[NCSI] South Korea outperforms US, Japan in customer satisfaction

South Korea outperformed the United States and Japan in consumer satisfaction in 2024, according to the National Customer Satisfaction Index released by the Korea Productivity Center. Every year, Korea's NCSI evaluates consumer satisfaction through three key metrics: customer expectations, perceived quality and perceived value. These same standards are used in over 30 countries, enabling global comparisons of performance across industries. This year, Korea scored 78.0 points on the NCSI, securin

Jan. 2, 2025

[NCSI] SK Broadband, KB Kookmin Bank, Samsung C&T, Samsung Fire & Marine Insurance top customer satisfaction ratings in 2024

The National Customer Satisfaction Index for this year marked 78 points, down 0.2 points from the previous year, according to the Korea Productivity Center. The agency has seen a slight decline in customer satisfaction across Korean industries for two consecutive years. This may reflect a sluggish global economy and a trend towards more cost-conscious consumption. KPC, an affiliated agency of the Ministry of Trade, Industry and Energy, was established in 1957 to promote industrial productivity.

Jan. 2, 2025

SPC to set up $160m bakery plant in Texas

South Korean bakery giant SPC Group announced on Thursday its plan to invest some $160 million to build the group's largest overseas production plant in the United States. The company has selected the city of Burleson in Johnson County, Texas, as the preferred location for the bakery facility and is in the final stages of negotiations with the local government on investment plans and related subsidies. Those discussions over the 150,000-square-meter facility are expected to be finalized by the e

Jan. 2, 2025

Chips drive Korea's record exports in 2024

South Korea has posted record-high exports of $683.8 billion in 2024, thanks to robust shipment of chips, the Trade Ministry said Wednesday. The country also achieved a trade surplus of $51.8 billion for the year, marking a turnaround from the deficits of the two previous years. The export figure slightly missed the yearly target of $700 billion in outbound shipments, but it surpassed the all-time high of $683.6 billion recorded in 2022, the Ministry of Trade, Industry and Energy said. “This yea

Jan. 1, 2025

SK chief stresses AI leadership, internal transformation for 2025

SK Group Chairman Chey Tae-won highlighted the importance of taking the lead in artificial intelligence, a crucial area for business growth in global industries, in his New Year's address sent to employees on Wednesday. "Last year, with the escalation of geopolitical tensions and the rapid growth of the AI industry, we witnessed an unprecedented transformation of the global market," Chey said. "What we need now is the courage to take action, even when faced with challenges." Since the beginning

Jan. 1, 2025

Jeju Air pledges emergency aid for bereaved families

Jeju Air plans to provide emergency financial support to the families of the Muan crash victims, independent of its insurance coverage obligations. “Funeral procedures have begun, and we are providing necessary assistance and expenses for the funerals,” Jeju Air CEO Kim E-bae said in a fourth press briefing held at a hotel in western Seoul on Tuesday. “We are currently preparing emergency support funds to assist the victims’ families in their daily lives. We thought such assistance necessary, as

Jan. 1, 2025

Exports of S. Korean snacks, beverages rise on popularity of Korean cuisine

Exports of Korean snacks and beverages have risen sharply last year, driven by the growing global popularity of Korean cuisine, government data showed Wednesday. Outbound shipments of snacks and confectionery reached a record $706 million during the first 11 months of 2024, up 16.5 percent from a year ago, according to the data by the Ministry of Agriculture, Food and Rural Affairs. Overseas sales of beverages also jumped 14.9 percent on-year to a new high of $609 million over the cited period o

Jan. 1, 2025

Jeju Air to reduce flight operations by up to 15% following Muan crash

Jeju Air's CEO on Tuesday said the company will reduce its flight operations by 10 to 15 percent until March, aiming to strengthen its operational safety measures in the wake of the recent plane crash at Muan International Airport in South Jeolla Province. “We are committed to addressing the ongoing situation, reinforcing safety protocols and restoring public trust,” Jeju Air CEO Kim E-bae said in a fourth briefing on the incident held at a Seoul hotel later in the day. The Jeju Air chief also e

Dec. 31, 2024

Samsung to become largest shareholder in Rainbow Robotics

Samsung Electronics said Tuesday it will become the largest shareholder in Rainbow Robotics, a Korean robotics startup, as part of its push for advancing robotics technologies, including humanoid robots. The tech giant exercised its call option on Rainbow Robotics, increasing its stake from 14.7 percent to 35 percent. As a result, the startup will be integrated into Samsung’s consolidated financial statements as a subsidiary. Rainbow Robotics, founded in 2011 by researchers from the Korea Advanc

Dec. 31, 2024

Weflo to showcase drone inspection solutions at CES 2025

Future aviation mobility startup Weflo said Tuesday that it will participate in CES 2025, the world's largest consumer electronics and technology trade show that opens next week in Las Vegas. Supported by the Korea Credit Guarantee Fund, Weflo will present its advanced mobility inspection solutions, including verti-Pit mini, Portable verti-Pit and verti-Pit QC. The verti-Pit mini was recognized as an “Honoree in Drone” this year for streamlining the inspection process. This compact, intelligent

Dec. 31, 2024

Jeju Air crash stokes fears of tarnished image for budget carriers

Concerns are mounting within the low-cost carrier industry that the image of budget airlines could be tarnished in the wake of the recent Jeju Air crash, according to industry watchers Tuesday, with industry players fearing a decline in demand for air travel. "It's a somber atmosphere across the entire industry, even though it's just one airline's incident," one LCC official told Yonhap News Agency, requesting anonymity. The official added, "There's concern that travel demand could be dampened.

Dec. 31, 2024

NCSoft tops ESG ratings among Korean game developers

South Korean gaming giant NCSoft said Monday that it has achieved the highest environmental, social and governance rating among domestic game developers for a fourth consecutive year. NCSoft is the nation’s only game developer to secure a double-A rating in the Morgan Stanley Capital International 2024 ESG assessment. After receiving an A grade in 2021, the company has maintained its double-A status since 2022. MSCI evaluates listed companies worldwide and grades their ESG systems on a seven-tie

Dec. 30, 2024

Samsung SmartThings users surpass 20m in Korea

Samsung Electronics announced Monday that the number of SmartThings users in South Korea surpassed 20 million this week, driven by rapid growth in sales of AI-powered home appliances and ongoing upgrades to the SmartThings app. SmartThings, Samsung’s internet of things platform, allows users to control home appliances and devices via their smartphones, offering personalized notifications and advanced automation features to streamline daily routines. Samsung explained that the vast majority of AI

Dec. 30, 2024

Jeju Air remains silent on cause of deadly jet crash

Airline recalls another Boeing 737 to Seoul for technical checkup; Some passengers refuse to aboard alternative flight After the fatal passenger plane crash at Muan Airport on Sunday morning, Jeju Air vowed support for the identification of victims and provide assistance to their families, but avoided speculating on the accident's cause or the progress of ongoing investigations. "Since yesterday afternoon, around 300 Jeju Air employees have been on-site, including the CEO, engaging directly with

Dec. 30, 2024

Jeju Air, aviation stocks sink on devastating crash

Weakening won, political turmoil already weighing heavily on travel industry Stock prices of aviation companies plummeted on Monday following a tragic Jeju Air plane crash that claimed 179 lives, piling on South Korea’s already fragile economy hit by ongoing political upheaval. The stock price of Jeju Air on the nation’s main bourse, the Kospi, fell 15.7 percent at the opening to an intraday low of 6,920 won ($4.70). AK Holdings, one of the airline's major shareholders, saw a sharp drop of 12 pe

Dec. 30, 2024