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  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    Samsung Electronics and SK hynix announced a combined 800 trillion won ($516.4 billion) investment commitment to establish advanced chip plants in Gwangju and South Jeolla Province in Korea's southwest, but stopped short of providing a timeline for when the investments will be made or construction will begin, leaving room to adjust their spending plans until the long-term memory chip cycle becomes clearer. According to the government and the chipmakers, Samsung and SK will each invest 400 trillion won to build two advanced memory fabrication each in the region, for a total of four new fabs as part of the government’s “three megaprojects for Korea’s leap forward.” Samsung Electronics Executive Chairman Lee Jae-yong named Gwangju as the candidate site, while SK Group Chairman Chey Tae-won referred to the region as a whole. While announcing the massive plans while standing with President Lee Jae Myung, who have been urging the chipmakers to make investment in the southwestern region, the leaders refrained from specifying timelines for the new fabs. The companies also did not mention

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
  • Banking & Finance

    KakaoBank lands 4 papers at leading AI conferences

    2 MIN READBy Lee Hyo-jin
    KakaoBank lands 4 papers at leading AI conferences
  • Companies

    LG Electronics to establish control tower for robotics business

    2 MIN READBy Nam Hyun-woo
    LG Electronics to establish control tower for robotics business
  • Companies

    Incheon airport operator to halve employee parking permits

    3 MIN READBy Lee Min-hyung
    Incheon airport operator to halve employee parking permits
  • Companies

    Court grants JTBC time for autonomous restructuring amid liquidity crisis

    1 MIN READBy Yonhap
    Court grants JTBC time for autonomous restructuring amid liquidity crisis
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Banking & Finance

Insurance CEOs to be grilled at upcoming parliamentary audit over high-cost disaster policies

Lawmakers are set to target flood and windstorm insurance during a parliamentary audit scheduled for Tuesday, summoning CEOs of major property insurers over high premiums. While the insurance industry argues that flood and windstorm insurance should not be compared directly with other public insurance programs, lawmakers note that, like similar policies, government funds subsidize part of the premiums. They plan to press insurers on their justification for the high rates. Reps. Suh Bum-soo and Park Duk-hyum of the main opposition People Power Party called DB Insurance CEO Jeong Jong-pyo, KB Insurance CEO Koo Bon-wook and NH NongHyup Property & Casualty Insurance CEO Song Chun-soo to appear before the National Assembly’s Public Administration and Security Committee audit. These three companies together dominate the flood and windstorm insurance market. The lawmakers claim that insurers have been reaping excessive profits, citing the relatively low loss ratios compared with crop disaster insurance. According to data they provided, the average net loss ratio for seven insurers offering fl

Oct 13, 2025By Jun Ji-hye
Insurance CEOs to be grilled at upcoming parliamentary audit over high-cost disaster policies
Companies

Korean firms capitalize on absence of Chinese rivals in US solar market

Korean companies are rapidly expanding their presence in the U.S. solar market as their Chinese competitors are virtually banned from sales under the Donald Trump administration. Amid a decade of dominance by low-priced Chinese solar products in Korea, Hanwha Solutions and OCI Holdings have gradually decreased reliance on the domestic market and shifted their focus to the U.S. OCI Holdings announced Monday it will invest $78 million to acquire a 65 percent stake in Elite Solar Power Wafer’s plant in Vietnam, which is scheduled for completion by the end of this month. The Korean firm said the acquisition aims to produce wafers that are free from “prohibited foreign entities.” Under the U.S. One Big Beautiful Bill Act, which took effect in July, solar products that contain materials and components sourced from prohibited foreign entities, including China, are excluded from qualifying for tax incentives. OCI Holdings emphasized the Vietnamese plant will source all of its polysilicon from OCI Terrasus, its wholly owned subsidiary, to create complete vertical integration and boost both

Oct 13, 2025By Park Jae-hyuk
Korean firms capitalize on absence of Chinese rivals in US solar market
Business

FTC to move forward with sanctions on delivery platforms over alleged unfair market practices

