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  • Companies

    Genesis BBQ debuts in India's chicken dining scene

    Global fried chicken restaurant franchise company Genesis BBQ has debuted in India, opening two locations in the southern city of Bengaluru. The company said Thursday its HSR Layout and Koramangala branches opened on June 26 through its partnership with a local company under a master franchise deal. Genesis BBQ said it will expand its Indian market to other cities, including Hyderabad, Chennai and Vellore. Bengaluru, according to Genesis BBQ, is one of India’s hubs for IT and startups, along with young consumers. HSR Layout is in a premium commercial district and in the vicinity of IT business districts, including Electronic City, Sarjapur Road and Outer Ring Road. The company said the area also has a large population of those in their 20s to 40s with high incomes. Koramangala is nestled in the largest dining and commercial hub in Bengaluru, according to the Korean firm. A variety of global dining brands and trendy restaurants are concentrated in the area, which made it an ideal location for Genesis BBQ to promote itself to local consumers. Both stores will operate as quick-service rest

    2 MIN READBy Ko Dong-hwan
    Genesis BBQ debuts in India's chicken dining scene
  • Banking & Finance

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

    2 MIN READBy Jun Ji-hye
    KB, Shinhan, Hana, Woori face mounting headwinds despite solid profits
  • Tech & Science

    Consumer preference for flagship devices gives advantage for LG Display

    3 MIN READBy Nam Hyun-woo
    Consumer preference for flagship devices gives advantage for LG Display
  • Others

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

    2 MIN READBy Lee Gyu-lee
    AMCHAM launches AI Leadership Council to bolster Korea-US AI cooperation
  • Companies

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

    1 MIN READBy Jhoo Dong-chan
    SK bioscience, Gates Foundation to launch AI-driven vaccine platform
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Banking & Finance

Scandinavian currencies no longer available at major Korean banks

Major commercial banks in Korea are ending exchange services for the currencies of Denmark, Norway and Sweden, industry officials said Tuesday. The shift comes amid growing supply instability as these Scandinavian countries rapidly move toward becoming cashless societies. Starting June 23, Woori Bank will halt all exchange services involving the Danish krone, Norwegian krone and Swedish krona. The bank had previously offered limited sales of these currencies at its exchange counter in Incheon International Airport, but the services will now be fully discontinued. The bank attributed the decision to the growing supply instability. Hana Bank and KB Kookmin Bank already suspended exchange services for these currencies last year. That leaves Shinhan Bank as the only commercial bank in Korea still offering exchange services — albeit limited — for these three currencies. While the bank also suspended transactions for high-denomination 1,000 kroner units, it announced that it would continue processing exchanges based on the availability of smaller denominations, such as 500 kroner bills. "Ban

May 28, 2025By Lee Yeon-woo
Scandinavian currencies no longer available at major Korean banks
Tech & Science

Korea to spend $349.1 mil. on developing AI-related services in 2025

Korea will spend some 480 billion won ($349.1 million) this year to develop innovative products and services based on artificial intelligence (AI), such as AI factories, AI chips and self-driving cars, the industry ministry said Wednesday. The Ministry of Trade, Industry and Energy said the investment is aimed at promoting the industrial use of AI to foster new growth engines and advance the country's manufacturing industry. In detail, the ministry will invest 62.7 billion won in developing AI factories, 21.6 billion won in AI chip technologies and 120.6 billion won in autonomous driving technologies. Some 68 billion won has been allocated for advanced bio projects, 29.6 billion won for intelligent robot development and 13.8 billion won for advancements in display technologies. In addition, the government plans to create foundational AI models that could be used by small and medium-sized enterprises for quality inspection, precision control and other manufacturing processes. It also aims to develop AI models that can predict and prevent the generation of impurities throughout the pharmace

May 28, 2025By Yonhap
Korea to spend $349.1 mil. on developing AI-related services in 2025
Tech & Science

