Business - The Korea Times

Will Coupang follow Google Korea's lead and unbundle services?

Coupang is facing growing pressure to address cross-selling practices across its three online services, following Google Korea’s recent decision to end the forced bundling of YouTube’s music and ad-free video services. Last week, the nation’s top antitrust watchdog launched a probe into the e-commerce giant to decide whether it has engaged in any unfair sales practices through its WOW paid membership program. Users of Coupang’s 7,900-won ($5.77) monthly subscription service get access to its ultra-fast Rocket Delivery, free food delivery via Coupang Eats, and ad-free streaming on Coupang Play. However, the Fair Trade Commission (FTC) considers it “unfair cross-sales activities” that prevent free competition in the market. Coupang is an unmatched leader in the nation’s e-commerce market, so the watchdog is investigating if the company has breached any fair trade laws by engaging in unfairly cross-selling the services. This raises the likelihood that Coupang will follow in Google Korea's footsteps. The search engine giant voluntarily offered to unbundle its YouTube Music and

May 25, 2025By Lee Min-hyung

Will Coupang follow Google Korea's lead and unbundle services?

Air conditioner sales surge amid forecast for hot summer

Samsung Electronics sold over 10,000 air conditioners each day over the past week, as consumers brace for another year of scorching summer heat, the company said Sunday. The company said the daily sales of its air conditioners surpassed the 10,000 mark from Monday through Friday, up over 30 percent compared with the same period last year. Last year, the 10,000 sales figure wasn't met until mid-June, whereas the date was pushed forward by nearly a month this year. The early surge in demand came as forecasts showed this year's summer months are expected to be hotter and longer than in previous years. Samsung's air conditioner model topped with AI functions accounted for over 80 percent of its total sales. The company said it had launched full operation of its air conditioner production lines nearly 10 days earlier than last year and arranged its AC installation task force to meet consumer demands. Meanwhile, LG Electronics Inc. also saw the cumulative sales of its Whisen standing air conditioner models, equipped with AI technology, increase 45 percent on-year during the January-April period.

May 25, 2025By Yonhap

Air conditioner sales surge amid forecast for hot summer

Hyundai Ioniq's global sales top 500,000 units

Hyundai Motor's Ioniq series have sold over 500,000 units globally, the group said Sunday, reaching a milestone for the first time since its launch of the Ioniq 5 four years ago. According to the company, it had sold a cumulative 514,588 units of its Ioniq series, consisting of the Ioniq 5, Ioniq 6 and Ioniq 9, as of last month. The series, which began with the launch of its very first Ioniq 5 in 2021, saw its sales gradually increase year after year, with 65,906 units sold in 2021, 114,548 in 2022 and 169,812 in 2023. Sales dropped to 121,375 last year amid a temporary drop in demand for electric vehicles, with signs indicating a potential rebound this year. Last month alone, 16,368 vehicles from the series were sold, up 41 percent compared with the same period last year. The most popular among the series was the Ioniq 5 and its high-performance version, the Ioniq 5 N, which have together sold 407,607 units, accounting for 80 percent of the total accumulative sales. "We will strive to keep up the popularity of the Ioniq series in the global market by strengthening its commercial value and

May 25, 2025By Yonhap

Hyundai Ioniq's global sales top 500,000 units

InterviewWINNING.I pioneers world’s 1st dual biometric authentication via phone cameras

A single app is now enough to simultaneously verify identity through facial and fingerprint recognition. Korean startup WINNING.I has developed the world’s first contactless biometric authentication solution that enables simultaneous facial and fingerprint recognition using both the front and rear cameras of a smartphone. This next-generation technology has drawn attention by eliminating the need for external devices or complex procedures, enabling identity verification and protection against identity theft through a single app. The technology, which has already secured domestic and international patents and certifications, is being applied across various financial services such as electronic signatures and identity verification. It also holds strong potential for broader use in sectors requiring remote identity authentication, including public services and healthcare. Leveraging this innovation, the company is accelerating its expansion into global markets. CEO Chung Woo-young, also known as William Chung, was inspired to start his business while working as a computer engineer on a pro

May 25, 2025By Jun Ji-hye

WINNING.I pioneers world’s 1st dual biometric authentication via phone cameras

Hyosung Group chief sells 4.9% stake in Hyosung Heavy to US tech fund

Hyosung Group Chairman Cho Hyun-joon has sold a 4.9 percent stake in Hyosung Heavy Industries to a major U.S. tech-focused investment fund, the company said Friday. Hyosung Heavy Industries said in a regulatory filing that Cho sold 456,903 shares of the company in an after-hours deal at 568,100 won ($412.5) per share. The total transaction is valued at approximately 259.6 billion won. Following the sale, Cho's ownership in the company went down from 14.89 percent to 9.99 percent. The largest shareholder in Hyosung Heavy Industries remains Hyosung, the group's holding company, with a 32.47 percent stake. The U.S. fund had reportedly been exploring investment opportunities in Korea's power solution sector. The fund is said to have made the investment based on Hyosung Heavy Industries' future growth potential and technological competitiveness. Hyosung stated that it had been in discussions with the fund to establish a strategic partnership. "This is a long-term investment by the fund focused on key growth sectors," a company official said, adding that the two sides plan to deepen their coope