The antitrust watchdog said Monday it will soon begin the process of imposing sanctions on two major food delivery platforms over alleged unfair market practices, after the companies failed to voluntarily submit adequate corrective measures. The move comes after Woowa Brothers, the operator of Baedal Minjok also known as Baemin, and Coupang Eats have not presented sufficient co-prosperity or corrective plans for more than six months regarding various unfair contract clauses amid the investigation, according to the Fair Trade Commission (FTC). "The investigations into violations such as forcing bundle sales are nearly complete," said Kim Moon-sik, a senior official at the FTC, adding that it plans to refer the case to the full commission meeting soon. Earlier, the FTC had issued recommendations for corrective action against Coupang Eats' practice of charging commissions based on pre-discount prices. The watchdog also took issue with 10 types of unfair terms found in both Baemin and Coupang Eats' contracts, such as limiting store exposure based on delivery distance.

Oct 13, 2025By Yonhap
FTC to move forward with sanctions on delivery platforms over alleged unfair market practices
Companies

LG Electronics’ earnings backpedal in Q3

LG Electronics on Monday announced its third-quarter earnings guidance, which backpedaled from a year earlier, as the company faced mounting tariff pressure from the United States and intensifying competition in low-end home appliances. According to the electronics giant, its consolidated sales for the third quarter stood at 21.88 trillion won ($15.8 billion). It grew 5.5 percent from the previous quarter but slid 1.4 percent from a year earlier. During the same period, operating profit reached 688.9 billion won, up 7.7 percent from a quarter earlier but down 8.4 percent year-on-year. The second quarter is typically considered a seasonal off-peak period for the home appliance industry. The company attributed the earnings slowdown to one-off causes including the growing tariff burden stemming from rapid changes in the global trade environment. It also noted that a voluntary redundancy program across its TV division has also affected its overall profitability. Despite these pressures, LG Electronics said its third-quarter earnings came in about 10 percent above market consensus. The compan

Oct 13, 2025By Nam Hyun-woo
LG Electronics’ earnings backpedal in Q3
Companies

Doosan Enerbility exports gas turbines to US in 1st such deal for Korea

Doosan Enerbility, a major Korean plant builder, said Monday it has exported gas turbine products to the United States, marking the country's first deal to ship domestically developed gas turbines overseas. Doosan Enerbility signed a contract with a "big tech" company to supply two 380-megawatt-class gas turbines for power plants by the end of 2026, the company said in a press release. The company did not disclose the client's name or the value of the contract. In 2019, Korea became the world's fifth country to develop a gas turbine, after the United States, Japan, Germany and Italy. The country had previously relied entirely on imports. "This deal is a meaningful turning point for Korea, transforming it from a major importer to an exporter of gas turbines," said Sohn Seung-woo, chief executive officer (CEO) of the company's Power Service Business Group. "We will continue to expand our presence in global markets by ensuring strict adherence to product quality and delivery schedules."

Oct 13, 2025By Yonhap
Doosan Enerbility exports gas turbines to US in 1st such deal for Korea
Companies

China-made EV surge challenges Korea’s auto industry

The rapid rise of China-made electric vehicles (EVs) is reshaping the structure of Korea’s auto industry — long dominated by Hyundai Motor Group and some German luxury carmakers, according to data and industry officials, Sunday. The new paradigm is driven by outstanding sales growth of Tesla’s Model Y. The vehicle is assembled in the carmaker’s Gigafactory in Shanghai. According to data from market tracker CarIsYou, sales of imported EVs in Korea soared 73 percent between January and September from a year earlier, led by strong demand for Tesla’s midsize electric SUV. The U.S. EV maker posted a 572.6 percent jump in sales during the same period. Tesla has surpassed Korea's top two foreign import brands — BMW and Mercedes-Benz — and the gap is widening rapidly, driven by the growing popularity of its Model Y. In September alone, Tesla sold 8,361 Model Y vehicles, outpacing most other best-selling EVs not only from the two German carmakers, but also from Hyundai Motor Group. Mercedes-Benz's E200 sedan came in second with 1,981 sales last month, followed by 1,539 from BMW's 52

Oct 13, 2025By Lee Min-hyung
China-made EV surge challenges Korea’s auto industry
Companies

