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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.

Tesla’s price hike sparks call for regulatory framework

Tesla Korea’s decision to raise electric vehicle (EV) prices shortly after qualifying for the government subsidy program has sparked calls for tougher safeguards to prevent automakers from exploiting public incentives and undermining their intended purpose. Critics argue that carmakers receiving subsidies should be required to maintain stable pricing for a certain period to ensure that taxpayer-funded benefits reach consumers instead of boosting corporate profits. The controversy erupted Wednesday after Tesla Korea increased its prices across several models. A day earlier, the government announced the automakers and models eligible for this year's EV subsidy program. The Model 3 Long Range increased by 7 million won ($4,575), while prices for other models rose by about 3 million won to 5 million won. The timing triggered an immediate public backlash with consumers criticizing Tesla for raising prices as soon as subsidy eligibility was confirmed. This year’s subsidy program evaluates manufacturers on a broad range of criteria, including technological competitiveness, contributions to

Jul 5, 2026By Lee Min-hyung
Tesla’s price hike sparks call for regulatory framework

InterviewSelling experiences, not volume, key for Pernod Ricard

Like any other line of business, companies in the liquor industry see sales as their top priority. But does that mean selling more is always better? A social campaign leader at Pernod Ricard, a global liquor distributor based in Paris, says what he wants is for the public to "drink better, not more." The phrase is part of a campaign being promoted by the company’s Vice President of Global Public Affairs and Alcohol in Society Laurent Scheer. He staunchly recommends responsible drinking and encourages consumers to seek responsible and mindful drinking practices. To spread the message worldwide, he communicates with national governments, the Organization for Economic Cooperation and Development, the European Union and industry partners in the hospitality businesses to introduce policies and regulations for smarter alcohol consumption. Pernod Ricard wants to sell a good experience more than anything, according to Scheer. “Our objective is to make profits. We want to sell high-value products and increase our sales. But it’s not necessarily selling volume. We want people to buy high-val

Jul 4, 2026By Ko Dong-hwan
Selling experiences, not volume, key for Pernod Ricard

Lee to review mega chip cluster project next week

President Lee Jae Myung plans to preside over a meeting next week to review progress for a mega semiconductor production base in the country's southwestern region, Cheong Wa Dae said Friday. The joint public-private meeting will be held at the presidential office next Monday to review the semiconductor cluster project in the southwestern region, according to presidential spokesperson Kang Yoo-jung. During an event led by Lee on Monday, Samsung announced plans to build two memory chip fabrication plants in the southwestern city of Gwangju, while SK hynix said it will construct two fabs in the surrounding Jeolla provinces under a combined investment plan worth 800 trillion won ($522.3 billion). It is part of the government's "three megaprojects" initiative, which envisions a national transformation driven by semiconductors, physical artificial intelligence (AI) and AI data centers, and calls for a total investment of 4,755 trillion won. The upcoming meeting will mark the first strategic review session since the investment plans were unveiled, as Lee has pledged to personally oversee the pr

Jul 3, 2026By Yonhap
Lee to review mega chip cluster project next week

Drought risk missing in water supply plan for new chip cluster

The government has come up with a plan to supply industrial water to semiconductor plants that Samsung Electronics and SK hynix have committed to build in Korea's southwestern region, but questions remain over the lack of clear principles on how water should be prioritized in the event of shortages during droughts. The Ministry of Climate, Energy and Environment announced on Tuesday the plan to supply 650,000 tons of industrial water per day to the proposed chip cluster by adjusting water allocations from nearby dams. The plan came in response to concerns raised by semiconductor companies and opposition parties that the region is vulnerable to water shortages. Citing this risk, the opposition bloc has argued that the government-led 800 trillion-won chip cluster plan is seeking to attract new semiconductor plants to an unsuitable area. Under the plan, the government will secure 350,000 tons of water per day by combining the existing 50,000 tons of surplus capacity at Juam Dam with an additional 300,000 tons obtained by increasing the storage capacity of Dongbok Dam. It also seeks to secur

Jul 3, 2026By Nam Hyun-woo
Drought risk missing in water supply plan for new chip cluster

SKT to invest $91.5 bil. for 'hyperscale' AI data centers in Yeongnam

Korea's SK Telecom said Friday it will invest 140 trillion won ($91.5 billion) to transform the southeastern region of Yeongnam into Asia's artificial intelligence (AI) hub, with the construction of massive data centers there. Jung Jai-hun, the chief executive officer of the telecom company, outlined the plan during a public briefing presided over by President Lee Jae Myung in the southeastern city of Jinju, as part of the government's megaproject centered on attracting massive investment in AI and high-tech industries. Under the plan, SKT will start work on a 100-megawatt hyperscale AI data center in the port city of Ulsan, with the goal to start operations by the fourth quarter of next year. It will later add 900 megawatts and an additional 1 gigawatt of AI data centers in the region outside of Ulsan, he said. "The massive AI data centers could transform the region into a hub for the verification and expansion of manufacturing AI, when combined with the manufacturing capabilities in the region," Jung said. SKT plans to expand its total AI data center capacity to 5 gigawatts by 2029, whi

Jul 3, 2026By Yonhap
SKT to invest $91.5 bil. for 'hyperscale' AI data centers in Yeongnam

