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  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    Samsung Electronics and SK hynix announced a combined 800 trillion won ($516.4 billion) investment commitment to establish advanced chip plants in Gwangju and South Jeolla Province in Korea's southwest, but stopped short of providing a timeline for when the investments will be made or construction will begin, leaving room to adjust their spending plans until the long-term memory chip cycle becomes clearer. According to the government and the chipmakers, Samsung and SK will each invest 400 trillion won to build two advanced memory fabrication each in the region, for a total of four new fabs as part of the government’s “three megaprojects for Korea’s leap forward.” Samsung Electronics Executive Chairman Lee Jae-yong named Gwangju as the candidate site, while SK Group Chairman Chey Tae-won referred to the region as a whole. While announcing the massive plans while standing with President Lee Jae Myung, who have been urging the chipmakers to make investment in the southwestern region, the leaders refrained from specifying timelines for the new fabs. The companies also did not mention

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
  • Banking & Finance

    KakaoBank lands 4 papers at leading AI conferences

    2 MIN READBy Lee Hyo-jin
    KakaoBank lands 4 papers at leading AI conferences
  • Companies

    LG Electronics to establish control tower for robotics business

    2 MIN READBy Nam Hyun-woo
    LG Electronics to establish control tower for robotics business
  • Companies

    Incheon airport operator to halve employee parking permits

    3 MIN READBy Lee Min-hyung
    Incheon airport operator to halve employee parking permits
  • Companies

    Court grants JTBC time for autonomous restructuring amid liquidity crisis

    1 MIN READBy Yonhap
    Court grants JTBC time for autonomous restructuring amid liquidity crisis
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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

APEC summit critical to mitigate Hyundai Motor’s US tariff risk

Hyundai Motor Group finds itself at a pivotal moment ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting, as the event may serve as a major catalyst to ease the carmaker’s mounting tariff burden in the United States. The Korean carmaker continues to shoulder a massive financial burden from the 25 percent tariff imposed on its U.S. operations, even months after Korea and the U.S. agreed in July to lower the rate to 15 percent. Washington is continuing to impose the 25 percent rate on Korean auto imports, as the two countries have yet to finalize a detailed agreement. The status quo leaves Hyundai Motor Group’s two key auto brands — Hyundai Motor and Kia — highly vulnerable to the external uncertainty, as the U.S. is their largest export market. According to data from market tracker, FnGuide, Hyundai Motor’s operating profit in the third quarter is forecast to reach 2.6 trillion won ($1.83 billion), down 27 percent from the previous year. Kia's is also estimated to fall 27 percent to 2.3 trillion won during the same period. Korea hopes to fina

Oct 15, 2025By Lee Min-hyung
APEC summit critical to mitigate Hyundai Motor’s US tariff risk
Companies

Starbucks bans consumption of outside food across all stores

Starbucks Korea has begun enforcing a nationwide ban on the consumption of outside food at all of its stores, aiming to curb disturbances caused by customers bringing in and eating food from elsewhere. The company, operated by Shinsegae Group, began posting notices on Monday at its 2,050 stores across Korea saying that all outside food and beverages are prohibited from being consumed inside. Baby food is exempt from the rule. The move marks the first time the major cafe and dessert chain has implemented such a ban. The company, however, noted that it is not the first time it has made a similar request. “We previously asked our patrons to refrain from eating ‘foods with strong odors.’ That notice dates back to before the COVID-19 outbreak in 2020. However, the warning was rather subjective and somewhat unclear. This time, we are introducing the ban in a much clearer way,” a company official said. The move follows a series of online posts showing customers eating foods inside Starbucks stores. Viral photos on social media featured dishes such as tteokbokki (spicy simmered rice cake

Oct 15, 2025By Ko Dong-hwan
Starbucks bans consumption of outside food across all stores
Companies

Hanwha Aerospace signs $110 mil. deal with Sweden to supply modular charge system

