Business

Gov't to offer low-interest loans to SMEs facing difficulties due to trade deals

The government will operate a low-interest loan program for small and medium-sized enterprises (SMEs) suffering or expected to suffer damage from Korea's trade agreements with foreign countries, the industry ministry said Monday. Under the program, the Ministry of Trade, Industry and Resources will select 30 companies that saw or will likely see their sales or production capacity fall by more than 5 percent from a year earlier due to the implementation of trade agreements with foreign partners, according to ministry officials. Selected companies will be eligible to apply for a loan of up to 7 billion won ($4.6 million) at a 2 percent interest rate. The ministry also plans to provide business consultation services to 20 firms to help them navigate through global trade uncertainties.

Apr 6, 2026By Yonhap

Gov't to offer low-interest loans to SMEs facing difficulties due to trade deals

Companies

LS Electric lands $70 mil. US transformer deal

LS Electric secured a major contract worth $70 million (105.6 billion won) to supply its extra-high-voltage transformers to an energy infrastructure firm in the United States, the company said Monday. Under the deal, LS Power Solution, acquired by LS Electric in 2024, will supply its 345-kilovolt-class transformers for a large-scale data center operated by a big tech firm in the United States. Deliveries are scheduled from the fourth quarter of 2027 to the first half of 2028, according to LS Electric. The latest contract will further solidify the firm’s position in North America as demand for electricity soars in line with the rise of artificial intelligence (AI) and cloud computing. The tech paradigm shift requires more investment for stable and efficient power infrastructures across the region. The shift has been further reinforced by a recent pledge from seven global tech firms, which pledged to source electricity for their data centers from self-built power generation facilities, rather than drawing from public grids. LS Electric has been strengthening its presence across the data

Apr 6, 2026By Lee Min-hyung

LS Electric lands $70 mil. US transformer deal

Tech & Science

'AI resilience' seen as more practical than 'AI sovereignty': report

Governments around the world are racing to build fully self-sufficient artificial intelligence (AI) ecosystems, often framed as “AI sovereignty,” but the effort is increasingly seen as impractical given the prohibitive costs and scale involved, the Boston Consulting Group (BCG) said Sunday. A more effective strategy, instead, is to prioritize “AI resilience”— adapting AI across domestic industries and retaining control over its use, rather than trying to build everything from the ground up — through initiatives like Korea’s “AI voucher” program. In its latest report, the firm said the push by many countries to become fully self-reliant across the AI value chain, such as Australia’s private-sector effort to develop a “national” large language model or India’s plans to build a national GPU cluster, remains, in reality, an “illusion.” “Sustaining ‘sovereign’ control over entire layers is exceptionally resource-intensive over time and has proven difficult even in relatively affluent, capable economies,” BCG said, noting that AI development relies heavil

Apr 5, 2026By Park Han-sol

'AI resilience' seen as more practical than 'AI sovereignty': report

Companies

Almonty joins Montana mining group, bolsters US tungsten supply

Almonty Industries, a global tungsten developer and supplier which operates Sangdong Mine in Korea and others in Portugal and Spain, has joined the Montana Mining Association to bolster its presence in the United States. According to the group’s Korean subsidiary, Almonty Korea Tungsten Corp. (AKTC), Sunday, the New York-based conglomerate has joined the association to promote its responsible and sustainable mining practices and pledge its future contribution to technological development and regulatory improvement for the mining industry not only in the northwestern U.S. state but throughout the country. Almonty Industries last November acquired Gentung Tungsten Project in Beaverhead County, Montana, to revive the mine and reignite the U.S. tungsten production for the first time since 2015. AKTC said the mine reserves approximately 7.35 million tons of tungsten ores and will produce 140,000 metric ton units of the earth mineral per year once its redevelopment is complete. The Montana association, established in 1973 in Helena, has been supporting mining firms in the state since, lubri

Apr 5, 2026By Ko Dong-hwan

Almonty joins Montana mining group, bolsters US tungsten supply

Companies

Renault Korea’s growth underpinned by expertise in vehicle redesign

Renault Korea will capitalize on its expertise in integrating technologies from partner carmakers and redesigning new models tailored for the local market, as part of its core strategy for sustainable growth here, Renault Group CEO Francois Provost told reporters during a media roundtable in Seoul Friday. He said the sequential success of the carmaker’s two hybrid cars — the Grand Koleos SUV and the Filante crossover — proves its resilience and clearly demonstrates the firm’s strength in redesigning vehicles for Korean consumers. Provost has a deep understanding of the Korean market, having served as CEO of then-Renault Samsung Motors for five years from 2011. “I deeply think that we have the unique capacity to master the use of assets and technologies coming from partner firms, and create great cars for the Korean market,” Provost said. “Now, it is coming from Geely.” Geely is a Hangzhou-based Chinese multinational automaker. The Grand Koleos SUV, which has driven the carmaker’s successful rebound in Korea, is built on the Chinese automaker’s compact modular architect

Apr 5, 2026By Lee Min-hyung

Renault Korea’s growth underpinned by expertise in vehicle redesign

Companies

Mercedes-Benz’s 2026 GIVE ’N RACE raises record donation

BUSAN — Mercedes-Benz’s Corporate Social Responsibility (CSR) Committee successfully wrapped up its 13th GIVE ’N RACE charity run Sunday, raising a record amount of donations to promote a culture of sharing across society here, the carmaker said. The annual event allows participants to engage in charitable giving simply by joining, as their entry fee is fully donated under each runner’s name. For this year, the organizer introduced a special donation program, enabling voluntary additional contributions beyond the standard participation fee of 50,000 won ($33) per person. As a result, the 2026 GIVE ’N RACE raised a record-breaking 1.02 billion won. All proceeds will be used to support children and adolescents in need, such as the establishment of child protection agencies and cultural facilities, as well as scholarship programs for promising young athletes. Some 20,000 participants across the country gathered at the outdoor plaza at BEXCO and ran a scenic course spanning Gwangan Bridge to Gwangalli Beach in the southeastern port city. The event drew runners of all ages, from the

