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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 earthon secures rights to explore 2 offshore oil blocks in Indonesia

SK earthon, the energy exploration unit of Korea's SK Group, said Thursday it has won exploration rights to two offshore oil and gas blocks in Indonesia. The company said it recently signed production sharing contracts (PSCs) for the Serpang block near Java Island and the Binaiya block near the Maluku Islands with Indonesia's oil and gas regulatory body, in a ceremony attended by Indonesian President Prabowo Subianto and Energy and Mineral Resources Minister Bahlil Lahadalia. Under a PSC, the contractor bears the cost and risk of exploration and development, and shares production output with the host government. Each block spans approximately 8,500 square kilometers, roughly 14 times the size of Seoul. The Serpang block is considered one of Indonesia's most promising petroleum regions, with nearby blocks already in active production. Its undiscovered petroleum resources are estimated at up to 1.2 billion barrels of oil. SK earthon holds a 14 percent stake in the Serpang block, while Malaysia's state-owned Petronas and Japan's Inpex own 51 percent and 35 percent stakes, respectively. The B

May 22, 2025By Yonhap
SK earthon secures rights to explore 2 offshore oil blocks in Indonesia

Exports of Pepero top 100 million packs in 2024

More than 100 million packs of Pepero, a chocolate-covered biscuit stick manufactured by Lotte Wellfood, were sold overseas last year amid rising global popularity for Korean confectionery, industry data showed Thursday. Lotte Wellfood exported 70.1 billion won ($50.9 million) worth of Pepero in 2024, up 30 percent from a year ago, according to the data. This translates to some 106.5 million packs, marking the first time the company's annual exports of the snack have surpassed the 100 million mark. Pepero is currently available in 57 countries, including the United States, Canada, the Philippines, Russia and Saudi Arabia. To meet the rising international demand, Lotte Wellfood plans to open its first overseas production facility in India, with an investment of 33 billion won. The plant is expected to begin operations in the second half of this year and serve as a production hub for neighboring markets.

May 22, 2025By Yonhap
Exports of Pepero top 100 million packs in 2024

REPORTER’S NOTEBOOKMercedes-Benz Korea’s market position threatened by stunning rise of Porsche, Tesla

The once-prevailing glory of Mercedes-Benz Korea is being challenged by the rapid ascent of Porsche and Tesla, cementing their reputations as highly sought-after electric vehicle (EV) brands in the imported car market. The local subsidiary of Mercedes-Benz still remains one of the two top-selling foreign carmakers here, along with BMW Korea, but it appears increasingly unlikely to retain its former glory in the rapidly emerging EV industry. Multiple data showed the robust rally of Porsche and Tesla here. According to the Financial Supervisory Service, Tesla Korea was the nation’s third-largest overseas carmaker in terms of sales in 2024, outpacing Volkswagen Korea, which secured the spot the previous year. Porsche Korea took fourth place. Mercedes-Benz Korea came in second in sales last year, losing the top spot to BMW Korea. The former also reported the biggest annual sales drop from a year earlier among the top six foreign carmakers here, which also includes Volvo Car Korea. The steep sales fall of Mercedes-Benz Korea is attributable to the weakening popularity of its S-Class high-en

May 22, 2025By Lee Min-hyung
Mercedes-Benz Korea’s market position threatened by stunning rise of Porsche, Tesla

Hyundai Motor Group shifts focus to Europe, Middle East to offset US export drop

Amid falling exports to the United States due to President Donald Trump's 25 percent auto tariff, Hyundai Motor Group is now looking to Europe and the Middle East to offset their losses, according to data and experts Wednesday. According to data from the Ministry of Trade, Industry and Energy, Korea’s auto exports to the U.S. plunged by 20 percent in April compared to a year earlier, part of the aftermath of tariff shocks. However, the decline was partly offset by expanded exports to Europe, Asia and the Middle East during the same period. Shipments to the European Union surged by 26.7 percent, while exports to Asia and the Middle East increased 53.9 percent and 4.5 percent, respectively. As Hyundai Motor Group’s three auto brands — Hyundai Motor, Kia and Genesis — account for most of Korea’s auto exports, the strategic importance of overseas expansion will continue to grow under the Trump presidency, according to experts. “Hyundai Motor Group has no choice but to expand its sales channel overseas, as exports to the U.S. — the largest export destination to the firm — are

May 21, 2025By Lee Min-hyung
Hyundai Motor Group shifts focus to Europe, Middle East to offset US export drop

Regulator vows strong penalties over SK Telecom's customer data leak

The head of the data protection regulator on Wednesday pledged to impose strong penalties against any legal violations in connection with SK Telecom's recent network hacking incident involving the leak of subscriber information. Ko Hak-soo, chairperson of the Personal Information Protection Commission, made the remarks during a policy forum, referring to the leak as a "grave incident" that threatens public trust. "The public and private sectors need to work together to strengthen the nation's overall personal data protection system in light of the incident," Ko said. Ko also ordered public institutions and private companies in charge of handling personal data to examine issues in their handling process and to come up with improvement measures to better protect personal data. SK Telecom, the country's largest mobile carrier with 25 million subscribers, detected the cyberattack on April 18 and discovered signs of a massive leak of customers' universal subscriber identity module data. The commission has since launched an independent investigation into the carrier's servers last month to look

