Business - The Korea Times

PHOTO Starbucks closes early

A Starbucks store in Seoul displays a notice Monday announcing an early closure at 3 p.m. for employee training on historical and social awareness. The training follows a controversy over Starbucks Korea's "Tank Day" promotional campaign in May, which drew criticism for language that many viewed as evoking key moments linked to the 1980 pro-democracy uprising in Gwangju. Shinsegae Group Chairman Chung Yong-jin later apologized for the incident. Yonhap

Jun 22, 2026By Ko Dong-hwan

InterviewKorean beef sizzles in Dubai's fine dining scene

Korean fine dining restaurant Hanu in Dubai is now seeing rising demand for hanwoo, Korean beef livestock, over Japanese wagyu. The growing popularity of Korean beef is generating buzz not only for its distinctive taste but also for helping redefine hansik, or traditional Korean cuisine, in one of the Middle East’s major economies. For the past five years, Hanu chef Moon Kyung-soo has worked to secure halal certification for imported hanwoo from Korea, which is now the most popular meat selection at the establishment. “Hanwoo is not as fatty as wagyu. Hanwoo’s real flavor is in its juice and aroma. Our patrons at first doubted hanwoo but they love it now. A table once ordered 25 servings of hanwoo in a single meal,” Moon said in an interview with The Korea Times on Monday. “More than 90 percent of our guests prefer hanwoo over wagyu. As our consumption of wagyu has declined so sharply, our wagyu suppliers complained about the slowdown.” Hanu sources its hanwoo from a slaughterhouse in Hoengseong County, Gangwon Province, the only meat processor in Korea with halal certificatio

Jun 22, 2026By Ko Dong-hwan

Korean beef sizzles in Dubai's fine dining scene

Hanwha Aerospace receives A- issuer credit rating from S&P

Hanwha Aerospace said Monday that it has received a long-term issuer credit rating of A- with a stable outlook from S&P Global Ratings, marking its first rating from a global credit assessment agency and strengthening its access to international capital markets. The company is the first Korean defense and aerospace firm to receive a global credit rating. The investment-grade rating places Hanwha Aerospace in the same category as major global defense companies and is expected to facilitate direct fundraising in overseas debt markets. In its assessment, S&P cited the company's competitive defense platforms, including the K9 self-propelled howitzer and Chunmoo multiple rocket launcher system, which are well-positioned to benefit from rising global defense spending. The ratings agency also highlighted Hanwha Aerospace's expanding weapons exports, particularly to Europe and the Middle East, as well as its ability to rapidly fulfill orders. S&P noted the company's strategic importance to Korea's national security and its record order backlog of approximately 37 trillion won ($24 billion) at the

Jun 22, 2026By Lee Min-hyung

Hanwha Aerospace receives A- issuer credit rating from S&P

Net-zero push unites Korea's tire, auto parts giants

As global carbon regulations tighten and pressure mounts across supply chains, Hankook & Company Group is bringing its key affiliates together in a coordinated push toward its 2050 carbon neutrality goal. The group said Sunday that it recently held an energy exchange meeting at Hankook Engineering Lab in Daejeon, gathering energy management officials from Korea & Company, Hankook Tire & Technology and Hanon Systems to strengthen cooperation on carbon reduction and energy efficiency initiatives. About 20 employees from the three companies participated in the meeting, which took place Tuesday. The participants reviewed major energy sources and consumption patterns, discussed greenhouse gas management strategies and shared implementation plans for 2026. They also exchanged views on emissions trading systems, growing customer demands for carbon reduction and anticipated changes to electricity market structures. A key focus of the meeting was identifying practical ways to expand energy-saving measures and renewable energy adoption across the group. Officials introduced successful carbon reducti

Jun 22, 2026By Lee Kyung-min

Net-zero push unites Korea's tire, auto parts giants

Foreign repeat visits to Olive Young Sale surge 11-fold in 3 years

Foreign nationals' repeat visits to CJ Olive Young stores have surged 11-fold compared to three years ago, coinciding with the brand’s quarterly discount events, according to the beauty retailer Monday. Repeat visits by overseas shoppers to CJ Olive Young stores have been increasing annually in recent years, more than doubling each year since 2023. The company said that last year alone, 6,200 foreigners who traveled to Korea shopped at Olive Young three or more times during its discount events. Part of the reason for the repeat visits is that the Korea Customs Service refunds domestic taxes, including value-added tax, to foreign shoppers if they have a customs verification of export goods at airports or ports and leave the country within three months. The policy prompts foreign visitors to leave the country and, driven by interests in K-beauty, come back for more shopping. Olive Young Sale, held every March, June, September and December, involves more than 1,500 domestic beauty brands for discount, all of which represent Korea’s latest products and trends. CJ Olive Young said the ev

Jun 22, 2026By Ko Dong-hwan

Foreign repeat visits to Olive Young Sale surge 11-fold in 3 years

SK hynix beats Samsung Electronics in market cap to become most valuable company

SK hynix on Monday surpassed Samsung Electronics in market capitalization, to become Korea's most valuable listed company. Shares of SK hynix closed 5.61 percent higher, lifting the company's market capitalization to 2,080.37 trillion won ($1,350.98 billion), compared with Samsung Electronics' 2,066.66 trillion won after its stock slipped 0.14 percent. The milestone marked the first time Samsung Electronics has relinquished the top spot on the benchmark Korea Composite Stock Price Index (KOSPI) since it began its uninterrupted reign in 2000. Samsung first became the country's most valuable company by market capitalization in 1999. The shift comes as Korea's two largest chipmakers have continued to benefit from robust semiconductor demand fueled by the artificial intelligence (AI) boom, with SK hynix significantly outperforming Samsung Electronics in stock gains. SK hynix, now the dominant supplier of high-bandwidth memory (HBM) chips used in AI systems by customers including Nvidia and Alphabet's Google, has emerged as one of the biggest beneficiaries of the global AI boom. Its shares have

