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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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Tech & Science

SKT launches world's first automatic in-flight Wi-Fi connection service

SK Telecom has launched a new service that allows its subscribers to connect to in-flight Wi-Fi without the hassle of complex login procedures — a first of its kind. The mobile carrier said Tuesday it debuted T In-flight Wi-Fi Automatic Roaming, which lets its customers access in-flight Wi-Fi on their existing mobile phone plans without separate authentication processes. Generally, in-flight Wi-Fi requires passengers to purchase access through the airline’s website in advance or make a payment after boarding. Once onboard, users typically need to access the airline’s portal and complete steps such as membership registration or user authentication. In July last year, SK Telecom launched its T In-flight Wi-Fi service, streamlining the process by allowing customers to complete all necessary steps via its website and connect to the internet by simply entering a voucher code onboard. The latest automatic roaming service enables users to seamlessly connect to in-flight Wi-Fi without needing separate authentication or voucher code entry. When passengers sign up for the automatic roaming se

Apr 15, 2025By Nam Hyun-woo
SKT launches world's first automatic in-flight Wi-Fi connection service
Banking & Finance

Top financial watchdog vows to push ahead with capital market initiatives

The head of Korea's financial watchdog has vowed to push ahead with a series of steps to boost fairness and transparency in the capital markets, as well as shareholder value, the Financial Supervisory Service (FSS) said Tuesday. In a meeting with dozens of bankers and financiers in Hong Kong on Monday, FSS Gov. Lee Bok-hyun said Korea's financial authorities will continue to carry out policy priorities for the capital markets based on solid fundamentals and strong resilience of the country's economy. The country lifted its ban on short selling for all stocks for the first time in five years last month. "This represents the Korean financial authorities' firm commitment to market predictability and investor confidence, and I can assure you that it will stay this way going forward," he said. Lee stressed that Korea has worked to enhance shareholders' interests and corporate values as a key priority under capital market initiatives, which include new legal safeguards to better protect shareholders, partly by fine-tuning stock delisting rules. He stressed that efforts to lay a more effective l

Apr 15, 2025By Yonhap
Top financial watchdog vows to push ahead with capital market initiatives
Tech & Science

Vice industry minister to visit US for Alaska LNG project amid tariff talks

Second Vice Industry Minister Choi Nam-ho said Tuesday that he plans to visit the United States to assess the feasibility of a liquefied natural gas (LNG) project in Alaska, which has emerged as a key issue in bilateral trade talks. During a lecture in Seoul, Choi said working-level talks between South Korea and the U.S. are under way regarding the Alaska LNG project, and that he is planning to travel to Alaska soon regarding the matter. U.S. President Donald Trump recently highlighted the interest of South Korea and other countries in partnering with the U.S. to build a pipeline from the North Slope, a proven massive reserve of natural gas, to southern Alaska, where the gas would be liquefied for shipments, primarily to Asia. "If the Alaska LNG project is developed and the gas is brought to the Northeast Asian market, the transportation distance would be roughly halved, which could make it economically viable for Korea, even if the production cost is slightly higher," Choi said. "Automobiles are one of our key export items, and the Alaska project could be considered part of our negotiat

Apr 15, 2025By Yonhap
Vice industry minister to visit US for Alaska LNG project amid tariff talks
Others

Auto exports edge up in March, shipments to US down 10 %

Korea's car exports inched up from a year earlier in March, driven by rising demand from Asian nations while shipments to the United States dropped sharply ahead of the start of U.S. tariffs on auto imports, data showed Tuesday. The value of outbound shipments of automobiles came to $6.24 billion last month, up 1.2 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy. It marked the second consecutive month of increase and the second-highest export value ever for any March, it added. In terms of volume, however, exports fell 2.4 percent on-year to 240,874 vehicles. The export value of eco-friendly cars declined 3.1 percent on-year to $2.02 billion in March. In terms of volume, however, sales advanced 5.8 percent to 68,760 units. Of the total, 41,969 were hybrid models, and 20,757 units were electric vehicles (EVs), the data showed. By region, exports to North America fell 8.4 percent on-year to $3.27 billion, primarily due to a 10.8 percent decline of shipments to the United States, which totaled $2.78 billion. Exports to the European Union decreased

Apr 15, 2025By Yonhap
Auto exports edge up in March, shipments to US down 10 %
Companies

RDA promotes Korean agriculture diplomacy with developing nations

With global food security as one of its key goals, the Rural Development Administration (RDA) is committed not only to sharing agricultural technology but also to advancing global agriculture through comprehensive international cooperation to address food security challenges. The RDA, a state-run agricultural research agency in Korea, has recently outlined three specific goals: maximizing the global impact of its official development assistance (ODA) projects, strengthening its global research and development networks and exporting Korean agricultural technology to where it is most needed. These initiatives are part of the agency's ongoing efforts to support developing countries with vulnerable domestic food supplies, the agency said. Through its ODA programs, the RDA supports the development of customized agricultural technologies tailored to the specific needs of individual developing countries, while also addressing shared agricultural challenges across regions. These efforts are made through centers in over 20 countries operated by the RDA’s Korea Partnership for Innovation of Agr

Apr 15, 2025By Ko Dong-hwan
RDA promotes Korean agriculture diplomacy with developing nations
Companies