May 23, 2025By Yonhap

Hyosung Group chief sells 4.9% stake in Hyosung Heavy to US tech fund

Coffee prices rise across Korea amid raw material cost increase

Major coffee chains and instant coffee producers in Korea are raising prices amid an increase in raw material costs, according to industry data Friday. Angel-in-us Coffee, operated by Lotte GRS, said it will increase beverage prices by 200 to 300 won ($0.15-0.22) Thursday. CJ Foodville's bakery cafe chain Tous Les Jours will also raise prices of 32 coffee items by 100 to 300 won Friday. The planned hikes follow earlier price adjustments this year by Starbucks Korea, Hollys and Paul Bassett. Budget coffee brands, such as Baekdabang and Mega MGC Coffee, have also raised prices in recent months. Dongsuh, the nation's leading off-the-shelf instant coffee maker, said it will raise factory prices of its products by an average of 9 percent Friday. Ready-to-drink beverages, such as Maxim T.O.P and Maxwell House, will also increase by an average of 4.4 percent. The company previously raised prices in November, citing rising global coffee bean and palm oil prices, along with continued pressure from foreign exchange movements. "Unusual climate conditions have driven up raw material costs, prompting t

May 23, 2025By Yonhap

Coffee prices rise across Korea amid raw material cost increase

Coupang scrambles after pricing error sells instant noodles at 10 cents each

A pricing glitch on Coupang late Wednesday night triggered a frenzy among online shoppers after the e-commerce giant mistakenly listed a box of 36 Nongshim ramen noodle soup bowls for just 5,040 won — amounting to only 140 won (about $0.10) per cup. The alert spread quickly through online communities and parenting forums where users had set notifications for major discounts or sold-out items. Shoppers rushed to place orders before the price was corrected, taking advantage of Coupang’s next-day Rocket Delivery service. Normally retailing for around 800 won per cup, the instant noodles were effectively being sold at clearance-level prices. The deal remained live until Coupang realized the error and reverted the product to its original price. Coupang said the incident was caused by a human error that led to incorrect pricing on its Rocket Delivery system. While the company acted quickly to fix the mistake, many users had already secured orders. One customer even posted proof of receiving 900 cups — nine boxes — in the early hours of the morning, paying just 126,000 won instead of th

May 23, 2025By Hankookilbo

Coupang scrambles after pricing error sells instant noodles at 10 cents each

S-Oil CEO Anwar Al-Hejazi awarded CEO of year

S-Oil CEO Anwar Al-Hejazi was recognized as one of the best corporate leaders in Korea, receiving the CEO of the Year Award from the Korea Management Association (KMA) on Friday. According to the refiner, Al-Hejazi received the honor along with three other CEOs during an award ceremony held at the Grand Hyatt Seoul in Yongsan District, Seoul. The KMA has been presenting the CEO of the Year Award annually since 1969, selecting business leaders who have contributed to the country’s economic development through a review process involving experts from academia, industry and economic organizations. Al-Hejazi was recognized for his contributions to job creation and revitalization of the domestic economy through a 9.2 trillion won ($6.5 billion) petrochemical complex project called Shaheen project, as well as for establishing S-Oil’s position as a market leader through creative brand marketing. Shaheen Project broke ground in March 2023 with the goal of completing a steam cracker and other major petrochemical facilities within the Onsan National Industrial Complex in Ulsan by 2026. As of Ma

May 23, 2025By Nam Hyun-woo

S-Oil CEO Anwar Al-Hejazi awarded CEO of year

InterviewWhy BTS Jung Kook's military service was bad news for Qatar tourism

DOHA, Qatar — "I don't want him in the military. I want him to sing and amuse people." That was the lighthearted response from Qatar Tourism Chairman Saad Bin Ali Al-Kharji when asked on Wednesday (local time) by The Korea Times about inviting K-pop artists to the Middle Eastern country to attract more tourists. Recalling an unsuccessful attempt last year to bring BTS main vocalist Jung Kook — who performed "Dreamers" at the opening ceremony of the 2022 FIFA World Cup in Qatar — the chairman stressed that Korean culture is essential to his organization's efforts to position the country as a family-friendly destination hosting major concerts, exhibitions, conferences and festivals every week. "My six-year-old kid even said, 'Dad, I want the Squid Game biscuits,' so I made that at home and tried to eat it without breaking … This is why I think any Korean event will attract people," he said during a joint interview with Asian media on the sidelines of the Qatar Economic Forum. The oil- and gas-rich country has aggressively attracted tourists and foreign investments in recent years a

May 22, 2025By Park Jae-hyuk

Why BTS Jung Kook's military service was bad news for Qatar tourism

Police book 7 people in probe over fatal SPC bread factory accident

Police have booked seven people, including the plant manager, as part of their investigations into a fatal accident at a bakery factory affiliated with SPC Group earlier this week, officials said Thursday. The accident occurred at SPC's factory in the city of Siheung, just southwest of Seoul, on Monday, when the worker, known only as a woman in her 50s, reportedly had her upper body caught in the conveyor belt during lubrication work. The Siheung Police Station said it has booked seven factory officials on charges of occupational negligence resulting in death. The factory staff are accused of allegedly failing to ensure proper safety management, leading to the death of their employee. Police authorities are currently questioning the officials as suspects in the case. They have also brought in employees who were working alongside the victim at the time as witnesses. Police said the number of people booked in the case could increase as the investigation proceeds.

May 22, 2025By Yonhap

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