Companies

Krafton denies BGMI data breach allegations raised in Indian legal complaint

Korean game publisher Krafton on Tuesday strongly denied allegations raised in India over data breaches and unauthorized sale of user information, stating its internal investigation has found no evidence to support such claims. The company's response came amid pending legal proceedings in the Indian state of Maharashtra, where a user of the company's mobile game Battlegrounds Mobile India (BGMI) filed a police complaint in September against Krafton India and several of its executives. According to a recent report by the Times of India, the user has accused the local subsidiary of violating a user agreement by allegedly disclosing and selling personal information of players on Telegram for around 2,000 rupees ($23) per user. The High Court of Bombay was scheduled to hold a hearing on the case later in the day. In a statement sent to Yonhap News Agency, Krafton headquarters in Korea said it has conducted an internal investigation into the matter and found the claims to be baseless. "We have reviewed the case thoroughly and confirmed that the allegations of data leakage and monetization are

Hyundai Steel, union sign wage deal after walkout, facility suspension

Hyundai Steel, Korea's second-biggest steelmaker, said Tuesday it has signed a wage deal with its labor union for the year of 2024 following multiple strikes and the temporary suspension of a production facility. The company has agreed on an increase of 101,000 won ($71) in monthly basic salary and 4 1/2 months of salaries plus 10.5 million won in bonuses, a company spokesperson said. The union said it signed what it called an "unsatisfactory" deal as an ongoing global trade war, a prolonged downturn in the steel industry and the company's emergency management mode are expected to further weigh on unionized workers' lives. On March 14, Hyundai Steel entered an emergency management mode to cope with growing challenges, including the imposition of 25 percent tariffs on steel imports by the U.S. government and continued strife with unionized workers. The company temporarily suspended its cold-rolled steel facility in Dangjin, about 80 kilometers southwest of Seoul, from Feb. 24 to March 31 in the wake of a monthslong strike by its workers demanding pay hikes. The pickling line/tandem cold mi

Leader behind global growth of Buldak instant noodles visits Coachella

Samyang Roundsquare CEO and Vice Chair Kim Jung-soo, best known for her role in the global success of Samyang's Buldak instant noodles, visited the 2025 Coachella Valley Music and Arts Festival as part of its mission to grow the instant noodle brand into the world's top hot sauce brand. According to Samyang Roundsquare, the parent company of Samyang Foods, on Monday, Kim visited the world-renowned festival in California to support their promotional events for music fans. Samyang set up six booths at Coachella this year dedicated to promoting not only Buldak instant noodles but also its new Buldak sauce. Kim visited the user experience-oriented booths and tasted foods paired with Buldak sauce, Samyang said. The company said she also met with festival organizers and visitors. Samyang Foods signed an official partnership with Coachella, and is currently serving as the exclusive partner for the festival’s instant noodle and sauce category during the event, which began Friday and runs until Sunday. Samyang has introduced a new campaign phrase, “Rocket Hot, Ride the Buldak High,” to launc

Dongwon Group reorganizes food biz to strengthen global sales

Dongwon Group, a major food company in Korea, said Monday it will reorganize its food business affiliates to expand its overseas sales as part of its broader strategy to become a global player. At board meetings, the boards of directors approved a plan to make Dongwon F&B a wholly owned subsidiary of Dongwon Industries, the group's holding company, through a stock exchange, the company said. Dongwon F&B, well known for its canned goods and ready-made meals, was spun off from Dongwon Industries in 2000. The plan also includes consolidating four food-related units, including food service provider Dongwon Home Food and U.S. subsidiary Starkist, into a single business division. Dongwon Group said the restructuring is aimed at creating synergy across its food operations and securing new growth drivers by strengthening its global presence. The two companies will hold separate shareholders meetings on June 11 to vote on the merger plan. After the completion of the stock exchange as planned, Dongwon F&B will be delisted on July 31, it added. Through this restructuring, Dongwon Group aims to increas

