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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

Korean carmakers, battery firms forced to reshape US strategy amid EV subsidy cutoff

Hyundai Motor Group and local battery firms are being forced to reshape their sales strategy in the United States, as they will no longer receive electric vehicle (EV) subsidies starting this month. According to updated U.S. federal EV subsidy rules, the $7,500 (10 million won) EV tax credit to automakers expired Sept. 30. This increases the cost burden, particularly for Korean carmakers Hyundai Motor and Kia, which have both rapidly increased their sales of eco-friendly cars in the U.S. over the past few years. Following the subsidy cut, Hyundai Motor decided to cut the sticker price of the carmaker’s flagship IONIQ 5 electric SUV by as much as $9,800 for its 2026 model. For 2025 models, the carmaker will also offer a $7,500 cash discount. Hyundai Motor explained the latest decision is aimed at keeping its market share on a stable growth track in its largest export market. According to data from the automaker, the number of combined vehicle sales for Hyundai Motor and Genesis reached more than 71,000 vehicles in September in the U.S., up 14 percent from a year earlier. The figure betwe

Oct 2, 2025By Lee Min-hyung
Korean carmakers, battery firms forced to reshape US strategy amid EV subsidy cutoff
Tech & Science

Korean petrochemical firms to showcase advanced materials in Germany

Major Korean petrochemical firms will flock to the German city of Düsseldorf next week to showcase their latest material technologies at the triennial K 2025 trade fair for plastics and rubber, scheduled for Oct. 8-15. SK Chemicals plans to exhibit more than 70 end products and industrial goods commercialized with the company's proprietary materials. Under the theme "Recyclable, Recycled and Bio Solutions," the firm will present items made with its recyclable and recycled materials used across various industries, including cosmetics, automotive, fashion and food and beverage. “As circularity is becoming a core requirement in global markets, SK Chemicals provides readily deployable recycling and bio solutions, and is recognized for competitive quality and commercial readiness,” SK Chemicals CEO Ahn Jae-hyun said. “We will continue expanding collaborations with global companies and further strengthen SK Chemicals’ technological and brand leadership as the market shifts toward recycled plastics.” LG Chem will display 65 types of products at its 286-square-meter booth, the largest

Oct 2, 2025By Park Jae-hyuk
Korean petrochemical firms to showcase advanced materials in Germany
Companies

APEC meeting crucial for breaking tariff stalemate with US

Korea must view the upcoming Asia-Pacific Economic Cooperation (APEC) meetings in Gyeongju, North Gyeongsang Province, as a crucial opportunity to break the current trade impasse with the United States, experts and industry officials said. Korea wants to reach an official settlement with the world’s largest economy, as the two countries have achieved little progress in finalizing the details of their July 30 tariff deal. On Sept. 25 (local time), U.S. President Donald Trump demanded that Korea make its $350 billion investment in the U.S. in cash, underscoring that the payment should be made “up front.” Korea cannot realistically accept those terms, as the nation’s foreign exchange reserves sit at some $416 billion as of the end of August. If Korea spends more than 80 percent of its reserves on U.S. investments, it will deal a severe blow to the nation’s capital and foreign exchange market. Given Trump’s outwardly provocative rhetoric, chances appear slim for Korea to narrow the lingering difference anytime soon, so the strategic importance of the APEC meetings is growing larg

Oct 2, 2025By Lee Min-hyung
APEC meeting crucial for breaking tariff stalemate with US
Companies

India becomes land of opportunity for Korean shipbuilders

Korea's top three shipbuilders are accelerating efforts to expand their presence in India, seeking to benefit from the world's most populous country's plan to become a global maritime industry powerhouse. Samsung Heavy Industries recently signed a memorandum of understanding (MOU) with India's Swan Defence and Heavy Industries to collaborate on shipbuilding and offshore engineering. With Swan operating India's largest dry dock, which enables the construction of very large crude oil carriers and offshore engineering facilities, the Korean firm plans to work with the Indian company on ship design as well as engineering, procurement and management. "Combining technology with the market, this collaboration is the best partnership model for a win-win outcome for both companies," Samsung Heavy Industries Executive Vice President Namgoong Geum-sung said. "We will continue to look for new opportunities for future growth." In 2023, the Indian government launched the Maritime Amrit Kaal Vision 2047, a long-term blueprint to transform the country into a global maritime leader by 2047, the 100th ann

Oct 2, 2025By Park Jae-hyuk
India becomes land of opportunity for Korean shipbuilders
Banking & Finance

Banks rush to roll out loans for foreigners

The country’s leading commercial lenders are launching loan products for foreign workers, a shift in retail banking that bolsters financial inclusion for the growing number of non-Koreans in the nation while overcoming rapid industry saturation, market watchers said Thursday. The number of legally employed foreign workers in Korea now exceeds 567,000 of the 2.56 million foreign residents of Korea, according to justice ministry data. Shinhan Bank, NH NongHyup Bank and Hana Bank each unveiled new credit loans tailored for foreign nationals employed in Korea, a group of underserved workers. Shinhan’s product, SOL Global Loan, targets foreign nationals holding E-9, E-7, F-2 and F-5 visas. Up to 20 million won ($14,280) will be loaned, if their visa expiration date is six months away or longer. Shinhan is currently operating foreign-focused branches in Gimhae, South Gyeongsang Province; Doksan, Seoul; and Ansan, Gyeonggi Province. NH NongHyup has a similar product that provides loans of up to 30 million won to foreign workers who have been employed for at least six months, as verified by th

Oct 2, 2025By Lee Kyung-min
Banks rush to roll out loans for foreigners
Companies

