Business - The Korea Times

Hanwha Systems, Northrop Grumman partner for joint development of air defense systems

Korea's Hanwha Systems has partnered with U.S. defense giant Northrop Grumman to jointly develop multilayered air defense systems, industry sources said Monday. According to the sources, Hanwha Systems has recently signed a memorandum of understanding (MOU) for joint projects in air defense systems with the U.S. firm, which is the developer of the Integrated Air and Missile Defense Battle Command System (IBCS). IBCS is regarded as one of the most advanced air defense command and control platforms in the world. It integrates radar and interceptor systems across land, sea and air to build a dense and flexible air defense network, enabling coordinated responses to a range of threats. The partnership comes as Hanwha Systems continues to strengthen its radar technologies. Last month, the company was selected to develop the multi-function radar (MFR) for the second-phase development of Korea's long-range surface-to-air missile (L-SAM) system. Hanwha has previously developed and supplied MFR systems for missile systems under projects led by the state-run Agency for Defense Development. "The syne

Jun 16, 2025By Yonhap

Hanwha Systems, Northrop Grumman partner for joint development of air defense systems

Coupang launches ‘Rocket Jikgu Summer Black Friday’

Coupang, Korea’s largest e-commerce platform, kicked off its “Rocket Jikgu Summer Black Friday” event Monday, billing it as the biggest discount promotion of the first half of the year. The weeklong sale runs through Sunday and offers steep discounts on thousands of products from major global brands, as consumers continue to grapple with rising prices on everyday necessities. The promotion features more than 20,000 items from over 800 leading global brands, with discounts of up to 70 percent. Electronics, fashion, health supplements and household items are among the key categories. Global tech brands such as Logitech and Lenovo are participating with deals on wireless mice, gaming keyboards and tablet PCs. Xiaomi is highlighting summer-friendly appliances, including smart dehumidifiers, standing fans and travel suitcases. In the fashion segment, brands like Nike, Adidas, Skechers, Asics and Vans are offering sneakers, athletic wear and sports accessories. Coupang is also spotlighting products from Japanese snack maker Calbee, U.S. supplement brand Healthy Origins and toy giant LEGO

Jun 16, 2025By Ko Dong-hwan

Coupang launches ‘Rocket Jikgu Summer Black Friday’

Adidas names new Korea chief

Adidas has named Markus Morent, an Austrian national, as the new managing director for its Korean market, effective June 9. This marks the company’s first regional leadership appointment since Korea was elevated to a key standalone market, separate from Asia Pacific, in January 2024. The announcement was made by the multinational sportswear manufacturer on Monday. According to the company, the appointment is a strategic step to solidify its continued growth in Korea. It also described the appointment as a “significant milestone that reflects the brand’s ongoing commitment to and high expectations for the Korean market.” Prior to this appointment, Morent served as managing director of Adidas Colombia. Before that, he led Adidas’ retail and e-commerce operations in Korea from 2014 to 2019. His career with Adidas began in 2005, when he joined the company’s retail finance division, supporting markets across Europe, the Middle East and Africa. Morent succeeds Peter Kwak, who stepped down due to family reasons. According to Adidas Korea, Kwak — appointed in 2021 — “played a p

Jun 16, 2025By Ko Dong-hwan

LG to supply EV batteries to China's Chery

LG Energy Solution (LGES) has signed a six-year contract to supply 8 gigawatt-hours of 46-series cylindrical batteries to O&J Automotive Netherlands, a subsidiary of China's Chery Automobile. This is the first time that a Korean company has successfully secured mass sales of cylindrical batteries to a Chinese carmaker. The agreement is seen as a testament to the competitiveness of LGES' products, as Chinese automakers have traditionally preferred domestically made batteries. Chery has mainly partnered with CATL, although it owns its own battery brand, Kunpeng, which is developing all-solid-state battery technology. Notably, Chery selected LGES' ternary batteries, made with nickel, cobalt and manganese, for their higher energy density — opting against the more affordable lithium iron phosphate (LFP) batteries mostly produced by Chinese firms. "Irreplaceable and differentiated customer value, built on unmatched technological prowess, is the only way to overcome the downturn in the electric vehicle (EV) market and seize the upcoming super-cycle," LGES CEO Kim Dong-myung said. "Our recent

Jun 16, 2025By Park Jae-hyuk

LG to supply EV batteries to China's Chery

Global Editions by Dunhill redefines consumer identity, sensory experience

A rapidly growing trend in Korea, “chugumi,” combines the words for “pursuit” and “beauty” to describe a new consumer mindset. Driven by the desire for self-expression, today’s consumers are seeking products that reflect their values, aesthetics and aspirations — not just functional benefits. Consumption has become a way to communicate personal identity, with taste and design playing pivotal roles in defining who they are. This shift is transforming industries as brands increasingly focus on delivering emotional and sensory value. Products are no longer judged solely on utility; instead, they are expected to offer bold flavors, thoughtful design and compelling storytelling. The result is a marketplace where sensory experiences are essential to connecting with consumers’ lifestyles and dreams. Recognizing this evolution, BAT Rothmans launched Global Editions by Dunhill in May. Inspired by Korean consumers’ search for daily escape and refreshment, the brand is themed around travel and exploration. The lineup features three varieties: the New York Edition, Paris Editio

Jun 16, 2025By Ko Dong-hwan

Global Editions by Dunhill redefines consumer identity, sensory experience

CJ Logistics courier recognized for saving citizen’s life

CJ Logistics has presented a commendation and reward to its courier Song Jong-hyun for saving a citizen’s life from a suicide attempt, the company announced Sunday. Song, a 43-year-old courier assigned to the Sandong area in Gumi, North Gyeongsang Province, was on his way to work May 19 when he noticed a man in his 30s behaving unusually on Gumi Bridge. Observing the man’s erratic movements, Song kept a watchful eye and, upon seeing him climb onto the bridge railing, immediately called the police. Although police officers arrived and tried to restrain the man, he jumped off the bridge. Song remained at the scene after reporting the incident and provided accurate location and details to assist officers with the rescue. His decisive actions helped the fire department’s rescue team to quickly assess the situation and rescue the man, allowing them to promptly transport him to the hospital for medical attention. “I felt something was wrong when I saw him walking dangerously on the bridge, holding a bottle of alcohol,” said Song, a 15-year veteran courier. “I’m glad that I didn’

Jun 16, 2025By Lee Gyu-lee

CJ Logistics courier recognized for saving citizen’s life

Is anyone willing to acquire Homeplus as its value drops?

