Big companies increase R&D investment in 2023

Big companies in South Korea increased their investments in research and development activities last year despite decreased earnings, a corporate data tracker said Tuesday. Their combined R&D investments rose 9.4 percent to 73.42 trillion won ($54 billion) in 2023 from 67.14 trillion won a year earlier, according to a recent survey of 224 firms by the data tracker CEO Score. They suffered declines in sales and operating profit due to an economic slowdown but they executed their planned R&

April 9, 2024

Goodbye to Whopper? Burger King’s marketing stunt stirs confusion

The announcement from Burger King's South Korean operator that it would stop selling its popular Whopper lineup has stirred up controversy and mixed opinions over whether it is merely a marketing stunt or not. Early Monday morning, Burger King informed customers through its website and mobile messenger KakaoTalk about the end of Whopper sales. "Whopper sales will end after 40 years," the announcement read. "We thank everyone who has loved the Whopper all this time." Acco

April 8, 2024

CJ's Tous Les Jours to set up franchisee training center in US

CJ Foodville, the operator of the South Korean bakery chain Tous Les Jours, said Monday it plans to establish a training center in the US aimed at enhancing the service and operational expertise of its local franchisees there. This initiative comes as CJ Foodville has recently experienced an increasing number of inquiries from Americans interested in operating Tous Les Jours franchise outlets in the US, the company added. According to CJ Foodville, contracts for new franchise openings have alrea

April 8, 2024

LG chairman loses suit filed to recoup part of massive inheritance taxes

LG Group Chairman Koo Kwang-mo on Thursday lost a lawsuit he filed together with his family members to recoup part of the near 1 trillion won ($735.7 billion) in inheritance taxes imposed following the death of former Chairman Koo Bon-moon. After the former chairman's death in 2018, a combined 990 billion won in taxes were imposed on Koo Kwang-mo and other members of the owning family for their inheritance worth about 2 trillion won that included an 11.28 percent share in LG Corp., the hold

April 4, 2024

Hyosung TNC pledges W1tr to build new Vietnam plant

Hyosung TNC, the fiber production unit of South Korean industrial giant Hyosung Group, said Wednesday it will invest 1 trillion won ($740 million) in Vietnam to establish a new spandex material plant. Hyosung TNC secured approval for the investment from the Vietnamese government during a city development conference for Ba Ria-Vung Tau, a local province of the Southeast Asian country, held Saturday. With the approval, the company will commence construction of a facility in Ba Ria-Vung Tau capable

April 3, 2024

Sulwhasoo publishes first sustainability report

South Korean cosmetics giant Amorepacific said Tuesday that its premium skincare brand Sulwhasoo has released its 2023 Sustainability Report, detailing the brand's sustainability initiatives and achievements. Sulwhasoo published the first standalone sustainability report by a brand under Amorepacific. The report comprises three chapters: ginseng, the environment and culture. The first chapter explores Sulwhasoo's journey with ginseng, transitioning from its use in food to beauty produc

April 2, 2024

HiteJinro’s Kelly sells 360m bottles in first year

South Korean liquor giant HiteJinro said Tuesday that its beer brand Kelly had exceeded 360 million bottles in sales as of March 26, a significant milestone within one year of its launch in April 2023. This achievement is equivalent to selling 11.5 bottles every second, the company said. Kelly's performance has propelled HiteJinro's sales growth. Last year, the liquor manufacturer posted 823.3 billion won ($607.6 million) in beer sales, marking a 5 percent increase from the previous ye

April 2, 2024

More women break glass ceiling on financial group boards

South Korean financial groups have undergone a transition in their board composition, indicating governance changes centering on gender diversity and internal control. Given that a financial holding company’s board is the ultimate decision-making body engaging in establishing management strategies and budget planning for itself and its affiliated banking and securities units, the changes give a glimpse of the future direction that the groups are pursuing. Here are the key takeaways from

April 1, 2024

Korea Ginseng Corp. appoints global business chief as new CEO

Korea Ginseng Corp., the country's leading ginseng manufacturer, said Monday that it has appointed An Bin, the company's former global business chief, as its new CEO. “In order to transition into a global top-tier comprehensive health company, we must adopt a 'Global One Market' approach that combines both domestic and overseas markets," An, 51, said in his inauguration remarks. “We will aim to maximize profits in overseas markets while at home we will take a

April 1, 2024

CJ’s veggie dumplings hit US military shelves

South Korean food giant CJ CheilJedang said Monday it has started selling plant-based dumplings at grocery stores within US military bases in Korea. These Bibigo dumpling products come in three varieties -- original, japchae and kimchi -- all featuring the company’s special vegetable protein based on beans, which provides a taste and texture similar to meat. Starting with dumplings, CJ said it plans to expand its product lineup to include frozen rice balls and gimbap. They added it aims

