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  • Companies

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

    The Fair Trade Commission (FTC) has rejected self-correction proposals from the country's top two food delivery platforms, Baedal Minjok, informally known as Baemin, and Coupang Eats, paving the way for fines that could amount to tens of billions of won over allegations that they abused their market dominance, the antitrust watchdog said Thursday. The regulatory authority rejected the companies’ applications for a consent decree — a mechanism that allows firms to resolve antitrust cases without admitting liability by offering voluntary remedies — ruling that they did not meet the legal requirements to initiate such a settlement process. The fines expected to be imposed on Baemin and Coupang are estimated at 239 billion won ($157 million) to 510 billion won, and 25 billion won to 42 billion won, respectively. Following the latest decision, the watchdog will resume its formal review to determine the illegality of the practices and the scale of sanctions. The watchdog’s probe into the two companies has focused on finding alleged anti-competitive practices, including unfair treatment

    2 MIN READBy Lee Min-hyung
    Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids
  • Companies

    Shin Ramyun leaves spicy impression at major Mexico City festival

    2 MIN READBy Lee Kyung-min
    Shin Ramyun leaves spicy impression at major Mexico City festival
  • Companies

    POSCO International launches PT.PAR, strengthening integrated palm oil value chain

    2 MIN READBy Lee Gyu-lee
    POSCO International launches PT.PAR, strengthening integrated palm oil value chain
  • Companies

    Nexen Tire ramps up European logistics footprint

    2 MIN READBy Lee Kyung-min
    Nexen Tire ramps up European logistics footprint
  • Companies

    Shinsegae seeks to create World Cup magic under giant screen in Seoul

    2 MIN READBy Jhoo Dong-chan
    Shinsegae seeks to create World Cup magic under giant screen in Seoul
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Companies

InterviewKGCCI to help bolster Korea-Germany ties through APK 2026

Antonio Randazzo has seen firsthand the strong business ties between Korea and Germany as a company executive. Now, he is devoting himself to further strengthen the relations between the two countries. With his appointment last December to co-chair the Korean-German Chamber of Commerce and Industry (KGCCI) alongside Deutsche Bank Seoul Chief Country Officer Park Hyun-nam, the Star Truck Korea CEO is preparing to boost Korea-Germany economic cooperation through the Asia-Pacific Conference of German Business (APK) 2026, which will take place in Seoul from Oct. 29 to 31. "APK 2026 will be more than a conference," he said during a recent interview with The Korea Times. "It will be a milestone moment for Korean-German economic relations, demonstrating how our two innovation-driven economies can work together to address global challenges and shape the industries of the future." Since 1986, the conference has been held biennially in major Asia-Pacific cities, gathering business leaders and policymakers from across the region. The 2024 event in India brought together over 800 delegates, including

Apr 2, 2026By Park Jae-hyuk
KGCCI to help bolster Korea-Germany ties through APK 2026
Companies

Korea Zinc kicks off project to build smelter in Tennessee

Korea Zinc Co., the world's biggest refined zinc smelter, said Thursday it has begun an 11 trillion-won ($7.4 billion) project to build a critical metals refinery in Clarksville, Tennessee. The company held a ceremony to mark the official launch of "Project Crucible" in Clarksville on Wednesday (U.S. time), attended by Chairman Choi Yun-beom and President Park Ki-won, who is in charge of the project, along with U.S. officials, including Stuart McWhorter, deputy governor of Tennessee, according to Korea Zinc. The facility is scheduled to break ground next year and begin producing 13 nonferrous metals starting in 2029. "Through Project Crucible, we have embarked on a journey to open a new future that transcends Korea Zinc's past 52 years and to safeguard national security in critical minerals for future generations," Choi said, according to the company. "We will concentrate all our capabilities, experience and cutting-edge technology in Clarksville to build the world's leading critical mineral processing facility." Korea Zinc said it has recently completed the acquisition of a local zinc s

Apr 2, 2026By Yonhap
Korea Zinc kicks off project to build smelter in Tennessee
Companies