Hanwha Aerospace said Wednesday it has signed a 150 billion-won ($110 million) deal to supply modular charge systems (MCSs) to Sweden's artillery forces. Hanwha signed the agreement with the Swedish Defence Materiel Administration (FMV) during the Association of the United States Army (AUSA) 2025 annual meeting held Monday through Wednesday (U.S. time) in Washington, D.C., the company said in a press release. The three-year framework deal follows a similar contract signed last year with Sweden's arms procurement agency. Deliveries of MCSs are scheduled to begin next year. Hanwha said the deal will help cement its position as a defense partner in Northern Europe. The company said it aims to pursue similar contracts in neighboring countries such as Norway and to deepen cooperation with Sweden by proposing other advanced systems, including the Chunmoo multiple-rocket launcher system (MRLS). The MCS is a propellant system designed for 155 mm artillery platforms. Its modular design allows artillery crews to adjust propellant charges to match specific range and firing conditions. Hanwha said its

Oct 15, 2025By Yonhap
Hanwha Aerospace signs $110 mil. deal with Sweden to supply modular charge system
Companies

LG opens showroom for ultra-premium home appliances

LG Electronics opened a showroom Wednesday for SKS, its premium home appliance brand, aiming to attract affluent consumers with ultra-premium built-in appliances that seamlessly blend cutting-edge technology and design elegance. Located in Nonhyeon, southern Seoul, the SKS showroom has reopened after a five-month renovation to offer a new brand experience following its rebranding from Signature Kitchen Suite to SKS in September. The showroom originally opened in 2017. Occupying a 1,918 square-meter space in the upmarket area, the six-story building features 10 themed exhibition zones, each designed with distinct interior concepts. The space showcases the premium lifestyle made possible by SKS' built-in appliances, which blend refined design with advanced performance. The showroom was designed by architect Min Sung-jin, best known for projects such as Ananti Namhae and Sagewood Golf & Resort Hongcheon, to showcase the brand’s harmony with premium interiors to create a sophisticated and high-end aesthetic throughout the space. The showroom features SKS' top-of-the-line refrigerators, ove

Oct 15, 2025By Nam Hyun-woo
LG opens showroom for ultra-premium home appliances
Companies

Daewoo E&C advances in growing global LNG market

Interest in liquefied natural gas (LNG) plant construction is rising as the Alaska LNG project gains traction, following POSCO International’s preliminary agreement last month with lead developer Glenfarne Alaska LNG, signaling greater Korean participation and renewed momentum in related projects. Building on this development, Daewoo Engineering & Construction (Daewoo E&C) stands out among domestic builders for its outstanding record in LNG liquefaction plant construction, a critical segment of the LNG value chain, making it a leading Korean player in the global LNG market. “As LNG continues to gain importance as a clean and transitional energy source, the ongoing expansion of the LNG industry represents a significant opportunity for Daewoo E&C,” a company official said. “We plan to leverage our accumulated technical expertise and project experience to strengthen our position as a top-tier global construction company.” LNG combined-cycle power plants, which run on liquefied natural gas, generate far lower carbon emissions than traditional coal or oil-fired facilities. These pl

Oct 15, 2025By Lee Gyu-lee
Daewoo E&C advances in growing global LNG market
Companies

Shinsegae brings K-fashion to Tokyo’s trendy hub

Shinsegae Department Store will decorate the heart of Tokyo with Korean fashion brands this week, showcasing K-fashion to local consumers and global tourists in the Japanese capital. Shinsegae Group’s fashion platform Hyper Ground will open pop-up stores in Shibuya ward for the brands it distributes and showcase them during Shibuya Fashion Week. The events, running in the heart of the trendy district through next month, are expected to further boost the growing global popularity of Korean fashion. Hyper Ground, dedicated to fledgling brands targeting millennials and Gen Z, will launch its pop-up stores on multiple floors of Shibuya 109, a landmark shopping mall in the area. Starting Friday, the stores will showcase collections for seven of Korea’s “rising star” brands, according to the company — Holy in Code, Epingler, Letter from Moon, Mucent, Montsenu, Three to Eighty and ffroi. The stores run until Nov. 10. The pop-ups mark a debut in the Japanese market for all the brands except Mucent. Shinsegae said it “studied unique fashion styles visible throughout Shibuya and caref

Oct 15, 2025By Ko Dong-hwan
Shinsegae brings K-fashion to Tokyo’s trendy hub
APEC 2025

