Business - The Korea Times

LG Chem going aggressive in investments for partner firms

LG Chem has established five key strategies for shared growth with partner firms to foster a fair trading culture and strengthen partner capabilities, implementing detailed initiatives under each strategy. To promote a fair and transparent trading culture, LG Chem has adopted industry-specific standard subcontracting agreements and key compliance principles recommended by the Fair Trade Commission. To support smooth financial operations of its partners, LG Chem is providing financial assistance totaling 206 billion won ($136 million) as of 2025. This includes the Win-Win Fund, a low-interest loan program worth 106 billion won that supports partners’ working capitals. To financially support environmental, social and governance (ESG) initiatives, LG Chem has partnered with Shinhan Bank to establish a 100 billion won ESG Shared Growth Fund. The company has also continuously improved payment terms for subcontractors. Currently, payments are settled three times per month and paid 100 percent in cash within 10 days after closing. To strengthen capabilities of small- and medium-size partner c

May 28, 2026

LG Chem going aggressive in investments for partner firms

LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy

LG Energy Solution's U.S. subsidiary, LG Energy Solution Vertech, has signed a $1.8 billion supply agreement with DTE Energy to develop Michigan-made battery energy storage systems (ESS) across the state, in a deal covering 6 gigawatt-hours (GWh) of storage capacity, the company said Thursday. Under the agreement, LG Energy Solution Vertech will supply battery energy storage systems for eight projects over the next two years. The projects will provide a combined 1.5 gigawatts, or 6 gigawatt-hours, of battery storage capacity aimed at enhancing grid reliability and supporting clean energy deployment. The systems will store electricity during periods of excess generation and supply power during peak demand, helping reduce strain on the grid and improving operational efficiency. “Michigan is a key U.S. manufacturing region for our company, where many of our colleagues live and work,” said Park Jae-hong, CEO and president of LG Energy Solution Vertech. “We’re thrilled to work with DTE to bring Michigan-made energy storage to local communities.” LG Energy Solution said the projects

May 28, 2026By Lee Gyu-lee

LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy

Starbucks fiasco puts Shinsegae under financial strain

Starbucks Korea’s recent marketing blunder, seen as mocking the country’s democracy movements of the 1980s and leading to widespread public outrage, is posing a financial risk to Shinsegae Group, the retail conglomerate that controls the coffee chain through its affiliate Emart. Starbucks Korea has become a core business for the conglomerate, which has 59 subsidiaries. The fallout from the controversy surrounding a promotional event called “Tank Day,” which launched on May 18, has raised questions over whether the cafe chain will face challenges from the blowback and create a negative impact on the conglomerate headed by Chairman Chung Yong-jin. One of the financial risks is a possible loss of 640 billion won ($427 million) if Seattle-based Starbucks Corp. seeks to buy Starbucks Korea back from Emart. The scenario is plausible, thanks to a call option agreed on by the U.S. company and Emart in 2021. At the time, Emart acquired an additional 700,000 shares in unlisted Starbucks Korea from Starbucks Coffee International (SCI), the overseas business and licensing arm of Starbucks

May 28, 2026By Ko Dong-hwan

Starbucks fiasco puts Shinsegae under financial strain

Incheon's Gyeongwonjae by Walkerhill retains 5-star status

Gyeongwonjae by Walkerhill in Songdo, Incheon, has retained its five-star rating, maintaining its status as Korea’s first five-star traditional hanok hotel. The hotel recently secured recertification by the Korea Tourism Association after scoring over 90 percent of the possible 600 points in a hotel rating assessment, the Incheon Free Economic Zone (IFEZ) said Wednesday. The assessment combines scheduled on-site inspections with unannounced evaluations Opened in 2015, the hotel has become one of Incheon’s landmark hospitality properties that blends traditional hanok architecture with modern hotel services. The latest certification follows a series of rebranding and service enhancement initiatives after the Daeil International Hospitality Group took over as the new hotel operator in May last year. Since then, the hotel has rolled out premium upgrades, such as redesigning its lobby layout to improve guest flow, installing new signage and a totem created in collaboration with national intangible cultural heritage artisan Choi Ki-young, as well as upgrades to in-room amenities and consum

May 27, 2026By Lee Gyu-lee

Incheon's Gyeongwonjae by Walkerhill retains 5-star status

Starbucks Korea payments drop 26% after controversial promotion sparks backlash

Payments at Starbucks Korea plunged more than 26 percent in just one week, industry data showed Wednesday, after a controversial promotional event on the pro-democracy uprising in the southwestern city of Gwangju in 1980 sparked national backlash. Operated by E-Mart, a subsidiary of Shinsegae, Starbucks Korea launched an online "Tank Day" promotion on the anniversary of the May 18 Gwangju uprising last week. The event was suspended within hours after drawing widespread public criticism. Starbucks Korea's weekly payment volume totaled 23.69 billion won ($15.81 million) between May 18 and Sunday, according to MobileIndex, a data platform operated by industry tracker IGAWorks. The figure marked a decline of 26.3 percent, or 8.47 billion won, from 32.16 billion won recorded during the previous week. The coffee company launched the discount event for "Tank" tumbler sets, along with a controversial phrase, "Put it on the table with a sound of 'Tak!'" The campaign came under fire, as the word "tank" evoked memories of the military clamping down violently on pro-democracy protesters. The word "T

