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
  • 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
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

Companies

Samsung Electronics to cancel $9.5 bil. worth of treasury stocks

Samsung Electronics plans to cancel 14.5 trillion won ($9.5 billion) worth of its treasury stocks as part of a buyback program aimed at enhancing shareholder value, the company said Tuesday. Around 73.3 million common stocks and 13.6 million preferred shares will be retired Thursday, it said in a regulatory filing. The move follows board decisions made in February and July last year to repurchase its own shares, the company said. The cancellation will reduce the number of outstanding shares without affecting capital stock, it added. Samsung Electronics previously announced plans to cancel 87 million shares out of its 105.4 million treasury shares within the first half of the year. Shares of Samsung Electronics fell 3.8 percent to 169,600 won as of 9:05 a.m., underperforming the broader Korea Composite Stock Price Index (KOSPI), which dropped 2.6 percent. The stock cancellation plan was announced before the market opened.

Mar 31, 2026By Yonhap
Samsung Electronics to cancel $9.5 bil. worth of treasury stocks
Companies

Chinese brands gain traction in Korean restaurant landscape

Chinese dine-in companies under major brands are expanding their presence in Korea by attracting customers in key tourism areas in Seoul with authentic Chinese flavors. Their inroads align with Chinese milk tea brands that are also expanding their following here, betting on the fame built up in their home country. These signs of an influx of Chinese food and beverage brands demonstrate that Korea is essential to their global market expansion. The most visible growth among Chinese restaurants in Korea is Tanghuo Kungfu Malatang. Following the opening of its first restaurant by a franchisee in Suwon in 2012, the number of its restaurants in Korea — either run by franchisees or directly managed by the company — has surpassed 560 as of the end of March. Tanghuo Kungfu Korea posted 18.3 billion won ($12.1 million) in sales in 2023, a 108 percent year-on-year increase, while operating profit reached 943 million won, up 95 percent. Sales in 2024 surged again to 22.2 billion won, with its operating profit also jumping to 10.5 billion won. The restaurants are now located across Seoul’s maj

Mar 31, 2026By Ko Dong-hwan
Chinese brands gain traction in Korean restaurant landscape
Companies

Korea resumes Russian naphtha imports

Korea resumed importing naphtha from Russia through a legal route Monday, four years after Western sanctions halted the Asian country's purchases of the key petrochemical feedstock from the world's largest nation. According to industry officials, LG Chem succeeded that day in bringing in 27,000 tons of Russian naphtha to Korea, which is expected to be used at one of the company’s naphtha cracking centers (NCCs) in Seosan, South Chungcheong Province. The Ministry of Trade, Industry and Resources also reportedly briefed lawmakers from the ruling Democratic Party of Korea about the resumption during a meeting earlier that day. The volume of the recent Russian naphtha imports is considered large enough for LG Chem’s NCC to operate an additional three to four days. Korean NCCs use an average of 4 million tons of naphtha per month to produce raw materials for petrochemical products such as plastic bags, food packaging and cosmetic containers. The war in Iran has disrupted naphtha shipments through the Strait of Hormuz, leaving Korean petrochemical firms and the government struggling to add

Mar 30, 2026By Park Jae-hyuk
Korea resumes Russian naphtha imports
Companies

PHOTO New ambassador for Chapagetti

Chef Hou Deok-juk poses with Nongshim’s new Chapagetti product in this photo released Monday. Hou, who has 58 years of experience in Chinese cuisine, gained a strong following after appearing on Season 2 of the Netflix hit cooking competition show “Culinary Class Wars.” Nongshim and Hou jointly developed a new recipe for the instant noodle brand based on stir-frying to create a spicy flavor using a sauce made with hot pepper, garlic, vinegar and spicy bean paste. Courtesy of Nongshim

Mar 30, 2026By Ko Dong-hwanphoto
[PHOTO] New ambassador for Chapagetti
Banking & Finance

Hana Bank wins 2026 Best Bank of Korea award

Hana Bank has been named "2026 Best Bank of Korea" by Global Finance, a U.S.-based financial magazine, the lender said Monday. This marks the bank's 10th win and sixth straight year receiving the title. In addition to the top honor, the bank was also recognized as Korea's best foreign exchange bank for the 25th consecutive year and best trade finance bank for the 25th time overall. Global Finance cited Hana Bank's artificial intelligence-driven digital innovation, as well as differentiated services in the overseas market supported by its expanding global network. The magazine also pointed to the lender's stable earnings, effective risk management and customer-focused financial services. "The award reflects our customer-focused approach and growing competitiveness in the global market," a Hana Bank official said. "We will continue to pursue innovation and strengthen our position as a leading global bank." Hana expanded its global footprint in 2025 by launching new branches in the United States, Poland and India. It currently operates 144 overseas networks across 27 regions, marking the larg

Mar 30, 2026By Lee Hyo-jin
Hana Bank wins 2026 Best Bank of Korea award
Companies

