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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.

New nuclear plant construction expected to be dropped under Lee gov't

President Lee Jae Myung reaffirmed support for the renewable energy industry and questioned proposals to use nuclear energy for powering data centers dedicated to artificial intelligence, implying that his government will not build additional nuclear reactors on Korean soil. He also dismissed concerns from industry insiders and academics that the environment ministry's proposed oversight of energy policies could result in stricter regulations instead of promoting the sector's growth. "It takes at least 15 years to build a nuclear plant, and Korea now lacks sites for new facilities except for one location that had been designated long ago," Lee said Thursday during a press conference marking 100 days since the launch of his administration. Regarding the use of small modular reactors (SMRs), he perceived development of relevant technologies as still immature. "The fastest way to boost electricity supply is through solar or wind power generation," Lee said. "Since renewables are the only viable solution, we will focus on developing this sector." Lee's comments came a day after Environment Mi

Sep 11, 2025By Park Jae-hyuk
New nuclear plant construction expected to be dropped under Lee gov't

Salewa expands into Korea’s outdoor clothing and gear market

Italian mountaineering fashion and gear brand Salewa is pursuing market expansion into Korea. After opening its first store in Seoul in March, the company said Thursday that it plans to open a second one next year, rolling out marketing strategies tailored to Koreans who enjoy outdoor fashion as part of their everyday lifestyle. Salewa CEO Christoph Engl and Chief Sales Officer Stefan Rainer shared the brand’s vision for the Korean market during a press conference at the Salewa store in Jongno 5-ga, Seoul, where global outdoor clothing and gear brands have clustered since the 1970s, turning the area into a gathering point for outdoor enthusiasts. The executives said the company will introduce lightweight outerwear for Korean consumers as well as boots, backpacks and other outdoor gear for which Salewa has made its name across Europe. Salewa was first launched in Munich in the 1930s before moving to the South Tyrol region in northern Italy. “When it comes to our products for mountaineering, we don’t compromise anything. They were all made from a technical point of view by taking in

Sep 11, 2025By Ko Dong-hwan
Salewa expands into Korea’s outdoor clothing and gear market

Hanwha Aerospace partners with Britain's BAE for anti-jamming tech

Defense giant Hanwha Aerospace said Thursday it has joined forces with Britain's BAE Systems to adopt advanced global positioning system (GPS) technology for its precision-guided weapon system with anti-jamming features. Under the agreement, Hanwha will integrate BAE Systems' GPS and anti-jamming solutions into the Korean firm's Chunmoo multiple launch rocket system, known as the Deep Strike Capability system overseas. Hanwha said the envisioned development will enhance the system's operational reliability in highly contested electronic environments, noting that BAE's related technologies have already been verified by various members of the North Atlantic Treaty Organization. "The purpose of this cooperation with BAE Systems is to secure advanced electronic warfare protection technology to protect our guided weapon systems," said Lee Boo-whan, who leads Hanwha's precision guided munition division. "Based on a technological advantage to counter electronic warfare threats, we will strengthen our position in the global market," he added.

Sep 11, 2025By Yonhap
Hanwha Aerospace partners with Britain's BAE for anti-jamming tech

Will SPC’s Chipotle business in Korea succeed?

Korean food conglomerate SPC has established a new joint venture with Chipotle Mexican Grill to open the American casual restaurant chain here, according to SPC Thursday. Fans who enjoyed the brand’s Mexican-inspired menu outside of Korea are excited about the news. Questions yet remain over whether SPC can manage the operation well enough to sustain the brand’s long-term success in Korea’s competitive and fast-changing dining scene. Big Bite Company, an SPC unit which operates burger chain Shake Shack here, and Chipotle Mexican Grill signed a deal in July to establish S&C Restaurants Holdings. SPC Vice President Hur Hee-soo and Chipotle CEO Scott Boatwright signed the deal. Under the deal, Big Bite Company has exclusive rights to operate Chipotle in Korea and Singapore. The first Chipotle restaurant is scheduled to open in Seoul and Singapore next year. “Given the familiarity of this iconic brand among Koreans and Singaporeans, and their passion for exceptional culinary experiences, these two markets are ideal entry points for Chipotle in Asia,” said Hur. He added, “In additi

Sep 11, 2025By Ko Dong-hwan
Will SPC’s Chipotle business in Korea succeed?

CJ Pay aims to attract broader consumer base to Woori Bank

CJ OliveNetworks, operator of the popular lifestyle rewards platform CJ One, has launched a special promotional event for CJ Pay, its new bank account brand, in collaboration with Woori Bank. To celebrate the launch of CJ Pay in June, CJ One on Wednesday jointly launched the promotion deal with Woori Bank for those opening an account. The event runs until Oct. 31. The promotion includes a three-month free membership to the online streaming platform Tving and 2,000 CJ One reward points. Those who refer others to open a CJ Pay account will receive an additional free Tving membership for up to six months. Customers who open an account with Woori Bank for the first time will receive a 5,000 won ($3.61) CJ Olive Young voucher. CJ Pay has been designated an innovative financial service by the Financial Services Commission under the government’s financial regulatory sandbox policy, according to CJ OliveNetworks, a subsidiary of CJ Group. Opening a CJ Pay account is only available on the CJ One platform. CJ Pay, a prepaid account, offers up to 3 percent interest on balances of up to 2 million w

Sep 10, 2025By Ko Dong-hwan
CJ Pay aims to attract broader consumer base to Woori Bank

