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South Korea’s five major automakers are on track to finalize their annual wage talks as soon as Monday, freeing them up to concentrate on expanding sales in the second half amid mounting pressure from US tariffs, intensifying competition with Chinese rivals and slowing global demand. Hyundai Motor Co., the last of the five automakers to complete negotiations, is holding a union vote Monday on a tentative agreement reached last week. If approved, it would effectively bring this year’s wage and co
South Korea’s antitrust regulator has approved Hanwha Group’s acquisition of a 15.89 percent stake in Korea Aerospace Industries, clearing a key regulatory hurdle in the conglomerate’s push to build a defense business spanning land, sea, air and space. The Fair Trade Commission said Monday that it had approved the share purchases by Hanwha Aerospace, Hanwha Systems and Hanwha Ocean. The review focused on whether the minority stake would give Hanwha effective control over KAI. Under the Fair Trad
IPARK Hyundai Development Co., the builder behind the IPARK apartment brand, posted its strongest quarterly operating profit in five years, as higher-margin housing projects lifted earnings despite elevated construction costs. The company said Monday that consolidated operating profit reached 122.7 billion won ($89.4 million) in the second quarter, up 52.9 percent from a year earlier and 53.1 percent from the previous quarter. Revenue rose 35.7 percent on-quarter to 914.6 billion won, while net
Musinsa said Monday it has posted record first-half earnings with 821.7 billion won ($598.4 million) in consolidated sales, up 22 percent from the same period last year, as the Korean fashion retailer saw both its online and offline businesses grow at home and abroad. According to Musinsa, it logged 65.7 billion won in operating profit on a stand-alone basis during the January-to-June period this year, up 13.1 percent on year. In the second quarter alone, Musinsa opened 10 new stores across Kore
Ha Jung-woo, standing vice chair of the Presidential Council on National Artificial Intelligence Strategy, pledged Monday to put execution at the center of Korea’s bid to become one of the world’s top three AI powers. In his inaugural address, Ha identified semiconductors, physical AI and AI data centers as the three pillars of the government’s strategy. “The world is entering a new era shaped by AI,” Ha said. “The council must set the country’s AI vision and serve as the center of national AI g
Innocean Worldwide is expanding its roster of nonaffiliated clients in the US while consolidating its local operations in the Los Angeles area. The advertising company said Monday that it had recently secured Five Guys, the California Lottery and beauty tools brand Tweezerman as clients. Canvas Worldwide, Innocean’s US media subsidiary, was named media agency of record for Five Guys and the California Lottery. It will oversee integrated media strategy, planning and buying, data analytics and per
Hanwha Group's financial affiliates will hold a global finance conference in New York in November, bringing together financial industry leaders and aspiring professionals to discuss how artificial intelligence and technological change are reshaping finance and the skills required in the industry. PLUS, the joint brand of Hanwha's financial affiliates, has opened applications for PLUS NY 2026, which will take place at The Glasshouse in Manhattan on Nov. 13. Under the theme "The New Finance Fronti
Hyundai Capital has begun financial operations in India, launching its 14th overseas finance unit as it seeks to support Hyundai Motor Group's expansion in the world's third-largest automobile market. Hyundai Capital India officially started operations after converting its existing consulting entity into a financial company, Hyundai Capital said Monday. The unit will operate as a stand-alone subsidiary under Hyundai Capital's independent management. The company secured a nonbanking financial com
CJ Olive Young saw 1 trillion won ($727 million) in annual foreign sales through August, putting it three months ahead of last year's pace, as tourists spread purchases past Seoul and across the country. According to the retailer Monday, the milestone, which took until November to reach last year, came on 11.01 million foreign transactions over the same period, or roughly one purchase every 0.9 second during store hours. Foreign shoppers, who came from 192 countries and territories according to
N Seoul Tower has opened early-bird ticket sales for the Namsan Wine Festa slated for Oct. 12 to Nov. 8, its operator CJ Foodville said Monday. Titled “Fall in R.E.D. Festa,” the event will bring together wine, food and seasonal activities against the backdrop of Namsan’s fall foliage. The program includes Namsan Wine Festa and Autumn Taste Road, featuring limited-time menu items from food and beverage outlets at the tower. Namsan Wine Festa takes place Oct. 17-18 and Oct. 24-25 at the N Seoul T
Samsung, LG take AI home race beyond appliances at IFA 2026
Posco chief calls for stronger Korea-Australia resource ties
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Samsung vs. LG battle for AI cooling heats up
Musinsa posts record earnings on offline, global expansion
One purchase every 0.9 second: Olive Young foreign sales top W1tr
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