Business - The Korea Times

NIS detects flaws in text message encryption on KT network smartphones

The National Intelligence Service (NIS) has detected vulnerabilities in text message encryption on smartphones using KT's network and notified both the telecom company and the government, sources said Thursday. In a report submitted to Rep. Choi Min-hee, the NIS verified a tip that text message encryption on certain KT-powered smartphone models could be compromised, according to the sources. The agency confirmed that the flaw made end-to-end encryption defective and potentially susceptible to data theft during transmission. The NIS did not disclose further details, including which smartphone models were affected or whether users' private data had been compromised. End-to-end encryption is a security communications method that ensures only the sender and recipient can read messages, as data is encrypted on the sender's device and only decrypted on the recipient's device. This process is designed to protect data from being accessed by any third parties, including malicious actors. Korean mobile carriers use end-to-end encryption in line with recommendations from the Korea Telecommunications

Nov 13, 2025By Yonhap

NIS detects flaws in text message encryption on KT network smartphones

Younger leaders take helm of Korean conglomerates

Younger leaders — mostly born in the 1980s — are taking the helm of Korean conglomerates, marking a major generational shift sweeping across the local business landscape in a new tech era driven by artificial intelligence (AI). The latest in a series of leadership changes came from HD Hyundai, whose new Chairman Chung Ki-sun was promoted to the top post last month. He's just one of the third-generation heirs from major tech-driven manufacturing players here to have moved up in recent days. Chung was born in 1982. The company promoted the former HD Hyundai executive vice chairman to the highest-ranking position at a crucial moment for its expansion in the United States under President Donald Trump’s initiative to revive America’s shipbuilding industry. He is the youngest chairman among Korea’s top 10 conglomerates by market capitalization. “We face a very serious management environment amid the hegemonic battle between the U.S. and China, economic slowdown and oversupply risks stemming from China,” Chung said shortly after taking office as the firm’s new chairman. “We sh

Nov 13, 2025By Lee Min-hyung

Younger leaders take helm of Korean conglomerates

Korea's mega unicorns rush toward IPOs as market heats up

A wave of Korean unicorns is lining up for initial public offerings (IPO), betting on resurgent investor appetite and a bullish stock market, industry officials said Wednesday. Kbank filed Monday for a preliminary review with the Korea Exchange to list on the KOSPI, targeting a debut in the first half of 2026. The internet-only bank is eyeing a valuation of about 5 trillion won ($3.4 billion). Essex Solutions, a U.S.-based affiliate of LS Group and North America's top wire supplier, also submitted a listing application on Friday. The firm, which counts Tesla as a key client, is expected to seek a valuation above 2 trillion won. Several other firms across sectors are stepping up efforts to tap public markets. Musinsa, the most high-profile contender, has begun IPO preparations. The K-fashion giant aims to hit a 10 trillion won valuation by ramping up overseas expansion and opening more offline stores. It held a pitch last month for investment banks vying to lead the deal. Goodai Global, the K-beauty label behind the hit brand Beauty of Joseon, is also pushing ahead with its IPO plans, targ

Nov 12, 2025By Lee Yeon-woo

Korea's mega unicorns rush toward IPOs as market heats up

Korea’s carbon neutrality drive questioned by auto industry experts

The government’s much-hyped carbon neutrality pledge is seen by many experts and industry officials as unrealistic and rash, particularly in the era of eco-friendly mobility, as it lacks a concrete roadmap and sufficient investment in supporting infrastructure. According to the Presidential Commission on Carbon Neutrality and Green Growth, the government plans for electric and hydrogen vehicles to represent more than 40 percent of new car sales by 2030, increasing to 70 percent by 2035. As of 2024, electric vehicles (EVs) and hydrogen cars accounted for just 9.2 percent of Korea’s total auto sales, according to data from the Korea Automobile Manufacturers Association. This has raised doubts about whether the government can achieve its target in such a short time without significant policy support. Experts point out that the focus should be on ensuring a sustainable electricity supply for such a large number of EVs. They say the government should avoid making what appears to be a populist pledge and instead develop a more practical roadmap for expanding eco-friendly mobility in the c

Nov 12, 2025By Lee Min-hyung

Korea’s carbon neutrality drive questioned by auto industry experts

Genesis BBQ signs deal to open first restaurant in South Africa

Major fried chicken brand Genesis BBQ has signed a deal to open its first restaurant in South Africa, marking the start of its expansion across the African continent. The takeout and restaurant franchise said Wednesday that it signed a master franchise agreement with Good Tree South Africa, a distributor of Korean food products in the country. Genesis BBQ Chairman Yoon Hong-geun and Good Tree South Africa CEO Lee Dong-il attended the signing ceremony at the Korean company’s headquarters in Seoul’s Songpa District on Nov. 5. Under the agreement, Good Tree South Africa will operate Genesis BBQ’s restaurants in the country and pay royalties to the Korean company. South Africa, with a population of over 63 million and a median age of 28, offers high growth potential for the restaurant market, according to Genesis BBQ. The company cited the 2024 SAPA Annual Report published by the South African Poultry Association, which showed that the country’s average per capita annual chicken consumption was 36 kilograms. According to the company, this figure accounts for more than half of the tota

