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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

Attack on chairman's family prompts Hanwha to revise rights offering plan

Hanwha Aerospace announced Tuesday that it will reduce the size of its planned rights offering to 2.3 trillion won ($1.6 billion), down from 3.6 trillion won. The remaining 1.3 trillion won will be raised through a third-party allotment, with Hanwha Group affiliates expected to purchase the new shares. The decision follows mounting political and market criticism that the record-breaking rights offering in the domestic stock market may have been designed to help the three sons of Hanwha Group Chairman Kim Seung-youn inherit control of the nation’s seventh-largest conglomerate. “Even if our plan made business sense, we chose to revise it because it did not gain support from our shareholders, civic groups, political circles or financial regulators,” An Byung-chul, head of Hanwha Aerospace’s strategy office, said during a press conference. The company stressed that its major shareholders would shoulder more of the burden of protecting minority shareholders. According to its regulatory filing, minority shareholders will be able to buy Hanwha Aerospace’s newly issued shares at 539,000

Apr 8, 2025By Park Jae-hyuk
Attack on chairman's family prompts Hanwha to revise rights offering plan
  • Hanwha chairman to transfer control to 3 sons
  • Hanwha's rights offering draws backlash
Companies

Samsung Heavy wins $325 mil. oil ship order in Oceania

Samsung Heavy Industries the world's third-largest shipbuilder by orders, said Tuesday it has received a 477.8 billion-won ($325 million) order to build four oil carriers in the Oceania region. Samsung Heavy plans to deliver the four vessels in phases to an unidentified Oceanian shipper by December 2028, the company said in a press release. "There is a growing replacement demand for aged oil carriers. The company will selectively receive orders to build higher-value ships, such as liquefied natural gas (LNG) carriers and floating LNG facilities," it said. With the latest contract, the company has so far won about $2.2 billion worth of orders this year, accounting for 22 percent of its annual order target of $9.8 billion, it said. It had an order backlog of $30.5 billion as of end-February, which will keep its Geoje-based shipyard, located about 330 kilometers south of Seoul, busy for the next three years. (Yonhap)

Apr 8, 2025By Yonhap
Samsung Heavy wins $325 mil. oil ship order in Oceania
Tech & Science

Telecom firms forecast over $682 mil. in combined operating profit

Major mobile carriers — SK Telecom, KT and LG Uplus — are expected to post a combined operating profit of over 1 trillion won ($682.6 million) in the first quarter of this year, signaling a promising outlook for overall growth throughout the year. According to the market tracker FnGuide, the three firms' total first-quarter revenue is estimated at 15.22 trillion won, with combined operating profits of 1.544 trillion won — marking year-on-year increases of 3.5 percent and 25 percent, respectively. The projected achievement comes as the firms have shifted focus to artificial intelligence (AI) investments and service expansion after undergoing workforce restructuring and system upgrades last year. The firms were also able to cut expenses with the government abolishing the Mobile Device Distribution Improvement Act last July, which helped reduce market overheating when new products are launched and the completion of joint 5G network construction. KT is expected to see the highest operating profit at 775.2 billion won, grossing about 7.055 trillion won in revenue. KT generated profits wi

Apr 8, 2025By Lee Gyu-lee
Telecom firms forecast over $682 mil. in combined operating profit
Companies

Hanwha Aerospace signs $274.3 mil. deal to supply parts for Poland's Krab howitzers

Korean defense giant Hanwha Aerospace said Tuesday it has signed a 402.6 billion-won ($274.3 million) deal to supply key components for Poland's self-propelled howitzers. Under the agreement with Poland's state-run Huta Stalowa Wola (HSW), the Korean company will deliver components, including powerpacks, to be integrated into Poland's Krab, according to Hanwha Aerospace. The Krab is a modified version of Hanwha Aerospace's K9 self-propelled howitzer. Hanwha Aerospace first partnered with HSW in 2014 to supply parts for 120 K9 howitzer chassis. The company has since signed two additional contracts in 2022 and 2023 to deliver a combined total of 364 K9 units. Hanwha Aerospace is also pursuing a separate contract for 300 more howitzers, aligned with a framework agreement signed with Poland in 2022. "The export deal is a strong example of our efforts to expand and diversify defense cooperation with Poland," Hanwha Aerospace Chief Executive Officer (CEO) Son Jae-il said. (Yonhap)

Apr 8, 2025By Yonhap
Hanwha Aerospace signs $274.3 mil. deal to supply parts for Poland's Krab howitzers
Companies

HD Hyundai forms shipbuilding alliance with Huntington Ingalls

HD Hyundai is accelerating its expansion into the U.S. market through a strategic shipbuilding partnership with Huntington Ingalls Industries, the largest defense shipbuilding company in the United States. On Tuesday, HD Hyundai announced the signing of a memorandum of understanding (MOU) with the U.S. company to improve shipbuilding productivity and foster advanced technological cooperation. The signing ceremony took place at the Huntington Ingalls Industries booth during the 2025 Sea-Air-Space exposition in Washington. The event was attended by Joo Won-ho, chief executive of the naval and special ship division at HD Hyundai Heavy Industries, and Brian Blanchette, president of Ingalls Shipbuilding. Huntington Ingalls Industries operates Ingalls Shipbuilding, the largest shipyard for surface combatants in the U.S., located in southern Mississippi. This shipyard is responsible for the construction of two-thirds of the U.S. Navy's recently ordered destroyers with Aegis weapons system installed, as well as the entire fleet of large amphibious assault ships and national security cutters. Und

