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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.

Lamborghini opens 4th showroom in Busan

BUSAN — Lamborghini has opened its fourth major showroom in Korea’s second-largest city to expand sales and repair services for customers with strong purchasing power across the nation’s southern region, the Italian luxury carmaker said Monday. The Lamborghini Busan showroom comes with geographical advantages, as it can cover growing luxury demand from not only in Busan, but also nearby major southern cities, such as Ulsan and others in South Gyeongsang Province, according to the carmaker. Before opening its Busan location, Lamborghini, which entered the Korean market in 2015, launched three other showrooms — two in Seoul and one in Seongnam, Gyeonggi Province. The three-story Busan showroom was built on 2,710 square meters near Busan’s affluent Haeundae Beach area. It offers what it calls the “3S” services — sales, after-sales services and spare parts changes. Federico Foschini, chief marketing and sales officer at Lamborghini, expressed hopes for its new showroom to help drive its nationwide growth, particularly in the south. “We started around 2015, and in less than a

Sep 2, 2025By Lee Min-hyung
Lamborghini opens 4th showroom in Busan

Samsung Electronics labor union urges Chairman Lee to revamp bonus system

Unionized workers of Samsung Electronics sent a letter to Chairman Lee Jae-yong on Tuesday, demanding the company improve the transparency of its bonus system. In a document sent to the de facto head of Samsung Group, workers demanded the adoption of a more transparent bonus evaluation system and the abolition of the current framework based on economic value added (EVA). "While SK hynix recently decided to allocate 10 percent of its annual operating profit to its bonus program, Samsung Electronics is still using the EVA method, which lacks transparency," the union said. A day earlier, SK hynix and its labor union reached a tentative wage deal under which the company will allocate 10 percent of its annual operating profit to the profit-sharing bonus program, while scrapping the cap that had been limited to 1,000 percent of employees' basic pay. "Under the current system, bonuses can be zero even when the company posts a large operating profit, and there also is a ceiling," the union said. "Although it is too late to restore workers' trust, the company should at least show a willingness to

Sep 2, 2025By Yonhap
Samsung Electronics labor union urges Chairman Lee to revamp bonus system

NY-based asset manager Blackstone to acquire Korean hair salon chain

Global asset management firm Blackstone announced Tuesday it has agreed to "make a significant investment" in a Korean hair salon chain, amid growing global demand for K-beauty services. Private equity funds affiliated with the firm have "entered into a definitive agreement to make a significant investment" in JUNO Hair, the New York-based asset management firm said in a press release. Both JUNO Hair and Blackstone declined to comment on the exact amount of the agreement, though JUNO Hair reportedly valued the entire stake in its brand at 800 billion won ($574.4 million) during negotiations with Blackstone. "We are seeing explosive global demand for Korean beauty services. Consumer beauty and wellness services are an important investment theme for Blackstone's Asia Private Equity business," Blackstone said. The asset management firm added that JUNO Hair's founder, Kang Yun-seon, will remain in her role as chief executive officer (CEO) and partner together with Blackstone to drive the hair salon chain's continual growth. JUNO Hair, which started off as a hair salon in 1982, has grown into

Sep 2, 2025By Yonhap
NY-based asset manager Blackstone to acquire Korean hair salon chain

Naver Webtoon, KTO collaborate to promote tourist spots

Naver Webtoon’s Japanese-language platform, Line Manga, and the Korea Tourism Organization (KTO) have joined forces to promote Korea’s tourist destinations using popular Korean webtoon characters. The organization announced the collaboration on Tuesday, which aims to highlight Korea’s diverse charms to Japanese audiences through illustrations, especially as Korean webtoons have continued to gain momentum in Japan. “Korean webtoons have emerged as a new leading K-content, especially among Japan’s Generation Z,” said Jeong Keun-hee, director of KTO’s Japan Team. “By leveraging webtoon intellectual properties (IP) that are familiar to its fans, we aim to organically share the appeal of Korea’s tourist destinations, and do our best to attract a record number of Japanese visitors to Korea through various K-culture-related initiatives.” The illustrations feature characters from some of Naver Webtoon’s popular works, including “My Daughter Is a Zombie,” “Killer Peter,” “I Thought My Time Was Up!” and “Can’t Get Enough of You.” They depict the characters tr

Sep 2, 2025By Lee Gyu-lee
Naver Webtoon, KTO collaborate to promote tourist spots

BAT Rothmans introduces cleaner e-cigarette tech for Glo

Major tobacco company BAT Rothmans has launched new tobacco sticks for electronic cigarettes, designed to prevent tobacco leaf residue during use and keep devices clean. The Korean subsidiary of multinational company BAT Group said on Tuesday it has completed implementing its StickSeal technology to all 10 Neo stick types. Neo is a dedicated brand of cigarette sticks for BAT Rothmans’ signature e-cigarette device model lineup Glo Hyper. The new technology, according to BAT Rothmans, has sealed one end of the stick to prevent tobacco leaf residue from falling inside the device. The effect saves users the trouble of brushing residue from inside the device to keep it clean. Neo sticks, available at convenience stores and retail outlets nationwide, have 10 different types of flavors offering refreshing, sweet and citrus notes. Their packages, redesigned with the company’s new campaign, Live Life in Color, have brought colorfulness and premium quality. BAT Rothmans, the country’s third-largest tobacco company, is redeveloping and expanding its products to increase its e-cigarette market

