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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.

AMCHAM delegation to visit US for meetings with Trump administration officials, lawmakers

The American Chamber of Commerce in Korea (AMCHAM) will send a delegation to Washington this week to promote the economic relations between Korea and the United States following the inauguration of President Lee Jae-myung, industry officials said Sunday. As part of AMCHAM's annual "Doorknock" program, the delegation will meet with officials from the Donald Trump administration, members of Congress and policy experts from leading think tanks between Tuesday and Thursday. The visit comes amid political transition in Korea, as Lee assumed office last week after a snap election, which was called following the ouster of former President Yoon Suk Yeol over his martial law declaration. (Yonhap)

Jun 8, 2025By Yonhap
AMCHAM delegation to visit US for meetings with Trump administration officials, lawmakers

Will new gov't meddle with KT management?

Questions are mounting about the future of KT CEO Kim Young-shub following the election of President Lee Jae-myung, amid a widespread perception that Kim was the choice of impeached former President Yoon Suk Yeol to lead the telecom giant. Industry officials are closely watching whether KT will reappoint its current chief in March next year, a move seen as a litmus test of whether the new administration will end the government's longstanding interference in the management of the company, which was privatized in 2002. Kim, who had worked for LG for nearly four decades, was appointed KT CEO in 2023, with his term set to end in 2026. Before his appointment, the government blocked KT's efforts to reappoint then-incumbent CEO Ku Hyeon-mo and later obstructed the company's move to install Yun Kyung-lim, head of the group transformation division, who was considered a close aide to Ku. At the time, the National Pension Service (NPS), then KT's largest shareholder, cited unfair nomination procedures. Prosecutors also began investigating alleged misconduct and questionable transactions involving a

Jun 8, 2025By Park Jae-hyuk
Will new gov't meddle with KT management?

Samsung Electronics to adopt AI coding assistant to boost developer productivity

Samsung Electronics said Sunday it will adopt an artificial intelligence (AI) coding assistant service called Cline next month to enhance productivity among its software development employees. In a recent internal notice, the company said it has launched a beta test of Cline for employees in the Device eXperience (DX) division, which includes its mobile, TV and home appliances businesses. Cline is an open-source AI tool that helps developers write, edit and test code using simple natural language commands like "create a login function." Unlike conventional coding assistants limited to basic tasks, Cline can handle more complex software development processes, significantly boosting productivity. Samsung plans to continue beta testing through the end of this month and aims to launch the official version as early as next month. As part of its transition into an AI-driven company, Samsung has also established a dedicated AI productivity innovation group within its DX division. The new group serves as a central control tower, overseeing the development of companywide AI infrastructure and syst

Jun 8, 2025By Yonhap
Samsung Electronics to adopt AI coding assistant to boost developer productivity

Tim Hortons, Blue Bottle struggle with fast-changing consumer tastes

Foreign premium coffee chains are losing ground in Korea’s fiercely competitive market, with the recent closure of a Tim Hortons store in Incheon’s Cheongna International City signaling the growing challenges they face. BKR, the Korean licensee of the Canada-headquartered brand, shut down the company-operated store on June 1, just over a year after it opened in April 2024. It was the first time BKR has closed a Tim Hortons store since December 2023, when it introduced the brand to Seoul and drew long lines of customers eager to get a taste. The company said it is looking for a better location to open another store in Incheon, but the closure is widely seen as a signal that the brand was outcompeted by lower-priced local rivals, as Tim Hortons has faced criticism for charging higher prices in Korea than in Canada. Without directly addressing the pricing issue, BKR recently decided to cut the price of the Tim Hortons Original Iced Capp to 1,999 won ($1.47) from 5,100 won between the June 5 and 18 period. Even after the promotional period, consumers will be able to purchase the blended

Jun 6, 2025By Park Jae-hyuk
Tim Hortons, Blue Bottle struggle with fast-changing consumer tastes

Shares of holding firms rise as President Lee pledges to retire treasury stocks

The stock prices of holding companies, which had long remained in the doldrums, are now soaring amid expectations that President Lee Jae-myung will enforce the retirement of treasury shares, industry officials said Friday. According to the Korea Exchange, Hanwha Corp's stock price has surged by 80.3 percent over the past two weeks. Other major holding companies also posted significant gains: SK Inc. (35.9 percent), Doosan Corp. (33.6 percent), Lotte Corp. (22.6 percent), CJ Corp. (21.2 percent) and LS Corp. (19.7 percent). Holding companies have long been regarded as typical low price-to-book ratio stocks — key targets of the government's Corporate Value-up Program. Factors such as the dual listing of subsidiaries and owner-centric decision-making have contributed to their undervaluation. Individual investors have also criticized these companies for their passive approach to retiring treasury shares, which they see as a means of defending the management rights of controlling shareholders. Expectations are rising that the new administration may address these issues. During the campaign,

Jun 6, 2025By Lee Yeon-woo
Shares of holding firms rise as President Lee pledges to retire treasury stocks

