LG Group Chair Koo Kwang-mo emphasized the conglomerate’s ongoing commitment to challenge and change, envisioning a "future unimaginable without LG" in a New Year’s address delivered to around 270,000 employees worldwide Thursday. Koo was one of the first major conglomerate chiefs here to deliver a New Year’s address. LG has been issuing New Year messages at the end of December since 2022 to help employees reflect on the past year and prepare for the next, according t

Technology Dec. 19, 2024

Samsung Electronics announced Wednesday that it will unveil a new lineup of home appliances powered by artificial intelligence at CES, the world’s largest tech trade show taking place in Las Vegas from Jan. 7-10, 2025. The lineup includes AI-driven refrigerators, washing machines and dryers designed to streamline household tasks and enhance connectivity. Central to these devices is Samsung’s “AI Home” solution, which allows users to remotely monitor and control all compat

Industry Dec. 18, 2024

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, on Tuesday urged policymakers to ensure consistent economic policies to support businesses amid growing uncertainty following the National Assembly’s impeachment of President Yoon Suk Yeol over his botched martial law decree. During a meeting with National Assembly Speaker Woo Won-shik, Chey relayed the business community’s concerns regarding stalled economic bills and the challenge of navigati

Industry Dec. 17, 2024

A former top trade adviser to US President-elect Donald Trump during his first administration warned that Trump's second term would likely adopt a more “aggressive” stance on trade, urging South Korean businesses to engage proactively with US officials to navigate potential challenges. Stephen Vaughn, a lawyer and former acting US Trade Representative, spoke at a seminar, titled "Trade Regulations Under Trump's Second Term: Risk Management and Strategies for Korean Com

Industry Dec. 16, 2024

Business leaders are calling on lawmakers to expedite the approval of bipartisan, noncontentious bills on semiconductors and artificial intelligence, amid rising concerns that political uncertainty following President Yoon Suk Yeol’s impeachment could delay enactment of critical legislation, jeopardizing industry competitiveness. Finance Minister Choi Sang-mok on Sunday stressed the importance of passing legislation such as the Semiconductor Special Act, the AI Basic Act and the Expansion

Industry Dec. 16, 2024

South Korea’s parliament voted to impeach President Yoon Suk Yeol on Saturday, marking the culmination of over a week of intense political turmoil following Yoon’s botched attempt to impose martial law on Dec. 3. While the impeachment awaits a final ruling by the Constitutional Court, observers note that the National Assembly’s decision has alleviated some of the uncertainty that clouded the market in recent weeks. Korea’s major conglomerates are now turning their attenti

Industry Dec. 15, 2024

Year-end executive reshuffles often serve as a barometer of a company’s present challenges and future ambitions. This year, Samsung Electronics and Hyundai Motor Group, two of South Korea's leading chaebol, unveiled contrasting leadership strategies to navigate the challenges of 2025. Observers note that Samsung opted for minimal changes, retaining many familiar faces, while automaker Hyundai embraced change, including the appointment of its first foreign CEO. Samsung: Uncertain t

Industry Dec. 12, 2024

Business leaders from South Korea and the United States have urged their governments to address persistent trade barriers and discriminatory policies, emphasizing the urgency of these issues as the incoming Trump administration brings fresh uncertainties in global economic and trade dynamics. The demands were outlined in a joint declaration adopted Tuesday at the 35th Korea-US Business Council meeting in Washington, organized by the Federation of Korean Industries and the US Chamber of Commerce.

Industry Dec. 11, 2024

South Korea’s major conglomerates are bracing to navigate the economic and political shock waves unleashed by President Yoon Suk Yeol’s fleeting attempt at martial law last week, balancing containing the fallout and preparing for their business strategies for the coming year. The big four chaebol groups, including Samsung, SK, Hyundai Motor and LG, are set to hold strategy meetings later this month to finalize their plans for 2024. These meetings, typically held after annual leader

Companies Dec. 10, 2024

The main opposition Democratic Party of Korea on Saturday filed an impeachment motion against Minister of Interior and Safety Lee Sang-min, accusing him of involvement in President Yoon Suk Yeol's short-lived imposition of martial law this week. The liberal party said in a statement that it submitted the impeachment motion to the National Assembly at 10:30 a.m. The party plans to report the motion during Saturday’s plenary session, where the vote on President Yoon’s impeachment

Social Affairs Dec. 7, 2024

Obesity rates among women in their 20s and 30s in South Korea surged significantly last year, while risky drinking behaviors also climbed among women despite a drop among men, government data showed on Tuesday. The overall obesity rate in Korea was about 37.2 percent last year, according to a survey of approximately 10,000 people conducted by the Korea Disease Control and Prevention Agency. The agency's annual health examination survey revealed men had an obesity rate of 45.6 percent in 2

Social Affairs Dec. 4, 2024

Shares in companies linked to prominent South Korean political figures surged Wednesday, following the repeal of martial law and a renewed impeachment push against President Yoon Suk Yeol. The sharp rise in stocks seen as politically affiliated appears to be attributed to President Yoon's precarious position following his declaration and subsequent revocation of martial law. As Yoon's grip on power weakens, investors are increasingly betting on stocks linked to prominent presidential

Market Dec. 4, 2024

Elon Musk -- the Tesla CEO and joint head of US President Donald Trump's planned Department of Government Efficiency -- expressed shock over the news of South Korean President Yoon Suk Yeol declaration martial law, responding multiple times on social media X. On Tuesday night, Musk reacted to a post by an X user that said South Korean President Yoon declared martial law. Musk replied with a double exclamation mark “!!” Roughly three hours later, Musk commented “Wow”

Politics Dec. 4, 2024

The rise in transactions on secondhand market apps in South Korea, such as Karrot and Joonggonara, has led to a sharp increase in fraud cases, police data showed on Tuesday. According to data from the National Police Agency released by Rep. Yang-Bu-nam of the main opposition Democratic Party of Korea, 81,252 cases of secondhand transaction fraud were reported between January and October. With an average of 8,000 reported cases per month, the total is expected to approach 100,000 by year’s

Social Affairs Dec. 3, 2024

A KBS2 variety show was penalized by South Korea’s media regulator for comments mocking obese and bald men. The Korea Communications Standards Commission (KCSC) said Monday that it has imposed legal sanctions at a "caution" level to the show "Boss in the Mirror" for an episode that aired on July 2, after hearing statements from the program’s representatives. Under the KCSC's disciplinary actions, "caution" is the fourth highest of the seven-tier sys

Social Affairs Dec. 3, 2024