May 27, 2026By Yonhap

Starbucks Korea payments drop 26% after controversial promotion sparks backlash

Pizza Hut’s new Korea operator taps female CEO to rebuild struggling brand

Pizza Hut’s new operator in Korea is betting that a veteran field executive with decades of restaurant experience can revive one of the country’s most recognizable pizza chains after years of financial turmoil and franchisee strain. PH Korea said Wednesday that it had nominated Kim Jung-eun, a former executive vice president overseeing sales operations at Pizza Hut Korea, as its first CEO ahead of the company’s official launch on Sunday. PH Korea was jointly established by Wintergold and K-Clavis Investment Management to operate the Pizza Hut franchise business in Korea. The company said Kim’s appointment reflected a strategy centered on rebuilding trust with franchise owners and restoring the brand’s competitiveness in the crowded food delivery and dining market. Kim has spent 23 years in the food and beverage industry, including at Outback Steakhouse Korea, where she built a reputation as an operations specialist with extensive frontline experience. She began her career managing restaurant operations before moving into broader leadership roles overseeing sales and new business

May 27, 2026By Lee Kyung-min

Mercedes-Benz Korea expands customer experience beyond vehicle ownership

Mercedes-Benz Korea is broadening its customer experience strategy by introducing new vehicle maintenance services, digital platforms and lifestyle-focused membership programs designed to keep customers connected with the brand even after purchasing a vehicle. The company said it recently launched the “Mercedes-Benz Mobile Service” in partnership with 11 authorized dealers nationwide, offering customers on-site vehicle inspection and light repair services at their preferred locations. Under the program, dedicated technicians from authorized Mercedes-Benz service centers visit customers directly to provide regular inspections and general repair services, reducing the need for customers to visit service centers and wait for maintenance appointments. The service is available through phone reservations with designated service centers. After consultation with a service adviser, the visit schedule, location and repair items are confirmed in advance before the service is carried out. Mercedes-Benz Korea is also strengthening its in-car digital service experience. In March, the company launc

May 27, 2026By Lee Min-hyung

Mercedes-Benz Korea expands customer experience beyond vehicle ownership

Hanwha Aerospace names new head of Australia subsidiary

Hanwha Aerospace, the powerhouse of Korea’s burgeoning defense sector, announced Wednesday the appointment of Kim Dong-hyun to lead its Australian subsidiary. The high-profile management shake-up comes as the company races to secure its foothold in the global arms market and execute a multibillion-dollar manufacturing push on the continent. Kim, who currently serves as the head of the company’s Land Systems division, will concurrently hold both executive positions. The decision underscores the company's strategic prioritization of Korea's defense alliance with Australia, where Hanwha has captured historic procurement contracts. In his dual role, Kim will assume immediate oversight of Hanwha’s critical operations in Australia. Chief among his priorities is steering the Hanwha Armoured Vehicle Centre of Excellence in Geelong, Victoria, which has officially transitioned into full-scale production. He is also tasked with the complex logistical challenge of cultivating a robust local supply chain ecosystem capable of sustaining advanced manufacturing. A veteran with more than 20 years a

May 27, 2026By Jhoo Dong-chan

Hanwha Aerospace names new head of Australia subsidiary

BBQ chicken expands in Vietnam with 1st Ho Chi Minh City location

Korea's largest chicken franchise, Genesis BBQ Group, opened a restaurant in Ho Chi Minh City, bringing its Vietnam operations south after establishing a foothold in the north, the company said Wednesday. The new BBQ Phan Xich Long outlet is located on Phan Xích Long street in the Phu Nhuan district, one of Ho Chi Minh City's most prominent food and beverage corridors. The casual dining restaurant spans approximately 317 square meters and seats 94 customers. Ho Chi Minh City is Vietnam's largest economic hub and its most active market for retail, dining and franchising. The city's young demographic and rapidly expanding food delivery culture have made it a primary target for global food and beverage brands. Phan Xich Long street has grown in recent years into one of the city's most sought-after dining destinations, drawing younger consumers and office workers rather than the tourist-heavy traffic of more traditional commercial districts. BBQ currently operates more than 40 outlets in northern Vietnam, primarily in Hanoi, and said it plans to use the Ho Chi Minh City entry as a base for b

May 27, 2026By Jhoo Dong-chan

BBQ chicken expands in Vietnam with 1st Ho Chi Minh City location

Dongwha Electrolyte clinches orders from global battery maker in US

Dongwha Electrolyte has secured a new contract with a global battery cell manufacturer to supply electrolytes, the company announced Wednesday, adding a new customer to its North American client base. The company did not disclose the customer's name or the contract value, citing a confidentiality agreement between the parties. The products covered under the contract are nickel-manganese-cobalt ternary electrolytes for battery electric vehicles. They will be manufactured at Dongwha Electrolyte's Tennessee plant and delivered directly to the customer's local production facility. The new contract is expected to further diversify the company's portfolio. Dongwha Electrolyte has been steadily securing large global companies as new customers, primarily in the United States and Malaysia, building a more stable revenue base. The Tennessee plant, in particular, demonstrated its competitiveness shortly after its completion by being selected as a supplier to both battery cell manufacturers and automakers. Dongwha Electrolyte currently has annual production capacity of 86,000 metric tons in the Unite

May 27, 2026By Jhoo Dong-chan

Companies

Companies

LG Chem going aggressive in investments for partner firms

LG Energy Solution secures $1.8 bil. ESS deal with DTE Energy

Starbucks fiasco puts Shinsegae under financial strain

Incheon's Gyeongwonjae by Walkerhill retains 5-star status

Starbucks Korea payments drop 26% after controversial promotion sparks backlash

Pizza Hut’s new Korea operator taps female CEO to rebuild struggling brand

Mercedes-Benz Korea expands customer experience beyond vehicle ownership

Hanwha Aerospace names new head of Australia subsidiary

BBQ chicken expands in Vietnam with 1st Ho Chi Minh City location

Dongwha Electrolyte clinches orders from global battery maker in US

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