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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.

OpenAI CSO Kwon to visit Korea for AI partnership: sources

Jason Kwon, Chief Strategy Officer (CSO) of OpenAI, will visit Korea on Thursday for the second time in just over two weeks to explore partnerships in the artificial intelligence (AI) sector, industry sources said Wednesday. His upcoming visit comes just a week after the inauguration of President Lee Jae-myung, who has pledged to make Korea one of the world's top three AI powerhouses through a 100 trillion-won ($73 billion) national investment initiative. During his previous visit on May 26, Kwon said OpenAI has established a Korean subsidiary and plans to open its third Asian office — following Tokyo and Singapore — in Seoul in the coming months. The move is part of OpenAI's broader global expansion. The developer of ChatGPT has launched 11 new offices in major cities in recent years, including Paris, Brussels, Singapore, London, Dublin and Tokyo. "OpenAI considers Korea a key partner due to its high level of engagement with our services and sees strong potential for collaboration with Korean companies," an OpenAI official said. Korea ranks among the top 10 countries globally in term

Jun 11, 2025By Yonhap
OpenAI CSO Kwon to visit Korea for AI partnership: sources

SK hynix CEO says company on track but warns of rising uncertainties in H2

The head of SK hynix said the Korean chipmaker is on track to meet its business targets for the year but warned that uncertainties are likely to grow in the second half due to evolving U.S. trade policies, industry sources said Wednesday. In a meeting with employees Tuesday, SK hynix Chief Executive Officer (CEO) Kwak Noh-jung said it remains difficult to forecast full-year earnings but noted that the company's performance so far has been in line with its annual goals, according to the sources. He urged employees to work together to meet this year's targets, though he did not provide specific details. Kwak cautioned that the global business environment could face heightened volatility in the second half, citing potential U.S. tariffs on individual semiconductor products. In April, U.S. President Donald Trump announced the implementation of long-promised reciprocal tariffs on imports from countries with trade surpluses with the United States, including a 10 percent baseline duty on all imports. Korean products were subject to a 25 percent reciprocal tariff. While certain sectors, including

Jun 11, 2025By Yonhap
SK hynix CEO says company on track but warns of rising uncertainties in H2

Musinsa to open offline stores in Japan, China amid global push

Musinsa, a Korean fashion platform, said Tuesday it plans to open offline stores in China and Japan in the coming months as part of its global expansion strategy. The company currently offers around 8,000 Korean fashion brands on its online platform and operates several offline stores domestically. Of the 8,000 local brands, some 2,000 also sell products through Musinsa Global, the company's English-language platform targeting 13 strategic Asian markets, excluding China. Domestically, Musinsa operates 25 "Musinsa Standard" outlets that sell its private-label products, as well as three "Musinsa Store" locations featuring partner brands. "We plan to open at least two stores in China, starting with the first in Shanghai in the fourth quarter, and up to three stores in Japanese cities, such as Tokyo, Osaka and Nagoya, early next year," Musinsa Chief Executive Officer (CEO) Park Joon-mo said in a press conference. In addition to its 13 overseas markets, the company is looking to enter China, Europe and the Middle East. It is also exploring partnerships with local companies for logistics and sa

Jun 10, 2025By Yonhap
Musinsa to open offline stores in Japan, China amid global push

POSCO E&C showcases vision for landmark Otier Yongsan high-end apartments

POSCO E&C has opened a promotional hall for its “Otier Yongsan” high-end apartments in a bid to secure the construction contract for the central commercial area of Seoul, the company said Tuesday. The POSCO affiliate said the project will become a global landmark in Seoul’s Yongsan district. The promotional space immerses visitors from the moment they enter, with a signature scent and music designed specifically for the Otier Yongsan experience, according to the POSCO affiliate. One of the main features of the luxury apartments is the exterior design, created in collaboration with renowned Dutch architect Ben van Berkel of UNStudio, who also serves as Seoul’s chief urban architect. Otier Yongsan blends natural aesthetics with modern urban elements, the company said. Twin sky bridges designed to enhance scenic views are also showcased at the promotional hall. Visitors can also experience the apartments' future river views through artificial intelligence (AI)-powered simulations. Inside the promotional hall, they can also view mock-ups of residential interiors and luxurious finishing

Jun 10, 2025By Lee Min-hyung
POSCO E&C showcases vision for landmark Otier Yongsan high-end apartments

Hanwha's investment in Australian shipbuilder gains momentum

Hanwha Group’s investment in global defense shipbuilder Austal is picking up momentum following the U.S. government's approval of the Korean conglomerate's plan to increase its stake in the company to 100 percent. According to Hanwha on Tuesday, the Committee on Foreign Investment in the United States (CFIUS) Friday approved the group’s request to acquire a 19.9 percent stake in Austal, and additionally cleared it to pursue full ownership, stating that there are “no unresolved national security concerns.” Austal is an Australia-headquartered shipbuilder and defense contractor which also operates shipyards in Mobile, Ala., and San Diego. It is one of the primary suppliers of the U.S. Navy’s littoral combat ships and expeditionary fast transports. In the U.S. naval vessel market, its share ranges from 40 to 60 percent, with an order backlog of 14.2 billion Australian dollars ($9.25 billion). In March, Hanwha acquired a 9.9 percent stake in Austal and requested regulatory approvals to CFIUS and Australia’s Foreign Investment Review Board (FIRB) to increase its stake to 19.9 per

Jun 10, 2025By Nam Hyun-woo
Hanwha's investment in Australian shipbuilder gains momentum

