my timesThe Korea Times
BusinessCompanies

Companies

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

HLB Life Science secures 5th state grant to develop medical hemp therapies

HLB Life Science R&D, the research and development subsidiary of HLB, a prominent Korean life sciences conglomerate, has been selected for its fifth government-backed research project this year, according to the firm. Under the project, HLB Life Science R&D is joining a consortium developing next-generation drug candidates from minor cannabinoids as part of Korea's Gyeongbuk Industrial Hemp Regulatory Free Zone, a special economic zone where companies can legally grow and process hemp for medical and industrial use under relaxed drug-control rules. The 29.6 billion won ($17 million) four-year project, backed by the Ministry of SMEs and Startups and the Office for Government Policy Coordination, will involve HLB Life Science R&D, NeoKenBio, Apack, NBTHEPHARM, TopoLab and INGR, along with the Korea Institute of Science and Technology and the Gyeongbuk Institute for Bio industry, to build a full research pipeline from hemp cultivation to raw material production, preclinical studies and commercialization. The project expands existing industrial hemp research, which has focused mainly on can

Jul 6, 2026By Jhoo Dong-chan
HLB Life Science secures 5th state grant to develop medical hemp therapies

Chaevi expands highway fast-charging network as EV demand grows in Korea

Chaevi is rapidly expanding its high-speed electric vehicle (EV) charging network along Korea’s highways, positioning itself at the center of a surge in EV adoption and a growing push for more seamless long-distance charging. The company said Monday it began operating eight rapid chargers on July 1 at Chilseo Service Area (westbound) and Geochang Service Area (eastbound), with broader nationwide deployment set to follow. By the end of July, Chaevi plans to activate 117 additional chargers across 24 locations, and an extra 21 chargers at three sites later this year, totaling 138 units at 27 highway service areas across the regions of Gwangju and South Jeolla, Daegu and North Gyeongsang, and Busan and South Gyeongsang. Of the new units, 85 are compatible with the North American Charging Standard, allowing Tesla drivers to charge without adapters. The rollout comes as Korea’s EV market continues to expand sharply. The trade ministry said EV sales reached 35,416 units in May, up 65.4 percent from a year earlier. From January to May, cumulative EV sales totaled 162,026 units, more than dou

Jul 6, 2026By Lee Kyung-min
Chaevi expands highway fast-charging network as EV demand grows in Korea

CJ Olive Young opens dedicated logistics center on Jeju Island

Major beauty retailer CJ Olive Young has strengthened its delivery capabilities for Jeju consumers by opening a new logistics center on the island. The K-beauty retail chain under CJ Group said Monday that it opened its Micro Fulfillment Center (MFC) Jeju on Wednesday in Aewol, located in the island's central region. The 1,702-square-meter facility is designed to enable same-day delivery for products ordered through the company's e-commerce platform, with purchases arriving before midnight on the day they are placed. The company said the new center allows about 90 percent of orders on the island to be delivered to customers' doorsteps on the same day. The launch of MFC Jeju comes as the island has long faced slower and more expensive deliveries than the mainland. Previously, orders to Jeju typically took at least three days to arrive, compared with up to two days for most mainland deliveries. Customers on the island were also required to pay a 2,500 won ($1.63) "remote area surcharge" on every delivery, regardless of the purchase amount. With the facility, the surcharge will no longer be

Jul 6, 2026By Ko Dong-hwan
CJ Olive Young opens dedicated logistics center on Jeju Island

Baskin-Robbins teams up with Baemin to expand digital offerings

Baskin-Robbins is deepening its push into digital commerce through a new partnership with food delivery platform Baemin, as the ice cream chain seeks to strengthen customer engagement with exclusive products, promotions and social initiatives. The company said Monday it signed a memorandum of understanding with Woowa Brothers, the operator of Baemin, to expand long-term collaboration across digital channels. The agreement was signed at Woowa Brothers' headquarters in Seoul, with Yoon Moon-geon, head of commerce marketing at Baskin-Robbins Korea, and Kim Ji-hoon, head of business at Woowa Brothers, attending the ceremony. The partnership is aimed at responding to rapidly changing consumer behavior as more customers engage with brands through digital platforms. The companies said they will cooperate on product development, promotional campaigns and marketing initiatives while expanding customer experiences within the Baemin platform. As part of the agreement, Baskin-Robbins will offer exclusive benefits on a regular basis to members of Baemin Club, the platform's subscription program. The co

Jul 6, 2026By Lee Kyung-min
Baskin-Robbins teams up with Baemin to expand digital offerings

OpenAI joins Korean initiative to deploy AI for social welfare

OpenAI is partnering with a new leadership academy in Korea to help train young social welfare professionals to use artificial intelligence (AI) to tackle real-world challenges, expanding the company's efforts to support the public-interest sector. The company said Monday it will participate as a partner in the CMK Social Welfare Innovation Leaders Academy, a program jointly organized by the Hyundai Motor Chung Mong-koo Foundation, Seoul National University's Institute of Social Welfare and the Ministry of Health and Welfare. The academy is designed to help the next generation of social welfare leaders develop practical skills to identify and solve emerging social problems using AI. Thirty participants were selected, including undergraduate students majoring in social welfare, graduate students and early-career social welfare professionals with at least three years of experience. Participants will complete two overnight training sessions at Seoul National University before returning to their organizations for a three-month team-based action learning project. The curriculum includes policy

