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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Why Qatar invited Shinsegae chairman to state dinner with Trump

Shinsegae Group Chairman Chung Yong-jin had his second face-to-face meeting with U.S. President Donald Trump since the latter's reelection last November, accompanying Trump on his visit to Qatar — one of the destinations for his presidential tour of the Middle East this week. In footage showing Trump greeting guests lining up to attend a state dinner in Doha on Wednesday (local time), Chung is seen shaking hands with the president and Qatari Emir Sheikh Tamim bin Hamad Al Thani, engaging in a brief conversation with them for about 15 seconds. Chung was the only Korean businessman captured in the footage. At least on the surface, the meeting seemed to come as a surprise even to the public relations team at the Korean retail conglomerate. Officials from the team said they did not know why their chairman had traveled to the Middle East, where the company currently has no business operations. Shinsegae spokespersons were unavailable for comment Thursday morning when asked how and why Chung attended the dinner. A Shinsegae spokesperson later said Chung was invited at the request of the Qat

May 15, 2025By Park Jae-hyuk
Why Qatar invited Shinsegae chairman to state dinner with Trump

Hyundai Motor breaks ground on 1st Middle East plant in Saudi Arabia

Hyundai Motor broke ground on its first Middle East manufacturing base in Saudi Arabia, Wednesday (local time), marking a key milestone for the carmaker’s global expansion. According to the company, it held a groundbreaking ceremony for Hyundai Motor Manufacturing Middle East (HMMME) at the King Salman Automotive Cluster in Saudi Arabia. The ceremony was attended by over 200 dignitaries and officials from both countries, including Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Ibrahim Al-Khorayef, PIF Deputy Gov. Yazeed, Hyundai Motor Group Vice Chairman Chang Jae-hoon and Acting Korean Ambassador to Saudi Arabia Moon Byung-jun. HMMME is a joint venture between Hyundai Motor and Saudi Arabia's Public Investment Fund (PIF), holding 30 percent and 70 percent stakes, respectively. Production is scheduled to start in the fourth quarter of 2026 with an annual capacity of 50,000 vehicles, including both electric vehicles (EVs) and internal combustion engine models. The plant will be a complete knock-down manufacturing system, in which parts will be sourced from abroad and

May 15, 2025By Nam Hyun-woo
Hyundai Motor breaks ground on 1st Middle East plant in Saudi Arabia

China's Temu fined for transfer of Korean users' personal info

Chinese e-commerce platform Temu has been fined for secretly transferring Korean users' personal information to China and Singapore, the state data protection watchdog here said Thursday. The Personal Information Protection Commission (PIPC) said it decided to impose a fine of 1.36 billion won ($970,000) on Temu during a plenary meeting Wednesday for violating the Personal Information Protection Act. In April last year, the PIPC launched an investigation into personal data collection and usage by Temu and AliExpress — two major Chinese e-commerce platforms expanding aggressively in Korea. While the watchdog imposed a fine of about 1.97 billion won on AliExpress three months later, it postponed a decision on Temu due to insufficient data on its local sales. Temu entrusted the processing or storage of personal information to multiple businesses in Korea, China, Singapore, Japan and other countries for product delivery but did not disclose that in its personal information processing policy, according to the PIPC. In addition, the company did not provide management and supervision, such as

May 15, 2025By Yonhap
China's Temu fined for transfer of Korean users' personal info

LG Electronics CEO highlights growth strategy focused on Global South

LG Electronics Chief Executive Officer (CEO) Cho Joo-wan said Thursday his company is expanding its focus on business opportunities in emerging markets across Southeast Asia, South America and Africa. "The global economy is entering a new era — shaped by rapid technological and geopolitical changes," Cho wrote in a LinkedIn post. "In this shift, the Global South — once seen as emerging — is now leading innovation and growth." The Global South refers to a group of developing and less-developed nations, mostly located in the Southern Hemisphere. These countries are increasingly attracting global consumer-focused companies, driven by their youthful populations and rising purchasing power. Citing data from major institutions, including the International Monetary Fund (IMF), Cho described the Global South as a new engine of global transformation — leading economic growth, driving supply chain shifts, and accelerating digital and technological innovation. "As a rising force in consumption, production and innovation, the Global South is a key growth partner," he said. "LG Electronics is

May 15, 2025By Yonhap
LG Electronics CEO highlights growth strategy focused on Global South

Baskin-Robbins experiments with AI to expand ice cream market

Major food product group SPC will open a new strategic Baskin-Robbins store in Seoul’s luxurious Cheongdam area on Friday, to cement the popular ice cream brand’s market share and provide artificial intelligence (AI)-aided customized services to consumers. SPC Vice President Hur Hee-soo held a press conference on Thursday at the new flagship store, speaking on the new store’s significance to the American brand that first opened in Korea in 1986. American Chamber of Commerce in Korea (AMCHAM Korea) Chairman James Kim also made a surprise visit to the press conference. SPC said the new store, together with one in Seoul’s Dogok area which opened last year, will be the brand’s two flagship stores, introducing innovative flavors and the latest in customized services. Hur said the new store in Gangnam District demonstrates SPC’s goal to upgrade by implementing the group's "ICET" vision: innovation, collaboration, environment and technology. “When we opened our first Baskin-Robbins store here, our choices, which had been limited to vanilla, strawberry and chocolate, were liberated

