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  • Companies

    FTC approves Coupang’s co-prosperity plan for its private brand contract

    The Fair Trade Commission (FTC) has approved a 3 billion won ($2 million) "co-prosperity" remedy package proposed by Coupang to resolve its allegation that the e-commerce giant unfairly slashed supply prices for its private brand (PB) products. The decision will allow Coupang to avoid regulatory sanctions and will instead fund product development, advertising and other related expenses for its subcontractors. Since October 2022, Coupang had been under investigation for violating the Fair Transactions in Subcontracting Act. The company allegedly failed to issue formal, legally compliant contracts to 314 subcontractors. It was also accused of forcing 94 suppliers to fund uncontracted promotional events and cut supply prices for its PB goods. The FTC finalized Tuesday the consent decree for Coupang and Coupang Private Label Brands, which handles manufacturing and sales operations for the retailer’s private brand products. Under the consent decree, companies can settle antitrust cases without admitting liability by offering voluntary remedies. The decision marks the first time a consent dec

    2 MIN READBy Lee Min-hyung
    FTC approves Coupang’s co-prosperity plan for its private brand contract
  • Companies

    Homeplus ordered by court to submit 200 bil.-won funding plan by next week

    1 MIN READBy Yonhap
    Homeplus ordered by court to submit 200 bil.-won funding plan by next week
  • Tech & Science

    LG Chem bets $9.7 bil. on semiconductors, mobility, robotics materials

    2 MIN READBy Lee Gyu-lee
    LG Chem bets $9.7 bil. on semiconductors, mobility, robotics materials
  • Banking & Finance

    New fire protection association chief vows shift from response to prevention

    2 MIN READBy Lee Hyo-jin
    New fire protection association chief vows shift from response to prevention
  • Business

    Samsung Electronics, SK hynix to benefit further from AI memory bottleneck

    2 MIN READBy Lee Yeon-woo
    Samsung Electronics, SK hynix to benefit further from AI memory bottleneck
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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

Imported carmakers face dilemma over soaring dollar

Most imported auto brands operating in Korea face a growing dilemma over whether to raise vehicle prices as the U.S. dollar continues to appreciate against the Korean won. Foreign brands such as Cadillac and Jeep, which rely exclusively on imports for local sales, must pay for their vehicles in U.S. dollars through their local subsidiaries. With the dollar still trading at an alarmingly high level of more than 1,470 won — its highest since the 2008 global financial crisis — such brands are being forced to absorb higher costs when importing key models for the Korean market. They must strike a delicate balance between maintaining profitability and sustaining sales growth — a task made especially difficult by intensifying competition from emerging, price-competitive auto brands, industry officials said. “For sustainable growth in Korea, the key task for the U.S. auto brands is to defend the reasonable sales price range despite the strengthening dollar,” an official from a foreign auto brand said. “The pricing strategy has gotten more important than before amid the rapid rise of

Jan 19, 2026By Lee Min-hyung
Imported carmakers face dilemma over soaring dollar
Companies

Balvenie takes hit as 'Culinary Class Wars' chef Im Seong-keun admits to multiple DUIs

Single malt Scotch whisky brand Balvenie has drawn unwanted public attention due to its recent advertisement on the YouTube channel of Im Seong-keun, a chef from Netflix’s “Culinary Class Wars” Season 2, who admitted Sunday to three DUIs over the past decade. Known for his humor, outspoken remarks and quick cooking skills, Im made the admission in a video and a written apology uploaded to his channel. However, a bottle of soju also appeared in the video. Fans were especially angered by the fact that Im had been drinking whisky when filming a Balvenie-sponsored video, which was uploaded just five days before his confession. The chef lost more than 20,000 subscribers within 19 hours after the revelation and subsequently deleted the Balvenie-sponsored video. He had been on the verge of reaching 1 million subscribers thanks to his recent surge in popularity. William Grant & Sons Korea, which sells Balvenie's whiskies in the Korean market, declined to comment. As of Monday morning, a video sponsored by British tableware brand Denby remained on his channel. Denby promoted its products by s

Jan 19, 2026By Park Jae-hyuk
Balvenie takes hit as 'Culinary Class Wars' chef Im Seong-keun admits to multiple DUIs
Companies

