Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Official campaigning kicks off for April 10 elections
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Coway wins global nod for ESG, corporate transparency
Coway, a South Korean home appliances rental firm, has been honored at this year’s Business Integrity Society summit for its continuous commitment to a framework for environmental, social and governance, or ESG, standards as well as corporate transparency, the company said Tuesday. It was chosen as an “Excellent Anti-Corruption Company” at the BIS Summit 2021 Anti-Corruption Awards held last week by the UN Global Compact and the Korea Social Responsible Investment Forum. &l
March 30, 2021
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Fila stays silent after Chinese unit vows to continue using Xinjiang cotton
Fila Korea is staying silent on the ongoing controversy surrounding Xinjiang cotton after its Chinese unit vowed to continue using the fabric. When asked about Fila China’s statement on Chinese social media platform Weibo last week confirming its support for Xinjiang cotton, a representative of the company acknowledged the existence of backlash but refused to comment. In a statement on Weibo last week, FILA China said it “has always purchased and used cotton produced in China inclu
March 30, 2021
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Family, business community mourn late Nongshim Group chairman
Local business leaders and mourners paid tribute on Sunday to the founder of Nongshim Group, Shin Choon-ho, who died of chronic illness on Saturday at the age of 92. Shin led the country’s major food conglomerate and leading instant noodle producer for 56 years. The late chairman was born in Ulsan in 1930 and was the younger brother of the late Shin Kyuk-ho, who founded South Korean retail conglomerate Lotte Group. At the funeral altar at Seoul National University Hospital on Sunday
March 28, 2021
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Shinsegae Department Store’s fruit subscription service proves popular
Shinsegae Department Store’s fruit subscription service is enjoying a surge in popularity as the number of subscribers jumped threefold in 10 months. The service, which began at the retailer‘s Gangnam branch, will be extended to its main store in Myeongdong, the department store said. Those subscribing to the service for a monthly fee of 220,000 won ($194) can have a selection of seasonal fruits worth 260,000 won delivered to their doorstep on a weekly basis. Tips on how to pick,
March 25, 2021
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Pulmuone aims to challenge Beyond Meat, Impossible Foods in plant-based food
Amid the growing popularity of plant-based proteins as healthy and eco-friendly alternatives to meat, Pulmuone aims to become a leader in the plant-based food industry, the company said Wednesday. The South Korean food company’s Plant Protein Meal Bureau will release new products domestically and globally, in countries including the US, China and Japan, it added. Pulmuone, which revealed a three-year plan for the plant-based food push, chose six categories to focus on: plant-based pro
March 24, 2021
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Nongshim rakes in W2tr in ramen sales
South Korean food and beverage company Nongshim’s instant ramen sales reached 2 trillion won ($1.8 billion) for the first time last year on the back of the coronavirus pandemic and the “jjapaguri” dish from the Oscar-winning film “Parasite.” Sales of the company’s instant noodles rose to 2.09 trillion in 2020, a 16.3 percent year-on-year increase from one year ago and accounted for 79 percent of its total revenue, the firm’s annual report revealed on We
March 24, 2021
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Gmarket app completely renewed for more intuitive usage
Gmarket’s mobile app has undergone a complete reform to be more intuitive and easier to use, eBay Korea, the company behind the online marketplace, said Tuesday. According to the e-commerce platform operator which also runs G9 and Auction in South Korea, the app has been renewed to match Gmarket’s new brand identity. The changes are not just in the way it looks, but in the way the app operates to offer a more convenient shopping experience for customers, it stressed. Having la
March 23, 2021
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Courier services used once every four days in 2020
South Korea’s economically active population used courier services once every four days on average last year, spending an average of 2,221 won ($2) per order, new government data revealed. The volume of parcels reached 3.37 billion, a 20.9 percent year-on-year increase, the National Logistics Information Center said on Sunday, citing data from the Korea Integrated Logistics Association. The country’s economically active population -- those aged 15 and over either in employment or s
March 21, 2021
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Coupang announces early stock lockup agreement release; employees allowed to sell stocks
About a week into its debut on the New York Stock Exchange, Coupang is allowing some of its workers to sell their shares. Coupang announced an early stock lockup agreement release for about 34 million shares held by employees, which became eligible for sale at the opening of trading Thursday US time. According to the South Korean e-commerce platform company, the condition of the release -- that its stocks must close at or above the initial public offering price, $35 -- was satisfied as of th
March 19, 2021
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Samyang Foods tops W600b in sales in 2020, setting record
Samyang Foods achieved record sales of 648.5 billion won ($572 million) and an operating profit of 95.3 billion won in 2020 despite the COVID-19 pandemic, the South Korean food company said Friday. Samyang Foods, which produces the globally popular Buldak Spicy Chicken Noodle, said both its sales and operating profit jumped last year from a year earlier, by 19.3 percent and 21.9 percent, respectively. Sales from overseas backed the sales growth, having increased 35.8 percent on-year to reco