LG chairman stresses stronger presence in AI energy infrastructure

LG Group Chairman Koo Kwang-mo called on LG affiliates to strengthen their presence in the field of energy infrastructure for artificial intelligence (AI), stressing the importance of integration between software and hardware. Koo made such remarks during his visit to LG Energy Solution Vertech, an energy storage system (ESS) software company in Massachusetts, on Monday. “We must secure a business foundation that remains resilient against any external uncertainties,” he said. “In particular, we need to go beyond supplying ESS battery hardware to strengthen our capabilities in high value-added integrated solutions to establish a dominant position in the market.” The demand for future battery applications is rapidly increasing amid the expansion of AI data centers and physical AI, as ESSs are becoming critical infrastructure in high-performance computing environments in order to optimize power loads and ensure stable supply. In this environment, integrated capabilities combining hardware and software are expected to become a key competitive edge in securing market leadership. Again

Apr 2, 2026By Nam Hyun-woo
LG chairman stresses stronger presence in AI energy infrastructure
Companies

HyperM launches as independent marketing agency

HyperM, formerly Allison HyperM, officially rebranded and launched Thursday as an independent public relations (PR) and digital marketing agency under CEO Jeong Min-a. The Seoul-based firm, which operated as an Allison affiliate for eight years, unveiled a dual-brand strategy targeting both domestic clients and Korean companies pursuing global growth. Founded in 2002 as Min Communications, HyperM has more than 20 years of experience across technology, consumer goods, health care and financial services. Its services include strategic PR, media relations, crisis communications, digital marketing and integrated marketing communications (IMC). As artificial intelligence (AI) reshapes how consumers discover and evaluate brands, HyperM has added AI-focused services such as answer engine optimization (AEO) and generative engine optimization (GEO) consulting. The agency helps clients structure and distribute content to ensure their brands are cited as authoritative sources in AI-generated responses. HyperM has also launched a corporate AI literacy program to help client organizations build int

Apr 2, 2026By Nam Hyun-woo
HyperM launches as independent marketing agency
Companies

Kia's March sales gain 2.7 percent on increased demand

Kia, Korea's second-largest carmaker, said Wednesday its March sales added 2.7 percent from a year earlier, driven by increased demand both overseas and at home. Kia, an affiliate of Hyundai Motor, sold 285,854 vehicles in March, up from 278,355 units a year earlier, the company said in a release. Domestic sales jumped 12.8 percent to 56,404 units from 42,002 over the cited period, while overseas sales also gained 0.4 percent to 228,978 from 205,226. The monthly total included 472 special-purpose vehicles, jumping 74.8 percent from 270 units a year earlier. From January to March, its sales rose 0.8 percent to 779,169 units from 772,648 in the year-earlier period to achieve a new sales record for the first quarter.

Apr 1, 2026By Yonhap
Kia's March sales gain 2.7 percent on increased demand
Others

Korea imposes 2-day driving ban for public sector amid Middle East supply risks

The government said Wednesday that starting next week, it will tighten the public sector’s rotating vehicle ban from once in five days to a two-day odd-even schedule to curb energy demand, following the elevation of the crude oil alert to alert amid supply strains caused by the prolonged Middle East conflict. The previous five-day rotation, which has been in effect since March 25, will remain voluntary for the private sector. Under the new system, vehicles in public institutions will be restricted from operating every other business day based on the last digit of their license plate numbers, while public parking lots run by government agencies will continue to follow a separate five-day rotation schedule, the Ministry of Climate, Energy and Environment said. The announcement came as Industry Minister Kim Jung-kwan chaired the fifth resource security council meeting on the same day, where the government raised the crude oil alert level from caution to alert and natural gas from attention to caution, effective at the start of Thursday, signaling a heightened approach to managing potenti

Apr 1, 2026By Lee Gyu-lee
Korea imposes 2-day driving ban for public sector amid Middle East supply risks
Business

