[K-Food] Daesang aims to grow kimchi consumption globally

This is the third installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Characteristically zesty, zingy and spicy -- and with very little in the way of similar flavors abroad -- kimchi is arguably Korea's most symbolic dish. Strategies to creatively market kimchi so that it may become common-place on dinner tables around the world are essential for kimchi to penetrate into overseas markets

ConsumerMarch 16, 2023

Seoul stocks slip over Credit Suisse rout

Seoul stocks closed slightly lower Thursday amid concerns that global investment bank Credit Suisse's fiasco may worsen and possibly harm the global financial sector. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index dropped 1.81 points, or 0.08 percent, to close at 2,377.91 points. Trading volume was moderate at about 314 million shares worth some 7.7 trillion won ($5.9 billion), with losers outnumbering gainers 670 to 220. Institutions sold a net 3

MarketMarch 16, 2023

Eximbank, NuScale Power ink partnership for overseas SMR venture

The Export-Import Bank of Korea said Thursday it has signed a memorandum of understanding with NuScale Power, an Oregon-based nuclear power company, for financial cooperation aimed at expanding the reach of Korean companies in securing overseas orders. Eximbank Chairman Yoon Hee-sung met with NuScale Power CEO John L. Hopkins to sign the contract at NuScale’s office in Rockville, Maryland. NuScale Power, which specializes in small modular reactor, or SMR, technology, is a company in which

IndustryMarch 16, 2023

Number of marriages in Korea hits new low

Amid changing social norms, more Koreans tie the knot at an older age The number of marriages in Korea dropped to an all-time low in 2022, government data showed on Thursday. According to a report shared by Statistics Korea, the number of Koreans getting married came to a record low of 192,000 last year, down 0.4 percent on-year. It marked the lowest reading since 1970, when the government statistics agency first began compiling the data, and is the 11th straight year the figure has decreased. T

EconomyMarch 16, 2023

APR raises W8b in pre-IPO funding

South Korean beauty tech conglomerate APR announced Thursday that it has attracted 8 billion won ($6.1 million) through a pre-initial public offering, which is to be mainly funneled into its beauty device business. NH-Soo Investment Capital’s Innovation Growth M&A Investment Association, SJ Partners and IBK Industrial Bank of Korea participated in the pre-IPO investments, based on its recognized corporate value of 700 billion won. APR has several brands encompassing street fashion and

IndustryMarch 16, 2023

Korea, Japan biz groups to create future partnership fund

The two biggest business groups from South Korea and Japan will establish two future partnership funds as the two countries’ economic sectors try to mend ties and strengthen cooperation, according to officials Thursday. Kim Byong-joon, acting chief of the Korean Federation of Industries, and Masakazu Tokura, chairman of the Japan Business Federation, commonly known as Keidanren, announced the joint declaration at Keidanren's office in Tokyo. The announcement was made on the occasion o

IndustryMarch 16, 2023

Seoul Mobility Show to showcase new EVs, flying cars

The upcoming Seoul Mobility Show will unveil a wide range of innovative transportation spanning from new electric vehicles to air taxis, the organizing committee said Thursday. The 11-day exhibition, slated for March 30 - April 9, is scheduled to take place at Kintex in Gyeonggi Province. More than 160 mobility companies including automakers, mobility service providers and mobility software companies across 10 countries will participate in the event, a 60 percent jump from a year earlier, accord

MobilityMarch 16, 2023

SK Inc. seeks bigger footing in Southeast Asia’s car-sharing market

SK Inc., the investment arm of SK Group, said Thursday it will divest all of its 2.98 percent stake in Turo, the San Francisco-based car-sharing company, as it is looking to cement its leadership in the fast-growing mobility market in Southeast Asia. SK will sell its stake in Turo to Swiss-based venture capital firm G Squared, an existing shareholder, for $67.5 million. The transaction is expected to be completed in the first half of this year, company officials said. “We are pleased to co

IndustryMarch 16, 2023

[Photo News] Seoul-inspired Rolls-Royce cars

Rolls-Royce Motor Cars on Thursday unveiled the Korea-only Lucid Night Editions of the Rolls-Royce Black Badge Cullinan SUV. The three limited-edition cars were inspired by the night view of Seoul that represents South Korea’s dynamics and modernity, the ultra-luxury carmaker said. Their prices are estimated at over 800 million won ($610,000). Rolls-Royce CEO Torsten Muller-Otvos is scheduled to visit Seoul later this month.

