Maeil Dairies gets GMP accreditation

Maeil Dairies Pyeongtaek plant, which produces powdered milk, received a Good Manufacturing Practice accreditation from the Chinese Food and Drug Administration, the food company said Monday. Maeil is the first and only Korean brand to have met the Chinese authorities’ standard on overall manufacturing quality, it added. According to the food company, the plant, which makes the product “Absolute,” received Hazard Analysis and Critical Points in 2007 and ISO 22000 accreditation in 2008. Absolute

March 18, 2014

Kellogg’s releases enhanced cereal

Nongshim Kellogg’s released Corn Frost Powerball, which contains 40 percent enhanced vitamin B to help children gain energy over a bowl of cereal. Vitamins B1, B2, B6 and niacin contained in the new cereal, which has the iconic Tony the Tiger on the package, meets 35 percent of state-designed daily intake recommendations in a 30-gram bowl. The cereal is also shaped like an orange ball instead of the conventional flat-cereal to add crunch and texture. Corn Frost Powerball is 4,400 won per 300 gra

March 18, 2014

Low-cost carriers flying high

Kim Mi-yeon, 34, who works as a marketing manager for a major online shopping mall, started this week in anticipation of an upcoming weekend trip to Sapporo. This is her second trip overseas following a recent jaunt to Thailand in January. “Cheap flights, provided by low-cost airlines, is why I’m able to travel so often,” Kim explained. She spent just 200,000 won ($188) to purchase an airline ticket from T’way Airlines for the Sapporo trip. The ticket was almost half the price of Korean Air flig

March 11, 2014

Korean food makers zero in on halal market

Korean food makers are gearing up to grab the Muslim food market with halal food products. Halal refers to food that is made following Islamic dietary guidelines. All Muslims are obliged to eat halal foods and use products that have ingredients and materials that are sanctioned by Muslim law.The strict halal protocol has been the main obstacle for Korean companies in finding business opportunities in the Muslim world. However, they are now absorbing the culture and the faith, and have found a sw

March 4, 2014

Design promotion institute to launch crowdfunding site

The first crowdfunding site for creative and innovative design projects will make its debut in Korea in the first half of this year, the head of the Korea Institute of Design Promotion said in a press meeting on Thursday.“Benchmarking internationally renowned crowdfunding sites like Kickstarter, we are preparing to launch the site to help designers raise funds for their creative projects from many different sources in a short period of time,” said Lee Tae-yong, president of the Korea Institute o

Feb. 26, 2014

Regus flourishes on demand for flexible workplaces

As work becomes more flexible and people opt for more mobility, so grows the demand for truly flexible workplaces. “We are living in an era where we can all work on the move,” Chun Woo-jin, country manager of Regus Korea, said in an interview with The Korea Herald. “The number of working professionals who work remotely from the office is rising, and this new trend is fanning the demand for flexible workspaces, including serviced business centers, business lounges and meeting rooms.’’Luxembourg-b

Feb. 18, 2014

Outlook is rosy for serviced business centers in Korea

Cost efficiency has been a crucial factor for corporations and individuals to consider when leasing offices due to a continued rise in rental costs and an economic slowdown at home and abroad. As a result, a number of corporations have adopted and embraced the idea of mobile desks to reduce office rental expenses, particularly for employees who operate in sales and business development. The majority of companies still favor having an office in a major business district such as the Central Busine

Feb. 18, 2014

GS turns to power business

GS Group, the nation’s eighth-largest conglomerate by assets, is expected to further tap the power business beyond its three core businesses of oil refinery, construction and retail. This shift was reflected by the launch of GS E&R, a new affiliate focusing on the power business, last week. GS E&R is the new corporate name of STX Energy, which GS Group took over last December with LG International from Japan’s Orix Corp. for about 600 billion won ($564 million).GS Group aggressively sought the d

Feb. 16, 2014

POSCO bolsters social contributions

Kim Young-mi, 43, a working mom who lives in Daechi-dong, Seoul, has a monthly routine of applying for free concert tickets given away by POSCO. “The monthly music concert, held at POSCO Center on the third Saturday of each month, has become the location for regular family outings,” Kim said.POSCO Center is the steelmaker’s Seoul headquarters located in the heart of southern Seoul’s Teheran Valley ― an area dubbed the Silicon Valley of Korea.The steelmaker said it first began the free concerts i

Feb. 13, 2014

IBK prioritizes cost reduction, overseas expansion

Banks are faced with the task of streamlining their costs, while at the same time looking to expand abroad to survive in an era of slow growth and limited resources, according to Korea’s chief of one of Korea’s top government-run banks. “I have always prioritized cost reduction, as it is the most effective way of utilizing limited human and financial resources,” Kwon Seon-joo, chairwoman and CEO of the Industrial Bank of Korea, told The Korea Herald in an interview.Such policies were shaped not

Feb. 11, 2014

Jejudo emerges as new hub for technology companies

JEJUDO ISLAND ― The scenic island of Jejudo, located near the southwest end of the Korean Peninsula, is building itself a new reputation as a destination for high-tech companies. As a case in point, several construction projects by tech companies are underway in Jeju Science Park, a high-tech business complex located in Ara-dong, Jeju City. The state-run Jeju International City Development Center, or JDC, opened the park on 1.1 million square meters of land in 2011 as one of its six mega-develop

Feb. 11, 2014

TGI Fridays releases ‘Simple Meal’

American casual dining restaurant TGI Fridays released two kinds of “Simple Meals” for diners, presenting a salad, main and sides, all in a single dish.The Grilled Steak and Salad menu is composed of chuck steak, Oriental vegetable salad and fried rice with shrimp for 15,000 won. The Fried Pork Steak and Salad offers a pork sirloin cutlet with a side of mushroom sauce and chili fries for 13,000 won. For more information, visit www.tgif.co.kr. (baejisook@heraldcorp.com)

Feb. 11, 2014

Lotte eyes overseas coffee mix market with Nestle tie-up

Lotte joined hands with Nestle, the world’s largest food maker, to target the overseas market where a growing number of people are starting to appreciate the taste of Korean-style instant coffee mix.On Jan. 27, Lotte Food, the food manufacturing division of the country’s fifth-largest business conglomerate, established LOTTE-Nestle (Korea) Co. with Nestle Korea after investing 50 billion won in a 50 percent stake. The new firm will produce an instant coffee mix consisting of powdered coffee and

Feb. 4, 2014

GE turns to Samsung for success strategy

The management know-how of General Electric, a leading U.S. conglomerate, has long been considered a model for executives of Samsung Electronics. The tables have turned, as GE now studies the success of the South Korean tech giant in areas such as mobile devices and semiconductors. In 2013, Samsung Electronics became the world’s top IT and electronics company in terms of sales and profitability to beat previous leaders such as Apple and HP. Reflecting the changing tides, the GE management at its

Jan. 28, 2014