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Samsung, LG tighten belts despite record earnings

Samsung Electronics and LG Electronics have stepped up efforts to reduce costs as uncertainty grows over the second-quarter sales of their home appliances, even after both firms made handsome profits during the first quarter. Despite estimating that its first-quarter operating profit surpassed 57 trillion won ($38 billion), Samsung has not scrapped its February order requiring all executives in its Device Experience division, which oversees smartphones and home appliances, to fly economy class on flights of less than 10 hours. The company is also reassigning employees in its television unit. After carrying out layoffs at its U.S. subsidiary, Samsung has taken steps to shut down its television factory in Slovakia as well. In China, rumors have circulated that Samsung will downsize its home appliance business there. The series of cost-cutting measures comes as most of the company’s operating profit has stemmed from semiconductor sales amid a slow recovery in earnings from smartphones and home appliances. The union’s ongoing threat to strike is regarded as another risk to Samsung's profi

Apr 12, 2026By Park Jae-hyuk
Samsung, LG tighten belts despite record earnings

Korea likely to avoid tapping oil reserves through May

Korea will be able to weather ongoing energy supply uncertainties without tapping oil reserves through April and May, Industry Minister Kim Jung-kwan said Sunday. The government has secured sufficient crude oil supplies, supplemented by voluntary reserves held by private firms, according to the minister. He said the government was compelled to release strategic reserves during the Russia-Ukraine war, but this time, conditions are more stable. “We expect to pass through the coming months without taking such measures,” he said during on "Sunday Diagnosis," a weekly TV news analysis program. Kim remained cautious regarding seven oil tankers currently delayed in the Strait of Hormuz, saying that “the situation remains unpredictable, while the government makes efforts to resolve the issue.” As an alternative, the government is preparing to utilize routes through the Red Sea at Yanbu, a port city in Saudi Arabia. Kim noted that Korea’s Cheonghae Unit, including the Navy destroyer Dae Jo-yeong, may escort Korean vessels to ensure safe passage. He also emphasized that Saudi Arabian auth

Apr 12, 2026By Lee Min-hyung
Korea likely to avoid tapping oil reserves through May

Price competitiveness key to Hyundai Motor’s China comeback

Hyundai Motor’s potential success in China will depend on the carmaker’s ability to release more localized models with competitive pricing, as Beijing Hyundai struggles to achieve a meaningful sales rebound even after its much-hyped launch of the China-specific Elexio electric vehicle (EV) last year, industry officials said Sunday. Beijing Hyundai launched its first all-electric Elexio midsized SUV in October last year, displaying its renewed signal to widen its footing in the lucrative Chinese EV market. The vehicle, however, has made little impact there largely due to its ambiguous positioning in terms of its commercial value. The model is struggling to compete against price-competitive Chinese EVs, with just hundreds of Elexio EVs having been sold there. This has raised concerns that upcoming models from Beijing Hyundai could face similar challenges if their positioning remains unclear — neither distinctly premium nor price-competitive. According to data from the China Passenger Car Association, Elexio’s monthly sales in China reached merely 221 in November and 228 in December

Apr 12, 2026By Lee Min-hyung
Price competitiveness key to Hyundai Motor’s China comeback

Korean traditions embraced by global K-beauty market

Traditional Korean relics and techniques are emerging as a silver bullet for the country's beauty companies seeking to target a growing global consumer base. From old practices among ordinary people to trinkets used at royal palaces, Korean heritage is being leveraged by major companies to introduce new products and strengthen brand storytelling. On March 30, Able C&C released a new skin care lineup for its flagship brand Missha, highlighting pottery fermentation. This traditional technique uses the micropore structure of pottery, which is considered ideal for fermentation. Building on this, the company used the method to ferment and extract skin care ingredients, including damask rose water and bifidobacteria, for its new products including Glow Pore Blurring Balm. “We used pots passed down over nine generations and used for over 300 years in Boseong, South Jeolla Province,” an Abel C&C official said. “We’ve been researching pottery fermentation and the extracted ingredients’ safety and skin absorption features for the past 20 years for Missha.” Abel C&C said pottery fermenta

Apr 11, 2026By Ko Dong-hwan
Korean traditions embraced by global K-beauty market

Woowa Bros union, management reach 1st collective bargaining deal

Woowa Brothers, operator of Korea’s largest food-ordering online platform Baedal Minjok, said Friday its labor union and management has signed the two sides' first-ever collective bargaining agreement (CBA) since the company's establishment in 2010. The CBA, signed a day earlier, came after the company’s employees, including delivery riders and restaurant partners, repeatedly protested against the company for improvement of the workplace environment and reductions in platform usage fees. According to the company, the head of its People Division Yi Yoon-jun met the chairman of the chemical, textile and food union under the Korean Confederation of Trade Unions, one of the country’s largest umbrella unions, to sign the CBA on wages, welfare and other collective bargaining issues. The chairman of the company’s labor union, Woowa Union, also joined the signing event at Startup Square in Seongnam, Gyeonggi Province. The agreement centered on promoting growth of the country’s delivery industry ecosystem, platform expansion, and finding new areas to break free from entrenched practice

Apr 10, 2026By Ko Dong-hwan
Woowa Bros union, management reach 1st collective bargaining deal