HiteJinro refines nonalcoholic lineup with Terra Zero

Major soju and beer company HiteJinro has strengthened its nonalcoholic lineup for growing “sober-curious” consumers by introducing a new version of its signature beer brand, Terra. According to the company on Monday, Terra Zero preserves the beer’s original malt flavor by using Australian malt extract while avoiding the fermentation process required to produce alcohol. The company described Terra Zero as “real zero” because it contains no alcohol, calories, sugar or additives. Terra Zero follows the launch of Hite Zero 0.00, which targets consumers interested in nonalcoholic beer. The company, however, distinguished the new label from its predecessor. “While Hite Zero 0.00 set a standard for nonalcoholic beers by emphasizing health and functionality, Terra Zero targets consumers looking to enjoy the authentic, distinct flavor of beer. Terra Zero ventures beyond being a beer substitute,” the company said. HiteJinro said it will bolster its leadership in the nonalcoholic beer market with Hite Zero 0.00 — the current market leader — and Terra Zero. “Terra Zero is a strate

Mar 30, 2026By Ko Dong-hwan
HiteJinro refines nonalcoholic lineup with Terra Zero
Companies

Swiss airline introduces premium cabin concept on Seoul-Zurich route

Swiss International Air Lines has introduced its new premium cabin concept — SWISS Senses — for the first time in Korea, as part of its efforts to set a new benchmark for long-haul travel connecting Seoul and Zurich, the airline said Monday. The company also introduced the A350 passenger jet for the route. The A350 is the first aircraft in the airline’s fleet that features a completely redesigned cabin. The airline selected Korea as the first market in Asia to showcase the upgraded premium travel concept. A senior executive from the airline emphasized the role of Korea for the airline's market in Asia and hinted at the possibility of expanding its routes connecting Korea and Switzerland. “Strategically, we would like to even grow our capacity between Switzerland and Korea, as the Korean market is very interesting for our customers in Switzerland and all over Europe,” said Heike Birlenbach, chief commercial officer of the airline, during a press conference. Starting from the 2026 summer schedule, the airline plans to operate the A350 on the Seoul-Zurich route. Swiss Internationa

Mar 30, 2026By Lee Min-hyung
Swiss airline introduces premium cabin concept on Seoul-Zurich route
Companies

LG Chem woos shareholders with portfolio overhaul plan

LG Chem said Monday it will bolster its electronic materials business in an effort to double revenue from the segment to 2 trillion won ($1.3 billion) by 2030 from the current 1 trillion won. On the same day, CEO Kim Dong-choon of the company made his first treasury share purchase since taking office last November, disclosing that he bought 336 common shares on Wednesday for about 99.7 million won. The announcements came a day before LG Chem’s regular general shareholders’ meeting, where the company will face a proxy battle with Palliser Capital. The British activist hedge fund has called on the Korean chemical maker to boost shareholder value by selling part of its stake in LG Energy Solution (LGES), its battery manufacturing subsidiary. Under its planned business portfolio restructuring, LG Chem aims to preemptively secure material technologies related to semiconductors, electronic devices and next-generation displays, with a stronger focus on higher value-added businesses. Emphasizing that Kim built his career over three decades in LG Chem’s semiconductor, electronics and advanc

Mar 30, 2026By Park Jae-hyuk
LG Chem woos shareholders with portfolio overhaul plan
Others

Diageo bets on highball trend with Korea launch of White Horse whisky

A cult-favorite Scotch whisky, long the smoky backbone of Japan’s ubiquitous highball culture, is now making a calculated push into Korea’s crowded convenience store aisles. Diageo Korea said Monday it will launch White Horse, a blended Scotch whisky, in the Korean market starting in April. The move is a wager that the country’s burgeoning thirst for highballs — a trend that has already reshaped the nightlife scene — will continue to change how a younger generation of Koreans consumes spirits. The whisky, built around a spirit from the Lagavulin Distillery, is known for its pronounced peaty, smoky character — a profile that stands out when mixed with carbonated water, the company said. First developed in 1861 by the Mackie family, owners of Lagavulin at the time, White Horse was designed to make the distillery’s distinctive flavor more accessible through a blended format. Despite being a blend, it retains a bold smokiness and a long finish, according to the company. The brand has gained particular traction in Japan, where it has built a strong following among whisky drinker

Mar 30, 2026By Lee Kyung-min
Diageo bets on highball trend with Korea launch of White Horse whisky
Banking & Finance

Leveraged homeowners struggle with surging mortgage rates amid growing inflation pressure

A salaried worker in his 40s surnamed Park, who lives in Seoul's Yeongdeungpo District, is increasingly feeling the strain of rising mortgage payments. "I bought an apartment in early 2021 with a mortgage at a rate in the 2 percent range," he said. "After the loan switched to a variable rate earlier this year, it rose to 4 percent. I am now paying more than 2 million won ($1,320) a month, which is a significant burden considering my income." "With two children to support and grocery prices rising, I have little room to cut spending elsewhere," he added. Park is among many Koreans who stretched their budgets to buy homes at the peak of the real estate market. But as mortgage rates have climbed to a three-year high, they are facing rising repayment burdens. According to the financial industry, five-year reset mortgage rates at the country's five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — ranged between 4.41 percent and 7.01 percent as of last Friday. It marks the first time since October 2022 that the upper end of the range has exceeded 7 percent. Such mortgages typ

Mar 30, 2026By Lee Hyo-jin
Leveraged homeowners struggle with surging mortgage rates amid growing inflation pressure
previous page
111112113114115
next page

Most Read in Business