Jun 22, 2026By Yonhap

SK hynix beats Samsung Electronics in market cap to become most valuable company

Why foreign shoppers are flocking to this Seoul lifestyle store

A lifestyle store tucked into Seoul’s trendy Seongsu neighborhood has become an unlikely magnet for overseas visitors, with foreign customers now accounting for more than half of its sales. 29CM, the curated commerce platform operated by Musinsa, said Monday that its Iguhome Seongsu No. 1 store has attracted more than 1.2 million visitors since opening a year ago, cementing its status as a leading destination for Korean lifestyle brands. The store, which opened June 20, 2025, on Yeonmujang-gil in Seongsu, was launched as 29CM’s first offline lifestyle retail space. Built around the concept of a “taste general store,” the shop brings the company’s online brand curation and storytelling approach into a physical setting. Its growing appeal among international visitors has turned the store into what the company describes as a testing ground for Korean home and lifestyle brands seeking exposure to global consumers. According to 29CM, international shoppers accounted for an average of 56 percent of total sales at the store from March 1 to May 31. As Seongsu has evolved into one of Seou

Jun 22, 2026By Lee Kyung-min

Why foreign shoppers are flocking to this Seoul lifestyle store

Nexen Tire to supply original equipment tires to 2 BYD models

Nexen Tire said Monday it will supply original equipment tires to two BYD electric vehicles — the Seal 6 and the Dolphin Surf — marking the Korean tire maker's first original equipment deal with the Chinese automaker. The Seal 6, a high-performance strategic model BYD has developed for global markets, will be fitted with Nexen's N'FERA Sport, a summer performance tire. The tires will be mounted on vehicles exported to Australia and other markets. The N'FERA Sport has received strong ratings in European tire tests for high-speed stability and handling. The Dolphin Surf — sold in China as the Seagull, which Time magazine named one of its best inventions of 2025 — will receive Nexen's N'Blue S for vehicles bound for Europe. The N'Blue S was developed to meet tightened European carbon emission regulations, with reduced rolling resistance and improved wet-road braking performance. It has been adopted as original equipment for a range of European vehicles and electric models. Nexen Tire, established in 1942 and headquartered in Seoul, began supplying tires to overseas automakers in 20

Jun 22, 2026By Jhoo Dong-chan

Nexen Tire to supply original equipment tires to 2 BYD models

Hyundai Engineering files patents for AI-based leak detection system

Hyundai Engineering said Monday it has filed two patents for an artificial intelligence (AI)-based system that detects water leaks before they occur in data centers and other industrial facilities, developed in partnership with smart control technology firm LJ System. The system departs from conventional leak sensors, which only trigger an alert when water makes direct contact with the sensor. Instead, it continuously monitors multiple data streams — including pressure, flow rate, temperature and humidity — collected through IoT (Internet of Things) sensors, and uses AI to learn normal operating patterns and flag anomalies before a leak develops. A key feature is the system's ability to distinguish between condensation and an actual leak, a persistent source of false alarms in facility management. If humidity rises in a given area but pressure and flow readings remain stable, the AI classifies the event as condensation and suppresses the alert, reducing unnecessary shutdowns in large industrial facilities. The system also uses an on-device AI architecture — also known as edge AI

Jun 22, 2026By Jhoo Dong-chan

Hyundai Engineering files patents for AI-based leak detection system

GS E&C partners with I Squared Capital to expand renewable energy development

GS Engineering & Construction (GS E&C) is accelerating its shift toward an energy transition and developer-led business model as it seeks new growth engines in renewable energy beyond traditional construction. The company said Monday it signed a memorandum of understanding (MOU) with global infrastructure investor I Squared Capital to establish a joint venture aimed at developing renewable energy projects in Korea, including solar power and battery energy storage systems (BESS). I Squared Capital, founded in 2012, is a global infrastructure investment firm managing more than $60 billion (90 trillion won) in assets, with a focus on power and utilities, transport, digital infrastructure, environmental systems and social infrastructure. The signing ceremony was attended by GS E&C CEO Huh Yoon-hong and executives from I Squared Capital. The partnership marks a strategic move for GS E&C as it expands from an engineering, procurement and construction contractor into a full-scale project developer securing energy assets from the early stages. Under the agreement, the two companies plan to devel

Jun 22, 2026By Lee Gyu-lee

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PHOTO Starbucks closes early

InterviewKorean beef sizzles in Dubai's fine dining scene

Hanwha Aerospace receives A- issuer credit rating from S&P

Net-zero push unites Korea's tire, auto parts giants

Foreign repeat visits to Olive Young Sale surge 11-fold in 3 years

SK hynix beats Samsung Electronics in market cap to become most valuable company

Why foreign shoppers are flocking to this Seoul lifestyle store

Nexen Tire to supply original equipment tires to 2 BYD models

Hyundai Engineering files patents for AI-based leak detection system

GS E&C partners with I Squared Capital to expand renewable energy development

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