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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.

Service disruption in Samsung Pay caused by firewall error at data center

The recent service disruption in Samsung Pay, a mobile payment system operated by Samsung Electronics, was caused by a firewall error at a data center in Suwon, just south of Seoul, government officials said Tuesday. On June 2, Samsung Pay experienced service errors lasting over three hours beginning at around 7 a.m., affecting card payments and new card registration. At the time, Samsung Electronics restored the service by switching operations from its main data center operated by Samsung SDS in Suwon to a backup center run by KT in Seoul. The company initially said the failure appeared to stem from network line issues with card companies. However, in interim findings submitted to Rep. Kim Jang-kyom of the main opposition People Power Party, the Ministry of Science and ICT said the internal firewall on the dedicated network connecting to card companies at the Suwon data center has been identified as the point of failure. The ministry noted that a further investigation is needed to pinpoint the detailed cause, including potential issues in the network equipment. It added that there was no

Jun 24, 2025By Yonhap
Service disruption in Samsung Pay caused by firewall error at data center

Daewoo E&C chief steps up global push for plant construction deals

Daewoo Engineering & Construction Chairman Jung Won-ju is rolling up his sleeves and traveling the world to clinch plant construction deals. According to the company, Jung is working hard for a “construction renaissance” through overseas projects. Over the past three years, the chairman has traveled across Europe, Asia, Africa and North America, meeting counterparts and leading dialogues while seeking to secure new contracts. Following Jungheung Group’s acquisition of Daewoo E&C in 2022, Jung became convinced that the company’s growth engine lay overseas, the company said. A highly anticipated nuclear reactor construction project in the Czech Republic, signed earlier this month, would not have been possible without Daewoo E&C’s role. Daewoo E&C is responsible for construction in the project, which is led by Korea Hydro & Nuclear Power in the Dukovany region. Daewoo E&C said the project marks the company’s reentry into Europe since 1995 when it acquired Polish carmaker FSO’s manufacturing plant and rebranded it Daewoo-FSO. Last month, the company secured a 1 trillion won ($7

Jun 24, 2025By Ko Dong-hwan
Daewoo E&C chief steps up global push for plant construction deals

Daemyung Sono Group finalizes takeover of T'way Air, appoints new board directors

Daemyung Sono Group virtually completed its acquisition of T'way Air on Tuesday by holding an extraordinary shareholders' meeting and appointing a new board of directors for the low-cost carrier. T'way Air held the extraordinary shareholders' meeting at its aviation training center in Seoul and approved the appointment of nine new board directors, including internal and outside members, recommended by Daemyung Sono Group, a leading condominium and resort company in Korea. The airline's new chief executive officer (CEO) is expected to be appointed Friday. With current CEO Chung Hong-geun stepping down after a decade at the helm, industry observers expect that the successor will be chosen from among the newly appointed internal directors. In February, Daemyung Sono acquired management control of T'way Air after purchasing shares from Yearim, the airline's largest shareholder, for 250 billion won ($174.39 million). The deal was approved by the Fair Trade Commission earlier this month.

Jun 24, 2025By Yonhap
Daemyung Sono Group finalizes takeover of T'way Air, appoints new board directors

HD Hyundai leads Korea-US maritime alliance effort

HD Hyundai is positioning itself at the forefront of a growing Korea-U.S. partnership in shipbuilding and maritime research, the company said Tuesday, following its hosting of a bilateral leadership forum in Pangyo, Gyeonggi Province. The Korea-U.S. Leaders' Forum on Education and Research on Shipbuilding was held at HD Hyundai’s Global R&D Center. It was a follow-up to a trilateral memorandum of understanding (MOU) signed in July 2023 between HD Hyundai, Seoul National University (SNU) and the University of Michigan (UM) to promote joint talent development in the shipbuilding industry. The event marked the first maritime-focused forum involving both countries since the inauguration of Korea’s new administration, bringing together over 40 experts in shipbuilding and marine engineering from leading Korean and U.S. universities. “This collaboration marks the beginning of a true maritime alliance — one that goes beyond talent exchange to sharing technologies and visions between Korea and the United States,” said Chung Ki-sun, executive vice chairman of HD Hyundai, in his opening

Jun 24, 2025By Park Jae-hyuk
HD Hyundai leads Korea-US maritime alliance effort

Hyundai Steel leads sustainable by-product upcycling at tech forum

Hyundai Steel shared and promoted technologies to reuse steel by-products for a more sustainable steel industry and its broader applications to construction projects and urban infrastructure expansion, according to the country’s major steelmaker, Tuesday. The company hosted a technology symposium in Seoul on Friday, bringing together around 100 experts to explore new applications for steel by-products aimed at maximizing usability and enhancing material efficiency. Attendees included representatives from the company, the Korea Iron & Steel Association, Hyundai Engineering & Construction, SsangYong C&E and the Korea Expressway Corporation Research Institute. The symposium highlighted the high quality of building materials produced from steel by-products and projected future demand for upcycled steel by-products across various industries. It also addressed relevant domestic regulations and showcased examples of technologies currently utilizing these materials. Hyundai Steel introduced how it has been upcycling steelmaking slags generated through its carbon reduction-centered manufacturi

Jun 24, 2025By Ko Dong-hwan
Hyundai Steel leads sustainable by-product upcycling at tech forum

