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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

    Termination of Homeplus rehabilitation endangers 12,000 workers

    2 MIN READBy Ko Dong-hwan
    Termination of Homeplus rehabilitation endangers 12,000 workers
  • Business

    Conglomerates to invest $201.7 bil. in southeast for AI, SMR sectors

    2 MIN READBy Yonhap
    Conglomerates to invest $201.7 bil. in southeast for AI, SMR sectors
  • 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.
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Tech & Science

Samsung SDI batteries power world’s longest journey by EV on single charge

Samsung SDI said Thursday that Lucid Motors’ Lucid Air Grand Touring electric vehicle (EV), equipped with the Korean firm’s 21700 cylindrical batteries, set a Guinness World Record for the longest journey by an electric car on a single charge, traveling 1,205 kilometers during a test drive last month. The test was conducted between St. Moritz, Switzerland, and Munich, Germany. It included alpine roads, highways and secondary roads. The U.S. EV maker exceeded the previous record of 1,045 kilometers set in June. This milestone was attributed to the synergy across Samsung SDI’s cutting-edge battery technology combined with Lucid’s in-house powertrain platform, outstanding design and engineering. “With Samsung SDI’s cylindrical battery powering the world’s longest-range vehicle, we have proven our technological prowess,” a Samsung SDI official said. “We will strengthen our partnership with Lucid to expand our global market share and accelerate the development of products that combine differentiated performance and safety.” Lucid Air Grand Touring is the longest-range vari

Aug 7, 2025By Park Jae-hyuk
Samsung SDI batteries power world’s longest journey by EV on single charge
Companies

HD Hyundai, Korean Air expand defense ties with US firm Anduril

HD Hyundai and Korean Air on Thursday announced separate agreements with U.S. defense technology firm Anduril Industries to jointly develop unmanned defense platforms, in a push to expand their presences in the field of military systems based on artificial intelligence (AI). HD Hyundai, a Korean shipbuilding conglomerate, said it signed a memorandum of agreement (MOA) with Anduril on Wednesday at its global research center in Seongnam, south of Seoul, as a follow-up to an earlier memorandum of understanding (MOU) signed in April. Under the MOA, HD Hyundai will integrate Anduril's autonomous mission execution systems into its USVs, currently under development for the Korean market. HD Hyundai will provide AI-based autonomy solutions for Anduril's manned and unmanned naval platforms for the U.S. market, in addition to handling ship design and construction. The companies also agreed to jointly develop prototype USVs tailored for both the Korean and U.S. markets, with the Korean prototype slated for release around 2027. Separately, Korean Air said it has formed a strategic partnership with An

Aug 7, 2025By Yonhap
HD Hyundai, Korean Air expand defense ties with US firm Anduril
Companies

Antitrust regulator says US firms will be treated equally under proposed online platform rules

U.S. companies will be treated the same as domestic firms under South Korea's proposed regulations for online platforms, the country's antitrust watchdog said Thursday, in response to a recent inquiry from the U.S. House of Representatives. The Fair Trade Commission (FTC) said its formal response has been delivered to the U.S. House of Representatives Judiciary Committee. "The current enforcement of the law, as well as future legislative discussions, will be conducted without discrimination between domestic and foreign companies, applying the same legal principles and standards to all," the FTC said in a press release. The agency also noted that the proposed bill is still under review and requires further parliamentary discussions, pledging to continue gathering input from stakeholders throughout the legislative process. The committee sent a letter to the FTC last month, requesting a briefing on the current state of South Korea's competition policy, details of the proposed legislation on online platforms and its potential impact on U.S. companies. On the campaign trail, President Lee Jae

Aug 7, 2025By Yonhap
Antitrust regulator says US firms will be treated equally under proposed online platform rules
Companies

Hyundai Motor, GM to co-develop 5 new vehicles by 2028

Hyundai Motor and General Motors (GM) will launch five jointly developed vehicles by 2028 to make deeper inroads into both Latin and North America, the global carmakers said Thursday. This is the first significant milestone after they announced a strategic memorandum of understanding (MOU) last year. Under the latest collaboration, they will produce four vehicles tailored for Central and South American markets — a compact SUV, passenger car, small pickup and mid-size pickup. All four models will offer powertrain flexibility, with options for both internal combustion and hybrid engines. The two companies will jointly develop an electric commercial van designed for the North American market as well. Once production ramps up fully, Hyundai and GM anticipate annual sales of the co-developed vehicles to exceed 800,000 units. Design and engineering work is currently underway with plans to launch the vehicles in 2028. Development responsibilities will be divided between the companies: GM will lead on the mid-size pickup platform, while Hyundai will spearhead development for the compact vehicle

Aug 7, 2025By Lee Min-hyung
Hyundai Motor, GM to co-develop 5 new vehicles by 2028
Companies

POSCO E&C launches emergency management system, halts new infrastructure orders

POSCO E&C, the construction arm of Korea's leading steelmaker POSCO Group, said Wednesday it has begun an emergency management system and temporarily suspended new orders in its infrastructure business following a series of fatal industrial accidents at company-managed construction sites. In a statement, the company said any business expansion would be meaningless without restoring public trust first. The announcement came a day after a Myanmar national in his 30s was critically injured and lost consciousness in a suspected electrocution accident at an expressway construction site in Gwangmyeong, Gyeonggi Province. It marked the fourth serious accident this year at POSCO E&C-operated sites and prompted the resignation of former CEO Jeong Hee-min on Tuesday. The company also said it plans to gather expert opinions to develop institutional measures aimed at reforming its subcontracting structure — a long-standing issue in the construction industry. On Wednesday, the firm's new CEO, Song Chi-young, visited the Gwangmyeong construction site where the latest accident occurred, in his first

