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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. 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 of affiliated partner restaurants and deceptive advertising. According to the FTC, Baemin and Coupang Eats forced restaurants to accept terms in food prices, minimum order am

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

    Hyundai Motor to build green hydrogen power system at Antarctic research station

    1 MIN READBy Yonhap
    Hyundai Motor to build green hydrogen power system at Antarctic research station
  • Banking & Finance

    AI-generated complaints create new headaches for insurers

    3 MIN READBy Park Han-sol
    AI-generated complaints create new headaches for insurers
  • Tech & Science

    SK hynix ships 12-high HBM4E samples to customers

    2 MIN READBy Nam Hyun-woo
    SK hynix ships 12-high HBM4E samples to customers
  • Tech & Science

    Anthropic opens Seoul office to expand ties with Korean AI ecosystem

    3 MIN READBy Nam Hyun-woo
    Anthropic opens Seoul office to expand ties with Korean AI ecosystem
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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

Hanwha’s preemptive bet on KAI undercuts LIG

Hanwha Aerospace’s latest acquisition of a stake in Korea Aerospace Industries (KAI) is emerging as a strategic blow to LIG Defense & Aerospace (D&A), potentially undermining the latter’s prospects in any future bid in the state-controlled aerospace firm. The Hanwha affiliate purchased Monday additional 100,000 KAI shares — equivalent to a 0.1 percent stake. Combined with the 4.99 percent stake secured in March through other affiliates, including Hanwha Systems, Hanwha’s total ownership in KAI has risen to 5.09 percent. Crossing the 5 percent threshold carries regulatory implications, prompting Hanwha to revise its stated investment purpose from “simple investment” to “participation in management.” The company also signaled plans to acquire additional KAI shares worth 500 billion won ($338 million) by the end of this year, which could lift its stake to around 8 percent. The move is widely interpreted as more than a financial investment. Industry officials see it as a calculated step toward strengthening Hanwha’s position across the aerospace, defense and space value chai

May 5, 2026By Lee Min-hyung
Hanwha’s preemptive bet on KAI undercuts LIG
Companies

Samsung Biologics' strike enters 5th day

Unionized workers at Samsung Biologics Co., the biotech arm of Samsung Group, continued their first general strike for a fifth day Tuesday, demanding higher wages and expanded performance-based compensation. The walkout began Friday, with about 2,800 members out of the union's 4,000 members taking part, according to the union. It marks the first strike since the company's establishment in 2011. After wrapping up the five-day strike, the union plans to shift to a work-to-rule campaign Wednesday. The unionized workers are demanding a 14 percent increase in base pay and performance-related pay, a one-time cash incentive of 30 million won ($20,390) per worker, and bonuses equivalent to 20 percent of annual operating profit. The company has proposed a combined 6.2 percent increase in base and performance pay. The two sides resumed talks Monday but failed to reach an agreement. They plan to hold two more meetings later this week to narrow their differences. The unionized workers staged a three-day partial strike last month, which the company said caused at least 150 billion won ($101.5 million) in

May 5, 2026By Yonhap
Samsung Biologics' strike enters 5th day
Companies

Samsung Display, LG Display to showcase next-gen OLED tech in LA

Samsung Display and LG Display will unveil their latest OLED and next-generation display technologies at the Society for Information Display (SID) Display Week 2026, highlighting intensifying competition between Korea’s two display giants in artificial intelligence (AI)-driven display innovation. Hosted by SID, the exhibition will take place at the Los Angeles Convention Center from Tuesday to Thursday (local time). Display Week is one of the world’s largest display industry exhibitions, where global companies and experts gather to present advanced technologies and research achievements. Under the theme “The Spectrum of Display Innovation with AI,” Samsung Display will present new OLED technologies centered on brightness, color accuracy and sensor integration. The company will debut Flex Chroma Pixel, a smartphone OLED capable of reaching 3,000 nits in High Brightness Mode while covering 96 percent of the BT.2020 color space, one of the widest color gamuts used in ultra high-definition and high dynamic range broadcasting. The technology combines phosphorescent sensitized fluores

