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    Hyundai Motor union set to leverage strike against Atlas robot deployment

    Hyundai Motor’s labor union is poised to use a potential strike as leverage to secure job protections against the carmaker’s planned deployment of Atlas humanoid robots in its manufacturing operations. More than 86 percent of the carmaker’s roughly 40,000 union members voted in favor of the walkout, Wednesday, setting the stage for a contentious showdown over wages, job security and the upcoming robot deployment. The union also gained the legal right to go ahead with the strike, Thursday, after a state labor mediation committee decided to suspend its arbitration process between the two sides. While the carmaker’s annual wage negotiation has typically revolved around compensation, this year’s talks have hit a roadblock over a new core agenda on manufacturing automation amid the rise of physical artificial intelligence (AI). Earlier this year, Hyundai Motor Group unveiled its plan to gradually deploy Boston Dynamics’ Atlas humanoid robots across its major production lines here and abroad, which has drawn severe backlash from its union. Starting from 2028, the carmaker is schedul

    3 MIN READBy Lee Min-hyung
    Hyundai Motor union set to leverage strike against Atlas robot deployment
  • Business

    HD Hyundai, LS, SK hit pause on IPO plans as Korea delays dual-listing rules

    2 MIN READBy Lee Yeon-woo
    HD Hyundai, LS, SK hit pause on IPO plans as Korea delays dual-listing rules
  • Companies

    JoongAng Group's fate split between court, creditors

    3 MIN READBy Jun Ji-hye
    JoongAng Group's fate split between court, creditors
  • Companies

    Korean president, Samsung Electronics chief discuss chip cluster investment in southern region

    2 MIN READBy Yonhap
    Korean president, Samsung Electronics chief discuss chip cluster investment in southern region
  • Companies

    Transport ministry approves Korean Air's integration with Asiana Airlines

    1 MIN READBy Yonhap
    Transport ministry approves Korean Air's integration with Asiana Airlines
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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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Banking & Finance

Mirae Asset eyes crypto asset exchange Korbit for acquisition

Mirae Asset Financial Group is considering an acquisition of Korbit, the fourth-ranked among Korea’s five digital asset exchanges, sparking speculation that the deal could shake up a market long dominated by Upbit and Bithumb, according to industry officials Monday. The Seoul-based financial group has been centering on traditional finance since its founding in the late 1990s and has no prior involvement in crypto-related businesses. The officials said Mirae Asset is in talks to acquire a 60.5 percent stake from NXC, Korbit’s largest shareholder, and a 31.5 percent stake from SK Planet, its second-largest shareholder. The combined 92 percent stake is estimated to cost between 100 billion won ($69.68 million) and 140 billion won. The potential purchase would be led by Mirae Asset Consulting, the group’s real estate and consulting affiliate, about 60 percent of which is controlled by founder Park Hyeon-joo and his wife. The consulting firm sits at the top of the group’s corporate structure, which spans securities, asset management, venture capital, life insurance and pension operatio

Dec 29, 2025By Yi Whan-woo
Mirae Asset eyes crypto asset exchange Korbit for acquisition
Banking & Finance

Financial groups favor leadership continuity amid regulatory governance push

Major financial groups’ year-end CEO appointments at their subsidiaries are widely viewed as prioritizing continuity over bold reshuffles, despite broad-based organizational overhauls that have included the creation and expansion of teams focused on productive finance in line with the Lee Jae Myung government’s financial transformation drive, industry officials said Monday. Financial authorities, meanwhile, have raised concerns over entrenched practices in appointing financial holding group chairmen and CEOs and are preparing to launch a task force to overhaul corporate governance more broadly, heightening tensions across the financial sector. The four major financial groups — KB, Shinhan, Hana and Woori — have a total of 52 subsidiary CEOs. Of these, 28 are set to see their terms expire by the end of the year, meaning more than half face renewal or replacement. As of Dec. 24, KB, Shinhan and Hana Financial Group have completed their appointments of subsidiary CEOs. Of the 18 executives subject to review, only five were replaced, while the remaining 13 were retained. At Woori Fi