Crude oil supply from UAE en route to Korea as agreed: ministry

Emergency shipments of crude oil from the United Arab Emirates (UAE) are on their way to Korea in line with the countries' recent agreement, the industry ministry said Wednesday, noting Seoul has already received the first batch from the Gulf nation. Last month, the UAE agreed to supply 24 million barrels of crude oil to Korea with top priority amid the effective closure of the Strait of Hormuz due to the U.S.-Iran war. The UAE promised to first supply 6 million barrels and later deliver the remaining 18 million barrels, according to the Ministry of Trade, Industry and Resources. Of the 6 million barrels, 2 million arrived in Korea on Monday, with another 2 million scheduled to be delivered in early to mid-April. The UAE has also delivered 2 million barrels from its international joint reserves stockpiled in Korea to a local oil refinery. The remaining 18 million barrels are also on their way, with 2 million barrels purchased by a Korean company scheduled to arrive here in mid-April. "We have preemptively secured a total of 24 million barrels of oil (from the UAE), providing much-needed r

Apr 1, 2026By Yonhap
Crude oil supply from UAE en route to Korea as agreed: ministry
Business

7-Eleven Korea adds LINE Pay to woo Taiwanese visitors

As Taiwanese tourists visit Korea in growing numbers, drawn by the global pull of K-culture, retailers here are moving to adapt. On Wednesday, 7-Eleven Korea said it would begin accepting Taiwan’s dominant mobile payment service, LINE Pay, at all locations starting April 1, allowing visitors to pay as seamlessly as they do at home. The move underscores a broader push by Korean retailers to capture Taiwanese tourist spending, a quickly rebounding segment. According to the Korea Tourism Organization, foreign arrivals reached a record 18.9 million last year, with spending increasing by 60 percent from a year earlier. Among them, roughly 1.89 million came from Taiwan, making it the third-largest source of visitors after China and Japan. The recovery rate from prepandemic 2019 levels reached 181 percent, the highest among major markets. LINE Pay, used by more than half of Taiwan’s population, has become a default payment method for many travelers. By integrating the service, 7-Eleven aims to remove friction at checkout counters and capture a greater share of tourist spending. Payments will

Apr 1, 2026By Lee Kyung-min
7-Eleven Korea adds LINE Pay to woo Taiwanese visitors
Companies

Flights to Hungary, Austria to increase as Central Europe grows popular

Flights connecting Korea to Hungary and Austria will increase from six to 14 and from four to 21 per week, respectively, thanks to rising demand among Korean travelers for Central Europe. The Ministry of Land, Infrastructure and Transport said Wednesday it has struck an agreement with both countries to expand flight schedules to meet rising passenger demand in Korea. The Korea-Hungary schedule update came for the first time in 12 years. Under the revised agreement expanding traffic rights between Korea and European countries, Hungary agreed to add eight weekly flights. Korea’s flag carriers, Korean Air and Asiana Airlines, will serve airports in both countries. This comes after LOT Polish Airlines, which operated flights between Hungary and Korea, halted the route in April 2025, reducing available flights for Korean passengers. Flights between Korea and Austria will see an even larger increase, with the number of flights having remained unchanged since 1996. The addition of 17 weekly flights includes 10 connecting all airports in both countries and seven linking airports across Korea w

Apr 1, 2026By Ko Dong-hwan
Flights to Hungary, Austria to increase as Central Europe grows popular
Banking & Finance

Major banks' household loans fall again in March amid tough curbs

Household loans by major banks fell again in March amid continued strict regulations, industry data showed on Wednesday. Outstanding household loans from the country's five major banks — KB Kookmin, Woori, Hana, Shinhan and NH Nonghyup — stood at 765.73 trillion won ($501 billion) as of end-March, down 136 billion won from the previous month, according to the data. Their household loans rose slightly in February after falling for two consecutive months in January and December. Mortgage loans by banks fell 387 billion won last month to 610.33 trillion won, following a rise of 597 billion won the previous month. The government has been implementing a series of measures to cool the overheated housing market and curb household debt. Under a comprehensive policy package announced in October, the government designated 21 additional districts in Seoul as speculative zones, bringing all 25 districts in the capital under stricter regulations. It also tightened lending rules, lowering the cap on mortgage loans to as little as 200 million won, down from the 600 million-won limit set in June.

Apr 1, 2026By Yonhap
Major banks' household loans fall again in March amid tough curbs
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