Business - The Korea Times

Coway's wheelchair basketball coach honored by sports ministry

A coach leading a professional basketball club for people who use wheelchairs has received government recognition for his efforts. Minister of Culture, Sports and Tourism Chae Hwi-young on Thursday presented a commendation to Kim Young-moo, head coach of Coway Bluewheels, which is run by Coway, a major home appliance maker. Korea Wheelchair Basketball League President Ahn Byung-tae presented the honor on behalf of the minister at the team’s training court in Namyangju, Gyeonggi Province. Bluewheels is the only club run by a private company among the six teams in the league. The rest are city-run teams. Kim, who also uses a wheelchair, and his coaching staff lead the club’s 11 athletes while providing welfare support to recognize their efforts during practices and games. In addition to providing gear and training equipment, the athletes’ training time is counted as working hours so that they are paid for their efforts. The system paid off. In the domestic league and Asia-Oceania club exchange tournaments, the Bluewheels have won 11 titles overall. The club also achieved grand slams

Mar 10, 2026By Ko Dong-hwan

Coway's wheelchair basketball coach honored by sports ministry

Why IKEA is struggling in Korea

It is Tuesday afternoon at IKEA’s Gwangmyeong store on the outskirts of Seoul. On the second floor, Lee, a man in his 30s visiting with his wife and 1-year-old child, is busy taking photos of furniture displays. He says he came not to shop, but to gather ideas for decorating his baby’s room. “I’ll probably look online first to see if there are cheaper options with similar designs,” Lee said. “I’m not buying anything today.” His remark reflects the subdued atmosphere inside the store. Aside from office workers using laptops and groups of mothers gathered in the second floor restaurant, only a handful of shoppers walk through the showroom. Most are seen placing small “loss leader” items costing less than 30,000 won ($20) in their carts, or simply taking photos of the furniture on display. There is little sign that shoppers intend to purchase IKEA’s core products — furniture. The scene is far from the crowds that packed the store when it first opened in December 2014, when eager customers lined up outside. Even allowing for the passage of time, the quiet atmosphere do

Mar 9, 2026By Hankookilbo

What do foreigners buy from Olive Young?

Foreign consumer purchases on CJ Olive Young’s online platform for overseas shoppers are expanding beyond K-beauty into wellness and lifestyle products such as massage tools and health supplements, the retailer said. According to sales data from its direct purchase overseas platform “Global Mall,” foreign consumers showed strong demand for massage tools designed to reduce swelling and acupressure patches aimed at improving physical condition. Sales in the first three days for these items surged more than 40 times from a year earlier — suggesting the online spread of Korean self-care routines such as “how K-pop idols manage swelling” may be having a real impact. Health supplements, including products marketed to reduce post-meal blood sugar levels and probiotics aimed at reducing body fat, also saw rising demand. While overall sales of hair care products and health supplements rose, actual purchasing patterns from individual countries showed a variance in consumer lifestyles and interests. Japanese consumers showed high demand in lip gloss and eye shadow products, indicating st

Mar 9, 2026By Hankookilbo

What do foreigners buy from Olive Young?

KCCI opens job platform linking USFK veterans with Korean firms in US

The Korea Chamber of Commerce and Industry (KCCI) on Monday launched a platform assisting United States Forces Korea (USFK) veterans to find jobs at Korean firms in the United States. The KCCI and the Korea-U.S. Alliance Foundation (KUSAF) signed a memorandum of understanding during a ceremony at the former’s headquarters in central Seoul, pledging to cooperate on job matching between Korean companies operating in the U.S. and former USFK service members through the platform (www.USFKJobs.com). The ceremony was attended by KCCI Executive Vice Chairman Park Il-jun, KUSAF President Leem Ho-young, Charge d'affaires ad interim of the U.S. Embassy in Seoul James Heller, American Chamber of Commerce in Korea Chairman James Kim, Seoul Chamber of Commerce and Industry Vice Chairman Lee Hyung-hee and other executives from major companies. A total of 21 companies have joined the platform, including Samsung Electronics, SK hynix, SK On, SK Biopharmaceuticals, Hyundai Motor, Kia, LG Energy Solution, POSCO Holdings, Hanwha Ocean, HD Hyundai Electric, GS E&C, Emart, LS Group and Doosan Bobcat. The

Mar 9, 2026By Nam Hyun-woo

KCCI opens job platform linking USFK veterans with Korean firms in US

Kumho Petrochemical shifts focus to high value-added products

Kumho Petrochemical Group said Monday it is seeking to overcome widening market uncertainties and a prolonged supply glut across the global petrochemical industry by shifting its focus to a high value-added business structure. Closely analyzing market conditions to balance profitability and growth, the group aims to turn this period of uncertainty into new opportunities. Kumho Petrochemical, the group’s flagship unit, has been working to bolster its competitiveness in solution styrene butadiene rubber (SSBR), a high-performance synthetic rubber that improves tire wear resistance and fuel efficiency at the same time. The material is considered particularly suitable for electric vehicle tires, which require higher durability due to heavier batteries and frequent acceleration and braking. Last year, Kumho Petrochemical completed new facilities that increased its annual SSBR production capacity by 35,000 tons. With the new lines entering commercial operation in the first quarter of this year, the company expects to further strengthen its competitiveness in specialty products. Kumho Mitsui C