May 15, 2025By Ko Dong-hwan
Baskin-Robbins experiments with AI to expand ice cream market

Hanwha heir tightens grip through Ourhome takeover

Hanwha Hotels & Resorts said Thursday it has completed the acquisition of a controlling 58.62 percent stake in food catering firm Ourhome for 869.5 billion won ($620 million). The hotel operator's successful takeover of Korea's second-largest meal service provider is expected to bring Hanwha Hotels & Resorts Vice President Kim Dong-seon — the youngest son of Hanwha Group Chairman Kim Seung-youn — closer to inheriting the retail business of the nation's seventh-largest business group. The deal is widely described as a case of a minnow swallowing a whale, as Ourhome posted 2.2 trillion won in annual revenue last year, nearly three times more than Hanwha Hotels & Resorts’ 750.9 billion won. Ourhome workforce is also nearly three times larger than that of its new owner. Before the latest announcement, there had been skepticism the deal could fall through due to opposition from some members of the Ourhome founding family, who collectively held a 40.27 percent stake in the catering firm. There were also market doubts about how the acquisition would be financed. Though the former owner fa

May 15, 2025By Park Jae-hyuk
Hanwha heir tightens grip through Ourhome takeover

Horse riding in Korea gallops with gov’t investments in animal welfare

JANGSU, North Jeolla Province — The government’s investment in bringing horses closer to people is beginning to pay off. More people are visiting to see and interact with horses, while the authorities are strengthening research to preserve healthy breeds and operating pastures where retired horses can spend the rest of their lives under human care. Behind those scenes is the Korea Racing Authority (KRA) under the Ministry of Agriculture, Food and Rural Affairs. Established in 1922 to develop the horse racing industry and livestock farming, the agency now focuses on appealing to the broader public with not only horse riding fun but also getting familiar with the animals and a better understanding of why animal welfare matters. One of the country's largest horse facilities run by the KRA is in Jangsu, North Jeolla Province, a deep countryside surrounded by mountains. Here, the agency runs Jangsu Horse Riding Leisure Park, a tourism facility where people of all ages can interact with horses through hands-on experiences such as grooming and riding. Professional instructors under the age

May 15, 2025By Ko Dong-hwan
Horse riding in Korea gallops with gov’t investments in animal welfare

KITA chairman engages US officials to mitigate trade headwinds

Korea International Trade Association (KITA) Chairman Yoon Jin-sik and representatives from several Korean companies operating in the United States met with senior U.S. officials this week in Washington, calling for a tariff deferral or exemption for Korean firms that serve as partners in stabilizing U.S. supply chains. The association said Thursday that Yoon and senior officials of Meta Biomed, Exicon, Iljin Group, Jusung Engineering, Doosan, Dongwon and SeAH Steel visited Washington D.C. from Monday to Thursday for their U.S. outreach campaign. The delegation attended SelectUSA, a U.S. federal program aimed at promoting foreign direct investments, and met Trevor Kellogg, chief of staff for the International Trade Administration at the Department of Commerce. “Korean companies have not only created quality jobs through active investment in the U.S., but have also made significant contributions to strengthen America's advanced manufacturing capabilities,” Yoon was quoted as saying during the meeting. “Korea has grown beyond a simple economic partner to become a force multiplier nat

May 15, 2025By Nam Hyun-woo
KITA chairman engages US officials to mitigate trade headwinds

Lotte Mart enters Singapore market with PB products

Lotte Mart, a discount store chain under Korean retailer Lotte Shopping, said Thursday it has entered the Singaporean market with Korean food items and its private brand (PB) products. The company said in a press release that it has opened its first outlet in Singapore, Lotte Mart Express, as a shop-in-shop inside NTUC FairPrice, the country's largest retail chain. The new outlet features a space where customers can cook and enjoy Lotte's ready-to-cook products, such as tteokbokki and ramyeon. Lotte Mart's PB products, along with flagship items from its affiliates, will also be available at about 100 FairPrice stores across Singapore, the company said. Lotte Mart currently operates 111 outlets in Korea, as well as 48 in Indonesia and 15 in Vietnam.

May 15, 2025By Yonhap
Lotte Mart enters Singapore market with PB products

Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project

Hyundai Rotem, a Korean railway and defense systems company, said Thursday it has won a 420 billion won ($298.1 million) contract to supply automated trains for a subway project in Taiwan. Under the deal with the city government of Taichung, Taiwan's second-largest city with a population of about 2.8 million, Hyundai Rotem will supply fully automated trains with cutting-edge technology for the city's blue subway line. A single three-car trainset will be able to carry up to 530 passengers at a maximum operating speed of 80 kilometers per hour. It will use lightweight aluminum bodies to increase durability while reducing vehicle weight, thus improving energy efficiency, The blue line is the second of four planned metro lines in the city, spanning 24.78 kilometers with 20 stations. The line is expected to significantly improve commutes for local office workers and students. Hyundai Rotem said its successful track record in Taiwan has contributed to its bid success, following previous projects, such as supplying trains for Taiwan Railways, the Kaohsiung Red Line and Taipei Metro. "A series of

May 15, 2025By Yonhap
Hyundai Rotem wins $298 mil. contract to supply trains for Taiwanese subway project
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