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    Chinese EV makers gain traction in Korea's import car market despite uphill battle

    When Choi, a 35-year-old office worker living in Korea, started looking for her next car, she did not expect BYD, a Chinese electric vehicle (EV) brand, to make her shortlist. “I've wanted an electric vehicle, but domestic models are just too expensive,” Choi said, adding that rising fuel prices first sparked her interest in EVs. Her attention later turned to Chinese brands after reading about China's rapid adoption of EVs and how it helped cushion the country from recent oil-price shocks linked to the conflict in the Middle East. “I still have some biases against Chinese products, but with so many people driving them in China, I figured they can't just be cheap junk,” she said. “They’ve probably spent years developing the technology and gone through plenty of trial and error.” Choi’s case reflects a subtle shift underway: Chinese EV makers are stepping up their presence in Korea, one of the world’s most competitive automotive markets, and are now gaining traction. The push comes as Chinese-made vehicles overtook Japanese brands in Korea’s import market for the first t

    3 MIN READBy Yulu Ao
    Chinese EV makers gain traction in Korea's import car market despite uphill battle
  • Companies

    Watchdog launches review on Google's alleged fair trade violation

    1 MIN READBy Yonhap
    Watchdog launches review on Google's alleged fair trade violation
  • Companies

    Temu boosts IP protection for K-brands

    2 MIN READBy Ko Dong-hwan
    Temu boosts IP protection for K-brands
  • Business

    National Growth Fund to scale up investment in physical AI sector

    1 MIN READBy Yonhap
    National Growth Fund to scale up investment in physical AI sector
  • Companies

    Samsung, SK chip investment timelines leave room for adjustment

    4 MIN READBy Nam Hyun-woo
    Samsung, SK chip investment timelines leave room for adjustment
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Companies

Financial regulator urges petrochem sector to draw up restructuring plans

The financial regulator said Tuesday the ailing petrochemical sector should draw up restructuring measures, including an output cut, in exchange for financial support. Kwon Dae-young, vice chairman of the Financial Services Commission (FSC), said petrochemical companies have not shown sincere, concrete restructuring plans so far, adding there would be no financial support if they do not offer detailed action plans. Earlier in the day, 17 banks and state-run policy lenders agreed to provide financial support, including a cut in lending rates, extension of loan maturities and fresh loans, in exchange for the sector's voluntary restructuring measures. The local petrochemical sector has been facing a prolonged oversupply leading to low prices, especially amid the economic slowdown. The government wants local businesses in the sector to sharply cut their output and streamline their business portfolio.

Sep 30, 2025By Yonhap
Financial regulator urges petrochem sector to draw up restructuring plans
Companies

LG Electronics to sell 15% stake in Indian unit as part of IPO process

LG Electronics, Korea's leading home appliance maker, said Tuesday it expects to complete the initial public offering (IPO) of its Indian subsidiary as early as next month to secure funding for future growth. The IPO of LG Electronics India Ltd. is estimated to be worth around 1.8 trillion won ($1.28 billion), according to industry sources. LG Electronics said its board has approved the sale of a 15 percent stake in the subsidiary as part of the IPO process. The sale date and pricing details have not yet been determined, the company said in a press release. The company plans to submit its final securities report to the Securities and Exchange Board of India (SEBI), with the offering expected to close once SEBI gives final approval. LG Electronics began the IPO process in December by submitting a preliminary listing application and received conditional approval from SEBI in March. The expected proceeds far exceed LG Electronics' standalone cash and cash equivalents of 1.1 trillion won as of end-June. Analysts, including Moody's Investors Service, have said the Indian unit's listing would fu

Sep 30, 2025By Yonhap
LG Electronics to sell 15% stake in Indian unit as part of IPO process
Companies

