Economy
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S. Korea's state power company to establish submarine high voltage power 'expressway' to connect cities
SEOUL -- South Korea's state power company has revealed a 15-year project to establish a power "expressway" underwater using submarine high voltage direct current cables to draw excess electricity from southern areas to the capital city of Seoul and its satellite cities. Currently, Seoul and its surrounding cities have the highest population density of 2,195 people per square kilometer, which is about five times larger than that of the southern port city of Busan, w
May 15, 2023 -
Pulmuone's Asian noodle products gain explosive popularity in US market
SEOUL -- Seoul-based food company Pulmuone has recorded $72.2 million in sales of Asian noodles in 2022, up 65 percent from a year ago. Targeting American consumers, the food company has showcased various refrigerated noodle products including ramen with pork and broth, and Japchae, a Korean stir-fried noodle dish with beef and various vegetables. According to data released by market research firm Research and Markets, the instant noodles market in the U.S. was estimated to be $1 b
May 15, 2023 -
Probiotic brand Duolac makes foray into pet market
SEOUL -- Targeting South Korea's growing pet market, the lactic acid bacteria brand of Cell Biotech, a Seoul-based probiotic company, made a foray into the pet nutrition market by releasing a pet lactic acid bacteria product. The chewable supplement product can help animals improve internal microbial conditions as the majority of immune cells live in their intestines. Data released by South Korea's agriculture ministry showed that about one out of four South Koreans raise
May 12, 2023 -
Foreign brands target S. Korea's $104.8 bln restaurant market
SEOUL -- Foreign restaurant brands including American fast food casual restaurant chain Five Guys and American fried wings franchise Wingstop have chosen to make a foray into South Korea with a 139.6 trillion won ($104.8 billion) restaurant market. There are many foreign brands like McDonald's, Burger King, Papa Jones, and KFC that are favored by picky South Korean customers but the majority of the market is shared by domestic restaurant chains and individual restaurant operato
May 12, 2023 -
Jipyeong Brewery builds Korean rice beer factory with automated brewing facilities
SEOUL -- Jipyeong Brewery, a South Korean brewery that produces Korean rice beer Makgeolli, has completed the construction of a factory with automated Makgeolli brewing facilities in the central city of Cheonan. The factory of about 9,900 square meters, which is about the size of 1.3 soccer fields, would be used to produce sterilized Makgeolli targeting global markets including the United States, Europe, and Southeast Asia. Makgeolli, also known as Korean rice wine or Korean rice b
May 11, 2023 -
Food deliverymen hold rally in Seoul demanding better work environment
SEOUL -- 100 deliverymen who provide delivery services for restaurants affiliated with Baemin, South Korea's largest food delivery service, held a rally near the National Assembly building in Seoul demanding a better work environment including lowered service brokerage fees, increased wages, and registration system for deliverymen. According to South Korea's state statistical service, the country's online food delivery service market stood at 2.7 trillion won ($2 billio
May 11, 2023 -
S. Korean food companies target rapidly growing global alternative food ingredient market
SEOUL -- South Korea's major food companies are jumping into the domestic alternative food ingredient product market that is rapidly growing at an average annual growth rate of about 13 percent to reach 280 billion won ($212 million) by 2026. The global alternatives market is predicted to reach $161.9 billion by 2030. Alternative food ingredients are protein-based processed ingredients that are mainly made with vegetable materials to create meat and fish-like textures and flavo
May 8, 2023 -
Startups target S. Korea's restaurant & cafe industries with serving robots
SEOUL -- Various startups are targeting South Korea's restaurant industry with more than 800,000 restaurants, coffee shops, and bars with serving robots that can carry food from the kitchen to customers' tables. Restaurant owners can subscribe to a robot rental service for as little as about 300,000 won ($226.5) per month. Serving robots are often witnessed at restaurants and cafes regardless of their sizes. Some shop owners find autonomous robots, capable of evading obstac
May 8, 2023 -
S. Korea to push replacement of CNG-based commuter buses to hydrogen-based vehicles
SEOUL -- South Korea will collaborate with various companies and organizations including Hyundai Motor and the Korea Chartered Bus Mutual Aid Association to accelerate the replacement of compressed natural gas-based commuter buses operated by corporates to hydrogen-powered vehicles. Currently, public buses in South Korea mainly use compressed natural gas (CNG) or liquefied natural gas (LNG) as their main fuel to reduce air pollution. However, many buses owned by private companies a
May 4, 2023 -
Kakao in discussion over turning 'Daum' web portal service into subsidiary through separation
SEOUL -- In a bid to increase flexibility and efficiency in decision-making processes, Kakao, South Korea's web service giant, is currently engaged in discussions over whether the company should turn "Daum," a web search portal platform division, into a company-in-company through separation. Daum was launched in 1995 and became South Korea's top web search portal in the late 1990s. However, the web search service operator was overtaken by Naver, a web portal ser
May 4, 2023
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Global tech firms to present smart manufacturing solutions at 'Smart Factory + Automation World' in Seoul
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Occult thriller film 'Exhuma' attracts more than 10 mln moviegoers in 35 days of release
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Education company Visang provides smart Korean language learning platform 'Klass' to Vietnamese universities
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LS Cable embarks on construction of plant for new copper foil material
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US political turmoil reflects our wider society – in 2024 and earlier elections
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Avikus validates fuel-saving effect of self-sailing solution 'HiNAS Control'
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Le Sserafim's "Easy" named on Billboard's top 200 popular albums chart for four consecutive weeks
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Hanwha's cooperative robot wing showcases robot sommelier at 'Smart Factory + Automation World'
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Life expectancy in South Korea decreases for first time since 2000
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Lotte Rental achieves 'Baa3' credit rating from Moody's