MobilityMarch 16, 2023

KB, KCCI join hands to offer special loans to SMEs

KB Financial Group has signed a memorandum of understanding with the Korea Chamber of Commerce and Industry jointly to provide special loans for small and medium-sized enterprises making environmental, social and corporate governance efforts. KB Financial Group Vice Chairman Yang Jong-hee and Woo Tae-hee, executive vice chairman of the KCCI, gathered at the KCCI headquarters in Seoul on Thursday to sign the memorandum. "Based on this MOU, KB Financial Group plans to provide various and ex

MarketMarch 16, 2023

7 companies to recall over 8,800 vehicles over faulty parts

Hyundai Motor Co., BMW and five other companies will voluntarily recall over 8,800 vehicles to fix faulty components, the transport ministry said Thursday. The seven firms, which also include Mercedes-Benz Korea, Jaguar-Land Rover Korea, GM Asia-Pacific regional headquarters, Suzuki and Bike Korea, are recalling 8,875 units of 27 different models, the Ministry of Land, Infrastructure and Transport said in a statement. The recalls are due to software problems with the electronic steering system i

IndustryMarch 16, 2023

Seoul stocks open lower on Credit Suisse rout

Seoul stocks opened sharply lower Thursday on worries that global investment bank Credit Suisse's fiasco may spread to other financial institutions. The benchmark Korea Composite Stock Price Index shed 24.03 points, or 1.01 percent, to 2,355.69 points in the first 15 minutes of trading. Investors remained worried that Swiss-based Credit Suisse, hit by scandals and losing confidence from investors, may face further uncertainties down the road. On Wednesday, Seoul stocks rebounded from the af

MarketMarch 16, 2023

Posco pledges W4b to compensate wartime forced labor victims

Posco, the country's leading steelmaker, said Wednesday the company will donate 4 billion won ($3 million) to a state-led fund to compensate the victims of forced labor during Japan’s colonial rule of Korea. The 4 billion won is part of the 10 billion won it pledged to contribute to the public fund in 2012. Earlier this month, the Foreign Ministry announced it would collect “voluntary” donations from local companies to the Foundation for Victims of Forced Mobilization, an

IndustryMarch 15, 2023

LG Innotek CEO wins Gold Tower award

LG Innotek CEO Jeong Cheol-dong received the Gold Tower Order of Industrial Service Merit, the highest honor in the field awarded by the South Korean government, at the annual Trade Day ceremony Wednesday for his notable contribution to the national economy. Jeong was honored for his part in strengthening the competitiveness of the national industry by securing proprietary technologies in materials and parts, developing new technologies, leading process innovation and localizing equipment over t

IndustryMarch 15, 2023

HD Hyundai chairman wins top industrial honor

HD Hyundai Chairman Kwon Oh-gap on Wednesday received South Korea’s highest state industrial award -- Gold Tower Order of Industrial Service Merit -- for his achievements as a business leader in enhancing the country’s shipbuilding industry and promoting the culture of giving. The award ceremony took place during the ceremony of the 50th Commerce and Industry Day organized by the Ministry of Industry, Trade and Energy. The event was held at the Korea Chamber of Commerce and Industry

CompaniesMarch 15, 2023

Fundamentals in focus as Samsung CEO signals continued investment

SUWON, Gyeonggi Province -- While forecasting a grim business outlook amid a global economic downturn, Samsung Electronics Vice Chairman Han Jong-hee vowed to overcome difficulties by focusing on the "fundamentals" and to maintain investment, during this year's annual shareholders meeting Wednesday. “We expect this year to be more difficult than ever, as management uncertainties surrounding the company would continue. But even in these situations, we were able to overcome

IndustryMarch 15, 2023

Korea Ginseng Corp. opens R&D center in US

Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Wednesday it set up a research and development center in California in a bid to continue its development of Korean ginseng customized for the US market and ramp up its sales overseas. KGC said with the new R&D center it plans to research ways to improve the functions of its flagship red ginseng products sold in the US -- including boosting the products' capability to improve consumers' immunity, reduce fati

IndustryMarch 15, 2023

Hyundai Elevator joins bid for smart city project in Indonesia

Hyundai Elevator said Wednesday it is joining a government-led consortium to participate in bidding to win a megacity project in Indonesia, which ranges from construction to mobility and smart city solutions. The consortium, named One Team Korea, is led by Land, Infrastructure and Transport Minister Won Hee-ryong, with a total of 22 companies joining across industries. As part of the team, Hyundai Elevator said it has joined hands with its sister firm Hyundai Movex in a bid to offer its elevator

IndustryMarch 15, 2023

HanmiGlobal secures new housing deal for Saudi project

South Korean construction management firm HanmiGlobal announced Wednesday that it has signed a new project management deal to oversee the construction of some 20,000 housing units for workers for Saudi Arabia’s Neom City project. The latest deal comes following another deal it struck for building 50,000 homes in the workers’ residential complex in November last year. The combined size of the two deals is worth about 15 billion won ($11.5 million), with the 70,000 homes set to be buil

IndustryMarch 15, 2023

[Photo News] For Busan's expo bid

Posco International CEO Jeong Tak (second from bottom right), who heads Posco Group's task force for promotional activities for Busan's bid to host the 2030 World Expo, holds a meeting with Uzbek government officials in Fergana, Uzbekistan, Monday.

IndustryMarch 15, 2023