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  • Banking & Finance

    Toss to face stricter oversight as Korea's first fintech financial conglomerate

    Viva Republica, which operates Toss, is poised to become the first fintech company subject to the same regulatory framework as Korea's other large financial conglomerates, marking a major shift in oversight for the fast-growing platform. Originally launched as a mobile money-transfer app, Toss has since rapidly evolved into a financial platform spanning banking, brokerage and insurance. Authorities are expected to formally designate the company as a “financial conglomerate” later this month. Introduced in 2021, the system is designed to strengthen oversight of groups with multiple financial subsidiaries by requiring integrated supervision of intra-group risk and related-party transactions. Seven conglomerates — Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB and Daou Kiwoom — are currently subject to the regulations. To qualify, a group must operate across at least two of three sectors — banking, insurance and financial investment — with the smallest business holding more than 5 trillion won ($3.24 billion) in assets. Toss qualifies through Toss Bank and Toss Securitie

    2 MIN READBy Park Han-sol
    Toss to face stricter oversight as Korea's first fintech financial conglomerate
  • Companies

    Hanwha to invest $35.6 bil. in aerospace, AI by 2040

    2 MIN READBy Yonhap
    Hanwha to invest $35.6 bil. in aerospace, AI by 2040
  • Banking & Finance

    Korea's brokerages are raking it in. Their stocks aren't.

    2 MIN READBy Lee Yeon-woo
    Korea's brokerages are raking it in. Their stocks aren't.
  • Companies

    Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026

    2 MIN READBy Jhoo Dong-chan
    Smilegate showcases 'Chaos Zero Nightmare,' 'Miresi' at Anime Expo 2026
  • Companies

    Gov't to support Homeplus workers, partners amid botched rehabilitation

    1 MIN READBy Yonhap
    Gov't to support Homeplus workers, partners amid botched rehabilitation
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Tech & Science

Will KT, Kakao fix AI strategy following ouster from sovereign AI project?

The Korean government’s exclusion of KT and Kakao from its ambitious sovereign artificial intelligence (AI) initiative is sending ripples through the domestic tech industry — a decision that experts say underscores a shift in national AI priorities and could force the two digital giants to fundamentally reassess their strategies. On Aug. 4, the Ministry of Science and ICT announced the five consortia selected for its AI foundation model project, a state-backed program that will provide 200 billion won ($145 million) in resources, including access to high-performance graphics processing units (GPUs), data and personnel. The chosen groups — led by Naver Cloud, Upstage, SK Telecom, NC AI and LG AI Research — were selected based on their ability to develop independent, from-scratch AI models with global-level multimodal capabilities and commercial potential via open-source platforms. The exclusion of KT and Kakao — two of the most recognizable names in Korea’s digital ecosystem — was seen as a surprise. But for many experts, the decision reflects the government’s insistence

Aug 10, 2025By Lee Gyu-lee
Will KT, Kakao fix AI strategy following ouster from sovereign AI project?
Companies

Hyundai Motor Group's H1 operating profit ranks No. 2 globally, surpasses Volkswagen

Hyundai Motor Group ranked second globally in operating profit during the first half of this year, surpassing Germany's Volkswagen Group, industry data showed Sunday. The combined operating profit of Hyundai Motor and Kiatotaled 13.01 trillion won ($9.35 billion) for the January-June period. By comparison, Volkswagen Group, the world's second-largest automaker by sales volume, recorded an operating profit of 6.7 billion euros (10.86 trillion won) during the same period. It was the first time Hyundai Motor Group has outperformed Volkswagen Group in operating profit on a half-year basis. Hyundai, currently ranked third globally in sales volume, is believed to have narrowed the gap with Volkswagen on the back of its swift response to market disruptions amid U.S. tariff measures, such as inventory adjustments and production management. "Although Hyundai Motor Group saw its first-half operating profit fell by more than 10 percent, it performed relatively well compared with competitors like Toyota Group, which faced over 4 trillion won in tariff-related costs," an industry official said. Toyota

Aug 10, 2025By Yonhap
Hyundai Motor Group's H1 operating profit ranks No. 2 globally, surpasses Volkswagen
Companies

