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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.

PHOTO Korea-Japan polysilicon partnership in Malaysia

OCI Holdings Chairman Lee Woo-hyun, fifth from right, and Sarawak Premier Abang Johari, sixth from left, shovel with participants in the groundbreaking ceremony of OCI Tokuyama Semiconductor Materials' polysilicon plant in Sarawak, Malaysia, Wednesday. The Korean company said Thursday that its Malaysian subsidiary, OCI TerraSus, set up the joint venture with Japan's Tokuyama to start producing 8,000 tons of semiconductor-grade polysilicon annually at the new facility by 2029. Courtesy of OCI Holdings

Jul 17, 2025By Park Jae-hyukphoto
[PHOTO] Korea-Japan polysilicon partnership in Malaysia

FSC to refer former executives of Meritz to prosecution for unfair stock trading

Financial authorities said Thursday they have decided to refer four former executives and one employee of local insurer Meritz Fire and Insurance to the prosecution on suspicions they had used insider information for profit-taking. The Securities and Futures Commission under the Financial Services Commission (FSC) made the decision at a regular meeting held the previous day. The former executives are said to have purchased a large number of shares in Meritz Financial Group before the holding company announced plans in November 2022 to merge two of its affiliates — Meritz Securities and Meritz Fire and Insurance. Each of the former executives reportedly made more than 500 million won ($359,761) as share prices of the holding company hit the daily upper limit following the announcement. The FSC suspects that the former executives were aware of the merger plan before its official announcement and bought the shares in advance, with the intent to sell them at a higher price. "Employees at financial firms are held to a higher standard of ethics. We plan to thoroughly investigate cases of empl

Jul 17, 2025By Yonhap
FSC to refer former executives of Meritz to prosecution for unfair stock trading

Krafton pledges 'fan-centric' approach amid fallout from US dispute

Korean gaming giant Krafton on Thursday reaffirmed its commitment to player trust following a high-profile legal dispute with the former leadership of Unknown Worlds, the U.S.-based developer of the popular Subnautica franchise. In a written response to a Yonhap News Agency inquiry, Krafton emphasized that its development efforts are rooted in a "fan-centric mindset" and promised to continue prioritizing community expectations despite the internal turbulence surrounding the development of Subnautica 2. "Krafton conducts regular milestone reviews of its creative studios to ensure steady progress with a fan-centric mindset," the company said. Krafton acquired Unknown Worlds in October 2021 in a deal aimed at diversifying its portfolio beyond its flagship PUBG shooter franchise. At the time, the company highlighted the studio's strong intellectual properties and reputation for globally appealing, community-driven gameplay experiences. Earlier this month, however, Krafton removed Unknown Worlds co-founders Charlie Cleveland and Max McGuire, along with Chief Executive Officer (CEO) Ted Gill,

Jul 17, 2025By Yonhap
Krafton pledges 'fan-centric' approach amid fallout from US dispute

Kolmar Korea’s new Pennsylvania plant courts cosmetic exporters to US

Cosmetics original development manufacturing (ODM) company Kolmar Korea began operating its new plant in Pennsylvania on Wednesday (local time), a facility that will serve as a manufacturing base for cosmetic firms with interest in the U.S. market. The plant, located in the state's Scott Township, is Kolmar Korea's second U.S. plant. During a completion ceremony, Kolmar Group Executive Vice Chairman Yoon Sang-hyun reaffirmed the company's commitment to its U.S. business in front of an audience of 100 dignitaries, including state Rep. Bridget Kosierowski and executives of Kolmar Korea's top clients. The new 17,805 square meter plant can produce up to 120 million products per year. Together with the existing plant, also in Pennsylvania, the company’s annual capacity in the U.S. is now 300 million products. With an ODM and original equipment manufacturing facility in Ontario, Canada, acquired by the company in 2016, its manufacturing capacity in North America now tops 470 million products per year, the largest among ODM companies on the continent. “Our second U.S. plant is not just a ne

Jul 17, 2025By Ko Dong-hwan
Kolmar Korea’s new Pennsylvania plant courts cosmetic exporters to US

Korea’s coffee substitute market rises amid climate threats to coffee beans

The coffee substitute market in Korea is expanding, driven by declining global coffee bean production due to extreme climate conditions and rising demand for caffeine-free beverages. The domestic market is diversifying, with more companies and sales channels entering the space. This trend mirrors global developments, as increasingly harsh environmental conditions impact crop production and prompt coffee drinkers to explore alternative beverages. Fueling the expansion of the coffee substitute market in Korea — where coffee supply is entirely dependent on imports and consumption remains high — is the growing demand for healthier, caffeine-free alternatives. While many consumers still crave the taste of coffee, they avoid it due to the stimulant’s side effects, which can include sleep disturbances, heightened anxiety, indigestion and increased heart rate. Companies exploring alternatives to coffee have begun launching their own products. Dong Nam Corp., a food importer based in Anyang, Gyeonggi Province, has been distributing Orzo — a coffee-flavored tea brand from Italian company

