Business

Hyundai Motor unveils teaser for new Ioniq concept model ahead of int'l debut

Hyundai Motor on Tuesday released a teaser image of a new compact electric vehicle (EV) concept model under the automaker's Ioniq line, ahead of its world premiere at an international auto show in Germany next week. The debut of the model, named Concept Three, at the IAA Mobility 2025, slated to be held from September 9-14 in Munich, will mark Hyundai's return to Europe's largest mobility trade show after four years, underscoring its renewed focus on the European market and sustainable innovation. The design sketch image highlights the model's future-oriented styling. Its side profile features a bold stance defined by Hyundai's design philosophy, named Art of Steel. The sculpted surfaces, sharp intersections and distinctive character lines also emphasize both dynamism and precision, Hyundai said. "Designing the Concept Three was an opportunity for us to rethink the compact EV from the ground up," said Simon Loasby, senior vice president and head of Hyundai Design Center. Manuel Schoettle, exterior designer of the Concept Three, added, "The authenticity of the way we treated the steel fits

Sep 2, 2025By Yonhap

Hyundai Motor unveils teaser for new Ioniq concept model ahead of int'l debut

Companies

Samsung chief's assets rise most among top 50 chaebol family members in H1

Samsung Electronics Chairman Lee Jae-yong recorded the largest increase in personal assets among South Korea's top 50 chaebol family members in the first half of 2025, industry data showed Tuesday. Lee's reported assets had been estimated at 16.6 trillion won ($11.9 billion) as of end-August, up 4.7 trillion won from the beginning of this year, according to the data from corporate tracker Leaders Index. According to Leaders Index, the findings were based on share price gains of listed companies between January 2 and August 29, as well as on first-half business reports used to assess non-listed stocks. Lee's gains came after Samsung affiliates' shares rallied this year, with those of Samsung C&T, the group's construction and trading arm, soaring 48 percent. The chairman holds a 19.9 percent stake in Samsung C&T, the de facto holding company of Samsung Group. Hyosung Group Chairman Cho Hyun-joon reported the second-largest gain among South Korean tycoons, with his assets rising 1.9 trillion won to 2.9 trillion won. The increase came after he inherited shares following the death of his father

Sep 2, 2025By Yonhap

Samsung chief's assets rise most among top 50 chaebol family members in H1

Tech & Science

British trade minister visits LG ahead of AI service launch with London exchange

Britain's Trade Minister Douglas Alexander paid a rare visit to an artificial intelligence (AI) research center of LG Group on Monday as the South Korean company prepares to launch a new financial service with the London exchange. Alexander visited the AI research center in western Seoul with officials from London Stock Exchange Group (LSEG), the South Korean conglomerate said in a release. The group said the visit came amid the ongoing collaboration between LG AI Research and LSEG to develop a financial AI forecasting service that "utilizes LSEG's vast financial data to support business decision-making." "Trust is a cornerstone of financial markets, and our collaboration with LG AI Research is built on this principle," LSEG said in a statement released by LG Group. "By combining LG's AI expertise with LSEG's reliable data and distribution network, we will help our customers make business decisions with more trustworthy insights," the British bourse operator added. LG and LSEG plan to hold an official launching ceremony for the AI-based forecasting service in London later this month "By in

Sep 1, 2025By Yonhap

British trade minister visits LG ahead of AI service launch with London exchange

Companies

President’s proposal to desalt seawater in drought-hit city draws skepticism

President Lee Jae Myung has been met with skeptical responses after suggesting desalting seawater from the East Sea to help prevent another severe drought in Gangneung, Gangwon Province. Industry insiders view the suggestion as too expensive, saying desalination is best suited for wealthy nations suffering extreme drinking water shortages. Lee proposed the idea during a visit to the drought-hit eastern town on Saturday, asking Gangneung Mayor Kim Hong-kyu if the city had ever considered preventing future crises by desalinating seawater. "Seawater is infinite and the East Sea has good water quality," Lee said. "If the city builds a desalination facility near the sea, it will only need purification facilities, so high costs can be avoided." Interior and Safety Minister Yun Ho-jung, who accompanied the president, referenced the use of desalination plants in the Middle East and said Doosan Enerbility could build such facilities at low costs, leveraging world-class technologies. However, the mayor told Lee that the cost of desalination remains too high for securing adequate water. An official f

