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  • Companies

    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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Companies

Olive Young turns flagship festival into global showcase for K-beauty brands

CJ Olive Young is taking its signature beauty festival, Olive Young Festa, to the global stage this year, hosting the event across key overseas markets. Korea’s largest beauty retailer said Tuesday the festival will expand abroad, with events scheduled to roll out sequentially in major hubs in Japan and the United States. The festival, built around the retailer’s curation and trend insights, serves as an experiential event where its partner brands meet customers face to face to showcase their products and brand identity. The upcoming Olive Young Festa 2026 will adopt a world tour format while maintaining its focus on hands-on experiences with K-beauty. The festival also aims to cultivate local fan communities for K-beauty brands by allowing visitors to explore the brands’ philosophy, stories and products. The world tour will kick off in May at Makuhari Messe in Chiba, Japan, alongside KCON Japan 2026, before heading to Los Angeles in August. The event will feature interactive zones offering Korean skin care routines and product testing, as well as networking opportunities for influe

Mar 10, 2026By Lee Gyu-lee
Olive Young turns flagship festival into global showcase for K-beauty brands
Banking & Finance

Insurance industry pushes back against labor law overhaul

Opposition is emerging from both the insurance industry and insurance agents as the government moves to revise labor laws to incorporate special employment workers and freelancers into the formal employment framework, industry officials said Tuesday. Under the proposed system, around 650,000 insurance agents in Korea could be classified as statutory employees, making them subject to mandatory provisions of the Labor Standards Act, including severance pay. The resulting financial burden on insurers is expected to be several trillion won. Insurance agents, who have traditionally been treated as special employment workers — self-employed contractors — are also concerned that reclassification as employees could ultimately lead to a decline in their take-home earnings. The government and the ruling Democratic Party of Korea are advancing a legislative package that includes the “worker presumption rule” and a basic act governing working people’s rights. The related bills are expected to clear the legislative process around May 1, which is Labor Day. Among the proposed measures, the i

Mar 10, 2026By Jun Ji-hye
Insurance industry pushes back against labor law overhaul
Companies

Davich Optical, Everysight to collaborate on smart glasses

Major glasses and contact lens developer Davich Optical has signed a deal with Israeli smart glasses developer Everysight to jointly research augmented reality (AR)-based advanced eyewear. Under a memorandum of understanding signed Thursday, the two companies agreed to collaborate on developing a lineup of smart glasses designed as assistive tools for people with impaired vision. Davich Optical will launch a new platform to distribute the products and provide related services. The Korean firm will also distribute Everysight’s products in Korea through its 310 retail outlets nationwide. The partnership comes as the global eyewear market evolves from simple vision correction to multifunctional devices that support communication and other daily activities and Davich Optical seeks to go beyond conventional eyewear to AR-based technology devices. Everysight is an AR specialist that spun off from Elbit Systems, an Israeli aviation and defense technology company, in 2014. The firm has introduced lightweight AR glasses for sports, industrial and other applications based on head-up display tech

Mar 10, 2026By Ko Dong-hwan
Davich Optical, Everysight to collaborate on smart glasses
Tech & Science

SK hynix develops 1c LPDDR6 low-power memory

SK hynix said Tuesday it has completed developing low-power double data rate 6 (LPDDR6) memory using the sixth-generation 10-nanometer-class dynamic random access memory technology, called 1c process. LPDDR is commonly used in smartphones and other portable devices and is designed primarily to minimize power consumption. LPDDR6 represents the eighth generation of the LPDDR standard. SK hynix said it will complete preparations for mass production within the first half of the year and begin shipping it to clients in the second half, so that it can “establish a general memory product lineup optimized for artificial intelligence (AI) applications.” The company said its 1c LPDDR6 memory will be used for smartphones and tablet PCs featuring on-device AI functions, leveraging its improved data processing speed and power efficiency. Compared with the previous LPDDR5X, the product improves data processing speed by 33 percent by expanding bandwidth to increase the amount of data transferred per unit time. Its operating speed is at least 10.7 gigabits per second, exceeding the maximum speed of

Mar 10, 2026By Nam Hyun-woo
SK hynix develops 1c LPDDR6 low-power memory
Companies

Mercedes-Benz Korea fined $7.64 mil. over misleading EV battery information

Mercedes-Benz Korea was slapped with a 12.23 billion won ($7.64 million) fine for misleading customers with false battery information on some electric vehicles (EVs), which triggered a major safety scandal in 2024, the Fair Trade Commission (FTC) said Tuesday. The nation’s antitrust watchdog also ordered the carmaker to rectify its deceptive marketing practices. According to the investigation findings, the carmaker concealed the actual battery supplier for its EQE and EQS EV models and claimed in promotional materials that the vehicles were equipped with batteries from CATL, the world’s largest battery maker, which is headquartered in China. Mercedes-Benz Korea distributed an internal sales manual to dealers in June 2023 with detailed information about its EV lineup. Although many of the models were equipped with battery cells produced by Farasis Energy, a lesser-known Chinese supplier, the carmaker focused on promoting the upsides of CATL batteries in the manual and omitted the fact that it also equipped some of models with Farasis batteries. The FTC launched the investigation into

Mar 10, 2026By Lee Min-hyung
Mercedes-Benz Korea fined $7.64 mil. over misleading EV battery information
Companies

