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Burger chain Lotteria to open 1st outlet in Malaysia this year

Lotteria, the burger chain operated by Lotte Group affiliate Lotte GRS, will open its first outlet in Malaysia later this year as part of its overseas expansion strategy, the company said Wednesday. Lotte GRS has signed a master franchise agreement with local retailer Serai Group to launch the brand in the Southeast Asian country. Under the agreement, the franchisee is granted the rights not only to open and operate outlets in the designated territory but also to sub-franchise those rights to third parties. Lotte GRS said it plans to open the first outlet within this year and open 30 Lotteria burger chains in Malaysia over the next five years. Separately, the company plans to open its first U.S. outlet this month in Orange County, California, a company spokesperson said. Lotte GRS currently operates around 1,000 outlets in Korea and 320 stores overseas, including 258 in Vietnam, 50 in Myanmar, six in Laos and six in Mongolia.

Aug 6, 2025By Yonhap
Burger chain Lotteria to open 1st outlet in Malaysia this year

HYBE Chairman Bang to return to Korea for probe, expresses 'regret'

HYBE Chairman Bang Si-hyuk, who is currently overseas for work, said he will return to Korea to "fully cooperate" with an ongoing investigation into alleged unfair trading practices. In his first official response to the allegations, he sent an internal email to employees on Wednesday expressing regret over the "confusion and concerns" the controversy has caused. He said he will return "to address these allegations and alleviate any stress or anxiety these events have caused our community." "As founder and chairman, I feel a deep sense of responsibility to do everything in my power to ensure nothing takes away from the hard-earned attention and praise your work continues to receive," he wrote. Bang is currently under investigation by the Securities and Futures Commission under the Financial Services Commission for allegedly misleading investors in 2019. He is accused of falsely claiming HYBE's initial public offering (IPO) would be delayed, inducing investors to sell their shares to a special purpose company (SPC) established by a private equity fund backed by HYBE executives. Authorities

Aug 6, 2025By Yonhap
HYBE Chairman Bang to return to Korea for probe, expresses 'regret'

Naver to fully acquire Spain's Wallapop in global push for social commerce

Korean internet giant Naver said Tuesday it has decided to fully acquire Spanish online marketplace Wallapop as part of a broader strategy to expand its social commerce business overseas. Naver will invest 604.5 billion won ($435.2 million) to acquire an additional 70.5 percent stake in the Spanish firm, raising its total ownership to 100 percent, the company said in a statement. Founded in 2013, Wallapop is one of Spain's largest peer-to-peer marketplaces, with more than 19 million monthly active users. The platform specializes in second-hand goods, offering nearly everything from daily necessities and home appliances to vehicles. Wallapop is currently expanding its operations in Italy and Portugal. The planned full acquisition follows Naver's previous investments totaling 255 billion won, which secured a combined 29.5 percent stake in 2021 and 2023. Naver said the two companies have agreed to strengthen their partnership under terms that give Naver full control of the Spanish platform. The Korean tech company aims to expand its marketplace business across Europe, building on its presence

Aug 5, 2025By Yonhap
Naver to fully acquire Spain's Wallapop in global push for social commerce

For sustainable corporate growth

Deputy Prime Minister and Finance Minister Koo Yun-cheol, second from right, speaks during a meeting with leaders of major business lobbies to discuss strategies for sustainable corporate growth at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Tuesday. From left are Federation of Korean Industries Vice Chairman Kim Chang-beom, SMEs and Startups Minister Han Seong-sook, KCCI Chairman Chey Tae-won, Koo and Korea Enterprises Federation Chairman Sohn Kyung-shik. Joint Press Corps

Aug 5, 2025By Lee Min-hyungphoto
For sustainable corporate growth

Korean Air invests $215 mil. to introduce premium seats

Korean Air will introduce its first premium economy class, investing 300 billion won ($215 million) to completely redesign the cabins of its 11 Boeing 777-300ER jets, the airline said Tuesday. The new travel class will debut on short- and mid-haul routes starting in mid-September. Positioned between the airline’s business and economy classes, the newly-launched premium economy class will offer approximately 50 percent more space and upgraded services compared to the economy option. Fares for the premium class vary depending on the route and travel dates, but are generally set at around 110 percent of typical economy fares, according to Korean Air. Passengers can enjoy an enhanced in-flight entertainment experience with 15.6-inch high resolution screens. On international flights, premium class passengers will be able to enjoy a refined single-tray meal service, including a main course, appetizer and dessert from the business class menu. Beverages such as wine, coffee and tea will also be the same as those served to business class passengers, according to the airline. Passengers for the ne

Aug 5, 2025By Lee Min-hyung
Korean Air invests $215 mil. to introduce premium seats

