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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.

BTS comeback sets tills ringing across retail industry

Retail outlets and hotels in Seoul have seen sales soaring off the charts due to tourists and fans visiting the Korean capital for the comeback concert of K-pop phenomenon BTS on Saturday. Sales of BTS merchandise and other items at roadside shops around Gwanghwamun Square jumped by hundreds of percent from the previous week. The concert, however, did not appear to benefit every corner of the retail sector. Restaurant and shop owners in the tourist hotspot of Myeong-dong, some 20 minutes on foot away from Gwanghwamun Square, showed mixed responses to the highly anticipated K-pop event, as the massive crowd appeared to have diverted other visitors away, resulting in lower sales than usual Saturdays. Convenience stores were among the biggest beneficiaries of BTS’ comeback. The country’s four major brands all saw notable increases in sales on Saturday and throughout last week. GS Retail said Sunday its five GS25 convenience stores in the Gwanghwamun area saw their sales on Saturday rise 233 percent and visitors' volume 181 percent from a week ago on average. The highest week-on-week sal

Mar 22, 2026By Ko Dong-hwan
BTS comeback sets tills ringing across retail industry

AMCHAM, Qualcomm host inaugural ball, attract 800 leaders

The American Chamber of Commerce in Korea (AMCHAM) hosted its flagship annual event, the AMCHAM Inaugural Ball 2026, in Seoul on Friday, in collaboration with Qualcomm Technologies, bringing together more than 800 leaders from the business, government and diplomatic communities. As AMCHAM’s largest annual gathering and one of its most anticipated events, the black-tie gala served as a premier networking platform while also marking the inauguration of AMCHAM’s 2026 board of governors. The event introduced the chamber’s new leadership and outlined its strategic direction for the year ahead. Held under the theme “AI Closer to You,” this year’s event spotlighted the growing role of emerging technologies like artificial intelligence (AI) in shaping the future of business and cross-border collaborations. It also underscored the continued importance of trust-based partnerships in driving sustainable growth amid rapid innovation. In his opening remarks, AMCHAM Chairman and CEO James Kim emphasized the importance of collaboration in an era of accelerating technological change. While

Mar 22, 2026By Lee Gyu-lee
AMCHAM, Qualcomm host inaugural ball, attract 800 leaders

Renault Korea’s Grand Koleos regains spotlight amid high fuel prices

Renault Korea’s Grand Koleos hybrid SUV is drawing renewed attention from consumers, as rising global oil prices drive demand for fuel-efficient vehicles. Escalating tensions in the Middle East have recently led to a surge in fuel costs, prompting more consumers to turn to hybrid models. Against this backdrop, the French carmaker’s flagship SUV emerges as a practical option for families seeking both efficiency and reliability. Built on Renault’s hybrid E-Tech system, the vehicle delivers what the company describes as best-in-class fuel efficiency. The midsize SUV offers a certified fuel efficiency of 15.8 kilometers per liter, while its hybrid system allows for up to 75 percent of city driving to be conducted in electric mode, significantly enhancing real-world efficiency, according to the carmaker. The model is powered by a dual motor system combining a 100-kilowatt traction motor and a 60-kilowatt high-voltage starter generator, paired with a 1.64-kilowatt-hour battery — the largest in its class. This setup produces a combined system output of 245 horsepower, offering both stro

Mar 22, 2026By Lee Min-hyung
Renault Korea’s Grand Koleos regains spotlight amid high fuel prices

Mercedes-Benz Korea’s new CEO tasked with accelerating EV transition

For Shirin Emeera, the newly appointed CEO of Mercedes-Benz Korea, ensuring the successful launch of its key strategic electric vehicle (EV) lineup will be a top priority, with the carmaker still struggling to normalize declining EV sales in the aftermath of an EQE sedan fire two years ago, according to industry officials. She is scheduled to take office in July, replacing outgoing CEO Mathias Vaitl. Emeera’s arrival comes as the company prepares to debut two EV models — the all-new electric CLA and the all-new electric GLC — later this year, placing her leadership under close scrutiny as critics question whether the carmaker can rebuild its EV brand identity, which was heavily tarnished by a fire in an underground parking lot in Incheon that damaged around 140 vehicles and hospitalized 23 people. The incident triggered widespread safety concerns among consumers and dealt a significant blow to the brand’s reputation in the rapidly growing EV market. Mercedes-Benz Korea plans to introduce a total of 10 new models in the local market this year, with the two models expected to play

Mar 21, 2026By Lee Min-hyung
Mercedes-Benz Korea’s new CEO tasked with accelerating EV transition

State oil firm under audit over foreign-owned oil shipped from Korean storage site

