An appeals court on Thursday ruled against U.S. private equity firm Lone Star Funds in its suit against the Korean and Seoul city governments to return a combined 168.2 billion won ($125.9 million) in taxes. The Seoul High Court handed down the ruling against Lone Star after the Supreme Court returned the case to the appeals court for review in April last year. The Texas-based firm had earlier filed the suit against the state and the municipality, seeking the return of withheld taxes in connection with profits from its investments in Korea. Lone Star and affiliate firms purchased large shares of Korea Exchange Bank, Kukdong Engineering Construction and Starlease between 2002 and 2005, and made huge profits by selling some of the shares in 2007. They paid smaller taxes than local companies would have, citing the tax treaty that Korea has with Belgium where the company that made the investment was based. The National Tax Service (NTS) levied additional corporate taxes against Lone Star and its entities, offsetting them with withheld taxes. Lone Star then filed a suit seeking cancellation of

LG Electronics is taking its smart factory technology beyond manufacturing and into renewable energy, partnering with Korea Water Resources Corp. to develop artificial intelligence systems for one of the country’s largest power facilities. The companies signed a memorandum of understanding Thursday at Sihwa Lake Tidal Power Plant’s cultural center in Ansan, Gyeonggi Province, to explore AI-driven operations at the facility, which has the world’s largest installed capacity among tidal power plants. The partnership will combine K-water’s power plant operating experience and data with LG Electronics’ expertise in smart factories, digital twins, robotics and AI, the companies said. Under the agreement, they will examine a digital twin-based integrated operating system that creates a virtual model of the plant and incorporates real-time information from generating equipment and surveillance cameras. The system could help forecast electricity output, simulate operating scenarios and diagnose equipment conditions, enabling operators to identify problems and assess performance before m

Orion has expanded production lines for its flagship Custard cream cakes across Korea, Vietnam and India to keep pace with surging domestic and international demand, the company said Thursday. Launched in Korea in 2004, Orion Custard is a soft, individually wrapped sponge cake with a custard cream filling. It has become the company’s second-biggest global pie brand after its flagship Choco Pie. Global sales rose 14 percent last year to 154 billion won ($116 million). China, Vietnam and India accounted for 76 percent of that total, and sales kept growing at a double-digit pace through September this year. The company added a production line in Korea in September and recently began running new lines in Vietnam and India. The expansion lifts Custard’s global production capacity to as much as 300 billion won a year, roughly double last year’s sales. Orion’s global research center at its headquarters in Korea oversees product development for each market. In Vietnam, the company sells flavors including tiramisu, raspberry, egg lava, melon and a reduced-sugar version. There is also a fl

A court on Thursday ruled against Young Poong Corp. in a shareholder derivative lawsuit seeking 837 billion won ($631 million) in damages from Korea Zinc Co. Chairman Choi Yun-beom and other company directors. Young Poong — a major shareholder in Korea Zinc — had filed the suit in November 2024, claiming Korea Zinc's directors had inflicted losses of 837 billion won on the company by making a tender offer involving the purchase of its own shares at 890,000 won apiece, when the actual price was around 560,000 won. The Seoul Central District Court ruled, however, that Korea Zinc's directors could not be deemed to have violated their managerial duties, given the steps they took before making the purchase. It also ruled that the action did not violate the Commercial Act or the company's articles of incorporation.

Three former officials convicted of forcibly repatriating North Korean fishermen in 2019 defended the move Thursday, describing it as a deportation of criminals. Chung Eui-yong, former national security adviser, Suh Hoon, former National Intelligence Service director, and Kim Yeon-chul, former unification minister, made the assertion in a statement issued a day after the Seoul High Court sentenced them to suspended prison terms for their involvement in the case. "The reality of this case is not a simple forced repatriation of North Korean defectors," the statement said. "It was a deportation measure against criminals who fled to the South after committing serious inhumane crimes." The three served in former President Moon Jae-in's administration in November 2019, when Seoul deported two North Korean fishermen back to North Korea after they were captured near the eastern maritime border. The fishermen had been accused of killing 16 crew members. The move sparked outcry from critics as the fishermen had expressed their intent to defect to South Korea, which maintains a policy of accepting