Google offers to blur sensitive sites on its map amid Korea's security concerns

Google said Tuesday it will blur sensitive sites on its map and satellite image services to address Seoul's national security concerns ahead of its decision this week on whether to allow overseas transfer of high-precision map data. "Just like in other countries, we respect national security and are working closely with the Korean government to protect it," Google Korea said in a statement posted on its blog, citing Cris Turner, vice president for government affairs and public policy at Google. "We have already confirmed our commitment with the Korean government to blur satellite images as required, and will be exploring acquiring imagery from approved Korean third parties where appropriate," the company added. The post came just days before a government panel is set to decide on whether to approve Google's request to export Korea's 1:5,000-scale high-precision map data. The panel meeting is slated for Friday. In February, the U.S. tech giant submitted an application to the state-run National Geographic Information Institute (NGII), seeking approval for the transfer of 1:5,000-scale map

Aug 5, 2025By Yonhap
Google offers to blur sensitive sites on its map amid Korea's security concerns

Hyundai Motor, Kia double down on European EV market as US subsidy cut looms

Hyundai Motor and Kia are zeroing in on the lucrative European electric vehicle (EV) market to offset a potential fall in eco-friendly vehicle sales in the United States ahead of the planned termination of EV subsidies. The Donald Trump administration plans to stop offering federal EV subsidies starting in October, clouding the outlook for Hyundai Motor Group’s EV sales growth as the carmaker also grapples with the aftermath of the blanket 15 percent tariff imposed by the U.S. The current situation highlights the need for the company to focus more on boosting EV sales in Europe, where demand for eco-friendly vehicles is rising rapidly. Hyundai Motor Group is one of the few global carmakers that sells a full lineup of price-competitive EVs, from compact SUVs to sedans. According to data from market tracker SNE Research, the number of newly registered EVs across the globe soared to some 9.47 million in the first half of this year, up by 31.8 percent from a year earlier. Europe is the world’s second-largest EV market, accounting for 20.6 percent of global sales, following China, which le

Aug 5, 2025By Lee Min-hyung
Hyundai Motor, Kia double down on European EV market as US subsidy cut looms

Samsung Display launches MONT FLEX foldable display brand

Samsung Display has launched MONT FLEX, its new foldable OLED display brand, in a move to reinforce its leadership in next-generation display technology. The brand will make its official debut at the 2025 K-Display Exhibition, scheduled for Thursday to Saturday in Seoul. Inspired by the French word “mont”— meaning “mountain” — the name MONT FLEX symbolizes the company’s vision of reaching the summit of innovation in foldable displays. According to Samsung Display, the brand reflects both its pursuit of technological excellence and its commitment to shaping the future of mobile experiences. The name also encapsulates four defining strengths of Samsung Display’s foldable OLED technology. These include mechanical durability for high folding reliability, a vivid and nearly crease-free display enabled by opto-mechanical precision, minimal bezels that expand the screen area and a thin, lightweight design that improves portability. Over the years, its foldable panels have gained a reputation for combining sleek design with robust performance. The latest model offers a slimmer a

Aug 5, 2025By Nam Hyun-woo
Samsung Display launches MONT FLEX foldable display brand

Tesla reclaims No. 1 spot in monthly imported car sales in July

Tesla reclaimed the top spot in Korea's imported car market in July, driven by strong sales of its Model Y, industry data showed Tuesday. According to the Korea Automobile Importers & Distributors Association (KAIDA), 27,090 imported passenger cars were newly registered last month, up 23.3 percent from 21,977 units the previous year. KAIDA attributed the sales growth to improved supply conditions for certain brands compared with last year. Tesla topped the list with 7,357 units sold in July, reclaiming the No. 1 spot after losing it in June. The U.S. EV maker first topped the list in May. BMW followed with 6,490 units sold in July, while Mercedes-Benz ranked third with 4,472 units. Tesla's Model Y was the best selling model with 6,559 units sold, followed by the BMW 520 with 1,292 units and Tesla's Model 3 at 798. By fuel type, hybrids accounted for 49.7 percent of sales at 13,469 units, followed by EVs at 37.6 percent, gasoline models at 11.5 percent and diesel cars at 1.2 percent.

Aug 5, 2025By Yonhap
Tesla reclaims No. 1 spot in monthly imported car sales in July

Eased nontariff barrier unlikely to boost US car sales in Korea, experts say

Most U.S. auto brands are unlikely to see a significant rebound in sales in Korea, even after the country removes most nontariff barriers on American car imports following the latest tariff agreement, according to experts and industry officials. While the two countries are still finalizing the details of the barrier scope, they are seen as only minor external factors affecting U.S. car sales in Korea, they said. The point, they noted, is that American vehicles are not tailored to meet the specific preferences of Korean consumers, who favor "well-balanced and more convenient" vehicles available at reasonable price points. Under the latest Korea-U.S. tariff agreement, the U.S. agreed to lower a tariff rate on Korean vehicle imports to 15 percent. Korea also reached a broad agreement in alleviating a series of nontariff regulations on U.S. auto imports in such areas as safety and emission certification, which the U.S. Trade Representative cited as major “motor vehicle barriers.” “The eased regulations may help U.S. auto brands to export more models to Korea, but it remains questionabl

Aug 5, 2025By Lee Min-hyung
Eased nontariff barrier unlikely to boost US car sales in Korea, experts say
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