March 19, 2021
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OB releases series of new beers to maintain edge
Oriental Brewery Co. has released a series of new “high tech” beers in recent months to maintain its market lead. OB accounted for some 52 percent of Korea’s home beer market last year, according to Nielsen Korea, with its flagship beer Cass Fresh alone accounting for some 40 percent. In a statement, CEO Ben Verhaert said the company is seeking to continue to progress to accommodate changing consumer trends. All New Cass Hoping to continue its lead in the market, OB unveil
March 18, 2021
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CU launches beer subscription service
CU is launching a beer subscription service to target the increasing number of people enjoying imbibing alone and at home, the convenience store chain operator said Thursday. BGF Retail, the firm behind the convenience store chain, has teamed up with beer subscription app service Dailyshot to roll out its service where a user can get three cans of popular beer products from a nearby CU store at 6,900 won ($6.10) per month. CU is the first to launch such a service for beer in the convenience
March 18, 2021
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More cosmetics firms adopt eco-friendly packaging
More cosmetics companies in South Korea are adopting eco-friendly packaging amid growing concerns and calls to reduce single-use plastic. Earlier this month, cosmetics conglomerate Amorepacific unveiled eco-friendly paper packaging which it said reduces the use of plastic by some 70 percent and can last up to 36 months. The paper tube container, which uses “nano thin film blocking” technology and will be adopted for its clean beauty brand Primera sometime in the first half of this
March 18, 2021
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[News Focus] Four-way race for E-bay Korea acquisition
The race to acquire a controlling stake in eBay Korea is shaping up to be a four-way battle, with big-name players in retail all in for a deal valued at 5 trillion won ($4.42 billion). According to industry sources, Lotte Group, Emart Inc., SK Telecom Co. and private equity firm MBK Partners have been chosen as the preliminary bidders to buy the South Korean unit of the e-commerce giant, which operates some of the country’s major online shopping platforms including Gmarket, Auction and G
March 17, 2021
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Shinsegae, Naver ink stock swap deal to combine forces in retail industry
South Korean retail giant Shinsegae Group and information technology behemoth Naver are combining forces to gain an upper hand in the fast-changing e-commerce field, the two firms announced Tuesday. Chiefs of the two sides signed a stock swap deal worth 250 billion won ($221 million) and a strategic partnership agreement at JW Marriott Hotel in Seoul earlier in the day, they said. The ceremony was attended by E-mart CEO Kang Heui-seok and Shinsegae CEO Cha Jeong-ho, both from Shinsegae Grou
March 16, 2021
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Drive-thru, delivery push up sales at McDonald's Korea
Despite difficulties posed by the COVID-19 pandemic, McDonald’s Korea witnessed a 7 percent growth in sales last year, driven by strong drive-thru and delivery orders, the company said Tuesday. In a pre-recorded video, McDonald’s Korea Managing Director Antoni Martinez revealed that overall sales for McDonald’s and its franchises here topped 980 billion won ($866 million) in 2020, up 7 percent from a year earlier. Excluding franchise outlets, the revenue for stores directl
March 16, 2021
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Ikea Korea launches first Circular Hub in Goyang branch
Ikea Korea has unveiled its first “Circular Hub” in South Korea at its Goyang branch in Gyeonggi Province, where second-hand items are sold, the Swedish furniture company said Monday. The Circular Hub is a global project introduced by the Ingka Group, in its commitment to prolong the life of its products and contribute to circularity, Ikea explained. “With the launch of ‘Circular Hub,’ we are excited to support the many people with new, more inspiring ways to ea
March 15, 2021
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Pulmuone Foods names LG’s ex-marketing director as new CEO
Pulmuone Foods, a subsidiary of fresh food company Pulmuone, said Monday it had named the ex-vice president of LG’s Global Marketing Center as its new CEO. Kim Jin-hong, the new CEO of Pulmuone Foods, boasts some 20 years of marketing experience under his belt at home and abroad. The 55-year-old took on multiple senior roles while at LG including President of LG Electronics France and was the president of Kellogg Company’s South Korean unit between 2013 and 2014. “As the co
March 15, 2021
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Coway hires BTS as new model
Coway has hired the BTS as the new model for global promotion of the company, the Korean home appliances rental company said Sunday. Signing the contract with BTS’ management agency Big Hit Entertainment, Coway said it seeks to raise brand awareness and increase its consumer base in the global market. Under the contract, BTS will be promoting the company image and its services, including lease of various appliances such as water and air purifiers and mattress rentals, Coway said. Adve
March 14, 2021
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After Coupang, Market Kurly seeks IPO in 2021 at home or in US
South Korean e-commerce grocer Market Kurly said Friday it has decided to go public within this year and is exploring whether to make its stock market debut at home or in the United States. "We received positive statements from our accounting consultants about going public within this year," Market Kurly spokesman Song Cheol-wook said. "We are open to all options," he said, though he said the US is not a fixed destination as debuting on the New York Stock Exchange would req
March 12, 2021