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  • Companies

    Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids

    The Fair Trade Commission (FTC) has rejected self-correction proposals from the country's top two food delivery platforms, Baedal Minjok, informally known as Baemin, and Coupang Eats, paving the way for fines that could amount to tens of billions of won over allegations that they abused their market dominance, the antitrust watchdog said Thursday. The regulatory authority rejected the companies’ applications for a consent decree — a mechanism that allows firms to resolve antitrust cases without admitting liability by offering voluntary remedies — ruling that they did not meet the legal requirements to initiate such a settlement process. The fines expected to be imposed on Baemin and Coupang are estimated at 239 billion won ($157 million) to 510 billion won, and 25 billion won to 42 billion won, respectively. Following the latest decision, the watchdog will resume its formal review to determine the illegality of the practices and the scale of sanctions. The watchdog’s probe into the two companies has focused on finding alleged anti-competitive practices, including unfair treatment

    2 MIN READBy Lee Min-hyung
    Hefty fines loom for Baemin, Coupang Eats as FTC rejects self-correction bids
  • Companies

    Shin Ramyun leaves spicy impression at major Mexico City festival

    2 MIN READBy Lee Kyung-min
    Shin Ramyun leaves spicy impression at major Mexico City festival
  • Companies

    POSCO International launches PT.PAR, strengthening integrated palm oil value chain

    2 MIN READBy Lee Gyu-lee
    POSCO International launches PT.PAR, strengthening integrated palm oil value chain
  • Companies

    Nexen Tire ramps up European logistics footprint

    2 MIN READBy Lee Kyung-min
    Nexen Tire ramps up European logistics footprint
  • Companies

    Shinsegae seeks to create World Cup magic under giant screen in Seoul

    2 MIN READBy Jhoo Dong-chan
    Shinsegae seeks to create World Cup magic under giant screen in Seoul
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Companies

Samsung Electronics top management calls for dialogue as workers threaten strike

Samsung Electronics' top management on Thursday vowed to continue negotiations with the company's union to narrow differences over bonus increases. The move comes as unionized workers have threatened to go on strike demanding higher performance-based bonuses. Samsung Electronics Vice Chairman Jun Young-hyun and President Roh Tae-moon, both co-chief executive officers (CEOs) of the company, made the appeal on the company's internal bulletin board after management and the labor union failed to reach a compromise over higher bonuses. The union earlier announced plans to stage an 18-day general strike from May 21 to June 7. "Under the current challenging global business environment, all members of management will take a responsible approach to ensure that the company's future competitiveness is not weakened," they wrote. "We also ask employees to do their best in their respective roles so that our future competitiveness does not suffer." The labor dispute at Samsung Electronics, the world's largest memory chip maker and Korea's most valuable company, has raised concerns that a walkout could d

May 7, 2026By Yonhap
Samsung Electronics top management calls for dialogue as workers threaten strike
Companies

HD Hyundai Electric secures $119 mil. US grid deal, unveils next-gen roadmap

HD Hyundai Electric is intensifying its push into the North American power market, securing orders for ultra-high-voltage equipment and unveiling its next-generation technology road map at the region’s largest power industry exhibition, the IEEE PES Transmission and Distribution Conference and Exposition. The biennial exhibition, held Monday through Thursday (local time) in Chicago, brought together around 900 energy companies, including global industry leaders such as ABB, Siemens Energy and Hitachi Energy. On the sidelines to the exhibition, the company announced it signed a deal worth a total of 173 billion won ($119 million) with a major utility company in the United States to supply 765-kilovolt (kV) ultra-high-voltage transformers and reactors. With the new deal, the company will take part in the 765kV backbone project under the Southwest Power Pool’s (SPP) long-term transmission master plan for the south-central U.S. The SPP region, which spans parts of 17 states, is one of the country’s largest wind power hubs and a key market where demand for ultra‑high‑voltage transmi

May 7, 2026By Lee Gyu-lee
HD Hyundai Electric secures $119 mil. US grid deal, unveils next-gen roadmap
Banking & Finance

