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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Gov’t, FTC clash over easing separation of industrial, financial capital

A policy clash is deepening between the Fair Trade Commission (FTC) and the Lee Jae Myung administration over a potential easing of the controversial regulations on the separation of industrial and financial capital for major conglomerates to enable timely investment in artificial intelligence (AI). The decades-old regulation blocks industrial conglomerates from owning a controlling stake in banks and other financial institutions. It was introduced in 1982 to strictly prevent big companies from making use of financial firms for improper sources of funding for their own businesses. Calls to revisit the regulation have grown rapidly in recent weeks, especially after Lee and OpenAI CEO Sam Altman found common ground last month on the need to modernize Korea’s capital rules to support fast-growing sectors such as AI. Samsung Electronics and SK hynix have to make enormous investments to meet soaring demand for their memory chips used in AI data centers. The local industrial sector argues that the regulatory hurdle makes it hard for them to source the capital quickly enough to stay competit

Nov 23, 2025By Lee Min-hyung
Gov’t, FTC clash over easing separation of industrial, financial capital

MBK Partners given preliminary notice of disciplinary action over Homeplus management: sources

The financial regulator has preliminarily notified MBK Partners that the private equity fund will face a disciplinary action over its management of the wholly owned struggling retailer Homeplus, industry sources said Sunday. The Financial Supervisory Service (FSS) informed MBK Partners on Friday of the proposed penalty, which includes a possible suspension from duties, they said. This marks the first time the watchdog has pursued such severe disciplinary action against a general partner (GP) of an institutional private equity fund. MBK Partners acquired a 100 percent stake in Homeplus in 2015 from British retailer Tesco Plc for 7.2 trillion won ($4.9 billion). The retailer, however, became financially strapped due to a slump in the discount store industry and eventually entered court-led rehabilitation proceedings in March. During its investigation, the FSS reportedly uncovered signs of improper business practices and violations of internal control obligations. "Since there has never been a case of notifying a GP of a suspension, it remains to be seen how broadly the term 'duties' will b

Nov 23, 2025By Yonhap
MBK Partners given preliminary notice of disciplinary action over Homeplus management: sources

Petrochemical firms ramp up efforts to streamline NCC operations

Efforts to reorganize Korea's struggling petrochemical industry have gained momentum ahead of the year-end deadline for companies to submit self-rescue plans to the government. Since the government made it clear that a credible self-rescue plan is a prerequisite for regulatory relief, financial support and tax incentives aimed at revitalizing the sector, companies have begun taking their own steps to streamline naphtha cracking center (NCC) operations. Lotte Chemical and HD Hyundai Oilbank are set to sign an agreement by the end of this month for the former to transfer its NCC in Seosan, South Chungcheong Province, to HD Hyundai Chemical, their joint venture in the same city. The deal is aimed at cutting NCC output in response to a prolonged downturn driven by oversupply from China and the Middle East. “The transaction will allow Lotte Chemical to reduce its deficits,” Hana Securities analyst Yoon Jae-sung said. LG Chem and GS Caltex, which both operate NCCs in Yeosu, South Jeolla Province, have reportedly hired Bain & Company to discuss jointly operating their facilities and reducin

Nov 23, 2025By Park Jae-hyuk
Petrochemical firms ramp up efforts to streamline NCC operations

Nexon gains global spotlight with ARC Raiders’ blockbuster launch

ARC Raiders, an extraction adventure game developed by Nexon unit Embark Studios, is capturing global attention with its early success. After its release on Oct. 30, the title reached a peak of 700,000 concurrent PC and console users. As of Nov. 11, just two weeks after launch, it had sold 4 million copies worldwide, signaling stronger sales momentum ahead. ARC Raiders’ early global success is driven by accessible gameplay and player-friendly design that lowers genre barriers, making it easier for beginners to jump into combat, exploration and extraction. By offering free starting loadouts and adopting an auto looting system, the game lowered entry barriers for new users. Its distinctive postapocalyptic setting and aesthetics drawing on 1970s and 1980s visions of the future also attracted users, with high-resolution graphics powered by Unreal Engine 5 and sophisticated sound providing an immersive experience. The title’s success serves as a promising indicator that Nexon’s long-term global investment and development strategy is paying off. Nexon acquired Swedish developer Embark Stu

Nov 21, 2025By Lee Gyu-lee
Nexon gains global spotlight with ARC Raiders’ blockbuster launch

POSCO dismisses head of Pohang Steelworks following recent fatal accidents

Korea's steel giant POSCO on Friday dismissed the head of Pohang Steelworks following a series of fatal accidents at the plant on the country's southeastern coast, industry sources said. Lee Dong-ryeol, who led the Pohang facility in the city of Pohang, North Gyeongsang Province, has been removed from the post, according to the sources. POSCO will not appoint a new head for Pohang Steelworks. Instead, Chief Executive Officer (CEO) Lee Hee-geun will serve concurrently as the head of the facility and oversee a thorough investigation into the recent fatal accidents, as well as the development of fundamental measures to prevent a recurrence, added the sources. In addition, Yoo In-jong, CEO of POSCO Safety Solutions, has been appointed to lead POSCO Group's special safety task force as part of efforts to strengthen the group's disaster prevention framework. POSCO Safety Solutions, a safety-focused subsidiary established in September, was set up to reinforce group-wide disaster prevention capabilities in partnership with SGS S.A., a Switzerland-based testing, inspection and certification compa