Jul 6, 2026By Lee Kyung-min
OpenAI joins Korean initiative to deploy AI for social welfare

Watchdog begins deliberations on popular Korean grill chain operator

Korea's fair trade watchdog said Monday it has launched a deliberation process into Myeong Ryun Dang, which operates a Korean barbecue restaurant chain, for allegedly offering low-interest loans to its money-lending affiliates using funds from state financing programs. The Fair Trade Commission (FTC) said its examiners' report showed Myeong Ryun Dang, which operates Myeong Ryun Junsa Pork Ribs, offered excessive economic benefits to 14 credit businesses under its wing from December 2021 to April 2026 by lending funds at significantly low interest rates. The report showed the restaurant chain operator provided up to 10 billion won (US$6.5 million) per credit business using funds raised through policy financing from Korea Development Bank, with the affiliates then lending the money to stores. The 14 affiliates, which had faced difficulties securing funds independently as newly launched entities, received funds from Myeong Ryun Dang at a relatively low interest rate of 4.6 percent. The FTC said such arrangements allowed the 14 companies to enjoy economic benefits of around 21.7 billion won.

Jul 6, 2026By Yonhap
Watchdog begins deliberations on popular Korean grill chain operator

Innocean names former Apple Korea executive as CEO of digital marketing arm

Advertising firm Innocean has appointed Lee Il-sup, former director of Apple Korea, as the new CEO of its digital marketing subsidiary, D-Plan360. Lee is a digital marketing specialist with more than 25 years of experience, leading marketing and advertising businesses at major global companies. His expertise spans brand strategy, performance marketing and advertising technology. At Apple Korea, Lee led the firm’s search advertising business, overseeing the launch and expansion of the relevant business here. Previously, as chief marketing officer at GM Korea, he spearheaded large-scale brand campaigns and the carmaker's digital transformation initiatives. He has also held leadership positions at WiderPlanet and Yahoo Overture where he gained extensive experience in advertising platforms, performance marketing and sales organization management. Innocean said Lee's broad industry experience and data-driven marketing expertise are expected to strengthen D-Plan360's competitiveness and accelerate the firm’s expansion into new growth areas in media, data and artificial intelligence (AI). "L

Jul 6, 2026By Lee Min-hyung
Innocean names former Apple Korea executive as CEO of digital marketing arm

PHOTO Atlas makes World Cup debut

Atlas, the humanoid robot developed by Boston Dynamics, delivers the match ball to referee Ismail Elfath before the second half of the 2026 FIFA World Cup Round of 16 match between Brazil and Norway in East Rutherford, N.J., Monday. The Atlas performance is part of Hyundai Motor's "Next Starts Now" global brand campaign, marking the automaker's role as an official FIFA partner since 1999. Courtesy of Hyundai Motor

Jul 6, 2026By Lee Min-hyungphoto
[PHOTO] Atlas makes World Cup debut

Samsung to limit size of homes eligible for employee loan program: sources

Samsung Electronics plans to tighten requirements for its employee housing loan program for workers without homes by restricting support to smaller residences, industry sources said Sunday, amid criticism such benefits could fuel property price hikes. According to the sources, the Korean tech giant decided to limit eligible homes to those measuring 85 square meters or smaller, a widely preferred apartment size, in the greater Seoul area and six major cities. In May, Samsung Electronics agreed with its labor union to offer housing loans of up to 500 million won ($326,700), depending on employees' positions, with an annual interest rate of just 1.5 percent. The latest revision came as some critics raised concerns that such low-interest loan programs could be abused to dodge the country's lending regulations, eventually leading to further property price hikes. In June, Financial Supervisory Service Gov. Lee Chan-jin said such corporate housing loans should be partially regulated for the public good, although there are also limits to such regulations under the market economy system. The sourc

Jul 5, 2026By Yonhap
Samsung to limit size of homes eligible for employee loan program: sources

Samsung, SK, Hyundai's investment plans fuel US trade pressure concerns

Samsung Electronics and SK hynix’s unprecedented 800 trillion won ($522.8 billion) investment plan for Korea's southwestern semiconductor belt is emerging as a critical test of their relationship with the United States, as experts and industry officials warn that Washington could intensify pressure on the Korean firms to expand manufacturing on U.S. soil. They said the Donald Trump administration, which has consistently used tariffs and trade policy to encourage foreign companies to invest in the U.S., is unlikely to view such massive domestic investment plans by the Korean chipmakers favorably. Earlier this year, Trump warned that memory chipmakers that failed to build manufacturing facilities in the U.S. could face tariffs of up to 100 percent, a remark widely interpreted as targeting Samsung Electronics and SK hynix. Although the proposed semiconductor tariffs have since been put on hold and have yet to be implemented, the measure remains a potential source of leverage in future trade negotiations between Seoul and Washington. Samsung Electronics is currently investing $37 billion t

Jul 5, 2026By Lee Min-hyung
Samsung, SK, Hyundai's investment plans fuel US trade pressure concerns
previous page
1415161718
next page

Most Read in Business