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  • Companies

    Public power generation firms' proposed merger sparks debate

    A third-party analysis proposing that the government merge Korea's five state-run power generation companies to streamline structural inefficiency is prompting debates, with civic groups arguing Friday that the merger would still fail to incentivize generators to minimize costs and ultimately expand the use of renewable energy. A day earlier, the Ministry of Climate, Energy and Environment revealed a study report conducted by Samil PwC on optimal scenarios that could improve the efficiency of five state-run power companies — Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power. The companies were originally a singular subsidiary under the country’s exclusive state-run power distributor Korea Electric Power Corp. They were all separated in 2001 as individual entities under the government’s power industry restructuring plan. The report said merging them back is “structurally most appropriate.” It noted that while the government is seeking to introduce renewable energy-based power facilities with an overall capacity of 1

    2 MIN READBy Ko Dong-hwan
    Public power generation firms' proposed merger sparks debate
  • Companies

    Hope grows for Korean firms to join supply chains of Elon Musk empire

    2 MIN READBy Nam Hyun-woo
    Hope grows for Korean firms to join supply chains of Elon Musk empire
  • Companies

    Korean Air says Asiana integration costs could reach W1 tril., offset by 2028

    1 MIN READBy Yonhap
    Korean Air says Asiana integration costs could reach W1 tril., offset by 2028
  • Banking & Finance

    Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term

    3 MIN READBy Park Han-sol
    Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term
  • Companies

    OpenAI brings ChatGPT ads to Korea, keeps paid plans ad-free

    1 MIN READBy Jhoo Dong-chan
    OpenAI brings ChatGPT ads to Korea, keeps paid plans ad-free
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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.

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Companies

Fears of force majeure spread across industries as Iran war continues

A growing number of Korean companies have declared or warned of force majeure, as the ongoing war between the United States, Israel and Iran has disrupted cargo shipments through the Strait of Hormuz. While petrochemical firms are struggling with a naphtha shortage, shipping and aviation companies have suspended operations on Middle Eastern routes. Force majeure is a term used in contracts to free parties from liability or obligation when an extraordinary event or circumstance beyond their control prevents them from fulfilling contractual duties. On March 4, Yeochun NCC became Korea’s first petrochemical firm to declare force majeure since the war broke out. The nation’s third-largest ethylene producer informed its customers of delays in product supply, saying the blockade of the Strait of Hormuz had postponed deliveries of naphtha expected to arrive this month. “The company is facing a critical disruption in the procurement of raw materials due to the sudden and drastic escalation of geopolitical tensions in the Middle East,” the joint venture between Hanwha Solutions and DL Chem

Mar 13, 2026By Park Jae-hyuk
Fears of force majeure spread across industries as Iran war continues
Companies

Europe, Middle East emerge as key markets for Korean defense firms

Europe and the Middle East are emerging as major export markets for Korean defense firms as geopolitical tensions fuel demand for advanced weapons systems. Major Korean defense firms are expanding production networks in Central Europe while stepping up sales efforts in the Middle East, where intensifying regional clashes following recent U.S. and Israeli strikes on Iran have accelerated military procurement. In Europe, the defense firms are reshaping their strategies to localize their production system and strengthen regional supply chains. Hyundai Rotem plans to deliver 61 K2PL tanks produced in Poland to the country’s military between 2029 and 2031. The company has also signed a technology transfer contract with Polish defense firm Bumar that includes not only tank manufacturing but maintenance, repair and overhaul capabilities. Hanwha Aerospace is pursuing a similar strategy in Romania. The company began construction in February on a plant to produce K9 Thunder self-propelled howitzers and K10 ammunition resupply vehicles. The Romanian facility will handle not just assembly and testin

Mar 13, 2026By Lee Min-hyung
Europe, Middle East emerge as key markets for Korean defense firms
Companies

Korean Air to reclaim ownership of in-flight catering, duty-free operations

Korean Air will buy back the remaining 80 percent stake in Korean Air C&D Service from Hahn & Company, in a strategic move to restore the airline’s full ownership of its in-flight catering and duty-free retail operations, the nation's flag carrier said Thursday. The transaction valued at 750 billion ($506 million) was approved by Korean Air’s board of directors on the same day. After the agreement is finalized, Korean Air C&D Service will operate as a wholly owned subsidiary of the airline. In 2020, Korean Air divested the 80 percent stake in its in-flight catering and duty-free business to the private equity firm to secure liquidity during the COVID-19 pandemic. Korean Air aims to guarantee a stable supply of in-flight meals and strengthen overall service competitiveness by bringing the essential services back ahead of its upcoming integration with Asiana Airlines, the airline said.