Naver keeps Google in check over map service for tourists

As Google again seeks access to Korea’s high-precision map data for Google Maps, the country's portal giant Naver is striving to maintain its edge with foreign users, rolling out a new tourist-friendly campaign. The BE LOCAL campaign, which will run from Monday through May 13, introduces restaurants, cafes, fashion stores and cultural spaces trending among local young people in popular tourist areas such as Myeong-dong, Seongsu-dong, Itaewon and Hannam-dong. With the feature, tourists will be able to quickly see restaurants, attractions, and activity spots that local users in their 20s and 30s most frequently saved on the map. As part of the campaign, the company collaborated with popular fashion, cosmetic and lifestyle brands among foreigners like Olive Young, Innisfree and Musinsa to offer discount coupons on the platform. Beginning in May, it will also give out limited-edition BE LOCAL campaign merchandise to users who download the map’s app and visit collaborating brands. "Naver Map is a platform that best understands Korea's latest trends based on the country's largest location

China’s control of rare earth exports weighs on Korean industries

China’s restrictions on rare earth element exports will weigh heavily on Korean IT firms and carmakers by impeding the timely production of chips and electric vehicles (EVs) in the U.S., which reportedly has low inventory, experts said Monday. The New York Times reported on Sunday (local time) that the Chinese government ordered restrictions on April 4 on the export of six heavy rare earth metals, which are refined entirely in China, as well as rare earth magnets, 90 percent of which are produced in China. Following the order, those items can be shipped out of China only with special export licenses. This was seen as a retaliatory measure by Beijing in an escalating trade war following U.S. President Donald Trump’s imposition of massive tariffs of up to 145 percent on goods imported from China. With both sides showing no immediate signs of ending the conflict, Korea’s businesses are also on edge over the possible repercussions of the restrictions. The Korean government estimates that the country holds public stockpiles of more than six months' worth of key rare earth elements, incl

Trump tariffs drive unexpected alliances in steel, car industries

The proverb “Yesterday’s enemy is today’s friend” may describe recent strategies Korean manufacturers have taken to counteract uncertainty over U.S. President Donald Trump’s trade policies. After the U.S. imposed sweeping 25 percent tariffs on all imports of steel products and cars under the stated intent of protecting American companies, longtime rivals in the steel, battery and automotive sectors began extending olive branches to each other. POSCO is reportedly considering an investment to acquire a partial stake in Hyundai Steel’s electric arc furnace-based integrated steel mill, scheduled to be built in Louisiana by 2029 and begin production the same year. If the cooperative agreement proceeds, Korea’s two largest steelmakers will join forces in the U.S. The potential partnership is expected to help POSCO secure a production base in the U.S. market, while enabling Hyundai Steel to raise capital for the mill’s construction. POSCO has already signaled its intent to boost investments in North America. Hyundai Steel also announced it would seek external investors to fund n

Shinsegae introduces new luxury house ‘The Heritage’

Shinsegae Department Store opened its new outlet, The Heritage, on Wednesday, transforming a 90-year-old historical site into a complex that combines a cultural space with a luxury boutique. The five-story building, located next to Shinsegae’s main store in Myeong-dong in central Seoul, refurbished the former headquarters of Cheil Bank, which was built in the early 1930s and designated as a cultural property of Seoul in 1989. While preserving its historical and cultural significance, Shinsegae has repurposed the space into a luxury destination featuring high-end designer brands and curated art exhibitions. On the basement level, The Heritage houses a gift shop specializing in traditional Korean crafts, designed to attract foreign visitors who have an appreciation for the country's culture. The basement floor also includes prestigious global brand boutiques such as French crystal houses Lalique and Baccarat and Danish audio brand Bang & Olufsen. A Chanel boutique takes up the first and second floors of the building. Designed by American architect Peter Marino, the store not only sells Ch

Gov’t to hold Korean business convention in Atlanta

The government will hold a convention this week to promote domestic and overseas Koreans’ business activities. The Overseas Koreans Agency (OKA) will host the World Korean Business Convention 2025 starting Thursday at Gas South Convention Center in Atlanta, Georgia, the government said Monday. The four-day event has been held since 2002 to promote business opportunities and networking between domestic and overseas Korean businesses. The government said a number of officials from Seoul and Washington are also expected to join the convention to discuss the looming global economic crisis amid the Donald Trump administration’s reciprocal tariff policy. “For this year’s event, about 350 domestic firms are expected to participate in the event. There will also be 405 exhibition booths in the venue,” a government official said in a press release. “The OKA will provide one-on-one business consulting for participating businesses. This will be a very helpful window, especially for start-ups.” It added that it will focus on exhibitions featuring Korea’s cultural and media content duri

Maintenance for US naval ships