The government on Friday launched an audit into Korea's state-run oil company after discovering that 900,000 barrels of crude oil stored at a local strategic oil storage facility had been sold overseas, the industry ministry said. The audit into the Korea National Oil Corp. (KNOC) came after officials discovered that the crude oil, reportedly owned by an undisclosed Middle Eastern oil company, had been sold to an unidentified buyer in Southeast Asia, the Ministry of Trade, Industry and Resources said. KNOC leases the storage facility in Ulsan, in the country's southeast, to foreign oil companies to store crude oil and petroleum products as part of an international stockpiling program. Under the arrangement, Korea has priority purchase rights to the stockpiles in the event of supply disruptions. The government uncovered the sale as the country is striving to minimize oil supply disruptions amid the Middle East conflict and the effective closure of the Strait of Hormuz. The ministry said the audit will examine whether there were any legal violations in the overseas sale of the oil before Ko

Mar 20, 2026By Yonhap
State oil firm under audit over foreign-owned oil shipped from Korean storage site

Lotte, Hanwha, DL to merge NCC operations in Yeosu

Petrochemical firms operating naphtha cracking centers (NCCs) in Yeosu, South Jeolla Province, submitted Friday self-rescue plans aimed at cutting production in line with the government’s effort to revive the sector struggling with a prolonged recession caused by oversupply from China and the Middle East. Under the plans, Lotte Chemical will spin off the division running its NCCs in Yeosu and merge it with Yeochun NCC, a joint venture between Hanwha Solutions and DL Chemical. The merger will create a new company. Lotte Chemical will also spin off the division overseeing its polypropylene and polyethylene production in Yeosu and merge it with the new company. Hanwha Solutions and DL Chemical will spin off their polyethylene divisions in the southern port city and join the merger as well. The companies said they will shift their focus to higher value-added products such as low-density polyethylene used for medical applications and polyolefin elastomer for hot melt adhesive in the automotive and cable industries. The Ministry of Trade, Industry and Resources said the government will provi

Mar 20, 2026By Park Jae-hyuk
Lotte, Hanwha, DL to merge NCC operations in Yeosu

PHOTO Honoring late founder

HD Hyundai Chairman Chung Ki-sun, front row second from left, and company executives bow to the bust sculpture of late Hyundai Group founder Chung Ju-yung, who also founded HD Hyundai Heavy Industries, at the shipbuilding group's headquarters in Seongnam, Gyeonggi Province, Friday. The chairman honored his grandfather to commemorate his 25th death anniversary. HD Hyundai also served the founder's favorite food at company cafeterias that day. Courtesy of HD Hyundai

Mar 20, 2026By Park Jae-hyukphoto
[PHOTO] Honoring late founder

Naver to offer dedicated search, maps, membership perks for BTS comeback

Naver said Friday it has updated its search engine, as well as its maps and navigation app, to help BTS fans enjoy the K-pop group’s comeback concert at Gwanghwamun Square in Seoul this Saturday. The Korean IT giant will also offer Naver Plus Membership subscribers access to BTS-related content on Netflix and Spotify. According to Naver, concertgoers will be able to locate seats, restrooms, information desks and medical facilities through the Naver Maps, Navigation app, which will provide real-time updates on road closures and public transportation near the venue. The features were introduced as Naver partnered with Netflix, which will livestream the concert. “Foreign visitors will find the services convenient since the map is available in multiple languages,” a Naver official said. Users will also be able to view three-dimensional images of streets surrounding the square by clicking on BTS-related keywords displayed in the app. In addition, those who search for BTS-related keywords on Naver through March 27 can enjoy interactive content celebrating the band’s comeback. Next month,

Mar 20, 2026By Park Jae-hyuk
Naver to offer dedicated search, maps, membership perks for BTS comeback

Will union strike, insider trading probe weigh on Samsung Electronics shares?

Market attention is increasingly focused on how a convergence of internal labor tensions and external legal risks surrounding Samsung Electronics could weigh on its share price trajectory, industry analysts said Thursday. A key challenge is the prospect of a labor strike, with the company’s union signaling a general walkout for the first time in nearly two years, raising the risk of renewed friction between management and workers. The tech giant’s joint union announced Wednesday that it formally secured strike authorization after winning 93.1 percent support in a vote. It plans to kick off its campaign with a rally on April 23, followed by a full-scale strike in May, pressing for reforms to the performance-based pay system and broader improvements in compensation. The union’s core demands for the 2026 wage talks include clearer criteria for calculating bonuses, the removal of caps on incentive payouts and a 7 percent pay raise. Should the strike materialize, it would mark only the second in the company’s history since its founding in 1969, after the first in July 2024, adding symb

Mar 20, 2026By Jun Ji-hye
Will union strike, insider trading probe weigh on Samsung Electronics shares?

Samsung Electronics to shut down TV plant in Slovakia: sources

Samsung Electronics will shut down its TV production plant in Slovakia, industry sources said Thursday. The facility in Galanta will close in May, ending 24 years of operations, as the South Korean tech giant moves to improve operational efficiency. The decision is seen as a response to prolonged low growth in the global TV market and intensifying competition. Sources also said high energy prices in Slovakia, along with rising production costs driven by surging memory and component prices, were contributing factors. Since its founding in 2002, the Galanta plant has supplied TVs to the European market. The factory currently employs about 700 workers, and the company plans to provide support for their reemployment.

Mar 19, 2026By Yonhap
Samsung Electronics to shut down TV plant in Slovakia: sources
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