Amid escalating competition in Korea's e-commerce landscape, direct overseas transactions between individual sellers and consumers have become a growing trend, according to eBay. On Friday, eBay unveiled insights into this year's online direct purchase market, drawing from comprehensive annual sales data of Korean sellers gathered through its platform. Three major keywords were "Collectibles," "North America" and "March." Particularly, the keyword "Co

Industry March 15, 2024

Alibaba Group, the company of Chinese e-commerce giant AliExpress, renowned for its budget-friendly offerings, plans to invest more than $1 billion in Korea over the next three years, with a massive distribution center being built within the year. According to industry sources on Thursday, Alibaba has recently submitted its business expansion plan in Korea, including an investment of $1.1 billion, to the local authorities possibly for regulatory approval. The investment plan includes a new distr

Industry March 14, 2024

Korean travel platform operator Yanolja announced the opening of its first US office in Manhattan, New York, on Wednesday. The move aims to accelerate its North American travel solutions business, coinciding with growing anticipation for the company's potential listing on the US stock market this year. Since its inaugural overseas branch opened in Singapore in 2019, Yanolja has rapidly broadened its local presence in key countries. The firm currently operates 50 overseas offices across 27 c

Industry March 13, 2024

In December last year, South Korean e-commerce giant Coupang made a surprise announcement that it was buying Farfetch, the British luxury shopping platform, in a $500 million deal. The highly-publicized acquisition seemed like a win-win for both: Coupang’s global expansion could be accelerated, backed by Farfetch’s extensive business network, while cash-strapped Farfetch could streamline its operations to elevate its sluggish profits. But a group of Farfetch investors, called the 202

Industry March 12, 2024

Posco International, the trading and energy arm of Korean steel giant Posco, announced Tuesday that it has recently secured a substantial order for rare earth permanent magnets, an essential part of an electric vehicle drive motor core, through its overseas subsidiaries. The US subsidiary of Posco International plans to procure permanent magnets worth some 900 billion won ($685 million) from 2026 to 2031, for a global automaker in North America. The magnets produced will be utilized in the drive

Industry March 12, 2024

South Korea’s fruit consumption has diminished by almost 20 percent over the past 15 years amid supply shortages and soaring prices, government data found Sunday. According to the Ministry of Agriculture, Food and Rural Affairs, the nation’s per capita fruit consumption declined by 19 percent to 55 kilograms in 2022 after peaking at 67.9 kilograms in 2007. Tangerines and apples topped the per capita consumption with 11.8 kilograms and 11.0 kilograms, respectively, followed by pears (

Industry March 10, 2024

Close competition is predicted among the four domestic low-cost carriers vying for the acquisition of Asiana Airlines' cargo division, with Air Premia and Air Incheon emerging as the prime contenders, according to industry sources on Thursday. Financial services firm UBS, which is overseeing the sale of Asiana Airlines' cargo division, recently selected four LCCs -- Jeju Air, Eastar Jet, Air Premia and Air Incheon -- as shortlisted candidates for the acquisition. The decision follows t

Industry March 7, 2024

Shortly after achieving record-breaking ramyeon export sales last year, Korean instant noodle exports surged significantly by 39.4 percent again in January compared to the same month last year, reaching a total of $86 million. According to the Korea Customs Service on Thursday, January's performance marks the fifth-largest figure ever, with the highest monthly total to date reaching $91 million, achieved last November. In 2023, ramyeon exports reached a total of $952 million, increasing a d

Industry Feb. 29, 2024

New York-listed e-commerce giant Coupang on Wednesday reported its first-ever annual operating profit of $473 million last year, marking a milestone since its inception in 2010. It also reported $24.4 billion in sales, a notable 20 percent jump from 2022. In the fourth quarter alone, its quarterly sales soared 20 percent to a record $6.6 billion, while its operating profit saw 51 percent on-year growth to $130 million. "Since the beginning of this company, we have made foundational bets on

Industry Feb. 28, 2024

Posco International's new president, Lee Kye-in, has initiated the global expansion of the traction motor core business by establishing operations in Poland and Mexico as his inaugural strategic move. At a board meeting on Friday, the trading arm of the Posco Group authorized the establishment of a new facility in Poland and its second plant in Mexico, a big step toward its output goal of 7 million traction motor cores a year by 2030. Motor cores are a central component in electric motors a

Industry Feb. 26, 2024

진행자: 김혜연, Ali Bodyguards drag student out for protesting Yoon's commencement 기사 요약: 대학 학위수여식에서 윤석열 대통령에게 연구개발 예산 삭감에 대한 문제를 외치다 대통령실 경호원에 의해 사지가 들린 채 강제 퇴장 당한 사건 [1] A student was physically removed on Friday as he protested a research budget cut as President Yoon Suk Yeol delivered a speech at the Korea Advanced Institute of Science and Technology's commencement ceremony in Daejeon. * budget cut 예산 삭감 * commencement 학위 수여식, 졸업식 [2] A clip of the student being carried out with his

Podcast Feb. 26, 2024

Sprinkles Cupcakes, the famed cupcake specialist from California, is poised for a debut in the Korean market this year – its first venture beyond US borders, according to the company on Friday. Sprinkles said it will introduce its trendy cupcakes, cookies and chocolate treats globally this year, with imminent expansions planned for Singapore and Malaysia as well. For the upcoming Seoul store, the firm is expected to team up with Korean bakery giant SPC Samlip. For other international openi

Industry Feb. 23, 2024

KT&G Senior Executive Vice President Bang Kyung-man has been selected as the candidate for CEO of Korea's largest cigarette manufacturer, the company said Thursday. Bang's official appointment is scheduled to be made at the end of March during the regular shareholders' meeting. If Bang is appointed, it will mark the first change in KT&G's presidency in nine years. Earlier on Feb. 16, the company's CEO Recommendation Committee unveiled the shortlist of four candid

Industry Feb. 23, 2024

진행자: 김혜연, Ali Where does Korea stand on assisted death? 기사 요약: 스위스 조력사망 단체들에 가입한 한국인 수는 약 300명, 헌법이 명시한 인간의 존엄과 가치에 대한 국가의 의식 수준은? Myelitis patient, seeking a dignified exit from pain, challenges local laws criminalizing assisted suicide [1] While South Korea criminalizes any form of assisted dying, at least 204 South Koreans, as of April 2023, have obtained membership for assisted dying facilities in Switzerland; Dignitas had 136 Korean members, Exit International had 55 and Lifecircle had

Podcast Feb. 22, 2024

As former Posco President Chang In-hwa is poised to take on the Korean steel giant's chairmanship, how his leadership might impact on the group's innovation drive for eco-friendly, future material business remains in question. Posco Holdings convened its regular board meeting on Wednesday to announce the executives of major affiliates and to resolve the nomination of Posco Group's chair candidate. Chang will officially assume the chair position of the nation's fifth-largest b

Industry Feb. 22, 2024