South Korean confectionery company SPC Samlip said Wednesday that it has posted an all-time high sales record of over 800 billion won ($611.4 million) in the second quarter, driven by the popularity of its Pokemon Bread, of which the company sold 70 million packs for the last six months. The company’s second quarter sales surged on-year by 14 percent to 814.9 billion won in sales, while its net profit skyrocketed by 61.5 percent to 23.5 billion won in the cited period. Key growth drivers

Consumer Aug. 10, 2022

A total of nine people have died and six others remain missing as the Seoul capital region is battered by its heaviest rainfall seen in 115 years, government officials announced Tuesday evening. According to the Central Disaster and Safety Countermeasures Headquarters, five people in Seoul, three people in Gyeonggi Province and one person in Gangwon Province have died due to the heavy rain, while four people in Seoul and two others in Gyeonggi Province have been declared missing, as of 6 p.m.

Social Affairs Aug. 9, 2022

The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascading down the underground levels where restaurants, cafes, pharmacies and MRI rooms are located. Hospital staff scooped up water all night in front of MRI rooms to protect the medical devices inside

Industry Aug. 9, 2022

With the fast-growing blockchain industry, cryptocurrency payment will become mainstream after ethereum becomes cheaper and more accessible for a broader user base, according to ethereum co-founder Vitalik Buterin. “The upgrade of ethereum (which is scheduled in September) will dramatically cut the current cost of transaction fees that are around $1 to $20, by making improvements to efficiency and accessibility of the crypto,” said Buterin during a session at Korea Blockchain Week

Market Aug. 8, 2022

Amid dampened appetite for initial public offerings, South Korean car-sharing company SoCar is facing lukewarm response from institutional investors, with a growing possibility that it may join this year’s long list of market debut flops. According to industry sources, during the two-day book building period on Thursday and Friday, institutional investors had written their preferred share price below 34,000 won ($26), lower than the price band of 34,000 won-45,000 won suggested by the co

Mobility Aug. 7, 2022

The Ministry of SMEs and Startups said Thursday it has designated three new regions -- South Jeolla, North Gyeongsang and South Gyeongsang Provinces -- as regional vanguards to boost South Korea’s eco-friendly mobility business. According to the ministry, the three selected zones will be exempt from a number of regulations that might hinder the growth-engine sector for four years from September this year to August 2026. They will also be given the opportunity to attract investment and cr

Industry Aug. 4, 2022

South Korean car-sharing company SoCar said Wednesday it planned to debut in the nation‘s benchmark Kospi to expand its footing in the mobility industry worth 350 trillion won (267.6 billion) and growing. The company will decide soon whether to float 4.55 million shares or not on Aug. 22 after testing the water with the two-day preliminary proceedings scheduled on Thursday and Friday. The preferred share price is set between 34,000 won and 45,000 won. The main underwriter is Mirae A

Mobility Aug. 3, 2022

South Korean gaming giant Krafton’s popular battle-royale format game Battleground Mobile India, the Indian version of its global smash hit PlayerUnknown’s Battlegrounds, has been slapped with a download ban in India, its Seoul headquarters confirmed Friday. Both Google and Apple removed the gaming app from their respective app stores on Thursday, citing the Indian government’s ban order. “We are still checking on the situation with the local authorities,” a Kr

Technology July 29, 2022

Shinsegae Food said Thursday that it plans to enter the global alternative meat market with its newly launched plant-based canned ham. “Hormel Foods’ Spam has dominated the global canned ham market since 1926. But in almost 100 years, we have become the first to make a vegan canned ham that has almost the same taste and texture,” said Song Hyun-suk, Shinsegae Food CEO, during a press conference. Song added that compared to other competitors who promote Korean foods unfamilia

Consumer July 28, 2022

Despite the pandemic-triggered e-commerce boom, some South Korean retailers have begun shutting down early-morning deliveries, saying that the cutthroat competition for early bird customers has led to increased operating costs. GS Fresh Mall, an online shopping mall under GS Retail Group, said Wednesday it plans to suspend its early-morning delivery service starting July 31. The company said it has decided to stop the service because of the large cost of additional payrolls for couriers, and

Consumer July 27, 2022

Facing criticism over toxic chemicals claimed to have been found in Starbucks Korea giveaway “summer carry bags,” the company said Tuesday that it might consider additional compensation to appease angry customers. “Depending on the internal investigation result of a formaldehyde level test of the bags, the company might decide whether it will provide compensation other than giving free drink coupons,” a representative from Starbucks Korea told The Korea Herald. “W

Consumer July 26, 2022

Sundays are often a day for family shopping, but supermarkets in South Korea don’t operate every second and fourth Sunday of each month. Under the mandatory shutdown rules, designated to protect mom-and-pop stores nearby from losing sales to discount store chains, supermarkets have closed twice a month for the last 10 years. But the ability to shop every Sunday may become possible again with tens of thousands of consumers asking the presidential office to scrap the rule. According to

Consumer July 25, 2022

The phrase “Have you eaten rice today?” has long been considered equivalent to “How are you?” in South Korea. But it might not be the case much longer, with rice consumption shrinking amid changing eating habits, especially among younger generations. According to data from Statistics Korea, the average rice consumption per person was 56.9 kilograms in 2021, a 17.3 percent fall over the past 10 years. Compared to 30 years ago, rice consumption was almost cut in half.

Consumer July 24, 2022

Kim Ji-yeon, a 29-year-old elementary school teacher, stopped eating out during weekdays and started to eat lunch at a school canteen. Instead of going to cafes after lunch, Kim drinks instant coffee in her office. It has been two weeks since she has not spent any money during weekdays. “I first heard about the ‘no-spend challenge’ on Instagram, and thought it was a good way to save money. I was able to save around 200,000 won ($153) in two weeks.” Kim is one of the gr

Consumer July 21, 2022

More Koreans plan to spend their summer vacation this year on the country‘s east coast instead of flying to the southern resort island of Jeju to save money amid rising inflation, a survey showed Wednesday. The year’s busiest travel week is expected to be from July 30 to August 5, as usual, and households plan to spend an average of 952,000 won, according to the survey conducted by the Ministry of Land, Infrastructure and Transport. The survey showed that 24.7 percent of responde

Industry July 20, 2022