Nov 21, 2025By Yonhap
POSCO dismisses head of Pohang Steelworks following recent fatal accidents

SK Group chairman calls for use of AI in measuring social value

SK Group Chairman Chey Tae-won on Friday called on global economies to incorporate social values into today’s framework of capitalism, stressing that artificial intelligence (AI) can serve as a useful tool for measuring and managing such values. Chey made the remarks during his opening remarks for the Tokyo Forum 2025, jointly hosted by the University of Tokyo and Chey Institute for Advanced Studies, an economic institute named after the late former SK Group Chairman Chey Jong-hyon. Since 2019, the annual forum has addressed issues such as rapid technology progress, geopolitical instability and other global issues. This year’s edition explored ideas under the theme of “Rethinking Capitalism: Varieties, Contradictions, and Futures.” “Conventional capitalism has been concentrating solely on financial aspects, offering no rewards or incentives for creating social value,” Chey said in his speech. “Measuring social value has long been difficult due to high costs and insufficient data, which hindered the proper allocation of resources. But with digital technologies and AI now ser

Nov 21, 2025By Nam Hyun-woo
SK Group chairman calls for use of AI in measuring social value

Nongshim appoints new CEO to spur global markets

Instant noodle and snack giant Nongshim named its new CEO on Friday. The company said it will promote Jo Yong-chul, vice president of the company’s sales division, as the president and CEO, effective Dec. 1. His promotion will be finalized after a shareholder meeting in March next year. Jo’s appointment has largely been attributed by his recent experience in expanding Nongshim’s global markets. Earlier this year, he was promoted to the sales division’s top position and began leading tasks for Nongshim’s promotion overseas. Jo is now expected to further boost Nongshim's shares in global instant noodle and snack markets and secure the company's market presence worldwide. The company’s exports this year accounted for 40 percent of its entire sales, centering on its bestseller Shin Ramyun. The figure is lower than Samyang Foods, another major instant noodle company here, which has seen this year 84 percent of its entire sales come from its global markets, thanks to the global popularity of its instant noodles brand, Buldak. "Jo is a global market expert with rich experiences, hav

Nov 21, 2025By Ko Dong-hwan
Nongshim appoints new CEO to spur global markets

What will Theborn Korea do for its cash-strapped franchisees?

More than 3,000 restaurant, beverage and takeout store franchisees under Theborn Korea are locking horns with Korea's main union for franchisees, as the company's franchise owners claim their livelihood is under threat because of the union's criticisms of Theborn Korea. At the center of the crisis is Theborn Korea founder and CEO Paik Jong-won, who rose to the top of the food entertainment scene on the back of his franchise empire, but has since come under fire for controversies surrounding his businesses. The celebrity food entrepreneur is now caught between mounting pressure from both sides. Theborn Korea franchise owners have welcomed Paik’s recent return to television, believing his visibility will help boost their sales. The Korea Franchisee Union (KFU), however, has sharply criticized his comeback, arguing that the continued growth of his business through his media presence remains a problem. The union says Paik must prove that his company, which operates 25 food and beverage brands and 3,200 franchise outlets nationwide, is not dependent on his personal fame. The crisis peaked o

Nov 21, 2025By Ko Dong-hwan
What will Theborn Korea do for its cash-strapped franchisees?

Samsung Electronics names mobile chief as co-CEO

Samsung Electronics named Roh Tae-moon, head of its mobile device division, as co-CEO leading its overall device business, tasking him with leading the tech giant alongside chip division chief and CEO Jun Young-hyun. With the latest appointment, Samsung has restored its co-CEO structure, nearly nine months after former Vice Chairman Han Jong-hee died in March. The company said it expects the co-CEO system to strengthen its core businesses and ensure stable management amid increasing uncertainties, while also positioning the firm to secure future technologies. According to the appointment, Roh, who had been serving as acting head of Samsung’s Device Experience (DX) division since April, was officially named to the position and co-CEO of the company. He will also continue to lead the Mobile Experience (MX) business, a subunit within the DX division. Roh, an engineer who earned his Ph.D. at Pohang University of Science and Technology, is known for being one of Samsung’s youngest-ever executives, becoming president in 2018, 21 years after joining the company. He is credited with the str

Nov 21, 2025By Nam Hyun-woo
Samsung Electronics names mobile chief as co-CEO

Korean firms urged to harness APEC gains for US market expansion

The positive momentum generated by the recent Asia-Pacific Economic Cooperation (APEC) events in Gyeongju, North Gyeongsang Province, has been cited as a key opportunity for Korean companies looking to enter or expand their presence in the U.S. market. At Thursday’s Doing Business in the U.S. Seminar, co-hosted by the American Chamber of Commerce in Korea (AMCHAM) and Korea Chamber of Commerce and Industry (KCCI), AMCHAM Chairman James Kim highlighted the importance of building on that strength. He referred to the Seoul-Washington joint fact sheet released last week as a further milestone in the countries’ deepening economic partnership. “Korea’s leadership at the APEC summit demonstrated what our two countries can achieve when we work together,” he said. “Today’s seminar builds on that momentum by helping Korean companies prepare for the next wave of opportunities in the U.S. market.” Now in its seventh year, the seminar attracted heightened attention, especially in light of fast-changing trade dynamics and uncertain U.S. policies. “Global uncertainty continues to grow

Nov 21, 2025By Park Jae-hyuk
Korean firms urged to harness APEC gains for US market expansion
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