Korean energy industry leaders head to Davos as Trump returns to WEF

Trade Minister Yeo Han-koo and the heads of Korea's leading energy companies are attending this year's World Economic Forum (WEF), amid the absence of the chiefs of Korea's four largest conglomerates — Samsung, SK, Hyundai Motor and LG. During the annual gathering of global policymakers, business leaders and experts in the Swiss town of Davos from Monday to Thursday (local time), the minister will deliver a speech on global trade and urge Merck, Amazon Web Services and Maersk to increase investments in Korea. He will also attend a meeting of trade ministers hosted Thursday on the sidelines by the World Trade Organization. “As a middle-power country that the world is watching, the government will show global leadership and help restore the international economic and trade order that is under pressure from multiple challenges,” Yeo said. Korean business leaders at the forum are expected to address the energy transition and the ongoing supply chain crisis. POSCO Group Chairman Chang In-hwa will reportedly meet leaders in the steel and battery industries. HD Hyundai Chairman Chung Ki-su

Jan 19, 2026By Park Jae-hyuk
Korean energy industry leaders head to Davos as Trump returns to WEF
Companies

Ex-Doosan chairman details human lives during 1st solo photo exhibition

Park Yong-maan, a former chairman of Doosan Group, one of Korea’s oldest conglomerates, has made a surprising debut as a photographer, capturing vivid human moments in his first solo exhibition in Seoul. Titled "Human Moment," the photo exhibition opened to the public Friday, showcasing a total of 80 photos taken over the past five decades. The exhibition runs through Feb. 15. Park, who turned 71 this year, started taking photos in 1975. When he was younger, he dreamed of becoming a photojournalist, but as was the case in most family-controlled conglomerates, his father strongly opposed the idea. Park ultimately went on to take the helm of the group. It took decades for him to realize his long-cherished dream of becoming a photographer. In 2022, he ceased all his management activities with Doosan Group after selling all of his shares in the company. “I picked warm and peaceful photos with traces of human beings, and most of them are ones that make me want to look again,” Park said. “I have no regrets in becoming a photographer now.” He collected most of the photos for the exhibi

Jan 19, 2026By Lee Min-hyung
Ex-Doosan chairman details human lives during 1st solo photo exhibition
Companies

Owner family to sell $1.92 bil. stake in Samsung Electronics to pay inheritance taxes

The family of late Samsung Group Chairman Lee Kun-hee plans to sell stake in Samsung Electronics worth 2.85 trillion won ($1.92 billion), regulatory filings showed Sunday, in an apparent bid to pay inheritance taxes. Hong Ra-hee, the widow of the late business tycoon and an honorary director of the Leeum Museum of Art, signed a deal on Jan. 9 to sell 15 million shares in Samsung Electronics through Shinhan Bank, according to regulatory filing. The shares were valued at about 2.85 trillion won based on the company's closing price of 139,000 won on the day the deal was signed. The block sale is widely seen as aimed at paying inheritance taxes totaling 12 trillion won following Lee's death in October 2020. Since then, members of the controlling family have been paying their inheritance taxes in installments over a five-year span that started in April 2021. The final payment is due in April.

Jan 18, 2026By Yonhap
Owner family to sell $1.92 bil. stake in Samsung Electronics to pay inheritance taxes
Companies

Cheong Wa Dae cautions against Coupang probe spilling into trade row with US

Cheong Wa Dae said Sunday that Korea's ongoing probe into Coupang should not be interpreted as part of a broader trade issue with the United States because the case involves an "unprecedented" scale of personal data leakage. Coupang, a U.S.-listed e-commerce operator, has been under investigation by Korean authorities over a leak of personal information affecting about 34 million customers late last year. The company, founded by Korean American entrepreneur Kim Bom-suk, also known as Bom Kim, generates about 90 percent of its sales in South Korea. "The Coupang incident involves an unprecedented scale of personal data leakage, and relevant authorities are conducting investigations in line with applicable laws," a senior presidential official said. "It would be inappropriate to interpret the matter as a Korea-U.S. diplomatic or trade issue, and we plan to continue explaining this position to the U.S. side," the official added. The remarks came after some U.S. lawmakers claimed that Korean regulators were targeting U.S. technology firms, including Coupang, raising concerns over possible dis

Jan 18, 2026By Yonhap
Cheong Wa Dae cautions against Coupang probe spilling into trade row with US
Companies

