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Doosan pairs with Rolls-Royce to enter European nuclear market

Doosan Enerbility has secured a strategic foothold in Europe’s fast-emerging small modular reactor (SMR) market, joining forces with Britain’s Rolls-Royce SMR on nuclear projects that could reshape the continent’s energy landscape. The Korean energy company said Thursday that it had been selected as a strategic manufacturing partner for key equipment in Rolls-Royce SMR projects planned in Britain and the Czech Republic. Under the agreement, Doosan Enerbility will conduct manufacturability reviews for major reactor components, including reactor vessels to be used in the projects. The partnership centers on Rolls-Royce SMR’s planned developments at Wylfa in Britain and Temelín in the Czech Republic, two projects viewed as critical tests for Europe’s push toward next-generation nuclear energy. Established in 2021, Rolls-Royce SMR is developing a 470-megawatt small modular reactor designed to provide stable baseload electricity for at least 60 years. In April, the company signed a contract with Great British Energy-Nuclear, Britain’s state-backed nuclear body, to begin site-speci

May 28, 2026By Lee Kyung-min
Doosan pairs with Rolls-Royce to enter European nuclear market
Companies

Kia’s EV3 tops German auto test, sharpening edge in Europe

Kia’s compact electric SUV EV3 has claimed the top spot in a closely watched comparison test by German automotive magazine Auto Zeitung, a victory that could sharpen the brand’s edge in Europe’s increasingly brutal electric vehicle (EV) market. The publication, one of Germany’s most influential car magazines, ranked the EV3 first among five urban crossover EVs after evaluating performance, driving comfort, practicality and cost efficiency. The EV3, equipped with a 58.3-kilowatt-hour standard battery, earned 3,039 points overall, beating Renault’s 4 E-Tech at 2,936 points and BYD’s Atto 2 at 2,928 points. Other vehicles included in the test were the Ford Puma Gen-E and Suzuki e Vitara. The Korean automaker finished first in three of the five categories: body, driving comfort and powertrain. The magazine gave particularly strong marks to the EV3’s real-world driving range, which reached 335 kilometers during testing, the longest distance among the competing models. Auto Zeitung also praised the vehicle’s acceleration, responsive handling and regenerative braking system contro

May 28, 2026By Lee Kyung-min
Kia’s EV3 tops German auto test, sharpening edge in Europe
Companies

Kakao CEO apologizes for failing to ease concerns over wage talks

The head of Korea's platform giant Kakao apologized Thursday for failing to ease concerns over ongoing wage talks. Chung Shin-a, CEO of the operator of the popular messenger service, made the remarks, a day after the labor union and the management failed to reach an agreement in their second round of mediation on wage negotiations. "I sincerely apologize for the failure to swiftly resolve various concerns and uncertainties," Chung said in an internal notice earlier in the day. "I will redouble efforts to listen more closely, resolve differences through dialogue and come together in unity under Kakao, once again," the notice read. Chung also mentioned a possible reorganization, saying that it is time for the company to "establish a stable framework, redefine service standards and work together to align our direction." Kakao's Chief Product Officer Hong Min-taek is also said to have expressed his intent to resign and is expected to leave the company next month, according to industry insiders. Hong led the controversial update of the company's messenger app, KakaoTalk, which came under fire f

May 28, 2026By Yonhap
Kakao CEO apologizes for failing to ease concerns over wage talks
Companies

Chicken chain bhc bets on supermarket outpost for next US push

To conquer the hypercompetitive American appetite for Korean fried chicken, one of Korea’s largest food service giants is trying a more pedestrian strategy: setting up shop next to the grocery aisles. The major Korean chain bhc opened its first outlet inside H Mart’s San Francisco outpost, marking the brand’s debut within the largest Asian supermarket network in the United States. Occupying a modest 440 square feet in the store’s bustling food court, the counter-and-kiosk operation is bhc’s first food-court-style location in the country, adding to the full-service and fast-casual restaurants it already operates. The location, which opened in early May, is also the company’s first foothold in San Francisco. Since its launch, the outlet has drawn steady lines, the company said. H Mart operates more than 100 stores across the United States, serving both a large diaspora and a swelling base of non-Korean consumers drawn to the country’s culinary exports. For bhc, setting up inside the grocery giant allows it to capitalize on existing foot traffic. “By opening inside a high-tr

May 28, 2026By Jhoo Dong-chan
Chicken chain bhc bets on supermarket outpost for next US push
Companies

Naver to invest $664 mil. to incentivize quality content for AI

Naver Corp. plans to invest 1 trillion won ($664 million) over the next five years to promote quality user-generated content for its artificial intelligence (AI) services, a company executive said Thursday. "The focus of the AI platform race is moving towards securing data quality and service competitiveness," Kim Kwang-hyun, the chief data and contents officer (CDO) at Naver, was quoted as saying in a release. "We plan to expand our non-technical efforts to discover good content and its creators to 1 trillion won over the next five years," he added. As part of such an initiative, the portal operator will launch the "Naver Mate" program next month, which gives financial incentives to content creators based on the number of times their content was quoted by its smart search service, AI briefing. Some 3,000 users selected each month can receive as much as 10 million won, the company said. Naver's AI briefing, a search function launched last March that uses generative AI to provide summarized answers, is used by some 30 million users every month, the company added. The portal operator also pl

May 28, 2026By Yonhap
Naver to invest $664 mil. to incentivize quality content for AI
Companies

