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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

    KHNP CEO reviews Dukovany project in Czech Republic

    2 MIN READBy Lee Gyu-lee
    KHNP CEO reviews Dukovany project in Czech Republic
  • Companies

    POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace

    2 MIN READBy Lee Gyu-lee
    POSCO accelerates low-carbon steel transition with Korea’s largest electric arc furnace
  • 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
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Companies

Media watchdog chief asks Google for efforts to support small app developers

The media watchdog chief on Wednesday called on Google to pursue shared growth in Korea's application ecosystem as the U.S. tech giant moves to revamp its commission policy for its app market. Kim Jong-cheol, chair of the Korea Media and Communications Commission (KMCC), met with Wilson White, vice president of global affairs at Google, in Gwacheon, Gyeonggi Province, to discuss areas of cooperation ahead of the implementation of the new commission policy, the watchdog said. In March, Google vowed to make major changes to its app store policy, including splitting its 30 percent commission into a 15-20 percent service fee and a 5 percent transaction fee while allowing third-party payment options. "We expect the app market ecosystem to experience tangible changes following Google's positive steps," Kim was quoted as saying during the meeting while asking the U.S. company to implement the new pricing in Korea earlier than scheduled in December. Kim also called on Google to come up with measures to promote shared growth across the ecosystem, including small and medium-sized developers. "We as

Apr 1, 2026By Yonhap
Media watchdog chief asks Google for efforts to support small app developers
Business

Online shopping sales up 5.9% in February on Lunar New Year holiday spending: data

Online shopping sales in South Korea rose 5.9 percent from a year earlier in February, driven by strong sales in agricultural products during the Lunar New Year holiday period, government data showed Wednesday. The value of online shopping transactions totaled 22.6 trillion won ($15 billion) in February, up 1.3 trillion won from the same month last year, according to the data from the Ministry of Data and Statistics. It marked the highest figure for the month of February since the government started compiling such statistics in 2017, the ministry said. By item, agricultural goods, including meat and fisheries, led the sales, with the category growing 32.7 percent year-on-year thanks to the Lunar New Year holiday in February, the ministry said. Spending on culture and leisure services jumped 93.3 percent on-year, as more concerts took place during the three-day holiday period. Online purchases of cars and car accessories grew by 48.8 percent on-year, partly affected by a rise in electric vehicle (EV) sales, the ministry added. In contrast, online purchases of telecommunication equipment, su

Apr 1, 2026By Yonhap
Online shopping sales up 5.9% in February on Lunar New Year holiday spending: data
Companies

Airlines sharply raise fuel surcharges for April amid global oil price hike

Fuel surcharges for flights operated by South Korean airlines have surged by as much as threefold from the previous month in April due to the spike in global oil prices, industry watchers said Wednesday. Industry leader Korean Air Co. raised its international one-way fuel surcharge to between 42,000 won ($27.9) and 303,000 won for April, compared with 13,500 won to 99,000 won in March. On long-distance routes, such as those to New York, Chicago, Washington and Toronto, the surcharge rose 3.1 times to 303,000 won. Asiana Airlines Inc. also increased its surcharge range to between 43,900 won and 251,900 won for April, from 14,600 won to 78,600 won in March. Low-cost carriers that charge fuel surcharges in U.S. dollars also sharply raised costs, with Jeju Air Co. increasing rates to between $29 and $68, from $9 to $22 last month. With international oil prices continuing to climb, industry watchers have expressed concerns that surcharges in May could rise further, potentially pushing surcharges on U.S. routes to the 500,000-won level. Other observers said companies may further reduce their fli

Apr 1, 2026By Yonhap
Airlines sharply raise fuel surcharges for April amid global oil price hike
Tech & Science

Apple improves iPhone's emergency location-sharing service for Korean users

U.S. tech giant Apple Inc. has improved an emergency location-sharing feature on iPhones for South Korean users at the request of the Seoul government, officials said Wednesday. The expansion of the service's duration, from the previous five minutes to 30 minutes, came at the request of the Korea Media and Communications Commission (KMCC) to better help emergency responders to accurately identify the locations of iPhone users in need of emergency assistance. The agreement was reached after a series of meetings among the KMCC, Apple, the National Police Agency, the National Fire Agency and the Korea Internet & Security Agency. "Samsung Electronics smartphones do not have such limitations as they operate based on a different mechanism," a KMCC official said, noting Apple decided to offer the extension especially for South Korean users. "We welcome Apple's decision and will continue to work with global companies and related organizations to improve the quality of location-sharing services to better protect people's lives and safety," KMCC Chair Kim Jong-cheol said in a release.

Apr 1, 2026By Yonhap
Apple improves iPhone's emergency location-sharing service for Korean users
Companies

Samsung Biologics completes acquisition of US manufacturing facility

Samsung Biologics has closed the deal to acquire GSK’s facility in Rockville, Md., establishing the biopharmaceutical firm’s first manufacturing base in the United States, the company said Wednesday. In its regulatory filing, the Korean company said its wholly owned subsidiary Samsung Biologics America has completed the acquisition of Human Genome Sciences, which owns a drug substance manufacturing facility in the U.S. from GSK for a total of $353.1 million. Of the amount, $280 million is for the acquisition of the facility and equity, while the remaining $73.1 million was paid for the transfer of inventories and raw materials held by Human Genome Sciences. The deal’s closure came three months after Samsung Biologics announced the acquisition on Dec. 22 last year, as part of its efforts to mitigate risks stemming from the Trump administration’s tariffs on biopharmaceuticals, as well as to expand its contract drug manufacturing capacity beyond Korea. The Rockville site is comprised of two manufacturing plants with a combined 60,000-liter drug substance capacity, supporting both cl

