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KT to waive penalty fees for customers hit by hacking incident
South Korean telecom operator KT Corp. said Tuesday it will waive penalty fees for customers affected by recent hacking incidents that led to unauthorized micropayments and data breaches. KT CEO Kim Young-shub told lawmakers during a parliamentary audit of the Science, ICT, Broadcasting and Communications Committee that the company will notify affected users of the waivers. KT has said it will decide on the scope of penalty fee exemptions after reviewing the findings of a joint government-privat
Oct. 21, 2025 -
IMM sells Crianza Aviation to BC Partners Credit
IMM Investment, a Korean alternative investment firm, said Tuesday that it has agreed to sell its aircraft leasing business, Crianza Aviation, to BC Partners Credit. The acquisition will be made in partnership with global aircraft asset manager FPG Amentum. The deal marks Korea’s first sale of an aviation lessor. Crianza Aviation owns a portfolio of popular aircraft types leased to major international airlines, generating stable, long-term revenue. The company has maintained profitability throug
Oct. 21, 2025 -
Construction law experts meet in Seoul to address evolving industry challenges
The 11th International Society of Construction Law Conference will take place at Coex in southern Seoul from Wednesday to Friday. Under the theme “Bridging Past, Present and Future,” the conference will bring together leading construction lawyers, industry experts and executives from around the world to explore global construction law practices and share insights into the legal, business and economic challenges facing the construction industry today. The three-day conference will open with prese
Oct. 21, 2025 -
Gmarket goes global with Alibaba, eyes W1tr sales
Gmarket, the e-commerce arm of Shinsegae Group, is accelerating its partnership with China's Alibaba Group to transform into an artificial intelligence-driven global marketplace, with an ambitious target of surpassing 1 trillion won ($700 million) in annual cross-border sales within five years. At a press conference in Seoul on Tuesday, CEO James Chang unveiled a 700 billion-won investment plan designed to more than double Gmarket’s overall transaction volume. “Our new vision — ‘Gmarket is a glo
Oct. 21, 2025 -
SK Biopharm, Europharma launch AI epilepsy care venture
SK Biopharmaceuticals, the pharmaceutical arm of SK Group, announced Tuesday it has established a joint venture, Mentis Care, with the leading Latin American pharmaceutical company Europharma. The venture is dedicated to the global commercialization of an AI-based epilepsy management platform. Its official launch ceremony was held in Toronto, Canada, on Monday. The formation of Mentis Care signals SK's full-fledged entry into the AI digital health care market, capitalizing on technological capab
Oct. 21, 2025 -
LG Electronics CEO wins top industrial honor
LG Electronics CEO Cho Joo-wan received the Gold Tower Order of Industrial Service Merit, South Korea's highest state industrial award, in recognition of his contributions to advancing the country's electronics industry and enhancing its global competitiveness, the company said Tuesday. Cho was honored Monday at the 20th Electronics and IT Day ceremony at Coex in Seoul, hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Electronics Association. A veteran executive wh
Oct. 21, 2025 -
Chaebol groups rush leadership shake-ups amid trade pressure
South Korea’s largest conglomerates are fast-tracking leadership transitions to navigate an increasingly volatile global economy marked by slowing growth, intensifying US-China trade tensions and mounting trade pressures. According to industry sources Tuesday, the country’s four major business groups — Samsung, SK, Hyundai Motor and LG — are poised to announce notable leadership changes by November. The reshuffles are being driven primarily by a renewed emphasis on the US market, as these conglo
Oct. 21, 2025 -
Seoul holds talks with Poland, NATO on defense industry cooperation