Sep 1, 2025By Park Jae-hyuk

President’s proposal to desalt seawater in drought-hit city draws skepticism

Companies

MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership

The Financial Supervisory Service (FSS) has launched formal disciplinary proceedings against MBK Partners, the majority owner of Homeplus, as part of an expanded probe following the appointment of new Gov. Lee Chan-jin on Aug. 14, industry and government officials said Monday. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4 after a credit rating downgrade, drawing criticism from the private equity firm for recklessly placing the nation’s second-largest supermarket chain under corporate rehabilitation after acquiring it through a leveraged buyout. The FSS recently sent an inspection opinion to MBK, detailing findings, proposed sanctions and legal rationale based on its review, marking the formal start of disciplinary proceedings. This followed a March on-site inspection of the company by the watchdog. Prosecutors have already been investigating allegations that Homeplus raised 600 billion won ($430 million) through short-term bonds while concealing its corporate rehabilitation plans from investors. Thus, the ongoing FSS proceedings are believed to

Sep 1, 2025By Jun Ji-hye

MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership

Companies

Golfzon Foundation donations extend for 5th consecutive year

Golfzon Foundation has continued its annual donation program for the fifth consecutive year, with total contributions reaching 890 million won ($640,000), the charity group said Monday. Launched in 2021, the initiative has so far supported 19,000 low-income households nationwide. The foundation, which provides assistance to local families in need and backs cultural, artistic and sports-related programs, organizes the annual donation drive in partnership with local government offices. The donations consist mainly of daily necessities. As of July, 2,950 households had received aid worth 130 million won this year. Between 2021 and 2024, the foundation reached 3,900 to 4,400 households annually. The foundation, established in 2010, has been running various support programs for people in need. Children from families in poverty and outstanding community outreach volunteers were invited by the foundation to join a cultural festival for incubation and networking. Run-down residences became beneficiaries of the foundation's housing improvement project. The foundation's most active field of support

Sep 1, 2025By Ko Dong-hwan

Golfzon Foundation donations extend for 5th consecutive year

Banking & Finance

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Banks are enhancing preventive measures against voice phishing, including upgrades to monitoring systems powered by artificial intelligence (AI), as the government moves to require financial institutions to compensate phishing victims, industry officials said Monday. The efforts come as the government plans to legislate a no-fault liability rule, which would require financial institutions to compensate victims of voice phishing even when transfers were made directly to criminals by the victims and even if the banks are not at fault. This measure is a core element of the comprehensive anti-voice phishing plans prepared by a pan-government task force led by the Office for Government Policy Coordination, with participation from the Ministry of Science and ICT, the Financial Services Commission (FSC) and other agencies. In announcing the plans on Thursday, the government said it will set detailed requirements, limits and procedures in consultation with financial firms as early as this year. Accordingly, the country’s major banks plan to focus their follow-up measures on strengthening defen

Sep 1, 2025By Jun Ji-hye

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

Companies

HD Hyundai's merger plan spurs union protest threatening US shipbuilding project

HD Hyundai's plan to merge its two shipbuilding subsidiaries has sparked fierce opposition from unionized shipyard workers at both companies, raising concerns that it may cause major setbacks for cooperation between Korea and the United States in shipbuilding. The backlash has intensified with the National Assembly’s recent amendments to the Trade Union and Labor Relations Adjustment Act, which allow labor disputes to cover business decisions with significant impacts on workplace conditions. Better known as the “yellow envelope law,” the new amendments legitimize worker protests against restructuring and other business decisions, and prohibit companies from seeking compensation for damage related to strikes. Two days after Wednesday’s announcement of the planned integration of HD Hyundai Heavy Industries (HHI) and HD Hyundai Mipo, workers put down their tools for four hours, warning of another three-day strike beginning Tuesday. They condemned management for announcing the merger without prior notice and voiced concerns over the possible redeployment of employees or layoffs of t