May 21, 2025By Yonhap
Regulator vows strong penalties over SK Telecom's customer data leak

Seventeen becomes new ambassador for Bibigo

K-pop boy band Seventeen has become the new ambassador of CJ Cheiljedang’s signature food brand Bibigo, leveraging the group’s global Gen Z fanbase to boost the brand’s worldwide popularity in Korean cuisine. The collaboration between the influential K-food brand and celebrity K-pop band started off Tuesday with the release of a campaign clip. Under the slogan “Taste What’s Beyond,” the clip premiered online first on Instagram and X. The campaign will launch new Bibigo products on Friday, created in collaboration with the artists. These include seaweed snacks, tteokbokki (rice cakes in spicy gochujang sauce) and ssamjang (a spicy dipping sauce). The special edition products will be available on CJ Cheiljedang’s online shopping platform and CJ Olive Young’s online mall. Seventeen’s “B-Day Party” concert in Seoul, celebrating the band’s 10th anniversary, will also serve as a marketplace for the special Bibigo products. Held at Some Sevit from Friday to Sunday, the concert will feature Bibigo booths distributing 20,000 limited-edition collaboration items to attendee

May 21, 2025By Ko Dong-hwan
Seventeen becomes new ambassador for Bibigo

Beyond the tarmac: Korean Air, Asiana elevate social impact in Mongolia

Korean Air and Asiana Airlines staff join a tree-planting event at the Korean Air Forest in Ulaanbaatar’s Baganuur District, Mongolia, Monday. Korean Air has been planting trees there since 2004 to combat desertification. Korea Times photo by Shim Hyun-chul

May 21, 2025By Lee Hae-rinphoto
Beyond the tarmac: Korean Air, Asiana elevate social impact in Mongolia

US FDA conducting inspection at Samsung Biologics facilities in Korea

The U.S. Food and Drug Administration (FDA) is currently conducting an on-site inspection of Samsung Biologics's production facilities in Korea, industry sources said Wednesday. According to the sources, the FDA launched the inspection at the company's facilities in Songdo, west of Seoul, and is scheduled to continue through Tuesday. Samsung Biologics is Korea's largest bio company and a major global contract development and manufacturing organization (CDMO). FDA officials reportedly visited the company's third and fourth plants Monday to review operations and safety protocols. A Samsung Biologics official said the visit is part of the FDA's regular inspection. Samsung Biologics has advised employees to exercise discretion during the inspection period, including mandatory use of personal protective equipment. It also emphasized professional conduct and communication among employees. A Samsung Biologics official declined to provide specifics but stated that the inspection is unrelated to the FDA's ongoing pilot program for unannounced foreign facility inspections. According to the Korea Bio

May 21, 2025By Yonhap
US FDA conducting inspection at Samsung Biologics facilities in Korea

Olive Young launches largest-ever beauty festival

CJ Olive Young Wednesday kicked off a five-day beauty and health festival in Seoul — the largest scale since the event’s launch in 2019. Marking the first time the Olive Young Festa is being held outdoors, the event reflects its growing popularity. Held on a 3,500-square-meter site on Nodeul Island on the Han River, this year's edition drew large crowds on its opening day, with visitors lining up even before the 10 a.m. opening, despite the sultry weather. According to the company, prebooked tickets reserved for Olive Young members sold out within minutes. The beauty arm of CJ Group expects the event to attract over 30,000 visitors. Lee Eun-jung, who heads Olive Young’s Brand Creative Center and oversees the festival, said she was “elated” to witness how much the event has grown. “The Olive Young Festa began in 2019 with just 50 brands in an indoor space of 2,975 square meters,” she said. “Since then, we’ve continued to evolve and have become a center of attention. It’s truly exciting to see the event held outdoors as a grand festivity. Our staff have been preparing fo

May 21, 2025By Ko Dong-hwan
Olive Young launches largest-ever beauty festival

LX Hausys showcases furniture film at Interzum interior fair

LX Hausys showcased its advanced furniture films at Interzum 2025, one of the biggest furniture production and interior fairs in the world, the housing material firm said Wednesday. Interzum 2025 kicked off its four-day run Tuesday in Cologne, Germany, with more than 1,800 furniture materials, equipment and interior companies from across the world participating. LX Hausys said it was showcasing more than 90 types of matte-surface and bio-based furniture films, which are in high demand in the European market. The company participated in the exhibition to strengthen its presence in the region, which is the largest market for furniture films. More than half of the company’s furniture film sales are in overseas markets. LX Hausys designed its exhibition booth around a sensory laboratory concept, with its Supermatt Resist (SMR) furniture film products as the centerpiece. Developed with the company’s own coating technology, the SMR film addresses common shortcomings of matte surfaces, such as fingerprint smudges, surface contamination and susceptibility to scratches. The company said Europe

May 21, 2025By Nam Hyun-woo
LX Hausys showcases furniture film at Interzum interior fair
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