Mar 9, 2026By Park Jae-hyuk

Kumho Petrochemical shifts focus to high value-added products

Hyundai Motor, Samsung Fire to lead gov’t self-driving testing

Hyundai Motor Company and Samsung Fire & Marine Insurance will lead the government’s first citywide autonomous vehicle testing this year, aiming to develop the country’s first production model that integrates manufacturing, insurance and platform operations under a single system. The Ministry of Land, Infrastructure and Transport said Monday that Hyundai Motor Company will manufacture software defined vehicles (SDVs) for the road test to be done in Gwangju starting in May. The automaker will also develop and operate online platforms behind the self-driving operation. Samsung Insurance will design and control insurance policies for possible accidents involving the vehicles. The government selected the companies to do the test out of 11 that applied for the opportunity. The Korea Transportation Safety Authority, which is under the ministry, will oversee the test, scheduled to continue for at least two years and expand further with more advanced technologies and regulations. The so-called “K-autonomous driving collaboration model” groups together companies specializing in the manuf

Mar 9, 2026By Ko Dong-hwan

Hyundai Motor, Samsung Fire to lead gov’t self-driving testing

Retailers fear Iran crisis may dampen economic sentiment

The escalating war in the Middle East is fueling concerns across the retail industry in Korea that rising oil prices and currency volatility could dampen consumer sentiment and weigh on spending. Although the threats have yet to deliver a visible blow to the consumer sector, industry officials are taking a gloomy view, citing past global crises that triggered public anxiety and hurt sales. The most vulnerable sector is duty-free retail. As duty-free product prices are often set in U.S. dollars, a weaker Korean won directly increases the price burden on consumers. The exchange rate has fluctuated over the past week, with the local currency weakening overall. According to the Bank of Korea, the average daily fluctuation in the won-dollar exchange rate reached 13.2 won as of March 6, the highest level since March 2020, when volatility averaged 13.8 won amid heightened fears over COVID-19. Over the past week, the won was generally traded between 1,460 won and 1,480 won per dollar, but in several overnight trading sessions it was traded near the 1,500-won level. “A drop in the Korean won’s

Mar 9, 2026By Ko Dong-hwan

Retailers fear Iran crisis may dampen economic sentiment

HD Hyundai Electric expands US transformer manufacturing capacity

HD Hyundai Electric is strengthening its presence in the North American market, expanding its manufacturing capacity in the United States. The company said Sunday that it held a groundbreaking ceremony in Montgomery, Alabama, Friday (local time), for the second plant of HD Hyundai Power Transformers USA, its North American manufacturing subsidiary. The new facility, scheduled to be completed in April next year, will span 29,000 square meters within the existing Montgomery site. By investing $200 million, the company will expand its ultra-high-voltage transformer production capacity by 50 percent and establish new testing and production lines for 765-kilovolt transformers, a key component seeing rising demand as the U.S. pushes to add high-voltage backbone transmission networks to its power grid. Once completed, the new plant is expected to generate roughly 200 billion won ($134.68 million) in additional annual revenue. “The North American manufacturing subsidiary has played a pivotal role in strengthening our foothold in the U.S. market through localized manufacturing,” a company offi

Mar 8, 2026By Lee Gyu-lee

HD Hyundai Electric expands US transformer manufacturing capacity

Refiners move to cut fuel supply prices amid Iran crisis

Korea's major oil refiners are moving to cut supply prices of oil to contribute to the country’s efforts to curb surging prices at gas stations nationwide, while the U.S.-Israel conflict with Iran destabilizes trade. The development came as President Lee Jae Myung last week warned against possible collusion to fix oil prices by refiners and gas station operators here, as the country's gasoline and diesel prices rose sharper than other comparable markets. According to industry sources Sunday, major refiners here have either adjusted their supply prices or plan to cooperate with the government and rest of the domestic oil industry to stabilize prices at domestic gas stations. The sources added that several refiners slightly lowered their supply prices for gas stations late last week as part of efforts to support the government’s push to contain fuel prices. Other refiners which have not yet decided to cut their supply prices also vowed to "cooperate with the government’s oil price stabilization policies as much as possible," according to the sources. The companies’ cooperative stanc

Mar 8, 2026By Ko Dong-hwan

Refiners move to cut fuel supply prices amid Iran crisis

Young Poong, MBK deny stance shift ahead of Korea Zinc shareholders’ meeting

Young Poong and MBK Partners, the largest shareholder alliance in Korea Zinc, rejected claims Sunday that they have changed their stance ahead of the zinc smelter’s upcoming shareholders’ meeting. The alliance said its stance has remained unchanged, pushing back against criticism from Korea Zinc Chairman Choi Yun-beom’s camp that it is trying to revive proposals it previously opposed and even challenged in courts. The alliance has been locked in a management control battle with Choi since launching a tender offer on Sept. 13, 2024. “The extraordinary shareholders’ meeting held in January 2025 was not conducted under normal circumstances, as Korea Zinc created an unlawful cross-shareholding structure shortly before the meeting, effectively stripping Young Poong, the largest shareholder, of its voting rights and disrupting the proceedings,” the alliance argued. It said courts later ruled that the restriction on voting rights was illegal and ordered the suspension of several resolutions adopted at the meeting. Both the district and appellate courts recognized the illegality of t

Mar 8, 2026By Jun Ji-hye

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