SEOUL, Oct. 24 (Korea Bizwire) — POSCO Holdings Inc. on Monday reported a 77-percent drop in its third-quarter net income, in the face of typhoon damage and a fall in prices of key products. Its net profit for the July-September period reached 600 billion won (US$416.8 million) on a consolidated basis, compared with a net [...]
SEOUL, Oct. 24 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering Co. is building an eco-friendly wind turbine installation vessel (WTIV) that is equipped with smart ship features. The company signed a contract with Monaco-headquartered maritime player Eneti Inc. last week to add its smart ship system to a WTIV being built at the company’s [...]
SEOUL, Oct. 24 (Korea Bizwire) — South Korean retail giants are stepping up efforts to secure rare premium wines as the domestic wine market is growing at a rapid pace. Lotte Department Store recently hired a string of professional wine sommeliers specialized in sourcing premium foreign wines differentiated from the other wines popular in the [...]
SEOUL, Oct. 21 (Korea Bizwire) — SPC Group chairman apologized Friday for the death of a young worker at a bread-making factory amid a boycott campaign against the South Korean food and beverage giant. The 23-year old employee was killed on Saturday after her upper body was caught in a sauce mixer at the factory [...]
SEOUL, Oct. 20 (Korea Bizwire) — The numbers of beef cattle and chickens raised in South Korea rose in the third quarter from a year earlier, data showed Thursday, amid the recovering demand following eased social distancing rules. The number of beef cattle came to 3.7 million over the July-September period, up 2.4 percent on-year, [...]
SEOUL, Oct. 19 (Korea Bizwire) — Top 30 South Korean companies vowed Wednesday to push for increasing energy efficiency by 1 percent each year over the next five years to better cope with high energy prices and to ensure sustainability, the industry ministry said. Samsung Electronics Co., Hyundai Motor Corp., LG Chem Ltd., POSCO and [...]
SEOUL, Oct. 19 (Korea Bizwire) — POSCO Holdings Inc., the holding firm of South Korea’s top steelmaker POSCO, on Wednesday said that its third-quarter operating profit dropped 71 percent as some of its steel-processing facilities remain shuttered after a typhoon. Its operating income stood at 900 billion won (US$633 million) in the July-September period, compared [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korea’s retail industry is enjoying a surge in sales of Halloween-related items ahead of the Halloween weekend. Discount retailer Emart Inc. saw annual sales of Halloween items rise by more than 20 percent every year from October 2019 to October 2021. By generation, the consumer base has expanded [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korean food conglomerate CJ CheilJedang Corp. said Tuesday it has launched two seaweed-based snacks for customers in Europe and Japan, as part of its drive to expand globally. Seasoned seaweed, known as “gim” in Korean, is a staple in Korean cuisine used to make kimbap or consumed as [...]
SEOUL, Oct. 18 (Korea Bizwire) — As people in their 20s and 30s, who value special experiences, emerge as the main consumer group for the alcoholic beverage market, brand-new beverages with differentiated value such as distilled soju and beer from craft breweries are rising to the top of sales rankings. Convenience store chain GS25 analyzed [...]