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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

Leader behind global growth of Buldak instant noodles visits Coachella

Samyang Roundsquare CEO and Vice Chair Kim Jung-soo, best known for her role in the global success of Samyang's Buldak instant noodles, visited the 2025 Coachella Valley Music and Arts Festival as part of its mission to grow the instant noodle brand into the world's top hot sauce brand. According to Samyang Roundsquare, the parent company of Samyang Foods, on Monday, Kim visited the world-renowned festival in California to support their promotional events for music fans. Samyang set up six booths at Coachella this year dedicated to promoting not only Buldak instant noodles but also its new Buldak sauce. Kim visited the user experience-oriented booths and tasted foods paired with Buldak sauce, Samyang said. The company said she also met with festival organizers and visitors. Samyang Foods signed an official partnership with Coachella, and is currently serving as the exclusive partner for the festival’s instant noodle and sauce category during the event, which began Friday and runs until Sunday. Samyang has introduced a new campaign phrase, “Rocket Hot, Ride the Buldak High,” to launc

Apr 14, 2025By Ko Dong-hwan
Leader behind global growth of Buldak instant noodles visits Coachella
Companies

Dongwon Group reorganizes food biz to strengthen global sales

Dongwon Group, a major food company in Korea, said Monday it will reorganize its food business affiliates to expand its overseas sales as part of its broader strategy to become a global player. At board meetings, the boards of directors approved a plan to make Dongwon F&B a wholly owned subsidiary of Dongwon Industries, the group's holding company, through a stock exchange, the company said. Dongwon F&B, well known for its canned goods and ready-made meals, was spun off from Dongwon Industries in 2000. The plan also includes consolidating four food-related units, including food service provider Dongwon Home Food and U.S. subsidiary Starkist, into a single business division. Dongwon Group said the restructuring is aimed at creating synergy across its food operations and securing new growth drivers by strengthening its global presence. The two companies will hold separate shareholders meetings on June 11 to vote on the merger plan. After the completion of the stock exchange as planned, Dongwon F&B will be delisted on July 31, it added. Through this restructuring, Dongwon Group aims to increas

Apr 14, 2025By Yonhap
Dongwon Group reorganizes food biz to strengthen global sales
Tech & Science

Naver keeps Google in check over map service for tourists

As Google again seeks access to Korea’s high-precision map data for Google Maps, the country's portal giant Naver is striving to maintain its edge with foreign users, rolling out a new tourist-friendly campaign. The BE LOCAL campaign, which will run from Monday through May 13, introduces restaurants, cafes, fashion stores and cultural spaces trending among local young people in popular tourist areas such as Myeong-dong, Seongsu-dong, Itaewon and Hannam-dong. With the feature, tourists will be able to quickly see restaurants, attractions, and activity spots that local users in their 20s and 30s most frequently saved on the map. As part of the campaign, the company collaborated with popular fashion, cosmetic and lifestyle brands among foreigners like Olive Young, Innisfree and Musinsa to offer discount coupons on the platform. Beginning in May, it will also give out limited-edition BE LOCAL campaign merchandise to users who download the map’s app and visit collaborating brands. "Naver Map is a platform that best understands Korea's latest trends based on the country's largest location

Apr 14, 2025By Lee Gyu-lee
Naver keeps Google in check over map service for tourists
Companies

China’s control of rare earth exports weighs on Korean industries

China’s restrictions on rare earth element exports will weigh heavily on Korean IT firms and carmakers by impeding the timely production of chips and electric vehicles (EVs) in the U.S., which reportedly has low inventory, experts said Monday. The New York Times reported on Sunday (local time) that the Chinese government ordered restrictions on April 4 on the export of six heavy rare earth metals, which are refined entirely in China, as well as rare earth magnets, 90 percent of which are produced in China. Following the order, those items can be shipped out of China only with special export licenses. This was seen as a retaliatory measure by Beijing in an escalating trade war following U.S. President Donald Trump’s imposition of massive tariffs of up to 145 percent on goods imported from China. With both sides showing no immediate signs of ending the conflict, Korea’s businesses are also on edge over the possible repercussions of the restrictions. The Korean government estimates that the country holds public stockpiles of more than six months' worth of key rare earth elements, incl

Apr 14, 2025By Lee Min-hyung
China’s control of rare earth exports weighs on Korean industries
Banking & Finance

Seoul shares rise nearly 1% on eased tariff woes; won sharply higher

Korean stocks ended nearly 1 percent higher Monday, led by gains of semiconductor and battery shares amid eased woes over the U.S. administration's sweeping tariffs. The Korean won soared to a four-month high against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 23.17 points, or 0.95 percent, to close at 2,455.89. Trade volume was a bit slim at 474.1 million shares worth 6.56 trillion won ($4.61 billion), with winners beating losers 634 to 255. Retail investors bought a net 192.6 billion won worth of stocks, while foreign investors and institutions combined sold a net 264.8 billion won. "Market sentiment is increasingly leaning toward the view that the tariff risks triggered by U.S. President Donald Trump may have peaked and are now beginning to ease," Han Ji-young, an analyst at Kiwoom Securities, said. Most blue chips advanced following losses the previous session. Market cap Samsung Electronics jumped 1.81 percent to 56,200 won, and leading battery maker LG Energy Solution climbed 2.24 percent to 343,000 won. Top automaker Hyundai Motor added 1.01 percen