LG Innotek develops world 1st 5G New Radio network module for cars

LG Innotek has developed the world’s first 5G New Radio Non-Terrestrial Network (NR-NTN) communication module for vehicles. This key technology will enhance broadband networking for precise location data and autonomous driving, the company said Wednesday. A 5G NTN module for vehicles is a component that transmits data with network infrastructure such as satellites and other nonground-based platforms via 5G connectivity. It is considered a key technology for enabling software-defined vehicles and autonomous driving. Currently, most 5G NTN modules for vehicles are based on narrowband NTNs, which use high-altitude satellites to provide a broad coverage. However, their relatively low data transmission speeds make it difficult to handle large volumes of data, falling short of supporting the large-scale data demands required for advanced technologies like high-level autonomous driving. LG Innotek said its 5G NR-NTN technology uses low Earth orbit satellites to enable broadband connectivity, enabling high-speed and large-volume data transmission. Compared to existing satellite-based 5G commu

May 28, 2025By Nam Hyun-woo
LG Innotek develops world 1st 5G New Radio network module for cars
Companies

Korean Air to showcase next-gen naval drones at 2025 MADEX exhibition

Korean Air said Wednesday it will showcase its next-generation naval unmanned aerial vehicles (UAVs) and military aircraft maintenance, repair and overhaul (MRO) capabilities at the 2025 International Maritime Defense Industry Exhibition (MADEX) in Busan. Korean Air will feature its artificial intelligence (AI) powered micro UAVs, medium-altitude UAVs and a mock-up of the UH-60 Black Hawk helicopter during its inaugural participation in the four-day exhibition under way in the Korean southeastern port city. The company will also highlight its longstanding MRO expertise, particularly in servicing naval aircraft, such as the LYNX, P-3C and F-406, since 1997. Last month, the company secured a performance upgrade contract for UH-60 helicopters. "With our tailored solutions for naval operations and advanced expertise in aircraft overhauls and upgrades, we aim to expand our role in future maritime defense," a company official said.

May 28, 2025By Yonhap
Korean Air to showcase next-gen naval drones at 2025 MADEX exhibition
Foreign Affairs

Korea launches feasibility study on trade negotiation items with US: sources

Korea is checking the economic feasibility of various items that may come as the result of trade negotiations with the United States to assess the impact of such items on the national economy, government sources said Wednesday. The Ministry of Trade, Industry and Energy recently asked the Korea Institute for International Economic Policy (KIEP) to conduct a feasibility study on agenda items of the ongoing trade negotiations between Seoul and Washington, according to the sources familiar with the matter. The two countries have been working to craft a package deal on trade issues, including tariffs, non-tariff barriers and economic cooperation, by July 8, when the 90-day pause on the Donald Trump administration's reciprocal tariffs will end. Korea has been seeking to gain a full exemption or reduction of the Trump administration's 25 percent reciprocal tariffs for the country, as well as sectoral tariffs on steel, automobile and other imports. In a working-level meeting last week, the office of U.S. Trade Representative (USTR) urged Seoul to resolve non-trade barrier issues listed on its 2

May 28, 2025By Yonhap
Korea launches feasibility study on trade negotiation items with US: sources
Companies

Sales of hydrogen vehicle slump in January-April

Korea's hydrogen fuel cell electric vehicle (FCEV) sector is facing a sharp downturn this year, with both domestic sales and exports falling significantly amid a lack of demand, industry data showed Wednesday. According to the Korea Automobile & Mobility Association (KAMA), only 18 hydrogen vehicles, including both passenger and commercial models, were exported from January to April, down 70 percent from 60 units a year ago. Domestic sales came to 965 units over the cited period, raising concerns that the annual tally may dip to the lowest in years. Hyundai Motor, which had led the global hydrogen vehicle market with models like the Nexo and the Xcient commercial truck, is losing momentum due to limited model availability and a lack of hydrogen infrastructure. Exports peaked at 1,121 units in 2021 following the launch of the Nexo in 2018 but have since declined. Domestic sales also fell from a high of 10,328 units in 2022 to 4,707 in 2023 and 3,787 last year. Despite weakened sales, experts say hydrogen vehicles remain a key future mobility technology and call for stronger government supp

May 28, 2025By Yonhap
Sales of hydrogen vehicle slump in January-April
Tech & Science