Bhc’s Matcho King chicken celebrates 10th year as steady consumer pick

Bhc, one of Korea's top fried chicken franchises, is celebrating its 10th year since the debut of Matcho King, a signature soy sauce-flavored fried chicken, which has continued as a steady consumer favorite in the country’s competitive fried chicken market. Dining Brands Group, the operator of bhc, reports that since its launch in July 2015, the soy sauce-flavored Matcho King has been enjoyed more than 40 million times, generating nearly 800 billion won ($577 million) in sales. Matcho King introduced a new flavor option to the domestic fried chicken market, which had long been dominated by plain fried and sweet-and-spicy offerings. In its first year, Matcho King sold 5.8 million servings, taking the market by surprise. Since then, it has maintained a steady market share with average annual sales of 4 million servings. “I never thought Matcho King would last this long,” said Jeon Byeong-jun, deputy manager for Dining Brands Group’s menu development team, at a bhc restaurant in Seoul’s Seocho District, Tuesday. “Soy sauce-based fried chickens were traditionally in a weaker mar

Sep 10, 2025By Ko Dong-hwan
Bhc’s Matcho King chicken celebrates 10th year as steady consumer pick

Samsung chairman's son gives up US citizenship to serve as ROK Navy officer

Samsung Electronics Executive Chairman Lee Jae-yong's eldest son has relinquished his U.S. citizenship to fulfill his mandatory military service required for all able-bodied Korean men. Starting Monday, the 24-year-old will begin 11 weeks of basic military training at the Republic of Korea Naval Academy in Changwon, South Gyeongsang Province, in order to become a navy officer serving for 39 months. "Lee Jee-ho gave up his U.S. citizenship to fulfill his obligation to serve in the military," Samsung Electronics said Wednesday. "He will be commissioned as an ensign on Dec. 1." It remains unclear whether the son will join Samsung after completing his military duty. In 2020, the chairman vowed not to hand over control of the conglomerate to his children. Born in New York in 2000 to the chairman and his now-divorced wife, Daesang Group Vice Chairwoman Lim Se-ryung, the younger Lee held dual citizenship by birth. His recent decision has surprised many, particularly because his father and most other male descendants of Samsung Group founder Lee Byung-chull — including CJ Group Chairman Lee Jay

Sep 10, 2025By Park Jae-hyuk
Samsung chairman's son gives up US citizenship to serve as ROK Navy officer

Corporate growth, profitability deteriorate in Q2 on US tariffs: BOK

Korean companies reported weaker overall growth and profitability in the second quarter due mainly to the impact of the United States' aggressive tariff scheme, the central bank said Wednesday. Combined sales of 26,067 companies subject to external audit fell 0.7 percent from a year earlier in the April-June period, reversing from a 2.4 percent on-year gain in the first quarter, according to data from the Bank of Korea (BOK). It marked the first time since the fourth quarter of 2023 that sales growth turned negative. Sales in the manufacturing sector declined 1.7 percent in the second quarter, compared with a 2.8 percent increase in the previous quarter, while sales growth in the non-manufacturing sector slowed to 0.3 percent from 1.9 percent over the same period. "Weak exports in the petrochemical industry affected the overall corporate growth. The U.S.' tariff hikes also had an impact on corporate performances, particularly steel and automakers," BOK official Moon Sang-yoon told a press briefing. "Though a tariff agreement has been reached, uncertainty remains high," he added. Profitabil

Sep 10, 2025By Yonhap
Corporate growth, profitability deteriorate in Q2 on US tariffs: BOK

Samsung tops in AI competitiveness among Korean firms: research

Samsung Electronics ranked the highest among Korean firms in terms of competitiveness in the artificial intelligence (AI) sector, an industry report showed Wednesday, although the company lagged behind global rivals in publishing related papers in academic journals. The Korean tech giant topped the list, followed by Naver and LG Group, according to a study carried out by corporate tracker CEO Score. The research was based on indicators, including the number of patent registrations and citations, and academic performance, along with recruitment of AI workforces. While Samsung showed competitiveness across all areas, Naver demonstrated strength in paper publication and citation, and LG led in patent registration, the report added. Korean firms, however, lagged far behind global tech companies in publishing AI-related papers in academic journals. Alphabet Inc., the parent company of Google, boasted 820 publications in the world's top three journals, followed by Microsoft with 414 and Meta Platforms Inc. with 385. Samsung Electronics ranked 12th with 59 publications, trailed by Naver at 30th a

Sep 10, 2025By Yonhap
Samsung tops in AI competitiveness among Korean firms: research

Five automakers to recall over 40,000 vehicles for faulty parts

Hyundai Motor Co., Ford Sales Service Korea and three other automakers will voluntarily recall more than 40,000 vehicles to address a range of safety defects, the transport ministry said Wednesday. The five companies, which include DNA Motors, Mercedes-Benz Korea and Stellantis Korea, are recalling a combined 40,380 units across 16 models, according to the ministry. The recalls involve a weak hood latch in Hyundai's Palisade sport utility vehicle (SUV), defective seat belt buckle bolts in Ford's Explorer SUV and a faulty sensor in DNA Motors' UHR125 motorcycle. Loose steering system parts in Mercedes-Benz's GLC 300 4MATIC and faulty antenna cables in the Jeep Wrangler were also cited for the automakers' recalls, the ministry said. Vehicle owners can check whether their cars are subject to the recall by visiting the government website at www.car.go.kr, the ministry said.

Sep 10, 2025By Yonhap
Five automakers to recall over 40,000 vehicles for faulty parts
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