Dec 29, 2025By Jun Ji-hye
Financial groups favor leadership continuity amid regulatory governance push
Companies

BBQ expands fried chicken market to Kazakhstan

Genesis BBQ signed a deal with a company operating in Kazakhstan to make way for a franchise business for its fried chicken brand in the country and rest of Central Asia. The fried chicken brand said Monday its Chairman Yoon Hong-geun signed a master franchise contract with Restopark KZLLP Group CEO Darya Pushkina at the Korean firm's headquarters in Seoul. Under the deal, Restopark KZLLP will open flagship Genesis BBQ restaurants in Almaty and Astana. It will then expand further the Korean company’s market by additionally opening more casual quick-service-restaurants inside shopping malls or key commercial districts in Kazakhstan. Based in Almaty, Restopark KZLLP runs "multi-concept" restaurant businesses featuring authentic dishes from the United States, Europe, Japan and Russia. In particular, it has established a unique business in the local market by offering a dining model that blends live performances with meals. Genesis BBQ evaluated Kazakhstan as the largest economy in Central Asia. It said dine-in and retail distribution markets across Almaty and Astana have rapidly grown. Mi

Dec 29, 2025By Ko Dong-hwan
BBQ expands fried chicken market to Kazakhstan
Tech & Science

Gov’t calls for KT to waive early termination fees

A government investigation team said Monday that telecom operator KT is responsible for mishandling its femtocell mini cellular stations, which became the main loophole exploited in a series of unauthorized mobile payment fraud cases earlier this year, and urged the company to waive early termination fees for all of its customers. Femtocells are small, low-power cellular base stations typically used in homes or small businesses. The team, led by the Ministry of Science and ICT, said at a press briefing that the breach stemmed from KT’s negligence in managing femtocells, which constituted a violation of its contractual obligation to provide safe communication services to all users. “The ministry found that KT’s negligence in managing its femtocells and the resulting risk of data breaches was not limited to the victims of the payment fraud, but exposed all KT users to potential threats,” the ministry said. “KT failed to fulfill its obligation by not employing appropriate protective measures to prevent such incidents.” The payment fraud took place from late August to early Septe

Dec 29, 2025By Nam Hyun-woo
Gov’t calls for KT to waive early termination fees
Companies

GS Group chairman stresses preemptive action for 2026

GS Group Chairman Huh Tae-soo released his 2026 New Year’s message to employees on Monday, stressing that the energy conglomerate should “take preemptive steps and bold action to achieve tangible results.” In the message, Huh reflected on a particularly challenging year, as global supply chain shifts accelerated and artificial intelligence (AI)-driven transformation progressed rapidly across industries. He noted that uncertainty will continue to cloud the group’s business domain next year and urged the group to strengthen its core competitiveness. “With low oil prices and demand slowdown likely to persist, the structural challenges surrounding the energy and chemical industries will not be resolved in the short term,” Huh said. “If we fail to maintain the competitiveness of our existing businesses, we cannot secure any kind of future, so it is essential to respond proactively to change, preserve profitability and execute carefully to manage risks.” Huh said the expansion of AI services brings new opportunities for the group by driving structural growth in electricity dema

Dec 29, 2025By Nam Hyun-woo
GS Group chairman stresses preemptive action for 2026
Business

Biz lobbies urge AI-led growth, stronger public-private cooperation in 2026

Korea must move fast to secure global competitiveness in artificial intelligence (AI) through aggressive investments in 2026, the country's leading business lobbies said Monday, highlighting AI as a key growth sector for the nation. "In order to secure global-level competitiveness in the AI and green transformation sectors, it is essential to build the capability to pursue major investment projects swiftly," Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry (KCCI), said in a New Year's message. Chey, who also heads SK Group, said such efforts are crucial as Korea faces various challenges, including low growth and uncertainties in global geopolitics. The chairman has been calling on the government to revamp local fair trade laws to help chipmakers raise cash for major investment projects, including easing shareholding regulations when launching subsidiaries aimed at attracting outside investment. "We need to improve the predictability of local policies so that businesses, which are the main drivers of growth, do not face hurdles when carrying out investments or pursuing

