my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • 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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Tech & Science

Concerns rise over potential hasty deal on LNG development

The government has been urged to avoid rushing into agreements on importing liquefied natural gas (LNG) from Alaska or participating in a pipeline construction project there, in exchange for favorable outcomes in ongoing trade negotiations with the United States. Citing uncertainty over the profitability of gas imports and the feasibility of the pipeline project, calls are mounting for the government to proceed more cautiously in tariff talks with the U.S. These warnings came as acting President Han Duck-soo said Monday he expects a teleconference between Korea and the U.S. within the next couple of days to discuss the Alaskan LNG issue. His remarks came about a week after U.S. President Donald Trump wrote on social media, after his 28-minute phone call with Han, that they talked about a joint venture for the Alaskan pipeline project. The state-run Korea Gas Corp. said Tuesday it held working-level talks with Alaska Gasline Development Corp. via online, although they did not discuss detailed issues. These developments raised the possibility of Seoul accepting Washington's demands related

Apr 15, 2025By Park Jae-hyuk
Concerns rise over potential hasty deal on LNG development
Companies

LG CNS partners with Google Cloud to diversify AI solutions in APAC region

LG CNS said Tuesday it will collaborate with Google Cloud to diversify its cloud-based AI transformation (AX) business across the Asia Pacific and Americas regions. Company CEO Hyun Shin-gyoon recently met with Google Cloud CEO Thomas Kurian and Karan Baz, general manager for Asia Pacific, at the Google Cloud Next 2025 event in Las Vegas to strengthen cooperation between the two companies. The partnership aims to expand AX business collaboration across industries. LG CNS will combine its cloud and AI expertise, cross-sector industry knowledge and IT service capabilities with Google Cloud’s generative AI and cloud solutions to help companies across APAC and the Americas adopt enterprise-wide AI. The Korean company plans to develop hundreds of generative AI services using Google’s AI model Gemini and its enterprise AI platform Vertex AI. The services will target industries including manufacturing, finance, retail, telecommunications and the public sector. LG CNS is particularly focused on leading the fast-growing health care and biotech AX market. According to the Korea Biotechnology I

Apr 15, 2025By Nam Hyun-woo
LG CNS partners with Google Cloud to diversify AI solutions in APAC region
Companies

US scientists verify red ginseng functions, boost KGC's health supplement business

Scientists in the United States have verified the health benefits of red ginseng, paving the way for Korea's largest ginseng extract maker to expand its presence in the global market. The latest findings on red ginseng were among the key topics discussed at the International Conference on the Science of Botanicals, held from April 7 to Thursday in Oxford, Mississippi. The event was organized by the U.S.-based National Center for Natural Products Research (NCNPR). Officials from the U.S. Food and Drug Administration, the Department of Agriculture,the National Science Foundation and the National Institutes of Health, as well as professors and researchers, were part of some 400 attendees at the event. Amir Rafie of Valiance Clinical Research in Los Angeles was among the presenters at the conference, according to Korea Ginseng Corp. (KGC), the developer of red ginseng extract products under its flagship brand JungKwanJang. He shared findings indicating that red ginseng intake contributes to improved cardiovascular health. Rafie confirmed the result through clinical studies on 108 adults. The

Apr 15, 2025By Ko Dong-hwan
US scientists verify red ginseng functions, boost KGC's health supplement business
Companies

HS Hyosung vice chair steps up outreach before APEC summit

HS Hyosung Vice Chairman Cho Hyun-sang is stepping up outreach efforts ahead of the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, North Gyeongsang Province, as part of his mission to strengthen the global presence of Korean businesses. Cho is the chair of the 2025 APEC Business Advisory Council (ABAC), a platform for private-sector discussions for regional economic cooperation between representatives from the 21 APEC member economies. As ABAC chair, Cho will lead four ABAC meetings this year and preside over a number of other key events, including the ABAC Dialogue with APEC Leaders, which will take place during the APEC summit’s run in October. During the ABAC meetings, business representatives from member economies gather to draft policy recommendations for enhancing regional economic cooperation. These recommendations are then formally presented to APEC leaders during the dialogue, serving as a basis for policy coordination and collaboration among member governments. According to HS Hyosung, Cho presided over this year’s first ABAC meeting in Brisbane, Austr

Apr 15, 2025By Nam Hyun-woo
HS Hyosung vice chair steps up outreach before APEC summit
Companies

Baemin faces backlash over new 'takeout' fee for restaurants

Woowa Brothers, operator of the country’s largest online food delivery platform Baedal Minjok, or Baemin, has faced backlash after introducing an additional fee for takeout orders charged to business users. The new fee, which took effect Monday, has drawn criticism primarily from businesses that depend on the platform for orders. They say the additional fee will further shrink their profitability, describing the measure as unfair. Woowa Brothers, owned by German food delivery giant Delivery Hero, started charging its business members a 6.8 percent fee Monday for each takeout order received through the platform. Takeout orders account for about 5 percent of the platform’s transactions, with the remainder consisting of doorstep deliveries. Each delivery order through the platform charges businesses up to 7.8 percent. There is also a separate “payment fee” for the businesses up to 3 percent. For a 20,000 won ($14.05) takeout order, the businesses now must pay up to 1,960 won to Woowa Brothers. Businesses using Baemin, upset with the new fee, have begun posting online about their dec

Apr 15, 2025By Ko Dong-hwan
Baemin faces backlash over new 'takeout' fee for restaurants
Tech & Science

