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  • Companies

    Watchdog launches review on Google's alleged fair trade violation

    Seoul's antitrust watchdog said Wednesday it has launched an investigation into U.S.-based Google LLC, as well as its Singaporean and Korean offices, over allegations of violations of the fair trade law involving game developers on its app marketplace. The Fair Trade Commission (FTC) said its examiners' report showed Google has abused its dominance in the Android marketplace, with related sales totaling $9.21 billion. Under the law, the watchdog may impose a fine of up to 6 percent of the amount following its deliberations. This indicates the fine may reach up to 849.6 billion won ($547.3 million). The FTC said Google signed the Games Velocity Program (GVP) agreements with major game developers at home and abroad to prevent their potential departure from its app marketplace. The program centers on subsidizing game developers' costs for using Google services, such as Google Cloud and advertising, on the condition that they give Google most favorable treatment compared to other app marketplaces, including earlier release dates. The FTC said its examiners had concluded that the agreements ha

    2 MIN READBy Yonhap
    Watchdog launches review on Google's alleged fair trade violation
  • Companies

    Debate over sharing 'excessive profits' weighs on chipmakers

    3 MIN READBy Nam Hyun-woo
    Debate over sharing 'excessive profits' weighs on chipmakers
  • Companies

    Petrochemical overhaul faces renewed urgency as margins slide again

    2 MIN READBy Lee Gyu-lee
    Petrochemical overhaul faces renewed urgency as margins slide again
  • Banking & Finance

    Woori relocates microcredit bank to better support small businesses

    2 MIN READBy Lee Hyo-jin
    Woori relocates microcredit bank to better support small businesses
  • Banking & Finance

    Major banks' household loan grows sharpest in 11 months in June

    1 MIN READBy Yonhap
    Major banks' household loan grows sharpest in 11 months in June
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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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Companies

Samsung SDI to showcase high-performance ESS battery products in Europe

Samsung SDI announced Monday that it will participate in InterBattery Europe 2025, set to take place in Germany from May 7 to 9, as part of its efforts to expand its presence in the global energy storage market, particularly in Europe. InterBattery Europe is one of the key exhibitions at The Smarter E Europe — the continent’s largest alliance of energy industry exhibitions — with more than 200 companies expected to participate this year. Samsung SDI will showcase a range of next-generation battery products and innovations under the slogan “Intelligent Life, Always ON,” highlighting how battery technology can seamlessly connect with and enhance daily life. The company will particularly focus on its energy storage system (ESS) technologies designed for the AI era, featuring improved safety and greater user convenience. Among the highlights will be the U8A1, a new battery developed for uninterruptible power supply systems, which provide critical backup power during outages at facilities like data centers. Combining high power output with high energy storage, the U8A1 is optimized

Apr 28, 2025By Park Jae-hyuk
Samsung SDI to showcase high-performance ESS battery products in Europe
Companies

Nongshim opens 1st overseas 'experience space' for ramyeon in Peru

Nongshim, Korea's leading instant noodle maker, said Monday it has opened its first overseas "experience space" for its instant noodle, or ramyeon, products in Peru. Nongshim launched the new venue, named "Shin Ramyun Bunsik," near Machu Picchu on April 21 (local time), aiming to promote its ramyeon brand to global consumers visiting the iconic site, the company said in a press release. "Just as Shin Ramyun has become a must-try experience at places like Jungfrau in Europe and Punta Arenas near the Antarctic, we hope 'Shin Ramyun Bunsik' will become a new hotspot for enjoying global landmarks," it said. The company does not operate dedicated spaces in Jungfrau or Punta Arena. Located in Aguas Calientes, the gateway town to Machu Picchu, the three-story facility features a hands-on cooking and tasting area on the first floor, with exhibition spaces on the upper floors showcasing the history of Shin Ramyun and Nongshim's product lineup. Nongshim plans to open a second Shin Ramyun Bunsik, also called K-style noodle bar, in Asia within the first half of this year and is considering additional

Apr 28, 2025By Yonhap
Nongshim opens 1st overseas 'experience space' for ramyeon in Peru
Business

