Ably swings to profit as K-fashion platform scales up payments, overseas push

Ably Corporation, operator of women’s fashion e-commerce platform Ably, announced Wednesday that it has recorded a record first-half performance, achieving both the highest-ever revenue and a turnaround to operating profit. The performance was driven by the rapid growth of its in-house system, Ably Pay, and the overall balanced growth across all major services, including Ably, 4910 and Amood. The company’s revenue and total transaction volume both increased by approximately 20 percent year-on-ye

July 30, 2025

Seoul shares extend winning streak to 6th day amid looming US tariff deadline

South Korean stocks rose for a sixth consecutive session to the highest level in about four years on Wednesday, led by tech gains, as investors await a deal between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 23.9 points, or 0.74 percent, to close at 3,252.47, extending its winning streak to a sixth session. The reading marked the highest level since Aug.

July 30, 2025

'Yellow Envelope Law' will repel investment, foreign biz groups warn

A controversial pro-labor union bill advancing through Korea’s National Assembly is drawing a rare, unified backlash from both foreign business chambers and local industry groups, who warn it could erode legal predictability and diminish the country's investment competitiveness. The proposed legislation, commonly referred to as the “Yellow Envelope Law,” would amend the Trade Union and Labor Relations Adjustment Act. If passed, the bill would expand the definition of “employer” to include main c

July 30, 2025

Korea races to seal tariff deal in final US talks

South Korea's Deputy Prime Minister and Finance Minister Koo Yun-cheol held two-hour trade talks with US Commerce Secretary Howard Lutnick Tuesday in Washington, as part of last-ditch efforts to finalize a tariff agreement before the imminent deadline. The meeting began at 3 p.m. at the US Department of Commerce — just three hours after Koo arrived in Washington. Korea's Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo also joined the meeting, according to Korea's Industry Ministry

July 30, 2025

Ramyeon makers vie to acquire suppliers for flavor 'soupremacy'

The fierce rivalry between South Korean instant noodle giants Nongshim and Samyang Foods is flaring up again. This time, it’s over control of a closely guarded flavor secret: the soup base. Samyang Foods, the maker of the global hit Buldak noodle series, was the first to make a move, with a 60 billion won ($43 million) stock purchase deal currently in the works to acquire local sauce maker GnF. The local sauce manufacturer has long supplied powdered seasonings to major food companies, including

July 30, 2025

Toss Bank logs W31.6tr in fee-free forex transactions

Internet-only South Korean lender Toss Bank has recorded 31.6 trillion won ($22.8 billion) in foreign exchange volume just 18 months after launching the service, driven by its zero-fee policy and rapidly expanding user base. The number of users has reached 2.67 million, with sign-ups peaking at 33,000 per minute, the lender said. The milestone follows Toss Bank’s rollout of the country’s first permanent fee-free forex service in January 2024. While other banks had experimented with temporary pro

July 30, 2025

LG Energy Solution wins $4.3b battery deal, likely with Tesla

LG Energy Solution has secured a 5.9 trillion won ($4.3 billion) deal to supply lithium-iron phosphate battery cells, likely for Tesla’s energy storage systems, solidifying its position as the only producer of these cost-effective batteries in the US. According to LG Energy Solution’s regulatory filing on Wednesday, it will supply LFP cells for a global client for three years from Aug. 1, 2027, to July 31, 2030, with the possibility of extending the contract to 2034. This agreement represents 23

July 30, 2025

Will US' push undermine Korea’s AI sovereignty drive?

As US President Donald Trump signed an executive order last week unveiling an “AI action plan” to maintain America’s dominance in artificial intelligence, concerns are rising that the move could undermine South Korea’s ambitions to build its sovereign AI ecosystem. According to industry sources on Wednesday, the Trump administration’s plan, signed on July 23, triggered a rapid response from China, which announced its own global AI governance initiative just three days later. At the heart of the

July 30, 2025

P&G Korea strengthens Gen Z ties with internships, marketing

P&G Korea, the Korean subsidiary of US-based consumer goods giant Procter & Gamble, is accelerating efforts to connect with Generation Z, both as a talent pool and a consumer base. From internship-driven recruitment to youth-oriented marketing, the company is reinforcing a dynamic, youthful brand identity in an evolving job market. According to the Korea Chamber of Commerce and Industry, 82 percent of job postings in the first half of 2025 targeted experienced hires, while only 2.6 percent were

July 30, 2025

Hanwha secures full control of Korea’s Nuri rocket program

Hanwha Aerospace will be the first private company in Korea to secure full lifecycle capabilities for rocket development, the company said Wednesday. The nation’s leading defense manufacturer signed a technology transfer agreement with the Korea Aerospace Research Institute, the state-run space agency, to acquire core technologies for the Korea Space Launch Vehicle-II, also known as Nuri. The transfer includes the rocket’s design and technologies for manufacturing and launch operations. Under th

July 30, 2025

Musk backs Samsung AI chip deal, calls it ‘just the minimum’

Tesla CEO Elon Musk revealed Wednesday that he had a video call with Samsung Electronics Chairman Lee Jae-yong to discuss a "real partnership" over their recent $16.5 billion AI chip supply deal. Responding to a user on X who claimed Samsung "has no idea what they signed up for," Musk replied, "They do." "I had a video call with the chairman and senior leadership of Samsung to go over what a real partnership would be like," Musk wrote. "Use the strengths of both companies to achieve a great outc

July 30, 2025

Hyundai Motor chief heads to US to back up Korea’s tariff negotiations

Hyundai Motor Group Executive Chair Chung Euisun is flying to the United States to support the Korean government’s tariff negotiations with Washington, according to government sources Wednesday. Chung met with US President Donald Trump as the Korean auto giant announced a $21 billion investment in the US at the White House in March, including a new steel mill in Louisiana and the expansion of local production at its new Georgia manufacturing factory, Hyundai Motor Group Metaplant America. Chung

July 30, 2025

GSK appoints industry veteran as head of Korean office

GSK Korea said Wednesday that Gunnar Riediger will begin his term as its new general manager starting Friday, bringing with him over 20 years of experience in the biopharmaceutical industry. According to GSK Korea, the incoming leader joined GSK in 2004 through its global talent project, Future Leaders Program. Since then, Riediger has led health care businesses across Latin America, serving in key roles at GSK Brazil, including vaccines business unit head and the biotech business unit head, as

July 30, 2025

[Photo News] Smart beauty at your convenience

GS Group's convenience store chain GS25 said Wednesday it has introduced an artificial intelligence-powered beauty kiosk inside select stores as part of a one-stop beauty service offering skin analysis and instant product purchases. With a quick scan of a customer’s facial features and coloring, the AI device recommends personalized makeup, hair and jewelry styles, as well as cosmetics from exclusive in-store brands. The service began its pilot phase in Insa-dong, Seoul, with plans to expand to

July 30, 2025

S. Korea launches joint task force against stock manipulation

A joint task force of financial authorities and the stock market operator set sail Wednesday in a follow-up step to quickly detect and root out stock manipulation. The joint response team, comprising officials from the Financial Services Commission, the Financial Supervisory Service and the Korea Exchange, is tasked with detecting and probing illegal and unfair stock trading activities. So far, responsibilities for responding to unfair trading have been fragmented across several institutions, le

July 30, 2025