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    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

Why IKEA is struggling in Korea

It is Tuesday afternoon at IKEA’s Gwangmyeong store on the outskirts of Seoul. On the second floor, Lee, a man in his 30s visiting with his wife and 1-year-old child, is busy taking photos of furniture displays. He says he came not to shop, but to gather ideas for decorating his baby’s room. “I’ll probably look online first to see if there are cheaper options with similar designs,” Lee said. “I’m not buying anything today.” His remark reflects the subdued atmosphere inside the store. Aside from office workers using laptops and groups of mothers gathered in the second floor restaurant, only a handful of shoppers walk through the showroom. Most are seen placing small “loss leader” items costing less than 30,000 won ($20) in their carts, or simply taking photos of the furniture on display. There is little sign that shoppers intend to purchase IKEA’s core products — furniture. The scene is far from the crowds that packed the store when it first opened in December 2014, when eager customers lined up outside. Even allowing for the passage of time, the quiet atmosphere do

Mar 9, 2026By Hankookilbo
Why IKEA is struggling in Korea
Banking & Finance

KRX experiences trading disruption amid sharp market drop

Stock trades were briefly disrupted at the country's main bourse operator, the Korea Exchange (KRX), on Monday amid the sharp drop in the benchmark index, industry sources said. The KRX failed or delayed processing some orders made from 12:30 p.m. to 12:33 p.m. and from 1:39 p.m. to 1:41 p.m. due to technical glitches, according to the sources. Local brokerage Mirae Asset Securities is said to have notified its customers to check whether their orders fully went through, saying system disruptions from the KRX could delay their orders. Trading operations at the KRX have since been normalized, while the bourse operator is checking for the cause of the disruptions, a KRX official said. At one point Monday, the benchmark Korea Composite Stock Price Index (KOSPI) fell by more than 8 percent during early trading hours, triggering the KRX to issue a circuit breaker, which halts trade for 20 minutes.

Mar 9, 2026By Yonhap
KRX experiences trading disruption amid sharp market drop
Companies

What do foreigners buy from Olive Young?

Foreign consumer purchases on CJ Olive Young’s online platform for overseas shoppers are expanding beyond K-beauty into wellness and lifestyle products such as massage tools and health supplements, the retailer said. According to sales data from its direct purchase overseas platform “Global Mall,” foreign consumers showed strong demand for massage tools designed to reduce swelling and acupressure patches aimed at improving physical condition. Sales in the first three days for these items surged more than 40 times from a year earlier — suggesting the online spread of Korean self-care routines such as “how K-pop idols manage swelling” may be having a real impact. Health supplements, including products marketed to reduce post-meal blood sugar levels and probiotics aimed at reducing body fat, also saw rising demand. While overall sales of hair care products and health supplements rose, actual purchasing patterns from individual countries showed a variance in consumer lifestyles and interests. Japanese consumers showed high demand in lip gloss and eye shadow products, indicating st

Mar 9, 2026By Hankookilbo
What do foreigners buy from Olive Young?
Companies

KCCI opens job platform linking USFK veterans with Korean firms in US

The Korea Chamber of Commerce and Industry (KCCI) on Monday launched a platform assisting United States Forces Korea (USFK) veterans to find jobs at Korean firms in the United States. The KCCI and the Korea-U.S. Alliance Foundation (KUSAF) signed a memorandum of understanding during a ceremony at the former’s headquarters in central Seoul, pledging to cooperate on job matching between Korean companies operating in the U.S. and former USFK service members through the platform (www.USFKJobs.com). The ceremony was attended by KCCI Executive Vice Chairman Park Il-jun, KUSAF President Leem Ho-young, Charge d'affaires ad interim of the U.S. Embassy in Seoul James Heller, American Chamber of Commerce in Korea Chairman James Kim, Seoul Chamber of Commerce and Industry Vice Chairman Lee Hyung-hee and other executives from major companies. A total of 21 companies have joined the platform, including Samsung Electronics, SK hynix, SK On, SK Biopharmaceuticals, Hyundai Motor, Kia, LG Energy Solution, POSCO Holdings, Hanwha Ocean, HD Hyundai Electric, GS E&C, Emart, LS Group and Doosan Bobcat. The

Mar 9, 2026By Nam Hyun-woo
KCCI opens job platform linking USFK veterans with Korean firms in US
Tech & Science

Kakao launches Kanana Scholar to deepen AI collaboration with academia

Kakao has launched Kanana Scholar, an artificial intelligence (AI) initiative designed to foster collaboration with scholars and emerging experts, forming an advisory group of leading researchers. The company announced Monday that it held an inaugural meeting for the expert advisory group on Friday to outline the group’s advisory direction and set the agenda for the year. The initiative aims to create a platform to jointly discuss and develop Kakao’s AI strategy and technology with the academic community, running an expert advisory group of academic researchers and an outreach program targeting university students and young people. The advisory group consists of seven professors specializing in AI and computing from major Korean universities, including KAIST, Seoul National University and Yonsei University, who will provide guidance on the company’s AI technologies and services across its portfolio. “We expect to refine Kakao’s AI strengths and strategic direction even further through maintaining continuous discussions with Korea’s top AI and ICT experts,” the company’s o

Mar 9, 2026By Lee Gyu-lee
Kakao launches Kanana Scholar to deepen AI collaboration with academia
Companies

