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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.

Amazon Web Services to hold tech conference in Seoul in May

Amazon Web Services (AWS) said Wednesday it will hold its global tech conference in Seoul next month. The AWS Summit Seoul 2025 will be held May 14-15 at COEX in southern Seoul and bring together business leaders, government officials, developers and customers to explore the latest trends in artificial intelligence (AI) and cloud computing, according to AWS. Vasi Philomin, vice president of the AWS AI team, will deliver a keynote, while Samsung Electronics and LG Electronics are set to showcase their technologies at the event. HL Robotics, Doosan Robotics and GS Retail will also participate in the AWS event. (Yonhap)

Apr 9, 2025By Yonhap
Amazon Web Services to hold tech conference in Seoul in May

Korea to provide $2 bil. emergency fund for carmakers to help mitigate US tariff shock

Korea has decided to provide an emergency fund worth 3 trillion won ($2.04 billion) for the local automotive exporters to mitigate the fallout from the latest U.S. tariff imposition, the government said Wednesday. A policy fund of 2 trillion won will be injected to support the overall car industry. The government is considering offering more financial aid in line with potential losses caused by the tariffs. The government will also team up with private financial institutions to launch a co-prosperity program worth 1 trillion won for Hyundai Motor and Kia — two carmakers that will be hit hardest by the U.S.' 25 percent tariff on all car imports. The ongoing trade pressure from the world’s largest economy raises calls for carmakers to offset their possible export fall by increasing domestic sales. In response, the government decided to extend a timeline for a special incentive to electric vehicles (EVs). It introduced the program to offer EV subsidies in proportion to carmakers’ discounts on their EVs. The program was scheduled to conclude in the first half of this year but has been

Apr 9, 2025By Lee Min-hyung
Korea to provide $2 bil. emergency fund for carmakers to help mitigate US tariff shock

Political instability makes Korea less attractive to US firms: survey

Political turmoil caused by former President Yoon Suk Yeol’s declaration of martial law last December and the resulting impeachment trial was cited as one of the biggest risks to the business environment for U.S. firms in Korea, prompting more of them to rate the current environment as “below average” or “bad.” A recent survey by the American Chamber of Commerce in Korea (AMCHAM) showed Tuesday that 25 percent of respondents identified political instability as the greatest risk to doing business here. In comparison, 6.4 percent pointed to the ongoing doctors' strike and health care policy. Those two concerns were not mentioned in the previous year's survey, unlike other frequently cited issues such as an unpredictable regulatory environment, economic slowdown, labor policy and global supply chain disruptions. The proportion of respondents who rated Korea’s current business environment as “below average” surged to 40.6 percent in 2024, up from 22.5 percent the previous year. Those rating it as “bad” also rose to 4.7 percent from 2.8 percent. In contrast to the governme

Apr 8, 2025By Park Jae-hyuk
Political instability makes Korea less attractive to US firms: survey

SK Group considers selling chip wafer subsidiary SK Siltron: sources

SK Group is considering selling a controlling stake in its semiconductor wafer subsidiary SK Siltron as part of a restructuring plan of the group's key businesses, according to industry sources Tuesday. According to the sources, SK Inc., the group's holding company, has been in contact with various private equity funds to explore the potential sale of a controlling share of the subsidiary, which SK purchased from LG Group in 2017. The amount of share under consideration is reportedly at 70.6 percent, including the 51 percent share owned by SK Inc. and a 19.6 percent share tied to a total return swap (TRS) contract. SK Siltron is Korea's sole dedicated producer of semiconductor wafers, a key material used in chip manufacturing. The company ranks third globally in terms of market share for 12-inch wafers. Market analysts estimate SK Siltron's valuation at around 5 trillion won ($3.38 billion). "Various options are being reviewed as part of our rebalancing efforts, but nothing has been finalized," an SK official said. SK Group has been undertaking aggressive restructuring since last year to o

Apr 8, 2025By Yonhap
SK Group considers selling chip wafer subsidiary SK Siltron: sources

IFEZ attracts over $300 mil. in foreign direct investment in Q1

The Incheon Free Economic Zone (IFEZ) has collected $309.61 million in foreign direct investment (FDI) for the first quarter, surpassing half of its annual target of $600 million. This marks the second-highest performance in the first quarter since the special economic district was established in 2003. Already accumulating 51.6 percent of the annual target in the first quarter, the district has high expectations to exceed the target for the second consecutive year. The IFEZ’s achievement is more meaningful amid the heightened tension in global trade and disturbances from domestic and international political turmoil. Its cumulative FDI has surpassed $15.806 billion as of the quarter. When IFEZ Commissioner Yoon Won-seok was appointed last year, he raised the target for FDI from $400 million to $600 million and put in aggressive efforts to attract cross-border investments. As a result, last year's FDI reached $605.84 million. "In order to attract and develop foreign investment, bold tax reforms and customized incentives such as cash support are necessary. The IFEZ will proactively offer

Apr 8, 2025By Lee Gyu-lee
IFEZ attracts over $300 mil. in foreign direct investment in Q1