Hyundai Motor to invest $27.3 bil. in southeast to develop mobility, physical AI

Hyundai Motor Group said Friday it will invest 42 trillion won ($27.3 billion) over the next decade to establish next-generation mobility and physical artificial intelligence (AI) hubs in Korea's southeastern region. Hyundai Motor Group Vice Chairman Jang Jae-hoon unveiled the investment roadmap during a public briefing presided over by President Lee Jae Myung in the southeastern city of Jinju, as part of the government's mega project centered on semiconductors, physical AI and AI data centers. The investment is intended to transform the Gyeongsang region, also known as Yeongnam and home to the group's main manufacturing operations, into a hub for autonomous vehicles, AI-powered manufacturing and future aerospace technologies. "By making additional investments in new growth businesses in the Yeongnam region, the birthplace of Hyundai Motor Group, we will foster it into a key hub for future advanced industries and contribute to strengthening Korea's industrial competitiveness," Jang said. Under the plan, Hyundai Motor Group will turn its Ulsan production complex into a hub for next-genera

Jul 3, 2026By Yonhap
Hyundai Motor to invest $27.3 bil. in southeast to develop mobility, physical AI

Homeplus heads toward liquidation as court pulls plug on rehabilitation

Homeplus, Korea’s second-largest hypermarket chain, is heading toward liquidation after a court terminated its rehabilitation proceedings, ruling that the cash-strapped retailer had no viable path to carrying out its turnaround plan, according to industry officials, Friday. The Seoul Bankruptcy Court dismissed Homeplus’ revised restructuring proposal — which called for sweeping cost cuts, including shuttering nearly half of its stores and reducing its workforce — after the company failed to secure the minimum 200 billion won ($130 million) in fresh funding needed to execute the plan. “The minimum funding required to implement the plan has yet to be secured,” the court said. “As the proposal is therefore not feasible, the rehabilitation proceedings will be terminated without further hearings.” Homeplus has 14 days to appeal. If the ruling stands, the company will be dissolved and creditors will be free to pursue legal remedies, such as asset seizures and foreclosure. Within hours of the decision, the troubled retailer again appealed to its largest creditor, Meritz Financia

Jul 3, 2026By Park Han-sol
Homeplus heads toward liquidation as court pulls plug on rehabilitation

Termination of Homeplus rehabilitation endangers 12,000 workers

A court decision on Friday to terminate the rehabilitation proceedings for cash-strapped discount store chain Homeplus has raised concerns for the company's 12,000 employees who could lose their jobs. After Homeplus first filed for rehabilitation in March last year, the retailer began reducing its offline outlets. Of the 126 locations, only 67 stores remain, while the number of employees dropped from 20,000 to about 15,000 following the downsizing. After the company sold its supermarket unit Homeplus Express to NS Shopping last month to secure more cash, the workforce dropped again to 12,000 people. If Homeplus ultimately goes into bankruptcy, the government will activate a substitute payment program, which would allow it to advance unpaid wages of up to 21 million won ($13,600) per employee and later recover the funds. Employees who lose their jobs would also be eligible for unemployment benefits equivalent to 60 percent of their average wages over the three months preceding their termination. The government also plans to provide at least 440 billion won in emergency liquidity to help sm

Jul 3, 2026By Ko Dong-hwan
Termination of Homeplus rehabilitation endangers 12,000 workers

Hanwha to invest $35.6 bil. in aerospace, AI by 2040

Hanwha Group, Korea's largest defense and aerospace conglomerate, said Friday it will invest 55 trillion won ($35.6 billion) in the aerospace and artificial intelligence (AI) sectors by 2040 to develop launch vehicles, satellites and AI data centers. Hanwha Group Vice Chairman Kim Dong-kwan outlined the roadmap during a public briefing presided over by President Lee Jae Myung in the southeastern city of Jinju, as part of the government's mega project centered on attracting massive investment in AI and high-tech industries. Kim said the initiative aligns with Korea's broader push to strengthen indigenous defense capabilities while reducing reliance on foreign satellite and intelligence infrastructure. "The future of self-reliant national defense lies in space," Kim emphasized. "Based on our launch vehicle and satellite technologies, Hanwha will build the capabilities needed for Korea to independently secure the information it requires." Under the plan, Hanwha Aerospace will inject about 23 trillion won into space launch vehicles, assembly facilities and launch vehicle testing infrastructu

Jul 3, 2026By Yonhap
Hanwha to invest $35.6 bil. in aerospace, AI by 2040

Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026

Korean video game developer and publisher Smilegate said Friday it has officially opened booths for two of its mobile games, "Chaos Zero Nightmare" (CZN) and "Miresi: Invisible Future" (Miresi), at Anime Expo 2026, North America's largest anime and pop culture convention, which opened Thursday in Los Angeles and runs through Sunday. Miresi, an upcoming collectible role-playing game developed by Control9, is being showcased at a booth in the West Hall of the Los Angeles Convention Center. The booth includes a hands-on demo zone where visitors can try the game, a four-sided LED experience area and a 360-degree photo zone. The Miresi stage will host daily events. On Saturday morning, Control9 CEO and Creative Director Kwon Se-woong, Production Director Cho Sun-gu and Art Director Kim "Hyulla" Hyung-sup will hold a Dev Talk to share the game's development philosophy and history. Illustrators REIQ, Karory and Ruca will also appear over three days for live drawing shows, sketching the game's characters in their own styles. REIQ is also scheduled to join a separate panel session Saturday evening

Jul 3, 2026By Jhoo Dong-chan
Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026
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