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    Watchdog launches review on Google's alleged fair trade violation

    Seoul's antitrust watchdog said Wednesday it has launched an investigation into U.S.-based Google LLC, as well as its Singaporean and Korean offices, over allegations of violations of the fair trade law involving game developers on its app marketplace. The Fair Trade Commission (FTC) said its examiners' report showed Google has abused its dominance in the Android marketplace, with related sales totaling $9.21 billion. Under the law, the watchdog may impose a fine of up to 6 percent of the amount following its deliberations. This indicates the fine may reach up to 849.6 billion won ($547.3 million). The FTC said Google signed the Games Velocity Program (GVP) agreements with major game developers at home and abroad to prevent their potential departure from its app marketplace. The program centers on subsidizing game developers' costs for using Google services, such as Google Cloud and advertising, on the condition that they give Google most favorable treatment compared to other app marketplaces, including earlier release dates. The FTC said its examiners had concluded that the agreements ha

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

    Debate over sharing 'excessive profits' weighs on chipmakers

    3 MIN READBy Nam Hyun-woo
    Debate over sharing 'excessive profits' weighs on chipmakers
  • Companies

    Petrochemical overhaul faces renewed urgency as margins slide again

    2 MIN READBy Lee Gyu-lee
    Petrochemical overhaul faces renewed urgency as margins slide again
  • Banking & Finance

    Woori relocates microcredit bank to better support small businesses

    2 MIN READBy Lee Hyo-jin
    Woori relocates microcredit bank to better support small businesses
  • Banking & Finance

    Major banks' household loan grows sharpest in 11 months in June

    1 MIN READBy Yonhap
    Major banks' household loan grows sharpest in 11 months in June
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Companies

Gov't, LGES face scrutiny after state data center fire

All eyes on cause of explosion LG Energy Solution (LGES) is facing scrutiny after it was revealed that the company supplied the batteries that exploded Friday at the state data center and sparked a fire in a server room. The resulting disruption to hundreds of online government services has prompted worry among the battery maker’s investors about a potential sharp decline in the company’s stock price in the coming week. However, industry officials raised the possibility that human error may have occurred during the relocation of uninterruptible power supply (UPS) systems inside the facility. According to the Ministry of the Interior and Safety, LGES supplied its lithium-ion batteries between 2012 and 2013 to power the UPS systems installed at the National Information Resources Service (NIRS) in Daejeon. Along with the batteries, LG CNS provided its battery management system to a UPS system manufacturer. The interior ministry, which oversees NIRS, said sparks were produced when outsourced workers moved the facility’s UPS systems to a basement floor. The workers were attempting to se

Sep 28, 2025By Park Jae-hyuk
Gov't, LGES face scrutiny after state data center fire
Companies

LX chairman launches fellowship to support basic science education

LX Group is partnering with Seoul National University (SNU) to invest 700 million won ($496,000) over the next five years to unearth and nurture the next generation of scientists. LX Holdings announced Sunday that the group signed an agreement with SNU on Friday to establish the LX Science Fellowship. The signing ceremony at the university was attended by LX Group Chairman Koo Bon-joon, SNU President Ryu Hong-lim and other dignitaries from both parties. The LX Science Fellowship is a tailored scholarship program for undergraduate and graduate students, as well as degree holders, affiliated with SNU’s College of Natural Sciences. Starting this year, LX Group will contribute 700 million won over five years to support the identification and development of outstanding young scientists in basic science fields, which are expected to drive future scientific and technological progress. Through the program, 40 undergraduate students from SNU’s College of Natural Sciences will receive annual research internships and scholarships. Each semester, LX Group will also recognize outstanding interns

Sep 28, 2025By Nam Hyun-woo
LX chairman launches fellowship to support basic science education
Companies

Buldak instant noodles top 8 bil. in global sales

Samyang Foods’ Buldak instant noodles series has surpassed 8 billion units in cumulative sales, underscoring the brand’s rise as one of the most prominent symbols of K-food around the world. First launched in 2012, the spicy noodles quickly gained traction for their unique, fiery flavor and viral eating challenge, fueling demand well beyond Korea. The brand hit 5 billion in sales in 2023, 7 billion in 2024 and crossed 8 billion in the first half of this year. The milestone is nearly equivalent to the world’s population of 8.2 billion, illustrating the product’s transformation into a global phenomenon. Exports now reach more than 100 markets, including the United States, China, Southeast Asian and European countries, helping cement Korean noodles as a mainstream international food item. Samyang attributed the success not only to the noodles’ spice factor but also to a proactive localization strategy. The company has tailored products, distribution and marketing to appeal to regional tastes and cultures, building a foundation for long-term expansion. Backed by strong product qual

