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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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Others

Korea bets homegrown fruit will bear sweet rewards abroad

Korea is shifting toward domestically developed seeds and premium varieties, seeking to reduce its reliance on a narrow range of export staples and gain a foothold in the global market for high-end produce. The Ministry of Agriculture, Food and Rural Affairs said Monday it will expand support for homegrown fruit and vegetable varieties, as part of a broader push to diversify Korea’s agricultural exports and target overseas consumers willing to pay more for distinctive, high-quality products. The initiative, now in its third year, focuses on cultivating and commercializing 18 new varieties across four key export crops: grapes, strawberries, pears and paprika. The effort is designed to broaden export portfolios, extend shipping seasons and reduce royalty payments to foreign breeders. The ministry said it has spent the past two years testing the global competitiveness of Korean-developed varieties through tailored, country-specific support programs, laying the groundwork for wider international expansion. Exports of these new varieties reached $3.58 million last year, totaling 590 tons. T

Mar 31, 2026By Lee Kyung-min
Korea bets homegrown fruit will bear sweet rewards abroad
Companies

Korean Air to enter emergency management mode over soaring fuel costs

Korean Air, Korea's flag carrier, will enter emergency management mode this week to respond to rising fuel costs and other worsening external conditions, according to industry sources Tuesday. According to the sources, Korean Air Vice Chairman Woo Kee-hong posted an internal notice that it will implement an emergency management system starting Wednesday. Woo said the decision was made to cope with rising costs driven by surging fuel prices due to the ongoing Middle East conflict. The company will implement phased response measures to improve cost efficiency, he added. He warned that a prolonged period of high oil prices could seriously disrupt the company's ability to meet its business targets. "The measures are not a one-off cost-cutting effort but are part of broader structural efforts to strengthen the company's fundamentals," Woo said. Asiana Airlines Inc., the country's second-largest carrier and a Korean Air subsidiary, also entered emergency management mode last week. The broader airline industry is facing growing pressure as jet fuel costs, which typically account for about 30 perc

Mar 31, 2026By Yonhap
Korean Air to enter emergency management mode over soaring fuel costs
Business

Hankook Tire outpaces Europe’s best in stringent performance tests

Hankook Tire & Technology said its ultra-high-performance tire, Ventus evo, outperformed some of the industry’s most established brands on their home turf, taking top honors in influential European performance tests. The tire ranked first in recent comparative evaluations by leading German automotive publications, underscoring the company’s push into the top tier of the global market. The tire secured the top spot in evaluations by Auto Bild and its sister publication Auto Bild Allrad, outperforming competitors from major brands including Michelin, Goodyear and Pirelli. In the Auto Bild test, 50 tire models in the 245/45R19 category were fitted on a BMW 5 Series and evaluated across more than 10 performance criteria on both dry and wet roads. Ventus evo delivered the fastest lap time in wet handling among the top 20 finalists and demonstrated stable, high-level handling on dry surfaces, according to Hankook Tire. Its braking performance stood out in particular, recording the shortest stopping distance among all tested products — a key safety benchmark — the publication said. The t

Mar 31, 2026By Lee Kyung-min
Hankook Tire outpaces Europe’s best in stringent performance tests
Companies

Business leaders in materials, supply chain, chips honored on Commerce Day

The Korea Chamber of Commerce and Industry (KCCI) celebrated the 53rd Commerce Day on Tuesday, awarding Orders of Industrial Service Merit to 11 business leaders in the fields of materials, supply chains and semiconductors. KCCI Chairman Chey Tae-won, Prime Minister Kim Min-seok and more than 400 leaders of businesses and commerce chambers across the country attended the ceremony at KCCI headquarters in Seoul, reaffirming their commitment to overcoming risks stemming from the Middle East crisis, rising tariffs and other economic headwinds. This year, participants focused on Korea’s preparedness for a challenging economic environment, emphasizing the need to follow in the footsteps of earlier business leaders who overcame past oil shocks through a united public-private approach. “The first Commerce Day in 1974 was much the same as today, when Korea faced difficulties from the first oil shock, including disruptions in energy supply and surging inflation,” Chey said. “Business leaders at the time did not stop. They pushed ahead with technological innovation and productivity improvem

Mar 31, 2026By Nam Hyun-woo
Business leaders in materials, supply chain, chips honored on Commerce Day
Companies

LG Chem shareholders reject governance proposals from British activist fund Palliser

Shareholders of LG Chem, Korea's leading chemical firm, rejected Tuesday governance reform proposals presented by British activist fund Palliser Capital, maintaining the company's existing management structure, according to company officials. Shareholders voted against the proposals at an annual shareholders meeting, with the National Pension Service (NPS), LG Chem's second-largest stakeholder, opposing the measures on the grounds they could infringe on board authority. Palliser had urged LG Chem to introduce advisory shareholder proposals, appoint a lead independent director and expand monetization of its stake in battery unit LG Energy Solution Ltd. (LGES), alongside share buybacks and cancellations. The London-based fund argued that LG Chem's "severe undervaluation" stemmed from the spin-off and dual listing of LGES, calling on shareholders to support its reform agenda. It also proposed introducing equity-linked compensation for executives and incorporating metrics, such as net asset value (NAV) discount and return on equity (ROE), into key performance indicators. LG Chem argued the pr

Mar 31, 2026By Yonhap
LG Chem shareholders reject governance proposals from British activist fund Palliser
Tech & Science

