The South Korean government aims to propel the K-food industry to reach 300 trillion won ($227 billion) worldwide by 2027, responding to the burgeoning global appetite for Korean cuisine. The vision was announced by the Ministry of Agriculture, Food and Rural Affairs, during an emergency economic ministers meeting Friday. The target signifies a doubling from the 2021 figure of 152 trillion won, with the number of overseas Korean restaurants set to increase to 15,000 globally, up from 9,923 in 20

Industry Feb. 2, 2024

Starbucks Korea announced on Thursday that its recent NFT eco-project, designed to promote reusable cup adoption, has led to saving approximately 600,000 disposable cups from use over a two-week period from Jan. 16. The NFT eco-project at Starbucks Korea is the first of its kind in Asia and encourages Starbucks Rewards members to use personal cups when placing orders through the Starbucks app. Once individuals earn eco-stamps, with a limit of three per day, they can be exchanged for Starbucks NF

Industry Feb. 2, 2024

Posco Holdings has confirmed a total of six finalists to compete for the Korean steel giant's top post, as the current Chairman Choi Jeong-woo’s official term is due to expire in March. On Wednesday, the company's CEO Recommendation Committee unveiled the six chairman candidates, including three Posco veterans and three outsiders, after their eight meetings over the past few weeks. The committee has been reviewing the finalists since Dec. 21 after Chairman Choi chose not to seek

Industry Feb. 1, 2024

Korean Air said Wednesday that its planned merger with smaller domestic rival Asiana Airlines has gained approval from Japan’s antitrust regulator, with only two crucial decisions left to come from the European Union and the US. According to the airline, the Japan Fair Trade Commission approved the deal worth 1.8 trillion won ($1.34 billion), the process of which has been being delayed for over three years amid monopoly concerns by foreign authorities. The high-profile merger has receive

Industry Jan. 31, 2024

Korean construction giant GS Engineering & Construction said Wednesday it posted record sales in 2023, largely buoyed by upbeat overseas orders amid a housing market slowdown at home. The company's sales reached 13.43 trillion won ($12.21 billion) last year, up 9.2 percent from a year before. The sales figures were the highest in the builder’s history. Sales at the building and housing business division increased by 9.7 percent to 10.23 trillion won, while the company's infra

Industry Jan. 31, 2024

The South Korean government has disapproved global investment firm BlackRock's proposal to construct an extensive offshore wind power plant in South Jeolla Province due to insufficient evidence of financial ability and lack of electricity infrastructure in the area. According to energy industry sources on Tuesday, the Ministry of Trade, Industry and Energy's electricity committee recently dismissed all five Sinan offshore wind power generation projects proposed by BlackRock's subs

Industry Jan. 30, 2024

South Korea's Samsung family, led by Samsung Electronics Chairman Lee Jae-yong, has been ranked as the 12th wealthiest in Asia, according to recent data released by Bloomberg. The Samsung family is also the sole Korean conglomerate to be included among “Asia’s top 20 richest families” in the report. The Samsung family's assets amounted to $18.2 billion, securing the 12th position on the list, according to Bloomberg News on Wednesday. The latest ranking reflects a drop

World Business Jan. 29, 2024

China’s imports of Korean goods plunged to the lowest level in three decades last year, amid the escalating Washington-Beijing rivalry and Seoul’s strategic pivot. According to data from the Korea International Trade Association on Sunday, South Korea accounted for 6.3 percent of China’s imports last year, down from 7.4 percent a year earlier. In 2022, Korea ranked second on China’s top importer list, following Taiwan. Last year, the country was outpaced by Taiwan and the

Economy Jan. 28, 2024

Korean building materials company LX Hausys said Thursday it is joining the International Surface Event 2024, the largest flooring trade show in North America, in a bid to secure a bigger footing in the all-important market. More than 700 companies specializing in flooring, tiles and other building materials are expected to participate in the TISE 2024, which takes place in Las Vegas this week until Friday. The company’s exhibition booth, themed “Stage for Life," features a rang

Industry Jan. 25, 2024

Piles of apples are displayed at a large supermarket chain store in Seoul on Wednesday. Ahead of the Lunar New Year’s holiday season next month, grocery prices have soared more than 20 percent compared to a year ago, according to price tracker Korea Price Information on Wednesday. The average price of three apples at a traditional market was 15,000 won ($11.20), a 42.86 percent surge from the same period last year. (Yonhap)

Industry Jan. 25, 2024

The nation’s No. 1 ramyeon seller, Nongshim, said Wednesday that its flagship Shin Ramyun product posted record sales of 1.21 trillion won ($903 million) in 2023, a 14 percent jump from the previous year. The feat marks the second consecutive year that product sales surpassed 1 trillion won. Shin Ramyun sold about 1.66 billion packs last year globally, which is equivalent to 53 packets sold per second, the company said. Since its launch in 1986, its cumulative sales have amounted to 17.51

Industry Jan. 24, 2024

The IFC Mall, a shopping complex in Seoul’s financial district of Yeouido, is enjoying a sales boom, benefiting from a surge in visitors following the high-profile opening of a new neighbor – The Hyundai Seoul, the nation’s largest department store. According to the mall on Monday, sales and visitors increased 10 percent and 8 percent, respectively, last year compared to 2022, when the mall saw a 60 percent jump in on-year sales. Sales also surged to a record high but the exact

Industry Jan. 22, 2024

진행자: 김혜연, Ali Abbot Policemen punished for death of man they escorted close to home 기사 요약: 한파 속 취객 데려다 줬으나 집 앞 계단서 들어가지 않고 잠들어 사망, 경찰관 업무상과실치사 혐의로 벌금형 받아 [1] Two South Korean policemen have been fined after the intoxicated man they escorted to the building he lived in froze to death, a local court said Sunday. *fined 벌금을 부과하다 *intoxicated (술·마약에) 취한 [2] The Seoul Northern District Court imposed a fine of 5 million won ($3,800) and 4 million won, respectively, to a police sergeant and a s

Podcast Jan. 22, 2024

A shopper browses the milk at a supermarket in Seoul on Thursday. According to Statistics Korea, milk prices saw a 9.9 percent jump in 2023, the steepest surge in 14 years since the global financial crisis in 2009. The upward trend in milk prices also led to price hikes in other dairy products, including yogurt (12.5 percent) and cheese (19.5 percent). (Yonhap)

Industry Jan. 18, 2024

Lotte Group Chairman Shin Dong-bin pays tribute to the group's late founder and honorary Chairman Shin Kyuk-ho, during a memorial service held at the retail giant's headquarters in southern Seoul on Thursday. The self-made entrepreneur passed away at the age of 97 on Jan. 19, 2020. (Lotte Group)

Industry Jan. 18, 2024