Apr 8, 2025By Park Jae-hyuk
HD Hyundai forms shipbuilding alliance with Huntington Ingalls
Business

Korea to 'actively' negotiate on US steel, auto, reciprocal tariffs: trade minister

Korea will "actively" negotiate with the United States to minimize the impact of U.S. tariffs on Korean industries and the economy, Trade Minister Cheong In-kyo said Tuesday as he headed to Washington for talks on U.S. trade policies. "We have to negotiate on steel and auto tariffs during this U.S. visit as they are both major export items for Korea," Cheong told reporters, noting he will also work to identify Washington's tariff plans for semiconductor and other items. Cheong is set meet with U.S. Trade Representative (USTR) Jamieson Greer and other officials during his two-day U.S. visit. The trip marks the first of its kind by a senior Korean trade official since the Donald Trump administration announced country-by-country reciprocal tariffs, including 25 percent duties for Korea, set to take effect Wednesday (U.S. time). "It is good news to hear that U.S. President Trump said he is open to tariff negotiations with countries other than China ahead of our visit to Washington," he added. On Monday (U.S. time), Trump wrote on his social media account that negotiations with countries that

Apr 8, 2025By Yonhap
Korea to 'actively' negotiate on US steel, auto, reciprocal tariffs: trade minister
Companies

Samsung Electronics forecasts $4.49 bil. in Q1 operating profit

Samsung Electronics forecast stable earnings for the first quarter of this year on the back of strong sales of the Galaxy S25 smartphone series and better-than-expected shipments of legacy memory products. In its earnings guidance, the company estimated sales of 79 trillion won ($53.6 billion) and an operating profit of 6.6 trillion won for the January-March period. Sales increased by 9.84 percent year-on-year while operating profit fell by 0.15 percent year-on-year. The estimate outperformed the consensus of various brokerages, which projected the company’s first-quarter revenue and operating profit to be around 77.2 trillion won and 5.11 trillion won, respectively. Since this is an earnings guidance, which discloses a company’s expected financial performance for an upcoming period, Samsung Electronics did not provide a breakdown by business segment. However, it is assumed that strong sales of the Galaxy S25 smartphone series contributed significantly to the overall operating profit, with analysts estimating over 4 trillion won in operating profit for Samsung’s mobile division. Lau

Apr 8, 2025By Nam Hyun-woo
Samsung Electronics forecasts $4.49 bil. in Q1 operating profit
Companies

Theborn Korea executive accused of inappropriate conduct during interview with female applicant

An executive at Theborn Korea, the company run by celebrity chef Paik Jong-won, is facing allegations of inappropriate behavior after he invited a female job applicant to a drinking session under the pretext of a second interview. According to JTBC’s investigative program "Crime Chief," which aired on Monday, the woman had applied to become a franchise owner at a traditional market in Yesan County, South Chungcheong Province. She said that after a formal interview, she was contacted by a company executive, identified as “A,” who invited her to what he described as a “second interview,” held over drinks. The applicant said she felt pressured to attend because the invitation came directly from a senior executive. During the meeting, A showed her a YouTube video featuring himself on Paik Jong-won’s channel and made remarks regarding his level of influence within the company. He allegedly said, “The merchants in this video begged me to be selected. I have full authority,” and added, “I can arrange a meeting with CEO Paik.” The executive then allegedly encouraged her to dri

Apr 8, 2025By KTimes
Theborn Korea executive accused of inappropriate conduct during interview with female applicant
Companies

Hyundai, Kia shares plunge amid US tariff fears, investor confidence dips

Shares of Hyundai Motor and Kia are rapidly losing momentum as ongoing tariff pressures from the United States continue to fuel investor anxiety both domestically and internationally, according to market analysts and data released Monday. The two automakers have signaled efforts to navigate the ongoing uncertainty by increasing investment in the U.S., their largest export market. However, these efforts have fallen short of alleviating concerns, as their stock values have continued to plummet in recent weeks amid heightened fears over a 25-percent tariff on all auto imports. After U.S. President Donald Trump slapped the massive tariff on Thursday, shares of the two Korean carmakers have extended sharper declines. According to data from the Korea Exchange, Hyundai Motor shares set an all-time high of 299,500 won ($204.5) per share in June last year, but plunged to below 180,000 as of Monday. Shares of Kia also showed a similar trend during the same period, as investors engaged in a mass-selling spree of the carmakers’ shares due to the prevailing tariff uncertainties. Hyundai Motor and K

Apr 8, 2025By Lee Min-hyung
Hyundai, Kia shares plunge amid US tariff fears, investor confidence dips
Tech & Science

Korea advised to leverage network fee issue against tariff threats

U.S. President Donald Trump’s unprecedented move to impose a 25-percent "reciprocal" tariff has rattled Korea, prompting the country to explore every possible measure to counter the trade penalties. Amid growing calls for Korea to adopt a more strategic approach in response to Washington’s tariff threats, one potential bargaining chip gaining attention is the government’s stance on the proposed network usage fee bill. The bill would require global content providers to pay fees to local internet service providers, potentially serving as leverage in negotiations over other vulnerable sectors. A recent report by the U.S. Trade Representative flagged the network usage fee issue as a barrier to electronic commerce and digital trade in Korea. The network usage fees issue has been a hot potato in Korea over the past few years, as the global content platforms have garnered an increasing number of users, especially during the COVID-19 pandemic. Stressing that the proposed bill is similar to the European Union's Digital Networks Act, the Korean telecommunications industry says that it aims t

Apr 8, 2025By Lee Gyu-lee
Korea advised to leverage network fee issue against tariff threats
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