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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.

INTERVIEW Lego Korea urges cultural shift toward play so kids can build future

Young Koreans, despite all their potential, are under significant academic pressure and lack space to develop their creativity, a critical skill for future industries, according to the head of Lego Korea’s marketing division. Soren Morup, a Danish national, is working to empower Korean children and young people to be creative in his role as marketing director for the 93-year-old company. With three children of his own, he believes his job is not just to sell products, but also to find opportunities to raise awareness among parents and children of the value of play in building skills. Morup’s concern about Korea's educational atmosphere, with its overwhelming academic pressures, is based on research into the emotional toll of Korea's school system. Lego Group’s Play Well Study 2024 revealed that Korean children consistently ranked near the bottom of the happiness index in OECD countries — a pattern that has persisted since the 2010s. According to the report, while an average of 91 percent of respondents from OECD countries believed that play contributes to family wellbeing and ch

Apr 23, 2025By Ko Dong-hwan
[INTERVIEW] Lego Korea urges cultural shift toward play so kids can build future

Hanwha Systems supplies key component for South Korea's 4th military spy satellite

Hanwha Systems said Tuesday it has developed and supplied a synthetic aperture radar (SAR), a key component of Korea's fourth military spy satellite placed in orbit earlier in the day. The SAR is used to generate high-resolution images of the Earth's surface, according to the defense electronics arm of South Korea's Hanhwa Group. The satellite was successfully put into orbit via a SpaceX Falcon 9 rocket launched from Cape Canaveral Space Force Station in the United States. The satellite will undergo several months of operational testing before being deployed for surveillance and reconnaissance missions, with a particular focus on monitoring North Korea. Hanwha Systems had also developed the SAR payloads for the country's three previous military reconnaissance satellites. The company said it has reaffirmed its technological leadership in SAR systems with the latest launch. It also plans to supply an SAR system for the fifth reconnaissance satellite set to be launched later this year.

Apr 22, 2025By Yonhap
Hanwha Systems supplies key component for South Korea's 4th military spy satellite

Investors dump Samsung, Hyundai Motor amid US tariff risk

Foreign investors have engaged in an excessive selling spree of Samsung Electronics and Hyundai Motor this year, as the two companies are considered highly vulnerable to tariff risks from the United States, according to data and analysts on Tuesday. The investors sold Samsung Electronics shares worth 2.88 trillion won ($2.02 billion) from the beginning of this year to Monday, according to data from the Korea Exchange. Hyundai Motor followed, with foreigners dumping 1.49 trillion won worth of its shares on the benchmark KOSPI during the same period. The weak stock momentum for the large-cap shares was attributable to heightening trade uncertainties after U.S. President Donald Trump took office in January. He sparked a global trade war by imposing what is widely seen as heavy tariffs on major manufacturing players across the globe. Other export-reliant Korean firms were also hit by the external trade risk. Foreign investors sold SK hynix shares worth 960.5 billion won this year. This was the fourth-highest, following Samsung Electronics, Hyundai Motor and Hanwha Ocean. Market analysts said

Apr 22, 2025By Lee Min-hyung
Investors dump Samsung, Hyundai Motor amid US tariff risk

Trump tariffs likely to cause global economic downturn: IGE webinar

Ira Kalish, chief global economist at Deloitte Touche Tohmatsu, warned that U.S. President Donald Trump’s sweeping tariff policies could trigger a global economic downturn, estimating a 50 percent chance of a U.S. recession within the next year. During a webinar hosted Tuesday by Korea’s Institute for Global Economics, the economist said that Korea’s recent appeasement approach — potentially tabling the issue of cost-sharing for U.S. Forces Korea in upcoming high-level trade talks — “might work." However, he stressed that Korea’s best strategy to offset the negative impact of the tariffs is to focus on innovation and productivity gains, as well as diversifying its exposure to Washington. Citing a recent sharp drop in the five-year breakeven inflation rate, which measures bond investors’ expectations of inflation over the next five years, Kalish said investors understand that prices will rise initially, but eventually, “the high tariffs will lead to an economic downturn, possibly a recession.” “So now global investors don't see the U.S. as much as a set of safe asset

Apr 22, 2025By Nam Hyun-woo
Trump tariffs likely to cause global economic downturn: IGE webinar

HD Hyundai Electric hits record sales on US transformer demand

HD Hyundai Electric announced Tuesday that its first-quarter revenue rose 26.7 percent year-on-year to 1.1 trillion won ($776 million), while its operating profit soared 69.4 percent to 218.2 billion won. It marks the first time the transformer and switchgear manufacturer's quarterly revenue has surpassed 1 trillion won. The company's strong performance is largely attributed to rising electricity demand in the United States, driven by the need to replace outdated equipment and build infrastructure to support artificial intelligence. In the North American market alone, HD Hyundai Electric posted 388.9 billion won in first-quarter sales, up 74.7 percent from 222.6 billion won a year earlier. "We anticipate continued orders in North America again this year," a company official said during a conference call. "Deferred revenue from power transformer projects in the previous quarter was reflected, contributing to rapid sales growth in the region." U.S. President Donald Trump's energy policies were also cited as a boost for the company. HD Hyundai Electric said Trump's declaration of a national e