Final preparations underway for APEC summit in Gyeongju

ANDONG/GYEONGJU — Final preparations were being made Wednesday for the Asia-Pacific Economic Cooperation (APEC) summit ahead of its opening later this month in the southeastern city of Gyeongju. The two-day summit is scheduled to open on Oct. 31, bringing together delegates from the 21 APEC member economies. Construction of the summit venue and other facilities has been completed, with final inspections being made for the major international gathering. Governor Lee Cheol-woo of North Gyeongsang Province, where Gyeongju is located, and Joo Nak-young, the city's mayor, checked preparation efforts earlier in the day, visiting various sites and boarding a shuttle bus traveling within the city. The bus, which uses a QR code system to offer operating schedules, travels between hotels. They also checked safety standards of hotel rooms, such as air quality and fire alarms, and visited a restaurant serving halal food to cater for Muslim visitors. The restaurant, named HI-ASIA, will offer breakfast, lunch and dinner buffets during the APEC summit period. "By closely working with North Gyeongsang P

Oct 15, 2025By Yonhap
Final preparations underway for APEC summit in Gyeongju
Companies

KOTRA to host Korea's biggest export promotion fair for biopharma industry

The Korea Trade-Investment Promotion Agency (KOTRA) will host Korea's largest export business matching event for the biopharmaceutical industry this week, KOTRA officials said Wednesday. KOTRA and the Ministry of Trade, Industry and Resources will co-host the two-day Global Bio & Pharma Plaza through Thursday in Seoul, gathering 100 global biopharmas and research institutes, as well as 120 Korean companies, according to the officials. The event will offer opportunities for Korean bio companies to explore cooperation and export opportunities with foreign firms, such as AstraZeneca and Zuellig Pharma, KOTRA said. Last month, the Seoul government announced its plan to double Korea's biopharmaceutical exports by 2030 to become a major global power in the field. Korea exported $5.8 billion worth of biopharmaceutical products last year.

Oct 15, 2025By Yonhap
KOTRA to host Korea's biggest export promotion fair for biopharma industry
Banking & Finance

Kbank surpasses 15 mil. customers, reaching 1 in 3 Koreans

Kbank said Wednesday that its customer base has surpassed 15 million, reaching 1 in 3 Koreans. This marks a major milestone achieved just a year and a half after the bank first exceeded 10 million customers in March 2024. Founded in April 2017, the internet-only bank reached 1 million customers by April 2019, 5 million by May 2021 and 10 million by March 2024. Its total assets also expanded significantly, rising from 21.4 trillion won ($15 billion) at the end of 2023 to over 33.4 trillion won by the end of the third quarter this year. Kbank's recent customer growth has been driven largely by small business owners and self-employed clients. Their numbers surpassed 2 million last month, doubling from around 1 million at the end of 2023. Their proportion among the bank's total customer base also rose from 9 percent to 14 percent. Kbank said its products featuring low interest rates and quick loan processing have been the main drivers. As a result, mid- to low-credit borrowers now make up 58 percent of Kbank's individual business loan customers. Going forward, Kbank plans to sustain growth th

Oct 15, 2025By Lee Yeon-woo
Kbank surpasses 15 mil. customers, reaching 1 in 3 Koreans
Companies

Dongwha, Elementium join hands to commercialize new electrolyte

Dongwha Electrolyte, a battery materials affiliate of Dongwha Enterprise, said Wednesday that it has signed a letter of intent with Elementium Materials to form a strategic partnership aimed at expanding the global market share of its new electrolyte product. Elementium is a U.S. company that has addressed the limitations of conventional carbonate-based electrolytes by developing a new product with improved flame resistance, battery safety, energy density and charging speed. The core material of this electrolyte has been awarded a patent. Leveraging Elementium’s expertise in molecular design and Dongwha Electrolyte’s global infrastructure and supply chain, the companies plan to expand the use of the new electrolyte product beyond defense systems, urban air mobility and medical devices. According to the Korean company, the new product can enhance the performance of lithium-manganese-rich batteries, which have recently attracted the attention of global carmakers and battery manufacturers. The two firms also agreed to share global production facilities, exchange key technologies and coo

Oct 15, 2025By Park Jae-hyuk
Dongwha, Elementium join hands to commercialize new electrolyte
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