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  • Companies

    Termination of Homeplus rehabilitation endangers 12,000 workers

    A court decision on Friday to terminate the rehabilitation proceedings for cash-strapped discount store chain Homeplus has raised concerns for the company's 12,000 employees who could lose their jobs. After Homeplus first filed for rehabilitation in March last year, the retailer began reducing its offline outlets. Of the 126 locations, only 67 stores remain, while the number of employees dropped from 20,000 to about 15,000 following the downsizing. After the company sold its supermarket unit Homeplus Express to NS Shopping last month to secure more cash, the workforce dropped again to 12,000 people. If Homeplus ultimately goes into bankruptcy, the government will activate a substitute payment program, which would allow it to advance unpaid wages of up to 21 million won ($13,600) per employee and later recover the funds. Employees who lose their jobs would also be eligible for unemployment benefits equivalent to 60 percent of their average wages over the three months preceding their termination. The government also plans to provide at least 440 billion won in emergency liquidity to help sm

    2 MIN READBy Ko Dong-hwan
    Termination of Homeplus rehabilitation endangers 12,000 workers
  • Banking & Finance

    Toss to face stricter oversight as Korea's first fintech financial conglomerate

    2 MIN READBy Park Han-sol
    Toss to face stricter oversight as Korea's first fintech financial conglomerate
  • Banking & Finance

    Korea's brokerages are raking it in. Their stocks aren't.

    2 MIN READBy Lee Yeon-woo
    Korea's brokerages are raking it in. Their stocks aren't.
  • Companies

    Lee to review mega chip cluster project next week

    1 MIN READBy Yonhap
    Lee to review mega chip cluster project next week
  • Tech & Science

    Korea to establish low-Earth orbit communications network by 2035

    2 MIN READBy Yonhap
    Korea to establish low-Earth orbit communications network by 2035
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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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Banking & Finance

Seoul shares open markedly lower on tech losses after tariff deal

Korean stocks opened sharply lower Friday, led by major tech losses, as investors assessed the impact of the Donald Trump administration's new tariff scheme on the industry. The benchmark Korea Composite Stock Price Index (KOSPI) lost 57.84 points, or 1.78 percent, to 3,187.60 in the first 15 minutes of trading. On Thursday, Korea and the United States reached a trade deal that calls for lowering reciprocal tariffs on Korean imports to 15 percent from the initially proposed 25 percent in return for massive investments. U.S. President Trump signed an executive order that sets new tariffs to go into effect next Thursday. But the U.S. has yet to clinch a tariff deal with several partner nations, including Canada and India. Investor sentiment also remained weak as the purchasing managers' index of China showed weaker than expected economic activity. Overnight, U.S. stocks fell as investors remained cautious about Trump's tariff deadline for some of its trading partners while awaiting major corporate earnings reports. The Dow Jones Industrial Average slid 0.7 percent, and the tech-heavy Nasdaq

Aug 1, 2025By Yonhap
Seoul shares open markedly lower on tech losses after tariff deal
Companies

In the world of characters, cute means cash

On a sunny July day, Kim Eun-mi was excited to reunite with her 16-year-old niece, who had come to Korea from the U.S. for summer break. But her niece seemed even more eager to visit Pop Mart stores in Seoul than to see her — at least on the surface. "She was absolutely determined to find a specific Labubu doll," Kim recalled. "We ended up going from one store to another just to help her get it. I knew it was popular, but her enthusiasm was on a whole different level." Forget the idea that these are just children's toys. Adorable characters are taking the market by storm. From basic figurines to keychains and a wide array of merchandise, they've become a cultural phenomenon among Gen Z collectors who take real joy in the thrill of collecting. One firm currently enjoying its heyday is Kosdaq-listed SAMG Entertainment. The animation production company is generating revenues in various areas based on its flagship intellectual property (IP), Teenieping. The fairy characters captured the hearts of all age groups with the animated film "Heartsping: Teenieping of Love," released last Septembe