Korean Air, RMHC Korea, Inha University team up to build refuge for pediatric patients

In a bid to ease the financial and emotional burden on families of severely ill children, Korean Air is teaming up with a major global nonprofit and a regional medical center to build a dedicated sanctuary for pediatric patients. The airline, along with Ronald McDonald House Charities (RMHC) Korea and Inha University Hospital, signed an agreement earlier this week to establish a Ronald McDonald House adjacent to the hospital’s campus in Incheon. The facility will provide free lodging and comprehensive support for the families of children undergoing long-term medical treatment. The deal, finalized during a ceremony marking the hospital’s 30th anniversary at the Grand Hyatt Incheon, relies on a highly coordinated tripartite model. Korean Air will donate the land for the project, RMHC Korea will oversee construction and daily operations and Inha University Hospital will manage medical coordination and facility maintenance. The initiative fills a critical gap in regional pediatric care. Inha University Hospital operates a government-designated public specialized medical center for childr

May 28, 2026By Jhoo Dong-chan
Korean Air, RMHC Korea, Inha University team up to build refuge for pediatric patients
Business

Industry minister highlights Korea's competitive edge in Canadian submarine project race

Industry Minister Kim Jung-kwan has underscored Korea's competitive edge in the ongoing race to win Canada's high-profile submarine project, highlighting the country's manufacturing capabilities and contributions it can make to Canada's automotive sector. Kim made the remarks in a press conference held Wednesday as Seoul awaits Canada's planned announcement of the preferred bidder for the estimated 60 trillion-won ($40 billion) project to build as many as 12 new conventionally powered submarines, which is scheduled for late next month. The Korean consortium, comprising Hanwha Ocean and HD Hyundai Heavy Industries, is one of the two final contenders for the high-profile project, alongside Germany's Thyssenkrupp Marine Systems. Kim said Seoul can supply the KSS-Ⅲ class submarines, an "existing" and already operation model, while Germany is still designing its submarine for Canada, stressing that the Korean submarine offers much better features and price competitiveness. Last week, the 3,000-ton ROKS Dosan Ahn Chang-ho, a KSS-Ⅲ class boat, arrived at a port in Canada for joint drills wi

May 28, 2026By Yonhap
Industry minister highlights Korea's competitive edge in Canadian submarine project race
Companies

LG Chem going aggressive in investments for partner firms

LG Chem has established five key strategies for shared growth with partner firms to foster a fair trading culture and strengthen partner capabilities, implementing detailed initiatives under each strategy. To promote a fair and transparent trading culture, LG Chem has adopted industry-specific standard subcontracting agreements and key compliance principles recommended by the Fair Trade Commission. To support smooth financial operations of its partners, LG Chem is providing financial assistance totaling 206 billion won ($136 million) as of 2025. This includes the Win-Win Fund, a low-interest loan program worth 106 billion won that supports partners’ working capitals. To financially support environmental, social and governance (ESG) initiatives, LG Chem has partnered with Shinhan Bank to establish a 100 billion won ESG Shared Growth Fund. The company has also continuously improved payment terms for subcontractors. Currently, payments are settled three times per month and paid 100 percent in cash within 10 days after closing. To strengthen capabilities of small- and medium-size partner c

May 28, 2026
LG Chem going aggressive in investments for partner firms
Companies

LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy

LG Energy Solution's U.S. subsidiary, LG Energy Solution Vertech, has signed a $1.8 billion supply agreement with DTE Energy to develop Michigan-made battery energy storage systems (ESS) across the state, in a deal covering 6 gigawatt-hours (GWh) of storage capacity, the company said Thursday. Under the agreement, LG Energy Solution Vertech will supply battery energy storage systems for eight projects over the next two years. The projects will provide a combined 1.5 gigawatts, or 6 gigawatt-hours, of battery storage capacity aimed at enhancing grid reliability and supporting clean energy deployment. The systems will store electricity during periods of excess generation and supply power during peak demand, helping reduce strain on the grid and improving operational efficiency. “Michigan is a key U.S. manufacturing region for our company, where many of our colleagues live and work,” said Park Jae-hong, CEO and president of LG Energy Solution Vertech. “We’re thrilled to work with DTE to bring Michigan-made energy storage to local communities.” LG Energy Solution said the projects

May 28, 2026By Lee Gyu-lee
LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy
Banking & Finance

Brokerage employment hits 17-year high amid KOSPI rally

Brokerage employment in Korea has climbed to its highest level in 17 years, nearing the 40,000 mark as the KOSPI's record-setting rally boosts hiring demand across the industry, data showed Wednesday. Data from the Financial Supervisory Service, the country's financial watchdog, showed that the number of employees at securities firms totaled 39,514 at the end of last year. The figure includes staff employed at overseas branches of Korean brokerages as well as domestic branches of foreign securities firms. The latest tally marks the industry's largest workforce since September 2008, when employment stood at 40,341 during the early stages of the global financial crisis. Data from the Bank of Korea showed a similar trend. According to the central bank's Economic Statistics System, securities firms employed 39,711 people as of the end of the first quarter, up 181 from the previous quarter and 819 from a year earlier. It was the highest level since the central bank began compiling the data series in the third quarter of 2014. By firm, Mirae Asset Securities remained the industry's largest emplo

May 28, 2026By Jun Ji-hye
Brokerage employment hits 17-year high amid KOSPI rally
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