The cost of ordering food by delivery in December rose by about 4 percent on-year, higher than the on-year rise in the cost of daily necessities at 3.9 percent, data showed Friday. According to a report released by Statistics Korea, this month’s delivery cost showed a 4.3 percent increase from the figure in November 2022. The figure also marks an increase of 0.4 percent from November this year. The report was based on a monthly survey of eateries across the country from November 2022 thr

Economy Dec. 29, 2023

Korean logistics company DSF L&I said Thursday that it has won this year’s top ESG award in the small manufacturing enterprise sector for successfully implementing a return system that collects reusable containers. The ceremony, held at the National Assembly Building in Seoul on Tuesday, was hosted by the Korean ESG Association and the National Assembly ESG Forum, and sponsored by various entities including the Korean Automobile Environmental Association. The award aims to recognize

Industry Dec. 28, 2023

JungKwanJang, South Korea’s leading red ginseng brand under Korean Ginseng Corp., said Wednesday that it has launched a new red ginseng product using edible bird’s nests to target the Chinese market. Swallow’s nests, in particular, have long been considered a delicacy in Chinese cuisine, and more recently they are widely used in skincare products as they contain sialic acid, a type of amino acid, as well as various minerals and collagen. The market for edible bird’s nests

Industry Dec. 27, 2023

Oriental Brewery's flagship beer brand Cass has once again secured the top spot in the domestic beer market with a market share of 42 percent this year, despite renewed competition at home after the COVID-19 pandemic, said the country's largest beer maker Tuesday. According to market research firm Nielsen Korea, Cass logged the largest market share of 42 percent in terms of retail sales during the January to November period this year. The figure also marks a 0.7 percentage point rise c

Industry Dec. 26, 2023

Despite digital progress and surging online transactions, a notable consumption trend is emerging among South Koreans in their 20s and 30s, as an increasing number of them are opting to use physical cash over credit card transactions in their daily lives. Referred to as "cash stuffing," the budgeting method involves withdrawing cash from a bank account and segregating it into designated envelopes for different categories, such as groceries, travel, dining out and more. Gaining popula

Economy Dec. 24, 2023

Comprehensive real estate services company Hanlim Architecture Group said Friday that it has finalized an agreement to help Korean convenience store operator E-mart 24 enter Cambodia. The collaboration is being facilitated through a joint venture known as Saihan Partners. Saihan Partners was established this year as a collaboration between Hanlim Architectural Group and Cambodian retail company Saisons Brother Holding Corp. The joint venture emerged following a three-party memorandum of understa

Industry Dec. 22, 2023

JB Financial Group announced Thursday that it has signed an investment agreement to acquire a 15 percent stake in Hanpass, Seoul-based overseas remittance service company. With the latest agreement, it entered a second strategic partnership with a fintech company, following a similar agreement signed with Finda, a Seoul-based fintech company specializing in loan services, in July. "Cooperation between banks and fintech companies is anticipated to become a new foundation for growth as the ro

Industry Dec. 21, 2023

LS Cable & System, South Korea’s leading cable manufacturer, said Wednesday that it has become the first in the industry to develop a new raw material for copper foil, accelerating its expansion into rare earth element and green businesses. CuFlake marks the world’s first case of utilizing copper metal pieces instead of copper wire to produce copper foil which is widely used in electric vehicle components and mobile gadgets. The company recently completed a successful sample te

Industry Dec. 20, 2023

Mirae Asset Financial Group founder and Chairman Park Hyeon-joo received the International Executive of the Year Award from the Academy of International Business, a leading association of scholars and specialists in international business, according to the finance firm's announcement Tuesday. The award, presented annually by the AIB, recognizes business leaders who have significantly improved their company’s reputation and performance on the global stage. Chairman Park secured the awa

Industry Dec. 19, 2023

Mirae Asset Global Investments said Sunday that its Hong Kong unit, its first overseas operation, has marked its 20th anniversary. The Hong Kong subsidiary, founded in 2003, has been pivotal to the company's overseas expansion. In 2005, it launched Mirae Asset Asia Pacific Star Securities Investment – the first fund to be managed directly overseas. It also facilitated overseas investment opportunities for Korean investors by introducing various emerging market funds including BRICS --

Industry Dec. 17, 2023

LG Group said Sunday that it has donated a total of 12 billion won ($9.24 million) to Community Chest of Korea, a local charity organization, as part of its year-end charitable giving. The ceremony was held at the charity’s Seoul office on Friday, with officials including CCK Chairman Kim Byong-joon and LG President and Head of Management Support Division Ha Beom-jong in attendance. "We hope that our neighbors in need can spend a warm year-end with hope and courage," said LG Pres

Industry Dec. 17, 2023

Samsung C&T, the construction and energy arm of Samsung Group, announced Tuesday that it has won business rights for Oman’s megasized green ammonia project by joining forces with global partners. Samsung C&T has formed a consortium together with Japan’s Marubeni Middle East and Africa Power, Oman’s state-owned oil company OQ Alternative Energy and the United Arab Emirates-based Dutco Group, embarking on the joint development of Oman's green hydrogen plan called &

Industry Dec. 13, 2023

In a surprising but pleasant twist to the global wave of Korean cultural influence, the Netherlands has emerged as a formidable player in its love for Korean instant noodles, kimchi and K-food overall. According to customs data, the Netherlands imported $48.64 million of ramen from Korea in the January-November period this year, becoming the fourth-largest importer in the category, following China, the US and Japan. In a separate report, the country also ranked third in kimchi imports, total

Industry Dec. 12, 2023

South Korea’s forest agency said Tuesday that it attended the United Nations Climate Change Conference held in the United Arab Emirates, to discuss various ways to ramp up global cooperation on reforestation and carbon reduction. An annual multilateral decision-making forum on climate change marking its 28th edition, this year’s COP28 forum was held in Dubai from Nov. 30 through Tuesday under the theme of “Unite. Act. Deliver.” During the event, the Korea Forest Service

Industry Dec. 12, 2023

LG Innotek said Monday that it will double the size of its exhibition booth compared to last year at the annual CES tech show held in Las Vegas in January to showcase its latest mobility and artificial intelligence technologies. The booth, spanning 330 square meters, will be set up at the entrance of the West Hall, where booths from major global automobile companies are commonly found. Given its location, the booth will be the first to welcome visitors to the tech show, the company added. Alon

Industry Dec. 11, 2023