Aug 1, 2025By Lee Yeon-woo
In the world of characters, cute means cash
Companies

Analysis Tariff deal levels Korean firms’ footing in US, uncertainty remains

The Korea-U.S. agreement on a 15 percent tariff on Korean imports to the United States is seen as an above-average outcome, as it sets the trade barrier to levels imposed on major competitors such as Japan and the European Union, helping to ensure a more level playing field. The agreement partially cleared a cloud of uncertainties that had hampered Korean companies from making business plans, while easing financial burdens by securing a lower tariff rate than the 25 percent initially threatened by U.S. President Donald Trump. However, the deal came with strings attached, as Korea pledged to establish a $350 billion investment fund, which Trump said would be “owned, controlled and selected” by the U.S. The amount accounts for nearly 20 percent of the country’s 2024 gross domestic product. Experts and industry officials said that close attention is needed to how the tariffs will be applied to individual items, especially in key sectors such as semiconductors and biopharmaceuticals. “The agreement will have effects in two ways — one from the tariffs being directly imposed by the U

Jul 31, 2025By Nam Hyun-woo
[ANALYSIS] Tariff deal levels Korean firms’ footing in US, uncertainty remains
Companies

Olive Young Global enjoys 70% year-on-year growth in first half sales

Olive Young Global, the cross-border e-commerce platform of CJ Group’s health and beauty subsidiary Olive Young, posted 70 percent growth in sales, along with a 60 percent increase in order volume in the first half of 2025 compared to the same period last year, the company said in a press release, Thursday. Thanks to increasing interest, especially in the platform’s cosmetics products, Olive Young Global’s sales more than tripled year-on-year during the “Olive Young Summer Sale” held from May 31 to June 6. It marked the platform’s highest sales record to date. As of the end of June, Olive Young Global had amassed over 3.35 million registered members, the company added. Sales in the U.K. rose over 300 percent, while the Southeast Asian market, including Malaysia (256 percent), Singapore (191 percent) and the Philippines (138 percent), also had a strong performance. “The trend is attributed to the rising global popularity of Korean cosmetics products, as well as increased exposure to these products through tourism,” an Olive Young Global official said. “Many international

Jul 31, 2025By Jhoo Dong-chan
Olive Young Global enjoys 70% year-on-year growth in first half sales
Banking & Finance

Insurers emerge as key players in global financial value chain

The insurance sector, once considered conservative and slow-moving, is now gaining attention as a key driver in reshaping global financial dynamics and advancing a sustainable financial ecosystem that goes beyond traditional risk coverage, industry officials said Thursday. Leading global financial institutions are recognizing the stability of insurers' assets and are increasingly incorporating them into fund management and alternative investment strategies. The insurance industry is known for its long-term, predictable contracts and strong credibility, positioning itself as a compelling option for global financial players seeking stability. Korean insurers are likewise strengthening their role in this evolving landscape. In particular, Hanwha Life Insurance is accelerating its global push to diversify income sources and boost asset management capabilities, responding proactively to the challenges of a low-growth domestic market shaped by demographic shifts and regulatory changes. On Wednesday (local time), Hanwha Life finalized its acquisition of a 75 percent stake in U.S. brokerage firm

Jul 31, 2025By Jun Ji-hye
Insurers emerge as key players in global financial value chain
Business

Korea exports beef to Laos, marking 6th overseas market for 'hanwoo'

Korea's premium "hanwoo" beef has begun exports to Laos, making the Southeast Asian country the sixth international destination for the prized meat, a domestic beef association said Thursday. According to the National Hanwoo Association, the first shipment was successfully completed last week, adding Laos to Korea's existing export markets of Hong Kong, Macau, Malaysia, Cambodia, Mongolia and the United Arab Emirates. The initial shipment involved 150 kilograms of hanwoo beef, the association said, noting that quarantine-related hurdles between the two countries were resolved through private-sector negotiations in collaboration with its partner PR Biz. Talks are currently under way with local buyers to export a total of 2 tons by the end of the year, it added.

