‘You buy more picks and shovels because you keep hitting gold’: Why AI spending needs to see results

The Business Times - Oct 26, 2026

Having viable use cases and tangible improvements in productivity is crucial for the current AI boom to sustain, say analysts

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Sangmidang expands food bank support with 2 refrigerated trucks

Nov 11, 2026

Sangmidang expands food bank support with 2 refrigerated trucks

Sangmidang Holdings said Wednesday that its charitable foundation donated two refrigerated trucks to the Korea Foodbank on Tuesday, expanding a delivery support program launched to help local food banks safely transport donated food. The latest contribution brings the total number of trucks provided since the foundation signed a partnership agreement in October 2022 to 12. The foundation plans to provide eight more by 2030. Sangmidang Holdings Chairman Hur Young-in and Kim Hyun-hoon, president of the Korea National Council on Social Welfare, attended the handover ceremony in Dongjak District in Seoul. The company also donated 4,000 bakery products, which were loaded onto the trucks. The vehicles will serve Busanjin District in Busan and Gyeryong, South Chungcheong Province. The company said aging vehicles have hampered deliveries at some food banks, with refrigeration failures and frequent breakdowns creating operational difficulties. Replacing the vehicles also posed a financial burden to the food-sharing organization. The nationwide food bank network distributes donated food and househ

AMCHAM raises $127,000 for student scholarships

Nov 11, 2026

AMCHAM raises $127,000 for student scholarships

The American Chamber of Commerce in Korea (AMCHAM) raised a record 175 million won ($127,000) for university scholarships at its annual charity event on Tuesday, bringing together business leaders to support students from financially disadvantaged backgrounds. The total marked a 17 percent increase from the 150 million won raised a year earlier. Organized by AMCHAM’s Partners for the Future Foundation, the event featured 44 CEOs and senior executives from member companies volunteering as servers, personally serving dinner to approximately 440 guests. The number of executive volunteers increased from 41 last year. Now in its 19th year, CEO Servers’ Night is one of AMCHAM’s signature charity events, bringing business leaders out of their boardrooms to serve guests and raise funds for university students in financial need. “CEO Servers’ Night brings business leaders together in a different capacity, united by a common purpose: helping students pursue their education,” AMCHAM Chairman James Kim said. “I want to thank every CEO and executive who took the time to serve, as well as

LX Hausys wins 2027 Home Reno Award with E-stone

Nov 11, 2026

LX Hausys wins 2027 Home Reno Award with E-stone

LX Hausys has won a 2027 Home Reno Award with VIATERA Solea, its E-stone surface material, the interior materials company said Wednesday. The Home Reno Awards, organized by U.S. lifestyle magazine Good Housekeeping, recognize home renovation products and services for their design, functionality and other qualities through expert evaluations and testing. VIATERA is LX Hausys' engineered stone brand, made primarily from natural quartz. It is known for its durability and natural stone-like appearance, and is used for kitchen countertops and bathroom vanity tops. VIATERA Solea features wide and subtle gold-toned veining against a white background, giving the engineered stone surface a natural stone-like appearance. It is designed to have patterns align seamlessly when multiple slabs are installed side by side, creating the appearance of a single continuous surface across large areas. It also offers high resistance to scratches and stains from everyday use, making it durable and easy to maintain, the company said. LX Hausys has won the award for the second consecutive year, following last year

Theborn Korea enlists Italy's UNOX for K-food rollout

Nov 11, 2026

Theborn Korea enlists Italy's UNOX for K-food rollout

Global food service and restaurant franchise operator, Theborn Korea, has partnered with Italian oven manufacturer UNOX to program its standardized recipes into commercial equipment, paving the way for an automated K-food rollout across Europe. Theborn Korea said Wednesday it signed a memorandum of understanding with UNOX on Nov. 4 at the Italian company's headquarters, combining its expertise in Korean cuisine and TBK sauces with UNOX's commercial cooking technology. Under the agreement, the companies will test Korean dishes using 11 varieties of TBK sauces and convert cooking conditions into data to develop standardized recipes and operating manuals. The goal is to allow local restaurant workers with little experience preparing Korean food to produce dishes with consistent taste and quality using UNOX smart ovens. Founded in 1990, UNOX specializes in commercial smart ovens and recorded global revenue of 360 million euros (540.6 billion won) last year, according to Theborn Korea. Its product lineup includes convection ovens, which use circulating hot air for even cooking, and combination