May 5, 2026By Nam Hyun-woo
Samsung Display, LG Display to showcase next-gen OLED tech in LA
Business

InterviewKorean short drama creator navigates China's shadow in global market

HONG KONG — In a world where werewolves and vampires coexist, the emergence of a powerful hybrid with extraordinary abilities threatens to upend the order. At the center is Luna, a heroine whose true identity ignites a war between the two factions — even as she becomes entangled in a tragic love. This storyline comes from "Bloodbound Luna," a 22-episode short drama series produced entirely using artificial intelligence (AI) by Vigloo, a company established in July 2024. Designed for mobile viewing, the series is divided into dozens of one- to two-minute episodes, each typically ending on a dramatic cliffhanger to keep audiences engaged. This industry is still relatively new. China began developing the format as early as 2018, and it gained global traction during the COVID-19 pandemic. Since then, it has begun reshaping the entertainment industry. The global market grew from $6.54 billion in 2024 to $7.21 billion in 2025 and is projected to expand at a compound annual growth rate of 10.5 percent through 2030, according to market research firm Research and Markets. Now, the industry is

May 5, 2026By Lee Yeon-woo
Korean short drama creator navigates China's shadow in global market
Companies

Skepticism persists despite earnings recovery in petrochemical sector

Korean petrochemical firms are beating market expectations with their first-quarter earnings, but analysts warn it is too early to take an optimistic view of their profitability. Amid prolonged geopolitical tensions disrupting logistics, skepticism persists that the companies could swing back to losses in the second half of the year. On Thursday, LG Chem said its first-quarter operating profit from its petrochemical business reached 164.8 billion won ($112 million), rebounding from a loss of 239 billion won in the fourth quarter of last year. The company attributed the earnings recovery to higher prices for raw materials it had purchased at lower costs. It also cited the European Union’s reinstatement of antidumping tariffs. “This reflects our efforts to cut costs, improve our business portfolio and strengthen structural competitiveness,” LG Chem Chief Financial Officer Cha Dong-seok said during a conference call on first-quarter earnings. “We had already begun turning a profit even before the Iran conflict escalated in February.” On April 28, Hanwha Solutions Chemical Division

May 5, 2026By Park Jae-hyuk
Skepticism persists despite earnings recovery in petrochemical sector
Companies

Samsung union coalition fractures over bonus demands

Samsung Electronics Co. Union (SECU), one of three Samsung Electronics labor unions that had jointly threatened to stage a strike over performance bonuses, has withdrawn from the joint action amid surfacing complaints that the coalition disproportionately serves the semiconductor division — a move that underscores growing rifts between workers in the company’s chip and consumer electronics businesses. According to industry officials, SECU on Monday sent a letter to the coalition expressing its intention to withdraw from joint negotiations for 2026 wage and collective bargaining. “Despite our proposals and requests aimed at protecting the interests of all union members, rather than those in a specific sector, we have received no response from the coalition,” SECU said in the letter. Samsung Electronics has five labor unions and three of which — SECU, Samsung Electronics Labor Union (SELU) and National Samsung Electronics Union — formed a joint labor alliance for the ongoing wage negotiation. With around 2,300 members, SECU is the third largest among them. Approximately 70 per

May 4, 2026By Nam Hyun-woo
Samsung union coalition fractures over bonus demands
Companies

Kia's global sales up in April, outpace Hyundai in home market

Kia said Monday its global sales rose slightly from a year earlier, supported by robust demand for its Sportage compact SUVs. The company sold a total of 277,188 units globally in April, up 1 percent from the same period a year earlier, according to the Korean automaker. Kia Sportage SUVs supported the growth, with 51,458 units sold during the one-month period. This was followed by Seltos SUVs with 28,377 units and its mid-sized crossover SUV Sorento, with 22,843 units. Within Korea alone, the company outpaced its bigger rival Hyundai Motor in sales for the first time in 28 years, according to company data. The company became a part of Hyundai Motor Group in 1998. A total of 55,045 units of Kia vehicles were sold domestically, up 7.9 percent from the previous year. Sales outside of Korea, however, backtracked 0.7 percent on-year, to 221,692 units, partly due to the conflict between the United States and Iran affecting sales in the Middle East and the African markets, the company said. "Sales, however continue to remain robust in other areas, excluding the Middle East region, as well as the

