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  • Companies

    Chinese EV makers gain traction in Korea's import car market despite uphill battle

    When Choi, a 35-year-old office worker living in Korea, started looking for her next car, she did not expect BYD, a Chinese electric vehicle (EV) brand, to make her shortlist. “I've wanted an electric vehicle, but domestic models are just too expensive,” Choi said, adding that rising fuel prices first sparked her interest in EVs. Her attention later turned to Chinese brands after reading about China's rapid adoption of EVs and how it helped cushion the country from recent oil-price shocks linked to the conflict in the Middle East. “I still have some biases against Chinese products, but with so many people driving them in China, I figured they can't just be cheap junk,” she said. “They’ve probably spent years developing the technology and gone through plenty of trial and error.” Choi’s case reflects a subtle shift underway: Chinese EV makers are stepping up their presence in Korea, one of the world’s most competitive automotive markets, and are now gaining traction. The push comes as Chinese-made vehicles overtook Japanese brands in Korea’s import market for the first t

    3 MIN READBy Yulu Ao
    Chinese EV makers gain traction in Korea's import car market despite uphill battle
  • Companies

    Watchdog launches review on Google's alleged fair trade violation

    1 MIN READBy Yonhap
    Watchdog launches review on Google's alleged fair trade violation
  • Companies

    Temu boosts IP protection for K-brands

    2 MIN READBy Ko Dong-hwan
    Temu boosts IP protection for K-brands
  • Business

    National Growth Fund to scale up investment in physical AI sector

    1 MIN READBy Yonhap
    National Growth Fund to scale up investment in physical AI sector
  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

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

Korea Zinc offices raided over probe into plan to sell new shares

Prosecutors on Wednesday raided the headquarters and offices of Korea Zinc over their probe into a plan to sell new shares by the world's largest zinc smelter. The Seoul Southern District Prosecutors Office sent prosecutors and investigators to search six offices and five residences of Korea Zinc's executives to secure evidence. Prosecutors suspect that Korea Zinc's plan to sell new shares, announced in October last year, may constitute an unfair trading practice and violate the Financial Investment Services and Capital Markets Act. Financial regulators have asked prosecutors to investigate the case, saying that it was linked with unfair practices.

Apr 23, 2025By Yonhap
Korea Zinc offices raided over probe into plan to sell new shares
Tech & Science

Korea opens 1st OLED display parts testing center

Korea's first organic light-emitting diode (OLED) display parts testing center opened Wednesday in South Chungcheong Province, as part of efforts to boost the competitiveness of the country's display materials industry, the Ministry of Trade, Industry and Energy said. The center, located within the special industrial zone for display companies in the central province, will provide an OLED display testing environment to display parts manufacturers, helping them evaluate and refine their products, according to the ministry. The ministry said the central and local governments invested a combined 159.8 billion won ($112 million) to establish the center with an aim to enhance the competitiveness of the domestic display parts industry in line with the country's leadership in the global OLED display market. "The government will continue its efforts to strengthen the competitiveness of the display industry by developing next-generation displays, expanding local production of display components and fostering talent in the sector," said Lee Seung-ryeol, deputy minister for industry policy at the

Apr 23, 2025By Yonhap
Korea opens 1st OLED display parts testing center
Tech & Science

Korea to apply AI technology in retail businesses for productivity innovation

Korea will work to apply artificial intelligence (AI) technology in retail businesses as part of efforts to enhance the productivity of the highly competitive sector, the industry ministry said Wednesday. A new alliance of some 40 retail and AI companies was set to be launched later in the day to this end, according to the Ministry of Trade, Industry and Energy. The alliance plans to initiate 10 projects aimed at developing AI-based retail sales models, supporting the creation of 30 AI-focused retail startups and compiling a database of 1 million standardized retail product entries. The ministry said the current AI utilization rate among local retail companies remains below 3 percent, but more active adoption of the technology is needed to improve the productivity of the sector amid fierce global competition and rapidly evolving consumer trends.