Hyundai Rotem close to signing $6 bil. K2 export deal with Poland

Hyundai Rotem is expected to sign a major export contract with Poland for K2 battle tanks, a deal worth $6 billion (8.16 trillion won), by the end of June, industry sources said Tuesday. The Korean defense manufacturer plans to deliver 180 K2 tanks under the second export deal with Poland. According to industry officials, the signing ceremony is expected to take place in the European nation later this month. The deal was supposed to be completed at the end of 2024, but it was delayed due to Poland’s internal political circumstances. The contract would represent the largest single defense export in Korea’s history. In 2022, Hyundai Rotem exported the same number of K2 tanks to Poland. At that time, the deal was valued at 4.5 trillion won. However, the second contract features upgraded functions for the combat tanks and a provision for technology transfer, maintenance, repair and operation (MRO) support by Hyundai Rotem. Under the latest deal, Hyundai Rotem will also supply armored recovery vehicles and bridge-layer tanks to Poland. “The long-delayed K2 export contract has come close t

Jun 10, 2025By Lee Min-hyung
Hyundai Rotem close to signing $6 bil. K2 export deal with Poland

Hanwha Systems, BAE Systems sign MOU for next-generation recon satellite

Hanwha Systems, a leading Korean defense and aerospace technology company, announced Tuesday that it signed a memorandum of understanding (MOU) with BAE Systems, a premier British defense and security firm, to jointly develop an advanced multi-sensor satellite system. The collaboration aims to integrate BAE Systems’ ultra-wideband radio frequency (RF) sensor technology with Hanwha Systems’ state-of-the-art small synthetic aperture radar (SAR) satellite capabilities. Together, the two companies will explore the development of a sophisticated space-based intelligence, surveillance and reconnaissance (ISR) solution to boost their competitiveness in the global satellite market. The next-generation system will combine data from both RF and SAR satellites, leveraging machine learning to deliver accurate, timely and high-resolution intelligence. By fusing data from different sensor types, the system is expected to significantly enhance situational awareness and provide a powerful tool for space-based surveillance. “Bringing together our pedigree in space with Hanwha Systems’ expertise

Jun 10, 2025By Nam Hyun-woo
Hanwha Systems, BAE Systems sign MOU for next-generation recon satellite

POSCO Future M to produce China-free precursors in Gwangyang

GWANGYANG, South Jeolla Province — POSCO Future M, the steelmaking group's battery materials unit, celebrated the completion of a precursor plant in Gwangyang, South Jeolla Province, Tuesday. Built on a 22,400-square-meter site adjacent to the company's cathode materials facility, the new plant can produce 45,000 tons of precursors annually. The capacity is enough to power batteries for about 500,000 electric vehicles (EVs). Precursors are processed materials in the final stage before being combined with lithium to form cathode active materials. According to POSCO Future M, all precursors produced at the new plant will be used to manufacture cathode materials for Ultium Cells, a U.S. battery joint venture between LG Energy Solution and General Motors. "With POSCO Group's nickel supply chain and the recent completion of the precursor plant, we can now independently source raw materials and produce semi-processed goods and cathode materials," POSCO Future M CEO Eom Gi-chen said. "Amid changing global supply chain policies, the Gwangyang precursor plant will contribute to the competitiven

Jun 10, 2025By Park Jae-hyuk
POSCO Future M to produce China-free precursors in Gwangyang

Korea widening regulatory pressure on Baemin, Coupang Eats

Korea’s major food delivery service operators — including Baemin and Coupang Eats — face increasing regulatory pressure amid President Lee Jae-myung’s special order to increase investigative manpower for the nation’s antitrust watchdog. Lee has displayed concern over the excessive level of commissions charged by platforms on their partner stores' sales activities. He expressed the need to “drastically reform” the commission systems of delivery app operators when he was a presidential candidate, saying the burden of the commission threatens the livelihood of the self-employed. The Fair Trade Commission (FTC) is the authority for the regulatory drive. The watchdog has already underscored the importance of building a fair market environment by regulating influential platforms as part of its major policy initiatives for 2025. Likely to fall within the FTC’s scope are Baemin and Coupang Eats, the two leading food delivery apps in Korea, with 21.69 million and 10.89 million monthly active users, respectively, as of April, according to data from market tracker Wiseapp Retail Go

Jun 10, 2025By Lee Min-hyung
Korea widening regulatory pressure on Baemin, Coupang Eats

Coupang’s R.LUX joins hands with FARFETCH to expand selection of global luxury brands

Coupang’s luxury beauty and fashion vertical service R.LUX has formed a partnership with shopping app FARFETCH to present a selection of luxury goods for Korean customers, the company said, Monday. Through the collaboration, R.LUX customers in Korea will be able to receive a variety of luxury and premium brand products with free delivery via Rocket Jikgu, Coupang’s signature international shipping service that delivers items with no additional charges, as customs duties and taxes are included in the price. FARFETCH is a global luxury e-commerce platform acquired by Coupang’s parent company, Coupang Inc., for $500 million in December 2023. R.LUX was launched in October last year as a service specialized in luxury beauty products. Through the collaboration, R.LUX has become a comprehensive luxury shopping platform, offering not only globally renowned luxury brands but also popular Korean designer labels. Products from over 1,400 luxury brands, including Dolce & Gabbana and Ferragamo, will be available on R.LUX, while Korean designer brands such as ADER ERROR, LOW CLASSIC, WE11DONE an

Jun 9, 2025By Nam Hyun-woo
Coupang’s R.LUX joins hands with FARFETCH to expand selection of global luxury brands
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