National Assembly audit awaits business leaders after Chuseok holiday

A large number of conglomerate leaders have been called to testify at the National Assembly audit again this year, after ruling Democratic Party of Korea (DPK) lawmakers refused to follow party leadership's recommendation to refrain from summoning businesspeople to the annual event. Despite the pressing need to brace for the Asia-Pacific Economic Cooperation (APEC) CEO Summit and U.S. tariffs, business leaders have been required to spend time on the first Assembly audit under the Lee Jae Myung administration. SK Group Chairman Chey Tae-won was put on the list of witnesses for the National Policy Committee's audit sessions over an allegation he unfairly financed a group affiliate. Also leading the Korea Chamber of Commerce and Industry that chairs the APEC CEO Summit, Chey was asked to appear at the National Assembly on Oct. 28, the opening day of the international gathering in Gyeongju, North Gyeongsang Province. Hyundai Motor Group Executive Chair Chung Euisun, who supported the government's talks with the United States over tariffs, is among the witnesses to testify at the Public Admi

Oct 2, 2025By Park Jae-hyuk
National Assembly audit awaits business leaders after Chuseok holiday
Companies

City Oil Field secures Saudi, UAE investment

City Oil Field said Thursday it has secured foreign corporate investment from PEDCO of Saudi Arabia and the United Arab Emirates, marking its official launch as a global eco-friendly energy enterprise. The two sides signed the first round of investment contracts Monday (local time) at PEDCO’s headquarters in Riyadh, Saudi Arabia. The ceremony was attended by City Oil Field CEO Jeong Yeong-hun, PEDCO Saudi Arabia CEO Abdulmohsen Al-Zamil, PEDCO UAE CEO Edoardo Lucarelli and ENO Partner CEO Park Se-hyun. City Oil Field said PEDCO has valued the company at about 100 billion won ($72.2 million). Under the agreement, the parties signed an initial investment deal worth $1 million, with additional funding to follow from both Saudi Arabia and the UAE. Founded in 1991, PEDCO has worked with major Middle Eastern companies, including Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) on power, energy and special projects. The company holds exclusive rights to commercialize City Oil Field’s technology in Saudi Arabia, the UAE, Australia and New Zealand. The investment makes City Oil Fie

Oct 2, 2025By Kang Seung-woo
City Oil Field secures Saudi, UAE investment
Companies

Asiana, Aero K fined over notification issues involving baggage, flight delays

Asiana Airlines and Aero K Airlines have been imposed fines for failing to properly notify passengers of baggage issues and flight delays, the transport ministry said Thursday. Asiana was fined 12 million won ($8,550) while Aero K was fined 18 million won for violating the Aviation Business Act, according to the ministry. According to officials, Asiana became aware three to four hours before departure that some checked baggage could not be loaded onto three flights from Incheon, west of Seoul, to New York on Aug. 8-9. The airline, however, informed passengers of the issue via text message after the planes had already departed. Aero K, a low-cost carrier, failed to promptly notify passengers of delays for nine flights between March 30 and June 17. "We sincerely apologize to passengers who experienced inconvenience," Asiana said in a statement. "Following the incident, we have reinforced measures to prevent baggage from being left behind and established a prompt notification system to ensure similar issues do not recur."

Oct 2, 2025By Yonhap
Asiana, Aero K fined over notification issues involving baggage, flight delays
Banking & Finance

InterviewSamil PwC turns to AI to evolve from accounting to business partner

Samil PwC is seeking to move beyond traditional accounting, tax and financial advisory services to become a comprehensive business partner that designs and executes the future of industries and clients alike. To that end, Yoon Hoon-soo, CEO of Korea’s largest accounting firm by revenue, said in a recent interview with The Korea Times that his company has placed the advancement of digital and artificial intelligence (AI)-driven services at the top of its strategic priorities. “AI and digital technologies are transforming the very nature of accounting firms, and we expect these innovations to become our key growth engine,” said Yoon, who concurrently serves as the territory senior partner of PwC Korea. “We are strengthening AI-based automation and analytical capabilities across audit, tax and financial advisory practices, while developing our own technology solutions under our dedicated AI unit, AX Node.” Samil PwC launched AX Node in July and is making substantial investments in its digital capabilities. The unit serves as a specialized team supporting companies throughout the e

Oct 2, 2025By Jun Ji-hye
Samil PwC turns to AI to evolve from accounting to business partner
Tech & Science

Samsung, SK form AI infrastructure partnership with OpenAI

Samsung and SK each signed comprehensive partnerships on artificial intelligence (AI) infrastructure with OpenAI during its CEO Sam Altman’s visit to Korea, Wednesday. The partnerships, respective letters of intent with Samsung Group and SK Group, will enable Samsung Electronics and SK hynix to supply AI-specific memory chips worth hundreds of billions of dollars for the Stargate project, a $500 billion joint venture between OpenAI, Oracle and SoftBank for AI infrastructure in the U.S. As part of the Stargate project, OpenAI expects it will need about 900,000 wafers’ worth of high-performance DRAM each month to power ChatGPT and its other AI solutions. During the visit, Altman noted that OpenAI hopes to source a significant portion of the demand from the Korean chip giants, helping the two secure stable and long-term client bases. Samsung Group said Wednesday its Chairman Lee Jae-yong and Altman signed a letter of intent (LOI) for a partnership on AI infrastructure. The LOI involves Samsung Electronics, Samsung SDS, Samsung C&T and Samsung Heavy Industries. Under the partnership, Sam

Oct 1, 2025By Nam Hyun-woo
Samsung, SK form AI infrastructure partnership with OpenAI
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