The price of spirits used to make soju products went up Tuesday, marking the biggest jump in the last 20 years. The price hike comes for a second consecutive year, increasing burdens on local soju makers. Korea Ethanol Supplies Co. said Tuesday it has raised the price by 9.8 percent. The price hike will apply to all soju makers as the company is the country's sole distributor of the spirit. The latest 9.8 percent increase follows an 8 percent raise last year, and it is the highest increase

Consumer April 18, 2023

Posco Group has seen an increase of more than 20 trillion won ($15.2 billion) in its market capitalization this year, buoyed by anticipated gains in its battery businesses. According to data released by Korea Exchange on Monday, the combined market capitalization of Posco Group's listed firms came to around 63.5 trillion won as of Sunday, up by around 50 percent -- some 23 trillion won -- from early 2023. Posco Group's market capitalization also surpassed that of Kakao, which came to 4

Industry April 17, 2023

South Korean food and bakery giant SPC Group said Friday it has joined hands with the city government of New York and the American Chamber of Commerce in Korea to boost the US city’s economy by expanding support for minority groups. A signing ceremony for the memorandum of understanding was held in New York on Wednesday, with Mayor Eric Adams, AmCham Chairman James Kim and Paris Baguette North America Chief Strategy Officer Hur Jin-soo in attendance. Under the agreement, SPC will run a six

Consumer April 14, 2023

The South Korean pet insurance market has been expected to gain traction amid a growing pet population in the country. However, it will take more time for the market to mature, according to industry sources. According to the Korea Credit Information Service, the number of pet owners who have pet insurance plans reached around 55,000 as of October last year, accounting for only 0.8 percent of 7.2 million pet owners in the country. The figure is much lower than other foreign countries such as Swed

Industry April 14, 2023

Posco Group Chairman Choi Jeong-woo and former US Deputy Secretary of State Stephen Biegun met on Wednesday in Seoul to discuss global supply chain strategies. Biegun currently works as an adviser for Posco America since his appointment in 2021. “(Choi and Biegun) are expected to discuss Posco Group’s global strategies for the future and measures to overcome the ongoing global supply chain crisis,” an official from Posco Holdings said. Their meeting on Wednesday drew attention

Industry April 12, 2023

The National Tax Service announced Tuesday that it has launched the K-Liquor Promotion Council to boost exports of alcoholic beverages produced by small and mid-sized firms. "Imports of alcoholic beverages have increased during the COVID-19 pandemic, but exports of locally produced alcoholic beverages have had difficulties in entering the foreign markets,” the National Tax Service explained the background behind the launch of the council. According to the NTS data, imports of alcoholi

Consumer April 11, 2023

Orion Holdings, the holding company of snack maker Orion Group, announced Monday that it had signed a contract with Chinese partners to export its mineral water product, Jeju Yongamsoo. With its partnerships with Qingdao Yongping Market Management and Qingdao Guoxin Culture and Sports Industry, Orion Holdings aims to increase its sales of the water product in China. "Orion expects the company's production and sales of its water product to significantly increase on the latest signing wi

Consumer April 10, 2023

When a 30-year-old Seoulite surnamed Choi drops by the convenience store before hitting the gym, he makes sure that he chooses a sugar-free soft drink from the cooler. “I have been drinking sugar-free soft drinks instead of regular ones, because I find it more helpful for my workouts,” he said. Choi is one of many young health-conscious consumers whose choices reflect the clear winner in the beverage market -- sugar-free beverages. Sugar-free and low-calorie soft drinks are enjoying

Consumer April 10, 2023

President Yoon Suk Yeol said Wednesday he is "pleased" to be invited to address a joint session of the US Congress during his state visit to Washington later this month as the two allies mark the 70th anniversary of their establishment. Yoon is scheduled to hold a summit with US President Joe Biden in Washington, D.C., on April 26.

Foreign Affairs April 5, 2023

Medical expenses for pets are expected to go down as the South Korean government is looking to get rid of the value-added tax-imposed pet care services. According to the Ministry of Economy and Finance on Wednesday, the government has recently started an internal review process to scrap the existing VAT on some pet care services. Under the current decree relating to animal healthcare, 10 percent VAT is charged on pet care services here. Some veterinary care services, such as vaccinations, neuter

Industry April 5, 2023

South Korea could become the seventh country to host the three major international events, the Olympic Games, the World Cup and the World Expo, if it succeeds in its bid to host the World Expo in Busan in 2030. Currently, France, the US, Canada, Germany, Italy and Japan are the only six countries that have hosted all three international events. In terms of the World Expo, South Korea would become the 12th country to host the global event. Previously, the World Expo was held in 11 countries, incl

Industry April 4, 2023

Shipments of alcoholic beverages in South Korea have decreased over recent years amid inflationary pressures and changes in attitudes to alcohol consumption during the COVID-19 pandemic, government data showed Friday. According to Korea Agro-Fisheries & Food Trade Corporation data, the combined shipments of liquor products in 2021 came to 3 million kiloliters, down 3.5 percent on-year. The figure in 2014 came to 3.8 million kl. Between 2019 and 2021, during the COVID-19 pandemic, shipments o

Consumer April 3, 2023

Foreign travelers are returning to Myeong-dong after over three years of economic decline due to the COVID-19 pandemic, with the central Seoul shopping district seeing signs of recovery. “Between last winter and now, I have been able to see a lot more foreigners in the Myeong-dong area, particularly on the main street. From morning until midnight, foreigners continue to flow into the area," a 27-year-old part-time worker surnamed Kim told The Korea Herald in Myeong-dong, Seoul, Tuesda

Consumer April 1, 2023

South Korea's food delivery app Baedal Minjok, or Baemin, has been charging the highest fees to its vendors among the country's top nine e-commerce platforms, according to government data released on Friday. The Financial Supervisory Service, the country's financial regulator, unveiled commission rates of nine online e-commerce platform operators that generate transaction volumes exceeding 100 billion won ($77 million) a month. In terms of transactions made by credit card, Baemin,

Consumer March 31, 2023

Celltrion's founder and returned chairman Seo Jung-jin said the company will be able to secure some 5 trillion won ($3.8 billion) for mergers and acquisitions of pharmaceutical and biotechnology firms, through which the company aims to boost its new drug development capability. The company also plans to build its fourth manufacturing plant in the US, according to the chairman. "After the first half this year, the number of M&A candidates will come down to around 10, and the company w

Technology March 29, 2023