Hanwha Qcells wins top marks in US solar panel reliability tests

Nov 11, 2026

Hanwha Qcells wins top marks in US solar panel reliability tests

Hanwha Qcells has earned top ratings across two major international solar module evaluations, strengthening its position in the U.S. market as manufacturers face growing pressure to demonstrate product quality and domestic production credentials. The solar division of Hanwha Solutions said Wednesday that its modules received Top Performer recognition in all eight categories of the 2026 PV Module Reliability Scorecard published by U.S.-based Kiwa PVEL, one of the industry’s leading independent testing organizations The evaluation, released Tuesday (local time), subjected solar modules to eight rigorous tests designed to simulate harsh operating conditions, including high temperatures, humidity, sudden temperature changes, mechanical stress and hail impacts. The assessment also included modules manufactured at Hanwha Qcells’ Cartersville, Georgia, facility, which was completed in July. The results are particularly significant for the U.S. market, where locally manufactured products can qualify for additional tax incentives under the domestic content bonus credit provisions of the inves

Korea sets sights on runway-free aircraft after record-breaking drone flight

Nov 11, 2026

Korea sets sights on runway-free aircraft after record-breaking drone flight

Korea is pushing ahead with plans for a new generation of aircraft that can take off and land without runways, following a record-setting seven-day flight by its solar-powered unmanned aircraft in the stratosphere. The Korea AeroSpace Administration (KASA) announced Wednesday that it will pursue development of hybrid vertical takeoff and landing aircraft after its EAV-4 unmanned aerial vehicle completed 170 hours and 5 minutes of continuous flight from Aug. 18 to 25. The achievement more than tripled Korea's previous domestic endurance record of 53 hours, set by the EAV-3 in 2020, and ranked second globally behind Airbus' Zephyr, according to the agency. During the flight test, the EAV-4 also demonstrated wildfire surveillance capabilities, using electro-optical and infrared cameras to identify ignition points within seconds and track and predict the direction of smoke and the movement of embers. Flying at an altitude of about 20 kilometers, solar-powered stratospheric aircraft can remain airborne for extended periods, potentially serving as persistent surveillance platforms and emergenc

Homeplus faces deepening survival crisis; union calls for government aid

Nov 11, 2026

Homeplus faces deepening survival crisis; union calls for government aid

Homeplus, which is undergoing court-led corporate rehabilitation, is facing a deepening survival crisis amid mounting financial difficulties, including unpaid supplier bills, delayed wages and overdue utility payments, industry officials said Wednesday. The company's prolonged search for a buyer has added to uncertainty over its future, prompting its labor union to urge the government to provide emergency funding to prevent further job losses. The major supermarket chain filed for rehabilitation with the Seoul Bankruptcy Court in March last year following a credit rating downgrade. It subsequently suspended operations at some stores before reopening some of them in mid-August this year, but continues to struggle with weak sales and supply disruptions. According to industry insiders, Homeplus failed to fully settle payments in cash to some fresh food suppliers on Oct. 30. The retailer paid 90 percent of amounts owed for agricultural and seafood products in cash, offsetting the remainder against existing supplier deposits. Payments for meat and deli products were covered entirely by those

Hana Financial kicks off annual volunteering campaign with kimchi-making event

Nov 11, 2026

Hana Financial kicks off annual volunteering campaign with kimchi-making event

Hana Financial Group launched its annual two-month volunteer campaign, kicking it off with a kimchi-making event for vulnerable households, the company said Wednesday. The group held a launch ceremony for its "Everyone's Hana Day" campaign at its Seoul office, followed by a kimchi-making event attended by about 250 people, including Chairman Ham Young-joo, employees and their families. At Wednesday's event, participants prepared 11,111 heads of kimchi for distribution to people in need. Ham and other employees also visited a welfare facility for people with disabilities in Yongsan District, Seoul, to deliver kimchi and daily necessities. "Sharing through action has the power to make our society a warmer place,” Ham said. “I hope that the seeds of warmth we plant today will grow into happiness for all, and that everyone at Hana Financial will work together toward that goal.” The company's annual flagship environmental, social and governance initiative, which began in 2011, runs for two months, with employees across the group's affiliates taking part in various volunteer work and don

