[Photo News] Swiss banking leaders visit Toss Bank

Toss Bank CEO Lee Eun-mi (fifth from left) poses with executives from Switzerland’s leading financial institutions, including officials from state-run cantonal banks, during their visit to Toss Bank’s headquarters in Gangnam, Seoul, on Wednesday. The 18-member delegation toured the internet-only lender to learn about its digital banking innovations and customer service model, receiving briefings on the bank’s rapid growth, tech-based risk management, contributions to digital finance and payments

Nov. 6, 2025

Korea Zinc logs record sales on strong non-ferrous prices

Korea Zinc, the nation’s largest non-ferrous smelter, reported record third-quarter sales of 4.16 trillion won ($2.87 billion) on Wednesday, driven by firm prices in strategic metals and expanding resource recycling operations. Revenue rose 29.7 percent in the July-September period year-on-year, while operating profit surged 82.3 percent to 273.4 billion won, extending the company’s consecutive quarterly profit streak to 103 quarters. “Driven by proactive investments and portfolio expansion, str

Nov. 5, 2025

Seoul’s nuclear sub ambitions face test at Hanwha’s US yard

South Korean shipbuilding firm Hanwha Ocean’s Philly Shipyard has emerged as a focal point in Seoul’s decadeslong pursuit of a nuclear-powered submarine, following US President Donald Trump’s suggestion that Korea could build one at the Pennsylvania facility. The statement raised expectations in Seoul, but experts warn that the shipyard currently lacks the infrastructure, capacity and regulatory approval needed for submarine construction, even though Hanwha is a leading builder of conventional s

Nov. 5, 2025

LS Cable to supply W500b power distribution systems to US big tech

LS Cable & System announced Wednesday that it has secured a contract worth over 500 billion won ($345.3 million) to supply high-capacity power distribution systems to artificial intelligence data centers operated by a major US big tech company. While the client firm has not been disclosed, the company said it will begin supplying bus ducts -- power distribution systems that efficiently deliver large volumes of electricity -- for data centers the client plans to build across North America. The or

Nov. 5, 2025

Naver to invest over W1tr in GPUs for physical AI push

South Korean IT giant Naver said Wednesday it will invest more than 1 trillion won ($691 million) in graphic processing units as part of its broader push into physical AI technologies, as its AI-led strategy helped deliver record quarterly earnings in the third quarter this year. “Our goal is to expand the integration of AI into an even wider range of services,” Naver CEO Choi Soo-yeon said during a quarterly earnings call, attributing the company’s rapid growth to its “on-service AI” strategy,

Nov. 5, 2025

Korea Eximbank taps Hwang Ki-yeon as new president

The Export-Import Bank of Korea has appointed Executive Director Hwang Ki-yeon as its new president and board chair, marking the second time the state-run lender has chosen an internal candidate to lead the institution. Born in 1968, Hwang studied business administration in college and earned a master's in information business management at Korea Advanced Institute of Science & Technology, or Kaist. He joined Korea Eximbank in 1990 and has since managed a wide range of departments, including ser

Nov. 5, 2025

Kakao Bank hits record profit on non-interest revenue growth

Kakao Bank, South Korea's largest internet-only lender, reported record cumulative profit for the year through the third quarter, as a diversified revenue base offset narrowing margins in interest income. Cumulative net profit through the January-September period rose 5.5 percent from a year ago to 375.1 billion won ($259.1 million), marking an all-time high for the period, according to the bank's earnings disclosure Wednesday. Operating profit increased 2.6 percent to 504.3 billion won. Net pro

Nov. 5, 2025

LG Uplus Q3 net profit slumps 63.6% on one-off factor

LG Uplus Corp., a major mobile carrier in South Korea, said Wednesday its third-quarter net income tumbled 63.6 percent from a year earlier due to a one-off factor related to a voluntary retirement program. Its net income came to 49.1 billion won ($33.9 million) on a consolidated basis for the July-September period, down from 134.9 billion won a year earlier, according to its regulatory filing. The earnings fell behind market expectations. The average estimate of net profit by analysts stood at

Nov. 5, 2025

Naver Q3 net income soars nearly 40% on one-off factor

Naver Corp., South Korea's largest online portal operator, said Wednesday its third-quarter net profit jumped nearly 40 percent from a year earlier due to a one-off factor. Its net income totaled 734.7 billion won ($510.2 million) on a consolidated basis for the July-September period, up 38.6 percent from 530.1 billion won a year earlier, the company said in a regulatory filing. The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 500 billion won, ac

Nov. 5, 2025

Coupang Q3 net jumps 51% on product commerce, new businesses

US-listed e-commerce giant Coupang said Wednesday its third-quarter net profit jumped 51 percent from a year earlier, driven by robust performances in its product commerce and new business segments. In the three months ending Sept. 30, net profit rose to 131.6 billion won ($95 million) from 86.9 billion won a year earlier, the company said in a press release. Operating profit also surged 51.5 percent to 224.5 billion won from 148.1 billion over the cited period, while sales climbed 20 percent to

Nov. 5, 2025

KT to replace all SIMs, start CEO search

South Korean telecom giant KT said Tuesday it would replace all customer SIM cards free of charge and begin the process of selecting a new chief executive, as part of efforts to restore trust following a recent hacking scandal. At a board meeting, KT approved a full-scale SIM replacement program, expanding beyond its earlier plan to assist only confirmed victims. The move follows weeks of public criticism and bipartisan pressure from lawmakers demanding stronger consumer protection. Starting Nov

Nov. 4, 2025

Carlyle’s Twosome Place in final talks for KFC Korea

South Korean cafe chain Twosome Place, owned by private equity firm Carlyle Group, has reached the final stage of negotiations to acquire KFC Korea, industry sources said Tuesday, in what is viewed as Carlyle’s strategic push into the broader food service sector. According to the sources, the cafe franchise recently concluded due diligence on KFC Korea, with KPMG Korea advising on the process, and is now engaged in detailed negotiations with the seller over a deal valued at around 250 billion wo

Nov. 4, 2025

LG-Stellantis project pivots to ESS production amid EV slowdown

NextStar Energy, a 50:50 joint venture between Korea’s LG Energy Solution and Stellantis, said Monday it will begin producing energy storage system batteries later this month at its Windsor plant in the Canadian province of Ontario, expanding its portfolio beyond electric vehicle batteries. The move comes as Stellantis slows its EV rollout in North America, prompting the company to adjust its production strategy. Originally built to make nickel-cobalt-manganese, or NCM, batteries for Stellantis

Nov. 4, 2025

Seoul rolls out W570b package to support steel sector reform

South Korea will inject 570 billion won ($396 million) into its steel industry to strengthen export competitiveness, curb unfairly priced imports, and accelerate technological innovation, the government announced Tuesday. The support package — part of a broader industrial restructuring plan — includes a 400 billion won guarantee program aimed at reinforcing export supply chains, in addition to 170 billion won in policy financing to back companies undertaking modernization and capacity adjustment

Nov. 4, 2025

SPC heirs promoted in leadership overhaul

South Korean food conglomerate SPC Group said Tuesday it has promoted Hur Jin-soo, the eldest son of Chair Hur Young-in, to vice chair, and appointed his younger brother, Hur Hee-soo, as president of food franchise unit BR Korea, marking a key shift within the group’s third-generation leadership. The executive reshuffle comes as part of a broader leadership restructuring aimed at strengthening global business growth while addressing challenges related to safety management and restoring stakehold

Nov. 4, 2025