The Korea Times

Daewoo E&C expands LNG presence in Nigeria, Mozambique

Major construction firm Daewoo Engineering & Construction is expanding its liquefied natural gas (LNG) infrastructure footprint across Africa. The company is currently building the LNG Train 7 (T7) project in Nigeria and Trains 1 and 2 for LNG Area 1 in Mozambique. According to the company, both projects reflect its extensive project portfolio across the continent, which is rich in LNG reserves. Through the Nigerian T7 project, Daewoo E&C has cemented its status as an engineering, procurement and construction (EPC) prime contractor for LNG liquefaction plant construction — a qualification the company says had never previously been achieved by a Korean firm due to the dominance of a handful of global EPC players. Daewoo’s growing presence in Africa is rooted in decades of experience on the continent. In Nigeria, Africa’s largest LNG producer, the company previously completed LNG liquefaction Trains 1, 2, 3, 5 and 6, demonstrating its capabilities and earning market trust. It also carried out EPC work for central gas processing facility projects, including CAFC in Algeria and Gbaran

May 19, 2026By Ko Dong-hwan

Daewoo E&C expands LNG presence in Nigeria, Mozambique

Companies

CJ data leak exposes personal information of 330 female employees

A data leak at CJ Group exposed the personal information of 330 female employees, the company said Tuesday, adding that the breach may have been carried out internally rather than by an external hack, raising concerns over corporate data security and workplace privacy. The conglomerate — whose businesses span retail, food, logistics and entertainment, including CJ Olive Young and Bibigo — acknowledged that the leaked information included employees’ mobile phone numbers, job titles, office contact details and photographs. The company said such data can be accessed through an intranet network, suggesting the leak must have been initiated by an employee. The leaked data have appeared at an online channel under messenger platform Telegram to which around 2,800 people have joined. A CJ official said the company has begun preparing to request for a police investigation. “We’re seeing this as an internal leak since it involved intranet data. We’re also planning to launch a task force to prevent a follow-up damage by the leak,” the official said. “We are now investigating an exact

May 19, 2026By Ko Dong-hwan

CJ data leak exposes personal information of 330 female employees

Companies

After wars in Ukraine and Iran, Weflo steps up to enable smarter drone use

From Russia’s invasion of Ukraine to the Iran crisis, drones have emerged as one of the defining weapons of modern warfare, repeatedly used to strike enemy infrastructure and detect hidden hostile forces. In both ongoing conflicts, drones have proven highly effective in inflicting damage at relatively low cost, prompting countries to rethink their military strategy and defense spending. The volume of drones used so far in both wars is staggering. Some 1.5 million and 1.4 million drones are estimated to have been flown by Russia and Ukraine, respectively, in 2024 alone. The National Security and Defense Council of Ukraine said the unmanned aerial vehicles (UAVs) were responsible for 70 percent of human casualties on both sides. Early last year, the Ministry of Defence of Ukraine said it will purchase 4.5 million first-person view drones to further shore up its capabilities. Iran, meanwhile, has launched over 3,000 drones to deliver asymmetric long-range strikes against United States and Israeli forces. The Center for Strategic and International Studies in Washington has estimated Iran

May 19, 2026By Ko Dong-hwan

After wars in Ukraine and Iran, Weflo steps up to enable smarter drone use

Companies

Starbucks under fire for 'Tank Day' promotion on Gwangju Uprising anniversary

Starbucks Korea faced backlash Monday, as the nation commemorated the May 18 Uprising, for using phrases in a product promotion that were seen as provoking sentiment against the historic event. The major coffee chain shut down the event amid a flood of online criticism and issued an apology. The controversial phrases included “Tank Day,” the event’s title, which evoked memories of the military vehicles used by former President Chun Doo-hwan to suppress protesters in Gwangju in 1980. Citizens had risen up against his military regime, demanding an end to martial law and the establishment of a democratic system. The promotion offered a 10 percent discount on the Colorful Tank Tumbler Set and a 21 percent discount on the Tank Duo Set. The company admitted that it had discovered “inappropriate phrasing during our promotion of the Dante, Tank and Nasu tumbler series, which was part of our Buddy Week event running from May 15 to 26.” The promotion also used the phrase “Put it on the table with a sound of ‘Tak!’” — wording that evoked the infamous explanation tied to the 1987

May 18, 2026By Ko Dong-hwan

Starbucks under fire for 'Tank Day' promotion on Gwangju Uprising anniversary

Companies

PHOTO Ulta Beauty meets K-beauty

Visitors crowd a traditional Korean hanok-inspired entrance to the K-Beauty World booth at Ulta Beauty Field Leadership Conference 2026 at the Orange County Convention Center in Orlando, Fla., in April. Held April 14 to 16, the event brought together about 200 select brands carried by major U.S. retailer Ulta Beauty. Landing International, Ulta’s Korean cosmetics distributor, jointly hosted the booth to showcase rising Korean hair care and skin care brands in the U.S. market. The company said online influencers, beauty media editors, brand representatives and local consumers showed strong interest. Landing has operated the K-Beauty World booth annually for a decade to promote K-beauty in the United States. Courtesy of Landing International

