Articles by Shim Woo-hyun
Shim Woo-hyun
ws@heraldcorp.com-
Samsung Biologics Q1 earnings hit all-time high
Samsung Biologics, a leading contract development and manufacturing organization, announced Wednesday that the company’s earnings in the first quarter this year hit an all-time high. In the January-March period, Samsung Biologics’ sales increased by 31.3 percent on-year to 946.9 billion won ($690 million) from the previous year’s 720.9 billion won. Its operating profit also reached 221.3 billion won, up 15 percent on-year. “The operation of the fourth plant has largely co
Industry April 24, 2024
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Orion's Turtle Chips sales soar in US
The popularity of the Orion brand's Turtle Chips continued to grow in the US last year, boosting its annual sales to around 12 billion won ($8.8 million). Orion, a South Korean confectionery and snack manufacturer, is supplying the chips at the snack bars of major firms such as Google and Netflix, the company said Wednesday. According to Orion, the annual sales of Turtle Chips in the US reached 12 billion, around 200 times higher than the figure in 2017 when the company first launched the s
Industry April 24, 2024
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Aging population to drive down Korea's housing prices from 2040: experts
South Korea's housing prices are expected to see a long-term decline starting in 2040, hit by the nation’s falling birth rate and quickly aging society, according to experts who joined a Seoul seminar hosted by construction project management firm Hanmi Global on Tuesday. "In 2025, South Korea will become a superaging society with an over-65 population surpassing 10 million, which will account for more than 20 percent of the country's total population. Due to the aging popul
Industry April 23, 2024
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Posco confirms 7 missions to speed up innovation
Posco Group Chairman Chang In-hwa on Monday announced seven major tasks that the steel giant will tackle in the years to come, from consolidating its leadership in steelmaking and battery materials to improving the governance structure. The new missions come after Chang was appointed as the group’s new chairman on March 21. Chang, together with a 20-member task force, came up with the new tasks to enhance Posco’s competitiveness across key business areas. “Through the seven inn
Industry April 22, 2024
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Samsung C&T president makes her first business trip to Milan
Samsung C&T President Lee Seo-hyun, the younger sister of Samsung Electronics Chairman Lee Jae-yong, visited Italy on her first business trip after her recent comeback to a management role in the company, according to industry sources, Thursday. Lee reportedly visited Milan to attend Milan Design Week (MDW) 2024, the world's largest design and furniture fair, which attracts more than 2,300 exhibitors and 370,000 visitors from more than 180 countries. Samsung Electronics also participate
Industry April 18, 2024
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Procurement experts flock to Korea for IPPW 2024
South Korea’s Public Procurement Service said Wednesday it is hosting the International Public Procurement Workshop 2024, an international gathering of procurement experts from around the world, this week in Ilsan, Gyeonggi Province. Under the title of “Gaining New Insight on Public Procurement,” the two-day event will kick off Thursday at the Kintex convention center. This year, the event will be co-hosted with the Inter-American Development Bank or IDB in order for Korea to b
Industry April 17, 2024
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Beer imports from Japan more than double in Q1
South Korea's imports of Japanese beer products more than doubled on-year in the first quarter this year, despite a 20 percent drop in the country's overall beer imports during the same period, government data showed Wednesday. According to the Korea Customs Service, the combined value of Korea's beer imports in the January-March period decreased by 19.8 percent on-year to reach $45.2 million. In terms of volume, the country' beer imports went down by 24.1 percent to 48,322 t
Industry April 17, 2024
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Chanel, Louis Vuitton see muted growth in Korea
Luxury fashion houses reported a slowdown in sales growth in Korea after years of upbeat sales that peaked during the COVID-19 pandemic, according to recent earnings reports. “Consumption of expensive luxury products soared over the past few years, particularly after the COVID-19 pandemic. But, luxury purchases started to slow down last year as consumer confidence remained low amid economic woes,” an industry source said on the condition of anonymity. The two largest luxury brands in
Industry April 16, 2024
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Greyd’s video platform helps Korean sellers go global
Greyd, a social commerce platform developed by Seoul-based software developer Arbaim, aims to secure a bigger footing in overseas markets as it offers an effective marketing tool for Korean sellers that is also entertaining to attract global customers. Short-form videos, typically defined as any video under 90 seconds in duration, have become increasingly popular on a variety of social media platforms, including TikTok, YouTube and Instagram. Advertisers are also turning their eyes to the new ty
Industry April 15, 2024
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Korean steel companies' earnings expected to dip in Q1
Earnings of Korean steel companies in the first quarter are expected to fall due to increased prices of raw materials and the sluggish construction market, according to reports from local securities companies, Sunday. Analysts had a bleak outlook for Posco, the country's steel giant, expecting that both sales and operating profit will drop from the previous year, when its sales and operating profit came to 15.5 trillion won ($11.2 billion) and 338 billion won, respectively. Due to the decre
Industry April 14, 2024
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[Weekender] How young Koreans find peace of mind in pet stones
Some perhaps remember a stone slab from director Bong Joon-ho’s Academy Award-winning film “Parasite,” which Ki-woo, one of the main characters, holds onto throughout the film. In the film, his friend Min-hyuk delivers the stone, stolen from his grandfather’s collection, telling Ki-woo the stone will bring wealth to his family. The stone, which is known as "suseok" or scholar’s rock here, is a collectible item that was prominent among scholars during the J
Culture April 13, 2024
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Kakao Healthcare boosts partnership with Google
Kakao Healthcare, the digital health care unit under platform giant Kakao, announced Thursday that the company would boost its collaboration with Google to improve its cloud-based data platform. The announcement came after Kakao Healthcare CEO Hwang Hee shared the company's recent progress with Healthcare Data Research Suite (HRS), the company’s cloud-based data platform service, during Google's Cloud Next conference in Las Vegas this week. According to Hwang, Korea has a significant amoun
Industry April 11, 2024
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Politicians push for telemedicine amid doctors’ walkout
Discussions on expanding telemedicine services are speeding up here as no immediate breakthrough can be seen in the prolonged mass walkout by junior doctors in protest against the government’s push to raise the admission caps of medical schools. Ahead of Wednesday’s General Election, candidates from both ruling and opposition parties also announced pledges to expand the availability of telemedicine services. Currently, remote clinical services via phone or video calls are offered on
Industry April 10, 2024
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7 in 10 Korean retailers feel threat from Chinese e-commerce rush
Seven out of 10 retailers in Korea say they feel threatened by the rapid expansion of Chinese e-commerce platforms, especially the big three -- AliExpress, Temu and Shein -- an industry-wide survey found Monday. Of the 500 retailers surveyed by the Korean Chamber of Commerce and Industry, the nation’s largest business lobby, 69.4 percent said their businesses are under threat by the Chinese rush, while 74.4 percent expected heightened competition in the market. Almost 60 percent of online
Industry April 8, 2024
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Food delivery platforms compete with free delivery
The competition among Korea’s three largest food delivery platform operators is intensifying as each of them has recently launched free delivery services to increase their share of the market. On Friday, Yogiyo, the third-largest food delivery app provider, announced that the company would begin free delivery for users with Yogiyo membership. Yogiyo’s decision came after the other two companies, Baedal Minjok (Baemin) and Coupang Eats, rolled out membership-based free delivery servic
Industry April 5, 2024
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