Jul 17, 2025By Ko Dong-hwan
Korea’s coffee substitute market rises amid climate threats to coffee beans

Korea’s top court acquits Samsung head of unfair merger charges

The Supreme Court on Thursday acquitted Samsung Electronics Executive Chairman Lee Jae-yong of charges that he was involved in wrongdoing surrounding a controversial merger between two Samsung units. As the ruling freed Lee from his most pressing legal risks, the chairman is expected to concentrate more on his role as the head of Samsung Electronics, which is now reeling from contracted profitability due to a protracted slowdown in its semiconductor and other future-oriented businesses. The top court upheld the Seoul High Court’s ruling which found him not guilty on all 19 charges filed by the prosecution, including unfair influence peddling, accounting fraud and breach of trust. It found the appellate court committed no misinterpretation of law in its ruling, as well as upholding the high court’s view that some of the evidence presented by prosecutors had been obtained unlawfully, while other evidence lacked admissibility. The ruling came four years and 10 months after Lee was indicted on 19 charges related to his alleged involvement in a scheme orchestrated by Samsung’s now-defun

Jul 17, 2025By Nam Hyun-woo
Korea’s top court acquits Samsung head of unfair merger charges

Korea's first warehouse drugstore worries pharmacy sector

SEONGNAM, Gyeonggi Province — Korea’s first warehouse-style drugstore, where customers can shop for medicines much like they would in a grocery store, is quickly gaining popularity. Since opening last month, the store has continued to draw crowds, with visitors leaving with bags full of medication — a rare sight in a country where pharmacies are already abundant in most neighborhoods. However, the rise of the warehouse drugstore is drawing mixed reactions from pharmaceutical companies and traditional pharmacies. While it could boost sales of over-the-counter (OTC) medications for drugmakers, concerns are growing over potential misuse of medications and the disruption of pharmacies' traditional role within local communities. Mega Phactory, located in Seongnam’s Sujeong District in Gyeonggi Province, continues to attract large crowds more than a month after its opening. On Tuesday, vehicles lined the streets around the store, forming a queue so long that police were dispatched to manage traffic congestion. Shoppers streamed out of the store carrying plastic bags filled with their

Jul 17, 2025By Ko Dong-hwan
Korea's first warehouse drugstore worries pharmacy sector

HYBE chairman referred to prosecution over alleged unfair trading

Financial authorities referred Bang Si-hyuk, chairman and founder of K-pop powerhouse HYBE, to the prosecution over alleged fraudulent securities transactions related to the company's listing, officials said, Wednesday. The Securities and Futures Commission (SFC) under the Financial Services Commission (FSC) decided to forward the complaint against Bang and three former HYBE officials for their alleged violation of the Capital Markets Act regarding the company's initial public offering (IPO). Bang is accused of misleading investors, including venture capital firms, in 2019 into believing that HYBE's IPO would be delayed and inducing them to sell their shares to a special purpose company (SPC) established by a private equity fund created and funded by HYBE executives. Investors sold their shares to the SPC, but financial authorities determined that HYBE was, at the time, already in the process of preparing for its listing. After the company went public, the SPC sold its shares, and Bang reportedly received 30 percent of the profit from the share sale in accordance with a prior shareholder

Jul 16, 2025By Yonhap
HYBE chairman referred to prosecution over alleged unfair trading

Elecs Vietnam 2025 kicks off with fanfare

HO CHI MINH CITY, Vietnam — The Elecs Vietnam 2025 exhibition kicked off Wednesday with a group of Korea’s top-tier electric equipment makers in attendance to make deeper inroads into not just Vietnam, but the entire Association of Southeast Asian Nations (ASEAN) region. The event runs for three days in Ho Chi Minh City, the southern commercial hub of Vietnam. Koo Ja-kyun, chairman of the Korea Electrical Manufacturers Association (KOEMA), delivered an opening speech and underscored the ever-growing strategic energy partnership between Korea and Vietnam. “The power industry is now entering a new era of what we call an ‘ultra-super-cycle’ — marked by the expansion of carbon-free power generation, the proliferation of data centers and the integration of artificial intelligence (AI) and digital technologies,” Koo said. He also serves as CEO and chairman for LS Electric, one of Korea’s leading electric equipment manufacturers. “The active participation in the industry from both the Vietnamese government and private sectors is highly appreciated,” Koo said. “We expect t

Jul 16, 2025By Lee Min-hyung
Elecs Vietnam 2025 kicks off with fanfare

PHOTO For Korea-US cybersecurity cooperation

American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim, fifth from left, poses with participants in the inaugural AMCHAM Cybersecurity Seminar at Grand Hyatt Seoul, Wednesday. Bringing together senior government officials, business leaders and cybersecurity experts from Korea and the United States, the event was held to explore the two countries' bilateral cooperation to counteract rapidly evolving artificial intelligence-driven digital threats. Courtesy of AMCHAM

Jul 16, 2025By Park Jae-hyukphoto
[PHOTO] For Korea-US cybersecurity cooperation
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