SEOUL, Aug. 19 (Korea Bizwire) — An executive of major South Korean foodmaker Samyang Foods Co. has thanked Jimin, a member of K-pop superband BTS, after reporting record-breaking quarterly sales. Samyang generated 27.3 billion won (US$20 million) in operating profits in the second quarter, up by 92 percent, and reported 255.3 billion won in revenue, [...]
SEOUL, Aug. 19 (Korea Bizwire) — Major South Korean companies have seen their cost burdens rise sharply in 2022 from a year earlier on surging raw material prices and wage increases, data showed Friday. Their rising cost burdens are widely feared to undercut their profitability down the road amid flagging demand stemming from worries over [...]
SEOUL, Aug. 18 (Korea Bizwire) — The Ministry of Agriculture, Food and Rural Affairs said Wednesday that it will improve the compensation payment standards for livestock culling after collecting opinions from livestock farms. Livestock culling compensation is paid to farms that cull their livestock due to domestic animal infectious diseases such as African swine fever [...]
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s food industry is releasing a string of gift sets for next month’s Chuseok holiday using eco-friendly packaging materials. Daesang Corp. replaced the non-woven fabric material used for gift bags with paper material. In addition, it also used paper instead of plastic to make the inner trays of [...]
SEOUL, Aug. 16 (Korea Bizwire) — SK Group chairman Chey Tae-won posted about a food-tech startup in the U.S. on social media. On his Instagram account, Chey said he visited Wildtype, a San Francisco-based startup that makes salmon from cultivated fish cells, during a business trip to the U.S. Chey posted photos and videos of [...]
SEOUL, Aug. 16 (Korea Bizwire) — South Korea will supply 2.7 million new homes in the next five years by easing regulations for redevelopment and reconstruction and allowing the private sector to join downtown development projects, the transport ministry said Tuesday. The home supply plan is the first of its kind since President Yoon Suk-yeol [...]
SEOUL, Aug. 16 (Korea Bizwire) — The district office of Yongsan said Tuesday it has approved a redevelopment plan to turn the former site of the United Nations Command (UNC) into a high-rise residential area equipped with a hotel and commercial facilities. Construction work will begin in November for the redevelopment spanning 51,753 square meters [...]
SEOUL, Aug. 16 (Korea Bizwire) — LG Chem Ltd. said Tuesday it will build two production facilities in the U.S. state of Illinois with a U.S. food processing company to produce a biodegradable plastic widely used in food packaging. Under the two joint ventures with Archer Daniels Midland Co. (ADM), an agricultural food processor and [...]
SEOUL, Aug. 13 (Korea Bizwire) — Asiana Airlines Inc., South Korea’s second-biggest carrier, said Friday it shifted to a net loss in the second quarter from a year earlier on increased foreign-exchange losses. Asiana swung to a net loss of 212.92 billion won (US$163 million) on a consolidated basis in the three months ended in [...]
SEOUL, Aug. 12 (Korea Bizwire) — POSCO International Corp., a trading arm of South Korean steel giant POSCO Holdings Co., said Friday it will push to merge with an energy affiliate, as it seeks to expand its business portfolio into renewable and other green energy sectors. POSCO International’s board earlier approved the plan and it [...]