Business

Korea, Britain to hold intersessional talks on upgrading FTA this week

Korea and Britain were set to kick off their intersessional negotiations to improve their bilateral free trade agreement (FTA) on Monday, as the two sides seek to expand economic ties amid global trade uncertainties, Seoul's trade ministry said. The intersessional talks will run for five days through Friday in London and discuss ways to modernize the Korea-Britain FTA, which took effect in 2021, according to the Ministry of Trade, Industry and Energy. This week's meeting will be focused on making progress in seven sectors, including service and investment. Seoul and London signed the bilateral FTA in 2019 and have held five rounds of negotiations to upgrade the trade agreement since 2024, mainly to introduce new trade rules in areas such as supply chains and digital trade. "Korea and Britain are strategic partners that share core values, like the free trade system based on rules," Kwon Hye-jin, director general for FTA negotiations at the ministry, said. "More than a year and a half has passed since the first round of negotiations, so we will work to speed up the talks to reach a forward-

Sep 8, 2025By Yonhap

Korea, Britain to hold intersessional talks on upgrading FTA this week

Companies

Global private equity firms snap up K-beauty assets

Global private equity firms are snapping up beauty-related companies in Korea, driven by growing consumer demand across the world, industry officials said Sunday. KKR, a leading global private equity firm, said Thursday that it has acquired Samhwa for 733 billion won ($527.5 million) from TPG Capital Asia. Established in 1977, Samhwa specializes in producing plastic containers and pumps used to dispense cosmetic products. Last year, the company recorded 186.8 billion won in revenue and 31.4 billion won in operating profit. The acquisition is driven by KKR’s recognition of Samhwa’s unique competitive edge and the growing global demand for K-beauty products. Around 60 percent of its sales come from multinational clients such as L'Oreal, Estee Lauder, Chanel and LVMH. On Tuesday, Blackstone said that it signed a definitive agreement to make a significant investment in Juno Hair, Korea’s largest hair salon franchise. While the investment amount was not disclosed, industry sources said the private equity firm valued the company at approximately 800 billion won. Founded in 1982 with its f

Sep 8, 2025By Lee Yeon-woo

Global private equity firms snap up K-beauty assets

Companies

Musinsa advances into Malaysia's offline cosmetics market

Musinsa, a Korean fashion platform, said Monday it has entered Malaysia's offline cosmetics market with its private-label products as part of its global expansion strategy. Musinsa signed a deal in the first half of the year with Guardian Malaysia, a health and beauty store chain, to supply its Oddtype cosmetics line starting in August, the company said in a press release. Guardian Malaysia operates more than 500 outlets nationwide. Under the deal, Musinsa will supply 28 Oddtype products to 100 Guardian stores by June next year. It marks the second time Musinsa has introduced Oddtype products through an overseas retail partner, following Japan last year. "We are also planning to expand into the offline cosmetics markets in Singapore and Thailand through partnerships with local companies," a company official said. Separately, Musinsa plans to open its own offline stores in China later this year and in Japan next year. The company currently offers about 8,000 Korean fashion brands on its online platform and operates several offline stores domestically. Of those brands, some 3,000 are also avai

Sep 8, 2025By Yonhap

Musinsa advances into Malaysia's offline cosmetics market

Companies

LIG Nex1 opens representative office in Europe

LIG Nex1, a Korean precision-guided missiles and weapons manufacturer, said Monday it has opened a representative office in Europe as part of its effort to strengthen its presence in the region. An opening ceremony was held Thursday (local time) in Munich, Germany, with LIG Nex1 Chief Executive Officer (CEO) Shin Ick-hyun, German government officials and local defense industry representatives in attendance, the company said. The new office aims to build networks and strengthen strategic partnerships with European defense firms, as well as pursue collaboration in research and development, manufacturing and marketing. LIG Nex1 said the office will also allow it to offer Europe-tailored solutions in guided weapons, command-and-control communications and electronic warfare. "Our longtime efforts for overseas business have led to a global network with regional hubs in Europe, the Middle East, Asia, South America and the United States," a company official said. "We will secure future growth engines through global collaborations."

Sep 8, 2025By Yonhap

LIG Nex1 opens representative office in Europe

Tech & Science

Competition heats up to attract elderly users in AI robot market

A woman in her 70s escaped death last month when a robot with artificial intelligence (AI) alerted a central control system to suicide warning signs after she told the robot she wanted to end her life and asked for help. The control center immediately asked police to go to her home in Daejeon, where officers helped her reach a hospital for mental health treatment. The robot was one of the rag doll-style Kumdori robots, modeled after Daejeon's mascot and distributed by the city government earlier this year to monitor the safety and health of 1,000 senior citizens living alone. Although the Kumdori robot drew attention for saving an elderly user's life, it is not the only AI robot caring for senior citizens in Korea. Amid growing demand from local governments for means to protect the rising number of seniors living alone, Korean companies are fiercely competing to attract elderly users, who have emerged as key consumers of AI robots. Samsung C&T's construction division recently began testing Robocare's Home AI Companion Robots at homes of elderly residents in Raemian One Bailey and Raemian

Sep 8, 2025By Park Jae-hyuk

Competition heats up to attract elderly users in AI robot market

Tech & Science

Samsung Display to unveil new digital cockpit in German trade show

Samsung Display said Monday it will unveil a new digital cockpit solution for a safer and more convenient driving experience this week, in line with efforts to expand its organic light-emitting diode (OLED) portfolio. The Korean display maker will take part in the IAA Mobility 2025, which will kick off Tuesday in Munich for a six-day run, to showcase a wide array of new technologies and products, the company said in a release. During the show, Samsung Display will showcase a digital cockpit customized for self-driving automobiles, equipped with various OLED displays, including a "moving cluster display," which serves as a dashboard but retreats when parked. "This moving OLED not only provides essential driving information, but also enhances interior aesthetics as a space-saving design solution," the company said. The cockpit includes a 14.4-inch L-shaped display between the driver and passenger, taking advantage of OLED's flexibility and curved design, allowing users to control temperature and other vehicle settings. During the event, Samsung Display will also introduce the new DRIVE bran