Hyundai Rotem delivers 1st tram batch to Edmonton under 2021 Canadian contract

Hyundai Rotem, the rolling stock unit of Korea's Hyundai Motor Group, said Friday it has delivered the first batch of trams to the city of Edmonton in Canada under a 2021 supply deal. The initial batch is part of a 218.8 billion-won ($157.3 million) contract signed in 2021 to provide trams for Edmonton's Valley Line West light rail project. The delivered unit will undergo around 2,000 kilometers of trial runs before entering official service. Hyundai Rotem plans to deliver all vehicles under the contract sequentially through 2027. The trams are equipped with advanced temperature control systems capable of maintaining comfortable interior conditions even in temperatures as low as minus 40 degrees Celsius. "This marks our first entry into the North American tram market," the company said. "We will do our utmost to ensure a safe and convenient means of transportation for the citizens of Edmonton."

Aug 8, 2025By Yonhap
Hyundai Rotem delivers 1st tram batch to Edmonton under 2021 Canadian contract
Companies

KOGAS Q2 operating profit falls 13% on lower returns, subsidy costs

Korea Gas Corp. (KOGAS) said Friday its second-quarter net profit dropped more than 66 percent from a year earlier mainly due to weak operating profit from a decrease in interest rates and utility rate subsidies for low-income households. KOGAS reported a net profit of 85.1 billion won ($61.3 million) in the April-June period, down 66.4 percent from a year ago. Its operating income fell 13.1 percent on-year to 404.6 billion won, while revenue increased 1.9 percent to 7.63 trillion won. The earnings fell short of market expectations. The average estimate of net profit by analysts stood at 150.3 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The Korean company said its operating income fell as the return on its investment on wholesale supply decreased following a decline in interest rates. An increase in gas bill subsidies for low-income households can also be attributed to the weak operating profit, it added. KOGAS said its accumulated debt decreased 14.8 percent to 6.9 trillion won in the second quarter thanks to the company's efforts t

Aug 8, 2025By Yonhap
KOGAS Q2 operating profit falls 13% on lower returns, subsidy costs
Tech & Science

Korea again postpones decision on Google's map data transfer request amid US pressure

The Korean government on Friday delayed its decision on Google's request to export high-precision map data overseas, the transport ministry said, amid pressure from Washington to resolve the issue, calling it a non-tariff barrier. In February, the U.S. tech giant submitted an application to the state-run National Geographic Information Institute under the ministry, seeking approval for the transfer of 1:5,000-scale high-precision map data to its data centers abroad. The review panel extended the deadline for the decision by 60 days during its May meeting, citing the need for further discussions on national security and the potential impact on domestic industries, and was supposed to reach a decision by Monday. But it decided to extend the deadline by another 60 days, according to the Ministry of Land, Infrastructure and Transport. The review panel is composed of officials from major ministries, including the defense, foreign affairs, industry and science ministries, as well as the National Intelligence Service. Officials said the latest decision was made upon Google's request, as the comp

Aug 8, 2025By Yonhap
Korea again postpones decision on Google's map data transfer request amid US pressure
Companies

US firms escalate opposition to Korea's new corporate regulations

U.S. business leaders in Korea are increasing efforts to prevent the government and the ruling Democratic Party of Korea (DPK) from advancing the proposed amendment to the Commercial Act and the revision of the Trade Union and Labor Relations Adjustment Act, better known as the “yellow envelope law.” Following a closed-door roundtable discussion on Friday with Trade Minister Yeo Han-koo, the American Chamber of Commerce in Korea (AMCHAM) said senior executives from its member companies talked about the difficulties their businesses are facing in Korea. “Participants shared insights from firsthand experience operating in Korea and offered recommendations aimed at improving the country’s investment environment and business competitiveness,” the largest foreign chamber of commerce in Korea said in a press release. The roundtable was initially arranged to discuss a recent tariff agreement signed between Korea and the U.S. and to explore opportunities for strengthening bilateral economic cooperation. During a dialogue open to the press, AMCHAM Chairman James Kim outlined the chambe