Hanwha, Poongsan call off $1 bil. ammunition biz M&A deal

Korea’s top defense firms Hanwha Aerospace and Poongsan have called off negotiations for Hanwha's acqusition of the Poongsan's ammunition business, triggering speculation over the reasons behind the cancellation. Hanwha Aerospace said in a regulatory posting on Thursday night that it has halted its review of the acquisition. Poongsan also said in a similar filing that it is not pursuing the sale of its ammunition business. The two companies did not elaborate further about why negotiations collapsed. The stock price of Poongsan Holdings, the largest shareholder of Poongsan, plunged by 14.48 percent on Friday to 46,350 won, as investors reacted to the deal's collapse. The deal, valued at 1.5 trillion won ($1 bil.), drew significant industry attention as it was seen as an opportunity to address both companies’ needs. Poongsan, headed by Federation of Korean Industries Chairman Ryu Jin, is Korea’s primary military ammunition manufacturer, producing a wide range of munitions including 5.56-millimeter small-caliber rounds, 155-millimeter artillery shells, missile warheads and even sports

Apr 10, 2026By Nam Hyun-woo
Hanwha, Poongsan call off $1 bil. ammunition biz M&A deal

Hyundai Motor launches Ioniq EV brand in China, unveils two concept cars

Hyundai Motor on Friday officially launched its Ioniq electric vehicle (EV) brand in China, unveiling two new concept cars as it seeks to strengthen its presence in the Chinese market. The Korean automaker said it introduced the Ioniq Venus concept sedan and the Earth concept sport utility vehicle (SUV) at a brand launch event held in Beijing ahead of the Auto China 2026 auto show set to run later this month. According to Hyundai Motor, the two concept models signal the company's renewed push in China and the future design direction of the Ioniq lineup tailored specifically for the country. In China, Hyundai plans to adopt a new naming system for future Ioniq models based on planets, symbolizing a customer-centric service concept in which each vehicle is designed around user needs. "Starting with the two concept cars unveiled today, we will continue to present products that reflect deep insight into Chinese customers and our genuine commitment to this market," said Li Fenggang, president of Beijing Hyundai Motor, the company's joint venture with China's Beijing BAIC Motor. Hyundai Motor,

Apr 10, 2026By Yonhap
Hyundai Motor launches Ioniq EV brand in China, unveils two concept cars

TikTok turns viral ‘gochujang butter pasta’ into breakfast pop-up event

TikTok Korea held a breakfast gathering at a GS25 convenience store in Seoul Thursday, bringing together creators and users to celebrate “gochujang butter pasta,” a dish that gained traction on the platform before being commercialized as a ready-to-eat product. The event, held at GS25’s Konkuk branch, included about 10 users selected through a promotional draw, along with TikTok creators Gyutaecci, Jeon Unni, Cookim and Minji. Attendees sampled GS25's gochujang butter pasta and assembled their own variations using convenience store ingredients. The gathering was designed around the "mingle morning" format, a social trend popular among Generation Z involving early-morning meetups centered on food and conversation. Additional programming included games and a best-dressed competition, with participants asked to wear red clothing in a nod to the dish's primary ingredient. The gochujang butter pasta product at the center of the event was launched by GS25 on March 25, following the spread of gochujang-based pasta recipes on TikTok. GS25 said the product development drew directly on TikTok

Apr 10, 2026By Jhoo Dong-chan
TikTok turns viral ‘gochujang butter pasta’ into breakfast pop-up event

With inheritance tax paid, Samsung chairman set to expedite future investment

With the Samsung Group owner family set to complete one of the largest inheritance tax payments in Korea’s history, Samsung Electronics Executive Chairman Lee Jae-yong is expected to accelerate future investments based on his stronger control over the group. Hong Ra-hee, the widow of former Samsung Group Chairman Lee Kun-hee, sold 15 million shares in Samsung Electronics worth nearly 3.1 trillion won ($2.1 billion) in a block deal on Thursday. The sale has reduced Hong's stake in Samsung Electronics to 1.24 percent from 1.49 percent. The sale was intended to fund inheritance tax payments on assets left by the late chairman. Since his death in 2020, the heirs — Hong and her children Jae-yong, Boo-jin and Seo-hyun — have been in the process of paying 12 trillion won in taxes in six installments, starting in 2021. The process is expected to be completed this month, once Hong uses the proceeds from the latest sale to pay the final installment. The inheritance process strengthened Lee Jae-yong’s grip on Samsung Electronics. Before the late chairman’s death, Hong held a 0.91 percent

Apr 10, 2026By Nam Hyun-woo
With inheritance tax paid, Samsung chairman set to expedite future investment

Samyang Foods' Buldak to return as official partner of Coachella Festival

Samyang Foods’ Buldak brand — known for its intensely spicy “fire chicken” ramen and sauces — will return as the official ramen and hot sauce partner of the 2026 Coachella Valley Music and Arts Festival, organizers said, marking its second consecutive year in the role and extending its distinction as the first Korean brand to secure an official partnership with one of the world’s largest music events. The festival runs April 10–12 and April 17–19 in Indio, California. This year’s program will center on the “Buldak Crawl,” a roaming festival experience that allows attendees to sample limited-edition dishes infused with the brand’s signature spicy flavors at multiple vendor locations across the festival grounds. Participating food partners will include Prince St. Pizza, Rokstar Chicken, Sumo Dog, Birrieria San Marcos and Sidekicks, each offering a distinct menu item built around Buldak’s signature spice. Offerings include a pizza slice with Buldak drizzle, tenders and honey butter fries with Buldak sauce, a Buldak Hotzilla Dog with Sumo Tots, a Buldak quesadilla a

Apr 10, 2026By Jhoo Dong-chan
Samyang Foods' Buldak to return as official partner of Coachella Festival
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