Samsung Group union coalition demands reform of bonus system

A coalition of unions from 13 Samsung Group affiliates demanded reforms in the group's performance-based bonus system Tuesday, following a recent change in the system of local rival SK hynix that is expected to sharply boost its bonus payments. The alliance called for greater transparency in the calculation of bonuses in a press conference held in front of Samsung Electronic's Seoul headquarters, pointing to that of SK hynix as a model example. Oh Sang-hoon, the head of the union coalition, said Samsung has been "unilaterally setting the standards for incentive payouts without consulting the union, only notifying workers of the results." The coalition pointed to SK hynix's system as a model for "transparent performance-based pay," calling it an example of a labor-management relationship that promotes fairness and cooperation. Earlier this year, SK hynix's management and union agreed to remove the ceiling on profit-sharing payouts and set bonus payments at 10 percent of operating profits. Samsung Group currently uses the excess profit incentive (OPI) system, which calculates bonuses by ded

Sep 30, 2025By Yonhap
Samsung Group union coalition demands reform of bonus system
Tech & Science

Kakao to restore KakaoTalk's friends list after widespread complaints

Kakao will roll back an update on KakaoTalk’s Friends tab to incorporate feedback from its users after facing growing backlash with the latest version. The tech giant announced Monday that it will bring back the previous list-style format for the Friends tab, which is shown as the messaging app’s main page, while moving the updated feed-style posts to a separate tab. “The improvements to the Friends tab will be applied within the fourth quarter, taking into account the development schedule,” the company said. The company also said it will further simplify procedures to safeguard underage users. It added a new option to set protection features for minors within its short-form tab and is considering implementing additional measures to make its use and settings more convenient. "In addition to the plans for Friends tab improvement, we are continuously working to enhance the user experience and user interface," a company official said. "We will continue to actively listen to and reflect feedback to ensure users can enjoy an even more convenient KakaoTalk experience." The rollback come

Sep 29, 2025By Lee Gyu-lee
Kakao to restore KakaoTalk's friends list after widespread complaints
Business

Transport minister pushes ahead with new Busan airport, railway merger plans

Minister of Land, Infrastructure and Transport Kim Yun-duk said Monday that introducing a new airport in Busan and merging the country's two major railway companies are among his top priorities, signaling a potential shake-up of Korea’s transport infrastructure. Kim said the ministry is currently reviewing expert opinions on the construction timeline for the new airport on Gadeok Island in Busan. The 84-month timeline initially proposed by the government drew backlash from preferred contractor Hyundai E&C, which argued the period was too short. The company, which had organized a consortium with Daewoo E&C and POSCO E&C and wanted a timeline of 108 months, withdrew from the project in May, putting it on hold. The situation is raising concerns that the construction of the airport could face significant delays. The former Yoon Suk Yeol administration tied the airport to Busan’s bid for the 2030 World Expo, a move that drew criticism from private companies and experts who said there had not been sufficient time for planning. “After Hyundai E&C gave up its turnkey project, many questio

Sep 29, 2025By Ko Dong-hwan
Transport minister pushes ahead with new Busan airport, railway merger plans
Tech & Science

KT unveils Korean-specialized, GPT-4o-powered SOTA K

KT has launched SOTA K built on GPT-4o, a Korean specialized artificial intelligence (AI) model developed in a strategic partnership with U.S. tech giant Microsoft. The new model will incorporate the Korean language and its social and cultural context on GPT-4o by collecting high-quality Korean-specific datasets and working with Microsoft to adapt the advanced AI model to the Korean context. “SOTA K is an innovative model that combines world-class technology with Korean-specific AI specialization. The technical expertise we have gained through our collaboration with Microsoft will be applied across KT’s future AI developments,” Yoon Kyung-a, head of KT’s Agentic AI Lab, said Monday. “This will not only revitalize the domestic AI ecosystem but also lead innovation in both the public and private sectors, boosting Korea’s overall AI competitiveness.” SOTA K embodies four key principles of Korean AI — data sovereignty protection, cultural relevance, a two-track model strategy to choose between its own models and cooperative, open models, and reliable and responsible AI. It can

Sep 29, 2025By Lee Gyu-lee
KT unveils Korean-specialized, GPT-4o-powered SOTA K
Companies