Attention is focused on who will become the new largest shareholder of Homeplus, as the retail store chain, which filed for corporate rehabilitation proceedings in March, is now looking for a buyer to acquire or merge with the company to avoid bankruptcy, according to industry officials Sunday. This is expected to offer a rare opportunity to acquire the retail giant — valued at 3.7 trillion won ($2.7 billion) in liquidation — at a relatively low price, as MBK Partners, the private equity firm and current largest shareholder, decided to forgo its entire investment of 2.5 trillion won. In 2015, MBK acquired a 100 percent stake in Homeplus from the British retailer Tesco for 7.2 trillion won. Excluding the 1.2 trillion won in existing debt that Homeplus had assumed, the actual acquisition price was 6 trillion won. However, a series of unfavorable factors, including a prolonged slump in the retail industry, prevented MBK from selling Homeplus for over a decade. As the retailer continued to struggle with financial difficulties and faced credit rating downgrades, it ultimately filed for c

Jun 15, 2025By Jun Ji-hye

Is anyone willing to acquire Homeplus as its value drops?

Lotte heir steps up presence in conglomerate's future planning

Lotte Group Vice President Shin Yoo-yeol, the eldest son of the group’s Chairman Shin Dong-bin and the conglomerate’s most likely next-in-line chairman, is increasing his presence in the conglomerate's management, attending a global consumer goods forum in the Netherlands along with top executives. According to Lotte Group, Sunday, Shin attended the 2025 Consumer Goods Forum Global Summit in Amsterdam from Tuesday to Friday. The forum, launched in 1953, is a global initiative currently with 400 consumer goods makers and distributors from 70 countries. Lotte has been a member of the forum since 2012, alongside globally known companies and brands like Amazon, Walmart and Nestle. On the trip, Shin accompanied CEOs of Lotte subsidiaries including Lotte Shopping CEO and Vice Chairman Kim Sang-hyun, Lotte Chilsung Beverage CEO Park Yun-gie, and Lotte Wellfood CEO Lee Chang-yup. CEOs of Lotte's Japanese units also joined the delegation. During the forum, Lotte exhibited its latest products and retail services which range from foods to shopping platforms, chemicals and hotels. The group note

Jun 15, 2025By Ko Dong-hwan

Lotte heir steps up presence in conglomerate's future planning

SK Group focuses on rebuilding trust after data breach

Top executives of SK Group held a meeting on the conglomerates’ management strategy and emphasized the importance of rebuilding the trust of customers and other stakeholders, in a response to a recent massive user data breach at its telecom unit, SK Telecom. According to the group, on Sunday Chairman Chey Tae-won, Senior Vice Chairman Chey Jae-won and more than 20 CEOs of key units attended the meeting on Friday and Saturday at SK Management System Institute in Icheon, Gyeonggi Province. The meeting explored the group’s strategies for the second half of this year, coordinating the business goals of each unit. During the meeting, SK Group executives discussed the crisis stemming from both external and internal challenges, including growing global uncertainties and the recent data breach at SK Telecom. They agreed that the group must return to “the very basics of management through thorough self-scrutiny” and focus on delivering greater value to customers and society as part of efforts to restore public trust. SK Telecom is currently banned from enrolling new customers, following t

Jun 15, 2025By Nam Hyun-woo

SK Group focuses on rebuilding trust after data breach

InterviewHow Korean startup became a financial lifeline for India's middle class

India is a massive financial market, yet few foreign startups have managed to break into it as successfully as Balance Hero, led by CEO Lee Cheol-won. Strict regulations and the difficulty of building consumer trust have posed significant barriers to entry. Lee zeroed in on a sweet spot: India’s massive middle class. Depending on the definition, they account for as much as half of India’s 1.4 billion population, but are often overlooked by traditional finance due to a lack of credit history. Founded in 2014, Balance Hero operates a nationwide-used microloan app in India called True Balance. It offers short-term loans ranging from 1,000 to 100,000 rupees ($1,170) to India’s middle-class population earning between 300,000 won and 1.2 million won ($876.3) per month. Using an AI-based alternative credit scoring (ACS) system, the technology enables fast, contactless credit assessments, typically completed in under a minute. By the end of last year, the platform had issued a cumulative total of 1.64 trillion won in microloans. Lee said he chose India in just seconds. "The market was virtu

Jun 15, 2025By Lee Yeon-woo

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Hanwha Systems, Northrop Grumman partner for joint development of air defense systems

Coupang launches ‘Rocket Jikgu Summer Black Friday’

Adidas names new Korea chief

LG to supply EV batteries to China's Chery

Global Editions by Dunhill redefines consumer identity, sensory experience

CJ Logistics courier recognized for saving citizen’s life

Is anyone willing to acquire Homeplus as its value drops?

Lotte heir steps up presence in conglomerate's future planning

SK Group focuses on rebuilding trust after data breach

InterviewHow Korean startup became a financial lifeline for India's middle class

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