SK Bioscience, the vaccine unit of Korea’s SK Group, said Friday the Turkish health authority has renewed a certification for making and exporting vaccines for flu, chickenpox and shingles, paving the way for the company to participate in a vaccine deal bid in Turkey. The Good Manufacturing Practice certification was renewed for the firm’s vaccine manufacturing factory L House located in Andong,...

More than two out of three Koreans in their 20s and 30s feel positive about plant-based meat alternatives and believe that they are better for the environment than animal meat, a survey showed Thursday. According to a survey conducted by Shinsaege Food, 67.6 percent of 1,000 respondents aged between 20 and 39 said they feel good about consuming meat replacements. Some 71 percent said meat alter...

Korea’s convenience stores’ combined market share outgrew that of local supermarkets for the first time, amid the fast-growing trend to shop in less crowded places due to the coronavirus pandemic, data showed Wednesday. According to data from the Ministry of Trade, Industry and Energy, sales revenue of three convenience stores -- GS25, CU and 7-Eleven -- came to 30.7 percent last year, following...

South Korean game giant Netmarble said Thursday it will launch metaverse games that allow hyperconnection between the real world and virtual reality, expanding its footing in the fast-growing blockchain industry. “We plan to develop metaverse games that allow users, either individuals or companies, to gain virtual assets that can be exchanged for real assets such as currency through blockchain t...

Korea’s largest meal kit provider Fresheasy said Wednesday it acquired its smaller rival Tasty9, the No. 2 player, for 100 billion won ($83.5 million) in a move to further strengthen its leadership in the burgeoning ready meal market here. The latest deal is the fourth in a series of acquisitions it has carried out under new ownership. In October last year, Hong Kong-based Anchor Equity Partners...

Nonfungible tokens, once monopolized by cryptocurrency exchanges and auction houses, are creeping into the retail industry, where top players are desperate to seek a new growth engine in a quickly saturating market. NFTs are digital tokens of physical or digital assets, mostly of music or art, that guarantee ownership through blockchain technology. Korean retail channels are also set to expand ...

South Korea’s imports of beer recorded an all-time low last year, amid a nationwide boycott of Japanese beer and other products, data showed Monday. According to the Korea Customs Service, imports of beer decreased by 1.7 percent on-year to $223.1 million last year. The figure surpassed the record-low imports of $181.5 million in 2016. The list of major beer import countries last year includes ...

The convenience store chain 7-Eleven of Korea’s retail giant Lotte Group said Friday it joined hands with Oasis Business, startup solution platform, to develop an Artificial Intelligence solution to support those who wish to start the franchise business. Based on the partnership, the store chain plans to provide more objective data of the commercial area around the new franchise and accurate sal...

Korea’s retail giant Lotte Group is highly likely to be picked as a preferred bidder to acquire the nation’s fifth-largest convenience store chain Ministop Korea, according to industry sources Wednesday. Lotte reportedly offered the highest bidding price -- 300 billion won ($251.5 million) -- possibly leaving out its crosstown rival Shinsegae Group in the heated race. “Since Lotte has outbid ot...

South Korea’s exports of kimchi recorded an all-time high last year, reaching a trade surplus for the first time in 12 years, data showed Monday. Kimchi is a traditional Korean side dish made of spicy sauce and fermented cabbage. According to the Korea Customs Service, exports of kimchi surged by 10.7 percent on-year to $159.9 million last year. The figure surpassed the record-high exports of $...

Lotte Hotel, the hotel chain owned by Korea’s retail giant Lotte Group, said Monday that it will open a new hotel in Chicago next year, the first overseas launch under its lifestyle boutique hotel brand L7. Lotte said it completed an acquisition of Kimpton Hotel Monaco Chicago for 42.8 billion won ($35.9 million) on Friday (US time) in a joint investment with the state-run Korea Overseas Infrast...

Amid the prolonged strike of unionized delivery workers of CJ Logistics, the logistics unit of Korea’s conglomerate CJ Group, government is planning to deploy additional workers to prepare for a delivery surge in the upcoming New Year’s holiday. According to the Ministry of Land, Infrastructure and Transport, starting Monday, it will deploy around 10,000 delivery workers to the field from Jan. 1...

Korea’s IT giant Kakao said Thursday it will ban CEOs and executives representing its subsidiaries from selling company shares shortly after their market debuts in an apparent move to quell public criticism over their management ethics. According to Kakao’s Corporate Alignment Center, the new control tower that oversees Kakao affiliates, CEOs and executives will be prohibited from exercising st...

The ongoing pandemic has brought a significant change in South Korea’s job market where technology skills such as data visualization and coding -- not necessarily academic background -- have become prime qualities that businesses look for from job seekers. “The COVID-19 pandemic has indeed brought about huge polarization in the local job market. Job seekers who majored in liberal arts or busines...

South Korean e-commerce giant Coupang said Wednesday it has exclusively launched the product lines of Nitori, Japan’s largest furniture and household goods brand. According to the company, Coupang will directly import Nitori products so that customers in Korea can conveniently purchase the brand’s items. Celebrating the launch, Coupang presents a limited-time offer from Wednesday to Friday. Any...