SK Group conducted its annual executive reshuffle Friday, retaining the CEOs of major affiliates, including record-setting SK hynix, while reshuffling management at its energy-related units. Having replaced numerous affiliate CEOs last year, the group focused this time on maintaining leadership stability while promoting executives with specialized expertise to enhance business competitiveness. SK hynix CEO Kwak Noh-jung, who has led the company since March 2022, will retain his post. SK Group's holding company, SK Inc., also retained CEO Jang Yong-ho. However, Jang will step down as CEO of SK Innovation, a position he had held concurrently, to focus on leading the holding company. SK Inc. promoted Kim Sun-hyuk, head of strategy at SKC, to president overseeing portfolio management as part of efforts to accelerate the group's portfolio restructuring. In the energy and chemicals sector, the group appointed executives with expertise in managing external risks and developing new businesses to key leadership positions. SK Innovation named Cheong Seung-il, president in charge of future growth at

Samsung Electronics will pay out 30 trillion won ($22.5 billion) in dividends for the third quarter, increasing its dividend per share more than 12-fold in a move to address the mismatch between its sluggish share price and record-breaking earnings performance. The company reported an operating profit of 107.44 trillion won and revenue of 195.25 trillion won for the July-September period, up 783.1 percent and 126.9 percent year-on-year, respectively, on Thursday. The chipmaking Device Solutions Division accounted for most of the profit, logging 147.1 trillion won in sales and 106.5 trillion won in operating profit. However, investors reacted with disappointment, as the company had already signaled plans to increase its dividends and delayed the announcement of additional shareholder return measures until next year. Samsung Electronics shares closed at 232,000 won on Thursday, down 4.13 percent. At a board meeting, Samsung Electronics approved a quarterly dividend of 4,601 won per share for both common and preferred shares, more than 12 times its quarterly payout of around 370 won per sh

The Korea International Trade Association (KITA) said Thursday it dispatched a delegation of Korean consumer goods companies to the United Arab Emirates and Morocco from Monday to Thursday to support their expansion into the Middle East and North Africa market through meetings with local government agencies and business networking events. The delegation was led by KITA Executive Vice President Lee In-ho and comprised eight companies specializing in medical devices, cosmetics, hair care products and food products. The UAE is widely considered the business hub in the Middle East, where demand for Korean consumer goods is growing rapidly, driven by strong purchasing power and the rising popularity of Korean culture. Korea's K-beauty exports to the UAE surged more than ninefold from $31 million in 2020 to $287 million last year. The Korea-UAE Comprehensive Economic Partnership Agreement, which took effect in May, has also laid the groundwork for expanding trade and economic cooperation between the two countries. Morocco is a strategic market connecting Europe, Africa and the Middle East. It

Samsung Electronics will pay out 30 trillion won ($22.5 billion) in dividends for the third quarter, increasing its dividend per share more than 12-fold in a move to address the mismatch between its sluggish share price and record-breaking earnings performance. During a board meeting on Thursday, Samsung Electronics approved a quarterly dividend of 4,601 won per share for both common and preferred shares, more than 12 times its quarterly payout of around 370 won per share in the first and second quarters. The dividend will be paid on Nov. 27. "We are aware of market interest in the price gap between its common and preferred shares, and will actively consider adjusting the proportion of preferred shares in its buyback and cancellation programs based on market conditions," Samsung said. The company said that of its planned 90 trillion won to 110 trillion won in shareholder returns for 2026, between 55 trillion won and 75 trillion won has yet to be distributed or committed. It plans to return the remaining amount through cash dividends and substantial share buybacks and cancellations. The p

Samsung Electronics on Thursday reported 107.44 trillion won ($80.4 billion) in third-quarter operating profit, setting a new quarterly earnings record. The company said in a regulatory filing that its revenue and operating profit for the July-September period stood at 195.25 trillion won and 107.44 trillion won, respectively. Revenue grew 126.9 percent year-on-year, while operating profit surged 783 percent. Its operating profit margin reached 55 percent during the three-month period.

Evolution Metals & Technologies (EMAT), a Nasdaq-listed rare earth magnet producer, is making a big bet on Pohang, North Gyeongsang Province, by building a facility capable of producing 10,000 tons of sintered rare earth magnets annually for export to the U.S. and to other global customers seeking to reduce their reliance on China's dominant rare earth supply chain. The company plans to invest approximately 300 billion won ($224 million) in Pohang, including 223.8 billion won earmarked for building initial production capacity on a 118,000-square-meter site at the Blue Valley Industrial Complex in the city by 2027. EMAT and the Pohang city government signed a memorandum of understanding (MOU) on the investment project on Tuesday, with the city pledging administrative support for EMAT's plans. During an interview with The Korea Times, EMAT CEO Frank Moon stressed the need to distinguish between upstream and downstream operations. Citing China's dominance in the supply chain, he said geopolitical issues weigh heavily on the industry, and customers’ growing demand for alternatives to Chi

The Korean government on Wednesday slapped Google and Apple with a combined 63.7 billion won ($47.6 million) in fines for practices including forcing app developers to use their in-app payment systems, marking the first enforcement of the relevant provisions since Korea amended its law in 2021 to prohibit such practices. During a plenary session, the Korea Media and Communications Commission (KMCC) imposed fines of 42.9 billion won on Google and 20.81 billion won on Apple, along with corrective orders. The commission said the U.S. tech giants violated the Telecommunications Business Act, which prohibits app market operators from forcing developers to use specific payment methods. Google and Apple allowed only their own in-app payment systems and third-party payment options, but imposed a 26 percent commission and unreasonable conditions on third-party payments, effectively forcing developers to use their own systems, according to the commission. The commission also said the two companies unfairly delayed app reviews by failing to provide specific reasons for delays or clear responses to