Nov 12, 2025By Ko Dong-hwan

Genesis BBQ signs deal to open first restaurant in South Africa

POSCO to invest $750 mil. to secure lithium from Australia, Argentina

Korean steelmaker POSCO Group said Wednesday it will invest 1.1 trillion won ($750 million) to secure lithium resources in Australia and Argentina to bolster its rechargeable battery materials business. POSCO will acquire a 30 percent stake in a subholding company to be established by Australian miner Mineral Resources (MinRes) for 1 trillion won, the company said in a press release. The investment will allow POSCO to secure 270,000 tons of lithium concentrate per year from the Wodgina and Mt. Marion mines operated by MinRes in Western Australia. The supply is sufficient to produce 37,000 tons of lithium hydroxide, enough for about 860,000 electric vehicles (EVs), it said. "POSCO Group views the energy materials business as a core growth driver alongside our steel operations, and we are committed to securing a stable, cost-competitive supply of raw materials to enhance our long-term competitiveness," POSCO Holdings Chief Executive Chang In-hwa said. MinRes Chairman Malcolm Bundey said the investment marks a milestone for the Australian lithium industry. This first-of-its-kind investment b

Nov 12, 2025By Yonhap

POSCO to invest $750 mil. to secure lithium from Australia, Argentina

Mobility sector emerges as new cash cow for Samsung

The mobility industry is emerging as a new cash cow for Samsung Group, with its affiliates taking proactive approaches to supply chips, batteries, displays and other electric or electronic parts for global carmakers. According to industry officials on Tuesday, Samsung Electronics Executive Chairman Lee Jae-yong is set to have a meeting with Mercedes-Benz Group Chairman Ola Kallenius during the latter's visit to Seoul for a Mercedes-Benz conference on Friday. Lee is expected to be accompanied by Samsung SDI CEO Choi Joo-sun, Samsung Display CEO Yi Chung and other executives of key Samsung affiliates, implying that the meeting will likely cover a broader range of cooperation between the Korean conglomerate and the German auto giant over chips, batteries, displays and other auto parts. Their partnership has been mostly centered on Harman, a Samsung Electronics subsidiary that has been supplying premium car audio systems and the Mercedes-Benz User Experience infotainment system. While Samsung Electronics supplies the Mercedes-Benz digital key through Samsung Wallet and Samsung Display provid

Nov 12, 2025By Nam Hyun-woo

Mobility sector emerges as new cash cow for Samsung

K-culture takes over NY, NJ: Korea Brand Expo draws massive crowds, biz deals

EAST RUTHERFORD, N.J. — The Korea Brand & Entertainment Expo 2025 New York marked another chapter in the global expansion of Korean culture, products and entertainment, highlighting how the popularity of K-culture is increasingly translating into real economic value. Hosted by the Trade Ministry and state-run Korea Trade-Investment Promotion Agency, the expo, held from Thursday through Saturday (local time) at the American Dream shopping mall in New Jersey, underscored the enduring global popularity of K-culture, also known as "hallyu" or the Korean wave, attracting hundreds of businesses and tens of thousands of visitors to the event. It demonstrated that the Korean wave is no longer just a cultural trend, but a significant driver of business and consumer goods, boosting sales of everything from agricultural and food products to household goods, cosmetics and fashion. The annual expo, now in its 25th year, serves as a platform for Korean entertainment and business to expand exports in overseas markets and to introduce the country’s small and mid-size companies to local businesses a

Nov 12, 2025By Lee Gyu-lee

Antitrust watchdog to expand workforce to rein in conglomerates, platforms

The Fair Trade Commission (FTC) is poised to reinforce its regulatory authority, as it prepares for a significant manpower expansion next year. According to the government’s 2026 budget plan, the number of employees at the antitrust watchdog will increase to 814 in 2026, up 22 percent from 667 this year. The agency will also raise its labor spending by 13.2 percent over the same period. This is in line with the policy initiative of President Lee Jae Myung and his administration. Shortly after taking office in June, Lee advocated for the need to increase the manpower of the FTC, underscoring the importance of prompt and tight corporate regulation. The government also allocated a budget of 186.6 billion won ($127 million) for the FTC next year, up 14.2 percent from this year. The FTC’s new Chairman, Ju Biung-ghi, also announced plans to establish a digital market monitoring team to investigate unfair or collusive practices by platform companies. Ju, who took office as head of the watchdog in September, is known as a strong supporter of tough enforcement measures against conglomerates, b

Nov 11, 2025By Lee Min-hyung

Antitrust watchdog to expand workforce to rein in conglomerates, platforms

Hyundai Motor Group under mounting strain from delay in tariff cut

Hyundai Motor Group faces a mounting earnings strain amid Korea’s lingering discord with the United States over when to implement their recently agreed-upon 15 percent auto tariff. The delay adds to the growing financial burden of the Korean carmaker, as it is still subject to a 25 percent tariff on cars exported to the U.S. Later last month during a summit between President Lee Jae Myung and U.S. President Donald Trump, both countries reached a detailed follow-up trade agreement to cut the figure down to 15 percent. At that time, Korea’s presidential office said both countries’ joint fact sheet — which contains a detailed timeline for the tariff cut — would be released in two to three days. The schedule, however, has been protracted for about two weeks for no confirmed reasons. This leaves Hyundai Motor and Kia — which rely heavily on exports to the U.S. — exposed to additional earnings losses as they still face the earlier tariff rate of 25 percent. Korea’s basic stance is to request the U.S. to apply the 15 percent auto tariff retroactively from Nov. 1, but it remains u