Gov't reviews credit scoring system to widen access for low-credit borrowers

The government is reviewing possible changes to the credit scoring system aimed at expanding access to financing for low- and middle-credit borrowers, according to the Financial Services Commission (FSC) on Thursday. The financial regulator said discussions are underway as part of broader efforts to strengthen the Lee Jae Myung administration's inclusive finance agenda. "We are discussing various measures to promote inclusive finance in a broader sense. The focus is on improving long-standing practices in the lending market toward a more inclusive direction," an FSC official said, noting that no concrete measures have been decided yet. The review comes a day after the president questioned whether regulators were relying too heavily on the voluntary efforts of financial institutions to support lower-credit borrowers. "Is there no way to evaluate how much inclusive financing lenders have provided to middle- and low-credit borrowers and impose disadvantages if they fall short of expectations?” Lee asked FSC Chairman Lee Eog-weon during a Cabinet meeting. Saying the current system relies to

May 7, 2026By Lee Hyo-jin
Gov't reviews credit scoring system to widen access for low-credit borrowers
Tech & Science

LG CNS unveils PhysicalWorks to accelerate industrial robot deployment

LG CNS unveiled PhysicalWorks on Thursday, an integrated robot transformation platform that cuts industrial robot deployment times from several months to one or two months, as the company escalates its push into physical artificial intelligence (AI). PhysicalWorks integrates the entire cycle of robot operations —training, verification, deployment, operation, control and management — marking the first time a Korean company has launched an end-to-end robot platform under its own brand. "Robots are evolving beyond simple automation equipment into entities that actually perform production and operations," LG CNS CEO Hyun Shin-gyoon said during its media event to introduce the platform at LG Science Park in western Seoul. “The essence of robot transformation isn't about individual robot performance, but establishing a framework for field-specific training, validation and unified operations … LG CNS aims to partner with clients through their entire robot transformation, leveraging industrial expertise and AI integration capabilities.” Emphasizing the importance of integrated systems

May 7, 2026By Lee Gyu-lee
LG CNS unveils PhysicalWorks to accelerate industrial robot deployment
Companies

Korea’s employer federation discusses economic cooperation with China

The Korea Enterprises Federation (KEF), a business lobby representing employers, held the third Korea-China Employer Meeting in Shanghai on Thursday, discussing ways to strengthen bilateral economic cooperation with Chinese business leaders. Jointly hosted by the China International Council for the Promotion of Multinational Corporations (CICPMC), the meeting focused on the importance of cooperation between the two countries’ companies amid growing global economic uncertainty, as well as exploring new growth opportunities through expanded cooperation in emerging industries. More than 50 business leaders and government officials attended the event, including KEF Chairman Sohn Kyung-shik, Bank of China Board Chairman Ge Haijao, Shanghai Vice Mayor Lu Shan, CICPMC Vice Chairman Su Deliang and Minister-Counselor for Economic Affairs of the Korean Embassy in China Kim Jin-dong. “Since establishing diplomatic ties in 1992, Korea and China have achieved remarkable growth across trade, investment and industries on the back of close economic cooperation,” Sohn said. “Bilateral trade has e

May 7, 2026By Nam Hyun-woo
Korea’s employer federation discusses economic cooperation with China
Business

Korea calls for int'l community to jointly respond to spread of trade restrictions at WTO meeting

Korea has called on the international community to jointly respond to the recent spread of trade restrictive measures by major economies in a high-level meeting of World Trade Organization (WTO) member nations, the trade ministry said Thursday. Kwon Hye-jin, director general for trade negotiations at the Ministry of Trade, Industry and Resources, attended the WTO's General Council meeting held for two days beginning Wednesday (local time) in Geneva, as the chief representative of Korea, according to her office. In the meeting, Kwon urged WTO member countries to refrain from imposing trade protectionist measures, such as tariff hikes and import restrictions, saying such moves can create a "vicious cycle" of retaliatory trade measures among countries, the ministry said. She claimed global trade issues, such as the oversupply of steel and other goods, should be addressed in a way that finds fundamental solutions, it added. The ministry said Kwon also held bilateral meetings with representatives from Britain, Japan, Turkey and other nations to discuss the steel safeguard measures recently ad

May 7, 2026By Yonhap
Korea calls for int'l community to jointly respond to spread of trade restrictions at WTO meeting
Companies

