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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 CEO Musk says he discussed chip deal with Samsung Chairman Lee

Tesla Chief Executive Officer (CEO) Elon Musk said he discussed the details of a recent semiconductor supply deal with Samsung Electronics Chairman Lee Jae-yong. In a response to a user's comment on his X account on Tuesday (U.S. time) that Samsung Electronics "has no idea what they signed up for," Musk replied, "They do. "I had a video call with the chairman and senior leadership of Samsung to go over what a real partnership would be like," he continued, adding they will "use the strengths of both companies to achieve a great outcome." Later, when another user commented that "Samsung is definitely the underdog when it comes to chipmaking," Musk defended the Korean tech giant, saying: "Both TSMC and Samsung are great companies. It is an honor to work with them." Shortly after Samsung Electronics announced a 22.8 trillion-won ($16.5 billion) deal to supply artificial intelligence (AI) chips to an undisclosed customer, Musk revealed that Tesla was the partner behind the contract. He said Samsung Electronics will manufacture Tesla's next-generation AI6 chip at its new semiconductor plant in

Jul 30, 2025By Yonhap
Tesla CEO Musk says he discussed chip deal with Samsung Chairman Lee

LCCs struggle to overcome falling earnings with longer-haul routes

Korea’s low-cost carriers (LCCs) are struggling to overcome a drastic earnings fall by launching mid- to long-haul routes in hopes of turning them into stable revenue streams. The local LCC industry has long been trapped in a state of de facto price war, as most airlines focus on attracting passengers for only a few highly sought-after short routes to Japan and China. The strategy, however, is doing little to enhance their profitability, as they end up selling tickets at lower prices to woo more customers away from their rivals, at the cost of falling revenues. According to data from market tracker FnGuide, Jeju Air is forecast to report an operating loss of 39.5 billion won ($28.36 million) during the second quarter. This is similar to other major LCCs. T’way Air is estimated to have suffered an operating loss of 47.5 billion won during the same period. The market tracker also expected Jin Air to report an operating loss of 4.8 billion won. Even if the period is widely considered an off-season for airlines, their earnings fall raises concerns that they need to shift their business st

Jul 30, 2025By Lee Min-hyung
LCCs struggle to overcome falling earnings with longer-haul routes

Krafton logs record sales in 1st half of 2025

Game studio Krafton posted record-high revenue for the first half of this year, driven by continued growth of its flagship title, PUBG: Battlegrounds, the company said Tuesday. During its earnings call, Krafton announced that its sales for the January-June period stood at 1.54 trillion won ($1.1 billion), up 11.9 percent from a year earlier. During the same period, operating profit grew 9.5 percent year-on-year to reach 703.3 billion won. This marked the highest first-half performance in the company’s history. In the second quarter alone, the company posted 662 billion won in sales and 246 billion won in operating profit, down 6.5 percent and 25.9 percent year-on-year, respectively. In the first half, Krafton posted 543.2 billion won in revenue from PC games, 960 billion won from mobile titles and 33 billion won from console and other platforms. PUBG continued to drive growth in PC games, backed by strong live-service updates and content diversification efforts. The mobile division also had a strong performance, with growth-type skins contributing to user engagement and revenue. In the s

Jul 29, 2025By Nam Hyun-woo
Krafton logs record sales in 1st half of 2025

Samsung chairman departs for Washington amid tariff talks

Samsung Electronics Executive Chairman Lee Jae-yong departed for Washington on Tuesday, in an apparent move to support the government’s ongoing tariff negotiations with the Donald Trump administration. He left for the U.S. capital from Gimpo International Airport in Seoul without speaking with reporters, who asked about the purpose of his visit. His departure followed a private dinner with President Lee Jae Myung last Thursday, which is believed to have focused on Samsung’s plans to invest in the U.S. Given the previous day’s announcement of a $16.5 billion semiconductor foundry deal between Samsung and Tesla, industry officials expect the chairman to emphasize his company’s large-scale investments in the U.S. market to help Seoul persuade Washington to lower the 25 percent “reciprocal” tariffs which the U.S. plans to impose on Korean products starting Aug. 1. Samsung Electronics, which operates a foundry plant in Texas, plans to invest at least $37 billion by 2030 to reinforce its U.S. semiconductor production base. Expectations are that Korea may suggest expanded investments

Jul 29, 2025By Park Jae-hyuk
Samsung chairman departs for Washington amid tariff talks

Tax agency probes Hybe over alleged unfair trading: sources

The National Tax Service (NTS) has launched a tax investigation into K-pop powerhouse HYBE over alleged fraudulent securities transactions related to the company's initial public offering (IPO), industry sources said Tuesday. According to the sources, the NTS dispatched an investigative team to HYBE's headquarters in Seoul's Yongsan district earlier in the day to seize documents and materials related to the allegations. The company is behind such global acts as BTS and Seventeen. HYBE is already under separate investigation by the Securities and Futures Commission under the Financial Services Commission over allegations that its chairman, Bang Si-hyuk, engaged in unfair trading practices. Bang is accused of misleading investors, including venture capital firms, in 2019 by claiming that HYBE's IPO would be delayed, inducing them to sell their shares to a special purpose company (SPC) established by a private equity fund backed by HYBE executives. Authorities believe HYBE was already preparing for its IPO at the time, contradicting what was conveyed to investors. After the company went pub

Jul 29, 2025By Yonhap
Tax agency probes Hybe over alleged unfair trading: sources

How can Korea 'Make American Shipbuilding Great Again'?

