China’s imports of Korean goods plunged to the lowest level in three decades last year, amid the escalating Washington-Beijing rivalry and Seoul’s strategic pivot. According to data from the Korea International Trade Association on Sunday, South Korea accounted for 6.3 percent of China’s imports last year, down from 7.4 percent a year earlier. In 2022, Korea ranked second on China’s top importer list, following Taiwan. Last year, the country was outpaced by Taiwan and the

Economy Jan. 28, 2024

Korean building materials company LX Hausys said Thursday it is joining the International Surface Event 2024, the largest flooring trade show in North America, in a bid to secure a bigger footing in the all-important market. More than 700 companies specializing in flooring, tiles and other building materials are expected to participate in the TISE 2024, which takes place in Las Vegas this week until Friday. The company’s exhibition booth, themed “Stage for Life," features a rang

Industry Jan. 25, 2024

Piles of apples are displayed at a large supermarket chain store in Seoul on Wednesday. Ahead of the Lunar New Year’s holiday season next month, grocery prices have soared more than 20 percent compared to a year ago, according to price tracker Korea Price Information on Wednesday. The average price of three apples at a traditional market was 15,000 won ($11.20), a 42.86 percent surge from the same period last year. (Yonhap)

Industry Jan. 25, 2024

The nation’s No. 1 ramyeon seller, Nongshim, said Wednesday that its flagship Shin Ramyun product posted record sales of 1.21 trillion won ($903 million) in 2023, a 14 percent jump from the previous year. The feat marks the second consecutive year that product sales surpassed 1 trillion won. Shin Ramyun sold about 1.66 billion packs last year globally, which is equivalent to 53 packets sold per second, the company said. Since its launch in 1986, its cumulative sales have amounted to 17.51

Industry Jan. 24, 2024

The IFC Mall, a shopping complex in Seoul’s financial district of Yeouido, is enjoying a sales boom, benefiting from a surge in visitors following the high-profile opening of a new neighbor – The Hyundai Seoul, the nation’s largest department store. According to the mall on Monday, sales and visitors increased 10 percent and 8 percent, respectively, last year compared to 2022, when the mall saw a 60 percent jump in on-year sales. Sales also surged to a record high but the exact

Industry Jan. 22, 2024

진행자: 김혜연, Ali Abbot Policemen punished for death of man they escorted close to home 기사 요약: 한파 속 취객 데려다 줬으나 집 앞 계단서 들어가지 않고 잠들어 사망, 경찰관 업무상과실치사 혐의로 벌금형 받아 [1] Two South Korean policemen have been fined after the intoxicated man they escorted to the building he lived in froze to death, a local court said Sunday. *fined 벌금을 부과하다 *intoxicated (술·마약에) 취한 [2] The Seoul Northern District Court imposed a fine of 5 million won ($3,800) and 4 million won, respectively, to a police sergeant and a s

Podcast Jan. 22, 2024

A shopper browses the milk at a supermarket in Seoul on Thursday. According to Statistics Korea, milk prices saw a 9.9 percent jump in 2023, the steepest surge in 14 years since the global financial crisis in 2009. The upward trend in milk prices also led to price hikes in other dairy products, including yogurt (12.5 percent) and cheese (19.5 percent). (Yonhap)

Industry Jan. 18, 2024

Lotte Group Chairman Shin Dong-bin pays tribute to the group's late founder and honorary Chairman Shin Kyuk-ho, during a memorial service held at the retail giant's headquarters in southern Seoul on Thursday. The self-made entrepreneur passed away at the age of 97 on Jan. 19, 2020. (Lotte Group)

Industry Jan. 18, 2024

진행자: 김혜연, Ali Abbot Pet cloning in Korea raises concerns over bioethics, regulatory void 기사 요약: 유튜버의 죽은 강아지 복제 소식에 반려견 복제 기술에 대한 국내 기준, 규정의 모호성 지적받아 [1] A pet owner nuzzles her puppy Tico after months apart in a heartwarming video uploaded to YouTube on New Year’s Day. But this is no ordinary reunion. *nuzzle 코[입]를 비비다 *heartwarming 마음이 따뜻해지는 *reunion 재회[재결합] [2] Tico died in November 2022. The puppy in the video is a clone made to replace her. For some viewers, this last detail adds a

Podcast Jan. 18, 2024

Hanhwa Group Vice Chairman Kim Dong-kwan unveiled a new vision for the decarbonization of shipbuilding and outlined Hanwha’s plans to build a zero-emissions gas carrier, during the 2024 World Economic Forum held in Switzerland on Wednesday. The new vessel will be the industry’s first to be powered entirely by alternative fuels, using Hanwha’s proprietary green technology, according to Kim. Speaking at the Davos Forum under the title "The First Fossil-Free Ship on Water,&rd

Industry Jan. 17, 2024

  Korean food giant CJ CheilJedang's success in globalizing its K-food portfolio has been recently chosen as a subject for a case study at a Harvard Business School lecture in the US. This is the first time a Korean food brand to be featured in such a capacity at the HBS, according to CJ CheilJedang. Titled "CJ Foods: The Path to Global Food Leadership," the research delves into the company's management strategy, achievements, and the secrets behind its success in pioneering overs

Industry Jan. 15, 2024

SAN FRANCISCO -- Korean biosimilar giant Celltrion's Founder and Chairman Seo Jung-jin on Wednesday pledged to establish a 100 trillion won ($75 billion) health care fund through the initial public offering of the holding firm of Celltrion Group, as soon as later this year or early 2025. Seo envisions the listing of Celltrion Holdings to harness the generated funds for future initiatives in the biopharmaceuticals sector. Seo holds a 98.5 percent stake in the firm. "With the forthcoming

Industry Jan. 11, 2024

SAN FRANCISCO -- Kakao Healthcare, the digital health care unit under Korea's platform giant Kakao, revealed its aspirations to launch the AI-based blood sugar management service, PASTA, in Japan later this year, and the US by the end of next year, the company's CEO Hwang Hee said at the JPMorgan Healthcare Conference Tuesday. PASTA, developed in collaboration with global companies Dexcom, Novo Nordisk and iSense, is a blood sugar management service utilizing a continuous glucose monit

Industry Jan. 11, 2024

SAN FRANCISCO -- Yuhan Corp. plans to bring at least two novel drugs, which may include an oncology treatment, to the global market by 2026, with an ambitious vision to become one of the world's top 50 pharmaceutical companies, it said at the J.P. Morgan Healthcare Conference' Asia-Pacific track presentation session Tuesday. "Yuhan covers multiple fields in the realm of biopharmaceuticals, from discovering, manufacturing, to sales and marketing, and currently possess 29 innovative

Industry Jan. 11, 2024

SAN FRANCISCO – Samsung Biologics, the biotech arm of Samsung Group, is seeking to further consolidate its leadership in the soaring contract manufacturing and development market by outpacing rivals in terms of production capacity. "I am aware of the market's post-pandemic oversupply concerns. However, considering the continual rise in our orders, the choice to expand production capacity is deemed essential to promptly address the strong demands of our clients,” CEO John Ri

Industry Jan. 10, 2024