Interview 'When the watched pick watchers': Korea Inc. still lags on board independence

Korean corporate governance has improved significantly over the past decade, but board independence remains a key structural weakness that continues to weigh on investor confidence, according to leaders at Egon Zehnder. In many conglomerate-affiliated companies, independent directors are still appointed with the influence of controlling shareholders, limiting the board’s ability to effectively challenge management, a factor that has contributed to the persistent “Korea discount," they said. Egon Zehnder is the world’s largest privately held executive search firm and the third-largest globally in executive search and leadership advisory. Its Seoul office has been operating for more than 25 years. “The most fundamental issue is board independence in practice, not just on paper. Independent directors exist, but in chaebol (conglomerate)-dominated companies, they have historically been appointed through controlling shareholder influence, which means the oversight function is often compromised,” Ashley Summerfield, Egon Zehnder's Global Board and CEO Practice Group leader, said in

Mar 10, 2026By Jun Ji-hye
[INTERVIEW] 'When the watched pick watchers': Korea Inc. still lags on board independence
Companies

Kia to rev up compact SUV sales with facelifted Niro

Kia has unveiled a refreshed version of the Niro, its flagship eco-friendly SUV, signaling its strategic push to dominate the compact SUV market alongside its sibling model, the Seltos. The Niro received a facelift for the first time since 2022, when the carmaker unveiled the vehicle’s second-generation model. The new model boasts more balanced performance in terms of fuel efficiency of 20.2 kilometers per liter as well as a series of other driving features. The carmaker starts receiving orders for the facelifted Niro on Tuesday. The vehicle is positioned as a sophisticated alternative to the Seltos SUV, which also saw its second-generation upgrade in late January. The new Niro will be produced at Kia’s AutoLand Hwaseong production line in Gyeonggi Province. “Niro is optimized for customers who prefer lower height, high fuel efficiency and a sleek, sophisticated design,” a Kia official said Monday during a media event to celebrate the vehicle’s launch. “While Seltos targets those who favor traditional SUV styling and bold, boxy designs, the two will play complementary roles, r

Mar 10, 2026By Lee Min-hyung
Kia to rev up compact SUV sales with facelifted Niro
Companies

Coway's wheelchair basketball coach honored by sports ministry

A coach leading a professional basketball club for people who use wheelchairs has received government recognition for his efforts. Minister of Culture, Sports and Tourism Chae Hwi-young on Thursday presented a commendation to Kim Young-moo, head coach of Coway Bluewheels, which is run by Coway, a major home appliance maker. Korea Wheelchair Basketball League President Ahn Byung-tae presented the honor on behalf of the minister at the team’s training court in Namyangju, Gyeonggi Province. Bluewheels is the only club run by a private company among the six teams in the league. The rest are city-run teams. Kim, who also uses a wheelchair, and his coaching staff lead the club’s 11 athletes while providing welfare support to recognize their efforts during practices and games. In addition to providing gear and training equipment, the athletes’ training time is counted as working hours so that they are paid for their efforts. The system paid off. In the domestic league and Asia-Oceania club exchange tournaments, the Bluewheels have won 11 titles overall. The club also achieved grand slams

Mar 10, 2026By Ko Dong-hwan
Coway's wheelchair basketball coach honored by sports ministry
Business

China rare earth producers forecast profit recovery despite global diversification push

Despite concerted international efforts to diversify rare earth supply chains away from China over the past year, leading Chinese producers are forecasting a significant rebound in profitability for 2025. China Northern Rare Earth Group, a state-owned domestic rare earth giant, has forecast net profit growth of up to 135 per cent for 2025, reversing a decline in the previous year. Similarly, state-controlled critical minerals giant China Rare Earth Group projected it would return to profitability in 2025. In the downstream sector, Beijing Zhong Ke San Huan High-Tech, a leading producer of rare earth permanent magnets — a key rare earth product widely used in electric vehicles and consumer electronics — expects its 2025 net profit to surge by as much as 900 percent, reversing a 96 percent decline in 2024. The company attributed the major turnaround to advances in technological innovation, an expanded market share over the past year, and improved cost controls, according to its earnings pre-announcement in late January. Rare earths are essential to a wide range of high-tech products, an

Mar 10, 2026By Alice Li
China rare earth producers forecast profit recovery despite global diversification push
Tech & Science

Naver, Kakao bet on agentic AI to defend map stronghold

Leading map platforms are racing to reinforce their services with artificial intelligence (AI)-driven assistants, as the Korean government’s recent approval of Google’s long-sought request to export high-precision map data is expected to intensify competition in the location-based services market. The government finally decided late last month to approve the U.S. tech giant’s request to transfer 1:5,000-scale map data overseas on condition of implementing additional safeguards. The decision comes nearly two decades after Google made its first such request in 2007, and 10 years after its second request in 2016, both of which were rejected over national security concerns that sensitive facilities, such as military bases, could be exposed. Under the conditions, Google is required to process raw maps on a domestic partner’s servers and export only limited navigation layers, use security-processed imagery with military sites blurred, while allowing Seoul to halt exports if it breaches the conditions. The 1:5,000-scale map, which allows higher precision with 1 centimeter on the map rep

Mar 10, 2026By Lee Gyu-lee
Naver, Kakao bet on agentic AI to defend map stronghold
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