Aug 6, 2025By Yonhap
POSCO E&C launches emergency management system, halts new infrastructure orders
Tech & Science

SK Telecom Q2 earnings plunge after hacking incident

SK Telecom is paying an enormous price for the hacking incident that resulted in a massive data leak of its users’ information, with its second-quarter earnings taking a significant hit. The company reported Wednesday an operating profit of 338.3 billion won ($243 million) for the April-to-June period, marking a 37.1 percent decline from the previous year. Sales decreased 1.9 percent to 4.33 trillion won. “The financial impact in the second quarter includes revenue decline due to subscriber turnout, an increase in costs due to the free USIM (universal subscriber identity module) replacement and compensation for sellers,” SK Telecom Chief Financial Officer Kim Yang-seob said during a conference call. “After the incident, SK Telecom suspended new sign-ups in order to secure sufficient USIM cards for existing customers. As a result, the number of subscribers dropped by about 750,000 at the end of June compared to March, leading to a 28.7 billion won decrease in mobile service revenue compared to the previous quarter.” To recover from this setback, the company pledged to bolster it

Aug 6, 2025By Lee Gyu-lee
SK Telecom Q2 earnings plunge after hacking incident
Companies

President Lee calls for tougher punishment against POSCO E&C over repeated fatal industrial accidents

President Lee Jae Myung on Wednesday instructed his aides to come up with measures to impose a tougher punishment on POSCO E&C over repeated fatal industrial accidents at workplaces of the construction firm. Lee also ordered a full investigation into the industrial accidents and to report all legally possible measures, including revoking the company's construction license and excluding the company from public bidding, presidential spokesperson Kang Yu-jung told reporters. So far this year, four workers have died at workplaces managed by POSCO E&C and another worker was killed at a POSCO steel mill in Gwangyang, about 290 kilometers south of Seoul. POSCO E&C is a subsidiary of POSCO, the nation's top steelmaker. In the latest industrial accident involving POSCO E&C, a Myanmar worker in his 30s who was critically injured in a suspected electrocution accident at an expressway construction site in Gwangmyeong, 20 km south of the capital, on Monday. He has yet to regain consciousness. During a Cabinet meeting last Tuesday, Lee specifically named POSCO E&C, saying fatal workplace incidents cou

Aug 6, 2025By Yonhap
President Lee calls for tougher punishment against POSCO E&C over repeated fatal industrial accidents
Banking & Finance

KakaoBank reports record earnings on growing noninterest income

KakaoBank posted its strongest-ever half-year performance, reporting an operating profit of 353.2 billion won ($254 million) and a net profit of 263.7 billion won in the first half of 2025, the company said Wednesday. These figures represent year-on-year increases of 11 percent and 14 percent, respectively. The surge in earnings was driven by a rise in noninterest income and continued growth in its customer base. In its regulatory filing, Korea’s largest internet-only bank reported a net profit of 126.3 billion won for the April-June period, marking a 5.1 percent increase from 120.2 billion won during the same period last year. The bank generated 562.6 billion won in noninterest income — excluding loan interest earnings — in the first half of the year, accounting for 36 percent of its total revenue of 1.56 trillion won. This represents a 30.4 percent increase from the same period a year earlier. The company attributed the growth to enhanced platform capabilities across lending, investment and payment services, as well as steady revenue expansion in firm banking, open banking and adv

Aug 6, 2025By Jun Ji-hye
KakaoBank reports record earnings on growing noninterest income
Companies

REPORTER’S NOTEBOOKKorea’s ‘self-applauding’ corporate policy catches flak

Anti-corporate government policies are adding to the pressure on major export-reliant companies at home, making it harder for them to seek timely relief from the strain of U.S. tariffs. Since the inauguration of the pro-labor administration led by President Lee Jae Myung in June, the nation’s corporate management environment has become more complicated. As expected, the administration is moving to pass a series of restrictive bills spanning broad areas of business, including taxation and labor relations. This contradicts the government’s outward pledge to support corporate growth. The government has issued messages almost every day promising to provide policy support for their survival and sustainable growth. “Companies stand at the center of Korea’s economic growth,” Deputy Prime Minister and Finance Minister Koo Yun-cheol said Tuesday during a meeting with heads of major business lobbies. “The government and private sectors will join forces to find specific measures to enhance their global competitiveness.” In reality, however, actions tell a different story. Last week, t

Aug 6, 2025By Lee Min-hyung
Korea’s ‘self-applauding’ corporate policy catches flak
Companies

Nongshim chief referred to prosecution for alleged false info disclosure

The antitrust regulator said Wednesday it has decided to refer the chairman of leading South Korean food company Nongshim to the prosecution for allegedly omitting key affiliate companies from required disclosures to avoid designation as a large business group and to benefit from incentives for small businesses. Nongshim Chairman Shin Dong-won is accused of failing to report a total of 39 affiliated companies, including 10 owned by his relatives, in corporate materials submitted to the Fair Trade Commission (FTC) between 2021 and 2023, in violation of the fair trade act. The foodstuff maker was supposed to be designated as a large business group in 2021, as its actual total assets exceeded the 5 trillion-won ($3.59 billion) threshold if the omitted entities were taken into account. As the company escaped being categorized as a large business group, however, dozens of its affiliates avoided regulations, including restrictions on unfair internal transactions by owner families and mandatory public disclosure requirements. Some of the omitted affiliates also received tax benefits that are re

Aug 6, 2025By Yonhap
Nongshim chief referred to prosecution for alleged false info disclosure
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