Krafton denies BGMI data breach allegations raised in Indian legal complaint

Korean game publisher Krafton on Tuesday strongly denied allegations raised in India over data breaches and unauthorized sale of user information, stating its internal investigation has found no evidence to support such claims. The company's response came amid pending legal proceedings in the Indian state of Maharashtra, where a user of the company's mobile game Battlegrounds Mobile India (BGMI) filed a police complaint in September against Krafton India and several of its executives. According to a recent report by the Times of India, the user has accused the local subsidiary of violating a user agreement by allegedly disclosing and selling personal information of players on Telegram for around 2,000 rupees ($23) per user. The High Court of Bombay was scheduled to hold a hearing on the case later in the day. In a statement sent to Yonhap News Agency, Krafton headquarters in Korea said it has conducted an internal investigation into the matter and found the claims to be baseless. "We have reviewed the case thoroughly and confirmed that the allegations of data leakage and monetization are

Apr 15, 2025By Yonhap
Krafton denies BGMI data breach allegations raised in Indian legal complaint
Companies

Hyundai Steel, union sign wage deal after walkout, facility suspension

Hyundai Steel, Korea's second-biggest steelmaker, said Tuesday it has signed a wage deal with its labor union for the year of 2024 following multiple strikes and the temporary suspension of a production facility. The company has agreed on an increase of 101,000 won ($71) in monthly basic salary and 4 1/2 months of salaries plus 10.5 million won in bonuses, a company spokesperson said. The union said it signed what it called an "unsatisfactory" deal as an ongoing global trade war, a prolonged downturn in the steel industry and the company's emergency management mode are expected to further weigh on unionized workers' lives. On March 14, Hyundai Steel entered an emergency management mode to cope with growing challenges, including the imposition of 25 percent tariffs on steel imports by the U.S. government and continued strife with unionized workers. The company temporarily suspended its cold-rolled steel facility in Dangjin, about 80 kilometers southwest of Seoul, from Feb. 24 to March 31 in the wake of a monthslong strike by its workers demanding pay hikes. The pickling line/tandem cold mi

Apr 15, 2025By Yonhap
Hyundai Steel, union sign wage deal after walkout, facility suspension
Banking & Finance

Korea to impose up to 5-year ban on illegal short selling

Korea will impose stricter sanctions, including a trading ban of up to five years, on individuals found to have engaged in illegal short selling and other unfair trading practices, the Financial Services Commission (FSC) said Monday. Under the revised enforcement decree of the Capital Markets Act, approved at a cabinet meeting on Monday, the new rules will take effect on April 23. The key measure restricts individuals involved in unfair trading or illegal short selling from trading financial investment products for up to five years. The length of the ban will be determined based on factors such as the market impact, the volume of short sale orders and the scale of illicit profits. Accounts suspected of being used for unfair practices may also face immediate payment suspensions for up to one year. Financial institutions that fail to comply with an FSC suspension request could be fined up to 100 million won ($70,209). The revised decree also bars individuals found guilty of such practices from serving as executives at listed firms or financial institutions. Restrictions could last up to fi

Apr 15, 2025By Lee Yeon-woo
Korea to impose up to 5-year ban on illegal short selling
Business

Trump says he's looking to help some auto companies amid tariff concerns

U.S. President Donald Trump said Monday that he is looking at "something" to help some automotive companies, as he was addressing a question over the possibility of tariff exemptions for certain product categories. The president made the remarks during a press availability, while meeting El Salvador's President Nayib Bukele at the White House. His administration's 25 percent tariffs on imported cars went into effect earlier this month. "We are looking at something to help some of the car companies," Trump said, noting that the companies are "switching to parts" that were made in Canada, Mexico and other places. "They need a little bit of time because they are going to make them here," he added. Asked if he will grant tariff exemptions to Apple products or smartphones, Trump said he is a "flexible" person. "I don't change my mind, but I'm flexible," he said. He went on to say he does not want to hurt anybody. "But the end result is we are going to get to the position of greatness for our country with the greatest economic power in the world if we are smart," he said. "If we are not smart, we

Apr 15, 2025By Yonhap
Trump says he's looking to help some auto companies amid tariff concerns
Business

Bessent says US will negotiate with Korea over trade next week, stresses 'first mover advantage'

The United States will engage in trade negotiations with Korea next week, Treasury Secretary Scott Bessent said Monday, stressing the "first mover advantage," as countries are striving to strike deals with the U.S. to minimize the impact of President Donald Trump's tariff policy on their economies. In a Bloomberg interview, Bessent touched on plans for upcoming negotiations with Korea and Japan. Earlier this month, Trump imposed steep "reciprocal" tariffs on the two allies and dozens of other countries but later placed a 90-day pause on the new tariffs. "We had Vietnam in last week. We (have) Japanese in on Wednesday. ... Korea next week," he said. "So it's going to move fast." The secretary underscored there will be a "first mover" advantage as Japanese Prime Minister Shigeru Ishiba told parliament Monday (Tokyo time) that Japan will not make compromises for the sake of quickly wrapping up tariff talks with the U.S. "I think there will be advantage to our allies, especially a first mover advantage," he said. "Usually, the first person who makes a deal gets the best deal." Asked which cou

Apr 15, 2025By Yonhap
Bessent says US will negotiate with Korea over trade next week, stresses 'first mover advantage'
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