Hyundai Mobis develops power electric system for EVs

Hyundai Mobis has developed a 160-kilowatt (kW) power electric system for general-purpose electric vehicles (EVs), in a move to build a wider drive system lineup covering various types of EVs, the company said Thursday. The auto parts maker already completed development for its high-performance 250-kW PE system and plans to do the same for a 120-kW power electric system tailored for small mobility vehicles by the first half this year. Upon its completion, the company will be able to cover power electric systems for all types of EVs. The power electric system is considered a core auto component equivalent to the powertrain of an internal combustion engine. The system consists of a motor, inverter and reduction gear. Hyundai Mobis focused on standardizing key auto components and modularizing them during the development of its proprietary system. These include the stator for the drive motor, the inverter, and the power module, which is a bundle of power semiconductors. This modularized power electric system offers advantages in terms of scalability, as it can be applied to various vehicle m

May 7, 2026By Lee Min-hyung
Hyundai Mobis develops power electric system for EVs
Companies

Individual shareholders step up criticism of Samsung labor unions

Individual shareholders of Samsung Electronics are raising their voices against a planned strike by the company's labor unions, warning of legal action if the walkout violates the law and causes damage. A Samsung Electronics individual shareholder group, whose name roughly translates in English to the “Republic of Korea Shareholder Activism Headquarters,” said Thursday that it will take “stern shareholder actions” against the unions, while urging lawmakers to increase efforts to protect shareholders’ rights. “If an illegal strike takes place or management reaches an unfair agreement with the unions, we will take comprehensive shareholder actions,” Min Kyung-kwon, head of the group, said during a press conference at the National Assembly in Seoul. “If excessive strike actions by the unions damage the company’s core assets, shareholders will coordinate through online platforms and respond firmly.” The warnings came in response to the unions' plan to launch a massive strike May 21 demanding the company remove a cap on performance-based bonuses and allocate bonuses equal

May 7, 2026By Nam Hyun-woo
Individual shareholders step up criticism of Samsung labor unions
Companies

Hyosung, HD Hyundai, LS benefit from AI supercycle

Three leading power equipment makers here — Hyosung Heavy Industries, HD Hyundai Electric and LS Electric — are expected to post unprecedentedly strong earnings this year, as booming artificial intelligence (AI) data centers fuel explosive demand for power infrastructure, according to data and industry officials Thursday. Because hyperscale AI data centers, particularly in North America, require far greater power consumption than conventional cloud services, demand for electricity-related equipment is sharply increasing. Korean power solutions players are considered one of the biggest beneficiaries of the ongoing AI frenzy, along with chipmakers, as evidenced by their solid earnings and stock growth for the past year. According to data from market researcher FnGuide, the three firms are forecast to report around 17.9 trillion won ($12.3 billion) in combined sales this year. Their combined operating profit is also projected to reach around 3 trillion won during the same period. Specifically, Hyosung Heavy Industries, the largest power equipment maker by sales here, is expected to repo

May 7, 2026By Lee Min-hyung
Hyosung, HD Hyundai, LS benefit from AI supercycle
Business

Upstage takes control of Daum operator AXZ in bid to build AI-first portal

Upstage, a Korea-based artificial intelligence (AI) company, has finalized its acquisition of AXZ, the operator of the long-running internet portal Daum, in a move that signals an ambitious attempt to remake one of the country’s most established online gateways into an AI-driven platform. The company said Thursday it completed the deal after signing a final agreement with Kakao, AXZ’s parent company, following roughly four months of due diligence. The transaction follows a memorandum of understanding reached in January under which Kakao transferred its entire stake in AXZ to Upstage in exchange for equity in the AI firm, according to the companies. Upstage said it plans to integrate its large language model, known as “Solar,” with Daum’s search engine and extensive content database to build what it described as a next-generation AI portal. The company said the goal is to move beyond keyword-based search toward what it called “context AI,” a system designed to interpret user intent and deliver direct, synthesized responses rather than lists of links. “Combining Upstage’s

May 7, 2026By Lee Kyung-min
Upstage takes control of Daum operator AXZ in bid to build AI-first portal
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