Attention is focused on whether Hanwha Group Vice Chairman Kim Dong-kwan will give momentum to Seoul’s effort to leverage shipbuilding in the ongoing trade talks to convince Washington to cut “reciprocal” duties and item-specific tariffs already imposed on cars and steel. Kim departed for Washington on Monday, prompting speculation that he will join Korean government negotiators, who proposed a project they called “Make American Shipbuilding Great Again" (MASGA). Paying homage to U.S. President Donald Trump’s signature slogan, “Make America Great Again,” the proposal is aimed at launching a joint initiative to revitalize the U.S. shipbuilding industry. Although Hanwha has refused to confirm the vice chairman’s itinerary and the government is reluctant to reveal details about its negotiation strategy, expectations are growing that Seoul will highlight the conglomerate’s significant investments in U.S. shipyards as a way to avert or lower tariffs. The Trump administration plans to impose a 25 percent reciprocal tariff on all Korean goods starting Aug. 1. “I will present

Jul 29, 2025By Park Jae-hyuk
How can Korea 'Make American Shipbuilding Great Again'?

Celltrion to acquire US plant for $500 mil. to mitigate tariff risks

Celltrion will invest 700 billion won ($500 million) to acquire a biopharmaceutical manufacturing facility in the United States in a strategic move to ease escalating tariff uncertainties under the Donald Trump administration, the company’s chairman said Tuesday. The Korean firm, most famous for its biosimilars, was selected as the preferred bidder to take over the drug substance plant in an undisclosed U.S. region. Celltrion won the bid over two global rivals. Under a nondisclosure agreement, the company declined to confirm other details on the deal. “By 2033, we expect our biosimilar portfolio to grow to 41 products, and the U.S. will serve as an essential market,” Chairman Seo Jung-jin said during an online press conference. “If the U.S. government wants products made in the U.S., we will produce and sell locally to reduce tariff uncertainties.” Celltrion plans to complete all remaining legal procedures for the acquisition of the factory by the end of 2025. Celltrion has already secured two years of inventory in the U.S. to preemptively deal with the tariff uncertainties. The

Jul 29, 2025By Lee Min-hyung
Celltrion to acquire US plant for $500 mil. to mitigate tariff risks

Korean shipbuilders' global order share rises in first half of the year amid US-China tension

Korean shipbuilders saw a significant rebound in their global order share in the first half amid U.S. sanctions targeting Chinese rivals, an industry report showed Tuesday. According to the report from the Export-Import Bank of Korea, South Korea secured 25.1 percent of global shipbuilding orders in terms of compensated gross tons (CGT) during the January-June period. It marks a substantial rise from 17.2 percent a year earlier, narrowing the gap with leader China from 51 percentage points to 26.7 percentage points. Last year, South Korea's share of global annual orders stood at 15 percent, the lowest in eight years. This year's rebound is largely attributed to recent U.S. trade measures. The U.S. Trade Representative (USTR) has introduced a policy to impose port entry fees on Chinese shipping companies and operators of Chinese-built vessels, effectively discouraging reliance on Chinese shipyards. In the first half of the year, container ships accounted for 53.3 percent of South Korea's total order volume of 4.87 million CGT. Last year, South Korean shipyards secured just two midsize-to-l

Jul 29, 2025By Yonhap
Korean shipbuilders' global order share rises in first half of the year amid US-China tension

Tax, tariff threats push Korean firms to consider overseas supply chains

Korean firms, many of which are already grappling with U.S. tariff risks, are likely to face increasing pressure to relocate their supply chains abroad in an effort to avoid mounting tax burdens and other business-unfriendly regulations, experts and industry officials said Monday. Local conglomerates — mostly from the manufacturing sector — face growing risks following the inauguration of President Lee Jae Myung in June. The pro-labor Lee administration is seeking to raise the maximum corporate tax rate to 25 percent from 24 percent. The figure is much higher than the OECD average of 21.5 percent. The recent passage of a revision to the Commercial Act is also feared to weaken the management rights of many companies at a critical time, when they need to make bold and agile decisions amid unresolved tariff risks from the United States. Experts warn that major firms may be forced to consider relocating their supply chains overseas unless the government eases its strict business regulatory stance. “There is a growing need for local firms to relocate their businesses abroad to deal with

Jul 28, 2025By Lee Min-hyung
Tax, tariff threats push Korean firms to consider overseas supply chains

Hankook Tire supplies EV tires for Xiaomi’s electric SUV

Hankook Tire has started supplying its high-performance tires to Xiaomi’s first electric crossover SUV, the YU7, the Korean tiremaker said Monday. The latest achievement will help the tire manufacturer expand its presence in the lucrative Chinese market. Hankook Tire teamed up with Xiaomi to develop the tires, which are optimized for the vehicle. The iON evo SUV will be supplied as original equipment tires for the electric SUV. The XU7 can travel up to 760 kilometers on a single charge, according to China Light-Duty Vehicle Test Cycle standards. The tire offers balanced driving characteristics, such as superior grip, responsive handling and strong braking performance, which the tire firm said ensures safe and stable driving across diverse road conditions. The high-performance tire is also optimized to handle high torque and heavier loads as well as meeting the growing demand for quietness on the road. All these features are critical for electric SUVs. Hankook Tire applied a high-load tire profile designed to evenly distribute ground pressure, along with enhanced cornering stiffness for

Jul 28, 2025By Lee Min-hyung
Hankook Tire supplies EV tires for Xiaomi’s electric SUV
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