Apr 22, 2025By Park Jae-hyuk
HD Hyundai Electric hits record sales on US transformer demand

KCCI chairman calls for incentive-based deregulation as growth driver

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won said Tuesday that the country’s export-driven economic model is under strain amid global industrial disruptions, calling for an incentive-based deregulation framework to encourage companies to help address social challenges. Chey made the remarks during a keynote speech at the National Assembly’s Future Industry Forum, which was launched Tuesday to explore new directions for industrial policy amid rapidly shifting global dynamics. During the forum, he said the world is not likely to return to the free trade order led by the World Trade Organization anytime soon, with protectionism expected to dominate the global trade order for at least the next three decades. “We need to think seriously about how we can sustain ourselves during this era,” he said. “If we don’t fundamentally change our existing business models and the way we’ve been doing business, it will be difficult to survive under the current system.” To navigate the challenges, Chey emphasized the need for Korea to expand markets through partnership

Apr 22, 2025By Nam Hyun-woo
KCCI chairman calls for incentive-based deregulation as growth driver

Sunday parcel delivery services become new normal

Conflict is intensifying in the parcel delivery industry as more companies begin offering services on Sundays and national holidays in an attempt to stop losing customers to Coupang, the e-commerce giant that has been delivering goods seven days a week since 2015. Hanjin Logistics is facing a severe backlash from its delivery workers after it decided to begin seven-day-a-week services on a trial basis in major cities starting Sunday. The move comes after CJ Logistics began daily deliveries in January. The couriers criticized Hanjin for pushing for the plan without prior notice — unlike CJ, which tried to placate its workers by guaranteeing a five-day workweek through rotating shifts. According to unionized delivery workers at Hanjin, a survey of 1,093 couriers out of 8,000 showed that 88 percent oppose seven-day-a-week service. In response, Hanjin vowed to continue talks with workers to reach an agreement. However, it remains uncertain whether labor and management will come to an agreement, as Hanjin's smaller workforce makes it difficult to adopt CJ's rotating system. Because Hanjin wor

Apr 22, 2025By Park Jae-hyuk
Sunday parcel delivery services become new normal

Samsung, Hanwha, Hyundai donate to Trump's inauguration

Samsung, Hanwha and Hyundai Motor were among the Korean conglomerates listed as donors to U.S. President Donald Trump’s inauguration in January, according to a document released by the Federal Election Commission Tuesday. Samsung Electronics America donated $315,000 (450 million won) to Trump’s second-term inauguration on Jan. 20, the document showed. This was more than triple the $100,000 Samsung donated in 2017 during his first inauguration. Hanwha Group’s two affiliates — Hanwha Defense USA and Qcells USA — each donated $500,000 to Trump’s latest inauguration. Hyundai Motor America also contributed $1 million on Jan. 6 as part of its lobbying efforts toward the Trump administration. The Korean conglomerates donated via their U.S. subsidiaries, as required by law. In response, Trump's inaugural committee invited a group of top executives from the companies to the inauguration ceremony. Hanwha Group Vice Chairman Kim Dong-kwan was on the list. He attended a candlelit dinner ahead of the inauguration. Coupang donated $1 million on Dec. 16. Coupang founder and Chairman Bom Kim a

Apr 22, 2025By Lee Min-hyung
Samsung, Hanwha, Hyundai donate to Trump's inauguration

Nongshim to expand ramyeon key chain collaboration with Japan's Bandai to global markets

Nongshim, Korea's leading instant noodle maker, said Tuesday it plans to globally sell key chains featuring miniature replicas of the company's ramyeon packaging, produced in collaboration with Japan's leading toy company Bandai. Since 2022, Nongshim has partnered with Bandai to sell key chains modeled after its popular ramyeon products via vending machines in Japan. Based on its success in Japan, Nongshim has decided to expand sales to international markets. The key chain collection consists of nine products, designed faithfully to replicate the original packaging of each ramyeon product. Nongshim said it plans to release the products across Asia, including China, India and the Philippines, as well as in the United States, Canada and Australia. "This collaboration allows consumers to experience the Nongshim brand in a fun and collectible way," a Nongshim official said, adding, "We plan to continue sharing the appeal of our noodles with the world through a variety of creative projects."

Apr 22, 2025By Yonhap
Nongshim to expand ramyeon key chain collaboration with Japan's Bandai to global markets

Google's request for map data sparks debate in Korea

Korea faces a growing dilemma over whether to accept Google’s renewed request for the transfer of high-precision local map data overseas, as the request could potentially serve as a bargaining chip in the country’s ongoing tariff negotiations with the United States. The U.S. search giant sought approval to transfer the 1:5,000-scale high-precision map data to its overseas data centers twice, in 2007 and 2016, but was rejected both times by the Korean government over concerns about potential leaks of national security information. The government, however, has come under stronger pressure this time amid escalating trade pressure from the Donald Trump administration. The U.S. Trade Representative is moving to bring the issue to the negotiating table with its upcoming tariff talks with Korea in Washington on Thursday (local time). Its latest report last month cited the map issue as one of the major trade barriers with Korea. The Korean government is refraining from taking a firm stance on the issue for now, seemingly due to concerns over trade risks with the U.S. Korea is taking a cautio

Apr 22, 2025By Lee Min-hyung
Google's request for map data sparks debate in Korea
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