Two senior presidential aides held talks with NATO members on defense cooperation, as the trans-Atlantic alliance seeks new security frameworks and supply chains in response to the war in Ukraine and rising geopolitical uncertainties. On Monday, presidential chief of staff Kang Hoon-sik met with Polish Deputy Prime Minister and Defense Minister Wladyslaw Kosiniak-Kamysz in the capital Warsaw to discuss defense and economic cooperation between the two countries. Kang is in Europe as a special env
Oct. 21, 2025 -
Coupang launches nationwide campaign to support APEC 2025
Coupang, a leading South Korean e-commerce company, announced Tuesday it has been selected as an official promotional partner for the 2025 APEC Summit and an official sponsor of the APEC CEO Summit, both kicking off later this month in Gyeongju, North Gyeongsang Province. Coupang is one of 13 official public relations cooperation organizations selected by the Asia-Pacific Economic Cooperation Preparatory Planning Team. Under the sponsorship, Coupang has produced 50 million boxes and plastic pack
Oct. 21, 2025 -
China’s new Hallyu: K-fashion struts in as K-beauty steps back
The playbook for the Korean Wave in China, once fluent in the lucrative language of beauty, is now turning a new page in fashion. Korean vogue has emerged as the new cultural currency among China’s style-conscious youth, with apparel exports climbing 45 percent from $375 million in 2020 to $545 million in 2024, according to the Korea Customs Service. At the vanguard is a new generation of Korean contemporary labels, rewriting the style codes at home and abroad with sleek aesthetics and star powe
Oct. 21, 2025 -
HD Hyundai to showcase next-gen shipbuilding tech at APEC summit
HD Hyundai said Tuesday it is set to highlight its advanced shipbuilding technology and explore opportunities for global cooperation at the upcoming Asia-Pacific Economic Cooperation Summit. The company will host “Future Tech Forum: Shipbuilding” in Gyeongju, North Gyeongsang Province, as part of side events under the APEC CEO Summit. Running from Oct. 27 to 30, HD Hyundai will open the series as the first participating company and will also serve as an official sponsor of the APEC CEO Summit. U
Oct. 21, 2025 -
LG H&H targets US beauty market with new Pra.L device
LG Household & Health Care said Tuesday that it has launched its LG Pra.L Superform Galvanic Booster, a premium home beauty device, in the United States through Amazon and TikTok shops. The launch marks the company’s first major move with the Pra.L brand since acquiring it from LG Electronics. The Superform Galvanic Booster is designed for portability, measuring just 9.5 centimeters in length and weighing 47 grams. Its key feature is galvanic technology, which uses a gentle electric current to e
Oct. 21, 2025 -
Korean Air, Archer team up to develop advanced air mobility model
South Korea’s flag carrier Korean Air said Tuesday it has signed a memorandum of understanding to jointly develop an advanced air mobility model with US-based Archer Aviation, a leading company in urban air mobility. Under the partnership, the two companies will adapt Archer’s electric vertical takeoff and landing aircraft Midnight into a specialized model applicable to a range of government projects utilizing AAM technologies, beginning with the defense sector. The jointly developed eVTOL model
Oct. 21, 2025 -
S. Korea's exports down 7.8% in first 20 days of Oct.
South Korea's exports shrank 7.8 percent from a year earlier in the first 20 days of this month, data showed Tuesday, largely due to a sharp drop in the number of working days. Outbound shipments reached $30.1 billion in the Oct. 1-20 period, compared with $32.7 billion tallied over the same period last year, according to the data from the Korea Customs Service. Imports went down 2.3 percent on-year to $32.9 billion over the cited period, resulting in a trade deficit of $2.8 billion, the data sh
Oct. 21, 2025 -
Seoul, Washington agree tariff deal shouldn't pressure forex, eye APEC for progress: industry minister
South Korea’s Industry Minister Kim Jung-kwan said Monday that Seoul and Washington share a mutual understanding that their bilateral tariff agreement should not put pressure on Korea’s foreign exchange market, adding that the upcoming Asia-Pacific Economic Cooperation summit could present an opportunity for a deal, signaling some progress in the stalled negotiations between the two allies. “There was a certain level of consensus that the (deal) should not burden Korea’s foreign exchange market.
Oct. 20, 2025