Mar 12, 2026By Lee Min-hyung
Korean Air to reclaim ownership of in-flight catering, duty-free operations
Companies

Juno Hair to open flagship salon in Ho Chi Minh City

Juno Hair, Korea’s leading premium hair salon brand, will open a flagship location Saturday in Ho Chi Minh City, marking the brand’s expansion into Southeast Asia’s premium hair market. The new salon is the company’s eighth overseas location and a key step in its Asian expansion strategy. The Ho Chi Minh City location spans five levels, covering approximately 660 square meters, making it one of Juno Hair’s largest international outlets. The salon features 16 styling stations and integrates hair, makeup and head spa services in one premium space. The salon combines Korea’s latest hair trends with an authentic Korean Head Spa program. Guests can enjoy multistep scalp care, deep cleansing, therapeutic massages and advanced hair styling and coloring services inspired by Korea’s trend-setting salon culture. A hybrid team of 10 Korean and five Vietnamese designers will operate the salon. By blending the expertise of stylists from both countries, Juno Hair aims to meet rising local demand for premium hair and spa services, driven by Vietnam’s growing wellness culture and popula

Mar 12, 2026By Ko Dong-hwan
Juno Hair to open flagship salon in Ho Chi Minh City
Companies

Nongshim, Samyang to cut ramyeon prices in line with gov't cost stabilization efforts

Korean ramyeon makers said Thursday they will lower prices of their instant noodle products next month in line with the government's efforts to stabilize rising consumer prices. The country's four major ramyeon companies — Nongshim, Samyang Foods, Otoki and Paldo —said the decision aims to help ease consumers' living costs. Industry leader Nongshim said it will lower the prices of 12 ramyeon products and four snack items by an average of 7 percent starting April 1. Samyang Foods, known for its globally popular Buldak spicy ramyeon, plans to cut the prices of two Samyang ramyeon products and its cup noodles by 14.6 percent. Samyang's Buldak Bokkeum Myeon — often marketed internationally as fire chicken instant noodles — will not be subject to the planned price cuts. Otoki, formerly known as Ottogi, plans to lower the prices of eight ramyeon products by 6.3 percent. Paldo plans to cut the prices of 19 ramyeon products by 4.8 percent. Meanwhile, companies including CJ Cheiljedang, Sajo Daelim, Otoki and Lotte Wellfood said they will lower cooking oil prices for the same reason.

Mar 12, 2026By Yonhap
Nongshim, Samyang to cut ramyeon prices in line with gov't cost stabilization efforts
Tech & Science

AI-driven innovation at forefront in 2027 gov't R&D policy vision

The government on Thursday unveiled a policy vision for state-led research and development (R&D) initiatives in 2027, with a focus on spearheading artificial intelligence (AI)-driven innovation benefiting public needs. The Ministry of Science and ICT shared such a policy direction, which will be reflected in the government's budget plan for next year, which aims to "promptly generate results that can be felt by the public." In 2026, Korea allocated a record R&D budget of 35.5 trillion won ($23.9 billion), up 19.9 percent from a year earlier, in line with efforts to revitalize research activities that had been drastically curtailed under the previous government. For next year, the ministry said it will continue efforts to make Korea one of the world's top three AI powerhouses while enhancing investment in cutting-edge biotechnology, space, aviation and the marine sector. The government will focus on developing next-generation AI technologies to strengthen its homegrown capabilities while securing key infrastructure. "Considering the rapid pace of development in AI technology, the governmen

Mar 12, 2026By Yonhap
AI-driven innovation at forefront in 2027 gov't R&D policy vision
Companies

