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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.

Hana Bank marks New Year with visits to military bases

Hana Bank marked the start of the new year by visiting military units across the country, including a frontline army division near the inter-Korean border, to deliver support for service members, the bank said Thursday. Hana Bank officials, led by CEO Lee Ho-seoung, visited Dorasan Observatory at the Army’s 1st Infantry Division in Paju, just south of the Demilitarized Zone, on New Year’s Day. The visit was part of a nationwide initiative by the bank to encourage troops serving in key security areas. The event coincided with Hana Bank taking on the role of operator for Korea’s government-backed "Nara Sarang Card" (Love of Country card) program for enlisted soldiers. It said the visits were intended to demonstrate appreciation for military personnel and highlight its commitment to supporting their welfare. About 100 employees from Hana Bank’s headquarters joined the visit, along with military officials from the 1st Division. Participants watched the year’s first sunrise together and later shared a traditional New Year’s breakfast of rice cake soup at the base dining hall. The

Jan 1, 2026By Lee Hyo-sik
Hana Bank marks New Year with visits to military bases

SK chairman calls on affiliates to ride AI wave

SK Group Chairman Chey Tae-won on Thursday urged key subsidiaries in memory chips, information communication technology (ICT), energy solutions and batteries to embrace artificial intelligence (AI) to raise their global competitiveness. Citing a proverb of riding the wind and cutting through rough waves, Chey said in an email new year message to employees that the group should boldly navigate the turbulent global market on the powerful tailwind of AI. SK Group is one of the Korean conglomerates seeking to capitalize on the rapid expansion of AI use, with its key portfolio spanning SK hynix's memory chips, SK Telecom's ICT and network business and SK Innovation's energy solutions. “We are going through a turbulent period in which global industries and business structures are being reorganized around AI, and AI has already become a reality that is deeply embedded in our daily lives,” he said. “From memory and ICT to energy solutions, batteries and the services that connect them, the path SK has walked for decades has ultimately been a journey preparing for the era of AI.” To harnes

Jan 1, 2026By Ko Dong-hwan
SK chairman calls on affiliates to ride AI wave

Will Korean steelmakers rebound as China’s export controls take effect?

Cautious optimism is emerging over a potential recovery of Korea’s steel industry in 2026, following China’s decision to regulate steel exports through a licensing system starting Jan. 1. Amid a prolonged slump in the sector, attention is on whether the world’s largest steel-producing country’s latest measure will curb the glut of low-priced steel products in the global market. In December, China’s Ministry of Commerce announced that exporters of some 300 steel items would need to apply for licenses based on export contracts and product-quality inspection certificates from manufacturers. “This measure should help keep global supply, demand and trade in better balance,” the state-backed China Iron and Steel Association said in a statement. China’s robust steel exports fueled a growing protectionist backlash worldwide throughout 2025. Seoul has imposed antidumping tariffs on thick steel plates and hot-rolled coils from China and is reviewing precoated and galvanized steel sheets from the country at the request of Korean firms that have long suffered against the aggressive pr

Jan 1, 2026By Park Jae-hyuk
Will Korean steelmakers rebound as China’s export controls take effect?

Coupang CEO's conduct prompts regulatory authorities to vow stronger sanctions

Coupang executives’ conduct over the company’s massive data leak is provoking a strong backlash from the National Assembly and prompting regulatory authorities to gear up for any possible measures to sanction the e-commerce giant. Since the data breach was disclosed in late November, the company’s top executives, including founder Kim Bom-suk, have been criticized for avoiding actions to take responsibility and apologize to the 33.7 million affected customers. Kim issued a belated apology on Sunday, but kept refusing to attend National Assembly hearings and instead sent the newly appointed interim CEO of Coupang Korea, Harold Rogers, in his place. In the three sessions he attended, Rogers failed to curb public anger toward the company and its executives, instead fueling discontent as participating lawmakers described his attitude as “arrogant." Besides the data breach, Coupang is mired in a series of other controversies, including poor working conditions at its logistics centers and multiple reports of workplace deaths. With Rogers delivering unclear responses to multiple questio

Dec 31, 2025By Lee Min-hyung
Coupang CEO's conduct prompts regulatory authorities to vow stronger sanctions

Coupang data breach fallout hits Coupang Play

E-commerce giant Coupang’s massive data breach affecting the personal information of 33.7 million users is now spilling into the company’s ecosystem, resulting in users opting out of its streaming service, Coupang Play. According to industry tracker IGAWorks, Coupang Play’s daily active users dropped to around 750,000 as of Dec. 23, down from its usual range of 800,000 to 1 million in 2025. In particular, Coupang Play’s daily active users peaked at between 1.18 million and 1.28 million on Nov. 29 and 30, when Coupang disclosed the breach, before falling to 990,000 on Dec. 1. The sharp swing suggests that user activity on the platform was affected by the fallout from the data leak. On a weekly basis, the downtrend is even more evident, with weekly active users falling from 4.09 million at the end of November to 3.46 million by mid-December, a drop of more than 600,000 users in less than a month. The dip stems from a strategy that bundles services such as Coupang Eats and Coupang Play with free shipping and returns under a single monthly subscription called WOW. When users cancel t