Kumho Petrochemical shifts focus to high value-added products

Kumho Petrochemical Group said Monday it is seeking to overcome widening market uncertainties and a prolonged supply glut across the global petrochemical industry by shifting its focus to a high value-added business structure. Closely analyzing market conditions to balance profitability and growth, the group aims to turn this period of uncertainty into new opportunities. Kumho Petrochemical, the group’s flagship unit, has been working to bolster its competitiveness in solution styrene butadiene rubber (SSBR), a high-performance synthetic rubber that improves tire wear resistance and fuel efficiency at the same time. The material is considered particularly suitable for electric vehicle tires, which require higher durability due to heavier batteries and frequent acceleration and braking. Last year, Kumho Petrochemical completed new facilities that increased its annual SSBR production capacity by 35,000 tons. With the new lines entering commercial operation in the first quarter of this year, the company expects to further strengthen its competitiveness in specialty products. Kumho Mitsui C

Mar 9, 2026By Park Jae-hyuk
Kumho Petrochemical shifts focus to high value-added products
Tech & Science

GTC 2026 to become stage for low-power memory competition

The upcoming GTC 2026, Nvidia’s artificial intelligence (AI) and advanced computing conference, is set to become a stage for competition among memory makers over low-power memory, with Korea’s Samsung Electronics and SK hynix planning to showcase new server memory modules at the conference. According to industry officials Monday, Samsung Electronics and SK hynix will both have booths at GTC 2026, scheduled for March 16 to 19 in San Jose, California. Along with high-bandwidth memory (HBM), which are key memory chips driving the progress of AI accelerators, the two companies are planning to exhibit the small outline compression attached memory module 2 (SOCAMM2). SOCAMM2 is a module of low-power double data rate (LPDDR) memory chips, aimed at cutting power consumption to roughly one-third of conventional DDR-based modules. While HBM is typically mounted next to a graphics processing unit (GPU) to support computing acceleration, SOCAMM2 is commonly placed closer to the CPU and is designed to improve overall system-level power efficiency. Their exhibitions are intended not only to showcas

Mar 9, 2026By Nam Hyun-woo
GTC 2026 to become stage for low-power memory competition
Companies

Hyundai Motor, Samsung Fire to lead gov’t self-driving testing

Hyundai Motor Company and Samsung Fire & Marine Insurance will lead the government’s first citywide autonomous vehicle testing this year, aiming to develop the country’s first production model that integrates manufacturing, insurance and platform operations under a single system. The Ministry of Land, Infrastructure and Transport said Monday that Hyundai Motor Company will manufacture software defined vehicles (SDVs) for the road test to be done in Gwangju starting in May. The automaker will also develop and operate online platforms behind the self-driving operation. Samsung Insurance will design and control insurance policies for possible accidents involving the vehicles. The government selected the companies to do the test out of 11 that applied for the opportunity. The Korea Transportation Safety Authority, which is under the ministry, will oversee the test, scheduled to continue for at least two years and expand further with more advanced technologies and regulations. The so-called “K-autonomous driving collaboration model” groups together companies specializing in the manuf

Mar 9, 2026By Ko Dong-hwan
Hyundai Motor, Samsung Fire to lead gov’t self-driving testing
Companies

Retailers fear Iran crisis may dampen economic sentiment

The escalating war in the Middle East is fueling concerns across the retail industry in Korea that rising oil prices and currency volatility could dampen consumer sentiment and weigh on spending. Although the threats have yet to deliver a visible blow to the consumer sector, industry officials are taking a gloomy view, citing past global crises that triggered public anxiety and hurt sales. The most vulnerable sector is duty-free retail. As duty-free product prices are often set in U.S. dollars, a weaker Korean won directly increases the price burden on consumers. The exchange rate has fluctuated over the past week, with the local currency weakening overall. According to the Bank of Korea, the average daily fluctuation in the won-dollar exchange rate reached 13.2 won as of March 6, the highest level since March 2020, when volatility averaged 13.8 won amid heightened fears over COVID-19. Over the past week, the won was generally traded between 1,460 won and 1,480 won per dollar, but in several overnight trading sessions it was traded near the 1,500-won level. “A drop in the Korean won’s

Mar 9, 2026By Ko Dong-hwan
Retailers fear Iran crisis may dampen economic sentiment
Tech & Science

Samsung SDI to unveil all-solid-state battery for physical AI

Samsung SDI said Monday it will display a sample of its all-solid-state battery pouch under development for physical artificial intelligence (AI) applications during the three-day InterBattery 2026 trade show starting Wednesday in Seoul. This will be the first public unveiling of the battery maker’s all-solid-state battery for humanoids and other types of robots. “Our goal is to show how Samsung SDI’s battery technology can turn the full potential of the AI era into reality,” a Samsung SDI official said. “Building on decades of expertise, we will present premium battery solutions tailored to the evolving needs of AI-driven industries.” The official added that Samsung SDI will host the largest booth among exhibitors, featuring a comprehensive portfolio of new technologies and products under the slogan “AI thinks, Battery enables.” Aiming to begin mass production in the second half of next year, Samsung SDI has developed prismatic all-solid-state batteries for electric vehicles (EVs). To expand the use of its all-solid-state battery technology into robotics, aviation platfor

Mar 9, 2026By Park Jae-hyuk
Samsung SDI to unveil all-solid-state battery for physical AI
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