Sep 28, 2025By Ko Dong-hwan
Buldak instant noodles top 8 bil. in global sales
Companies

Cumulative sales of Hyundai Motor's GV80 exceed 100,000 in US

Cumulative sales of Hyundai Motor's GV80 sports utility vehicle (SUV) have surpassed 100,000 units in the United States just five years after its launch, according to the carmaker Sunday. The GV80, which debuted in 2020 in one of the world's largest automobile markets, reached 100,446 units sold in the U.S. as of last month on strong consumer demand, according to Genesis. The model drew global attention in 2021, when golfer Tiger Woods survived a serious rollover crash in a GV80 during the Genesis Invitational, an incident that helped raise its profile and boost sales in the U.S. In the January-August period, GV80 sales in the U.S. rose 20 percent on-year to 17,009 units, accounting for 40 percent of its global sales of 42,489 units during the same period. The model's average traded price (ATP) in the U.S. climbed to $64,766 in August, up 4.2 percent from $62,132 a year earlier, data from market research firm Cox Automotive Inc. showed. Genesis has set a global sales target of 350,000 units by 2030, up 55 percent from its projected 225,000 units for this year. It remains uncertain whether

Sep 28, 2025By Yonhap
Cumulative sales of Hyundai Motor's GV80 exceed 100,000 in US
Companies

Interview Herbalife Korea CEO highlights award-winning workplace

Herbalife Korea General Manager (GM) Sean Chung on Wednesday held “Open Talk with GM” with employees at the company’s office in Seoul’s Gangnam District. The open discussion follows an inaugural discussion event the previous month, which consisted of a two-hour meeting and a casual dinner outside the office. Both occasions allowed him to realize how broad the employees’ concerns are. Open Talk with GM is the latest version of conversational events with Chung where employees of the global multi-level marketing company’s Korean office are invited to speak with him. Since 2023, he has been regularly listening to employees in their 20s to 30s as well as older workers. He also hosts a monthly town hall meeting, inviting employees with questions and doubts. Their queries range from minutiae to professional concerns, according to Chung. “Some ask why the company doesn’t provide a financial condolence support for grandparents, while it does for parents. Some ask why their promotion isn’t happening as fast as they wish. Some division leaders ask how they can boost sales,” sai

Sep 28, 2025By Ko Dong-hwan
[INTERVIEW] Herbalife Korea CEO highlights award-winning workplace
Banking & Finance

Card issuers target growing foreign resident market with new products, services

Credit card companies are increasingly targeting foreign residents, offering discounts and multilingual support, to tap into new sources of growth amid declining profits, industry officials said Friday. Previously, these companies mainly targeted Koreans traveling abroad, but they are now turning their attention to foreign nationals living in the country. NH NongHyup Card recently unveiled a new debit card tailored to foreign nationals. Available to those aged 12 and above with an alien registration card, the card features a postpaid transportation function and offers a variety of discounts at both domestic and international merchants. Cardholders receive a 5 percent rebate on spending at retail stores, restaurants, medical facilities and on public transportation, while digital content subscriptions earn a 10 percent rebate. To extend benefits internationally, the card also offers a 2 percent rebate at overseas merchants and waives ATM withdrawal fees abroad up to twice per year. Hana Card has introduced a multilingual chat support service for foreign customers. Customers can type in their

Sep 27, 2025By Jun Ji-hye
Card issuers target growing foreign resident market with new products, services
Companies

