SEOUL, Feb. 17 (Korea Bizwire) — As the price of ramyeon (Korean instant noodles), a popular food among common people for its affordability, moved up sharply amid high inflation, the low-price private brand (PB) products developed by major retailers are enjoying rising popularity. E-Mart Inc. said it sold more than 1 million packs of its [...]
SEOUL, Feb. 16 (Korea Bizwire) — South Korea plans to create a fund worth 150 trillion won (US$116.9 million) to provide assistance for steelmakers’ transition to a low-emission production structure and to boost competitiveness, the industry ministry said Thursday. Industry Minister Lee Chang-yang and chiefs of the country’s seven major steelmakers, including POSCO Holdings Inc., [...]
WASHINGTON, Feb. 15 (Korea Bizwire) — Shipments of American agricultural products to South Korea reached a record high of over US$10 billion last year, U.S. data showed Wednesday. U.S. exports of agricultural products to South Korea came to $10.05 billion in 2022, up 2 percent from $9.85 billion a year before, according to the data from [...]
SEOUL, Feb. 16 (Korea Bizwire) — An increasing number of South Korea’s large companies are introducing ‘four group, two shift’ systems instead of the previous ‘four group, three shift’ systems at manufacturing sites with young employees in their 20s and 30s emphasizing work-life balance. Under the ‘four group, two shift’ system, two groups work 12 [...]
SEOUL, Feb. 14 (Korea Bizwire) — South Korea’s top container shipper HMM Co. on Tuesday signed a 1.41 trillion-won (US$1.1 billion) deal with two local shipbuilders to build nine methanol-propelled container ships as part of its push to go carbon neutral. Under the deal, Hyundai Samho Heavy Industries Co., an affiliate of Korea Shipbuilding & [...]
SEOUL, Feb. 14 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Tuesday it has signed a memorandum of understanding with an Australian firm to look into a lithium project in the United States. Under the non-binding pact, POSCO and Jindalee will launch joint research on Jindalee’s wholly owned McDermitt lithium project in [...]
SEOUL, Feb. 14 (Korea Bizwire) — Major listed companies in South Korea cut their dividends by nearly 14 percent in 2022 from a year earlier amid an economic slump, a corporate tracker said Tuesday. Combined dividends paid out by 50 of South Korea’s top 100 firms in terms of market capitalization came to 15.7 trillion [...]
SEOUL, Feb. 14 (Korea Bizwire) — South Korean fried chicken franchises saw their sales rise during the FIFA World Cup in Qatar last fall despite an industry-wide slump for restaurants, data showed Monday. According to a report from the state-run Korea Agro-Fisheries Trade Corp., the total revenue of the nation’s restaurant businesses amounted to 11.1 [...]
SEOUL, Feb. 13 (Korea Bizwire) — Several more South Korean big companies joined the nationwide efforts Monday to help Turkey and Syria recover from the devastating earthquakes. Hanwha Group, an energy-to-defense conglomerate, said it was donating US$700,000 to the two countries through the Korean Red Cross to help support the recovery efforts. S-Oil Corp., a [...]
SEOUL, Feb. 10 (Korea Bizwire) — Samsung Welstory Inc., a catering service affiliate of Samsung Group, said Thursday it has developed an analysis system to analyze the type and amount of leftovers by scanning the plates returned by customers. With cameras installed at the dish return window of a cafeteria, the system automatically scans the plates [...]