May 4, 2026By Yonhap
Kia's global sales up in April, outpace Hyundai in home market
Companies

Rising oil, freight costs put Korea tire firms’ profits at risk

Korea’s three major tire makers — Hankook Tire, Kumho Tire and Nexen Tire — are feared to suffer sharp earnings declines in the second quarter, as the prolonged armed conflict in the Middle East has raised raw material and transportation costs by a huge margin. The surge in raw material prices — driven by higher crude oil costs — comes as a particular concern for the tire makers. For instance, the naphtha price hike is highly likely to push up the cost of butadiene — a critical feedstock for synthetic rubber used for tires. Prices for other essential materials, including carbon black and natural rubber, are also expected to rise. Increased air and sea freight rates add to the cost burden to the major tire firms, as roughly 80 percent of their sales come from exports. In response, the tire makers are focusing on improving their product mix by expanding sales of premium offerings with high profitability. Nexen Tire is strengthening its distribution network and technological capabilities to navigate external uncertainties. Against this backdrop, the company is seeking to diversif

May 4, 2026By Lee Min-hyung
Rising oil, freight costs put Korea tire firms’ profits at risk
Tech & Science

Electronic parts firms enjoy rosy outlook on AI supercycle

Electronic parts makers are emerging as key beneficiaries of the chip supercycle driven by a global surge in artificial intelligence (AI), with Samsung Electro-Mechanics and LG Innotek presenting an upbeat outlook after posting solid first-quarter earnings. On Monday, IBK Securities, Eugene Investment and Meritz Securities raised their target price for Samsung Electro-Mechanics to 1.05 million won ($713), 1.03 million and 1.02 million won, respectively, each setting target prices above 1 million won for the first time. The brokerages each attributed the increased target prices to the company’s robust sales from Flip Chip Ball Grid Array (FC-BGA), a substrate for advanced semiconductors, and Multilayer Ceramic Capacitors (MLCCs), a component that stabilizes power for semiconductors and other electric devices. “As demands are far exceeding the company’s production capacity, discussions are underway with customers to sign long-term supply agreements for both MLCC and FC-BGA substrates,” Eugene Investment analyst Lee Ju-hyung said. Long-term supply agreements in the semiconductor mar

May 4, 2026By Nam Hyun-woo
Electronic parts firms enjoy rosy outlook on AI supercycle
Banking & Finance

Mirae Asset's Korbit stake bid stirs up alleged favoritism

Mirae Asset Financial Group’s bid to acquire a stake in the virtual asset exchange Korbit has sparked controversy over possible preferential treatment, as critics say the deal effectively sidesteps restrictions on financial institutions owning crypto exchanges, industry officials said Monday. In February, Mirae Asset Consulting, an affiliate of the group, announced an agreement to purchase 26.91 million shares in Korbit — equivalent to a 92.06 percent stake — for 133.5 billion won ($91 million), citing plans to secure new growth drivers in the virtual asset sector. The Financial Intelligence Unit under the Financial Services Commission, the country’s top financial regulator, later approved changes to Korbit’s executive lineup, including the appointment of Mirae Asset Consulting representatives to its board. The remaining step is a review by the Fair Trade Commission (FTC), which has recently collected opinions from around 10 securities firms to assess the deal’s potential market impact. According to industry insiders, the FTC asked whether the combined entity could raise entr

May 4, 2026By Jun Ji-hye
Mirae Asset's Korbit stake bid stirs up alleged favoritism
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