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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.

SK On reaffirms ongoing Ferrari EV partnership

SK On said Thursday its partnership with Ferrari remains firmly on track, after Reuters reported last week that the Italian luxury carmaker may delay the 2026 launch of its second fully electric vehicle (EV) until at least 2028. “We have not seen any indication of that,” an SK On official said. “Our collaboration with Ferrari remains unchanged and is proceeding as scheduled.” Citing sources familiar with the matter, Reuters reported June 17 that Ferrari decided to slow its electrification due to weaker-than-expected demand for high-end EVs. Amid Ferrari’s silence on the issue, concerns have also grown for SK On, as the Korean battery maker has been instrumental in supporting the Italian firm’s electrification from the start. Since 2019, SK On has provided Ferrari with battery cells to power its first plug-in hybrid supercar, the SF90 Stradale, and its open-top variant, the SF90 Spider. The Korean firm’s batteries were also used for the 296 GTB and 296 GTS plug-in hybrid EVs, which were launched in 2021 and 2022, respectively. SK On’s batteries are believed to power Ferrari

Jun 26, 2025By Park Jae-hyuk
SK On reaffirms ongoing Ferrari EV partnership

MAN Truck & Bus Korea to expand service network for sustainable growth

MAN Truck & Bus Korea will aggressively expand its service network, as part of its core growth strategy in Korea's competitive commercial vehicle market, the head of the company said Thursday. The plan stands at the top of the firm’s MAN CORE 360 strategy — the latest corporate growth vision to drive its service-side innovation. The truck and bus manufacturer opened its third headquarter-controlled service center in the southeastern city of Busan on Wednesday, expanding the total number of its own and partnered repair and maintenance facilities to 22 across the nation. Three of them, including the one in Busan, are directly controlled by the local subsidiary of the European commercial vehicle maker. MAN Truck & Bus is also scheduled to open another major service facility in Icheon, Gyeonggi Province in the fourth quarter of 2025. The region is home to multiple logistics centers and manufacturing facilities from Korean companies. Peter Andersson, managing director at MAN Truck & Bus Korea, said the company will enhance its after-sales service for sustainable growth here. “We are growi

Jun 26, 2025By Lee Min-hyung
MAN Truck & Bus Korea to expand service network for sustainable growth

Naver Pay ready to lead future won-based stablecoin market in Korea

Naver Pay, a mobile payment service operated by internet giant Naver, said Thursday it is ready to take a leading role in Korea's potential won-based stablecoin market, leveraging its extensive digital finance and wallet infrastructure. "There have been active discussions over the past two weeks, but the matter remains cautious as legislation has yet to be enacted," Park Sang-jin, chief executive officer (CEO) of Naver Pay, said during a media event. "If a reasonable framework is established under the review of the authorities and we are allowed to participate, we will take the lead in this space." Park stressed that Naver Pay has more than 30 million users and 5 million affiliated stores based on Korea's largest mobile payment network and digital wallet service, Npay Wallet, closely integrated with the broader Naver ecosystem, ranging from shopping to maps, blogs and webtoons. He suggested that if won-pegged stablecoins are eventually introduced and issued by non-financial entities, they could replace traditional loyalty points or mileage programs. Naver Pay's expansive ecosystem, he sa

Jun 26, 2025By Yonhap
Naver Pay ready to lead future won-based stablecoin market in Korea

Hanwha ousted from REC Silicon's board

Hanwha Group, the largest shareholder of REC Silicon with a 33.3 percent stake, was defeated by the Norwegian firm's minority shareholders in their latest proxy fight, losing control of the silicon materials maker's board to Water Street Capital, a U.S. hedge fund allied with retail investors. The outcome could derail Hanwha's 925 million Norwegian krone ($91 million) tender offer, which was aimed to fully acquire REC Silicon and delist the company from the Oslo Stock Exchange. At REC Silicon's annual general meeting in Norway on Wednesday (local time), Water Street won approval for its proposal to appoint five new board members, ousting those appointed by Hanwha, which is not only REC Silicon's largest shareholder but also its largest creditor and primary customer. The U.S. firm also secured approval for an investigation into the termination of REC Silicon's supply agreement with Hanwha Q Cells in January. The termination followed the abrupt shutdown of REC Silicon's Moses Lake plant in the U.S. late last year, which led the company's stock price to plunge 50 percent on the first tradi

Jun 26, 2025By Park Jae-hyuk
Hanwha ousted from REC Silicon's board

Walk Together, HanmiGlobal honor Ethiopian veterans of Korean War

Walk Together, a nonprofit organization supporting the physically disadvantaged, partnered with HanmiGlobal to host a special event honoring Ethiopian veterans of the Korean War and their families. The event was held in commemoration of the 75th anniversary of the outbreak of the 1950-53 Korean War, which was on Wednesday. The construction project management firm and the nonprofit organized the reception to pay their respects to veterans and their families. The attendees included Tilahun Tessema Game, a 100-year-old veteran who fought on the front lines in Gangwon Province in 1952. Also present was Senbeta Mamite Hunde, 73, the daughter of a soldier who fell during the war. For Tessema, this marked his first return to Korea in 73 years. Walk Together Chairman Kim Jong-hoon, who also chairs HanmiGlobal, delivered a welcoming address and presented plaques of appreciation to the veterans and their families. “I joined the Korean War at a young age and fought fiercely,” Tessema said. “Seeing how far Korea has come brought tears to my eyes. I am truly grateful for the support from Walk To