Dec 31, 2025By Lee Gyu-lee
Coupang data breach fallout hits Coupang Play

Homeplus speeds up restructuring as no buyers show interest in takeover

Cash-strapped major retail distributor Homeplus is bolstering efforts to restructure its network of offline outlets to streamline its business and save money, as the company’s search to find a new owner has virtually failed. The retail store chain having 100,000 employees is making last-ditch efforts to avoid the worst-case-scenario of liquidation. Controlled by private equity MBK Partners, Homeplus filed for court receivership with the Seoul Bankruptcy Court last March due to a credit crunch. According to the company on Wednesday, it decided to close five Homeplus stores in the country by the end of January. The stores are in Siheung and Ansan in Gyeonggi Province, Cheonan in South Chungcheong Province, as well as Incheon and Daegu. The measure follows the shutdown of five other Homeplus stores in Seoul, Busan, Ulsan and the Gyeonggi Province cities of Goyang and Suwon on Sunday. Downsizing its store network is part of Homeplus’ rehabilitation plan for the receivership filed with the court on Monday. As part of the plan, the company reportedly intends to shut down more than 40 stor

Dec 31, 2025By Ko Dong-hwan
Homeplus speeds up restructuring as no buyers show interest in takeover

Coupang says data breach compensation plan not tied to lawsuit waiver condition

The interim head of Coupang, the Korean unit of U.S.-listed Coupang, said Wednesday that the company's compensation plan for a recent data breach will not include any conditions requiring customers to waive their right to file lawsuits against the e-commerce giant. Responding to a question from Democratic Party of Korea's Rep. Hwang Jung-a during a parliamentary hearing, Harold Rogers, the company's interim chief executive officer (CEO), said the compensation would not be tied to a clause barring civil or criminal legal action. "There are no conditions in those vouchers, and there will not be any conditions in those vouchers," he said. He also said the compensation plan would not be used as grounds to seek a reduction in potential damages should claims be filed in the future. "In U.S. lawsuits, I don't believe that would be (considered) a mitigating factor," said Rogers, the former chief administrative officer (CAO) of Coupang Inc., referring to the compensation plan. On Monday, the company announced a compensation plan worth 1.685 trillion won ($1.17 billion), a day after Coupang founder

Dec 31, 2025By Yonhap
Coupang says data breach compensation plan not tied to lawsuit waiver condition

US LNG, MASGA projects set to fuel Korea's shipbuilding growth in 2026

The shipbuilding industry is expected to remain one of the biggest contributors to Korea’s economy in 2026, supported by rising demand for liquefied natural gas (LNG) carriers in the United States and the full-scale launch of the “Make American Shipbuilding Great Again (MASGA)” project. The industry’s business sentiment for the first quarter of 2026 rose 19 points from the previous quarter to 96, well above the overall average of 77, according to a recent survey conducted by the Korea Chamber of Commerce and Industry. The Korea Economic Research Institute also projected that higher ship and semiconductor exports will play a key role in increasing the nation’s total exports by 0.8 percent in 2026. “The shipbuilding industry will continue receiving a healthy amount of orders, particularly for high-value-added vessels and naval ships,” the institute said. Despite a global downturn in shipbuilding orders in 2025 — which nearly halved the volume of orders placed with Chinese firms — Korea’s three major shipbuilders still met their annual order targets. HD Korea Shipbuilding

Dec 31, 2025By Park Jae-hyuk
US LNG, MASGA projects set to fuel Korea's  shipbuilding growth in 2026

Canceled EV battery orders push Korean firms to double down on ESS

Repeated cancellations of supply deals with North American electric vehicle (EV) companies have rattled the Korean battery industry, prompting cell makers to shift their focus to energy storage systems (ESS). With recent year-end reshuffles all strengthening ESS teams, expectations are growing that LG Energy Solution (LGES), Samsung SDI and SK On will ramp up efforts to secure ESS experts at home and abroad. On Monday, battery materials maker L&F said the value of its high-nickel cathode material supply deal signed in February 2023 with a North American EV company, later revealed as Tesla, was slashed from $2.9 billion to $7,386 due to changes in the global EV market and battery supply conditions. The de facto cancellation followed the termination on Dec. 17 of a 9.3 trillion won ($6.4 billion) battery supply contract signed in October 2024 between LGES and Ford Motor. LGES also disclosed on Dec. 26 that a 3.9 trillion won module supply deal with Freudenberg Battery Power Systems, signed in April 2024 for the EV battery business of the U.S. firm’s parent, Freudenberg E-Power Systems,

Dec 31, 2025By Park Jae-hyuk
Canceled EV battery orders push Korean firms to double down on ESS

Lotte reforms to strengthen long-term competitiveness

Lotte Group is accelerating a wide-ranging business restructuring effort aimed at optimizing its portfolio and reinforcing financial stability. The effort also seeks to foster growth in future-oriented sectors such as biopharmaceuticals and hydrogen energy, the group said Tuesday. Lotte’s restructuring strategy includes refining its petrochemical operations, expanding high-value specialty materials and divesting noncore businesses to reallocate capital toward strategic growth drivers. Of the group’s subsidiaries, Lotte Chemical is leading the effort within the petrochemical division to shift away from commoditized products toward higher-margin specialty materials as part of a broader industry overhaul. In a bid to adapt to Korea’s rapidly changing petrochemical sector, Lotte Chemical submitted the first restructuring proposal ahead of the government’s deadline, aiming to integrate its Daesan plant with HD Hyundai Chemical. Under the plan, the company said it aims to reduce redundant capacity and improve operational efficiency amid sluggish global demand and oversupply. “Market o

Dec 31, 2025By Jhoo Dong-chan
Lotte reforms to strengthen long-term competitiveness
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