Business - The Korea Times

Jeju Air to ban use of portable batteries on all flights

Jeju Air will completely ban the use of portable battery banks on all of its domestic and international flights, the low-cost carrier said Wednesday, citing concerns over in-flight fire risks. Starting Thursday, passengers will no longer be allowed to use power banks to charge electronic devices, such as mobile phones and tablet computers, during flights operated by Jeju Air. Charging battery banks using aircraft USB ports has already been banned under government rules issued last year. The airline said it has decided to further tighten the rules to eliminate potential fire hazards linked to batteries. Concerns over in-flight battery bank usages have increased after a major fire incident involving an Air Busan aircraft at Gimhae International Airport in Busan in January 2025. Authorities have tentatively concluded that the blaze originated from a portable battery in the overhead bin.

Jan 21, 2026By Yonhap

Jeju Air to ban use of portable batteries on all flights

Olive Young to launch K-beauty zone at Sephora

Korea’s major beauty product retailer CJ Olive Young has sealed a new partnership with global beauty giant Sephora to expand its curated K-beauty offerings to broader overseas markets. The beauty retail arm of CJ Group said Wednesday that it signed the partnership earlier this month. As part of the deal, the Korean company — which operates 1,390 Olive Young stores nationwide — will launch a K-beauty zone across Sephora’s online platforms and offline stores in the United States, Canada and four Asian countries in the second half of this year. The expansion will later extend to Sephora outlets in the Middle East, Australia and the United Kingdom. Olive Young said the partnership will enable it to introduce Korean beauty products it curates to one of the world’s largest global beauty platforms. “K-beauty has grown rapidly thanks to numerous small and midsize Korean companies and their indie brands. However, that structure has also limited K-beauty’s expansion into major global retail chains, as there were clear structural barriers for smaller firms,” an Olive Young official

Jan 21, 2026By Ko Dong-hwan

Olive Young to launch K-beauty zone at Sephora

Former Canadian Navy officer and Lockheed exec joins Hanwha Ocean

Hanwha Ocean said Wednesday that former Lockheed Martin Canada General Manager Glenn Copeland, who served as a Royal Canadian Navy officer for 22 years, has been appointed the inaugural CEO of Hanwha Defence Canada, the shipbuilder’s new office in Ottawa. His appointment marks the latest effort by Hanwha Ocean in its ongoing competition with Germany’s TKMS to secure an order for 12 submarines worth 60 billion Canadian dollars ($43 billion) with the Canadian government. “Copeland will lead Hanwha Ocean’s expansion in Canada, overseeing defense and naval business activities as the company advances its participation in the Canadian Patrol Submarine Project (CPSP),” Hanwha Ocean said in a press release. “His appointment reflects Hanwha’s strategy of embedding experienced local leadership as it deepens long-term industrial and defense cooperation with Canada, reinforcing its commitment not only to the CPSP but also to sustained engagement with Canada’s naval, industrial and security communities.” While at Lockheed Martin, Copeland was involved in major programs including mod

Jan 21, 2026By Park Jae-hyuk

Former Canadian Navy officer and Lockheed exec joins Hanwha Ocean

KB, Shinhan, Woori, Hana slapped with hefty fine over mortgage loan collusion

Korea’s four major banks — KB Kookmin, Shinhan, Woori and Hana — have been slapped with a combined fine worth 272 billion won ($183.8 million) for engaging in collusion when selling mortgage loans, the Fair Trade Commission (FTC) said Wednesday. According to the watchdog, the major banks unfairly shared information on real estate loan-to-value (LTV) ratios nationwide, in an apparent move for each to maintain the ratio at a similar level. This enabled them to evade competition and reduce risks when mapping out sales strategies, the antitrust authority said. The ratio is a key barometer in determining the total amount of loans banks can offer to property owners. The banks set the ratio for all the properties across the nation and adjust the figure when necessary. The four banks exchanged relevant information, even if they were aware that the practice was in violation of the law, the FTC said. The watchdog’s latest investigation also found out that the banks' working-level officials, who carried out the tasks, deleted all the traces of the unfair practice. Hana Bank faced the highes

Jan 21, 2026By Lee Min-hyung

KB, Shinhan, Woori, Hana slapped with hefty fine over mortgage loan collusion

Lee says US tariffs on Korean chips would hit American consumers

President Lee Jae Myung said Wednesday that Seoul does not take Washington’s recent threat to impose a 100 percent tariff on semiconductors seriously. Describing the move as a typical attempt to gain leverage in trade talks, he said the government will respond to the issue based on standards and principles. “As far as I know, Taiwan and Korea hold about 80 to 90 percent of the global semiconductor market, so a 100 percent tariff by the United States would ultimately raise its consumer prices by nearly the same margin,” Lee told reporters during a nationally televised New Year’s press conference. “Most of the tariffs would be passed on to U.S. commodity prices.” Lee made the remarks as Samsung Electronics and SK hynix face U.S. President Donald Trump’s threat of steep tariffs on all memory chips, not only advanced ones already subject to the 25 percent duty. Last week, U.S. Commerce Secretary Howard Lutnick urged global memory chip manufacturers to choose between paying a 100 percent tariff or building a new plant in his country. Uncertainty has deepened after Taiwanese chipm

Jan 21, 2026By Park Jae-hyuk

Lee says US tariffs on Korean chips would hit American consumers

AliExpress Korea conducts safety checks on seasonal overseas direct-purchase items

