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  • Banking & Finance

    Shinhan Bank hit by data breach affecting 25,000 customers

    Shinhan Bank apologized Thursday after personal information belonging to about 25,000 customers was leaked in a data breach, as financial regulators launched an urgent inspection into the incident. According to the bank, the leaked information includes customers' names, phone numbers, annual income and loan eligibility limits, as well as other personal and credit information submitted for loan applications. The data also included 66 cases involving resident registration numbers and 97 cases involving connected information. The breach occurred as an unauthorized external party gained access to some of its services through an abnormal method that bypassed authentication. Shinhan Bank CEO Jung Sang-hyuk apologized and said the bank will take full responsibility for any losses. "We take full responsibility for the fact that an information breach occurred at a financial institution entrusted with protecting our customers' valuable assets and information," Jung said in a statement. "I sincerely apologize for causing concern and inconvenience to our customers. We will devote all resources to addr

    2 MIN READBy Lee Hyo-jin
    Shinhan Bank hit by data breach affecting 25,000 customers
  • Companies

    Interview AMCHAM optimistic over Korea's LNG investment in US

    2 MIN READBy Lee Min-hyung
    [INTERVIEW] AMCHAM optimistic over Korea's LNG investment in US
  • Banking & Finance

    Hayfin Capital Management opens Seoul office after Samsung Life investment

    2 MIN READBy Lee Yeon-woo
    Hayfin Capital Management opens Seoul office after Samsung Life investment
  • Companies

    Samsung chief joins chip industry leaders at Korean art gala in London

    2 MIN READBy Ko Dong-hwan
    Samsung chief joins chip industry leaders at Korean art gala in London
  • Companies

    SK hynix reiterates no decision on Solidigm's US IPO

    1 MIN READBy Yonhap
    SK hynix reiterates no decision on Solidigm's US IPO
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Banking & Finance

Banks turn to rehiring retirees amid workforce restructuring

After retiring in 2024 from a three-decade career at Woori Bank, a 55-year old man surnamed Lee is back at the bank on contract as a specialist handling post-loan management. He was rehired in January to monitor loans and manage credit risk after disbursement. "I applied after hearing about the rehiring program because I wanted to put my experience to use in my second career," Lee said. "I worked my way up to branch manager, so I can share that experience with younger staff. I'm also learning a lot from them in this fast-changing banking environment." Korea's major banks are increasingly rehiring retired employees like Lee as they close branches and cut staff, tapping experienced workers to fill expertise gaps on the ground. According to industry data, released Monday, the five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — have rehired 5,458 retired employees on contract between 2021 and February this year, averaging about 1,000 a year. About 290 were rehired in the first two months of this year alone. These rehired bankers are increasingly

Apr 21, 2026By Lee Hyo-jin
Banks turn to rehiring retirees amid workforce restructuring
Companies

Mercedes-Benz unveils electric C-Class at world premiere in Seoul

Mercedes-Benz unveiled the all-new electric C-Class sedan during its first world premiere in Seoul, Monday, signaling its strong commitment to Korea’s premium electric vehicle (EV) market. The event underscores the country’s growing strategic importance to the German luxury carmaker, with a group of the firm’s top executives — including Mercedes-Benz Group Chairman Ola Kallenius — visiting Seoul to celebrate the debut of the all-electric C-Class. “Korea is such an important market for us, so we want to send a message to the Korean fans (by holding the event in Seoul),” Kallenius told reporters during a media roundtable. “Korea is one of the most important markets for us by size, and it is the fifth biggest. The customer base here is technology-oriented.” The vehicle combines a coupe-like silhouette, an illuminated grille featuring 1,050 backlit dots and a sporty rear design. The electric sedan delivers a range of up to 762 kilometers on a single charge, according to the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) certification. The vehicle’s range increas

Apr 20, 2026By Lee Min-hyung
Mercedes-Benz unveils electric C-Class at world premiere in Seoul
Companies

