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    Public power generation firms' proposed merger sparks debate

    A third-party analysis proposing that the government merge Korea's five state-run power generation companies to streamline structural inefficiency is prompting debates, with civic groups arguing Friday that the merger would still fail to incentivize generators to minimize costs and ultimately expand the use of renewable energy. A day earlier, the Ministry of Climate, Energy and Environment revealed a study report conducted by Samil PwC on optimal scenarios that could improve the efficiency of five state-run power companies — Korea South-East Power, Korea Midland Power, Korea Western Power, Korea Southern Power and Korea East-West Power. The companies were originally a singular subsidiary under the country’s exclusive state-run power distributor Korea Electric Power Corp. They were all separated in 2001 as individual entities under the government’s power industry restructuring plan. The report said merging them back is “structurally most appropriate.” It noted that while the government is seeking to introduce renewable energy-based power facilities with an overall capacity of 1

    2 MIN READBy Ko Dong-hwan
    Public power generation firms' proposed merger sparks debate
  • Companies

    Hope grows for Korean firms to join supply chains of Elon Musk empire

    2 MIN READBy Nam Hyun-woo
    Hope grows for Korean firms to join supply chains of Elon Musk empire
  • Companies

    Korean Air says Asiana integration costs could reach W1 tril., offset by 2028

    1 MIN READBy Yonhap
    Korean Air says Asiana integration costs could reach W1 tril., offset by 2028
  • Banking & Finance

    Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term

    3 MIN READBy Park Han-sol
    Foreigner stakes in KB Financial exceed 80% as chairman seeks 2nd term
  • Companies

    OpenAI brings ChatGPT ads to Korea, keeps paid plans ad-free

    1 MIN READBy Jhoo Dong-chan
    OpenAI brings ChatGPT ads to Korea, keeps paid plans ad-free
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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

FTC charges HDC chief for omitting subsidiaries in regulatory filings

The antitrust regulator said Tuesday it has charged Chung Mong-gyu, chairman of major construction company HDC Hyundai Development, for omitting multiple subsidiaries from filings subject to interaffiliate trading regulations. Chung is accused of submitting false information in annual filings from 2021 to 2023 that underreported the number of subsidiaries in his conglomerate, the Fair Trade Commission (FTC) said. After removing duplicates, the FTC said a total of 20 companies, mostly run by his family members, were omitted from the filing, adding that their combined assets exceeded 1 trillion won ($670 million). The FTC said that given Chung's long tenure as head of the group and ongoing family involvement in the business, it is highly likely he was aware of the false submissions. The FTC noted that some of the firms had been excluded from interaffiliate trading regulations for as long as 19 years, avoiding rules on private profit extraction and disclosure obligations. Under the law, large groups subject to monitoring are defined as those whose total domestic affiliate assets exceed 0.5 p

Mar 17, 2026By Yonhap
FTC charges HDC chief for omitting subsidiaries in regulatory filings
Companies

Samsung Electronics ends sales of Galaxy Z TriFold despite strong popularity

Samsung Electronics has ended sales of the Galaxy Z TriFold, its high-end foldable smartphone, in South Korea despite strong demand, due to high production costs, industry sources said Tuesday. The South Korean tech giant's first trifold smartphone, which features two folding hinges and a 10-inch display when fully unfolded, was released in December, with the model selling out on the first day of its launch. The device came with a local price tag of 3.59 million won ($2,400), and it was restocked more than 10 times in the South Korean market, although shipment volume was limited. Industry watchers said Samsung Electronics suspended sales of the trifold smartphone due to high production costs, with the recent hike in global memory chip prices further adding to the burden. Others said the Galaxy Z TriFold was launched to showcase Samsung Electronics' technological competitiveness rather than for mass production. Sales will continue in countries with remaining inventories, including the United States and China.

