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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.

Samsung chairman's top aide steps down from control tower role

Chung Hyun-ho, vice chairman of Samsung Electronics and widely known as the right-hand man to Executive Chairman Lee Jae-yong, has stepped down from his post as head of the conglomerate’s management control tower to focus on assisting Lee in a secretarial role, the company said Friday. His role has been taken over by President Park Hark-kyu, who had held senior management support roles across multiple divisions within Samsung Electronics. Samsung Electronics announced its executive reshuffle affecting its Business Support Task Force, a behind-the-scenes organization that has served as the de facto decision-making body supporting the chairman. Following the reshuffle, the task force, which has been upgraded into the Business Support Office, has become a permanent organization responsible for coordinating business between Samsung Electronics and its affiliates and supporting key decision-making processes. The task force was widely viewed as the successor to the Future Strategy Office, which had previously served as the control tower of Samsung Group, but was disbanded in 2017 in the wake

Nov 7, 2025By Nam Hyun-woo
Samsung chairman's top aide steps down from control tower role

SK hynix narrows market cap gap with top-ranked Samsung Electronics

The market capitalization gap between Samsung Electronics and SK hynix has narrowed to a record low, analysts said Friday, as investors reward SK hynix for its early dominance in high-bandwidth memory (HBM) chips, which are vital to AI computing. Shares of Samsung Electronics and SK hynix closed Friday at 97,900 won ($67.2) and 582,000 won, respectively, down 1.3 percent and 2.2 percent from the previous session. Both stocks have entered a correction phase amid renewed concerns about an AI bubble. Nevertheless, the semiconductor industry remains in a clear expansion cycle, with demand rising across the spectrum — from legacy chips to advanced HBM. Among the two, SK hynix has outperformed sharply. Over the past three months, Samsung Electronics' shares have gained 39 percent, while SK hynix has soared 122 percent. As of Friday, SK hynix’s market capitalization stood at 422.2 trillion won, roughly 73 percent of Samsung Electronics’ 580.7 trillion won — marking the narrowest gap on record. Samsung has maintained the No. 1 spot by market cap on Korea’s stock exchange since November

Nov 7, 2025By Lee Yeon-woo
SK hynix narrows market cap gap with top-ranked Samsung Electronics

'Korea will lead next wave in consumer goods with K-culture boom,' KOTRA CEO says

NEW JERSEY — Korea Trade-Investment Promotion Agency (KOTRA) CEO Kang Kyung-sung said Korea is entering a new phase of export-led growth, redefining its position in the global market by harnessing rising demand for consumer goods and the influence of K-culture. "Until now, Korea has been a powerhouse in manufacturing — excelling in this field more than any other country," the CEO said during a press conference for the Korea Brand & Entertainment Expo 2025 New York hosted by the state-run agency in New Jersey on Thursday (local time). "But now, I believe Korea has once again seized an opportunity in consumer goods." Kang said the country’s export performance is regaining momentum with growing export diversification and robust demand in consumer goods, raising optimism for a potential record-breaking year-end outlook in the sector. The country's consumer goods exports, which include agri-food products, cosmetics, household goods, fashion and pharmaceuticals, grew 6.6 percent from January to September from a year earlier, the CEO noted, adding that he expects the growth rate of consum

Nov 7, 2025By Lee Gyu-lee
'Korea will lead next wave in consumer goods with K-culture boom,' KOTRA CEO says

Smilegate named Asian ‘Social Innovator’ by The Economist

Game developer Smilegate said Friday that its Hope Studio foundation was named a “Social Innovator” by The Economist for its “Business of Doing Good in Asia” report, the only Korean organization recognized by the British news journal in this year's list. The report, the second one published by The Economist to highlight Asian businesses’ corporate social responsibility (CSR) activities, recognizes companies deploying resources to generate long-term public benefit as part of their survival, legitimacy and business strategies. Along with Smilegate, 12 companies and foundations were recognized. They include Tata Group of India, Ant Group of China, Microsoft Philanthropies representing the U.S. and Asian region, Ayala Corporation of the Philippines and Saraya of Japan. The report selected Smilegate as one of Asia’s leading examples of expanding the scope and impact of corporate philanthropy by combining its resources, expertise and networks. It highlighted the company for its unique approach of “gamifying giving,” which made “donating more engaging as users can rise up thr

Nov 7, 2025By Nam Hyun-woo
Smilegate named Asian ‘Social Innovator’ by The Economist

Dunamu to comply with W35.2 bil. fine over customer verification violation

Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit, said Friday that it has strengthened its monitoring system to protect investor rights after Korea's financial watchdog announced its decision to fine it 35.2 billion won ($24.3 million) for allegedly violating customer identification obligations. It is the largest fine ever imposed on a domestic cryptocurrency exchange. Local media outlets had initially reported that Dunamu rejected the fine and was planning to file a lawsuit against the decision. However, a company official confirmed to The Korea Times that it is working on countermeasures in response to the decision from the Financial Intelligence Unit (FIU), adding Dunamu has also already taken the necessary steps to avoid a recurrence. The FIU announced Thursday that Dunamu allegedly did not fully comply with the “Travel Rule” in about 5.3 million cases and violated transaction restriction obligations in about 3.3 million cases while failing to report 15 suspicious transactions. The Travel Rule requires cryptocurrency exchanges to report transactions e