Retired US rear admiral joins Hanwha

Retired U.S. Navy Rear Adm. Tom Anderson has become yet another former U.S. Navy officer to join Hanwha Group. Earlier this month, Hanwha Defense USA, a subsidiary of Hanwha Aerospace, announced that the former program executive officer for ships, who had a 34-year career with the U.S. Navy, has been appointed as the president of U.S. shipbuilding at the company. The defense firm said he will be responsible for executing Hanwha's U.S. shipbuilding programs and shipyard operations, as well as developing future programs, infrastructure and associated workforce to accommodate future growth. "Tom has had a distinguished and impactful naval career, and we are delighted to bring his deep industry expertise, creative thinking and demonstrated leadership to Hanwha," Hanwha Defense USA CEO Mike Smith said. "Tom brings a wealth of experience and unique perspectives that will accelerate the delivery of novel solutions to our customers' most elusive industrial base challenges." Between 2023 and 2024, Anderson frequently visited Korea in his capacity as a U.S. admiral to learn about the latest shipbui

Oct 13, 2025By Park Jae-hyuk
Retired US rear admiral joins Hanwha
APEC 2025

Korean business chief visits China ahead of APEC CEO Summit

The head of a major Korean business organization visited China to rev up support for the successful hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) CEO Summit later this month, the organization said Sunday. SK Group Chairman Chey Tae-won, who is also serving as the head of the Korea Chamber of Commerce and Industry (KCCI), has visited China to bolster support for the successful hosting of the upcoming APEC CEO Summit in Korea, the KCCI said. Chey embarked on a three-day trip to Beijing and Shanghai beginning Friday, roughly two weeks ahead of the APEC CEO Summit, an official side event of the multilateral forum of APEC leaders, to be held from Oct. 28 to 31 in Gyeongju, located about 330 kilometers southeast of Seoul. Chey first met with key Chinese officials, including Vice Premier He Lifeng and Ren Hongbin, chairman of the China Council for the Promotion of International Trade, in Beijing on Friday. The discussions focused on the current state of bilateral economic cooperation and ways to enhance private-sector exchanges between companies of the two nations. During his

Oct 12, 2025By Yonhap
Korean business chief visits China ahead of APEC CEO Summit
Companies

Conglomerates go all out for Korea’s successful hosting of APEC summit

Major conglomerates and business lobbies are accelerating efforts to support Korea’s hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) summit, seeing it as an opportunity to enhance exchanges with participating economies and raise their global profile through promotional campaigns. Korea Chamber of Commerce and Industry Chairman Chey Tae-won went on a three-day business trip to Beijing from Friday to Sunday and asked for China’s support in elevating bilateral economic cooperation. Chey also serves as chairman of SK Group, Korea's second-largest conglomerate by market capitalization. The trip was a strategic move aimed at deepening partnerships with China’s business circles ahead of the regional economic forum in Gyeongju, North Gyeongsang Province. Chey met with ranking Chinese officials, including China Council for the Promotion of International Trade (CCPIT) Chairman Ren Hongbin and Vice Premier He Lifeng. The Chinese council will form a major delegation — consisting of some 100 businesspeople — for the upcoming APEC CEO Summit running from Oct. 28 to 31. China

Oct 12, 2025By Lee Min-hyung
Conglomerates go all out for Korea’s successful hosting of APEC summit
Companies

Korean firms fall victim to US-China trade war

Korean companies have borne the brunt of the renewed trade conflict between the United States and China. As the world's top two economies have recently engaged in tit-for-tat economic retaliations — moves widely seen as attempts to bolster bargaining power ahead of a possible summit in Korea later this month — concerns are mounting that Korean chipmakers, electric vehicle (EV) manufacturers and shipping firms could suffer from the escalating tensions. On Thursday, the Chinese Ministry of Commerce announced tighter export controls on rare earth metals including samarium, dysprosium and terbium, which are essential for manufacturing semiconductor equipment, EV motors and batteries. Although Korean manufacturers have highlighted their stockpiles of rare earth elements in order to dismiss concerns, they could still face long-term production setbacks if Chinese authorities delay export approvals. "The government will continue negotiations with China to prevent the latest measures from harming domestic companies," said an official from the Ministry of Trade and Industry. A day after the Chi

Oct 12, 2025By Park Jae-hyuk
Korean firms fall victim to US-China trade war
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