Disney+ password sharing crackdown raises concerns amid drop in subscribers

Disney+ will crack down on password sharing in Korea, following in the footsteps of Netflix. However, the timing of the new policy raises questions, given the platform’s underwhelming performance in the local streaming market. The streaming service has notified users that, password sharing will be restricted to individuals living in the same household, starting June 24. Under the revised policy, only those residing at the same address may share an account, and access will be limited to devices associated with the user’s primary residence. Users who wish to share their account with individuals outside their household will be able to do so by paying an additional monthly fee to add extra members. Disney+ began restricting password sharing in certain countries last year, introducing paid sharing subscriptions. The company explained that the crackdown in Korea is part of implementing its account policy change worldwide. "(Password-sharing restrictions) are already being implemented globally and it is simply Korea's turn in the sequence,” a Disney+ Korea official said. The move is being ca

May 28, 2025By Lee Gyu-lee
Disney+ password sharing crackdown raises concerns amid drop in subscribers
Companies

HYBE to sell entire stake in SM Entertainment to China's Tencent

K-pop powerhouse HYBE said Tuesday it will sell its entire stake in rival SM Entertainment to Tencent Music Entertainment Group, a subsidiary of China's tech giant Tencent, for about 200 billion won ($145.5 million). Through the deal, Tencent Music will become the second-largest effective shareholder in SM Entertainment, following Kakao and Kakao Entertainment, which together hold a 41.5 percent stake. HYBE said in a regulatory filing that it will sell 2,212,237 shares of SM, which represents a 9.38 percent stake in the company. The shares will be sold for 110,000 won each, totaling about 243.3 billion won for the full transaction. The sale is scheduled to be completed Friday after the market closes through an after-hours block trade. HYBE acquired the stake in 2023 during a high-profile battle to take over SM Entertainment's management rights. "We divested noncore assets as part of a choice and concentration strategy," the company said. "Secured funds will be used to secure future growth engines." The music industry is watching closely Tencent Music's acquisition of SM Entertainment, one o

May 27, 2025By Yonhap
HYBE to sell entire stake in SM Entertainment to China's Tencent
Companies

Park Dae-jun to drive Coupang’s AI expansion as sole CEO

Coupang has announced that co-CEO Park Dae-jun will assume full control of the company’s management, signaling a shift away from its previous dual-CEO structure. Former co-CEO Kang Han-seung will step down to focus on advancing Coupang’s AI initiatives and global expansion efforts. Park joined the e-commerce giant in 2012 as director of policy and became vice president of policy in 2019. Since 2020, he has led the new business division, spearheading the nationwide expansion of Coupang’s Rocket Delivery one-day delivery service through AI-driven logistics innovations. He has also played a key role in developing the company’s new businesses and strengthening regional infrastructure, contributing to creating jobs. Park has also worked closely with regional governments and agencies to launch projects to help local businesses and farmers utilize digital platforms for sales. He also led the company’s new services, Coupang Eats and Coupang Play, to success, enhancing customer experience and achieving its sustainable growth. Under his sole leadership, the company aims to accelerate imp

May 27, 2025By Lee Gyu-lee
Park Dae-jun to drive Coupang’s AI expansion as sole CEO
Companies

KCCI chairman calls for economic partnership in meeting with Japanese PM

Korea Chamber of Commerce and Industry (KCCI) and SK Group Chairman Chey Tae-won called for an expanded economic partnership between Seoul and Tokyo during his meeting Tuesday with Japanese Prime Minister Shigeru Ishiba. According to the KCCI, Chey visited Ishiba at the prime minister's residence in Tokyo as part of his trip to Japan for the Nikkei Forum happening on Thursday and Friday. The meeting was arranged to discuss the necessity of expanding economic cooperation between Korea and Japan on the occasion of the 60th anniversary of the normalization of diplomatic ties between the two countries. Along with Chey, KCCI Executive Vice Chairman Park Il-joon and SK Group’s SUPEX Council President Lee Hyung-hee joined the meeting. “At a time when both Korea and Japan are facing challenges stemming from the rising protectionism across the world, including the reciprocal tariffs by the United States, there is a growing need to expand economic cooperation and strengthen collaboration between our two countries,” Chey was quoted as saying. The KCCI said Chey asked Ishiba for the Japanese go

May 27, 2025By Nam Hyun-woo
KCCI chairman calls for economic partnership in meeting with Japanese PM
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