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    Samsung considers appealing UK ruling over Swatch watch face suit

    Samsung Electronics said Thursday it is considering “all possible countermeasures, including an appeal” to a U.K. High Court’s decision to pay Swatch Group $11.6 million in damages for hosting smartwatch watch face designs that replicated the Swatch brands on its Galaxy app store. “We are carefully considering the High Court's judgment and will consider all possible countermeasures, including an appeal,” Samsung said in a statement. The High Court in London ruled Wednesday (local time) that Samsung should pay damages to the Swiss watchmaker as watch face apps developed by third parties have copied watch face designs of Swatch brands such as Breguet, Blancpain, Omega, Longines and Tissot. The ruling was for far less than the $170 million (235.7 billion won) in damages that Swatch Group initially sought, but far higher than Samsung’s claim that it gained only $300 by selling the watch face apps and that Swatch did not suffer any damage. According to local media reports, the court ruled that the majority of the damages were specifically for display infringement that harmed Swatc

    2 MIN READBy Nam Hyun-woo
    Samsung considers appealing UK ruling over Swatch watch face suit
  • Tech & Science

    Korea to launch homegrown Nuri rocket on Oct. 7

    1 MIN READBy Yonhap
    Korea to launch homegrown Nuri rocket on Oct. 7
  • Companies

    Google fuels Korea's AI surge with expanded training

    2 MIN READBy Lee Kyung-min
    Google fuels Korea's AI surge with expanded training
  • Companies

    AMCHAM, Speak highlight AI's role in developing global workforce

    2 MIN READBy Lee Gyu-lee
    AMCHAM, Speak highlight AI's role in developing global workforce
  • Tech & Science

    Korea to spend $1.66 bil. won through 2030 on full-stack humanoid development

    1 MIN READBy Yonhap
    Korea to spend $1.66 bil. won through 2030 on full-stack humanoid development
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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

JoongAng Ilbo begins workout as creditors back debt restructuring

JoongAng Ilbo, one of Korea's major newspaper publishers, won approval Friday to begin a workout program after facing a liquidity crisis. A workout is a debt restructuring process conducted through negotiations with creditors, allowing a company to retain greater control over its restructuring than under court-supervised rehabilitation. The decision came about three weeks after JoongAng Ilbo, the flagship of JoongAng Group, formally applied for a workout with its lead creditor, Hana Bank, on June 19, after a 22 billion won ($15 million) commercial paper issue was officially declared in default amid mounting financial strain across the group. Hana Bank and other financial creditors approved the launch of the workout at the first creditors' meeting, held through a written vote. By 6 p.m., creditors representing more than 75 percent of outstanding financial claims had backed the plan, meeting the threshold required to begin the process. Under Korean law, a workout requires approval from creditors representing at least three-quarters of outstanding financial claims. Following the approval, cre

Jul 10, 2026By Jun Ji-hye
JoongAng Ilbo begins workout as creditors back debt restructuring
Companies

Ferrari strengthens Korea footprint with Hyosung, Samsung collaborations

Ferrari is deepening its ties with Korean companies through technology collaborations and an expanded luxury retail footprint, with CEO Benedetto Vigna describing Korea as an inspiring market and calling for broader cooperation in electrification and digital technologies during last month's Korea-Italy business roundtable in Rome. Held on the sidelines of President Lee Jae Myung's state visit to Italy, the meeting underscored Ferrari's view of Korea not only as a key luxury car market but also as a strategic technology partner. Earlier this year, Ferrari unveiled a one-off 12Cilindri Tailor Made model in Seoul featuring Korean artistic elements, including traditional lacquerware and horsehair craftwork, highlighting its efforts to localize the brand in one of Asia's fastest-growing luxury markets. The momentum continued in June, when reservations for Casa Ferrari, a brand immersion pop-up in Seoul's Seongsu neighborhood, reached nearly 2,000 within an hour of opening. Vigna's remarks also drew renewed attention to Ferrari's long-standing relationships with Korean partners, particularly H

Jul 10, 2026By Lee Gyu-lee
Ferrari strengthens Korea footprint with Hyosung, Samsung collaborations
Companies