Apr 5, 2026By Lee Min-hyung

Mercedes-Benz’s 2026 GIVE ’N RACE raises record donation

Tech & Science

Renewable waste bag plan faces question amid legal loopholes

As the war in Iran is disrupting Korea's imports of naphtha and other oil products, the nation is grappling with public concerns over a shortage of plastic waste bags, prompting President Lee Jae Myung on March 25 to order the government to find ways to replace imported oils with renewable materials in producing such bags. However, the goal appears far-fetched, according to a National Assembly report, as current laws on plastic recycling remain technically immature and fall short of global standards. A report by the National Assembly Research Service, published last week, examined the European Union’s revised Single-Use Plastics Directive (SUPD) adopted in February and compared it with similar Korean laws as it highlighted legal loopholes in the latter. The report not only warned that accomplishing the president's order is unlikely under current laws but also of the impact of Europe's tightening environmental regulations to Korea’s future exports. The report pointed to the “technically uncertain” descriptions under Korea's Act on the Promotion of Saving and Recycling of Resources

Apr 5, 2026By Ko Dong-hwan

Renewable waste bag plan faces question amid legal loopholes

Companies

Samsung owner family to finish paying $7.95 bil. inheritance tax

The family of late Samsung Group Chairman Lee Kun-hee is set to complete one of the largest inheritance tax payments in Korea’s history, with the final installment of the 12 trillion won ($7.95 billion) tax due this month. Once the payments are completed, uncertainties surrounding Executive Chairman Lee Jae-yong’s grip on Samsung Group are expected to ease. The heirs — the late chairman’s widow Hong Ra-hee and his children Lee Jae-yong, Lee Boo-jin and Lee Seo-hyun — will make the sixth and final installment this month, completing the payment process that began in 2021 following the former chairman’s death in 2020. Lee Kun-hee’s estate, valued at about 26 trillion won, included a vast portfolio of Samsung shares, real estate and private art collections. Hong bore the largest share of the tax at approximately 3.1 trillion won, followed by their children at 2.9 trillion, 2.6 trillion and 2.4 trillion, respectively. The family opted to pay the tax in six installments over the past five years. To finance the payments, family members turned to different approaches. Hong and her da

Apr 5, 2026By Lee Gyu-lee

Samsung owner family to finish paying $7.95 bil. inheritance tax

Companies

Samsung, Mistral AI discuss cooperation in AI memory sector

Executives from Samsung Electronics and French artificial intelligence (AI) startup Mistral AI discussed potential cooperation in the AI memory sector, industry sources said Sunday. Arthur Mensch, co-founder and chief executive officer of Mistral AI, met Jeon Young-hyun, head of Samsung Electronics' device solutions division, on Thursday at the company's Hwaseong campus to explore collaboration on AI chip supply chains and related technologies, the sources said. Mensch was in South Korea last week on the occasion of French President Emmanuel Macron's visit to Seoul for talks with President Lee Jae Myung. Mistral AI, often described as Europe's counterpart to OpenAI, is seeking to secure a stable supply of semiconductors to support its large language model, Mistral Large, and to expand its AI infrastructure. The visit to Samsung's semiconductor facility is viewed as part of that effort. "Following recent discussions between Samsung executives and Lisa Su, CEO of Advanced Micro Devices, Mistral AI also appears to be pursuing talks with Samsung to ensure a reliable chip supply amid tight m

Apr 5, 2026By Yonhap

Samsung, Mistral AI discuss cooperation in AI memory sector

Companies

Sum Air to acquire second ATR turboprop aircraft

Sum Air Co., a wholly owned unit of South Korean mobility platform startup Mobility As a Freedom (MAAF), said Sunday it will acquire an additional turboprop aircraft from European manufacturer ATR to expand its fleet. The company said it has signed a memorandum of understanding (MOU) with ATR in Seoul to introduce a second ATR 72-600 aircraft for routes serving domestic islands, including Ulleung off South Korea's east coast, Baengnyeong near the western sea border with North Korea, and Heuksan off the country's southwest coast. Sum Air received its first ATR 72-600 in January and launched service on the Gimpo-Sacheon route in March. Sacheon is home to Korea Aerospace Industries (KAI), South Korea's sole aircraft manufacturer. The ATR 72-600 is the world's bestselling turboprop aircraft. The aircraft's fuel efficiency and cost competitiveness make it suitable for low-demand routes while supporting more sustainable operations. Its addition will enable Sum Air to enhance connectivity to remote regions while meeting environmental goals, ATR Chief Executive Nathalie Tarnaud Laude said. ATR,

Apr 5, 2026By Yonhap

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Business

Hyosung launches hyperscale AI data center in Seoul

Samsung Display showcases next-generation XR displays at AWE USA

Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

AI-generated complaints create new headaches for insurers

SK hynix ships 12-high HBM4E samples to customers

Read more

Gov't to offer low-interest loans to SMEs facing difficulties due to trade deals

LS Electric lands $70 mil. US transformer deal

'AI resilience' seen as more practical than 'AI sovereignty': report

Almonty joins Montana mining group, bolsters US tungsten supply

Renault Korea’s growth underpinned by expertise in vehicle redesign

Mercedes-Benz’s 2026 GIVE ’N RACE raises record donation

Renewable waste bag plan faces question amid legal loopholes

Samsung owner family to finish paying $7.95 bil. inheritance tax

Samsung, Mistral AI discuss cooperation in AI memory sector

Sum Air to acquire second ATR turboprop aircraft

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