South Korean households are feeling the inflation pinch as they brace for the annual kimchi-making season later this year. The average price for 10 kilograms of cabbages, the key ingredient for kimchi, surged on-year by 116.6 percent to 32,940 won ($23.7) as of Sept. 16, data from the state-run Korea Agro-Fisheries & Food Trade Corp. showed. The price of 20 kg of white radish, which are fermented in spicy sauce and other flavorful seasoning, skyrocketed by 146.1 percent to 28,460 won in the

Consumer Sept. 19, 2022

With inflation showing no signs of abating, South Koreans are likely to suffer more financial burden from eating out after the Chuseok holiday, as even low-cost foods like gimbap see a surge in price. The average price of gimbap, one of the more budget-friendly meals, in Seoul surged 2.6 percent to surpass the 3,000 won ($2.2) mark as of August compared to a month earlier, according to data from the Korea Consumer Agency. Among restaurant meals, the price of pork belly increased the most, fro

Consumer Sept. 8, 2022

Kim kyung-hee, a housewife in her 60s, who hated the idea of laying out store-bought meals on a “jesa” table, which is usually placed with homemade food to honor ancestors, is considering buying one or two packaged meals this year for the Chuseok holiday. “With rising inflation, it is just too expensive to buy all the food ingredients from markets. But mostly, I don’t want to burden my son and daughter-in-law, asking them to help in the kitchen,” Kim said. &ldquo

Consumer Sept. 6, 2022

Tensions grew sharply among retail, transport and manufacturing sectors on Monday on fears of the possible disruptions that Typhoon Hinnamnor could cause to their businesses, which are already suffering from a weak local currency and persistent economic uncertainty. The country’s three major mobile carriers -- SK Telecom, KT and LG Uplus -- set up emergency centers to monitor hurricane damage and tackle possible power outrage problems. The three companies mobilized emergency power gener

Industry Sept. 5, 2022

South Korean retail giant Lotte Group said Sunday it will build an eco-friendly smart city complex and smart logistics center in Vietnam, as part of its expansion plan to cement a strong foothold in Southeast Asia. Under the $900 million Thu Tiem Eco Smart City project, the company plans to construct a 60-story building, with another five floors underground, comprising a shopping mall, cinema, office space, hotel, residences and apartments in Ho Chi Minh City. For the residential area, a big

Consumer Sept. 4, 2022

South Korea’s two most influential business leaders -- Samsung Electronics Vice Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won -- are set to take a rather public role in promoting the country’s bid to host the 2030 World Expo in Busan. According to local reports quoting a source at the presidential office, Lee and Chey will be named presidential envoys for Korea’s World Expo bid and that they are set to visit the UK and Japan, respectively, in their new roles. Lee

Industry Sept. 1, 2022

Piggybacking on SPC Samlip’s Pokemon Bread craze, South Korean food companies are using animated characters on their product packaging to appeal to customers with a desire to collect nostalgic items. Convenience store chain 7-Eleven said Wednesday it has sold more than 250,000 rolls of its recently launched Digimon Bread in a week. The pastry comes with a sticker of one of 182 characters from the Japanese anime television series “Digimon Adventure” -- a key rival of the Poke

Consumer Aug. 31, 2022

Hyundai Engineering ＆ Construction said Wednesday it has opened a model house to initiate sales of its Hillstate Wonju Restige apartment. Located in Wonju, Gangwon Province, the apartment complex consists of 976 households, ranging in size from 84 square meters to 136 square meters. After receiving applicants between Sept. 5 and 7, the company will announce the selected residents on Sep. 15. The move-in date is scheduled for some time in January 2025. Hyundai E＆C said since the apartment com

Industry Aug. 31, 2022

South Korean e-commerce giant Coupang said Tuesday it will take legal action against People’s Solidarity for Participatory Democracy, a local NGO, for spreading false information on the company’s audit report. The NGO said in a statement that Coupang is illegally aiding its subsidiary called CPLB by receiving only 2.55 percent commission while demanding around 31.2 percent commission to other sellers. The 31.2 percent includes advertising fee and standard brokerage fee, it claimed.

Consumer Aug. 30, 2022

South Korean tobacco company KT&G said Monday it plans to build a new eco-friendly tobacco packaging factory in the central administrative hub of Sejong City. Under the 180 billion won ($133.5 million) project, the factory will be constructed at Sejong Mirae Industrial Estate, a government-developed area for local manufacturing companies, by 2025. KT&G said the factory will produce tobacco packaging such as cigarette papers and boxes, based on a cutting-edge logistics automation syste

Consumer Aug. 29, 2022

South Korean Minister of Trade Industry and Energy Lee Chang-yang said Monday the US Inflation Reduction Act that bans tax benefits for electric vehicles built outside of North America is highly likely to breach the US-Korea FTA and WTO rules. Asked whether the act violated the US-Korea FTA or WTO rules during a parliamentary committee meeting on trade and industry, Lee said, “It is highly likely to be violating those rules and we will bring a complaint at the WTO if necessary.” T

Industry Aug. 29, 2022

A wind of change is blowing in South Korea’s rigid top-down workplace culture as a growing number of local companies, from fledgling startups to traditional manufacturing firms, feel the need to improve the quality of work environments in to attract and retain talent. To name a few changes: simpler decision-making processes, no more forced overtime work until late night or and more openness to outspoken opinions. 　 It’s a trend that Khanzada Temur Khan, director of the people &

Industry Aug. 21, 2022

The long-awaited market debut of Kurly, operator of South Korean e-commerce platform Market Kurly, is expected to be decided soon as the nation’s bourse operator is scheduled to hold a final review session next week, according to industry sources on Tuesday. If the company gets a green light from the Korea Exchange during the session, it is ready to go public. Following a book building process, its share price will be decided. The issue is investor sentiment amid a lukewarm initial publ

Consumer Aug. 16, 2022

Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy,” Lotte Group said. “The company will accelerate biotech, hydrogen energy

Consumer Aug. 12, 2022

For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green

Mobility Aug. 12, 2022