Korean firms shift CES focus to industrial AI

Nov 11, 2026

Korean firms shift CES focus to industrial AI

Once known primarily as a showcase for consumer electronics, CES is becoming an increasingly important stage for industrial AI, with Korea’s major tech and auto firms preparing to demonstrate the commercial value of artificial intelligence (AI) across industries ranging from semiconductors and robotics to batteries and autonomous driving. Samsung Electronics is expected to focus on AI semiconductors and robotics, while LG affiliates are set to showcase AI-powered appliances and battery technologies. Kia, under Hyundai Motor Group, plans to use the event to highlight advances in autonomous driving through its U.S.-based self-driving subsidiary Motional. The shift reflects Korean firms’ push to move beyond futuristic concepts and demonstrate AI technologies with clearer paths to commercialization. According to the Consumer Technology Association, which organizes the annual CES tech fair in January, Samsung's semiconductor division has already won multiple CES 2027 Innovation Awards for memory products. The winning technologies include UFS 5.0, a next-generation storage solution design

[PHOTO] Hyundai Motor backs 2027 Chungcheong University Games

Nov 11, 2026

[PHOTO] Hyundai Motor backs 2027 Chungcheong University Games

Hyundai Motor President Sung Kim, right, who oversees the automaker's strategic planning, poses with Yum Hong-chul, chairman of the organizing committee for the Chungcheong 2027 FISU World University Games, during a sponsorship agreement ceremony at Hyundai Motor Group's headquarters in Seoul, Wednesday. The event will be held from Aug. 1–12, 2027 across Daejeon, Sejong, North Chungcheong and South Chungcheong provinces. More than 15,000 athletes and team officials from about 150 countries are expected to compete in 18 sports. Courtesy of Hyundai Motor Group

Lotte Foundation for Arts wins top prize at Mecenat Awards

Nov 11, 2026

Lotte Foundation for Arts wins top prize at Mecenat Awards

The Lotte Foundation for Arts, the cultural foundation of Lotte Group, won the grand prize at this year’s Mecenat Awards for its support of classical music and contemporary art, the foundation said Wednesday. The foundation received the award, which comes with a presidential citation, at the 27th Mecenat Awards ceremony held Tuesday at The Westin Josun Seoul hotel. “Mecenat” is a French term for corporate patronage of the arts. The Korea Mecenat Association has hosted the awards since 1999 to honor companies and business leaders who have contributed to the development of culture and the arts in Korea. Lotte Group Chairman Shin Dong-bin founded the foundation in 2015. It started with 20 billion won ($14.7 million), half from his personal funds and half from three Lotte affiliates. Lotte says it has invested about 200 billion won in arts support since then. The foundation runs Lotte Concert Hall and Lotte Museum of Art, both in the Lotte World Tower complex in Songpa District, southern Seoul. It is the only foundation set up by a Korean company that operates both a concert hall with

Samsung E&A wins MEED Projects Award for 15th straight year

Nov 11, 2026

Samsung E&A wins MEED Projects Award for 15th straight year

Industrial plant builder Samsung E&A said Wednesday that it won a MEED Projects Award for the 15th consecutive year, this time for its Jafurah gas processing project in Saudi Arabia. The Jafurah Gas Processing Facilities project received the Strategic Energy Infrastructure Award, one of the special awards, at a ceremony held Tuesday in Dubai, United Arab Emirates, the company said. MEED, originally known as the Middle East Economic Digest, is a weekly business publication covering the Middle East. Each year, it holds awards that recognize outstanding projects in the Middle East and North Africa. Samsung E&A, a Korean engineering and construction company formerly known as Samsung Engineering, has won an award every year since 2012. The Jafurah project is one of Saudi Arabia’s largest unconventional gas field developments. Unconventional gas, such as shale gas, is trapped in rock formations and is harder to extract than gas from conventional reservoirs. Samsung E&A won the contract from the Saudi state energy giant Aramco and handled the entire engineering, procurement and construction p

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