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    GM Korea’s union on verge of strike as carmaker bears nearly all tariff burden

    GM Korea’s labor union is on the verge of a strike after wage negotiations reached an impasse, with tensions exacerbated by the automaker’s decision to shoulder the vast majority of the cost from U.S. auto tariffs that have weighed heavily on its earnings last year. The carmaker’s labor union has moved closer to the labor action, after an overwhelming majority of members voted in favor of a strike. The status quo is feared to worsen the carmaker’s already deteriorating financial performance amid mounting tariff-related costs. Korean automakers, including GM Korea, face an auto tariff of 15 percent when exporting vehicles to the United States. Some 86.5 percent of GM Korea’s union members favored the walkout last week. The carmaker’s union and management had held nine rounds of wage negotiations, but failed to find a breakthrough. The conflict between the two sides escalated after it turned out that GM Korea did not share its tariff burden with its U.S. headquarters, instead taking on the full burden. The union argued that the tariff-related costs should be shared with headquar

    3 MIN READBy Lee Min-hyung
    GM Korea’s union on verge of strike as carmaker bears nearly all tariff burden
  • Companies

    GC Wellbeing secures rights to obesity treatment RZL-012 for Korean market

    1 MIN READBy Anna J. Park
    GC Wellbeing secures rights to obesity treatment RZL-012 for Korean market
  • Companies

    UK envoy publicly backs Hanwha Ocean's bid for Canada's submarine project

    2 MIN READBy Nam Hyun-woo
    UK envoy publicly backs Hanwha Ocean's bid for Canada's submarine project
  • Companies

    Korea Zinc, Australian government discuss critical minerals cooperation

    2 MIN READBy Lee Gyu-lee
    Korea Zinc, Australian government discuss critical minerals cooperation
  • Companies

    Hyundai Motor unveils redesigned AI-driven Avante sedan

    3 MIN READBy Lee Min-hyung
    Hyundai Motor unveils redesigned AI-driven Avante sedan
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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

Hyundai Motor set to revamp software strategy amid Tesla’s FSD launch

Hyundai Motor Group is set to revamp its software strategy, after the head of the carmaker’s global software center offered to step down apparently due to the firm’s little progress in autonomous driving. According to the industry, Hyundai Motor President Song Chang-hyun, who spearheaded the carmaker’s software-defined vehicle (SDV) business, recently resigned from his post. The carmaker did not elaborate on the reason behind his abrupt departure, but Song appears to have taken responsibility for the lack of tangible outcomes in the carmaker’s autonomous driving technologies, compared with its overseas counterparts such as Tesla. Tesla recently started its Full Self-Driving (FSD) service for Korean customers. The Level 2 partial self-driving draws satisfactory responses from a number of Tesla Model S and Model X owners here, as the quasi-autonomous driving service enables them to drastically reduce fatigue on the road. However, Hyundai Motor Group, as a latecomer in autonomous driving, still faces a tough time catching up with Tesla. “It was not an easy journey for us to create

Dec 4, 2025By Lee Min-hyung
Hyundai Motor set to revamp software strategy amid Tesla’s FSD launch
Banking & Finance

Hana, Dunamu team up for AI financial services

Hana Financial Group and Dunamu, the operator of Korea’s crypto exchange Upbit, said Thursday that they signed an agreement to foster a new strategic partnership to develop global financial services backed by artificial intelligence (AI) and blockchain technologies, including digital assets and cross-border payment innovation. The first service to be introduced will apply blockchain technology to the overseas remittance process. Customers will be able to send and receive money and have their transfer information recorded on a blockchain ledger, enabling a faster, simpler and safer global money transfers. The two say that the new system will significantly reduce time and costs compared with existing remittance methods, expanding benefits not only for individual customers but also for exporters, importers and other companies involved in international trade. Hana Bank will introduce blockchain-based remittances between its headquarters and its overseas branches and subsidiaries as early as the first quarter of next year. Once initial technology verification is completed, the two will gradu

Dec 4, 2025By Lee Kyung-min
Hana, Dunamu team up for AI financial services
Companies