Number of firms in S. Korea's free economic zones rises 4%; investment jumps 14%

The number of companies operating in South Korea's free economic zones rose 4.4 percent from a year earlier in 2024, driving gains in employment and investment, the industry ministry said Sunday. A total of 8,590 companies were operating in the country's free economic zones at the end of 2024, up from 8,228 firms a year earlier, according to data from the Ministry of Trade, Industry and Resources. Employment at those firms increased 8.8 percent on-year to 254,775 people as of end-2024, while investment climbed 14.4 percent to about 5.9 trillion won (US$3.99 billion). By region, the free economic zone in the western city of Incheon accounted for the largest share of tenant companies at 44.9 percent, followed by the one in Busan and Jinhae in the southern region at 28.4 percent, and the zone in the southeastern city of Daegu and North Gyeongsang Province at 12.2 percent. Foreign-invested companies totaled 690, up 8.2 percent from a year earlier, while their foreign direct investment rose 4.3 percent to 3.8 trillion won. "Free economic zones continue to show steady growth, and are strengthen

Jan 18, 2026By Yonhap
Number of firms in S. Korea's free economic zones rises 4%; investment jumps 14%
Companies

Korea pins hopes on US pledge of ‘no less favorable’ chip tariffs

The government has been scrambling to calm concerns that Korean chipmakers could face unfavorable treatment under the U.S. semiconductor tariffs, as their Taiwanese rivals have already won exemptions in return for massive investments in the United States. Citing Washington’s pledge of “no less favorable” treatment for Korea’s chip exports, Seoul’s presidential office vowed Sunday to ensure Samsung Electronics and SK hynix are not disadvantaged against Taiwan Semiconductor Manufacturing Co. (TSMC) in the U.S. market. “The government plans to communicate with companies and talk with the U.S., while thoroughly analyzing the agreement between the U.S. and Taiwan,” Cheong Wa Dae told reporters. “The government will talk with the U.S. to minimize impacts on Korean companies, in accordance with the principle of ‘no less favorable’ treatment stated in the Korea-U.S. joint fact sheet.” When Seoul and Washington signed the fact sheet last November to lower U.S. tariffs on Korean goods from 25 percent to 15 percent in exchange for Korea’s $350 billion investment in the U.S.,

Jan 18, 2026By Park Jae-hyuk
Korea pins hopes on US pledge of ‘no less favorable’ chip tariffs
Banking & Finance

Woori chairman puts AI transformation at center of digital finance push

Woori Financial Group is repositioning itself as an artificial intelligence (AI) financial platform, declaring the technology to be the core operating logic of the group’s growth, the group said Sunday. The move indicates that Woori believes technology-led productivity will define the group’s competitiveness, rather than relying primarily on balance sheet expansion. Woori Financial Group Chairman Yim Jong-yong unveiled the strategy at the group’s 2026 management strategy workshop, Friday, attended by about 400 executives and employees. He characterized the past three years as key ones that led to the group’s full privatization, stronger capital ratios and completion of the bank's portfolio as a comprehensive financial services provider, including insurance and securities businesses. This year, he said, will open a new era where productive and inclusive finance, coupled with group-wide AI transformation (AX), will create deep synergies. Central to the drive is AX. Woori plans to implement 344 AI use cases by next year, including 200 at banks and 144 at non-bank affiliates. AI use wi

Jan 18, 2026By Lee Kyung-min
Woori chairman puts AI transformation at center of digital finance push
Companies

KCCI chair expects Schengen-style pact between Korea, Japan to add $2 bil. in value

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won has called for the need for a bilateral passport-free travel agreement between Korea and Japan, saying such a move could generate massive economic synergies for both countries. In a televised show, Sunday, the KCCI chief presented the proposal as an option to invigorate the sagging economy, underscoring an approach that both countries are a “unified economic community.” “Once Korea and Japan sign a Schengen-style agreement like in the European Union (EU), it would create added value worth 3 trillion won ($2.03 billion),” he said. The Schengen Area refers to a travel zone in Europe that uses a common visa policy for international travel, allowing citizens and visitors to move freely across most internal borders within the EU and participating nations without passport checks. “We should think of the two countries as one single economic community,” he said. “This could create more economic synergies for both countries.” He also said that an “excessively high” number of economic rules in Korea creates risk

Jan 18, 2026By Lee Min-hyung
KCCI chair expects Schengen-style pact between Korea, Japan to add $2 bil. in value
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