Gov't reviews support for workers of troubled supermarket chain Homeplus

The government has reviewed the progress in rolling out supportive measures for workers of the troubled supermarket chain Homeplus after a court decided to terminate its rehabilitation proceedings, the finance ministry said Friday. First Vice Finance Minister Lee Hyoung-il chaired a task force meeting to review the progress in implementing support measures for affected workers and subcontractors after vowing last week to provide up to 21 million won ($13,980) in substitute payments for unpaid wages. The government said the labor ministry received 692 inquiries and provided information on available support programs. The task force also identified 33.3 billion won in unpaid wages for June and vowed to closely monitor any additional delays in wage payments. Last week, Korea also offered low-interest loans of up to 10 million won at a rate of 1.5 percent within the amount of their unpaid salaries. During the meeting, the participants vowed to continue closely monitoring damage suffered by workers and business partners affected by the termination of Homeplus' rehabilitation proceedings and to

Jul 10, 2026By Yonhap
Gov't reviews support for workers of troubled supermarket chain Homeplus
Companies

Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks

Hyundai Motor, Kia and General Motors (GM) Korea are edging closer to labor action amid their stalled wage negotiations, sparking concerns over production disruptions that could cost hundreds of billions of won. Hyundai Motor's union will stage a two-hour partial strike each day starting Monday, as it failed to find a breakthrough in its wage negotiation with the carmaker’s management. Unionized workers from the automaker are demanding management provide a performance bonus equivalent to 30 percent of the firm’s net profit last year — a figure seen by its management as highly excessive, as the carmaker suffered a net profit fall of more than 20 percent in 2025 in the aftermath of U.S.-imposed auto tariffs. This year’s negotiations have also stalled over a new contentious issue: manufacturing automation driven by advances in physical artificial intelligence (AI). Earlier this year, Hyundai Motor Group shared plans to gradually deploy Boston Dynamics' Atlas humanoid robots across major production facilities in Korea and overseas, prompting strong opposition from the union. In respon

Jul 10, 2026By Lee Min-hyung
Hyundai Motor, Kia, GM Korea on verge of strike amid faltering wage talks
Companies

Samsung Electronics' largest union urges withdrawal of local voucher wage bill

Samsung Electronics' largest labor union on Friday called for the withdrawal of a proposed revision to the Labor Standards Act that would allow employers to pay part of workers' wages with local gift certificates, arguing that the bill undermines the principle that wages should be paid in legal currency. According to a wage agreement reached in May, employees in Samsung Electronics' Device Solutions (DS) Division could receive performance-based incentives of up to 600 million won ($397,000) each if earnings meet expectations, while employees in the Device eXperience (DX) Division, the company's consumer electronics business, are expected to receive company shares worth about 6 million won. The Samsung Electronics Labor Union (SELU) criticized proposed legislation, introduced Wednesday by Rep. Park Min-kyu of the ruling Democratic Party of Korea, which would amend the Labor Standards Act to allow employers to pay part of workers' wages, including performance bonuses, in local gift certificates or other non-cash forms with employees' explicit consent or under a collective bargaining agre

Jul 10, 2026By Nam Hyun-woo
Samsung Electronics' largest union urges withdrawal of local voucher wage bill
Companies

Naver donates $300,000 for Venezuela earthquake relief

As Venezuela recovers from a devastating earthquake, Naver is stepping in with corporate donations and thousands of users on its online giving platform are joining the relief effort. Naver said Friday it donated $300,000 to support recovery efforts following the powerful earthquake that struck Venezuela in June. The company said the donation will be distributed through its online donation platform, Happy Bean, with UNICEF, the U.N. Refugee Agency and the U.N. World Food Programme each receiving $100,000. The funds will be used to support relief and reconstruction efforts in areas affected by the earthquake. Naver said the initiative continues its long-standing support for disaster relief efforts in Korea and overseas. The company donated 1 billion won ($661,993) last year to support recovery from torrential rains and another 1 billion won for wildfire recovery in the Gyeongsang and Ulsan regions. In 2023, it donated $1 million to support recovery efforts following the earthquakes in Turkey and Syria. The company's online donation platform, Happy Bean, has also seen strong public participati

Jul 10, 2026By Lee Kyung-min
Naver donates $300,000 for Venezuela earthquake relief
Companies

