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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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Companies

HD Hyundai’s eco-friendly circuit breaker for Sweden passes final hurdle

HD Hyundai Electric has passed a final hurdle to export its eco-friendly circuit breakers to Sweden, cementing its product lineups in a European market known for environmental strictness. The Korean industrial electric equipment developer said Sunday it completed testing its 145 kilovolt (kV) SF6-free circuit breaker on Thursday with its client from Sweden present. SF6, or sulfur hexafluoride, has a global warming potential 23,500 times that of carbon dioxide. In 2024, the European Union tightened regulations on fluorinated greenhouse gases, or F-gases, increasing legal restrictions on artificial gases such as refrigerants (HFCs), semiconductor cleaning solvents (PFCs) and insulating gas (SF6). According to the Korean company, the bloc plans to ban SF6 in circuit breakers with capacities of 145kV or higher starting in 2032. HD Hyundai Electric said the EU regulations are expected to increase demands for high-voltage circuit breakers with zero SF6. Following its final test, the Korean firm’s SF6-free circuit breaker will be supplied to a substation run by a Swedish utility company. HD Hy

May 3, 2026By Ko Dong-hwan
HD Hyundai’s eco-friendly circuit breaker for Sweden passes final hurdle
Companies

Samsung Biologics labor union set to resume talks with management Monday

Samsung Biologics, the biotech arm of Samsung Group, has agreed to return to the negotiation table this week, a corporate official said. The two sides will renegotiate on Monday under the mediation of the Jungbu regional employment and labor office, after the first round of talks fell through on Thursday. The strike is the first ever for the union, with the walkout entering its third day on Sunday. "Our decision to respond to the labor ministry's arbitration request during the walkout was part of our sincere efforts to sort the issue out through dialogue," a company source said. The representative urged the labor union to stop its "irrational" demands and collective action and return to the negotiation table. During the first arbitration meeting held last week, the labor union reportedly demanded the company change all of its bargaining committee members as a prerequisite for talks. Unionized workers of Samsung Biologics have been staging a strike since Friday. They have demanded a 14 percent increase in both base and performance-related pay, a one-off cash incentive of 30 million won ($20

May 3, 2026By Yonhap
Samsung Biologics labor union set to resume talks with management Monday
Companies

APR named among Time's 100 most influential companies

Korean beauty-tech firm APR has made it to Time magazine's 100 Most Influential Companies of 2026 list, becoming the first Korean beauty company ever to make the list and the only Korean firm included this year. Time placed the company in the “Titans” category alongside global heavyweights such as Alphabet, Nvidia, Meta and SpaceX, APR said Sunday. The U.S. magazine compiles the annual list based on recommendations from global correspondents, editors and industry experts, evaluating companies on influence, innovation and leadership. The category refers to the largest and most dominant firms shaping the global economy. Describing APR as a global K-beauty phenomenon, the magazine said the company’s rapid international rise — particularly in the United States — has been driven by its Medicube brand, known for innovative skincare products and beauty devices that dominate social media platforms such as TikTok. The magazine noted that Medicube became the top-selling beauty brand on Amazon during the retailer’s 2025 Prime Day event and has since expanded into more than 1,400 Ulta B

May 3, 2026By Ko Dong-hwan
APR named among Time's 100 most influential companies
Business

Dongseo Trail set to open, drawing global spotlight as 'Korea’s Santiago' pilgrimage

The Dongseo (East-West) Trail, set to open to the public early next year, stretches across the country’s central region from Anmyeon Island in Taean County, South Chungcheong Province, to Mangyangjeong Pavilion in Uljin County, North Gyeongsang Province. Spanning 849 kilometers, it is the country’s first coast-to-coast hiking route designed for long-distance backpacking, requiring weeks or even months to complete. Experts at the 2026 Korea Trail Conference in Seoul, Wednesday, compared the trail to the Camino de Santiago in Spain, a global attraction for soul-searching trail hikers. The Jeju Olle Trail, which circles Jeju Island, has already played a key role in boosting Korea’s global tourism appeal, maintaining steady popularity since its launch in 2007. In addition to the Jeju Olle Trail and other hiking routes across the nation’s coastal and mountainous regions, the Dongseo Trail is highly anticipated to further empower the country’s tourism assets. Since 2023, investment has been directed to 225 townships across five cities and 21 counties. “Outdoor manias worldwide are p

May 3, 2026By Ko Dong-hwan
Dongseo Trail set to open, drawing global spotlight as 'Korea’s Santiago' pilgrimage
Banking & Finance

From concert tickets to delivery apps, banks diversify revenue beyond finance

As tighter government lending restrictions curb household loans and pressure traditional interest-driven profits, Korea’s major banks are looking beyond finance for growth, branching into lifestyle services to build new sources of non-interest income, according to industry officials Sunday. From concert platforms to food delivery, banks are moving more aggressively into consumers’ everyday lives. Woori Bank is the latest to join the shift, launching its cultural platform app TWOTHEMOON (2TM) last month. Centered around Seoul’s trendsetting cultural hubs of Seongsu, Hongdae and Itaewon, the platform offers users access to performance listings alongside teaser videos, artist interviews and behind-the-scenes content. To address one of the country’s most persistent ticketing frustrations, the bank also introduced traffic control systems and anti-bot safeguards designed to curb macro-driven bulk purchases. The initiative extends beyond ticket sales. Woori is positioning 2TM as an alternative platform for emerging artists and smaller event organizers, offering independent booking infras