Hyundai Motor ready for multilateral cooperation for Indonesian hydrogen project

Hyundai Motor Group has detailed its partnership with the Indonesian government and the country's state-run energy company Pertamina for a project to build a waste-to-hydrogen (W2H) ecosystem in the Southeast Asian nation. The announcement was made during the Global Hydrogen Ecosystem Summit 2025, held Tuesday in Jakarta by the Indonesia Fuel Cell & Hydrogen Energy. The event drew Indonesian government officials and business leaders who discussed the country's hydrogen roadmap and key initiatives supporting the transition. According to the Korean firm, the W2H model involves fermenting organic waste, such as food, sludge and livestock manure, to produce biogas. The company said this method allows for cost-effective regional hydrogen production by reducing the need for long-distance transportation and storage. Hyundai Motor Group has already implemented W2H technology in Korea through projects such as a mini hydrogen city in Paju, Gyeonggi Province, as well as facilities in North Chungcheong Province, including a food bio center in Chungju and a public sewage treatment plant in Cheongju.

Apr 15, 2025By Park Jae-hyuk
Hyundai Motor ready for multilateral cooperation for Indonesian hydrogen project
Companies

Hanwha to sign initial agreement with Poland's WB Group for joint missile venture

Hanwha Aerospace said Tuesday it plans to sign an agreement with Polish defense firm WB Group on the basic terms for an envisioned joint missile venture in the European nation. The two sides plan to sign what is known as a term sheet, a non-binding agreement that will outline the key terms and conditions of the envisioned joint venture, later in the day in Warsaw. Under the agreement, Hanwha Aerospace will hold a 51 percent stake, while WB Electronics, a subsidiary of WB Group, will hold the remaining 49 percent in the joint venture. The venture will support local production of the 80-kilometer-range Chunmoo guided missiles for the Polish military, and the two sides also plan to explore future exports to other European markets. A binding final contract is expected to be signed at a later date. Hanwha previously signed contracts totaling 7.2 trillion won ($5.06 billion) with Poland's armament agency since 2022 for the supply of Chunmoo missiles. In September, the two sides signed a memorandum of understanding (MOU) to produce guided rockets for the Chunmoo multiple launch rocket systems in

Apr 15, 2025By Yonhap
Hanwha to sign initial agreement with Poland's WB Group for joint missile venture
Companies

Orion to invest $584 mil. in facilities for growth

Orion, a major Korean confectionery company, said Tuesday it will invest 830 billion won ($584 million) in its production facilities to sharply drive up its sales in the coming years. Orion will invest 460 billion won to build an integrated "one-stop" facility to handle processes from production to logistics in Jincheon, about 90 kilometers south of Seoul, by 2027, the company said in a press release. Orion, best known for its iconic Choco Pie, currently operates six domestic plants and 11 overseas facilities — six in China, two in Vietnam, two in Russia and one in India. The company also plans to expand its overseas production facilities in Russia and Vietnam to meet rising demand for its confectionery and beverage products. In Russia, Orion will spend 240 billion won to upgrade one of its two plants. In Vietnam, it will inject 130 billion won to expand one of its two factories with a plan to build the third one by 2026, the release said. Helped by expanded production facilities, Orion aims to achieve an operating profit of 1 trillion won on sales of 5 trillion won in the long term. The

Apr 15, 2025By Yonhap
Orion to invest $584 mil. in facilities for growth
Others

Casinos see revenue surge as tourism returns to pre-COVID levels

Sales at Korea's top three casinos, which operate exclusively for foreign nationals, surged in the first quarter of 2025, buoyed by the return of international travelers, data showed Tuesday. Industry watchers expect further earnings growth, with the government planning to allow visa-free entry for Chinese group tourists — potentially as early as the third quarter. According to the Financial Supervisory Service's electronic disclosure system, DART, Paradise Hotel & Resort's casino division recorded preliminary sales of 222.9 billion won ($156.5 million) in the first quarter of 2025, an 8.8 percent increase from the year before. Although figures declined in January and February year-on-year, the casino posted a sharp rebound in March, with monthly sales surging 51.6 percent to 81 billion won. Grand Korea Leisure (GKL), operator of the Seven Luck casinos, also reported strong growth, with its preliminary first-quarter sales rising 15.6 percent to 108.3 billion won from a year earlier. "The increase in the hold percentage (casino's retained share of the total betting volume) and our target

Apr 15, 2025By Lee Yeon-woo
Casinos see revenue surge as tourism returns to pre-COVID levels
Companies

Hyundai Motor brings in former US congressman to lead Washington office

Hyundai Motor Group said Tuesday it has named former U.S. congressman Drew Ferguson as the director of its Washington D.C. office. The new director, who begins his role May 1, will oversee all communication between the company and the U.S. government. “With his deep understanding of the overall U.S. legislative process and experience coordinating various policies, Director Ferguson is expected to play a key role in further solidifying Hyundai Motor Group's cooperation with the U.S. government and policymakers in the automotive industry and future technology areas such as robotics and urban air mobility,” the company said in a press release. Ferguson is a former four-term Republican congressman from Georgia, serving from 2017 to 2024. From 2019 to 2023, he was chief deputy whip for House Republicans and is known for his deep understanding of U.S. President Donald Trump administration’s policies. He chaired the subcommittee on social security for the Committee on Ways and Means, and served as a member of the Committee on the Budget and the Joint Economic Committee. The director active

Apr 15, 2025By Lee Gyu-lee
Hyundai Motor brings in former US congressman to lead Washington office
previous page
518519520521522
next page

Most Read in Business