No. of Coupang daily users hits record high despite customer data breach

The number of daily users of e-commerce platform Coupang rose to an all-time high even after its operator announced a massive data breach last week, industry data showed Thursday. According to industry tracker IGAWorks, Coupang's daily active users (DAU) reached 17.98 million on Monday, the highest level since the firm began compiling such data. Coupang's DAU also came in at 17.45 million on Sunday, surpassing the 17 million mark for the first time. The record-breaking figures came shortly after Coupang revealed Saturday that the personal information of 33.7 million customers had been compromised. The affected data includes names, phone numbers, email addresses and delivery details of nearly all Coupang members. The app's DAU hovered around 16 million between Nov. 24 and Saturday, but rose sharply to surpass the 17 million mark after the data breach announcement. For November overall, the platform's monthly active users reached 34.42 million, the highest monthly figure recorded. Industry insiders said most customers who have not suffered direct damage from the breach appear to be continuin

Dec 4, 2025By Yonhap
No. of Coupang daily users hits record high despite customer data breach
Companies

Watchdog to probe Coupang over complex account deletion procedure

Korea's media watchdog said Thursday it will launch a fact-finding probe into e-commerce giant Coupang over allegations that the company made its account deletion procedure deliberately complex, following a massive data breach. The Korea Media Communications Commission (KMCC) said it will examine whether Coupang's current account deletion procedure violates the Telecommunications Business Act, which prohibits service providers from restricting users' rights to cancel or terminate their accounts. The probe comes amid criticism that users who wish to delete their Coupang account must go through excessive steps, including entering their password twice, completing a survey and performing other procedures. "Such steps to terminate accounts are seen to cause significant inconvenience to users, and we have launched an emergency investigation," the KMCC said in a release. The KMCC said it plans to impose fines and corrective orders if it identifies any violations by Coupang under the business act. Last week, the U.S.-listed e-commerce giant said the personal information of 33.7 million customers

Dec 4, 2025By Yonhap
Watchdog to probe Coupang over complex account deletion procedure
Companies

HD Hyundai aims for W100 tril. in sales by 2030 through renewed strategies

Shipbuilding and heavy engineering conglomerate HD Hyundai set up its goal of achieving annual sales of 100 trillion won ($68 billion) by 2030 by cementing its shipbuilding arm’s global leadership and bolstering mechanical and energy businesses. According to the group, Thursday, the sales goal was set up during a group-wide strategy meeting involving HD Hyundai Chairman Chung Ki-sun and 31 other top executives of its units including HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Oilbank. The participants recognized that the group is in a tight global competition with China in its key businesses such as shipbuilding, construction machinery and energy. They also shared concerns about rising global protectionism across the United States, Europe and China driving countries to invest less in foreign trade and more in domestic expansion. The 100 trillion won milestone is part of the group’s long-term goals despite the pressing geopolitical conditions. The vision also includes advancing eco-friendly, digital and artificial intelligence initiatives

Dec 4, 2025By Ko Dong-hwan
HD Hyundai aims for W100 tril. in sales by 2030 through renewed strategies
Companies

POSCO Future M teams up with US Factorial for solid-state battery tech

POSCO Future M, a secondary battery material company, will cooperate with Factorial, a U.S. solid-state battery technology firm, to develop solid-state battery materials, the companies said Thursday. The two sides signed a memorandum of understanding (MOU) on the sidelines of the Future Battery Forum in Berlin on Nov. 25. Under the MOU, the two companies plan to explore cooperation in developing materials for solid-state batteries. Solid-state batteries use solid electrolytes between the cathode and anode materials of a battery cell, enabling higher safety, energy density and charging performance compared to conventional lithium-ion batteries. Factorial is considered a frontrunner in developing solid-state batteries. It is headquartered in Massachusetts and has a pilot production facility in Cheonan, South Chungcheong Province. POSCO Future M said the partnership came after Factorial tested cathode material samples from various material firms, and concluded that POSCO Future M’s materials demonstrated good performances. POSCO Future M is now developing cathode materials for solid-state

Dec 4, 2025By Nam Hyun-woo
POSCO Future M teams up with US Factorial for solid-state battery tech
Companies

