SEOUL, Feb. 2 (Korea Bizwire) — Retail sales in South Korea rose 9.2 percent on-year in 2022 on the back of growing outdoor activities on eased social distancing rules amid the prolonged COVID-19 pandemic, the industry ministry said Thursday. The combined sales of local offline retailers rose 8.9 percent on-year from the previous year, and [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s imports of coffee beans hit a new record in 2022, data showed Tuesday, in the latest sign of the drink’s growing popularity in Asia’s fourth-largest economy. Imports of coffee beans, including both raw and roasted products, reached US$1.3 billion last year, soaring 42.4 percent from $920 million [...]
SEOUL, Jan. 30 (Korea Bizwire) — KT&G Corp., South Korea’s dominant tobacco company, said Monday it has extended its partnership with Philip Morris International Inc. (PMI) to strengthen its presence in global e-cigarette markets. KT&G and PMI have signed a 15-year supply contract, in which the former will distribute its e-cigarette product line Iil through [...]
SEOUL, Jan. 30 (Korea Bizwire) — Samsung Electronics Co. is accelerating the implementation of an eco-friendly management strategy by establishing a section dedicated to so-called “low-carbon” meals at its in-house restaurant and launching a “PC Off” initiative. According to industry sources, the global tech giant is scheduled to launch “PlanEat Choice,” a dedicated section for [...]
SEOUL, Jan. 29 (Korea Bizwire) — South Korea’s imports of wine rose 3.8 percent in 2022 from a year earlier, data showed Sunday, as more people enjoyed consuming alcoholic beverages at home amid the COVID-19 pandemic. The total value of wine imported by South Korea last year came to US$581.2 million, according to the data [...]
SEOUL, Jan. 28 (Korea Bizwire) — POSCO Holdings Inc. on Friday said its net profit halved last year from a year earlier largely due to a typhoon in September and an industry downturn. Net profit reached 3.6 trillion won (US$2.92 billion) on a consolidated basis last year, compared with a net profit of 7.2 trillion [...]
SEOUL, Jan. 27 (Korea Bizwire) — POSCO Chemical Co., a major South Korean manufacturer of secondary battery materials, said Friday it posted record-high operating profit last year, boosted by solid demand for electric vehicle (EV) battery components. Operating income reached 165.9 billion won (US$134.7 million) in the January-December period, up 36.3 percent from the previous [...]
SEOUL, Jan. 26 (Korea Bizwire) — Lotte Duty Free, the travel retailer of Hotel Lotte Co., has won a concession to operate a duty-free store at Australia’s Melbourne Airport, company officials said Thursday, as the company prepares for a boom in international travel amid a global reopening Lotte Duty Free said it will open the [...]
SEOUL, Jan. 26 (Korea Bizwire) — South Korean builder Samsung C&T Corp. will build modular homes in Saudi Arabia, the land and transport ministry said Wednesday. Land Minister Won Hee-ryong on Tuesday held a meeting with Yasir bin Al-Rumayyan, Governor of the Public Investment Fund (PIF), in Saudi Arabia with both parties signing a memorandum [...]
SEOUL, Jan. 24 (Korea Bizwire) — Exports of soju, South Korea’s traditional distilled liquor, increased 13.2 percent in 2022 from a year earlier, data showed Tuesday, rebounding for the first time in three years. Outbound shipments of soju reached US$93.3 million in 2022, rising sharply from $82.4 million tallied a year earlier, according to the [...]