The government said Thursday it will take criminal enforcement action over safety violations at Coupang and its affiliates, after inspections uncovered suspected cover-ups of workplace accidents and inadequate safeguards at logistics facilities. The Ministry of Employment and Labor found 205 violations of the Occupational Safety and Health Act across 105 logistics centers and delivery camps. It said 61 violations would be subject to criminal enforcement action, while the remaining 144 would draw administrative fines totaling about 1.96 billion won ($1.48 million). Separate labor inspections also found that Coupang had failed to include key provisions of its performance improvement program (PIP) in its employment rules, in violation of the Labor Standards Act. The ministry said it will issue a corrective order and impose a fine. “Covering up workplace accidents or failing to report them not only prevents workers from receiving proper treatment and compensation, but also hinders efforts to determine their causes and identify and address hazards, making further accidents more likely,”

Nvidia is expanding partnerships with domestic component makers LG Innotek and Samsung Electro-Mechanics, strengthening its supply chain for physical artificial intelligence (AI) applications and next-generation AI infrastructure. LG Innotek unveiled a lineup of sensing solutions incorporating Nvidia's latest Holoscan Sensor Bridge (HSB) technology at the U.S. chipmaker's annual GPU Technology Conference (GTC) in Berlin on Tuesday (local time). The solutions include 3-megapixel camera modules and a multimodal vision system that combines multiple cameras and sensors, targeting applications in physical AI and robotics. Nvidia's HSB technology allows sensor data to be sent directly to AI computers, bypassing the central processing unit and potentially speeding up how robots and autonomous vehicles process information and make decisions. The partnership reflects growing demand for advanced sensing technologies as AI expands beyond software and data centers into physical environments, where machines must perceive and respond to their surroundings in real time. LG Innotek said it plans to expan

Korean cosmetics and other beauty product companies will seek export deals at an annual industry exhibition that opened Thursday in North Chungcheong Province, the provincial government said. The Cosmetics & Beauty Expo Osong Korea 2026 that runs through Saturday is underway in Osong, a district of Cheongju, 83 kilometers south of Seoul. The event aims to connect local companies with international buyers, according to the provincial government. "We will help K-beauty products reach global markets and attract international buyers to North Chungcheong Province, a hub for the industry, to facilitate export deals," Gov. Shin Yong-han said. More than 250 companies are participating in the business-to-business (B2B)-focused event, held under the theme "K-Beauty Osong Seeks Growth Along With Global Partners," the provincial government said. This year's expo, the largest to date, will give local companies opportunities to expand into overseas markets while allowing visitors to experience K-beauty products, Jang Woo-sung, director general of the provincial government's bureau of biologics, food a

Financial authorities said Thursday that they are considering safeguards to address concerns over potential market dominance arising from the merger of Naver Financial and Dunamu. "The Fair Trade Commission (FTC) is currently conducting a thorough review of whether the proposed merger between Naver and Dunamu would restrict competition," the Financial Services Commission said in a written response to Rep. Lee Kang-ill of the ruling Democratic Party of Korea. "Similarly, under the proposed Digital Asset Basic Act, we are considering safeguards to ensure that cryptocurrency exchanges, which serve as critical market infrastructure, maintain their public interest role and neutrality without being subject to undue influence from any particular company or shareholder," it added. Last November, Naver Financial announced plans to make Dunamu a wholly owned subsidiary through a comprehensive share swap. With the deal, Naver Financial aims to tap into new growth opportunities in digital assets. Dunamu would gain foundation to expand beyond its existing cryptocurrency exchange and integrate with Na

Samsung SDI said Thursday that it has signed an agreement with the Korea Foundation for the Advancement of Science and Creativity (KOFAC) and the Korean Chemical Society (KCS) to sponsor Korea’s team for the International Chemistry Olympiad (IChO). The signing ceremony was held at the Korea Science and Technology Center in Seoul and attended by Samsung SDI Vice President and Head of the People Team Kim Hun-kyu, KOFAC President Chung Woo-sung and KCS President Keum Kyo-chang. Beginning in January, Samsung SDI will support the selection and training of Korea’s IChO team, organized by the KCS, as well as the team’s participation in the international competition. The company will also provide scholarships to students who win medals. The sponsorship reflects Samsung SDI’s commitment to nurturing young talent in basic sciences and helping students compete on the global stage, while contributing to Korea’s scientific and technological competitiveness. The IChO is an annual competition in which high school students from around the world test their chemistry knowledge and skills. Korea