Dunamu takeover blessing for Naver: analysts

A comprehensive stock swap between Naver Financial and Dunamu could significantly boost Naver's corporate value and accelerate its entry into the digital asset payments sector, analysts said Friday. "The business partnership with Dunamu should be seen not just as revenue from virtual asset transactions, but as a stepping stone into broader digital asset businesses such as real-world assets (RWA) and stablecoins," said Lee Hyo-jin, an analyst at Meritz Securities. Lee noted that Naver and Mirae Asset Group currently hold Naver Financial shares in a 3:1 ratio, saying that Mirae Asset's securities arm could potentially participate in RWA tokenization, while Dunamu would take charge of distribution. On Thursday, reports emerged that Naver and Dunamu are negotiating a deal that would give Naver Financial full ownership of the cryptocurrency exchange. Under the proposed terms, Dunamu shareholders would transfer their stakes to Naver Financial in exchange for newly issued shares. Both companies confirmed the ongoing discussions but said no final agreement has been reached. Naver Financial current

Sep 26, 2025By Lee Yeon-woo
Dunamu takeover blessing for Naver: analysts
Companies

AMCHAM, CBRE pave road for Korean investors into US

The American Chamber of Commerce in Korea (AMCHAM) on Thursday hosted a seminar for Korean firms with plans to invest in the United States, providing help on how to select local sites for investment. AMCHAM and global real estate giant CBRE's Korea Desk North America (KDNA) jointly hosted the U.S. Site Selection Seminar 2025 in Seoul, dispatching its experts to share their expertise with attendees. Marking CBRE’s first large-scale seminar here, the event provided Korean companies with practical strategies and actionable insights to expand successfully into the U.S. market. “As Korean companies accelerate their investments in the U.S., site selection has become one of the most critical factors for long-term success," AMCHAM Korea Chairman James Kim said. "It goes far beyond acquiring land. It requires the right incentives, skilled talent, efficient logistics and strong local partnerships." He said a surge in recent Korean investments into the U.S. has made the former the largest foreign investor in America and a leading contributor to job creation there. "With new commitments in semic

Sep 26, 2025By Ko Dong-hwan
AMCHAM, CBRE pave road for Korean investors into US
Companies

‘KPop Demon Hunters' propels Nongshim's global sauce mission

Food company Nongshim has received a significant windfall thanks to the global popularity of the Netflix blockbuster "KPop Demon Hunters." Instant noodles and snacks in the movie bearing an undeniable resemblance to the company's top sellers generated buzz among viewers as the animated film essentially promoted the company for free. The boom in recognition has led Nongshim to collaborate with Netflix to release a lineup of products featuring the movie's characters on its packaging. Included among the products is Shin Toomba Sauce. In the movie, members of the fictional K-pop boy band Saja Boys each gulp down an unspecified bottle of hot sauce during a spicy food challenge. Capitalizing on the movie's viral popularity, the company last month launched the all-purpose spicy sauce with packaging inspired by the movie, promoting it as "the sauce from the movie." “The movie’s apparent portrayal of our Shin Ramyun and Shrimp Crackers came from Sony Pictures Animation and Netflix, who wanted to use the most symbolic K-foods in the movie. We had no involvement in that whatsoever,” said Kang

Sep 26, 2025By Ko Dong-hwan
‘KPop Demon Hunters' propels Nongshim's global sauce mission
Companies

Shinsegae replaces CEOs of 8 affiliates to resuscitate slowing retail biz

Retail giant Shinsegae Group replaced the CEOs of its eight affiliates in a regular personnel shakeup announced Friday, a possible sign of profitability slowdown. The group said it has replaced 10 CEOs at eight affiliates: Gmarket, SSG.com, Shinsegae DF, Shinsegae Food, Shinsegae International, Shinsegae E&C, Josun Hotels & Resorts and Shinsegae Live Shopping. Shinsegae Group said the latest personnel reshuffle was “aimed primarily at overcoming challenges and restoring competitiveness, with a stronger emphasis on performance than ever before.” Shinsegae Group is comprised of two main divisions — the retail division led by Chairperson Chung Yong-jin and the department store division led by Chairperson Chung Yoo-kyung. More sweeping changes were evident in the retail division, which replaced the CEOs of five affiliates — Gmarket, SSG.com, Shinsegae Food, Shinsegae E&C and Josun Hotels & Resorts. Of special interest was the new Gmarket CEO, James Chang. Gmarket is set to become a subsidiary of Grand Opus Holding, a 50:50 joint venture between the group and China’s Alibaba. Chang, a

Sep 26, 2025By Nam Hyun-woo
Shinsegae replaces CEOs of 8 affiliates to resuscitate slowing retail biz
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