Jul 31, 2025By Yonhap
Korea exports beef to Laos, marking 6th overseas market for 'hanwoo'
Companies

'Make American Shipbuilding Great Again' project touted as key contributor to tariff deal

The government said Thursday its proposal to create a $150 billion fund aimed at revitalizing the American shipbuilding industry played an important role in securing a tariff deal with the United States in Washington on Wednesday (local time), just before the Aug. 1 deadline. Shortly after meeting U.S. President Donald Trump at the White House to finalize the deal, Deputy Prime Minister and Finance Minister Koo Yun-cheol told reporters in the U.S. capital that the so-called “Make American Shipbuilding Great Again” (MASGA) project was a key contributor. “Recognizing Korean shipbuilders’ capabilities, Trump also requested immediate construction of new vessels in the U.S.,” Koo said. The proposed $150 billion investment is part of a $350 billion fund to be invested by Korea in the U.S. in return for reducing “reciprocal” and auto tariffs to 15 percent. Before the deal, Washington had planned to start imposing 25 percent “reciprocal” tariffs on Korean imports on Aug. 1. It had already levied 25 percent item-specific tariffs on Korean cars. According to the government, the M

Jul 31, 2025By Park Jae-hyuk
'Make American Shipbuilding Great Again' project touted as key contributor to tariff deal
Business

No extra imports of US beef, rice in tariff deal

Korea and the United States have agreed to maintain the status quo on agricultural and livestock trade as the two nations struck a deal Wednesday (local time) to reduce U.S. "reciprocal" tariffs on all Korean exports from 25 percent to 15 percent. The presidential office and industry ministry said they have protected their “red line” of not importing additional U.S. rice and beef so that farmers here would not lose their market shares due to cheaper imports. Despite issuing a statement thanking the government for the outcome, farmers expressed concerns that nontariff barriers on U.S. fruits and vegetables could become part of future negotiations. They worry that U.S. products in these categories continue to threaten domestic produce. Kim Yong-beom, presidential chief of staff for policy, said that under the deal, Korea will not further open its markets for rice, beef and other agricultural products. “The U.S. strongly demanded that we import more U.S. rice and beef. But considering our food security and farmers who are desperate to keep their market share here, we stood firm and re

Jul 31, 2025By Ko Dong-hwan
No extra imports of US beef, rice in tariff deal
Companies

Korea, US strike 15% auto tariff deal

Korea has defended itself “relatively well” in the last-minute auto tariff negotiation with the United States, as local carmakers will face a smaller financial burden following their latest agreement to set the tariff rate at 15 percent, experts and industry officials said Thursday. The stance of the Korean government was to reduce the earlier 25 percent auto tariff to 12.5 percent, but the country failed to narrow its gap with the U.S. agreeing to a 15 percent auto tariff on Wednesday (local time). Experts said the latest outcome is still a relief for tariff-hit Korean carmakers — particularly Hyundai Motor and Kia — as it is expected to boost their profitability in the second half of the year. The carmakers were hit hard in the second quarter, reporting double-digit declines in their operating profits due to the 25 percent tariff burden from the world’s largest economy. The U.S. began imposing the tariff on Korean automakers on April 3. “It leaves much to be desired that Korea has de facto lost its competitive edge from the Korea-U.S. Free Trade Agreement (KORUS FTA), after

Jul 31, 2025By Lee Min-hyung
Korea, US strike 15% auto tariff deal
Tech & Science

Samsung Electronics operating profit drops 55.2% in Q2

Samsung Electronics announced Thursday that its operating profit for the second quarter dropped 55.2 percent from a year earlier, as growth in its electronic device earnings failed to offset the sharp decline in its chip business. In a regulatory filing, the tech giant reported 74.57 trillion won ($53.53 billion) in sales and 4.68 trillion won in operating profit for the April-June period. While sales rose 0.67 percent year-on-year, operating profit was nearly cut in half compared to the same period last year. The numbers fell far short of the brokerage consensus of 76.33 trillion won in sales and 6.27 trillion won in operating profit. The chip-making Device Solutions Division posted 400 billion won in operating profit, down 93.85 percent from a year earlier, limiting the company’s overall profitability. The company said provisions for inventory valuation and other one-off expenses negatively affected the performance of the memory business. The company’s Device Experience Division, which handles finished products such as smartphones, TVs, refrigerators and other electronic devices, po

Jul 31, 2025By Nam Hyun-woo
Samsung Electronics operating profit drops 55.2% in Q2
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