May 18, 2026By Ko Dong-hwan

Companies

Genesis BBQ chairman wins CEO award

The chairman of major fried chicken franchise Genesis BBQ was honored Friday for the company’s domestic and global businesses as well as social outreach, efforts for franchisees and internal operations. The company said Monday that Yoon Hong-geun won Korea’s Top Midsize Business CEO Award, chosen by business academics, during the 2026 Spring Conference of the Korean Academic Society of Business Administration. The event was held at the Korea Chamber of Commerce and Industry in Seoul’s Jung District. The award recognizes executives who successfully led midsize enterprises — the backbone of the national economy, according to Genesis BBQ — and demonstrated an exemplary growth model from startup to maturity. A selection committee evaluates candidates based on moral entrepreneurship, management philosophy, industrial competitiveness, business expansion outcomes, transparent management and social responsibility. One of Yoon’s recognized achievements was the establishment of a franchise model that works for both franchisees and management. Since its foundation in 1995, Genesis BBQ

May 18, 2026By Ko Dong-hwan

Companies

Homeplus desperate for loan from creditor Meritz amid financial crisis

Homeplus, an ailing Korean retailer undergoing a rehabilitation process, said Sunday it has once again urged its largest creditor, Meritz Financial Group, to approve a loan to sustain immediate business operations. The discount chain store operator earlier this month made the same request to Meritz but did not receive any response. As part of efforts to secure liquidity, Homeplus recently sold its smaller supermarket unit Homeplus Express, and temporarily suspended operations at 37 of its 104 main stores on May 10. The company, however, said in its latest statement that under its current financial predicament it can no longer afford to run its remaining stores. The company delayed paying wages starting last month. “Since Meritz has secured most of our major assets as collateral, there is no way for us to independently secure operating funds. At this point, Meritz is the only entity that can provide emergency operating fund loans,” the statement said. “It is nearly impossible for a retail company to normalize its business once its operations are suspended. If even the remaining 67 st

May 17, 2026By Ko Dong-hwan

Homeplus desperate for loan from creditor Meritz amid financial crisis

Companies

KT&G draws global investors' attention amid record tobacco sales

Tobacco company KT&G is drawing global investors’ attentions as its first-quarter overseas sales reached a record high, while its shareholder-friendly dividend policy also continued to gain favorable reviews. The company said Sunday that Capital Group, one of the world’s largest global asset management firms, earlier this month acquired a 5.61 percent stake in KT&G through its subsidiary, Capital Research and Management Company. This development came just four months after BlackRock, the world’s largest asset manager, secured more than a 5 percent stake in KT&G in January. KT&G has recently seen a steady increase in foreign ownership. Foreign investors posted net purchases for 22 consecutive trading days from April 9 through Tuesday. During this period, they acquired more than 1.03 million shares, raising their ownership stake by 0.96 percentage point. As of Tuesday, the number of foreign-held KT&G shares had increased 3 percent from the beginning of the year. Given that Korea’s stock market is concentrated on the semiconductor sector, continued foreign investment in KT&G shares

May 17, 2026By Ko Dong-hwan

KT&G draws global investors' attention amid record tobacco sales

Companies

KORAIL chief signals 1st fare hike in 15 years amid mounting debt

GWANGJU — The new head of state-run railway operator Korea Railroad Corp. (KORAIL) said Thursday that the company’s worsening financial situation will require a fare hike in the future — the first in 15 years — as its debt has surpassed 21 trillion won ($14 billion). KORAIL CEO and President Kim Tae-seung, who took office in March, said at a press conference that current fare levels are insufficient to cover costs for the company’s 30,000 employees and the operation of the country’s high-speed rail system, KTX. “We’re now under a huge financial pressure, especially as we will provide a 10 percent discount and a 5 percent mileage bonus to users of KTX and SRT when we launch our integrated service with SR in September,” Kim said, referring to the country’s other state-run operator of high-speed rail service. “But we’ll first have to earn the public’s consent. The National Assembly and ministries will also have to support us for that.” The financial strain also threatens the company’s plan to replace aging train cars, a costly project. According to Kim, 46 trai

May 17, 2026By Ko Dong-hwan

KORAIL chief signals 1st fare hike in 15 years amid mounting debt

Companies

Nongshim eyes 60% export share by 2030 on Shin Ramyun growth

Nongshim on Wednesday announced a new goal for its exports to surpass 60 percent of total sales, building on the global success of its signature instant noodle brand, Shin Ramyun. “Our goal is clear. As a global food and beverage lifestyle leader, we will reach annual sales of 7.3 trillion won ($4.9 billion) by 2030, achieving operating profit margin of 10 percent,” Nongshim CEO Cho Yong-chul said during a press conference marking the 40th anniversary of Shin Ramyun’s launch. “Shin Ramyun’s cumulative sales now amount to 20 trillion won ($13.4 billion). If the noodle packages were connected end to end, the distance would equal 2,200 round trips between the Earth and the moon and six trips between the Earth and the sun.” The announcement came with the launch of the brand’s new edition, Shin Ramyun Rose, which adds tomato and cream flavors to the original product’s signature spiciness. The new product hit shelves in Korea and Japan on Monday and will be rolled out to other markets later. Currently, Shin Ramyun is available in 100 countries. “We carried out tasting events

May 13, 2026By Ko Dong-hwan

Ko Dong-hwan

Read more

Daewoo E&C expands LNG presence in Nigeria, Mozambique

CJ data leak exposes personal information of 330 female employees

After wars in Ukraine and Iran, Weflo steps up to enable smarter drone use

Starbucks under fire for 'Tank Day' promotion on Gwangju Uprising anniversary

PHOTO Ulta Beauty meets K-beauty

Genesis BBQ chairman wins CEO award

Homeplus desperate for loan from creditor Meritz amid financial crisis

KT&G draws global investors' attention amid record tobacco sales

KORAIL chief signals 1st fare hike in 15 years amid mounting debt

Nongshim eyes 60% export share by 2030 on Shin Ramyun growth

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