my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • 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
  • Banking & Finance

    All-in-one apps emerge as new battleground among financial groups

    1 MIN READBy Lee Hyo-jin
    All-in-one apps emerge as new battleground among financial groups
  • Companies

    BMW Korea launches iX3 electric SUV with revamped design

    2 MIN READBy Lee Min-hyung
    BMW Korea launches iX3 electric SUV with revamped design
  • Companies

    Meritz's funding condition pushes Homeplus closer to bankruptcy

    3 MIN READBy Jun Ji-hye
    Meritz's funding condition pushes Homeplus closer to bankruptcy
  • 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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

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
Companies

April Fool's joke or free rent for life? Toss CEO's pledge stirs buzz

Some April Fool’s jokes don’t end up as jokes. For Lee Seung-gun, founder of fintech platform Toss, they have a way of becoming reality. On Wednesday, April Fool's Day, Lee notified employees that he would sell his own home and use the proceeds to cover the rent and loan interest of 100 Toss staff members — for life. “Even before founding the company, I’ve felt there was something deeply unfair about a system where some build wealth through real estate while others struggle just to afford housing,” he wrote, adding that he wanted to finally act on that belief. At first glance, it sounded like the kind of over-the-top promise that is easy to laugh off and forget. Even inside the company, it remains unclear for now whether it will actually come true. But Lee, who heads Viva Republica, has a track record of turning improbable April Fool’s Day pledges into reality. In 2022, he announced he would give away 20 Tesla vehicles. Employees took it as a prank until it proved “half true.” Three days later, 10 employees were selected by lottery to receive Teslas on one-year leases, wi

Apr 1, 2026By Park Han-sol
April Fool's joke or free rent for life? Toss CEO's pledge stirs buzz
Business

Samsung Heavy Industries to help design next generation of US Navy vessels

Samsung Heavy Industries is stepping into a high-stakes U.S. naval program, signaling a deepening industrial partnership as Washington moves to modernize its fleet and diversify its shipbuilding base. The company said Wednesday it will take part in the conceptual design of the U.S. Navy’s Next Generation Logistics Ship, or NGLS, working with General Dynamics NASSCO and DSEC through March 2027 on early-stage vessel development. The NGLS program is expected to produce at least 13 ships and is a key component of the U.S. Navy’s “distributed maritime operations” strategy, which emphasizes agility and survivability through smaller, more flexible vessels capable of tailored mission support. The company said it will focus on hull form design — a key determinant of speed, stability and fuel efficiency — using its large-scale testing facilities, including a 400-meter towing tank in Daejeon, to meet U.S. Navy requirements. The project marks one of the most visible outcomes to date of the company’s broader push into the U.S. market, often referred to internally as MASGA (Make American

Apr 1, 2026By Lee Kyung-min
Samsung Heavy Industries to help design next generation of US Navy vessels
Companies

HS Hyosung’s 1st non-owner chairman begins official duties

HS Hyosung Chairman Kim Kyoo-young began his official duties on Thursday as the advanced materials conglomerate’s first head without ownership ties, as it seeks to establish a more professional decision-making system. Kim made headlines in December when he was appointed chairman — a position above owner Vice Chairman Cho Hyun-sang — in what was seen as a rare move in the Korean business community, where ownership and management are typically intertwined. The group said Kim’s chairmanship is in line with Cho’s philosophy of separating ownership and management, in order to establish a more rational and professional decision-making structure. Kim’s leadership will strengthen transparency and accountability of the group, enhancing long-term corporate value, the group said. Kim joined Tongyang Nylon, the predecessor of Hyosung Group, in 1972. Over more than five decades, he has held key posts including factory manager of plants in Eonyang, near Ulsan, and Anyang, Gyeonggi Province; president of China operations; chief technology officer; and head of the Hyosung Technical Institut

Apr 1, 2026By Nam Hyun-woo
HS Hyosung’s 1st non-owner chairman begins official duties
Companies