E-commerce platform AliExpress Korea has examined 298 product categories in collaboration with the Korea Importers Association (KOIMA) to assess the safety of overseas direct-purchase items that are particularly popular among Korean consumers during the winter season. The safety checks follow a memorandum of understanding signed between AliExpress and KOIMA in September 2024, under which the two sides agreed to jointly conduct regular inspections of products shipped from China to Korea. AliExpress said the initiative goes beyond its legal obligations in Korea and reflects the company’s voluntary, preventive approach to product safety management. Under the agreement, AliExpress works with seven Korean testing and certification institutions — including the Korea Testing and Research Institute (KTR), Korea Conformity Laboratories (KCL), Korea Testing Certification (KTC) and the Korea Apparel Testing and Research Institute (KATRI) — to carry out monthly inspections of selected products. Items that fail to meet safety standards are immediately removed from sale and barred from re-regi

Jan 20, 2026By Ko Dong-hwan

AliExpress Korea conducts safety checks on seasonal overseas direct-purchase items

ContributionKorean dynamism: A new wave in startup investment

Andreessen Horowitz, also known as a16z, is the world’s largest venture capital firm, managing assets worth about $63 billion as of last year. Co-founded by Marc Andreessen, creator of the Netscape web browser, and Ben Horowitz, the firm is famous for making early bets on startups that have since become superstars, including OpenAI, Meta, Airbnb and Roblox. While many venture capital firms were fixated on artificial intelligence (AI) in 2024, a16z shifted its gaze elsewhere, promoting a thesis it calls "American Dynamism." The concept refers to investing in sectors that strengthen the national interest and competitiveness of the United States, such as defense, energy, manufacturing and space. The firm’s emphasis on American dynamism stems from the realization that global supply chains fractured during the COVID-19 pandemic. In response, a16z saw the need to restructure supply networks around the U.S., in alignment with the "America First" doctrine loudly advocated by President Donald Trump. In essence, American dynamism means breaking away from an AI-only focus and diversifying sta

Jan 20, 2026By Choi Youn-jin

Korean dynamism: A new wave in startup investment

Hyundai Motor shares rally on humanoid robot prowess in era of physical AI

Hyundai Motor's shares have entered a sharp rally this year as investors grow increasingly confident in the carmaker’s robotics vision for the era of physical artificial intelligence (AI), market watchers and analysts said Tuesday. The surge marks a notable turnaround for the carmaker, whose shares had remained largely range-bound for several years despite steady earnings growth. The stock hit a record intraday high of 496,000 won ($335) per share on Tuesday, before closing down 0.21 percent from the previous session. Hyundai Motor’s market capitalization also briefly reached the symbolic 100 trillion won mark during morning trading, but the gains were pared back in the afternoon, ending the day at 98.8 trillion won. The rally is widely attributed to growing optimism over the company’s robotics business, with Boston Dynamics — Hyundai Motor’s robotics subsidiary — playing a central role in boosting investor confidence, according to industry officials and analysts. At this year’s CES tech fair earlier this month, Boston Dynamics unveiled Atlas, its humanoid robot, and promo

Jan 20, 2026By Lee Min-hyung

Hyundai Motor shares rally on humanoid robot prowess in era of physical AI

Dongwha Electrolyte ramps up push to meet US demand

Dongwha Electrolyte said Tuesday it has signed an agreement with PGT for an equity investment and the sourcing of high-purity lithium hexafluorophosphate from the Pohang-based specialty precision chemical company. According to the electrolyte maker, the decision aims to strengthen its competitive edge in the North American market by meeting demand for non-Chinese battery materials. PGT will supply the core ingredient for battery electrolytes through its new plant built last year. The facility employs an advanced continuous synthesis and dynamic crystallization process that reduces raw material and infrastructure costs as well as processing time. The proprietary process is also considered environmentally friendly because it minimizes waste generation and enables byproduct recycling. With a stable supply of high-quality materials from PGT’s domestic production base, Dongwha Electrolyte seeks to reduce supply chain uncertainty and dependence on foreign suppliers. Following the U.S. government’s introduction of the prohibited foreign entity requirements under the foreign entity of concer

Jan 20, 2026By Park Jae-hyuk

Dongwha Electrolyte ramps up push to meet US demand

Hanwha, Babcock pitch Korea-UK-Canada partnership for $43 bil. submarine deal

Hanwha Ocean and British defense firm Babcock have proposed a trilateral cooperative agreement between Korea, the United Kingdom and Canada to supply patrol submarines for the Royal Canadian Navy. The partnership proposal is the latest effort by the Korean shipbuilder in its ongoing competition with Germany’s TKMS to secure Canada’s order for 12 submarines worth 60 billion Canadian dollars ($43 billion). The deal would mark the largest single contract in Korea’s defense export history if successful. Hanwha Ocean and the Korean government have been mobilizing all possible means and seeking support from other major companies, such as Hyundai Motor and Korean Air, to meet Canadian expectations in various sectors. Officials at Hanwha Ocean said it made the proposal together with Babcock following last week’s meeting on the sidelines of annual bilateral talks between senior defense officials from Korea and the U.K. in London. "The Canadian Patrol Submarine Project (CPSP) is not just about delivering a submarine platform. It is about building long-term industrial capability and skilled