Hyundai Motor, Chinese firm sign MOU on battery recycling in Indonesia

Hyundai Motor Group said Thursday it has signed a memorandum of understanding (MOU) with a Chinese company to cooperate in the battery recycling business in Indonesia. Under the agreement, the Korean automaker will send production scraps generated at its battery cell plant in Indonesia — a joint venture with LG Energy Solution — to Zhejiang Huayou Recycling Technology, an affiliate of China's Huayou Cobalt, where they will be processed into black mass, the company said in a press release. Used batteries and scrap can be processed into black mass, which can then be refined to extract core battery materials, such as lithium, cobalt and nickel, for reuse in battery manufacturing. The companies will also collaborate on recycling used electric vehicle (EV) batteries, as recycled materials play an increasingly important role in the EV battery supply chain, it said. "The agreement marks an initial step toward establishing a circular battery economy that spans the entire battery life cycle. We will continue efforts to build a sustainable battery supply chain," a Hyundai official said.

Mar 12, 2026By Yonhap
Hyundai Motor, Chinese firm sign MOU on battery recycling in Indonesia
Tech & Science

Meet Ven. Hyean, Korea’s AI-powered robot monk

Korean Buddhism is turning to advanced robotics to provide emotional healing and manage daily temple operations with the debut of Korea's first artificial intelligence (AI) "monk." When asked to define compassion during a recent demonstration, the AI robot replied, "To feel the pain of all sentient beings as one's own. That is the boundless, unconditional compassion spoken of in Buddhism." Blinking the "eyes" on its screen, the machine slowly put its mechanical palms together in a traditional Buddhist gesture and murmured, "Achieve Buddhahood." Named Ven.Hyean, meaning "the eye of truth," the robot was created early this year by the AI-Safety Robot (Googi) Innovation Research Center at Dongguk University. The semi-humanoid machine features a wheeled base for mobility and arms programmed to mimic the slow, neat gestures of a monastic practitioner. While its exterior resembles standard patrol robots found in government offices and airports, Hyean's internal system is trained on a vast database of Buddhist scriptures, sermons and lectures. Religious experts at the Dongguk University verifie

Mar 12, 2026By Hankookilbo
Meet Ven. Hyean, Korea’s AI-powered robot monk
Companies

Netmarble’s new titles gain traction across key markets

New titles released by Netmarble earlier this year are gaining traction, posting strong results in their key target markets. Vampir, which recently launched in Taiwan, quickly rose to the top of local app market revenue rankings. Another title released earlier, StoneAge: Idle Adventure, has maintained strong momentum, securing a top three position on both major mobile app stores in Korea. Released Aug. 26 last year, Vampir is a massively multiplayer online role-playing game developed by key creators behind Lineage 2: Revolution, which was widely credited with raising the bar for Korean mobile games. The title has received favorable reviews for its distinctive vampire-themed dark fantasy setting based on a medieval world. It topped the revenue charts on Korea’s two major app markets and expanded its reach to Taiwan, Hong Kong and Macau on March 11. Even before its official launch, Vampir had already signaled strong demand. In Taiwan, the first round of character name reservations sold out within five minutes of opening, while the second round closed in just 15 minutes. With predownloads

Mar 12, 2026By Nam Hyun-woo
Netmarble’s new titles gain traction across key markets
Companies

Korea downplays US Section 301 investigations

Seoul's top trade negotiators dismissed concerns Thursday about potential fallout from the Office of the United States Trade Representative’s (USTR) decision to launch investigations into Korea and 15 other economies under Section 301 of the Trade Act of 1974. The law allows the U.S. to impose unlimited tariffs in retaliation against foreign practices it considers unfair and harmful to American commerce. Describing Washington’s latest measure as a forewarned follow-up action after the U.S. Supreme Court struck down “reciprocal” tariffs based on the International Emergency Economic Powers Act (IEEPA), the government said tariffs on Korean goods would return to 15 percent — the level agreed upon last November — once the investigations conclude. Currently a 10 percent global tariff is applied to Korean products through a new imposition following the court ruling. “The USTR has repeatedly explained the U.S. government’s plan to leverage Section 301 to restore tariff rates to the levels agreed upon before the Supreme Court’s ruling,” Trade Minister Yeo Han-koo told report

Mar 12, 2026By Park Jae-hyuk
Korea downplays US Section 301 investigations
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