Apr 14, 2025By Yonhap
Seoul shares rise nearly 1% on eased tariff woes; won sharply higher
Companies

Trump tariffs drive unexpected alliances in steel, car industries

The proverb “Yesterday’s enemy is today’s friend” may describe recent strategies Korean manufacturers have taken to counteract uncertainty over U.S. President Donald Trump’s trade policies. After the U.S. imposed sweeping 25 percent tariffs on all imports of steel products and cars under the stated intent of protecting American companies, longtime rivals in the steel, battery and automotive sectors began extending olive branches to each other. POSCO is reportedly considering an investment to acquire a partial stake in Hyundai Steel’s electric arc furnace-based integrated steel mill, scheduled to be built in Louisiana by 2029 and begin production the same year. If the cooperative agreement proceeds, Korea’s two largest steelmakers will join forces in the U.S. The potential partnership is expected to help POSCO secure a production base in the U.S. market, while enabling Hyundai Steel to raise capital for the mill’s construction. POSCO has already signaled its intent to boost investments in North America. Hyundai Steel also announced it would seek external investors to fund n

Apr 14, 2025By Park Jae-hyuk
Trump tariffs drive unexpected alliances in steel, car industries
Banking & Finance

MetLife's Asia head encourages Korean sales agents with breakfast

MetLife Asia Regional President Lyndon Oliver encouraged outstanding sales agents in Korea during his recent trip to the county, the Seoul office of New York-headquartered insurer MetLife said Monday. MetLife Korea said Oliver served select sales agents who were invited to a special breakfast in recognition of their exceptional sales performance. Titled “CEO Server’s Morning,” the breakfast took place at MetLife Korea’s office in southern Seoul on April 1. The event was attended by MetLife Korea CEO Song Young-rok and other executives in line with the multinational insurer’s goal to foster unity and boost corporate morale. “The professionalism of our agents, the diversity of our distribution channels, and our market-leading digital innovations are a true differentiator for MetLife,” Oliver said. He pointed out that these three traits are also behind MetLife Korea being the top foreign insurer in the Korean market. “I deeply appreciate the strong partnership we have with our career and general agency partners, whose deep relationships with their customers fully align with ou

Apr 14, 2025By Yi Whan-woo
MetLife's Asia head encourages Korean sales agents with breakfast
Others

Customs agency launches special probe into antidumping tariff evasion

The Korea Customs Service (KCS) said Monday it has launched a special inspection into attempts to evade antidumping tariffs. The customs agency has formed a task force dedicated to the probe, which will run through July 22, with the focus on identifying and investigating companies suspected of circumvention dumping. Circumvention dumping refers to an attempt to avoid antidumping duties through minor alterations of goods subject to such duties. Companies found in breach may be subject to back taxes and face criminal charges, the KCS said. "There is a possibility that third countries facing difficulties in exporting goods to the United States may divert low-priced goods to the Korean market to avoid antidumping duties," a KCS official said on condition of anonymity. The latest measure follows U.S. President Donald Trump's recent decision to impose country-specific reciprocal tariffs, including 145 percent duties on Chinese goods, though the new tariff scheme has been put on hold for 90 days.

Apr 14, 2025By Yonhap
Customs agency launches special probe into antidumping tariff evasion
Companies

Shinsegae introduces new luxury house ‘The Heritage’

Shinsegae Department Store opened its new outlet, The Heritage, on Wednesday, transforming a 90-year-old historical site into a complex that combines a cultural space with a luxury boutique. The five-story building, located next to Shinsegae’s main store in Myeong-dong in central Seoul, refurbished the former headquarters of Cheil Bank, which was built in the early 1930s and designated as a cultural property of Seoul in 1989. While preserving its historical and cultural significance, Shinsegae has repurposed the space into a luxury destination featuring high-end designer brands and curated art exhibitions. On the basement level, The Heritage houses a gift shop specializing in traditional Korean crafts, designed to attract foreign visitors who have an appreciation for the country's culture. The basement floor also includes prestigious global brand boutiques such as French crystal houses Lalique and Baccarat and Danish audio brand Bang & Olufsen. A Chanel boutique takes up the first and second floors of the building. Designed by American architect Peter Marino, the store not only sells Ch

Apr 14, 2025By Lee Gyu-lee
Shinsegae introduces new luxury house ‘The Heritage’
Companies

Gov’t to hold Korean business convention in Atlanta

The government will hold a convention this week to promote domestic and overseas Koreans’ business activities. The Overseas Koreans Agency (OKA) will host the World Korean Business Convention 2025 starting Thursday at Gas South Convention Center in Atlanta, Georgia, the government said Monday. The four-day event has been held since 2002 to promote business opportunities and networking between domestic and overseas Korean businesses. The government said a number of officials from Seoul and Washington are also expected to join the convention to discuss the looming global economic crisis amid the Donald Trump administration’s reciprocal tariff policy. “For this year’s event, about 350 domestic firms are expected to participate in the event. There will also be 405 exhibition booths in the venue,” a government official said in a press release. “The OKA will provide one-on-one business consulting for participating businesses. This will be a very helpful window, especially for start-ups.” It added that it will focus on exhibitions featuring Korea’s cultural and media content duri

Apr 14, 2025By Jhoo Dong-chan
Gov’t to hold Korean business convention in Atlanta
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