Coupang data breach threatens livelihoods of small online vendors

A small business owner who sells baby care products on Coupang said the recent large-scale data breach at the e-commerce giant has dealt a direct blow to the livelihoods of marketplace sellers. In a post on an online self-employed community, the merchant wrote, “About 70 percent of our online sales come from Coupang, but orders have dropped by 30 percent since the breach,” adding that a prolonged slump would worsen inventory pressure and operating costs. Another seller in the health supplement category voiced similar concerns. “Ad spending that used to run out within a day or two is barely being used now because traffic has plunged.” The merchant added that growing consumer distrust of the platform is freezing overall sales momentum. As Coupang’s data breach continues to unfold, small business owners are becoming increasingly anxious, with declining consumer activity — from hesitant spending to users abandoning the platform — already translating into tangible revenue losses. Coupang, which specializes in next-day delivery of groceries and daily necessities, is one of Korea

Dec 4, 2025By Jun Ji-hye
Coupang data breach threatens livelihoods of small online vendors
Banking & Finance

Banks strengthen anti-scam measures amid Coupang data breach fallout

Commercial lenders are strengthening their anti-scam measures, prompted by concerns over voice phishing and financial fraud after the Coupang data breach, market watchers said Thursday. The collective efforts include reinforcing detection, expanding specialized teams and intensifying customer prevention measures to identify scams before funds are transferred. Financial authorities have already issued a consumer warning, citing an increased likelihood of impersonation attempts based on leaked customer data. Shinhan Bank has integrated its artificial intelligence (AI) fraud detection model — designed based on known fraud patterns — into its voice phishing monitoring system. The model accounted for around 10 percent of all suspicious case detections in the first half of this year. Shinhan plans to further extend the role of AI in its monitoring operations by the end of the year. KB Kookmin Bank is expanding its financial crime monitoring workforce to increase the speed of fraud pattern analysis. Its upgraded AI system identifies suspicious transactions and quickly enables payment freezes

Dec 4, 2025By Lee Kyung-min
Banks strengthen anti-scam measures amid Coupang data breach fallout
Companies

LS Electric completes new high-voltage transformer facilities in Busan

LS Electric said Thursday it has completed the second ultrahigh-voltage power transformer plant at its Busan complex, in an effort to accelerate its push into the North American and other global transformer markets. LS Electric Chairman Koo Ja-kyun, LS Group Chairman Koo Ja-eun, Busan Mayor Park Heong-joon and nearly 200 dignitaries attended the completion ceremony held at the plant in Gangseo District, Busan. The second plant occupies 18,059 square meters of land in the Busan complex, which is 1.3 times bigger than the first plant. LS Electric has invested 100.8 billion won ($68.4 million) for the second plant, whose output is 2.3 times higher than the first. With the expansion, LS Electric’s Busan complex will boost its annual production capacity for ultrahigh-voltage transformers from 200 billion won to 600 billion won. Based on its expanded capacity, the company expects 1 trillion won of revenue from the complex next year. “The aggressive investment is aimed at expanding our market share in the global ultrahigh-voltage transformer market,” LS Electric Chairman Koo said. “Since

Dec 4, 2025By Nam Hyun-woo
LS Electric completes new high-voltage transformer facilities in Busan
Companies

OpenAI Korea's new head vows to become best partner for AI transformation

Kim Kyoung-hoon, the new head of OpenAI Korea, said Thursday that the U.S.-based ChatGPT developer is moving ahead with its Stargate project, the company's overarching artificial intelligence (AI) infrastructure program, on a dual-track system in partnership with Samsung Group and SK Group. "We are proceeding with two Stargate projects," Kim, who was recently appointed as general manager at OpenAI Korea, said in a press conference in downtown Seoul. "Coincidentally, our Stargate team from the U.S. headquarters came to Korea this week and met with officials from our partners, Samsung and SK." In October, OpenAI signed separate initial agreements with Samsung and SK for the supply of memory chips tied to the Stargate project, which aims to build global AI infrastructure. The deals were announced during Chief Executive Officer (CEO) Sam Altman's visit to Seoul. The program with SK Group includes plans to build a data center in the country's southwestern region, while the partnership with Samsung covers the joint development of experimental floating data centers. "They are at a very early or

Dec 4, 2025By Yonhap
OpenAI Korea's new head vows to become best partner for AI transformation
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