Aug 8, 2025By Park Jae-hyuk
US firms escalate opposition to Korea's new corporate regulations
Companies

LCC operators pull back on M&As

Operators for major low-cost carriers (LCCs) here are retreating from their planned acquisition of other budget airlines, as the industry faces an unexpectedly severe downturn with no immediate signs of recovery, market watchers said Friday. All eyes are on the fate of Eastar Jet, as VIG Partners, the largest shareholder for the LCC, is moving to sell the company after achieving rapid earnings normalization for the once-cash-strapped budget carrier. The private equity firm purchased a 100-percent stake in Eastar in January 2023 at 40 billion won ($28.78 million). The airline has since rapidly reduced its operating loss, while expanding sales. Eastar Jet is widely expected to turn a surplus this year, after reporting an operating loss of 37.3 billion won last year. Aekyung Group, the operator of Jeju Air, has been considered one of the strong potential bidders for the upcoming deal. The LCC acutely needs to expand its external size ahead of its planned launch of a converged budget carrier following Korean Air’s acquisition of Asiana Airlines. The mega LCC — which combines Jin Air, Ai

Aug 8, 2025By Lee Min-hyung
LCC operators pull back on M&As
Companies

Uncertain timeline for US auto tariff cut deepens Korean firms' concerns

Korea’s major carmakers and auto parts firms remain under pressure from a 25 percent U.S. tariff, even after the two countries signed a long-awaited agreement last week to reduce it to 15 percent. Major auto exporters, hit hard by the trade penalty in their second-quarter earnings, welcomed the reduced tariff rate. Hyundai Motor and Kia suffered operating profit losses of 828.2 billion won ($596 million) and 786 billion won, respectively. However, U.S. President Donald Trump has yet to sign an immediate administrative order to implement the new rate, leaving local players in limbo. The uncertainty is clouding the outlook for third-quarter earnings of Korean carmakers and auto parts manufacturers, as their exports to the United States are still subject to the previous 25 percent tariff. Officials from the Ministry of Trade, Industry and Energy were unavailable for comment Friday, but the government appears to be struggling to fine-tune details with the U.S. on the timeline to implement the reduced auto tariff. With no means to act against the U.S. authorities, officials from major Korean

Aug 8, 2025By Lee Min-hyung
Uncertain timeline for US auto tariff cut deepens Korean firms' concerns
Companies

Hanwha regains REC Silicon control in return for $6.5 million loan offer

Hanwha Group's proposal to appoint three new board members at REC Silicon, including a new chairman, was approved at an extraordinary general meeting of the Norwegian silicon materials maker's shareholders on Thursday (local time). The outcome enables the Korean conglomerate to regain control of the Norwegian firm, which it lost in June to the U.S. hedge fund Water Street Capital. At the previous meeting of REC Silicon shareholders, the U.S. hedge fund, allied with Norwegian minority shareholders, defeated Hanwha and ousted board members appointed by the Korean company. The proxy fight erupted after a group of minority shareholders objected to Hanwha's plan to acquire all outstanding shares of REC Silicon for 2.2 Norwegian krone ($0.22) per share and delist the company from the Oslo Stock Exchange. The plan followed an abrupt shutdown late last year of REC Silicon's Moses Lake plant in the United States, which also angered minority shareholders due to the resulting plunge in the company's stock price. The backlash from minority shareholders eventually left Hanwha with only a 44 percent st

Aug 8, 2025By Park Jae-hyuk
Hanwha regains REC Silicon control in return for $6.5 million loan offer
Companies

PHOTO China-free battery materials sent to US

POSCO Future M employees applaud at the company's cathode materials plant in Gwangyang, South Jeolla Province, July 26, celebrating the first shipment to the United States of cathode materials manufactured out of Korean-made precursors. The battery materials firm said Friday that it has used precursors produced at its Gwangyang plant to make cathode materials being sent to Ultium Cells, so that the joint venture between LG Energy Solution and General Motors can cope with tightening U.S. regulations on batteries containing Chinese materials. Courtesy of POSCO Future M

Aug 8, 2025By Park Jae-hyukphoto
[PHOTO] China-free battery materials sent to US
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