Sep 8, 2025By Yonhap

Samsung Display to unveil new digital cockpit in German trade show

Foreign Affairs

Trade minister vows utmost efforts to ensure fair treatment of Korean companies in US

The government will make "utmost" efforts to make sure Korean companies do not face unfair treatment in the United States, the trade minister said Monday, following the U.S. immigration authorities' recent raid on a battery plant in Georgia, which resulted in the arrests of hundreds of Korean nationals. "We are deeply aware of the concerns surrounding Korea's investment in the U.S. due to the immigration crackdown at the plant construction site in Georgia," Trade Minister Yeo Han-koo said. "We will do our utmost to ensure that our companies and people are not unfairly deprived of their rights and interests." Yeo's remarks come after over 300 Koreans were taken into custody by U.S. immigration officials during a raid on the construction site of a joint electric vehicle battery facility by Hyundai Motor Group and LG Energy Solution in Georgia. Yeo said the government will closely communicate with related industries to gather opinions on the matter and work to improve the visa system between Seoul and Washington. Regarding tariff issues, the minister said the Seoul government will continue i

Sep 8, 2025By Yonhap

Companies

Hyundai Motor advises employees to postpone US trips following immigration raid

Hyundai Motor Group has advised employees to postpone travelling to the United States for business trips after hundreds of South Koreans were taken into custody following an immigration raid in Georgia, industry sources said Sunday. In a notification to employees who were set to make business trips to the U.S. next week, the company advised them to review such plans, with the exception of urgent and essential visits, according to the sources. The advisory was apparently seen as part of efforts to prepare for potential situations that could arise following the recent raid, although no Hyundai Motor employees have been detained. More than 300 South Korean nationals out of 457 people have been taken into custody during the raid on the site operated by Hyundai Motor Group and LG Energy Solution Ltd. The presidential office has announced that negotiations for the release of the South Korean workers have concluded.

Sep 7, 2025By Yonhap

Hyundai Motor advises employees to postpone US trips following immigration raid

Others

Gov’t to support construction of 1.35 mil. new homes by 2030

The government will supply 1.35 million new homes by 2030 under a new housing plan announced Sunday to stabilize the real estate market in Seoul and the surrounding capital area. This is equivalent to adding 270,000 new homes in Seoul, Incheon and Gyeonggi Province per year, and a net gain of 110,000 new homes compared to the average from 2022 to 2024. Along with the home supply, the financial authority also announced tougher loan regulations on properties in overheated areas to rein in mounting household debt and soaring home prices. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol and Minister of Land, Infrastructure and Transport Kim Yoon-duk, along with other government ministers, held a meeting Sunday and announced the new housing plan. It is a follow-up measure to a June 27 mortgage regulation, which was seen as the government's strongest-ever measure by introducing a loan ceiling of 600 million won for home purchases in the Seoul metropolitan area. The land ministry noted that the June 27 regulation instantly dampened nationwide housing debt, but apartment p

Sep 7, 2025By Ko Dong-hwan

Gov’t to support construction of 1.35 mil. new homes by 2030

Companies

Raid casts shadow over Korean firms' US investments

Concerns are mounting among Korean companies investing in the United States after nearly 300 Korean workers were detained Thursday at the construction site of HL-GA Battery's electric vehicle battery plant in Georgia, a joint venture between Hyundai Motor and LG Energy Solution (LGES). Amid the Donald Trump administration’s ongoing refusal to grant work visas to Koreans despite a shortage of skilled U.S. labor, Korean firms are facing a dilemma over how to address stricter immigration crackdowns and the continued pressure to manufacture goods in the U.S. using American workers. According to industry officials, Sunday, most of the detained Korean workers entered the U.S. on B-1 visas for short-term business travel or through the Electronic System for Travel Authorization (ESTA) travel visa. Although Korean companies require the H-1B (foreign specialist) visa to send supervisors to their U.S. factory construction sites, only 85,000 specialty occupation visas are awarded worldwide each year, chosen by random lottery. “It is unreasonable to ask companies to wait months for their employe

Sep 7, 2025By Park Jae-hyuk

Genesis BBQ debuts in India's chicken dining scene

KB, Shinhan, Hana, Woori face mounting headwinds despite solid profits

Consumer preference for flagship devices gives advantage for LG Display

AMCHAM launches AI Leadership Council to bolster Korea-US AI cooperation

SK bioscience, Gates Foundation to launch AI-driven vaccine platform

Business

Genesis BBQ debuts in India's chicken dining scene

KB, Shinhan, Hana, Woori face mounting headwinds despite solid profits

Consumer preference for flagship devices gives advantage for LG Display

AMCHAM launches AI Leadership Council to bolster Korea-US AI cooperation

SK bioscience, Gates Foundation to launch AI-driven vaccine platform

Read more

Korea, Britain to hold intersessional talks on upgrading FTA this week

Global private equity firms snap up K-beauty assets

Musinsa advances into Malaysia's offline cosmetics market

LIG Nex1 opens representative office in Europe

Competition heats up to attract elderly users in AI robot market

Samsung Display to unveil new digital cockpit in German trade show

Trade minister vows utmost efforts to ensure fair treatment of Korean companies in US

Hyundai Motor advises employees to postpone US trips following immigration raid

Gov’t to support construction of 1.35 mil. new homes by 2030

Raid casts shadow over Korean firms' US investments

Most Read in Business