Evolution Metals & Technologies (EMAT), a Nasdaq-listed rare earth magnet producer, is making a big bet on Pohang, North Gyeongsang Province, by building a facility capable of producing 10,000 tons of sintered rare earth magnets annually for export to the U.S. and to other global customers seeking to reduce their reliance on China's dominant rare earth supply chain. The company plans to invest approximately 300 billion won ($224 million) in Pohang, including 223.8 billion won earmarked for building initial production capacity on a 118,000-square-meter site at the Blue Valley Industrial Complex in the city by 2027. EMAT and the Pohang city government signed a memorandum of understanding (MOU) on the investment project on Tuesday, with the city pledging administrative support for EMAT's plans. During an interview with The Korea Times, EMAT CEO Frank Moon stressed the need to distinguish between upstream and downstream operations. Citing China's dominance in the supply chain, he said geopolitical issues weigh heavily on the industry, and customers’ growing demand for alternatives to Chi

SK hynix on Wednesday announced a 100 trillion won ($75 billion) shareholder return plan for this year, in order to address the mismatch between its sluggish share price and record-breaking earnings performance. The decision was announced as the company's revenue and operating profit for the third quarter recorded 104.6 trillion won and 83.33 trillion won, up 328 percent and 632 percent year-on-year, respectively. During its third-quarter earnings call, the company said it plans to return 100 trillion won to shareholders, including at least 30 trillion won in cash dividends and more than 60 trillion won through share buybacks and cancellations. “We believe our shares are undervalued, as their current price does not fully reflect the profits and cash flow the company is generating," the company said. "Under these circumstances, we believe repurchasing and canceling our shares is an effective way to increase value per share." It said it would continue repurchasing shares every quarter within its annual buyback plan and the board would determine the size of quarterly repurchases. The plan i

SK hynix on Wednesday reported 83.33 trillion won ($62.8 billion) in third-quarter operating profit, setting a new quarterly earnings record. The company said in a regulatory filing that its revenue and operating profit for the July-September period stood at 104.6 trillion won and 83.33 trillion won, respectively. Revenue grew 328 percent year-on-year, while operating profit surged 632 percent. It was the first time the company's quarterly revenue surpassed 100 trillion won. Its operating profit margin reached 80 percent during the three-month period. Brokerages' consensus was 98.23 trillion won in sales and 76.96 trillion won in operating profit. The company said growing shipments of high bandwidth memory 4 (HBM4) and a sharp increase in server memory sales drove growth in the company's DRAM business. In NAND, sales of enterprise solid-state drives (eSSDs) also increased, sustaining growth across high-value-added products for data centers. In a press release, the company anticipated that the global memory supply shortage would likely persist through 2030, as productivity gains and new re

The American Chamber of Commerce in Korea (AMCHAM) held its HR Workshop 2026 at the Grand Hyatt Seoul on Tuesday, bringing together about 100 business leaders and professionals to discuss artificial intelligence (AI) adoption, workforce transformation and corporate risk management. Under the theme “AI-Ready Workforce: Leading People & Managing Risk in the Age of AI,” the workshop explored how companies can use AI to improve productivity and employee capabilities while addressing legal and organizational challenges. “AI is changing how we work. Our job as leaders is to make that change work for our businesses and our people,” AMCHAM Chairman and CEO James Kim said. “Employees need the skills and confidence to use [AI tools] well, while leaders need to set clear expectations and manage risk.” Rep. Cho Kyoung-tae, co-chair of the Korea-U.S. Parliamentary Union, emphasized the importance of investing in future talent and strengthening risk management alongside technology adoption. In a keynote presentation, Lee Sang-im, director of the Vocational Skills Policy Division at the Min

Samsung Electronics Executive Chairman Lee Jae-yong on Tuesday marked his 4th anniversary at the helm of Korea’s largest conglomerate. With Samsung Electronics set to become one of the world’s most profitable companies with over 100 trillion won in operating profit in the third quarter, Lee’s efforts to restore the company’s competitiveness in semiconductor and foster future growth businesses are becoming increasingly evident. According to Samsung Electronics, the company will not hold an official ceremony to celebrate the anniversary, and Lee will also not issue a separate statement. Lee was promoted from vice chairman to executive chairman on Oct. 27, 2022, but both before and after his promotion, he has generally refrained from making public statements about the company at formal events, focusing instead on visiting business sites and meeting employees. When Lee has spoken publicly, it has generally been at times when the company faced a crisis. Upon taking on the chairmanship, he wrote a message calling for investments in technologies that did not yet exist. In March last ye

Samsung Electronics Executive Chairman Lee Jae-yong on Tuesday marked his 4th anniversary at the helm of Korea’s largest conglomerate. With Samsung Electronics set to become one of the world’s most profitable companies with over 100 trillion won in operating profit in the third quarter, Lee’s efforts to restore the company’s competitiveness in semiconductor and foster future growth businesses are becoming increasingly evident. According to Samsung Electronics, the company will not hold an official ceremony to celebrate the anniversary, and Lee will also not issue a separate statement. Lee was promoted from vice chairman to executive chairman on Oct. 27, 2022, but both before and after his promotion, he has generally refrained from making public statements about the company at formal events, focusing instead on visiting business sites and meeting employees. When Lee has spoken publicly, it has generally been at times when the company faced a crisis. Upon taking on the chairmanship, he wrote a message calling for investments in technologies that did not yet exist. In March last ye