April 1, 2024

Google to suspend political ads in S. Korea ahead of general election

Google has decided to suspend all politics-related advertisements on its services in South Korea ahead of the upcoming general election next month, according to industry sources Sunday. According to the sources, Google recently posted a notice saying that it will not support political ads during South Korea's election period. The decision will apply uniformly across Google services, including YouTube, Google search and the Google Play Store. The decision appears to have been made to prevent

March 31, 2024

Hahn & Co shakes up Namyang Dairy's board to cement control

Private equity company Hahn & Co has taken over the boardroom of Namyang Dairy Products to put an end to 60-year family ownership of the dairy firm. During the regular shareholders meeting held at Namyang’s headquarters in southern Seoul on Friday, officials from Hahn & Co were appointed as inside directors, while Lee Myung-Chul, chair of Institut Pasteur Korea, was appointed as an outside director. Previous directors, including Hong Won-sik, chair of Namyang Dairy Products, steppe

March 29, 2024

Chilsung Cider wins global acclaim

Lotte Chilsung Beverage Co., the beverage arm of the South Korean conglomerate Lotte Group, said Tuesday its flagship product, Chilsung Cider, has received global recognition for its high-quality taste. Chilsung Cider was honored with the superior taste award, receiving three stars, the highest distinction in the soft drink category, from the Brussels-based International Taste Institute, the company said. Judged on five criteria including first impression, appearance, aroma, taste, and aftertast

March 26, 2024

Posco International CEO vows to speed up digital transformation

Lee Kye-in, formerly president of Posco International, took office as CEO of the company, having been appointed to his new position during a board meeting at the company’s headquarters in Incheon on Monday. In his inaugural speech, Lee said, "As CEO of Posco Group's second-largest company, as well as a leading trading company, I will fulfill my responsibilities" to align with the company's new vision, "materials opening the future, innovation for the top class,&quo

March 25, 2024

Samsung Display to pay out dividends for 1st time

Samsung Display Co. said Thursday it will pay out dividends for the first time since its establishment in 2012, a move that will lead its parent company Samsung Electronics Co. to receive about 5.6 trillion won ($4.2 billion) in dividends. At a shareholders' meeting Tuesday, Samsung Display decided to deliver 25,400 won per share in dividends totaling 6.65 trillion won, the company said in a regulatory filing. Samsung Electronics is the top shareholder of Samsung Display with an 84.8 perc

March 21, 2024

NCSoft maps out co-CEO scheme to recover profits

NCSoft, a leading South Korean gaming firm traditionally led by its founder, Kim Taek-jin, as the sole CEO, mapped out its historic shift to a co-CEO structure, introducing Park Byung-moo as co-CEO to streamline operational efficiency and diversify its business portfolio amid significant financial difficulties. The two co-CEOs explained the dual-leadership strategy during a media briefing broadcast on NCSoft's official YouTube channel on Wednesday. Under this new arrangement, Kim will focus

March 20, 2024

Hanjin, Mongolia’s Tuushin ink logistics partnership

South Korean logistics company Hanjin Logistics Corp. said Wednesday it has signed a partnership with Tuushin LLC, Mongolia's leading freight forwarding company, as a strategic move to advance its presence in Mongolia. On Tuesday, Hanjin and Tuushin inked a memorandum of understanding at Hanjin's headquarters in Seoul, with Hanjin Logistics CEO Noh Sam-sug, Chief Marketing Officer Emily Cho and Tuushin LLC President Zorigt Namsraija in attendance. Under the agreement, the two companies

March 20, 2024

[Graphic News] Number of IPOs in S. Korea rises 17% in 2023

The number of initial public offerings rose from a year earlier in 2023 amid signs of easing economic woes, data showed. A total of 82 companies made their debuts on the main Korea Composite Stock Price Index and the tech-heavy Kosdaq markets last year, up from 70 companies going public in 2022, according to the data from the Financial Supervisory Service. However, the amount of funds raised from IPOs dropped sharply to 3.3 trillion won ($2.48 billion) from 15.6 trillion won over the cited p

March 18, 2024

AliExpress lures Korean food companies with hefty incentives

AliExpress, the Chinese e-commerce platform owned by Alibaba Group, has been reaching out to Korean food companies to diversify its product range and gain recognition among Korean consumers. Following South Korean food giant CJ CheilJedang early this month, a slew of Korean food companies are either entering or considering joining the Chinese platform. According to industry sources on Thursday, Dongwon F&B, known for its canned tuna products, and Samyang Foods, famous for its spicy Buldak ra

March 14, 2024

K-pop song revitalizes sales of traditional jelly

"Bam Yang Gang (chestnut jelly)" by K-pop singer Bibi has become a sensation in South Korea, not just topping music charts but also dramatically boosting sales of the traditional jelly, yanggaeng. According to industry data, from the song’s release on Feb. 13 till March 6, major convenience store chains in South Korea, including CU, GS25, Seven Eleven, and Emart24, reported an increase of up to 100 percent in sales of Haitai Confectionery's “Yeon Yanggaeng." Craft

March 13, 2024