea

Uncertainty deepens as Homeplus fails to attract bidders in main sale

Homeplus' corporate rehabilitation process has entered a state of uncertainty after the main acquisition bid, which closed Wednesday, received no participants. Industry officials said Thursday that, in the worst-case scenario, liquidation may be considered. The supermarket chain, controlled by private equity firm MBK Partners, filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4, following a credit rating downgrade. According to the court, no bids were submitted by the deadline for Homeplus’ main public sale. “We will review and decide on the next steps for the rehabilitation process, including whether to prepare an independent recovery plan or initiate a second round of bidding,” the court said. Harex Infotech, a fintech company, and SNomad, a real estate leasing and development company, which both took part in preliminary bidding, ultimately did not participate in the main sale. Factors that have deterred potential buyers from pursuing Homeplus include weak prospects for the retail sector despite its high valuation. Homeplus, the country’s second-largest

Nov 27, 2025By Jun Ji-hye

Uncertainty deepens as Homeplus fails to attract bidders in main sale

Hillstate Gaya apartment complex draws attention as relocation of oceans ministry

The Hillstate Gaya apartment complex in Busan is drawing attention from real estate investors, especially as the Ministry of Oceans and Fisheries prepares to relocate to the city. Developed by Hyundai Engineering & Construction (E&C), the apartment complex is currently under construction in Busanjin District, where it will be home for a total of 487 households in two different apartment complexes. According to Hyundai E&C, complex 1 will consist of three buildings with six basement floors and 36 floors aboveground for 406 households with an exclusive area of 84 square meters. Complex 2 has one building with three basement floors and 31 floors above ground for 81 households with 76 or 84 square meters each. “The relocation is fueling demand in Busan's local housing market. The city is still unregulated by the government’s land transaction control,” the builder said in a press release. The fisheries ministry is slated to move from its current location in Sejong to Busan, with initial offices expected to be near Busanjin Station, by the end of this year. Industry observers said the rel

Nov 27, 2025

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