[K-Food] HiteJinro at forefront of raising soju's global profile

This is the fourth installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Soju, South Korea’s national drink, has expanded its presence in global markets as the rice-based alcoholic beverage grows in popularity among spirit aficionados around the world. According to market research firm 360 Research Reports, the global soju market is estimated to reach $4.2 billion in sales by 2027. As of

ConsumerMarch 23, 2023

NTS chief pledges fair, predictable taxation at ECCK meeting

South Korea’s National Tax Service Commissioner Kim Chang-ki promised fair taxation for European companies doing business in Korea during a roundtable meeting hosted by the European Chamber of Commerce in Korea on Thursday. The tax agency revived the government-industry meeting after a 12-year hiatus as part of its renewed commitment to better communications with the foreign corporate community here. Some 30 ECCK members, including Chairperson Dirk Lucat, attended the meeting held at a Seo

IndustryMarch 23, 2023

US Fed’s quarter-point rate rise eases pressure on South Korea

The US Federal Reserve lifted its base rate by 25 basis points on Thursday, easing pressure for the Bank of Korea, which had been concerned about key rate differences between the two countries. The Federal Open Market Committee went for a quarter-point move, raising the target interest rate from 4.5-4.75 percent to 4.75-5 percent. The quarter-point raise fell in line with the market expectation which projected the Fed will not go for a 50 basis point hike following the recent turmoil in the bank

EconomyMarch 23, 2023

Food trade agency to promote traditional liquors overseas

The Korea Agro-Fisheries and Food Trade Corp. is making strides to establish South Korea as a global agricultural powerhouse by cultivating human resources and promoting traditional Korean liquor. Its CEO, Kim Chun-jin, gave a special lecture to students attending the agency’s Agricultural Marketing College, as well as to members of the Agrifood Frontier Leader Organization during a seminar held in Suwon, Gyeonggi Province, on Tuesday. The lecture outlined the roles that those working in t

IndustryMarch 23, 2023

SK Innovation ups stake in Amogy amid green energy push

South Korea’s largest energy company SK Innovation said Thursday it has invested an additional $50 million in Amogy, a US developer of ammonia-based full-cell systems, as part of efforts to expand its presence in sustainable fuel markets. SK Innovation took part in the latest $139 million Series B-1 funding round for Amogy. Series B-1 refers to the stage of full-fledged business development among the stages of startup investment. This follows SK Innovation's initial $30 million invest

IndustryMarch 23, 2023

Hyundai, Advent to speed up fuel-cell business

Hyundai Motor Group said Thursday it has signed a memorandum of understanding with the US-based Advent Technologies to develop hydrogen fuel cells, with the goal of ramping up its hydrogen car business. Under the partnership, the carmaker plans to acquire key technologies for hydrogen fuel cells that can operate at 200 degrees Celsius from Advent Technologies by 2024. It will provide ion transfer materials and catalysts to the Boston company, who will use them and support the technology requir

MobilityMarch 23, 2023

Kotra holds business roundtable with global logistics firms

The state-run trade promotion agency, Kotra, held a Global Logistics Investors Roundtable event to boost global logistics firms’ investments in Korea, and especially Busan, at the Westin Josun Seoul on Thursday. The event was organized jointly with the Busan Port Authority and the Busan-Jinhae Free Economic Zone Authority. Nine global companies, including German logistics firms DHL Supply Chain and DB Schenker, Japan's Nippon Express and Danish shipping giant AP Moller-Maersk, atten

IndustryMarch 23, 2023

New Shinhan chairman wins shareholder approval

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

MarketMarch 23, 2023

[Photo News] For Turkey

Hyundai Glovis, a logistics affiliate under South Korean automobile giant Hyundai Motor Group, said Thursday that the company will ship the Korean Red Cross' two 5-ton trucks to Turkey for free to help the earthquake-hit people there. One truck is equipped with clothes washers and dryers, and the other has cooking tools that can provide meals enough for 300 people at once.

MobilityMarch 23, 2023

Value of Japanese seafood imports hits 12-year high in 2022

The value of South Korean imports of Japanese seafood hit a 12-year high in 2022 on a surge in imports of expensive live fish, government data showed Thursday. Seoul imported $174.2 million worth of fishery products from the neighboring country last year, up 12.2 percent from a year earlier, according to the data from the Korea Customs Services. It marked the largest yearly value of Japanese seafood imports since 2010, a year before the meltdown of the Fukushima nuclear power plant. South Korea