Apr 1, 2026By Nam Hyun-woo
Samsung Biologics completes acquisition of US manufacturing facility
Companies

Coupang accelerates Taiwan expansion as Korean exports gain momentum

Coupang, Korea’s largest online retailer, said Wednesday that it is intensifying its logistics investments in Taiwan, opening a fourth distribution center in Taoyuan and extending next-day Rocket Delivery to about 70 percent of the island. The expansion comes as the company reported that the number of small businesses selling on its platform surpassed 300,000 as of the end of last year, up from approximately 230,000 in 2023, a roughly 30 percent increase over two years. Small businesses refer to those with annual revenue of 3 billion won ($2.1 million) or less in Korea. Their combined transaction volume grew more than 20 percent year-on-year in 2024, compared with an average growth rate of 0.2 percent for small businesses nationwide during the same period, according to data from Korea Credit Data, a fintech platform serving small merchants. Coupang said more than 70 percent of small businesses on Coupang's platform are based outside the metropolitan area, in regions including Gyeongsang, Jeolla, Chungcheong and Gangwon provinces. So far, more than 10,000 such businesses have since gra

Apr 1, 2026By Jhoo Dong-chan
Coupang accelerates Taiwan expansion as Korean exports gain momentum
Companies

Samsung raises price tags on foldable models due to production cost hike

Samsung Electronics has increased the prices of its foldable smartphones, reflecting rising memory chip prices and the recent volatility in the foreign exchange market, industry sources said Wednesday. The retail price of the 512-gigabyte (GB) edition of the clamshell-style Galaxy Z Flip 7 was revised to 1.73 million won ($1,148), up from 1.64 million won, according to the sources. The price of the Galaxy Z Fold 7 with the same storage, which opens like a book, also rose to 2.63 million won from 2.53 million won. Both smartphones were released in July. Samsung, however, has maintained prices for more affordable 256 GB models, as well as the Galaxy S26 series, which hit the shelves last month. The 512-GB Galaxy S25 Edge, released in May, saw its price rise to 1.74 million won from 1.63 million won. Industry watchers said the new prices appear to reflect rising global costs of key components, including memory chips, along with the recent volatility in the foreign exchange market. "With prices of key parts rising gradually, it was inevitable to raise prices for some products," a Samsung Elect

Apr 1, 2026By Yonhap
Samsung raises price tags on foldable models due to production cost hike
Companies

PHOTO Women ambassadors learn K-beauty

Korea Importers Association (KOIMA) Chairwoman Youn Young-mi, sixth from left, and Kolmar BNH President Yoon Yea-won, ninth from left, pose with women ambassadors in Korea at Kolmar Korea's R&D Complex in Seoul, Monday. KOIMA said Wednesday that Kolmar introduced Korean cosmetics and dietary supplements to the ambassadors. Courtesy of KOIMA

Apr 1, 2026By Park Jae-hyukphoto
[PHOTO] Women ambassadors learn K-beauty
Business

FTC's collusion-related fines in Q1 more than triple from all of 2025: data

Collusion-related corporate fines imposed by Korea's antitrust regulator more than tripled in the first quarter compared with the total for all of 2025, industry data showed Wednesday. The Fair Trade Commission (FTC) levied 689.1 billion won ($456 million) in fines on companies involved in collusion during the January-March period, according to the data compiled by corporate tracker CEO Score. The quarterly total is far higher than the 218.9 billion won recorded for all of last year, the data showed. Collusion-related penalties accounted for 97.5 percent of the country's total corporate fines of 707 billion won in the first quarter. The overall corporate fines of 707 billion won represented a twofold increase from the 354.7 billion won recorded for all of 2025. Annual fines are expected to increase further as recently revised, stricter standards on unfair market practices under the new administration of President Lee Jae Myung take effect. In February, the FTC imposed a combined 408.3 billion won in fines on CJ CheilJedang Corp. and two other domestic sugar manufacturers over collusion in

Apr 1, 2026By Yonhap
FTC's collusion-related fines in Q1 more than triple from all of 2025: data
Business

Global crowd from 75 countries packs Korea Business Expo Gangseo

Clusters of overseas buyers and Korean exporters packed the aisles of Coex Magok on Tuesday, as Gangseo District used the 2026 Korea Business Expo Gangseo to pitch itself as a rising international business hub. Under banners reading “Gangseo Innovation Pavilion” and “Seoul Pavilion,” rows of booths buzzed with simultaneous meetings in Korean, English and other languages while company representatives flipped through catalogs and demonstrated products on tablet screens. The expo, staged in collaboration with the 27th World-OKTA Leaders Convention, organized by the largest global business network for the Korean diaspora, brings together roughly 300 Korean companies and about 1,200 overseas buyers from 75 countries. The program is built around export consultations and on-site deals, with district officials and World-OKTA saying that the event is designed to generate concrete contracts rather than just business card exchanges. Speaking to reporters, Jin Gyo-hoon, district chief, said the expo is part of a broader plan to remake Gangseo into a new “future economic” hub in Seoul tha

Mar 31, 2026By Jung Min-ho
Global crowd from 75 countries packs Korea Business Expo Gangseo
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