Tim Hortons coming to Korea this year

Canadian multinational coffeehouse Tim Hortons is opening its first outlet in South Korea this year, according to industry sources on Thursday. Known for its 60-year history and Canadian heritage, Tim Hortons has some 5,600 locations in 15 countries, including the US, Spain, Mexico and Thailand. It is also an affiliate under Restaurant Brands International, one of the world’s largest quick-service restaurant companies that also runs other fast food chains Burger King and Popeyes. Tim Horto

IndustryMay 18, 2023

[Photo News] Market sentiment

SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, talks with “global supporters” for Busan’s bid to host the 2030 World Expo at a traditional market in central Seoul on Wednesday. A total of 120 young people, including 50 foreign nationals, are serving as supporters for Busan’s Expo bid as they carry out promotional activities throughout the world.

IndustryMay 18, 2023

Formna to launch BTS-themed sandals

The Formna, a South Korean online retailer, announced Thursday it is launching the 2023 BTS Permission to Dance Spring Sandals in July through an official licensing agreement with Hybe, the K-pop agency behind the global sensation. According to the Formna, the BTS-themed sandals, in both black and white versions, will be produced in collaboration with Noitavonni, a Korean shoemaker specializing in health care shoes. The company’s air cushion patents have gained approval from the US Food an

ConsumerMay 18, 2023

McDonald’s Korea embraces eco-friendly corporate culture

Earlier in March, McDonald’s Korea held an award ceremony at its headquarters in Jongno-gu, central Seoul, to commemorate the 35th anniversary of its foundation. Dubbed the “Three-legged Stool” award ceremony, the theme of the event was directly inspired by McDonald’s founder Ray Croc’s three-legged stool philosophy, which states that the company’s headquarters, suppliers and franchisees should grow together. The theme also highlighted McDonald’s company

IndustryMay 18, 2023

STX wins $36m patrol ship order from Peru

South Korean general trading firm STX said Wednesday it has won an order to produce two 500-ton maritime patrol ships worth a combined $36 million for the Peruvian government. Having already supplied a total of six maritime patrol ships since 2013, STX said it is securing a firm footing in the Peruvian defense market. The upcoming diesel-powered seventh and eighth ships – 56.4 meters long and 8.5 meters wide each – have a maximum speed of 23 knots or 42.6 kilometers per hour. Equippe

IndustryMay 18, 2023

Seoul shares open higher as debt-ceiling concerns ease

Seoul shares opened higher Thursday after US stocks rallied on optimism that a deal to raise the US debt ceiling is within reach. The benchmark Korea Composite Stock Price Index rose 15.4 points, or 0.62 percent, to 2,510.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 1.2 percent to 33,420.77, and the tech-heavy Nasdaq Composite climbed 1.3 percent to 12,500.57. The US government needs to lift the debt ceiling to cover its future spending plans and pr

MarketMay 18, 2023

International lupus congress calls for greater social awareness, new drugs

New drugs and greater social awareness would help bring about an end to the "war" against lupus, a chronic autoimmune disease, according to lupus specialists speaking at a press conference Wednesday held at Coex, southern Seoul, ahead of Lupus & KCR 2023. The 15th International Congress on Systemic Lupus Erythematosus and The 43rd Korean College of Rheumatology Annual Scientific Meeting & 17th International Symposium are being held concurrently at Coex from Wednesday through Sa

TechnologyMay 17, 2023

[Herald Interview] DayTrip introduces ‘hidden gems’ with curated travel app

Purchasing a package holiday can be a convenient option for travelers but may not be the ideal choice for people who dislike ticking off a list of famous tourist spots and attractions. Founded as a startup in 2020, DayTrip is an app that aims to provide well-curated and eye-catching travel content not provided by more conventional travel companies and platforms. “We started (DayTrip) during the COVID-19 pandemic, (which) was a very difficult time for us to make a travel platform,” Da

IndustryMay 17, 2023

Seoul shares finish up 0.58% on uncertainties

South Korean stocks finished a tad higher Wednesday as investors remained lukewarm amid lingering US debt woes and weaker-than-expected retail sales data. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index added 14.42 points, or 0.58 percent, to close at 2,494.66. Trading volume was moderate at 555.6 million shares worth 7.07 trillion won ($5.28 billion), with gainers beating decliners 552 to 318. Foreign investors and institutions scooped up a co

MarketMay 17, 2023

SK Ecoplant to join Canada's $4.5b green hydrogen project

SK Ecoplant, a construction and energy arm of SK Group, on Wednesday signed an agreement to participate in a $4.5 billion green hydrogen commercialization project headed by Canada, amid the Canadian prime minister's three-day state visit to Korea celebrating the 60th anniversary of diplomatic relations between South Korea and Canada. SK Ecoplant struck up a partnership with Canadian renewable energy company World Energy GH2 to participate in the first phase of the Nujio’qonik project