Seoul, Dunamu partner to advance financial literacy for young adults

As digital assets become an increasingly visible part of the financial landscape, Dunamu and the Seoul Metropolitan Government are teaming up to help young people build practical financial skills while learning to navigate emerging technologies and avoid fraud. Dunamu, the operator of the cryptocurrency exchange Upbit, said Friday it signed a memorandum of understanding with the Seoul Metropolitan Government to strengthen financial literacy among young adults and promote a better understanding of digital assets. The agreement was signed Thursday at the Korea Press Center by Yoon Seon-joo, chief brand and impact officer at Dunamu, and Kim Cheol-hee, director general of the Seoul Metropolitan Government's Youth Policy Division. Under the partnership, the two sides will develop a public-private digital finance education model designed to address financial challenges facing young people, including asset building, housing costs and financial decision-making. The program will combine Dunamu's educational content on digital assets and future finance with the city's youth policy infrastructure. T

Jul 10, 2026By Lee Kyung-min
Seoul, Dunamu partner to advance financial literacy for young adults
Companies

Samsung, SK face new pressure to expand investment in US

Samsung Electronics and SK hynix are facing renewed pressure to expand their semiconductor manufacturing footprint in the United States, after U.S. Commerce Secretary Howard Lutnick publicly urged the two Korean memory chipmakers to build production facilities there. Lutnick made the remarks Thursday (local time) during a concrete-pouring ceremony for Micron Technology's semiconductor fabrication plant under construction in Clay, New York. His remarks came immediately after Micron unveiled plans to invest approximately $250 billion (377 trillion won) through 2035 to expand its U.S. manufacturing capacity, underscoring the U.S. Donald Trump administration's push to strengthen domestic semiconductor production. Speaking at the event, Lutnick said he has been holding discussions with both Samsung Electronics and SK hynix regarding their U.S. operations, although he declined to provide specific details. The message is widely viewed as signaling Washington's desire for the two Korean companies to establish advanced memory wafer fabrication plants in the U.S., going beyond the investment plans

Jul 10, 2026By Lee Min-hyung
Samsung, SK face new pressure to expand investment in US
Banking & Finance

KakaoBank CEO joins president's state visit to Mongolia

KakaoBank CEO Yun Ho-young attended the Korea-Mongolia Business Forum in Ulaanbaatar held on the sidelines of President Lee Jae Myung's state visit to Mongolia, the lender said Friday. Yun was the only CEO of a Korean commercial bank included in the president's business delegation during the three-day trip. At the forum held the previous day, Yun delivered a presentation titled "Beyond Banking, Into Every Life," introducing KakaoBank's digital banking model and its use of alternative credit scoring and artificial intelligence (AI) to broaden access to financial services. He said Korea's largest internet-only lender has lowered barriers to customers by reducing time, cost and credit constraints, citing its alternative credit assessment model as a key tool for extending loans to underserved borrowers. On the sidelines of the forum, KakaoBank signed a term sheet with Mongolia's MCS Holdings for a strategic investment in the latter's digital banking subsidiary, M Bank. KakaoBank plans to complete the investment in the Mongolian bank within this year after signing a final agreement and obtaini

Jul 10, 2026By Lee Hyo-jin
KakaoBank CEO joins president's state visit to Mongolia
Companies

Lee calls out IKEA Korea over alleged anti-labor practices

President Lee Jae Myung said Friday that the government will investigate allegations that IKEA Korea demoted an employee and pressured the worker to resign after returning from parental leave, vowing strict action if the allegations are confirmed. "If the allegations are found to be true after a thorough investigation, we will take stern measures in line with international standards," Lee wrote on X, formerly Twitter, as he shared a news report on the case. Lee said some multinational companies regarded as exemplary employers abroad had drawn criticism for adopting opaque management and anti-labor practices in Korea. "That was during a time when the Korean government pursued anti-labor policies and was tainted by corruption," Lee wrote. "Now that Korea is becoming a model society with a government that leads by example, such outdated management practices cannot be tolerated." He added that just as Korean companies should not engage in anti-labor practices overseas, foreign companies should not do so in Korea. The report alleged that IKEA Korea demoted an executive returning from parental

Jul 10, 2026By Ko Dong-hwan
Lee calls out IKEA Korea over alleged anti-labor practices
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