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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.

Philips Korea head recognized for medical AI regulatory push

As governments and industry leaders race to establish guardrails for artificial intelligence (AI) in health care, Philips Korea CEO Choi Nak-hoon has been recognized for helping connect global regulatory discussions with Korea’s rapidly evolving medical device sector. Choi received a commendation from the commissioner of the Ministry of Food and Drug Safety during the 19th Medical Devices Day ceremony, Philips Korea said Sunday. Choi was recognized for his contributions to the development of the medical device industry and the advancement of public health. The company said Choi played a key role in expanding international regulatory cooperation in the field of AI-powered medical devices through AIRIS 2025, an international symposium on AI medical product regulation jointly organized by the ministry and the World Health Organization in 2025. According to Philips Korea, Choi oversaw participation by both Philips headquarters and its Korean operations in the event, helping facilitate exchanges between global and domestic stakeholders on emerging regulatory frameworks for AI in health car

Jun 1, 2026By Lee Kyung-min
Philips Korea head recognized for medical AI regulatory push

Hanwha takes center stage as allies rethink defense, AI strategy

As governments scramble to strengthen their military readiness in an increasingly uncertain security environment, Hanwha joined defense ministers, military leaders and industry executives in Singapore last week to help shape the conversation on the future of allied defense cooperation. Hanwha said that it participated in the 23rd International Institute for Strategic Studies (IISS) Asia Security Summit, better known as the Shangri-La Dialogue, held in Singapore from Thursday through Saturday. The annual gathering is one of the world's most prominent defense and security forums, bringing together senior officials and industry leaders to discuss emerging geopolitical and military challenges. This year's discussions focused heavily on strengthening alliances, expanding defense industrial capacity and accelerating the integration of artificial intelligence (AI) into defense systems, according to Hanwha. The company said it engaged with senior government officials from the United States, the United Kingdom, Singapore and other countries, as well as executives from major global defense firms. A

Jun 1, 2026By Lee Kyung-min
Hanwha takes center stage as allies rethink defense, AI strategy

Samsung Electronics' market cap surpasses $1.32 tril.

The market capitalization of top-cap Samsung Electronics surpassed 2 quadrillion won ($1.32 trillion) for the first time Monday, the bourse operator said. As of 11:44 a.m., Samsung Electronics shares were trading at 346,500 won, up 9.31 percent from the previous session on the benchmark Korea Composite Stock Price Index, according to the Korea Exchange (KRX). The company's market capitalization stood at 2,025.7 trillion won at the time. Last month, the chipmaking giant's market capitalization surpassed 1.5 quadrillion, becoming the second Asian company to surpass the $1 trillion milestone after Taiwan Semiconductor Manufacturing. Its chipmaking rival SK hynix had a market capitalization of 1,689.8 trillion won as of the same time on Monday, the KRX said.

Jun 1, 2026By Yonhap
Samsung Electronics' market cap surpasses $1.32 tril.

Vietnam's AI ambitions need power: Korean investment aims to fill the gap

QUYNH LAP — Driving four hours south from Hanoi, the Vietnamese capital, the giant logos of SK Innovation, PV Power and NASU begin to appear in the distance. On a stretch of white sand in Quynh Lap, Nghe An province, a stage has been set up for a groundbreaking ceremony — the first visible sign that a $2.3 billion liquefied natural gas (LNG) power project has commenced. “A 1,500-megawatt LNG power plant, a terminal and a dedicated port will be built here,” SK Innovation official said of how the site spanning 1.6 million square meters, roughly equivalent to 220 soccer fields, will look like. He added the plant’s capacity would be equivalent to about 1.5 nuclear reactors. Beyond power generation, the project is expected to create some 100,000 jobs and draw $30 billion in direct and indirect investment. After the plant is completed and begins commercial operations in 2030, the Vietnamese government is expected to purchase its electricity for the next 20 years. High-level gov't presence signals support The level of attention from Vietnamese authorities was clear throughout the groun

Jun 1, 2026By Hankookilbo
Vietnam's AI ambitions need power: Korean investment aims to fill the gap

Olive Young to open 2nd US store in LA this month

CJ Olive Young will open its second Olive Young store in the United States in Los Angeles this month, following the opening of its first U.S. store in Pasadena last week, which drew a strong customer response. The beauty retail chain company said on Monday that the second store will be in the Westfield Century City shopping mall. The venue, according to the company, is a key commercial sector in the city that attracts a high volume of professional workers, high-income consumers and tourists from worldwide. The company said that while the Pasadena store targets specific consumer groups interested in Korean culture and experience-oriented shopping, the second store will expand the target consumer groups to premium-seekers and broader ethnic groups. The company cited market research firm Circana’s report saying K-beauty accounts for 6 percent of the overall mass beauty market in the U.S., excluding luxury brands. It said this local market share reflects K-beauty “has a vast potential to grow further.” The CJ Group affiliate aims to expand Olive Young's offline coverage across the west