IndustryMay 17, 2023

Inflation driving up costs to eat out

Prices of popular eating out options at restaurants continued to increase in April, adding more pressure to people’s consumption, a state-led agency’s data showed Wednesday. According to the Korea Consumer Agency data, the average price of a bowl of jajangmyeon, or noodles in black bean sauce, in Seoul increased by 12.5 percent on-year to 6,915 won ($5.20), up from 6,146 won a year ago. The average price of a bowl of samgyetang -- ginseng chicken soup that is popular during the summe

ConsumerMay 17, 2023

Huawei seeks shared growth with Asian partners in digital economy

SHENZHEN, China -- Chinese tech giant Huawei Technologies said Wednesday that it's looking to continue exploring opportunities for joint growth and shared success with its Asia-Pacific business partners in the digital economy. The Huawei Asia Pacific Partners Conference 2023, hosted by Huawei APAC, kicked off at the Shangri-La Hotel in Shenzhen -- an emerging tech city in China’s Guangdong province and the home of the Chinese IT company. Under the theme of “Grow Together, Win Fu

TechnologyMay 17, 2023

Korea bets on potential of advanced display technologies

The South Korean government is seeking to push the growth of cutting-edge display technologies, providing aggressive support such as hefty tax cuts and deregulation. “Displays will be designated as a national advanced strategic technology to encourage private investments, ensuring a stable supply network while supporting policy financing, research and development, and training,” Finance Minister Choo Kyung-ho said at a governmental meeting held in central Seoul on Wednesday. He added

EconomyMay 17, 2023

Science minister touts Nuri launch as No. 1 achievement

South Korea’s Minister of Science and ICT Lee Jong-ho touted the successful launch of the nation’s homegrown Rocket Nuri last year as one of his top achievements, marking the one-year anniversary of his inauguration. “I was under huge pressure before the second launch of Nuri that took place in June (last year),” said Lee during a press conference in Sejong on Wednesday. “It was a weight off my shoulders to have given hope to our people during the darkest days of th

TechnologyMay 17, 2023

LG Display could turn profit with Samsung OLED deal: report

LG Display, which has been suffering operating losses in recent months, could turn a profit next year if it starts supplying OLED panels to Samsung Electronics as early as this quarter, an analyst report said Wednesday. “LG Display is expected to supply 77-inch, 83-inch OLED panels to Samsung Electronics from the second half of this year, and add 55-inch and 65-inch panels to the deal,” Kim Dong-won, an analyst at KB Investment and Securities, said in the report. “The deal woul

IndustryMay 17, 2023

[Photo News] Display of the Year

Samsung Display said Wednesday its quantum-dot OLED or QD-OLED has been named Display of the Year by the Society for Information Display, one of the industry’s top honors. QD-OLED is a hybrid technology that improves the brightness and color of OLED panels by using self-emitting quantum dots as the light source.

IndustryMay 17, 2023

Kishida to meet tech CEOs in renewed chip push

Japanese Prime Minister Fumio Kishida has invited the heads of global chipmakers, including Samsung Electronics, to meet, in an apparent move to boost his nation’s chip industry, according to Japan’s Yomiuri Shimbun newspaper on Wednesday. The media outlet said a total of seven companies -- Samsung, TSMC, Intel, IBM, Micron, Applied Materials and Interuniversity Microelectronics Center -- will join the rare meeting to be held at Kishida’s official residence in Tokyo on Thursday

IndustryMay 17, 2023

Seoul shares open nearly flat on lingering US debt ceiling concerns

South Korean stocks started nearly unchanged Wednesday amid protracted US debt-ceiling negotiations. The benchmark Korea Composite Stock Price Index fell 0.11 point to 2,480.13 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average tumbled 1.01 percent and the tech-heavy Nasdaq Composite declined 0.18 percent as investors awaited developments in the negotiations on debt deals. In Seoul, big caps traded in mixed territories. Top carmaker Hyundai Motor rose 0.74 perce

MarketMay 17, 2023

CJ Logistics signs MOU with Saudi Arabian logistics firm to expand business in Middle East

CJ Logistics Corp., a major South Korean logistics company, said it has signed an initial agreement with Saudi Arabian firm Beez Logistics as part of its efforts to expand its business in the Middle East. With the memorandum of understanding, CJ Logistics will share its logistics experience, technology and network with its Saudi Arabian partner to provide delivery service that suits the country's desert climate, the company said Tuesday. Beez Logistics has a cold-chain system that helps saf

IndustryMay 17, 2023

S. Korea to up seafood exports to $4.5b by 2027

South Korea will penetrate deeper into the global seafood market with the goal of exporting $4.5 billion worth of goods in the sector by 2027, the oceans ministry said Wednesday. The amount represents around a 50 percent rise from a record high of $3.15 billion tallied in 2022, on the back of the global popularity of "gim" and abalone, according to the Ministry of Oceans and Fisheries. Gim, or dried seaweed, is usually roasted with sesame oil and fine salt, and served as a side dish in

EconomyMay 17, 2023