Trade ministers of S. Korea, Costa Rica discuss expanding economic cooperation

South Korea's Trade Minister Cheong In-kyo held talks with his visiting Costa Rican counterpart, Manuel Tovar, on Monday to discuss ways to bolster comprehensive economic cooperation between the two countries. During the meeting, Cheong lauded the steady growth in bilateral trade and investment based on the Korea-Central America Free Trade Agreement, which took effect in 2019, the Ministry of Trade, Industry and Energy said in a press release. He proposed further expanding trade in key sectors where both nations hold strengths, such as automobiles, pharmaceuticals, medical devices and semiconductors. Cheong also expressed expectations that bilateral cooperation would extend into the digital sector, noting the inclusion of Costa Rica in the Digital Economy Partnership Agreement (DEPA) in January this year. Since Costa Rica is serving as the chair of the Organization for Economic Cooperation and Development (OECD) for this year, Cheong requested support in encouraging OECD members to actively participate in the upcoming Asia-Pacific Economic Cooperation (APEC) summit set to take place in S

Apr 28, 2025By Yonhap
Trade ministers of S. Korea, Costa Rica discuss expanding economic cooperation
Companies

DeepSeek resumes service in Korea after disclosing revised info processing policy

Chinese artificial intelligence (AI) service DeepSeek resumed its service in Korea after it disclosed a Korean-language version of its partially revised information policy Monday amid controversy over its data management. DeepSeek is currently available for downloads from app markets here following a service suspension for about two months since Feb. 15. Earlier in the day, the AI service disclosed the improved information processing policy for Korean users after the Personal Information Protection Commission (PIPC) revealed last week that DeepSeek transferred Korean users' personal information to three companies in China and one in the United States without obtaining their consent and disclosing the transfer in its personal information processing policy. DeepSeek also sent what users entered into the prompts to Volcano, a Chinese company affiliated with ByteDance, the parent company of Chinese social media platform TikTok, the PIPC said, asking the Chinese company to faithfully establish legal grounds for its overseas information transfers, immediately destroy the prompt information an

Apr 28, 2025By Yonhap
DeepSeek resumes service in Korea after disclosing revised info processing policy
Companies

Hyundai Motor, Kia to rebalance portfolio as US tariff shocks weigh on earnings

Hyundai Motor and Kia are moving to rebalance their production portfolio in the United States, in a desperate bid to minimize a possible earnings drop amid the country's imposition of massive auto tariffs. Last week, Hyundai Motor Group's two automakers reported solid first-quarter earnings, boosted by strong auto sales in the U.S. The figure, however, is feared to fall in the second quarter and the latter half of 2025, following the U.S. implementation of a 25 percent tariff on imported vehicles. In response to the escalating trade uncertainty, the group has formed a task force dedicated to setting up a contingency plan to optimize auto production and sales in the U.S. “We will prepare the contingency plan to shape our ideal production strategies by regions and vehicles,” Lee Seung-jo, executive vice president at Hyundai Motor, told investors during a conference call on Thursday. The executive also said it will gradually localize production there for more automobiles and auto parts from a long-term viewpoint. The strategy seems inevitable, given the carmaker's increasing reliance on i

Apr 28, 2025By Lee Min-hyung
Hyundai Motor, Kia to rebalance portfolio as US tariff shocks weigh on earnings
Companies

Korean battery makers help drive Bezos' effort to challenge Tesla's dominance in EV market

Korean battery makers are playing a key role in Amazon founder Jeff Bezos' efforts to challenge Tesla CEO Elon Musk in the electric vehicle (EV) market. Slate, an EV startup backed by Bezos and founded in Mississippi in 2022, chose SK On to supply 20 gigawatt-hours of U.S.-made batteries for its two-seat pickup trucks from 2026 to 2031. The deal is valued at approximately $2.8 billion. Though Slate’s name is seen as an anagram of Tesla, its new pickup stands in stark contrast to Tesla’s Cybertruck. Slate plans to price its pickup under $30,000 by simplifying manufacturing and design, while Tesla’s Cybertruck, by comparison, is priced up to $100,000. Industry officials attribute Slate's choice of SK On to the Korean company's position as the only non-Chinese battery maker that does not supply Tesla, even though it manufactures its batteries in the United States. SK On began mass production in Georgia in 2022, following its 2019 investment to build factories there. The Korean firm also anticipates the start of standard operations at its three U.S. plants by the end of next year, aiming

Apr 28, 2025By Park Jae-hyuk
Korean battery makers help drive Bezos' effort to challenge Tesla's dominance in EV market
Companies