Mar 17, 2026By Yonhap
Samsung Electronics ends sales of Galaxy Z TriFold despite strong popularity
Companies

US confirms Tesla as buyer of LG Energy Solution's July battery deal

The U.S. government has confirmed that global electric vehicle (EV) giant Tesla was the customer in a battery supply deal secured by LG Energy Solution in July, industry sources said Tuesday. The U.S. Department of the Interior posted the results of the Indo-Pacific Energy Security Ministerial and Business Forum held in Tokyo over the weekend, which included the Tesla-LG Energy Solution deal. "Tesla and LG Energy Solution are expanding their partnership with a supply agreement to build a $4.3 billion LFP prismatic battery cell manufacturing facility in Lansing, Michigan, launching production in 2027," the U.S. department said on its website. "American-made cells will power Tesla's Megapack 3 energy storage systems produced in Houston, creating a robust domestic battery supply chain," it added. In July, LG Energy Solution said it signed a lithium iron phosphate (LFP) battery supply deal with an overseas client, without disclosing the buyer. The South Korean battery maker said it will supply LFP batteries to the unnamed client for three years, from Aug. 1, 2027, to July 31, 2030. Industry wa

Mar 17, 2026By Yonhap
US confirms Tesla as buyer of LG Energy Solution's July battery deal
Companies

Shinsegae teams up with US tech firm to build Korea's largest AI data center

Shinsegae Group signed a memorandum of understanding with Reflection AI in San Francisco, Monday (local time), to build what will become Korea's largest artificial intelligence (AI) data center, with an annual capacity of 250 megawatts of electricity. Both companies agreed to establish a joint venture by the end of this year to carry out the project. The partnership between the Korean retail giant and the U.S. tech firm marks the first partnership under the American AI Exports Program, which was announced last year by the Donald Trump administration. After Trump signed an executive order last July, the U.S. Department of Commerce has led the program aimed at promoting the export of full-stack American AI technology packages. After attending the opening of the National AI Data Center, U.S. Secretary of Commerce Howard Lutnick also joined the signing ceremony at the same venue, underscoring Washington’s support for the Korean data center project. Shinsegae said its partnership with Reflection AI will help the retailer become one of Korea's most advanced AI cloud operators, boosting the co

Mar 17, 2026By Park Jae-hyuk
Shinsegae teams up with US tech firm to build Korea's largest AI data center
Companies

Chinese premium auto brands seek to repeat BYD success in Korea

Chinese automakers are accelerating their push into Korea in hopes of replicating BYD’s success here and leaving a strong impression in the premium car segment. Zeekr, the premium electric vehicle (EV) brand under China’s Geely Auto Group, is set to make its brand debut in May and start its sales activities targeting customers seeking high-end EVs. The carmaker’s 7X luxury electric SUV is widely expected to become the first model to be introduced here. The vehicle is positioned in a similar segment to the Genesis GV70. Another major target of the vehicle is Tesla’s Model Y which maintains a top EV sales spot to Korean customers. After monitoring the initial market response, the carmaker will likely expand its lineup by following a similar strategy of BYD Korea. BYD also initially sold its Atto 3 flagship SUV and gradually widened its sales models here. Zeekr, which is still a lesser-known auto brand to Korean customers, will also adopt a strategy of prioritizing brand recognition and trust over rapid sales growth here. BYD tapped into Korea in January 2025 for the first time as a

Mar 17, 2026By Lee Min-hyung
Chinese premium auto brands seek to repeat BYD success in Korea
Companies

Samsung unveils HBM4E, highlights AI partnership with Nvidia at GTC

Samsung Electronics unveiled its next-generation high-bandwidth memory HBM4E and a range of artificial intelligence (AI) computing solutions at Nvidia GTC 2026, underscoring its growing collaboration with Nvidia in the rapidly expanding AI infrastructure market. The Korean chipmaker said Tuesday it is showcasing its latest semiconductor technologies at the conference in San Jose, California, which is being held from Monday through Thursday (local time). The lineup spans memory, logic, foundry and advanced packaging, targeting next-generation data centers and AI systems. HBM4E, the successor to HBM4, is being introduced for the first time at the event. The chip is designed to provide speeds of up to 16 gigabits per second (Gbps) per pin and bandwidth of 4 terabytes per second, targeting next-generation AI data centers that require significantly higher memory performance. Samsung is also presenting its sixth-generation HBM4, which has entered mass production and is designed for Nvidia’s upcoming Vera Rubin platform. Samsung said the chip delivers processing speeds of 11.7 Gbps, exceeding

Mar 17, 2026By Nam Hyun-woo
Samsung unveils HBM4E, highlights AI partnership with Nvidia at GTC
Companies