Audi Korea launches redesigned A6, eyes rebound

Audi Korea has launched its fully revamped A6 premium sedan, positioning the highly sought-after model as a key pillar to revive its sales momentum, the carmaker said Monday. The premium carmaker has high expectations for the model, as the company is hoping to return to its previous glory and work towards sales recovery. “In Korea, the premium sedan remains highly competitive, so we will differentiate our new model by focusing on delivering what Korean customers value most — the digital functionality, combined comfort and sportiness,” Audi Korea CEO Steve Cloete said. “We will also strengthen our competitiveness for our customer-focused approach across our dealer network.” Audi Korea’s total auto sales soared 18.2 percent to 11,001 units last year on robust sales from its all-electric lineups, including the Q4 e-tron. The carmaker’s sales topped 20,000 units for three consecutive years starting in 2020, but fell below the 10,000 mark in 2024 due to a lack of new vehicle launches. The internal combustion engine A6 sedan will help the carmaker boost sales for its non-electric

Apr 20, 2026By Lee Min-hyung
Audi Korea launches redesigned A6, eyes rebound
Business

FTC probes 2 major retailers over distribution law compliance

Korea's antitrust watchdog has launched an investigation into two major retailers over alleged violations of the country's large-scale distribution law, industry sources said Monday. The Fair Trade Commission (FTC) sent investigators to the headquarters of CJ Olive Young, the leading health and beauty retailer, and Asung Daiso, operator of the discount chain Daiso, which runs around 1,600 stores nationwide. The FTC is examining whether the companies violated the Act on Fair Transactions in Large Retail Business, sources familiar with the matter said. Olive Young and Daiso officials, meanwhile, said it is their understanding that the probe is part of a broader review of law compliance.

Apr 20, 2026By Yonhap
FTC probes 2 major retailers over distribution law compliance
Business

Samsung executive to head world’s premier display standards body

Korea has secured a pivotal role in shaping the future of display technology, with a Samsung Display executive elected to lead a key international standards body. The Korean Agency for Technology and Standards (KATS) said Monday that Lee Chang-hee, chief technology officer of Samsung Display, has been elected chair of the IEC TC 110. IEC is short for International Electrotechnical Commission. IEC TC 110 oversees international standards for next-generation display technologies, including OLED and flexible displays, where competition among major economies such as Korea, China, Japan and the United States has intensified. Lee’s selection marks the first time Korea has assumed the top leadership role of the committee, despite previously leading seven of its nine working groups. China had held the chair position for nine years, expanding its influence over both standard-setting and market development. Korea Agency for Technology and Standards said it had nominated Lee last year and led a coordinated campaign with industry groups to secure support from member countries. Lee was selected afte

Apr 20, 2026By Lee Kyung-min
Samsung executive to head world’s premier display standards body
Companies

Theborn Korea uses searing Sichuan seasoning to capture Tokyo’s palate

Theborn Korea, a major Korean restaurant franchisor and food distribution company founded by celebrity chef and entrepreneur Paik Jong-won, is making a calculated push into Japan’s fast-growing "mala" market — a spicy, tingling seasoning blend originating from Sichuan cuisine — by opening a specialty restaurant in Tokyo tailored to local tastes. The company said Monday it has launched Mala Baek, a Korean-style mala soup restaurant, in Shin-Okubo, a district known as a hub for Korean culture. The move comes as interest in Korean-style mala dishes gains traction among younger consumers in Japan, prompting the company to position its first outlet in a neighborhood frequented by fans of Korean food and entertainment. The restaurant introduces what the company is calling “K-mala,” offering variations of the spicy flavor tailored to Japanese preferences. Its signature mala soup features a broth based on beef bone and chicken, delivering a cleaner and more savory profile than the heavier, spice-forward Chinese style. The menu also includes spicy dumplings and crispy sweet and sour por

