Meta to pay New Mexico a historic US$25 billion in Cambridge Analytica Facebook case

South China Morning Post - Oct 21, 2026

Meta Platforms was ordered to pay a groundbreaking US$25 billion civil penalty to the state of New Mexico in a consumer deception case spurred by the Cambridge Analytica scandal. The fine issued by state court Judge Francis Mathew is among the largest verdicts issued in US legal history. The award comes after a jury in Santa Fe determined that Meta had violated the state’s consumer protection over 43 million times based on widely viewed deceptive statements made by the company and its top...

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WhatsApp takes on Zoom and Google Meet with account-free guest calls

Oct 21, 2026

WhatsApp takes on Zoom and Google Meet with account-free guest calls

Guests can join through a computer browser, share their screen and keep talking without a time limit.

Why Anthropic has a major China problem ahead of its blockbuster IPO

Oct 21, 2026

Why Anthropic has a major China problem ahead of its blockbuster IPO

The growing popularity of Chinese artificial intelligence models has emerged as a key risk factor for Anthropic ahead of its blockbuster initial public offering, according to US research firm Hedgeye Risk Management. “It’s all about Chinese competition when analysing Anthropic,” said Felix Wang, managing director and global tech sector head at Hedgeye. “Many of my clients are asking the same question.” The assessment comes as Anthropic faces renewed investor jitters over whether its massive AI...

Samsung says interest in its foldables surged after Apple unveiled the iPhone Duo

Oct 21, 2026

Samsung says interest in its foldables surged after Apple unveiled the iPhone Duo

Apple hasn’t even got its first foldable iPhone into everyone’s hands, but it may already be doing Samsung’s foldable business a favour.

Homeplus' recovery falters as sales slump, buyer search stalls

Oct 20, 2026

Homeplus' recovery falters as sales slump, buyer search stalls

Homeplus, which narrowly avoided liquidation and resumed operations in August, is struggling to regain its footing as weak sales and stalled takeover efforts cloud its recovery, according to industry officials Monday. The uncertainty has also prompted a wave of voluntary resignations among employees. A major supermarket chain, Homeplus is currently undergoing court-led rehabilitation after struggling for years with the decline of the country’s hypermarket sector and consumers’ shift to online shopping. In July, the Seoul Bankruptcy Court briefly terminated the proceedings after the embattled retailer failed to secure the minimum 200 billion won ($150 million) in fresh funding needed to carry out its restructuring plan. Homeplus reversed that outcome only after obtaining emergency financing from Meritz Financial Group, its largest creditor, at the last minute. The retailer reopened all 67 of its remaining stores nationwide on Aug. 13, hoping to put its recovery back on track. Sales reached 10.63 billion won on the first day, followed by a daily average of 8.7 billion won over the nex

DaouKiwoom-CJ consortium picked as preferred bidder for debt-laden JoongAng Ilbo

Oct 20, 2026

DaouKiwoom-CJ consortium picked as preferred bidder for debt-laden JoongAng Ilbo

Creditors of JoongAng Ilbo Co. picked DaouKiwoom-CJ consortium as the preferred bidder for one of the major South Korean newspaper publishers as they closed bidding for the debt-laden company earlier in the day, industry sources said Monday. According to the sources, the DaouKiwoom-CJ consortium beat Orion and four others in a race to take over JoongAng Ilbo, a deal estimated at between 400 billion won ($300 million) and 500 billion won. In July this year, JoongAng Ilbo entered the debt workout program, led by main creditor Hana Bank and other lenders, amid liquidity problems at its parent, JoongAng Group. Creditors' debt collection has been suspended for three months, allowing the company to avoid court-led rehabilitation proceedings. JoongAng Holdings owns a 64.7 percent stake in JoongAng Ilbo and is controlled by the founding family of JoongAng Group.

Academics explore how entrepreneurs can navigate AI disruption at Jinju forum

Oct 20, 2026

Academics explore how entrepreneurs can navigate AI disruption at Jinju forum

JINJU, South Gyeongsang Province — Academics explored how entrepreneurs can turn artificial intelligence (AI)-driven disruption into business opportunities and solutions to social challenges at the 2026 Jinju K-Entrepreneurship International Forum. The fourth session, held Tuesday, the second day of the forum, examined how individuals and organizations can navigate uncertainty and turn technological disruption into opportunities through experimentation, resilience and practical problem-solving. Erkko Autio, chair in technology transfer and entrepreneurship at Imperial College London, pointed out that AI has dramatically lowered the technical and financial barriers to developing products, making the products themselves less effective as a source of competitive advantage. “The bottleneck in entrepreneurship was that it required engineering capacity and money. But now AI has collapsed that constraint because anyone can now build whatever they desire,” Autio said. “So the competitive advantage now comes from the entrepreneurial journey, which takes time, and from the product itself t

Musinsa, Sono International face IPO uncertainty amid market volatility

Oct 20, 2026

Musinsa, Sono International face IPO uncertainty amid market volatility

Recent volatility in Korea’s stock market is adding uncertainty to the listing plans of companies like Musinsa, as a prolonged downturn could weigh on their valuations and dampen demand for new shares, according to industry analysts Tuesday. The benchmark KOSPI has largely declined since falling below 7,000 earlier this month, amid concerns over the sustainability of artificial intelligence (AI) spending and the outlook for the semiconductor industry. On Thursday, the index plunged more than 7 percent, triggering both a sell-side sidecar and a Level 1 circuit breaker, which temporarily halted trading. Such turbulence complicates the initial public offering (IPO) process. Firms must persuade investors that their valuations are justified even as the share prices of comparable listed peers fall. A broader market downturn could also leave newly listed shares trading below their offering prices, eroding their market value soon after they go public. Musinsa is one such candidate, with an estimated valuation of nearly 10 trillion won ($7.53 billion). The country’s largest fashion platform

Can North Jeolla Province become Korea's 3rd financial hub?