Starbucks faces backlash over stricter conditions for new rewards program

Starbucks Korea is facing customer criticism over its recently updated Rewards program, which makes earning stars more difficult than before. Starbucks Rewards allows customers to earn stars by paying with the company’s smartphone app or payment card. The more they spend, the more stars they collect. Once customers reach a certain number of stars, they can exchange them for coupons offering perks like free size upgrades, food, drinks or merchandise. Under the updated Rewards program, customers now need to spend 3,000 won ($2.17) to earn a star, up from the previous 1,000 won. Many customers were especially angered that Starbucks did not publicly announce the change. Instead, the company emphasized the expanded range of benefits that customers can choose from with their collected stars. The higher spending requirement has triggered complaints from the program’s more than 14 million users. Under the previous system, customers with a free coupon for a tall-size iced Americano could upgrade to a venti by paying the 1,400 won difference and still earn a star. That reward is no longer ava

Jun 24, 2025By Ko Dong-hwan
Starbucks faces backlash over stricter conditions for new rewards program

SK hynix considering building new back-end process plant in Korea: sources

SK hynix plans to build a new semiconductor back-end process facility in central Korea to enhance its chip-packaging capabilities, industry sources said Tuesday. According to the sources, the company announced in an internal posting that it will demolish an existing building at its factory site in Cheongju, about 110 kilometers south of Seoul, to construct a new "Package & Test (P&T) 7" facility. SK hynix acquired the Cheongju site from LG Electronics Inc. about a decade ago. The demolition is expected to be completed by September, they said. Once completed, the new plant will become SK hynix's seventh P&T facility, including one in China. P&T facilities handle the back-end semiconductor process, finalizing individual chips from wafers processed in the front-end stage and packaging them into finished products. As further performance gains through process miniaturization have become increasingly difficult, advanced packaging has emerged as a key technology to enhance chip performance and energy efficiency. This is especially critical for high bandwidth memory (HBM), which stacks multiple dy

Jun 24, 2025By Yonhap
SK hynix considering building new back-end process plant in Korea: sources

Samsung to unveil new Galaxy Z smartphones at Unpacked event in New York next month

Samsung Electronics said Tuesday it will hold its next Galaxy Unpacked event in New York next month to unveil the latest Galaxy Z series smartphones featuring advanced artificial intelligence (AI) and an ultra-slim foldable design. The event will take place in Brooklyn, New York, at 10 a.m. on July 9 (U.S. time) under the theme "The Ultra Experience Is Ready To Unfold," and will be livestreamed on YouTube and the company's website, according to Samsung Electronics. "No longer just a collection of apps and tools, the smartphone is evolving into a smart companion that understands user intent and responds in real time," Samsung Electronics said in its invitation to the event. "The next-generation Galaxy devices are being reimagined around a new AI-powered interface, supported by breakthrough hardware built to unlock their full potential." The company is expected to unveil the latest models in its foldable lineup — the Galaxy Z Fold 7 and Galaxy Z Flip 7. In an earlier teaser, the company highlighted larger screens, enhanced cameras and upgraded AI features as key improvements in the upcomi

Jun 24, 2025By Yonhap
Samsung to unveil new Galaxy Z smartphones at Unpacked event in New York next month

Oasis acquires TMON after court-approved rehabilitation

Korean grocery delivery platform Oasis said Monday it has acquired full ownership of e-commerce platform TMON after a court approved its rehabilitation plan, which included the acquisition proposal. TMON filed for court receivership in July last year following widespread delays in payments to vendors using its platform. In October, the Seoul Bankruptcy Court approved a process to find a new owner and appointed EY Hanyoung accounting firm as the lead manager. In March, EY Hanyoung selected Oasis as the preliminary bidder. "Oasis had signed an agreement to acquire TMON if the acquisition plan is accepted by creditors and approved by the court," a company spokesperson said. On Friday, the court approved Oasis's acquisition of TMON for 18 billion won ($13 million), he added. Oasis said it plans to strengthen its online retail business through the acquisition while operating TMON as a separate brand under its umbrella. Founded in 2011, Oasis operates Oasis Market, an e-grocery platform known for its competitively priced private-label organic produce. It currently runs 49 offline stores and thre

Jun 23, 2025By Yonhap
Oasis acquires TMON after court-approved rehabilitation

Heightening tensions in Middle East to create fallout for Korean industries

Concerns are growing in Korea’s industrial sector over the repercussions from the heightening tensions in the Middle East, after Iran’s parliament approved a motion to block the Strait of Hormuz in response to a U.S. mainland airstrike. Rising oil and logistics prices and other supply chain disruptions are feared to add more uncertainties to Seoul’s export-driven economy. According to government officials Monday, approximately 70 percent of Korea’s crude imports come from the Middle East, and 68 percent are shipped through the Strait of Hormuz. The strait has been a global shipping chokepoint, which Iran has long been using as a threat to stave off Western pressure. Iran’s state-owned broadcaster Press TV reported Sunday (local time) that the country’s parliament endorsed the closure of the strait, and the country’s Supreme National Security Council is set to make the final decision. Global analysts said chances are slim for Iran to close the strait, but industry officials are paying close attention on the situation’s progress, as it will likely send global oil prices sky

Jun 23, 2025By Nam Hyun-woo
Heightening tensions in Middle East to create fallout for Korean industries
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