KCC reverses paint price hike after antitrust probe

KCC, a leading paint manufacturer, scrapped its plan to raise paint prices Wednesday, becoming the latest company to align with the government’s push to curb inflation. “We decided to withdraw the plan to help ease consumers’ financial burden in line with the government’s price stabilization policy,” a company official said. “Although our current pricing structure results in losses with each sale, we plan to explore ways to minimize losses while closely monitoring market conditions and managing our pricing policy with the utmost caution.” KCC earlier notified its distributors of plans to raise product prices by 10 to 40 percent starting April 6, citing rising petrochemical costs following the war in Iran. However, the company reversed its decision after the Fair Trade Commission (FTC) conducted on-site inspections last month at the Korea Paint & Printing Ink Industry Cooperative, the KCC headquarters and four other paint makers. The antitrust regulator suspected collusion among the companies before their series of price hike announcements. Industry officials expect other pain

Apr 1, 2026By Park Jae-hyuk
KCC reverses paint price hike after antitrust probe
Companies

Volvo launches EX90 in Korea, targets 2,000 annual sales

YEONGJONG ISLAND, Incheon — Volvo Car Korea has launched its premium full-size electric SUV, the EX90, with an ambitious goal of reaching annual sales of 2,000 vehicles, the carmaker said Wednesday. Describing the EX90 as the culmination of Volvo’s design philosophy, safety heritage and advanced technologies, the carmaker said it introduces a new paradigm in which core vehicle functions are integrated through software. Volvo Car Korea said the next-generation flagship all-electric vehicle embodies the Swedish carmaker’s transition toward software-defined vehicles (SDVs). “We would like to define the EX90 as Volvo Car Korea’s safest model ever sold in history,” Volvo Car Korea CEO Lee Yoon-mo told reporters during a media event. “The vehicle will start its delivery to customers from the third quarter, and our initial EX90 sales target this year is 500 units. We also set the vehicle’s full-year sales target at more than 2,000.” At the heart of the EX90 is Volvo’s proprietary “Hugin Core” system, under which the vehicle processes data in real time by utilizing advance

Apr 1, 2026By Lee Min-hyung
Volvo launches EX90 in Korea, targets 2,000 annual sales
Banking & Finance

Bank of Korea launches QR payment link in Indonesia

Travelers from Korea can now pay in Indonesia by scanning their smartphones, bypassing currency exchange lines and foreign transaction fees as a new cross-border QR payment system goes live. The Bank of Korea said Wednesday that it launched a QR-based payment linkage with Indonesia, allowing users to make purchases by scanning local codes with their existing financial apps. The rollout follows a memorandum of understanding signed in July 2024 between the Bank of Korea and Bank Indonesia to connect the two countries’ payment systems. The service is initially available through the Korea Financial Telecommunications and Clearings Institute, in partnership with Woori Card and KB Kookmin Bank. Officials said additional financial institutions and payment platforms — including Shinhan Bank, Woori Bank, Hana Bank, Shinhan Card, KB Kookmin Card, GLN and Travel Wallet — will be added in phases. Using the system, Korean users can pay at more than 32 million merchants across Indonesia that support the country’s standardized QRIS payment network, simply by scanning a code within their usual b

Apr 1, 2026By Lee Kyung-min
Bank of Korea launches QR payment link in Indonesia
Companies

PHOTO Samsung launches Galaxy Book 6

Models pose with Samsung Electronics’ Galaxy Book 6 laptops in this handout photo released Wednesday. The product is the latest in the Galaxy Book 6 series, which also includes the Galaxy Book 6 Ultra and the Galaxy Book 6 Pro, both already on the market. Prices range from 1.6 million won ($1,200) to 2.51 million won, depending on specifications such as the CPU, graphics card and memory. The product comes in gray and silver.

Apr 1, 2026By Kang Seung-woo
[PHOTO] Samsung launches Galaxy Book 6
previous page
106107108109110
next page

Most Read in Business