President's idea to mandate treasury stock cancellation frightens firms

President Lee Jae-myung’s idea of obliging listed firms to cancel their own treasury shares is raising concerns among firms with high holdings, prompting some smaller companies to delist themselves. Companies including LS Corp and Hanssem have been using their high holdings of their own shares to protect their managing rights from hostile investors, but the new government’s initiative is adding greater uncertainties, fueling worries that such strategies may no longer be viable. Throughout his campaign, Lee pledged to institutionalize a rule requiring listed companies to cancel treasury shares “in principle,” so that they can be returned to shareholders as benefits and ultimately buoy the domestic stock market. “There are some cases of companies purchasing their own shares with their own capital and selling them to friendly parties to serve the private interests of the largest shareholders,” Lee said. “Considering such issues, the government will move quickly to establish new rules.” Though the meaning of “in principle” and other details remain under wraps, industry of

Jun 6, 2025By Nam Hyun-woo
President's idea to mandate treasury stock cancellation frightens firms

Conglomerates in dilemma over manpower expansion

Major conglomerates are facing a dilemma over President Lee Jae-myung’s pro-labor policy of raising the legal retirement age, as it could prevent job creation for the younger generation, industry officials said Thursday. Lee’s major policies include the gradual extension of the retirement age from 60 to 65, along with introducing a 4.5-day workweek system. Both are drawing concerns from major business groups, as they are expected to increase labor costs and make it tough to ensure productivity under possibly reduced working hours. However, his proposals seem highly feasible thanks to the parliamentary majority of the ruling Democratic Party of Korea (DPK). The ruling bloc holds 167 seats in the 300-seat National Assembly. If both pledges pass the National Assembly, industry officials argue they will have to tighten their belts either by reducing recruitment of new employees or shrinking investment. “If the policies are realized, companies will have to cover more labor costs to pay for the experienced older workers for a longer period of time,” an official from a conglomerate said.

Jun 6, 2025By Lee Min-hyung
Conglomerates in dilemma over manpower expansion

Nintendo Switch 2 launch draws eager fans

TOKYO — Eager customers lined up outside electronics stores in Tokyo hours in advance to collect their pre-ordered Nintendo Switch 2 video game consoles. The much anticipated Switch 2, being released around the world Thursday, is an upgrade to its eight-year-old predecessor with new social features meant to draw players into online gaming. Nintendo is counting on the Switch 2 to boost sagging sales. In the U.S., a chaotic pre-order process in April left some fans frustrated after the consoles quickly sold out. In Japan, the new consoles were sold through a competitive lottery system that Nintendo said got about 2.2 million applications. Outside the official draw, some retailers offered their own lotteries to pre-order the devices. Koji Takahashi was among those who missed out on the official draw but he was selected in the second round of a lottery held by a major electronics retailer in Japan. He was first in line waiting outside the store, arriving four hours ahead of its opening. He hoped to secure a limited supply of Nintendo accessories to buy along with his pre-ordered Switch 2. “

Jun 5, 2025By AP
Nintendo Switch 2 launch draws eager fans

Risks remain to Czech nuclear deal signed on Lee's inauguration day

Questions are mounting over whether the new government supports the Czech nuclear reactor deal signed Wednesday, the same day President Lee Jae-myung took office. During opening remarks at the administration's first Cabinet meeting on Thursday morning, Lee made no mention of the multibillion-dollar agreement, which was finalized immediately after the Czech Supreme Administrative Court lifted an injunction imposed by a regional court. At the request of French energy company EDF — a losing bidder in the tender process — a regional court in the Czech city of Brno issued the injunction last month, preventing the Korean delegation in Prague from signing the final contract at the last minute. Throughout his election campaign, Lee pledged to prioritize renewable energy development over expanding nuclear power. Although he was cautious about promoting a swift nuclear phase-out, he did not hesitate to highlight the risks of nuclear power during televised debates, citing historic disasters at Japan's Fukushima and the Soviet Union's Chernobyl plants. Anti-nuclear civic groups have urged Lee to

Jun 5, 2025By Park Jae-hyuk
Risks remain to Czech nuclear deal signed on Lee's inauguration day
  • S. Korea's KHNP signs final nuclear plant contract with Czech Republic after court injunction lifted: report

ChatGPT sees sharp drop in Korean users in May

OpenAI’s ChatGPT is losing steam in Korea, with its user numbers reporting a sharp decline in May, data showed Thursday. According to data from market tracker IGAWorks, ChatGPT reported 10.17 million monthly active users (MAUs) last month, a drop of more than 500,000 from a month earlier. This is the second time that the figure has declined in Korea since February 2024. Given the consistently strong use of the artificial intelligence (AI) chatbot service, the latest decline suggests that it has entered a phase of growth slowdown in the Korean market. The service showed a solid growth pattern for the past few months. The MAU for ChatGPT topped five million for the first time in March, and the figure doubled the following month to more than 10 million. This boom was due to the viral popularity of an image-generation feature in OpenAI’s ChatGPT-4o. The service transforms ordinary user photos into the distinctive artistic style of Studio Ghibli animations. However, the latest fall in its MAU shows the boom came to an end. In May, the number of new downloads for ChatGPT displayed a sharp d

Jun 5, 2025By Lee Min-hyung
ChatGPT sees sharp drop in Korean users in May
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