Business - The Korea Times

Shinsegae goes all out to capitalize on holiday weeks in China, Japan

Shinsegae Group is going all out to capitalize on holiday periods in China and Japan that run through next week, rolling out promotional events targeting customers visiting from neighboring countries. Japan’s Golden Week and China’s Labor Day holiday week coincide with Korea’s Labor Day on Friday and Children’s Day on Tuesday, prompting major retailers here to brace for a “super week” expected to bring a surge of visitors and spending. Shinsegae Group’s retail subsidiaries spanning fashion, beauty, lifestyle and duty-free stores have revamped layouts and launched discount events to boost the shopping mood. The conglomerate aims to focus on the holiday period as a way to sustain the recent rise in spending by foreign customers. In the first quarter, Shinsegae Department Store saw sales to foreign shoppers surge, with women’s fashion jumping 99.6 percent from the previous quarter. Men’s fashion rose 121 percent and the beauty segment increased 91.2 percent. Fashion and beauty have become the group’s keywords for its latest promotional bonanza. Shinsegae International’

Apr 29, 2026By Ko Dong-hwan

Shinsegae goes all out to capitalize on holiday weeks in China, Japan

Bom Kim designated as legal leader of Coupang, faces heavier regulatory scrutiny

Korea’s antitrust watchdog on Wednesday named Coupang founder Kim Bom-suk, better known as Bom Kim, as the legally designated controller of the e-commerce giant, a move that will put him under a wider range of regulatory scrutiny. The Fair Trade Commission (FTC) released its 2026 list of business groups subject to public disclosure, and designated Kim, the board chairman of Coupang’s U.S.-based parent company Coupang Inc., as the group’s “same person” — a legal term referring to an individual deemed to effectively control a conglomerate. The term is based on the concept that all affiliates in a business group are de facto controlled by a single individual and treated as one economic entity. Once designated, the person and their relatives are required to submit extensive disclosures on governance and shareholding. The designation also subjects the group to broader regulations on issues such as unfair intra-group support and circular shareholding. Kim, a U.S. national, became the second foreign national designated as a controlling figure of a Korean conglomerate, following OCI

Apr 29, 2026By Nam Hyun-woo

Bom Kim designated as legal leader of Coupang, faces heavier regulatory scrutiny

AMCHAM report highlights regulatory hurdles facing US firms in Korea

The American Chamber of Commerce in Korea (AMCHAM) released on Tuesday its annual 2026 Business Environment Insight Report outlining key regulatory challenges and policy recommendations aimed at strengthening Korea’s competitiveness as a regional headquarters and innovation hub for U.S. companies. In its report, AMCHAM identified key regulatory challenges facing U.S. companies in Korea, including issues that may function as nontariff barriers, AMCHAM Chairman and CEO James Kim said. The report said complex regulatory structure, policy inconsistency and misalignment with global standards continue to burden business activity. Overlapping regulations, frequent policy changes and limited predictability were also cited as major sources of uncertainty in investment and operations. These challenges, the report pointed out, are becoming more critical in emerging sectors such as artificial intelligence and digital infrastructure, where policy clarity, cross-border data mobility and reliable access to energy and infrastructure are seen as essential to innovation and large-scale investment. The r

Apr 29, 2026By Lee Gyu-lee

AMCHAM report highlights regulatory hurdles facing US firms in Korea

Samsung Display, LG Display win top SID honors

Samsung Display and LG Display have reaffirmed the nation’s display prowess by winning top awards from an internationally renowned industry forum. According to Samsung Display on Wednesday, its dual-folding TriFold panel has been named “Display of the Year,” the most prestigious honor within the Display Industry Awards, presented annually by the Society for Information Display (SID). The award recognizes the most innovative display product introduced over the past year. On Tuesday (local time), SID praised the TriFold as a new form factor designed for the mobile artificial intelligence era, delivering both powerful performance and exceptional portability. The organization added that its 10-inch-class immersive display unlocks new possibilities across productivity, creativity and entertainment. SID also highlighted the panel’s advanced materials, noting that they enhance the durability of its dual-folding structure while maintaining its slim profile. Samsung Display began mass production of the TriFold display in September 2025. With a total module thickness of just 0.44 millimet

Apr 29, 2026By Nam Hyun-woo

Samsung Display, LG Display win top SID honors

LS Electric wins $216.5 mil. deal from US energy firm for data center project

LS Electric, a Korean electrical equipment maker, said Wednesday it has secured a 319 billion-won ($216.5 million) contract to supply power distribution systems to Bloom Energy, a U.S. energy solution firm, for a large-scale data center project. The company said the deal with Bloom Energy involves providing power distribution solutions for a hyperscale data center operated by a U.S. big tech company in New Mexico, without disclosing the name of the firm. Bloom Energy has teamed up with Oracle, a global cloud service provider, for its artificial intelligence (AI) and cloud computing infrastructure. Earlier this month, LS Power Solution, LS Electric's subsidiary, signed a 106.6 billion-won contract to supply transformers to a U.S. energy infrastructure company to power a large-scale data center in the central United States. Investment in power infrastructure across North America is rising amid growing electricity demand driven by the AI boom, LS Electric said, noting it aims to further expand its presence in the region.