SK Telecom vows to take full responsibility for damage from recent data leak

SK Telecom, South Korea's leading mobile carrier, vowed Sunday to take full responsibility for any damage to customers caused by a recent network hacking incident involving the potential leak of subscriber information. Earlier this month, the carrier detected signs of a massive leak of customers' universal subscriber identity module (USIM) data due to a cyberattack and offered the free replacement of the USIMs of all of its 23 million users. "You can prevent hacking damage by subscribing to the USIM protection service. Please trust us and sign up," the company said in a release. "If any damage occurs, SK Telecom will take full responsibility." As of 6 p.m., 5.54 million people had subscribed to the service, accounting for 24 percent of the carrier's total subscribers. The company emphasized that the service is as effective at preventing damage as replacing the USIM itself. The free replacement service will begin Monday, and the company has asked customers to make online reservations to minimize inconvenience. Acting President Han Duck-soo instructed officials to review whether the company'

Apr 27, 2025By Yonhap
SK Telecom vows to take full responsibility for damage from recent data leak
Others

S. Korea-U.S. tariff talks ease uncertainty, open path for orderly consultation: finance chief

South Korea's Finance Minister Choi Sang-mok said Sunday that last week's talks with the United States on its sweeping tariff scheme helped ease uncertainties and opened the door for orderly consultations. Choi made the remarks upon arriving at Incheon International Airport, west of Seoul, after his visit to Washington, where he, along with Industry Minister Ahn Duk-geun, held trade talks on Thursday with U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative (USTR) Jamieson Greer. "We clarified the agenda items and laid the groundwork for future negotiations after reaching a consensus on the discussion schedule," Choi said. "We have reduced uncertainty and opened the door for orderly discussions moving forward." During the meeting, the two nations agreed to make joint efforts to craft a "package" agreement on new U.S. tariffs and economic cooperation issues by July 8, when the 90-day pause of the Trump administration's sweeping tariffs is set to be lifted. Choi also noted that he fully explained to the U.S. side about South Korea's political schedule and the need for cooper

Apr 27, 2025By Yonhap
S. Korea-U.S. tariff talks ease uncertainty, open path for orderly consultation: finance chief
Banking & Finance

4 major financial groups post record quarterly net income on robust loan growth

Korea’s four major financial groups — KB, Shinhan, Hana and Woori — posted a record 5 trillion won ($3.7 billion) in combined first-quarter profits, despite heightened domestic and global uncertainties, market watchers said Sunday. KB, Shinhan and Hana each posted record first-quarter earnings, while Woori’s profit dropped 25 percent, partly due to base effects from last year’s compensation related to problematic sales of Hong Kong index-linked equity-linked securities. The four groups face more challenging conditions this year. Their loan growth will not be as rapid, constrained by the government’s tight household lending regulations amid the prolonged economic downturn. According to financial market data, KB posted the highest first-quarter net income at 1.7 trillion won, up 62.9 percent from a year earlier. Its loan growth and a subsequent rise in its interest income offset the impact of declining market rates. Shinhan also reported a record net income of 1.49 trillion won, up 12.6 percent from a year earlier. Hana’s 1.13 trillion won in net income in the first three months

Apr 27, 2025By Lee Kyung-min
4 major financial groups post record quarterly net income on robust loan growth
Tech & Science

Starlink service set to launch in Korea this year following law revision

U.S. space firm SpaceX's Starlink satellite internet service is expected to be available in Korea this year, following a recent revision to the Radio Waves Act, the science ministry said Sunday. Starlink Korea LLC applied for approval of a cross-border supply agreement from the Ministry of Science and ICT in May 2023 to provide its low Earth orbit (LEO) satellite internet service. According to the ministry, the government amended related regulations this month concerning Starlink's use of local frequencies. "For the approval, Starlink Korea submitted its business plans, and the Telecommunications Policy Bureau is reviewing their business feasibility," Kim Nam-cheol, director general of the ministry's radio policy bureau, said during a recent briefing. Regarding the specific launch timeline, Kim said the service could begin as early as June or later this year. Starlink's British rival, OneWeb, is also exploring opportunities to offer its LEO satellite internet service in Asia's fourth-largest economy, he added. Starlink provides high-speed, low-latency internet service worldwide through a c

Apr 27, 2025By Yonhap
Starlink service set to launch in Korea this year following law revision
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