May 3, 2026By Park Han-sol
From concert tickets to delivery apps, banks diversify revenue beyond finance
Companies

Embattled conglomerate leaders forgo salaries

Hanwha Group Chairman Kim Seung-youn and SK Networks Honorary Chairman Choi Shin-won have joined the trend of Korean conglomerate leaders serving without compensation. These moves come in the wake of harsh criticism of themselves and their companies, though both conglomerates described the renouncement as an expression of willingness to fulfill social responsibilities. Starting this month, Kim stopped receiving his salary from Hanwha Solutions, the group's energy unit, where he earned 5 billion won ($3.4 million) in salary last year. The group's other affiliates paid him a combined 20 billion won last year. His decision comes as Hanwha Solutions has drawn mounting criticism from minority shareholders and politicians after announcing in March a plan to raise 2.4 trillion won through a rights offering. The Financial Supervisory Service's (FSS) rejection of the plan forced the company last month to reduce the size of the capital increase to 1.8 trillion won. "This demonstrates the chief executive's responsible leadership by contributing to technology investment for future growth and improve

May 3, 2026By Park Jae-hyuk
Embattled conglomerate leaders forgo salaries
Companies

Hanwha Solutions ordered again to revise share sale plan

South Korea's financial regulator has again ordered Hanwha Solutions to revise its share sale plan, citing insufficient disclosures, the company said Friday. The Financial Supervisory Service (FSS) previously made a similar request on April 9 over the company's plan to raise 2.4 trillion won ($1.6 billion) through share issuance. The company reduced its share offering size to 1.8 trillion won in its revised plan. The FSS said the company's securities registration statement under its revised plan failed to meet formal requirements and contained unclear or missing information on key issues, potentially affecting investors' ability to make informed decisions. As a result, the filing has not been accepted, and has been suspended, it added. Hanwha Solutions, the energy solutions arm of chemicals-to-shipbuilding conglomerate Hanwha Group, said it took the regulator's request seriously and will submit a revised filing reflecting feedback from shareholders and the media. The company announced the large-scale rights offering March 26 to repay debt, drawing criticism over its decision-making process

May 1, 2026By Yonhap
Hanwha Solutions ordered again to revise share sale plan
Companies

As Japanese carmakers exit Korea, Chinese EV brands rush in to fill gap

Chinese electric vehicle (EV) manufacturers are rapidly expanding their presence in Korea, filling a void left by the gradual retreat of once-dominant Japanese automakers. The shift has unfolded after a series of exits by Japanese brands, beginning with Nissan in 2020 and followed most recently by Honda. Last week, Honda Korea confirmed it will end vehicle sales in the country by the end of this year. The decision will further shrink the footprint of Japanese carmakers in Korea, leaving only Toyota and its luxury division Lexus actively maintaining sales operations. In contrast, Chinese automakers — driven by their aggressive EV expansion strategy — are accelerating their push into the Korean market. Foremost among them is BYD, which has quickly established a strong foothold through its local unit, BYD Korea. The company surpassed 10,000 cumulative vehicle sales in Korea roughly one year after beginning passenger EV deliveries in April last year. It also climbed to fourth place among imported car brands in monthly sales in March, overtaking both Toyota and Lexus. Industry officials sai

May 1, 2026By Lee Min-hyung
As Japanese carmakers exit Korea, Chinese EV brands rush in to fill gap
Companies

Labor unrest threatens to drag on Korea's manufacturing growth momentum

Korea’s manufacturing sector faces mounting risks of losing growth momentum, as extraordinary earnings in the semiconductor industry fuel a wave of aggressive wage demands from unions across other sectors. What began as isolated wage negotiations among a handful of chipmakers has rapidly evolved into a broader “compensation war,” raising concerns that the country’s industrial ecosystem could be fundamentally undermined. At the center of the controversy is Samsung Electronics, whose union has threatened to launch a strike later this month unless the company removes its cap on performance-based bonuses, mirroring a precedent set by SK hynix last year. Both firms have posted record-breaking earnings amid a global boom in artificial intelligence, which has sharply driven up demand for memory chips. The surge in profitability has, in turn, intensified calls for greater employee compensation. The dispute at Samsung has drawn rare public criticism from within the government. President Lee Jae Myung and Industry Minister Kim Jung-kwan have both voiced concerns that the union’s demands

May 1, 2026By Lee Min-hyung
Labor unrest threatens to drag on Korea's manufacturing growth momentum
Companies

Samsung Biologics union launches 1st strike over pay dispute

Unionized workers at Samsung Biologics, the biotech arm of Samsung Group, began a five-day general strike Friday, demanding higher wages and expanded performance-based compensation. The walkout marks the first labor strike since the company's establishment in 2011. Samsung Biologics said it is deploying all available personnel to minimize disruption but acknowledged that some impact to operations may be unavoidable. The company estimated that losses from a full-scale strike could exceed 640 billion won ($433 million), roughly half of its first-quarter sales of 1.26 trillion won. In a message to employees released Friday, the company's President and Chief Executive Officer John Rim urged them to carefully consider whether to participate in the strike, warning it could lead to irreversible losses for both the company and its employees. "The company will continue sincere dialogue with the union to help stabilize labor-management relations and build a workplace based on mutual trust and respect," he said. In another statement released Friday afternoon, the company said it will respond to the s

May 1, 2026By Yonhap
Samsung Biologics union launches 1st strike over pay dispute
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