Korea’s Arctic shipping ambitions face renewed skepticism

Controversy over Korea’s plan to use Arctic shipping routes is resurfacing, as HMM employees question its feasibility while protesting the government’s attempt to relocate the shipping company’s headquarters from Seoul to Busan. Ahead of the June 3 local elections and the appointment of a new oceans and fisheries minister, the government is expected to face growing challenges to the plan, a key reason President Lee Jae Myung has pushed to move the ministry and major shipping firms to the southeastern port city. Although the government has stressed the need to take preemptive steps to secure a competitive edge in developing shorter alternatives to the Suez Canal for Asia-Europe trade, opponents have pointed to the global reluctance to use Arctic routes. “As shipping industry insiders, we are well aware that the diplomatic and economic feasibilities of Arctic shipping routes have not yet been verified,” an HMM union member said during a rally in front of the company’s headquarters on March 11. The HMM union cited major global shipping companies that have pledged not to use Arct

Mar 17, 2026By Park Jae-hyuk
Korea’s Arctic shipping ambitions face renewed skepticism
Companies

APR expands to India with Medicube launch on major beauty platform

Beauty device and cosmetics company APR is launching its leading skin care brand, Medicube, on India’s largest beauty platform Nykaa, marking the company’s entry into the Indian market. The company announced Monday that it signed a strategic partnership with Nykaa as part of its broader expansion strategy targeting the country’s fast-growing beauty sector. India is one of the world’s largest consumer markets, with the beauty and personal care industry rapidly growing in recent years, driven by a rising middle class and the expansion of digital commerce. Its beauty and personal care market is projected to grow from $28 billion in 2024 to about $34 billion by 2028, according to the India Brand Equity Foundation. Through its Nykaa launch, Medicube is introducing some of its best-selling product lines, including the Zero, PDRN, Collagen and Deep Vita C lines. APR plans to focus on the brand’s four flagship products that are currently driving its global sales, including Collagen Jelly Cream and PDRN Pink Collagen Gel Mask. “India represents a massive growth opportunity, with its 1.5

Mar 16, 2026By Lee Gyu-lee
APR expands to India with Medicube launch on major beauty platform
Companies

Korea P&G to recruit interns for 2026 conversion program

Korea P&G, the local unit of global consumer goods company Procter & Gamble, said Monday it will accept applications for its “2026 conversion internship” program through April 17. The company owns well-known consumer brands such as Febreze, Downy, Gillette and Oral‑B. Recruitment will be conducted in four areas: sales marketing, finance and accounting, product supply, or supply chain management, and information technology. Applicants who have already completed their undergraduate or graduate studies, or who are expected to graduate by August 2027, are eligible to apply regardless of major. Participants who successfully complete the internship program may have the opportunity to convert it to a full-time position. Candidates must submit their applications and complete an online test through P&G’s official recruitment website by 1 p.m. on April 17. After reviewing applications, Korea P&G plans to conduct interviews through May to assess candidates’ job competencies and organizational fit, with final results scheduled to be announced in early June. The internship will run for about

Mar 16, 2026By Ko Dong-hwan
Korea P&G to recruit interns for 2026 conversion program
Banking & Finance

Banks scramble to ensure safety of workers in Middle East

Korean banks with operations in the Middle East are rushing to secure the safety of their employees as the U.S.-Israel war against Iran spreads across the region, industry officials said Monday. No Korean financial institutions in the region have reported direct damage so far, but banks have begun relocating staff from conflict-affected areas and shifting operations to remote work, they said. Shinhan Bank's branch in Dubai currently has 11 employees, including three Korean staff members and eight locally hired workers, all working remotely. Families of the Korean employees have already returned to Korea. "The branch has remained closed and is currently conducting only non-face-to-face operations," a Shinhan Bank official said. "No employees have been injured or suffered damage, and we are checking the safety of our staff through real-time communication channels." Concerns intensified after buildings in the Dubai International Financial Centre were hit in an Iranian airstrike last Thursday, 500 meters from the building where Shinhan Bank's branch is located. Woori Bank, whose Dubai branch

Mar 16, 2026By Lee Hyo-jin
Banks scramble to ensure safety of workers in Middle East
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