Apr 23, 2025By Yonhap
Korea to apply AI technology in retail businesses for productivity innovation
Tech & Science

SK Bioscience wins over Moderna in mRNA patent suit

Korean biotech firm SK Bioscience won a domestic legal battle over vaccine giant Moderna’s patent on messenger ribonucleic acid (mRNA) technology, effectively nullifying the U.S. pharmaceutical company’s monopoly over the technology that is crucial for developing next-generation vaccines. SK Bioscience said Wednesday it clinched a final victory in a lawsuit to invalidate Moderna’s patent titled “Modified Nucleosides, Nucleotides, and Nucleic Acids and Uses Thereof.” Moderna is known for its mRNA COVID-19 vaccine, and the patent is the only use patent related to manufacturing mRNA platforms registered in Korea. SK Bioscience filed the lawsuit in 2023 in a preemptive move to prevent the patent from hampering the development of mRNA-based vaccines, including the company’s GBP560 Japanese encephalitis virus vaccine. After nearly two years of deliberation, Korea’s Intellectual Property Trial and Appeal Board ruled last month that the patent lacked validity in terms of priority rights and inventiveness. As Moderna did not file an appeal within the legal time frame, the ruling be

Apr 23, 2025By Nam Hyun-woo
SK Bioscience wins over Moderna in mRNA patent suit
Companies

Korean Air wins bid for UH-60 Black Hawk helicopters upgrade project

Korean Air has been named the preferred bidder for a project to upgrade the UH-60 helicopters used for Korea’s armed forces, an undertaking worth 961.3 billion won ($673 million). A consortium — led by the national flag carrier — won the bid from the Defense Acquisition Program Administration (DAPA), Wednesday. The consortium also includes LIG Nex1 and Collins Aerospace. The UH-60 Black Hawk serves as a multi-purpose helicopter utilized by the Republic of Korea Army and Air Force for their special operations. The modernization will enhance the performance of a total of 36 UH-60 helicopters. This involves upgrades for digital cockpits, engines, survivability systems and communication suites, according to Korean Air. The airline will also offer integrated depot maintenance and force integration support under the project. The airline’s involvement with the UH-60 includes licensed production between 1991 and 1999. Korean Air currently provides depot maintenance and partial performance upgrades and modifications for the helicopter. Decades of technical expertise in its maintenance were

Apr 23, 2025By Lee Min-hyung
Korean Air wins bid for UH-60 Black Hawk  helicopters upgrade project
Companies

Naver to release 3 AI models as open source, free for commercial use

Naver, the No. 1 online portal operator in Korea, said Wednesday it will release three lightweight models of homegrown artificial intelligence (AI), HyperCLOVA X, as open source. The new models — HyperCLOVA X SEED 3B, HyperCLOVA X SEED 1.5B and HyperCLOVA X SEED 0.5B — will be available free for commercial purposes, starting from Thursday, according to Naver. Among them, HyperCLOVA X SEED 3B is a visual language model capable of processing not only text but also images and video. It can interpret diagrams, recognize objects and describe photos, making it suitable for a wide range of multimodal applications. According to Naver, the SEED 3B model outperformed comparable U.S. and Chinese models in visual comprehension tasks, based on average scores from nine benchmark tests evaluating Korean and English-language capabilities. Naver said it also plans to introduce an inference AI model based on the flagship HyperCLOVA X within the first half of the year. Additionally, the company will continue enhancing HyperCLOVA X's multimodal functionality, moving beyond text to include images, video a

Apr 23, 2025By Yonhap
Naver to release 3 AI models as open source, free for commercial use
Companies