IndustryMarch 23, 2023

S. Korea to raise guard against market instability after Fed rate hike

South Korea's chief economic policymaker warned Thursday of the possibility of further instability in the global financial market, such as a recent bank turmoil sparked by the failure of American lenders, amid the continued monetary tightening moves by the United States and major economies. Finance Minister Choo Kyung-ho made the assessment during an emergency meeting on the macroeconomic situation, which was also attended by Bank of Korea Gov. Rhee Chang-yong and other officials. On Wednes

EconomyMarch 23, 2023

[Graphic News] Internet banking customers up 8.5% in 2022

The umber of customers who use internet banking in South Korea continued to grow in 2022, thanks to increased availability of online services and people’s preference to make transactions on the go, Bank of Korea data showed. Registered customers for mobile banking totaled some 207.04 million at the end of last year, up 8.5 percent from a year earlier, according to the data from the BOK. The figure includes customers who hold multiple accounts. The daily average transactions made through in

MarketMarch 23, 2023

China, Singapore approve Hanwha's plan to take over Daewoo Shipbuilding

Hanwha Group has obtained approval from China and Singapore for its plan to take over Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Wednesday, leaving only South Korea and the European Union pending decisions on the acquisition. The latest approvals came after Vietnam gave its approval a day earlier. Hanwha announced the deal to buy the embattled South Korean shipbuilder in September last year. Turkey was the first to approve the plan, followed by Britain and

MarketMarch 22, 2023

Dongwon's takeover bid for vaccine maker falls through

  South Korean seafood company Dongwon Industries Co.'s bid to acquire a local vaccine maker fell through due to unspecified reasons, according to company officials said Thursday. Boryung Biopharma Co. has withdrawn the exclusive right to due diligence it had given to Dongwon Industries, and the memorandum of understanding they signed last month has been nullified, according to company officials and a Dongwon filing. Dongwon said in the filing "the preferred due diligence rights have

MarketMarch 22, 2023

SK Ecoplant, Bloom Energy build power plant at US hospital

SK Ecoplant said Wednesday that the company and its US partner Bloom Energy have completed installation of a fuel cell power plant at Stamford Hospital in Connecticut. Bloom Energy specializes in solid-oxide fuel cells, which can be used for electricity generation and hydrogen production. Previously, SK Ecoplant made 300 billion won ($229 million) of equity investment in Bloom Energy and is preparing for additional 400 billion won of investment in March. According to SK Ecoplant, its US arm SK

IndustryMarch 22, 2023

Hana Financial vows to fight falling birthrate

Hana Financial Group said Wednesday that it has signed an agreement with Cha University Medical Center, a medical group specializing in fertility treatments, to make joint efforts to tackle the nation’s chronic low birthrate. The two institutions held a signing ceremony for the new partnership at Cha Bio Complex in Pangyo, Gyeonggi Province, with their leaders, including Hana Financial Group Chairman Ham Young-joo, in attendance. Korea’s birthrate – the average number of childr

IndustryMarch 22, 2023

Korea, Japan to expedite trade talks after summit

South Korea and Japan are accelerating their efforts to break down bilateral trade barriers induced by a historical row and to push for revival of economic cooperation. As early as this week, Japan will wrap up procedures to lift restrictions on exports of key semiconductor materials to Korea, while Korea will withdraw its complaint filed with the World Trade Organization against the export curbs, Minister of Trade, Industry and Energy Lee Chang-yang said during a press briefing Wednesday. W

EconomyMarch 22, 2023

Samsung Group celebrates low-key 85th anniversary

South Korea's largest conglomerate, Samsung Group, on Wednesday marked the 85th anniversary of its founding in a low-key manner. It is the first year that the big day has been celebrated following de facto leader Lee Jae-yong’s promotion to executive chairman of Samsung Electronics. Industry sources and Samsung officials said the group commemorated this year’s anniversary without organizing any official events as in other years. There was no special message delivered to employ

TechnologyMarch 22, 2023

Samsung, SK breathe tentative sigh of relief over US chip subsidy rules

The United States has revealed the details of its “guardrail” proposal for global chipmakers who wish to receive its chips subsidy and have production facilities in China, "loosening" the restriction by allowing the limited expansion of production capacity in China. Home to two of the world's largest memory chipmakers, Samsung Electronics and SK hynix, Korea's chip industry is somewhat relieved that the guardrail statute “slightly opens up the windpipe&rd

IndustryMarch 22, 2023

[Contribution] Scaling up SMEs, startups as key export players

By Cho Ju-hyeon South Korea’s small and medium-size enterprises and startups are facing challenges in exports amid bleak economic outlook and Chinese-dependent business. For survival, small companies should alter their course to diversify exports. As of February, the total amount of exports has decreased for five consecutive months, along with a trade deficit for 12 consecutive months. Exports from SMEs, which came to $117.5 billion last year, however, has been on a downward trend since

IndustryMarch 22, 2023