Jun 1, 2026By Ko Dong-hwan
Olive Young to open 2nd US store in LA this month

Samsung supports SMEs with smart factory solutions

Samsung Electronics has been empowering small- and medium-sized enterprises (SMEs) across Korea through its Smart Factory program, sharing its manufacturing expertise and know-how with more than 3,600 companies over the past decade. Under the goal of narrowing the gap between large companies and SMEs and revitalizing the industrial ecosystem, Samsung Electronics has been operating the program since 2015 as part of its corporate social responsibility (CSR) initiative. The program initially started as an effort to help SMEs in North Gyeongsang Province automate their manufacturing processes, but has since expanded into the Smart Factory 2.0 phase, broadening its scope to include market development, workforce training and technical support. Since 2023, Samsung Electronics has also been operating Smart Factory 3.0, which also supports artificial intelligence (AI)- and data-driven manufacturing upgrades. Through the 3.0 program, the company invested 30 billion won over the past three years and is currently working with 10 municipalities across the country. A key feature of the program is that

Jun 1, 2026By Nam Hyun-woo
Samsung supports SMEs with smart factory solutions

Watchdog slaps fines on Trip.com for e-commerce law violations

Korea slapped a combined fine of 10 million won ($6,630) on the global travel agency Trip.com for violating a set of e-commerce rules, including providing refunds in vouchers instead of cash, the fair trade watchdog said Monday. The Fair Trade Commission (FTC) said Trip.com Travel Singapore Ltd. and Trip.com Korea failed to provide refunds through the payment methods originally used by customers, which is considered disadvantageous to consumers under the consumer protection law governing e-commerce platforms. The watchdog said Trip.com provided refunds with airline vouchers in 13,010 cases worth a combined 3.1 billion won from February 2020 to July 2025. The FTC said Trip.com misled customers by notifying them that refunds could only be provided in the form of airline vouchers, which restricts customers' right to freely cancel purchases under Korean law. "The FTC has made it clear that even if a refund policy falls under the rules of individual airlines, it constitutes a violation if it is less favorable to consumers than the e-commerce law," the watchdog said. The watchdog added that Tri

Jun 1, 2026By Yonhap
Watchdog slaps fines on Trip.com for e-commerce law violations

Nvidia's Jensen Huang to meet Korean executives this week

Jensen Huang, chief executive officer (CEO) of U.S. chip giant Nvidia, is expected to visit Korea this week and meet with the heads of major conglomerates that could pave the way for broader cooperation in artificial intelligence (AI) and robotics, industry sources said Monday. Following his appearance at the Computex trade show in Taipei, Huang is scheduled to arrive in Seoul on Thursday night and begin a series of meetings Friday, the sources said. Among those expected to attend the gathering are SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and Lee Hae-jin, founder and board chair of Naver, they said. Hyundai Motor Group Executive Chair Chung Euisun is also positively considering taking part in the discussions. Industry observers say the upcoming talks could move beyond AI semiconductor cooperation to include robotics and physical AI, an emerging field focused on integrating AI with real-world machines and systems. Samsung Electronics Chairman Lee Jae-yong is not expected to attend due to his overseas schedule, the sources said. Naver and Nvidia are said to be in discu

Jun 1, 2026By Yonhap
Nvidia's Jensen Huang to meet Korean executives this week

Unionized members at Kakao to stage partial walkout next week

Kakao Corp.'s labor union said Monday it will initiate a partial walkout next week, after a second round of wage talks mediated by the government fell through last month. Unionized members said in an official statement it will stage a four-hour strike on June 10 and march near the company's headquarters in Pangyo, Gyeonggi Province, south of Seoul. It demanded the company secure the employment stability of its workers and improve its compensation structure, which it claims allows executives to "monopolize excessive rewards." The union also warned it could increase the scale of the strike depending on the outcome of future negotiations. The latest development comes amid a labor dispute over performance-based pay and profit sharing at Korean companies, sparked by the recent standoff at Samsung Electronics. On May 27, Kakao's labor and management failed to reach an agreement in the second round of wage talks mediated by the government, as the two sides were unable to narrow differences in the performance-based incentive structure. Unionized workers at Kakao's five units, including its headqua

Jun 1, 2026By Yonhap
Unionized members at Kakao to stage partial walkout next week

Baedal Minjok to accept foreign-issued cards through Apple Pay

Major online food-ordering platform Baedal Minjok’s operator Woowa Brothers will include foreign-issued cards as a payment method for users of Apple Pay, increasing convenience for foreign customers. The company said Sunday that VISA, Mastercard, JCB and Amex will become payment options for Apple Pay on the platform starting Tuesday. The upgraded feature is the first in the country’s food-ordering platform industry, according to the company. The platform, also known as Baemin, has so far allowed only domestic payment cards for Apple Pay. Apple Pay users with payment cards issued outside Korea had to punch in the cards’ numbers and go through an identity verification process every time they used the platform, experiencing time-consuming hassles. Woowa Brothers said the latest system upgrade will allow foreigners here to experience the country’s food delivery culture more conveniently. The payment method expansion comes as Woowa Brothers this year saw a spike in sales from foreign customers. In the first quarter, the number of delivery requests using foreign-issued payment cards ju

May 31, 2026By Ko Dong-hwan
Baedal Minjok to accept foreign-issued cards through Apple Pay
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