Frozen pizza overtakes dumplings as CU's top-selling convenience food

Frozen pizza has become the top-selling refrigerated food product at CU convenience stores, surpassing dumplings for the first time in terms of sales share, the store chain said Wednesday. From January through Sunday, pizza products accounted for 28.1 percent of CU's refrigerated food sales, outpacing frozen dumplings and chicken products, which accounted for 27.2 percent and 25.8 percent, respectively. Last year, dumplings were the most popular product in the category, accounting for 31.8 percent of frozen food sales, followed by chicken and pizza products, with 25.7 percent and 24.3 percent shares, respectively. The sales share of frozen pizza has been steadily growing from 17.9 percent in 2021 to 22.2 percent in 2023. CU attributed the trend to the rising number of single person households seeking easy-to-prepare meals and the growing variety of frozen pizza products available at its stores.

Apr 23, 2025By Yonhap
Frozen pizza overtakes dumplings as CU's top-selling convenience food
Companies

KORAIL clinches Manila subway contract, eyes global railway expansion

Korea Railroad (KORAIL) signed a contract Tuesday with a Filipino company to operate and maintain a planned metro subway line in the Philippines, according to the Ministry of Land, Infrastructure and Transport. The signing marks a significant step in the state-run Korean railway operator’s push to expand its global presence by leveraging advanced technology and operational expertise developed through its high-speed services, including the KTX, which connects cities nationwide, and GTX, which serves the greater Seoul area. KORAIL President & CEO Han Moon-hee met with Ramon Ang, chairman and CEO of San Miguel Corp., in Manila to finalize the partnership for MRT-7, a metro line scheduled for completion and launch in the Filipino capital in December 2026. The 23-kilometer subway line will serve 14 stations across Metro Manila. The two sides agreed that KORAIL will jointly operate the metro line with San Miguel and carry out maintenance work from July until December 2034. KORAIL will oversee a team of 28 experts, including local professionals, to handle subway control, service monitoring,

Apr 23, 2025By Ko Dong-hwan
KORAIL clinches Manila subway contract, eyes global railway expansion
Others

Business sentiment for May pessimistic over int'l trade risks, poll shows

Korea's business sentiment remains pessimistic for May, a poll showed Wednesday, amid growing risks associated with global trade. The business survey index (BSI) of the country's top 600 companies by sales stood at 85 for next month, according to the monthly poll by the Federation of Korean Industries (FKI). A reading below 100 means pessimists outnumber optimists, while a figure above the benchmark means the opposite. The index has remained below 100 for 38 consecutive months since April 2022. The BSI for the manufacturing sector came to 79.2 for May, while the index for nonmanufacturing was recorded at 90.8. Among nonmanufacturing industries, all but the restaurant and lodging sectors anticipated weakened confidence for May. Most manufacturing industries also anticipated negative sentiment except those involving pharmaceuticals and foodstuff products. "International trade uncertainty is significantly increasing due to the tariff policies of the United States and response measures from major countries," an FKI official said.

Apr 23, 2025By Yonhap
Business sentiment for May pessimistic over int'l trade risks, poll shows
Companies

Affordable cosmetics become new blue ocean for retail giants

Affordable cosmetic products are becoming a new blue ocean for retail giants in Korea as more companies are introducing products or forming partnerships to do so. Behind the trend is a surge in retail prices that has led to a slump in consumption. With shoppers looking for more affordable options, beauty product makers are increasingly responding to demand for less expensive alternatives. Major superstore chain Emart and Korean beauty product giant LG H&H have introduced a new line of cosmetic products offering smaller amounts for similarly lower prices. Eight different skincare products under the company's Beyond brand sell for less than 5,000 won ($3.50), including toner, serum, moisturizer and multi balm, all containing ingredients like collagen, bakuchiol and glutathione. The products all come in amounts of 150 milliliters or less. Emart said the products cater to the current "slow-aging" beauty trend. LG H&H, which owns premium beauty brands like Whoo and Ohui, said its partnership with Emart came about as beauty product consumers have become increasingly interested in value. The co

Apr 23, 2025By Ko Dong-hwan
Affordable cosmetics become new blue ocean for retail giants
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