Apr 20, 2026By Lee Kyung-min
Theborn Korea uses searing Sichuan seasoning to capture Tokyo’s palate
Banking & Finance

Banks expand services for foreign customers as migrant numbers rise

Korean banks are moving to better serve foreign residents as the migrant population grows, according to industry officials Monday. The number of foreign customers at five major banks — KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Nonghyup Bank — reached a combined 6.97 million as of March. Foreign customers now account for about 5 percent of total clients, reaching 6.91 million in 2025, up from 6.64 million in 2024 and 6.36 million in 2023. The trend mirrors the increase in the number of foreign residents in the country. According to the Ministry of Justice, the foreign population reached about 2.78 million at the end of 2025, a record high. Long-term residents surpassed 2 million. According to industry officials, foreign customers tend to open accounts with multiple lenders to access a wider range of services. Lenders are rolling out tailored services to capture this growing market. Hana Bank operates 17 branches in areas with large foreign populations that provide dedicated services. It also runs a mobile app, Hana EZ, offering multilingual, non-face-to-face services d

Apr 20, 2026By Lee Hyo-jin
Banks expand services for foreign customers as migrant numbers rise
Companies

Korea, India sign 20 MOUs in steel, shipbuilding, digital services

Business leaders from Korea and India signed 20 memorandums of understanding (MOUs) in New Delhi on Monday (local time) on the occasion of President Lee Jae Myung's state visit to the world’s most populous country. During a forum held on the sidelines of the president’s visit, businesses from the two countries agreed to boost partnerships in steel, shipbuilding, digital services, energy and other sectors. With POSCO Group Chairman Chang In-hwa in attendance, the Korean steelmaker held a signing ceremony with JSW Steel for a $7.3 billion investment deal to establish a joint venture that will build and manage an integrated steel mill in Odisha. Once construction is completed in 2031, the factory will have an annual capacity of 6 million tons. The two steelmakers are considering using renewable sources with fossil fuels to power the facility. POSCO has sought since 2004 to build a facility in the eastern Indian state that will produce steel from raw materials in a single location. The Korean firm agreed in October 2024 to jointly develop an integrated steel mill with India’s largest st

Apr 20, 2026By Park Jae-hyuk
Korea, India sign 20 MOUs in steel, shipbuilding, digital services
Banking & Finance

SC Bank Korea expands lifestyle perks for private banking clients

Standard Chartered (SC) Bank Korea said Monday that it is stepping up its global private banking model, along with related lifestyle-driven benefits designed for high-net-worth clients. The offering targets clients with at least 1 billion won ($676,000) in assets and draws on a model that has proven successful in global financial hubs such as Singapore, Hong Kong and the United Arab Emirates. As part of the enhanced program, the bank will host master classes with industry leaders, including one in May featuring Korean golf legend Park Se-ri. Clients selected through a lottery will have the opportunity to receive personalized coaching. These curated experiences are part of a broader private banking proposition that consists of tailored wealth management, inheritance and succession planning, lifestyle benefits, and dedicated private banking spaces designed to extend beyond traditional financial services. The bank has been steadily broadening these services to reflect clients’ evolving preferences. Last November, it opened the Apgujeong Priority Private Center in one of Seoul’s most affl

Apr 20, 2026By Park Han-sol
SC Bank Korea expands lifestyle perks for private banking clients
Companies

Climbing Lotte Tower with exoskeleton

Lotte ON employees wear the Hypershell exoskeleton, a wearable device that helps users walk or climb stairs more easily, at Lotte World Tower in Seoul, before participating in this year's Lotte World Tower Sky Run, Sunday. Participants in the sports challenge climb 123 stairs in the country's highest tower. Lotte ON, an e-commerce subsidiary under Lotte Shopping, began selling the Hypershell lineup, Sunday. Courtesy of Lotte ON

Apr 20, 2026By Ko Dong-hwanphoto
Climbing Lotte Tower with exoskeleton
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