Oct 20, 2026

Can North Jeolla Province become Korea's 3rd financial hub?

North Jeolla Province is betting on the National Pension Service (NPS), which manages 1.6 quadrillion won ($1.2 trillion) in assets, to help transform the region into Korea's third financial hub. But while the world's third-largest pension fund has drawn a growing number of asset managers to the region, infrastructure gaps and difficulties in attracting financial talent are raising questions about whether the ambition can become reality, industry officials said Tuesday. Located about 250 kilometers south of Seoul, North Jeolla Province has traditionally been known for its agricultural roots and cultural heritage. That began to change in 2015, when the NPS relocated to Jeonju, the province's largest city. Domestic and foreign asset managers are flocking to Jeonju to deepen ties with the NPS. In June, the NPS began awarding an additional point to asset managers with a presence in Jeonju for selecting investment managers. From global asset managers such as BlackRock, Blackstone, BNY, Franklin Templeton and PIMCO, to domestic players including Mirae Asset, Samsung, Hanwha and KB Asset Manage

Hyundai Motor, Kia to launch Level 4 autonomous truck trials

Oct 20, 2026

Hyundai Motor, Kia to launch Level 4 autonomous truck trials

Hyundai Motor and Kia will test Level 4 autonomous heavy-duty trucks on real-world logistics routes next year, working with domestic self-driving software companies to develop technology for commercial deployment, the carmakers said Tuesday. The automakers will develop two test vehicles — a hydrogen fuel cell-powered Xcient truck and a conventional Xcient truck — and provide them to partners early next year. Both will feature customized control units and vehicle interfaces designed to integrate autonomous-driving systems. The trials will continue through the end of next year along two routes: a roughly 100-kilometer route combining highways and urban roads, and a 400-kilometer route focused primarily on highway driving. Hyundai Motor and Kia signed an agreement Tuesday with Hyundai Mobis, Hyundai Glovis and two autonomous-driving software developers, Mars Auto and RideFlux, to conduct the tests using the Hyundai Motor Group’s existing logistics network. Mars Auto and RideFlux will install their respective autonomous-driving systems in the trucks, while Hyundai Mobis and Hyundai Glo

Foreign nationals make up 0.7% of Korea's research workforce, visa hurdles persist

Oct 20, 2026

Foreign nationals make up 0.7% of Korea's research workforce, visa hurdles persist

Foreign experts accounted for less than 1 percent of research personnel at Korean companies, a report showed Tuesday, with companies identifying visa and related administrative issues as the biggest obstacles to hiring foreign workers in the field. According to the report by the Korea Industrial Technology Association (KOITA), there were 72,224 corporate research and development organizations registered with the association in 2025. Of those, only 1,945, or 2.7 percent, employed foreign researchers. The number of foreign researchers stood at 3,155, accounting for just 0.7 percent of the total research workforce. The number of research and development organizations employing foreign researchers and the number of foreign researchers increased 57.9 percent and 21.4 percent over the past decade, respectively. However, foreign researchers' share of the total research workforce remained virtually unchanged at around 0.7 percent. The report also included a survey of 1,225 companies conducted from Aug. 21 to 28 to assess their experiences with foreign researchers, hiring plans and recruitment c

Korea, Czech Republic review progress in joint nuclear energy project

Oct 20, 2026

Korea, Czech Republic review progress in joint nuclear energy project

Korea and the Czech Republic have reviewed progress in their joint nuclear energy project and discussed ways to bolster bilateral cooperation in the sector, the industry ministry said Tuesday. The virtual meeting between Industry Minister Kim Jung-kwan and his Czech counterpart, Karel Havlicek, came after a Korean consortium led by Korea Hydro & Nuclear Power formally signed a contract to build the Dukovany nuclear power plant in the Czech Republic last year. During the third meeting of the Dukovany Steering Committee, the two sides confirmed the project is proceeding as planned and discussed deepening cooperation in the global nuclear energy industry. Kim, meanwhile, expressed concerns over the European Union's Industrial Accelerator Act, saying it could hinder participation by non-EU countries in the region's nuclear energy industry. He asked Prague to make diplomatic efforts to ensure the act does not adversely affect bilateral ties. The two sides plan to hold the fourth committee meeting in Korea this year, alongside business events to promote exchanges between nuclear energy compani

Lending services for foreign nationals becomes next battleground for banks

Oct 20, 2026

Lending services for foreign nationals becomes next battleground for banks

Korean banks are expanding lending services to foreign residents as they seek to tap a growing customer base beyond traditional services such as bank accounts and overseas remittances, industry officials said Tuesday. The shift reflects intensifying competition for foreign customers, including migrant workers and international students, as lenders broaden their offerings to include loans. Major commercial banks have rolled out dedicated loan products for foreign borrowers in recent years. Hana Bank launched the Hana Foreigner EZ Loan in August for E-7 and E-9 visa holders, offering loans of up to 10 million won ($7,500) for terms of up to 30 months. Shinhan Bank introduced its SOL Global Loan with a maximum limit of 20 million won, while NH NongHyup Bank rolled out its K-Foreigner Credit Loan, which offers loans of up to 30 million won to foreign borrowers. Regional lenders have established an early foothold in the market. Jeonbuk Bank, based in North Jeolla Province, launched loan services for foreign customers in 2016 and introduced online lending services in 2023. Kwangju Bank, BNK Kyo

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