Uber to Acquire Delivery Hero in $14.8 Billion Deal to Expand Global Food Delivery Business 
Seven & i Eyes Żabka Stake in Major European Expansion Push 
Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
SpaceX Eyes Pentagon AI Deal as Cloud Pricing Strategy Pressures CoreWeave 
PayPal Rejects $53 Billion Stripe-Advent Takeover Offer as Too Low: Report 
Gold Prices Head for Biggest Weekly Loss Since June as Fed Rate Outlook Weighs 
AI Chip Stocks Face Valuation Pressure as Investors Shift Toward Big Tech and Software 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Trump Criticizes ABC, NBC and CNN for Limiting Coverage of Election Speech 
ECB Expected to Hold Rates as Middle East Tensions Keep September Hike in Focus 
Wall Street Ends Lower as AI Selloff, Iran Tensions Weigh on Tech Stocks 
Trump Threatens Higher Canada Tariffs as Wildfire Smoke Sparks U.S. Air Quality Crisis 
Eli Lilly Eyes AtaiBeckley Acquisition to Expand Psychedelic Mental Health Pipeline 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
DeepSeek Eyes $74 Billion Valuation Ahead of Planned China IPO 
GameStop Raises eBay Stake to 9.8% as Ryan Cohen Pushes $56 Billion Takeover Bid 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Shinsegae Inc. and KT Telecoms have signed a memorandum of understanding (MOU) to digitize shopping, land development, and logistics. This is a three-way cooperation where they will work for the digital transformation of the said business units.
According to Yonhap News Agency, Shinsegae and KT Telecom agreed to team up in five divisions. Aside from the mentioned units, they will also cooperate in marketing and customer management.
The department store chain company is planning to make use of KT Telecom’s cloud and artificial intelligence (AI) infrastructure to make the management of its fulfillment centers better. The company believes this will also be very helpful to its last-mile delivery services at its stores and E-Mart Traders outlets.
Shinsegae specially mentioned that it would use the technology that was created by Lolab, the digital logistics platform wing of the country’s telecom giant. This will be utilized to automate the process and steps in the company’s fulfillment hubs.
Lolab was only established last year, and it mainly provides AI-based logistics and delivery management services. In May this year, it launched an artificial intelligence-based freight brokering service as it is seeing the rapid growth of the logistics industry.
Korea Joongang Daily reported that Lolab is 80% owned by KT Telecom, and it will be mostly used for delivery orders on Emart stores and SSG.com. Shinsegae believes this will make the company’s delivery services more efficient.
At any rate, Shinsegae will also use the telecommunication network of KT and its other technologies which may include urban air mobility and autonomous driving systems in its new shopping complexes. E-Mart chain of convenience stores, which is owned by the Shinsegae Group, will also be digitalized through the technologies developed by KT.
"This partnership is aimed at facilitating a future-forward digital ecosystem that removes the boundary between online and offline," Kang Heui Seok, the chief executive officer of E-Mart, said in a statement.