KT appoints new CEO, eyes AI-driven reshuffle

KT appointed Park Yoon-young as its new CEO at a shareholders meeting Tuesday and announced a sweeping organizational restructuring and executive reshuffle aimed at strengthening its core telecom business and accelerating growth in artificial intelligence (AI) transformation (AX). The overhaul includes a 30 percent cut in executive-level officials and a full replacement of key department heads, as the company seeks to rebuild trust, streamline management and boost operational agility. Particularly in business-to-business, AX and AI divisions, it said it appointed younger, performance-driven leaders, naming two new vice presidents: former KT Engineering chief Kim Bong-gyun to oversee the enterprise division and former IT Platform Senior Director Ok Kyung-hwa to lead the overall IT division. The company also reorganized its research and development division into the AX-dedicated institution to focus on AI development, while a newly created IT division will oversee platform operations and infrastructure modernization. The newly launched AX business division that focuses on its business-to-b

Mar 31, 2026By Lee Gyu-lee
KT appoints new CEO, eyes AI-driven reshuffle
Companies

LIG Nex1 rebrands as LIG Defense & Aerospace to bolster global ambitions

LIG Nex1 said Tuesday it has changed its corporate name to LIG Defense & Aerospace (D&A) as part of its push to become a global defense player. The name change was approved at a shareholders meeting held in Yongin, Gyeonggi Province. It marks the company’s first name change since it was rebranded as LIG Nex1 from Nex1 Future in 2007, following its incorporation into LIG Group. The company said the new name reflects its commitment to taking on new challenges while building on a legacy spanning more than 50 years. LIG D&A has been increasing its investment in future defense sectors, including satellite systems, next-generation aerial weapons and unmanned platforms, to diversify its business portfolio. The company also plans to expand its presence in Europe, the United States and South America, beyond its existing markets in the Middle East and Asia. “This name change is not just a simple rebranding, but a promise to evolve into a global technology company that protects the safety and peace of humanity through technological innovation,” a company official said.

Mar 31, 2026By Lee Min-hyung
LIG Nex1 rebrands as LIG Defense & Aerospace to bolster global ambitions
Banking & Finance

Hanwha becomes first Korean non-life insurer to adopt UN Women’s Empowerment Principles

Hanwha General Insurance has become the first non-life insurer in Korea to adopt the United Nations’ Women’s Empowerment Principles (WEPs), the company said Tuesday. The WEPs outline seven guidelines that call on businesses to take concrete action to advance gender equality and women’s empowerment in both the workplace and the broader marketplace. Launched in 2010 through a collaboration between the UN Global Compact and UN Women, the initiative has since been joined by more than 12,000 companies worldwide. The principles include establishing leadership accountability for gender equality, as well as promoting women’s empowerment across enterprise development, supply chains and marketing practices. Hanwha General Insurance formally became a signatory in mid-March, underscoring its commitment to embedding fairness, inclusivity and growth across its operations. The company said it plans to step up efforts to create an environment where employees can fully realize their potential. The move is in line with the insurer’s broader approach to workplace policies. Over the years, it has

Mar 31, 2026By Park Han-sol
Hanwha becomes first Korean non-life insurer to adopt UN Women’s Empowerment Principles
Business

Air France-KLM Martinair Cargo opens Incheon route

A major European cargo airline has begun flights to Incheon, opening a new air bridge for premium products and underscoring Korea’s expanding role in global logistics. Incheon International Airport Corp. said Tuesday that Air France-KLM Martinair Cargo launched a cargo route between Incheon and Amsterdam, operating three times a week. The carrier, the cargo arm of the Air France-KLM group, operates out of Amsterdam Airport Schiphol and provides freight services to more than 310 destinations worldwide. The new route is expected to deepen cargo links between Europe and Northeast Asia. The service uses Boeing 747-400 freighters and follows a circular route that includes Hong Kong, a structure intended to improve network efficiency across key trade corridors. The airline will primarily transport premium and specialized cargo, including semiconductor equipment, pharmaceuticals and aerospace components. The new route is expected to generate an additional 16,000 tons of annual cargo capacity, the airport operator said. To mark the launch, the airport held a ceremony Tuesday at its cargo termin

Mar 31, 2026By Lee Kyung-min
Air France-KLM Martinair Cargo opens Incheon route
Companies

Korea steps up push for Canadian submarine deal during Ottawa trade mission visit

Korea continued with efforts to persuade Canada to place an order for 12 new patrol submarines worth 60 billion Canadian dollars ($43 billion), as Ottawa dispatched a trade mission to Seoul this week. Arranging a closed-door meeting Tuesday between Industry Minister Kim Jung-kwan and Canada’s International Trade Minister Maninder Sidhu for discussion on energy security, the Ministry of Trade, Industry and Resources said Kim underscored the importance of the submarine deal in strengthening industrial ties between the two countries in strategic sectors. According to the ministry, Kim also reiterated Hyundai Motor’s plan to establish hydrogen infrastructure in Canada as an example of bilateral cooperation, while asking for the submarine order in return for Korean investment. “If Canada’s vast resources are paired with Korea’s manufacturing capabilities in this era of uncertainty, both nations can build a resilient supply chain capable of withstanding global challenges,” Kim said in a press release. With major energy firms from both nations attending the meeting, the ministers al

Mar 31, 2026By Park Jae-hyuk
Korea steps up push for Canadian submarine deal during Ottawa trade mission visit
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