Sep 1, 2025By Park Jae-hyuk

HD Hyundai's merger plan spurs union protest threatening US shipbuilding project

Companies

Mom's Touch adds Uzbekistan to its global fast-food market

Major fast-food franchise company Mom’s Touch will open its first restaurant in Uzbekistan, launching its bid to expand its market to countries in Central Asia and Middle East, the company said Monday. Mom’s Touch CEO Kim Dong-jeon on Friday signed a master franchise contract with One Food CEO Khodjaev Zafar Zalulovich for the brand’s operation rights in Tashkent. One Food is a food and beverage company that Uzbek logistics company UHL has established for the contract. The signing took place at the headquarters of Mom’s Touch and Company, the Korean brand’s holding company, in Seoul’s Jung District. Under the deal, One Food will open its first Mom’s Touch restaurant in the Uzbek capital this year and eventually grow the restaurant's number to 60 across the country. The figure is double the number of KFC restaurants, which currently dominate the city’s fast-food fried chicken and burger market, according to Mom’s Touch. The Korean fried chicken company, which also sells burgers and pizza, said the franchise agreement is the beginning of its market expansion to Central A

Sep 1, 2025By Ko Dong-hwan

Mom's Touch adds Uzbekistan to its global fast-food market

Banking & Finance

Korea Development Bank opens Frankfurt branch

The Korea Development Bank (KDB), a state-owned policy bank, said Monday that it has opened a branch in Frankfurt, Germany. The Frankfurt branch marks KDB’s return to the German financial market after 26 years, following its withdrawal in 1999 during the Asian Financial Crisis. With a strategic goal of positioning itself as a "Euro Finance Hub," the branch aims to secure euro funding directly from the European market. KDB stated that the branch's operation will help provide effective support for Korean companies doing business in Europe, while building a strong client base of global companies operating in Germany. Europe is home to numerous Korean companies that have established local branches, subsidiaries and production facilities for automobiles, batteries, tires and more. At the same time, the branch will focus on building high-quality assets by collaborating with major German banks. The branch plans to actively engage in financial transactions with leading German corporations by offering tailored financial products for the local market, including the Schuldschein (a traditional Germ

Sep 1, 2025By Lee Yeon-woo

Tech leaders showcase technology at Quantum Korea 2026

Korea expresses regret over US House committee’s 'lopsided' Coupang report

KEPCO rallies industry to commercialize direct current power systems

BYD Korea looks to offset subsidy exclusion with PHEV sales

POSCO resets portfolio, expands into energy, lithium

Business

Tech leaders showcase technology at Quantum Korea 2026

Korea expresses regret over US House committee’s 'lopsided' Coupang report

KEPCO rallies industry to commercialize direct current power systems

BYD Korea looks to offset subsidy exclusion with PHEV sales

POSCO resets portfolio, expands into energy, lithium

Read more

Hyundai Motor unveils teaser for new Ioniq concept model ahead of int'l debut

Samsung chief's assets rise most among top 50 chaebol family members in H1

British trade minister visits LG ahead of AI service launch with London exchange

President’s proposal to desalt seawater in drought-hit city draws skepticism

MBK faces renewed scrutiny over Homeplus fiasco under new financial leadership

Golfzon Foundation donations extend for 5th consecutive year

Banks ramp up AI defenses as gov’t moves to make them liable for voice phishing losses

HD Hyundai's merger plan spurs union protest threatening US shipbuilding project

Mom's Touch adds Uzbekistan to its global fast-food market

Korea Development Bank opens Frankfurt branch

Most Read in Business