Jun 26, 2025By Lee Min-hyung
Walk Together, HanmiGlobal honor Ethiopian veterans of Korean War

Samsung SDS unveils enterprise-focused new AI agent service

Samsung SDS, an information technology (IT) solutions arm of Samsung Group, on Thursday unveiled its new agentic artificial intelligence (AI) services designed to boost workplace productivity through autonomous AI agents. The company said it has upgraded its existing AI offerings — including its generative AI platform FabriX and business solutions Brity Copilot and Brity Automation -- to feature agentic capabilities. These new services allow AI to act independently by responding to conditions, making decisions and executing tasks without direct human commands. "We have evolved FabriX, Brity Copilot and Brity Automation from simple AI assistants to agentic services that can autonomously process tasks," said Lee June-hee, chief executive officer (CEO) of Samsung SDS, during a media event. "Samsung SDS possesses the expertise in language models, data and enterprise systems needed to deliver the best agentic AI services for businesses," he added. Lee also emphasized the competitiveness of Samsung SDS' AI offerings compared with those of other global players. The agentic version of Brity Cop

Jun 26, 2025By Yonhap
Samsung SDS unveils enterprise-focused new AI agent service

Genesis forges expanded marketing partnership with PGA Tour

Genesis, the independent luxury brand of Korea's Hyundai Motor Group, said Thursday it has entered into an expanded global marketing partnership with the PGA Tour through 2030. The multiyear agreement names Genesis as the first-ever global official vehicle company for both the PGA Tour and PGA Tour Champions, while also designating the company as the official mobility partner of the PGA Tour. As part of the partnership, Genesis becomes the inaugural sponsor of the PGA Tour's World Feed, launched earlier this year to provide exclusive content to international golf audiences. In addition, Genesis will be featured prominently through year-round digital content at select tournaments. To commemorate the new partnership, the PGA Tour and Genesis will debut a special television program named "Driven," ahead of the third round of the Rocket Mortgage Classic on U.S. television network CBS on Saturday (local time). "Genesis is honored to become the first-ever global official vehicle sponsor of the PGA Tour. This milestone reflects the deep trust and shared vision between our two organizations, buil

Jun 26, 2025By Yonhap
Genesis forges expanded marketing partnership with PGA Tour

Czech court rejects EDF complaint over nuclear tender

A Czech court rejected Wednesday a complaint filed by French energy group EDF over a tender it lost to build two additional reactors at a Czech nuclear plant. Even if the court had ruled in EDF's favour it would not have affected the multi-billion-dollar reactor deal signed earlier this month by Prague and South Korea's KHNP, which had beaten EDF in the tender last year. However, such a ruling would have allowed EDF to seek compensation. "The complaint has been rejected," Klara Belkovova, a spokeswoman for the Regional Court in the city of Brno, told AFP. She added EDF now had eight days to file an appeal with the Supreme Administrative Court to contest the verdict. In the rejected complaint, EDF questioned the transparency of the tender. The Brno court already delayed the signing of the record nuclear deal with a pre-emptive ruling in May, following EDF's complaint. But a higher court dismissed that verdict on June 4 and the Czech government and KHNP signed the deal. The contract is crucial for the Czech Republic, an EU member of 10.9 million people, which relies on nuclear power from the D

Jun 25, 2025By AFP
Czech court rejects EDF complaint over nuclear tender

Starbucks brings back ‘eco-friendly’ plastic straws

Starbucks has reintroduced plastic straws made from plant-based materials at about 200 stores nationwide as part of a pilot program, responding to customer complaints about paper straws. Starting Wednesday, Starbucks Korea began offering both paper and plastic straws at select locations, mainly near hospitals and residential areas, frequented by patients, young children and the elderly, according to the Korean branch of the Seattle-based coffee company. “Reflecting various customer opinions that patients and young children find paper straws inconvenient, we are first introducing plant-based plastic straws on a trial basis at about 200 stores,” a Starbucks Korea official said. Starbucks Korea originally adopted paper straws in 2018 to reduce plastic waste and protect the environment. However, many customers complained about the sogginess and unpleasant taste associated with paper straws. The newly introduced plastic straws are made from sugarcane-based materials instead of conventional petroleum-based plastics and are expected to help reduce carbon emissions, the company said. In 2023,

Jun 25, 2025By Ko Dong-hwan
Starbucks brings back ‘eco-friendly’ plastic straws

SK suspends controversial IPO of lubricant unit in line with president's shareholder-friendly policy

SK Group decided to temporarily suspend its plan to spin off SK Enmove, its lubricant-manufacturing unit, from SK Innovation and make it a publicly traded company, Wednesday, as the move is feared to clash with President Lee Jae Myung’s policy to protect retail investors. In a press release, SK Innovation said it will temporarily halt the initial public offering (IPO) process of SK Enmove "in light of recent capital market conditions and various internal circumstances." A key group affiliate in petroleum and other energy resources, SK Innovation holds a 70 percent stake in SK Enmove. The firm said it will acquire the remaining 30 percent stake owned by Ecosolution Holdings, a special company established by IMM Credit Solution for the purpose of investing in SK Enmove shares. The purchase of all corresponding 12 million shares will be made on July 2, at a per share price of 71,605 won ($52.50). “Making SK Enmove into a wholly owned subsidiary is the optimal decision to align with SK Innovation’s strategic direction and to enhance SK Enmove’s managerial efficiency,” the company st

Jun 25, 2025By Yi Whan-woo
SK suspends controversial IPO of lubricant unit in line with president's shareholder-friendly policy
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