Dec 29, 2025By Yonhap
Biz lobbies urge AI-led growth, stronger public-private cooperation in 2026
Companies

Orion to expand Russia plant by 2027 on demand for K-foods

Orion, a Korean food and health care company, said Monday it will invest 240 billion won ($167 million) to expand its production facilities in Russia by 2027 to meet growing local demand for K-foods. Orion currently operates two plants in Russia — one in Tver and the other in Novosibirsk — and plans to expand the Tver facility, a company spokesperson said. Last month, the company began supplying its Charm Bungeo pie, marketed as the Bungo pie in Russia, to some 20,000 local retail outlets, including discount chain Tander Hyper and supermarket operator Magnit, the company said in a press release. Orion established a subsidiary in Russia in 2003, and its accumulated local sales exceeded 1 trillion won in 2021. The company expects cumulative sales to surpass 2 trillion won this year on strong demand for its products. Orion currently operates seven plants in Korea and 11 overseas — six in China, two in Vietnam, two in Russia and one in India.

Dec 29, 2025By Yonhap
Orion to expand Russia plant by 2027 on demand for K-foods
Companies

Korean Air employees' personal info leaked after supplier hit by hacking attack

Personal information of employees at Korean Air, Korea's largest flag carrier, has been leaked after a partner firm supplying in-flight meals and onboard sales services was hit by a cyberattack, according to industry sources Monday. According to the sources, Korean Air issued an internal notice earlier in the day informing employees that KC&D, the airline's catering and onboard sales supplier, had recently suffered a cyberattack by a hacker group. It marked the latest in a series of recent data breach cases among major businesses in various sectors, including Coupang, KT and Shinhan Card. According to the airline, the breach led to the exposure of personal data of Korean Air employees stored on KC&D's servers, including names and phone numbers. Korean Air said it became aware of the incident after being notified by KC&D and added it has taken immediate emergency security measures and reported the case to relevant authorities. It also urged employees to remain vigilant against potential secondary damage, warning them to remain cautious of suspicious text messages or emails.

Dec 29, 2025By Yonhap
Korean Air employees' personal info leaked after supplier hit by hacking attack
Companies

Coupang's compensation plan derided as 'bait'

Coupang has drawn strong backlash after announcing on Monday that it would compensate each of the 33.7 million users affected by last month’s data breach by distributing vouchers worth 50,000 won ($35). Describing the vouchers as “bait,” critics argued that the compensation plan is merely intended to lure consumers into spending more money on the e-commerce platform rather than offering a sincere apology. According to the company, on Jan. 15, each user will receive two 5,000 won vouchers that can be used respectively on its main shopping app and the Coupang Eats food delivery service, as well as two 20,000 won vouchers that can be used respectively on Coupang Travel for flight and accommodation bookings and on R.LUX, its luxury shopping platform. Those who have stopped using Coupang’s services will also be eligible to receive the vouchers via text message. “We decided to establish a compensation plan worth 1.68 trillion won to take responsibility for the recent leak of personal information and to restore customer trust,” Coupang said in a press release. Coupang interim CEO Har

Dec 29, 2025By Park Jae-hyuk
Coupang's compensation plan derided as 'bait'
Companies

Hanwha Aerospace wins order to develop propulsion system for Korean lunar lander

Hanwha Aerospace has won a 103.3 billion-won ($71.5 million) contract to develop the propulsion system for Korea's first-ever lunar lander planned for launch in 2032, the company said Monday. Under the contract with the state-run Korea Aerospace Research Institute, Hanwha Aerospace will be responsible for producing, assembling and testing key propulsion components, including the engine and attitude control thrusters, through 2032. The Korean aerospace and defense giant has developed key spacecraft propulsion systems for the country's space projects since the launch of the Arirang-1 multipurpose satellite in 1994. The company said technologies and infrastructure developed through the lunar lander project could later be applied to future space exploration missions. A Hanwha Aerospace official said the company aims to contribute to securing Korea's independent lunar exploration capabilities by leveraging more than 30 years of experience in the field.

Dec 29, 2025By Yonhap
Hanwha Aerospace wins order to develop propulsion system for Korean lunar lander
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