LG Innotek partners with Intel for AI inspection solution

LG Innotek will partner with Intel in smart factories by implementing the latter’s artificial intelligence (AI)-powered vision inspection solution across its entire production lines to reduce defect rates, both companies said Tuesday. The AI-driven vision inspection will enable LG Innotek to drastically reduce defect rates by replacing traditional works performed by human inspectors. The solution is based on Intel’s iGPU, or integrated graphics processing unit. The latest partnership will boost LG Innotek’s ongoing drive to transform its manufacturing facilities into smart factories with cutting-edge technologies. LG Innotek plans to develop AI learning models by utilizing the Intel solution and increase inspection accuracy to nearly 100 percent. The time required for AI learning is also projected to fall 1.5 times by using the solution, according to LG Innotek. The LG affiliate introduced Intel’s AI vision inspection solution to its mobile camera module production line last year for the first time. The company plans to expand its application to other production lines in Gumi, No

Apr 8, 2025By Lee Min-hyung
LG Innotek partners with Intel for AI inspection solution

Attack on chairman's family prompts Hanwha to revise rights offering plan

Hanwha Aerospace announced Tuesday that it will reduce the size of its planned rights offering to 2.3 trillion won ($1.6 billion), down from 3.6 trillion won. The remaining 1.3 trillion won will be raised through a third-party allotment, with Hanwha Group affiliates expected to purchase the new shares. The decision follows mounting political and market criticism that the record-breaking rights offering in the domestic stock market may have been designed to help the three sons of Hanwha Group Chairman Kim Seung-youn inherit control of the nation’s seventh-largest conglomerate. “Even if our plan made business sense, we chose to revise it because it did not gain support from our shareholders, civic groups, political circles or financial regulators,” An Byung-chul, head of Hanwha Aerospace’s strategy office, said during a press conference. The company stressed that its major shareholders would shoulder more of the burden of protecting minority shareholders. According to its regulatory filing, minority shareholders will be able to buy Hanwha Aerospace’s newly issued shares at 539,000

Apr 8, 2025By Park Jae-hyuk
Attack on chairman's family prompts Hanwha to revise rights offering plan
  • Hanwha chairman to transfer control to 3 sons
  • Hanwha's rights offering draws backlash

Samsung Heavy wins $325 mil. oil ship order in Oceania

Samsung Heavy Industries the world's third-largest shipbuilder by orders, said Tuesday it has received a 477.8 billion-won ($325 million) order to build four oil carriers in the Oceania region. Samsung Heavy plans to deliver the four vessels in phases to an unidentified Oceanian shipper by December 2028, the company said in a press release. "There is a growing replacement demand for aged oil carriers. The company will selectively receive orders to build higher-value ships, such as liquefied natural gas (LNG) carriers and floating LNG facilities," it said. With the latest contract, the company has so far won about $2.2 billion worth of orders this year, accounting for 22 percent of its annual order target of $9.8 billion, it said. It had an order backlog of $30.5 billion as of end-February, which will keep its Geoje-based shipyard, located about 330 kilometers south of Seoul, busy for the next three years. (Yonhap)

Apr 8, 2025By Yonhap
Samsung Heavy wins $325 mil. oil ship order in Oceania

Hanwha Aerospace signs $274.3 mil. deal to supply parts for Poland's Krab howitzers

Korean defense giant Hanwha Aerospace said Tuesday it has signed a 402.6 billion-won ($274.3 million) deal to supply key components for Poland's self-propelled howitzers. Under the agreement with Poland's state-run Huta Stalowa Wola (HSW), the Korean company will deliver components, including powerpacks, to be integrated into Poland's Krab, according to Hanwha Aerospace. The Krab is a modified version of Hanwha Aerospace's K9 self-propelled howitzer. Hanwha Aerospace first partnered with HSW in 2014 to supply parts for 120 K9 howitzer chassis. The company has since signed two additional contracts in 2022 and 2023 to deliver a combined total of 364 K9 units. Hanwha Aerospace is also pursuing a separate contract for 300 more howitzers, aligned with a framework agreement signed with Poland in 2022. "The export deal is a strong example of our efforts to expand and diversify defense cooperation with Poland," Hanwha Aerospace Chief Executive Officer (CEO) Son Jae-il said. (Yonhap)

Apr 8, 2025By Yonhap
Hanwha Aerospace signs $274.3 mil. deal to supply parts for Poland's Krab howitzers

HD Hyundai forms shipbuilding alliance with Huntington Ingalls

HD Hyundai is accelerating its expansion into the U.S. market through a strategic shipbuilding partnership with Huntington Ingalls Industries, the largest defense shipbuilding company in the United States. On Tuesday, HD Hyundai announced the signing of a memorandum of understanding (MOU) with the U.S. company to improve shipbuilding productivity and foster advanced technological cooperation. The signing ceremony took place at the Huntington Ingalls Industries booth during the 2025 Sea-Air-Space exposition in Washington. The event was attended by Joo Won-ho, chief executive of the naval and special ship division at HD Hyundai Heavy Industries, and Brian Blanchette, president of Ingalls Shipbuilding. Huntington Ingalls Industries operates Ingalls Shipbuilding, the largest shipyard for surface combatants in the U.S., located in southern Mississippi. This shipyard is responsible for the construction of two-thirds of the U.S. Navy's recently ordered destroyers with Aegis weapons system installed, as well as the entire fleet of large amphibious assault ships and national security cutters. Und

Apr 8, 2025By Park Jae-hyuk
HD Hyundai forms shipbuilding alliance with Huntington Ingalls
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