Lotte Group strengthens social intiatives for all generations

Lotte Group is expanding its corporate social responsibility programs to support people of all generations, while also encouraging its subsidiaries to pursue environmental, social, and governance (ESG) initiatives. A Lotte Group official said in a press release Monday that the group has delivered its "Saengmyeong Twium" — or "Life Sprout" — birth kits to households with expecting mothers in Gyeongsang Province to help address Korea’s low fertility rate. The kit includes health supplements, snacks for expecting mothers and child care supplies. The group has also built playgrounds for children in local communities across the country. The project aims to provide safe and creative outdoor play areas, and the playground facilities were all built with eco-friendly materials. Thanks to the project, the group earned the Prime Minister’s Prize at the 13th National Sharing Awards in November 2023. In addition, Lotte Group started the Youth Bookstore program in 2016 to create reading and cultural spaces for soldiers during their service. The program’s 12th location opened in March at the

Sep 29, 2025
Lotte Group strengthens social intiatives for all generations
Banking & Finance

DB Insurance's buying of Fortegra seen as catalyst for long-term growth: analysts

DB Insurance's acquisition of Fortegra Group, a U.S. insurer, is expected to serve as a long-term growth catalyst, given the limited expansion potential of the domestic market and the recent intensification of competition, analysts said Monday. "DB Insurance plans to operate Fortegra as an independent subsidiary even after the acquisition is completed, but it is expected to secure a stable profit base in the U.S. market," said Hong Ye-ran, an analyst at Korea Investment & Securities. "Given the high penetration of the domestic insurance market, expanding overseas is a rational choice." On Friday, DB Insurance announced that it has signed an agreement to acquire 100 percent of the issued shares of Fortegra Group for $1.65 billion. This marks the largest-ever deal by a Korean insurer and the first time a Korean insurer has acquired a U.S. insurer. The acquisition is expected to be completed in the first half of next year. Established in 1978, Fortegra Group specializes in niche insurance as well as credit and surety insurance. Last year, it recorded approximately 4.4 trillion won ($3.1 bil

Sep 29, 2025By Lee Yeon-woo
DB Insurance's buying of Fortegra seen as catalyst for long-term growth: analysts
Banking & Finance

Mirae Asset Global Investments tops $321 billion AUM

Mirae Asset Global Investments has surpassed 450 trillion won ($321.42 billion) in total assets under management (AUM), constantly reaching new benchmarks as it advances its global expansion, the company said Monday. After becoming the first Korean asset management firm to expand overseas in 2003, the company’s AUM reached 250 trillion won in 2022, 305 trillion won in 2023, 378 trillion won in 2024 and surpassed 400 trillion won in May this year. The company’s growth reflects its embrace of cutting-edge technologies, including artificial intelligence (AI) and blockchain, which are reshaping the asset management industry and opening new frontiers for digital finance. “The growth embodies innovation and trust, and we are continuously securing new growth drivers to reinforce our position as a leading global asset manager,” it said. The company currently manages 456 trillion won in AUM across 16 regions, including the United States, Australia, Canada, Hong Kong, India and Japan. Around 45 percent of the firm’s total assets are managed overseas, reflecting its success in delivering i

Sep 29, 2025By Yi Whan-woo
Mirae Asset Global Investments tops $321 billion AUM
Companies

Hyundai Mobis, chipmakers forge ties to localize semiconductors for vehicles

Hyundai Mobis has teamed up with local chipmakers and research institutions to establish the nation’s first private-sector-driven automotive semiconductor value chain, the auto parts maker said Monday. The company shared its vision during the inaugural Auto Semicon Korea event in Seoul. A group of 23 companies and research bodies joined the event to discuss future business opportunities in the lucrative chip market for automobiles. The collaboration is the first of its kind in Korea. Hyundai Mobis and key participants — such as Samsung Electronics and SK keyfoundry — shared a common view that local industry players should take immediate steps to localize development for chips used in vehicles, as the industry has so far been driven by overseas firms, particularly in North America and Europe. The participants pledged to form what they call a self-sustaining value chain and create new business models to improve the status quo and gradually increase their global competitiveness. Hyundai Mobis, as a global Tier 1 automotive supplier, will play a crucial role in achieving the drive, as

Sep 29, 2025By Lee Min-hyung
Hyundai Mobis, chipmakers forge ties to localize semiconductors for vehicles
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