By Business Desk New opportunities can arise from out of crises. Chiefs of Korea's top conglomerates are banking on words of wisdom for the year ahead as businesses face an age of relentless changes stemming from geopolitical conflicts, inflationary pressures and a recessionary environment. To overcome factors dragging on business activities, uncovering their own path to thrive for growth has become more important than ever as traditional approaches and paradigms have been challenged. In

Industry Jan. 2, 2023

With China abolishing measures to quarantine its travelers starting 2023, South Korean duty-free shops are expecting a boost in its earnings, according to industry sources Monday. China's National Health Commission announced recently that starting Jan. 8, overseas entrants to China will no longer need to be quarantined or take PCR tests upon returning to the country. This marks the first time in three years since the pandemic broke loose that Chinese tourists will be able to travel abroad w

Consumer Jan. 2, 2023

E-commerce platform Naver is bolstering its delivery service, which has remained its weak point despite its vast vendor network, and renewing competition with its archrival Coupang. Naver said recently it is launching a new delivery scheme, called “Naver Guaranteed Delivery Service,” starting Jan. 14, which aims to minimize delivery time and compensate consumers if their orders do not arrive on time. The point reward worth 1,000 won ($0.8) compares to delivery fees normally priced at

Consumer Jan. 1, 2023

Amid global pharmaceutical companies' efforts to foray into the space health care industry, major South Korean health care company Boryung has likewise released an adventurous vision to establish its footing in the nascent sector. However, the company's business acumen is being questioned by stockholders, as experts say the hefty investment in the space business may still be risky. Since being anointed with the title of CEO for Boryung in January, Jay Kim, grandson of Boryung founder

Industry Dec. 29, 2022

South Korean home appliance maker Coway is renewing its push for growth in the expanding domestic massage chair market with its brand-new massage chair "Mine." The chair, despite being 47 percent smaller than the company’s previous models, features several innovative functions. The Mine, equipped with a 180-degree rotational module, can change into a full-flat recliner. The chair offers multiple options, with five automatic massage modes and five manual massage modes that can be

Industry Dec. 28, 2022

South Korean steel giant Posco Group’s year-end executive reshuffle is expected to be delayed to next year, possibly later in January, amid the still ongoing efforts to normalize its typhoon-hit steel mills, industry sources said Wednesday. In September, Posco had to suspend the operation of its Pohang steel plants after key facilities were hit hard by a power outage caused by typhoon Hinnamnor. Considering the recovery work is speeding up to be completed by the end of January, sources sai

Industry Dec. 28, 2022

The nation’s 38-year-old food expiration date system will be revised from next year to be based on use-by dates of food items, not sell-by dates, in an attempt to reduce food waste. The use-by date refers to the last day food can be consumed. If the food is older than that date, the consumer should not eat, freeze or cook the food as it may cause food poisoning. For decades, Korea has adopted a scheme based on the sell-by date, which reflects the producer’s estimate of when a food it

Consumer Dec. 26, 2022

The number of international flight passengers exceeded domestic travelers for the first time since the onset of the coronavirus pandemic in 2020, data showed Sunday, with the figure still remaining at half the pre-pandemic levels. According to data from the Ministry of Land, Infrastructure and Transport, the number of international flight passengers was 3.08 million in November, while the figure for domestic flight passengers was 2.85 million. It was the first time the country saw the number of

Mobility Dec. 25, 2022

South Korean steelmaker Posco and local gas containment equipment manufacturer Energyn have localized the production of hydrogen storage tanks, according to Posco on Sunday. Hydrogen storage tanks are used to store highly compressed, gaseous hydrogen in electric vehicle charging stations. Currently, US-based global provider of gas containment equipment FIBA Technologies dominates Korea's hydrogen storage tank market. However, Energyn, a Korean producer of various modules for hydrogen chargi

Industry Dec. 25, 2022

US-originated convenience store chain 7-Eleven is speeding up to complete the ongoing conversion of Ministop stores by the end of next year as the Korean operator owned by Lotte Group aims to cement its market position among the nation’s top three convenience store operators, according to Korea Seven on Wednesday. Lotte CVS 711, a Lotte affiliate, recently transferred an additional 20.5 billion won ($16 million) to Korea Seven, the local operator of 7-Eleven stores, to expedite switching M

Consumer Dec. 21, 2022

Popular hotel chains are tightening criteria for VIP memberships and slashing generous benefits in a move to brace for lackluster sales next year, according to industry sources on Tuesday. Starting Jan. 1, Lotte Hotel, the nation’s largest hotel chain, will raise the bar to qualify for its Rewards Membership. Currently, classic, silver, gold and platinum memberships are awarded based on the customer's number of stays at Lotte chain hotels nationwide. A customer must now stay over at a

Consumer Dec. 20, 2022

Data showed Monday exports of COVID-19 test kits in November hit an all-time low since the pandemic spread globally in 2020. Exports of COVID-19 test kits in November logged $74.47 million, or 96 billion won, according to the Korea Customs Service. The figure marks the lowest since April 2020, when the first wave of the pandemic spread widely across the globe. At its peak, exports of test kits hit over $500 million in each of January and February this year. The decrease in exports mirrored the d

Industry Dec. 19, 2022

Every time the clock's long hand strikes 12, electronic price indicators in this uncrewed convenience store change to reflect data the store's artificial algorithm collects on each product's expiration date, remaining stock and local demand. Customers are required to follow a few simple steps to shop there. They check the changes in price, scan each product's bar code via smartphone and make transactions through the phone. They then can exit the store with an armful of grocer

Industry Dec. 19, 2022

The Ministry of Food and Drug Safety said on Friday Hyundai Pharmaceutical voluntarily withdrew its application for the approval of its abortive drug Mifegyne, consequently dimming South Korea's prospect for medication abortions. "The company was unable to send in the data required by the Ministry of Food and Drug Safety in time, and decided to withdraw the application for the time being," said an official from Hyundai Pharm. As Mifegyne contains a new substance to be used for the

Industry Dec. 16, 2022

South Korea's fifth-largest conglomerate Lotte Group seeks to give fresh impetus to its affiliates suffering overall lackluster performances through a year-end personnel reshuffle. Lotte's latest reshuffle highlights the expansion of its young leadership, with 46 percent of the newly selected executives in their 40s. Former Executive Vice President Lee Hoon-ki, who led Lotte Group's ESG Management Innovation Office, was promoted to president of Lotte Healthcare, joining the group&

Industry Dec. 15, 2022