Apr 29, 2026By Yonhap

LS Electric wins $216.5 mil. deal from US energy firm for data center project

Nongshim partners with Chinese firm to boost second half of year sales

Nongshim, Korea's leading instant noodle maker, said Wednesday it has partnered with a Chinese company to launch collagen-based dietary supplements in the second half of the year. Under the agreement, Nongshim will sell its Lifill collagen products through the distribution network of Guangzhou Wanglaoji Pharmaceutical in China, the company said in a press release. Nongshim also plans to introduce its partner's dietary supplements in the Korean market later this year to create synergies. China's dietary supplements market, valued at about 41 trillion won ($27.8 billion), is expected to grow at an average annual rate of around 7 percent through 2027, the company said. The partnership is part of Nongshim's broader effort to diversify its portfolio beyond instant noodles and snacks and secure long-term growth.

Apr 29, 2026By Yonhap

Nongshim partners with Chinese firm to boost second half of year sales

DeepMind chief holds separate meetings with heads of Korean conglomerates in Seoul: sources

Demis Hassabis, the co-founder and chief of Google DeepMind, held separate meetings Tuesday with the heads of major Korean conglomerates, including Hyundai Motor and LG Group, industry sources said. Hassabis reportedly met with Euisun Chung, the executive chair of Hyundai Motor Group, earlier in the day. He later visited LG Group's main office and met with the group's chairman, Koo Kwang-mo, insiders added. Hassabis and Koo are expected to have discussed ways to further partnerships in AI during the closed-door meeting, also attended by executives from LG Electronics and the group's AI research lab, according to the sources. The DeepMind executive has been in Seoul since Monday, marking his first such trip in 10 years, after DeepMind's AI, AlphaGo, beat Korea's legendary Go player Lee Sedol in a historic human-versus-machine match in 2016. He has hinted at possible meetings with major Korean conglomerates in a memorandum of understanding (MOU) signing ceremony with the science ministry, saying DeepMind plans to expand and deepen existing partnerships it has with local conglomerates.

Apr 28, 2026By Yonhap

DeepMind chief holds separate meetings with heads of Korean conglomerates in Seoul: sources

Samsung contemplates dropping TV, appliance biz in China

Samsung Electronics is weighing a potential exit from its TV and home appliance sales business in China, as intensifying competition and weakening profitability continue to cloud its outlook in one of the world’s largest consumer markets. Citing sources familiar with the matter, Japanese news outlet Nikkei reported Monday that the company is expected to decide as early as the end of this month whether to halt sales of its TVs and appliances in China, with potential plans to liquidate inventory and wind down operations within the year. The report said Samsung is considering maintaining its local manufacturing in China even if it exits sales, repositioning its production bases as export hubs serving nearby markets for home appliances such as refrigerators, washing machines and air conditioners. The potential withdrawal comes as Chinese brands such as TCL and Hisense rapidly gain global market share, leveraging aggressive pricing and improving product quality. The combined share of Chinese brands in the global TV market reached 31.9 percent last year, surpassing Korea’s 30.4 percent, u

Apr 28, 2026By Lee Gyu-lee

Samsung contemplates dropping TV, appliance biz in China

HD Hyundai partners with KAIST-affiliated science academy to foster future engineers

HD Hyundai signed a memorandum of understanding (MOU) with the Korean Science Academy of Korea Advanced Institute of Science and Technology (KAIST), Tuesday, to nurture future scientists and engineers. Under the agreement, the KAIST-affiliated academy will receive support from HD Hyundai in employee development and research, along with special lectures on science, technology and entrepreneurship. Students will also be invited to visit and gain hands-on experience at HD Hyundai affiliates. The Korean Science Academy of KAIST is the country’s first science high school focused on research-based education. Over the past 11 years, all of its graduates have gone on to pursue degrees in science and engineering fields. “Amid rapidly changing technologies and intensifying global competition, the importance of science and technology talent is greater than ever,” said Chang Kwang-pil, director of Advanced Research Center at HD Korea Shipbuilding & Offshore Engineering. “We will take the lead in fostering future engineers through this partnership with the academy, which has long played a key

Apr 28, 2026By Ko Dong-hwan

HD Hyundai partners with KAIST-affiliated science academy to foster future engineers

Tuna extract raises cooking brand for Dongwon F&B

Dongwon Tuna Extract is helping lift Dongwon F&B across Korea’s cooking scene and retail market, as rising grocery and dine-in prices fuel a surge in home-cooking consumers. The product has garnered fame as an all-purpose sauce with mostly positive reviews from consumers from those cooking at home to experienced professionals. Use for the sauce, with ingredients including over 80 percent of smoked tuna extract and radish, shiitake mushrooms and kelp, extends to not just Korean dishes but to Western and Japanese cuisines as well. The market influencer by the subsidiary of Dongwon Industries that dominates the country’s tuna can market for more than 40 years hit retail shelves in 2022. In 2024, its sales spiked more than 50 percent from previous year. A total of 7.5 million bottles were sold by the end of last year. Market analyst NielsenIQ Korea said the product lineup, which offers three different varieties, dominated the tuna extract market here from April 2025 to last month. In January, it won the Grand Prize in the tuna broth category at Korea First Brand Awards hosted by the Kor