Nov 7, 2025By Jhoo Dong-chan
Dunamu to comply with W35.2 bil. fine over customer verification violation

Interview Perrier-Jouet cellar master invites gourmets to explore pairing of K-food, champagne

Severine Frerson, cellar master of Perrier-Jouet, believes the diverse textures and spices of Korean cuisine make an excellent match for champagne, inviting gourmets in Korea and beyond to discover the harmony between the champagne house’s legacy and globally celebrated Korean cuisine. “Korea is an emerging gourmet nation where we can imagine many creative pairings between Korean dishes and champagne,” Frerson said during an interview with The Korea Times in Seoul. “I was impressed by the tenderness of hanwoo and the variety of side dishes that accompany it. The soft texture of the meat and the layers of flavor from the sauces and marinades create a beautiful contrast, and I thought this would pair wonderfully with rose champagne.” Hanwoo refers to Korean beef. A cellar master is the chief winemaker of a champagne house, overseeing blending, aging and the creation of its signature style. Frerson is the first woman to hold the position since Perrier-Jouet’s foundation in 1811. Frerson visited Seoul on the occasion of the Perrier-Jouet Society event on Oct. 27, a global gastron

Nov 7, 2025By Nam Hyun-woo
[INTERVIEW] Perrier-Jouet cellar master invites gourmets to explore pairing of K-food, champagne

Samsung Heavy wins $200 mil. deal for 2 crude oil carriers from N. America

Samsung Heavy Industries said Friday it has won an order worth 290.1 billion won ($199.4 million) to build two crude oil carriers for a client in North America. Under the deal, the vessels will be sequentially delivered to the undisclosed client by January 2029, the company said. With the latest deal, Samsung Heavy has achieved 83 percent of its $5.8 billion annual order target for commercial ships. So far this year, Samsung Heavy has won contracts for 32 vessels, including seven liquefied natural gas (LNG) carriers, nine shuttle tankers and 11 crude oil carriers. "Replacement demand for aging crude carriers is expected to continue," a company official said. "We will flexibly respond to changing market conditions through a cooperative production system with domestic and overseas shipyards."

Nov 7, 2025By Yonhap
Samsung Heavy wins $200 mil. deal for 2 crude oil carriers from N. America

Head of Kkanbu Chicken in spotlight following Nvidia chief’s visit

Kim Seung-il, founder and CEO of Kkanbu Chicken, is in the spotlight after Nvidia CEO Jensen Huang had an attention-grabbing casual dinner meeting with the heads of two of Korea’s top conglomerates at one of the chicken franchise’s stores in Seoul. Kim founded Kkanbu Chicken in 2006 by opening its first store in Yongin, Gyeonggi Province. The franchise fried chicken maker has since rapidly expanded its presence with the opening of its 50th store in 2010. The number topped 200 in 2013, cementing its status as one of the nation’s highly sought-after chicken brands. Despite the popularity of the company, details about Kim have rarely been exposed to the media. He turned 60 this year, but little else is known about the founder. Kkanbu Chicken has been basking in the spotlight since Oct. 30 when the head of Nvidia was seen having fried chicken and beer with Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Chung Euisun at one of its stores near Samseong Station in southern Seoul. At the dinner, Kim personally served chicken to the table of the t

Nov 7, 2025By Lee Min-hyung
Head of Kkanbu Chicken in spotlight following Nvidia chief’s visit

Dunamu slapped with $24.3 mil. fine over customer identification violation

Korea's financial watchdog on Thursday slapped a fine of 35.2 billion won ($24.3 million) on Dunamu, the operator of the country's top cryptocurrency exchange, Upbit, for violating customer identification obligations. The Financial Intelligence Unit (FIU) under the Financial Services Commission said Dunamu did not comply with its obligations to verify the identities of users in about 5.3 million cases and committed other violations, including failing to report 15 suspicious transactions. In particular, the company accepted photocopies or re-photographed image files of user portraits, in which their identities could not be fully verified, instead of requiring original documents. There were also cases in which the address field of the customer identification documents was left blank or contained inaccurate or irrelevant information, according to the FIU. In addition, Dunamu violated its obligation to restrict transactions by users whose verification process had not been completed in 3.3 million cases. "We have completed protective measures for investors and will make efforts to prevent a re

Nov 6, 2025By Yonhap
Dunamu slapped with $24.3 mil. fine over customer identification violation

KT accused of concealing major malware infection, faces probe over customer data breach

Mobile carrier KT is facing mounting scrutiny after a government investigation found the company concealed a major malware infection last year. According to a joint government-private investigation team on Thursday, KT became aware between March and July 2024 that 43 of its servers had been infected with BPFDoor malware and other malicious code. The malware enables remote attackers to bypass firewalls and maintain long-term access to compromised systems. Despite detecting the breach, KT failed to notify authorities and attempted to address the issue internally, the team said Thursday. Investigators confirmed that the infected servers contained customers’ personal data, including names, phone numbers, email addresses and international mobile equipment identity numbers. The team called KT’s concealment of the breach a matter of “grave concern” and said it will coordinate with relevant agencies to determine appropriate legal measures. The same malware was used in an earlier hacking case involving SK Telecom, the country’s largest mobile operator. The probe also uncovered serious w

Nov 6, 2025By Nam Hyun-woo
KT accused of concealing major malware infection, faces probe over customer data breach
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