Sep 2, 2025By Ko Dong-hwan
BAT Rothmans introduces cleaner e-cigarette tech for Glo

InterviewMartin Sorrell discusses Sydney Sweeney 'jeans' ad, Korean market

American Eagle's campaign featuring actor Sydney Sweeney, which ran with the tagline "Sydney Sweeney has great jeans," sparked one of the biggest controversies in the global advertising industry this year. While people in the United States discussed whether the ad promotes eugenics, U.S. President Donald Trump and his aides reacted to the debate by showing their support for the ad and the actor. Widely seen as a legendary figure in the advertising industry, Martin Sorrell also responded to the controversy during a recent interview with The Korea Times, saying the ad reflects a "swingback from wokeism." "What's happened under Trump, clearly there's been a swing away from that," he said. "If you look at how Mark Zuckerberg has shifted his political views and Facebook's, and compare what he was doing under Biden or before Biden to what he is doing now under Trump, they are very different." The British businessman did not judge whether American Eagle's ad was promoting the idea of genetic superiority. However, he described such a shift in the political landscape as moving back to "much more"

Sep 2, 2025By Park Jae-hyuk
Martin Sorrell discusses Sydney Sweeney 'jeans' ad, Korean market

LG Electronics, Octopus Energy join forces to offer new smart energy solution in Europe

LG Electronics has signed an agreement with Britain-based Octopus Energy Group to offer a new artificial intelligence (AI)-driven clean energy solution in the European market, the company said Tuesday. The two companies signed a memorandum of understanding last week in Britain to boost their carbon-free energy drive, the Korean tech giant said in a release. Under the agreement, LG Electronics will link its high-efficiency heat pump systems with Octopus' AI energy management platform, Kraken, to provide a new solution in European countries. The new solution is aimed at helping European consumers reduce energy consumption while offering an optimized heating and cooling experience amid lingering energy price hikes. "The cooperation with Octopus will serve as an important opportunity for growth in the clean tech business in Europe," LG Electronics Vice President Yoon Tae-bong said.

Sep 2, 2025By Yonhap
LG Electronics, Octopus Energy join forces to offer new smart energy solution in Europe

Samsung chief's assets rise most among top 50 chaebol family members in H1

Samsung Electronics Chairman Lee Jae-yong recorded the largest increase in personal assets among South Korea's top 50 chaebol family members in the first half of 2025, industry data showed Tuesday. Lee's reported assets had been estimated at 16.6 trillion won ($11.9 billion) as of end-August, up 4.7 trillion won from the beginning of this year, according to the data from corporate tracker Leaders Index. According to Leaders Index, the findings were based on share price gains of listed companies between January 2 and August 29, as well as on first-half business reports used to assess non-listed stocks. Lee's gains came after Samsung affiliates' shares rallied this year, with those of Samsung C&T, the group's construction and trading arm, soaring 48 percent. The chairman holds a 19.9 percent stake in Samsung C&T, the de facto holding company of Samsung Group. Hyosung Group Chairman Cho Hyun-joon reported the second-largest gain among South Korean tycoons, with his assets rising 1.9 trillion won to 2.9 trillion won. The increase came after he inherited shares following the death of his father

Sep 2, 2025By Yonhap
Samsung chief's assets rise most among top 50 chaebol family members in H1

President’s proposal to desalt seawater in drought-hit city draws skepticism

President Lee Jae Myung has been met with skeptical responses after suggesting desalting seawater from the East Sea to help prevent another severe drought in Gangneung, Gangwon Province. Industry insiders view the suggestion as too expensive, saying desalination is best suited for wealthy nations suffering extreme drinking water shortages. Lee proposed the idea during a visit to the drought-hit eastern town on Saturday, asking Gangneung Mayor Kim Hong-kyu if the city had ever considered preventing future crises by desalinating seawater. "Seawater is infinite and the East Sea has good water quality," Lee said. "If the city builds a desalination facility near the sea, it will only need purification facilities, so high costs can be avoided." Interior and Safety Minister Yun Ho-jung, who accompanied the president, referenced the use of desalination plants in the Middle East and said Doosan Enerbility could build such facilities at low costs, leveraging world-class technologies. However, the mayor told Lee that the cost of desalination remains too high for securing adequate water. An official f

Sep 1, 2025By Park Jae-hyuk
President’s proposal to desalt seawater in drought-hit city draws skepticism

MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership

The Financial Supervisory Service (FSS) has launched formal disciplinary proceedings against MBK Partners, the majority owner of Homeplus, as part of an expanded probe following the appointment of new Gov. Lee Chan-jin on Aug. 14, industry and government officials said Monday. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4 after a credit rating downgrade, drawing criticism from the private equity firm for recklessly placing the nation’s second-largest supermarket chain under corporate rehabilitation after acquiring it through a leveraged buyout. The FSS recently sent an inspection opinion to MBK, detailing findings, proposed sanctions and legal rationale based on its review, marking the formal start of disciplinary proceedings. This followed a March on-site inspection of the company by the watchdog. Prosecutors have already been investigating allegations that Homeplus raised 600 billion won ($430 million) through short-term bonds while concealing its corporate rehabilitation plans from investors. Thus, the ongoing FSS proceedings are believed to

Sep 1, 2025By Jun Ji-hye
MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership
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