Economy

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  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 2023-05-15
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  ​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 2023-05-12
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  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 2023-05-12
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  ​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 2023-05-11
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  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 2023-05-11
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  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 2023-05-08
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  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 2023-05-08
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  ​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 2023-05-04
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  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 2023-05-04
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  CJ Cheiljedang to nurture young Korean food experts through global chef incubation project SEOUL -- In a bid to popularize Korean dishes, CJ Cheiljedang, a key subsidiary of South Korea's food and entertainment conglomerate CJ Group, will start a chef incubation project to nurture young Korean food experts. The company will provide financial support for talented cooks so they can study at prestigious cooking schools abroad. National culinary artists will be sponsored to participate in an international culinary competition. The project is led by Lee Sun-ho, the so 2023-05-03
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  Samsung urges employees not to use generative AI services to prevent data leak SEOUL -- Samsung Electronics has banned its employees from using generative artificial intelligence services in a bid to stop data leaks and protect company secrets. The South Korean tech giant would develop its own AI solution models to help its workers automate and simplify their work processes. Generative AI services including Chat GPT, a chatbot service, use machine-learned data to provide solutions and answers for users. The AI services collect and analyze data inserted by use 2023-05-03
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  SK geo centric partners with Canada's Loop Industries to build plastic recycling factory SEOUL -- Through a joint venture with Canadian plastic technology company Loop Industries, SK geo centric, a chemical company affiliated with South Korea's SK Group, will build a plastic recycling factory in South Korea's southern industrial city of Ulsan. The joint venture will establish the plant capable of recycling 70,000 tons of plastic every year using the Canadian firm’s depolymerization technology. Depolymerization is a process that decomposes the polymerizati 2023-05-03
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  S. Korea's exports in April 2023 declines 14.2% year-on-year SEOUL -- South Korea’s total exports have declined for seven consecutive months while domestic firms suffer from a steep fall in exports of semiconductors. The country has also experienced a trade deficit for 14 months since March 2022. Data released by South Korea's trade ministry showed said that exports this month were tallied at $49.62 billion, down 14.2 percent from the same period in 2022. Exports of semiconductors plunged 41 percent and information technology-relat 2023-05-01
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  LG Electronics shows off good performances in home appliances and electric parts to record earnings surprise SEOUL -- LG Electronics has recorded an earnings surprise in the first quarter of 2023, thanks to good performances in the home appliances and electric parts sectors, the company said during an earnings call. This is the first time LG Electronics' quarterly operating profit overtook Samsung Electronics' since 2009 when South Korea adopted the International Financial Reporting Standards (IFRS). The South Korean electronics maker, well known for its refrigerators and televisi 2023-04-28
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  Samsung records deficit of $3.4 bln in semiconductor sector in 1Q 2023 SEOUL -- Samsung Electronics recorded a deficit of 4.58 trillion won ($3.4 billion) in the semiconductor sector for the first quarter of 2023. While profitability improved in the smartphone and home appliance sectors, overall operating profit decreased by more than 90 percent compared to the same period last year. Samsung Electronics said on April 27 that the company recorded sales of 63.75 trillion won and operating profit of 640 billion won based on consolidated results for the f 2023-04-27
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  SK E&S to work with General Electric for establishment of blue hydrogen infrastructure in S. Korea SEOUL -- SK E&S, an energy company affiliated with SK Group, joined hands with General Electric to establish a blue hydrogen ecosystem that can produce, distribute, and utilize 250,000 tons of eco-friendly hydrogen in South Korea. Blue hydrogen is favored by industries because of its reasonable production cost compared to green hydrogen based on renewable energy. Green hydrogen uses electrolysis to split water and release only hydrogen and oxygen. Hydrogen produced by steam ref 2023-04-26
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  Hyundai and SK On to jointly build EV battery factory in US SEOUL -- South Korea's Hyundai auto group and SK on, the battery-making wing of SK Group, will jointly build an electric vehicle battery factory in the United States in an effort to meet requirements of the U.S. Inflation Reduction Act that took effect in March 2023 to only provide subsidies for carmakers which produce U.S.-made electric vehicles installed with batteries made on American soil. Currently, Hyundai produces the electrified version of GV70, the luxury sport utility 2023-04-26
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  Hyundai Wia to commercialize autonomous logistics robot in US SEOUL -- Hyundai Wia, a parts-making unit of South Korea's Hyundai auto group, will commercialize autonomous logistics robots at a Georgia State-based electric vehicle factory operated by car parts maker Hyundai Mobis. The automated robots will roam about the factory to carry heavy cargo while evading obstacles. Autonomous robots are widely adopted at logistics centers and factories to reduce manpower and management costs. Self-driving robots equipped with various sensors inclu 2023-04-25
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  LGES to invest $450 mln in construction of mother factory for pilot battery production SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, will build a mother factory that will become the main headquarters of its electric vehicle battery production plants scattered across the world. The factory will play the role of the battery maker's one-stop pilot production base for its EV batteries. A total of 600 billion won ($450.2 million) will be injected into the mother factory project. LG Energy Solution (LGES) said in a statement on Ap 2023-04-25
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  S. Korean affordable casual wear brand SPAO to beef up influence in Chinese apparel market SEOUL -- SPAO, an affordable casual wear brand operated by South Korea's apparel giant E-Land Group, will strengthen its foothold in the Chinese clothing market by uniting the headquarters of the brand's South Korean and Chinese operations in 2023. The company made a foray into the Chinese market in 2013 but its operations were devastated due to diplomatic ties between Seoul and Beijing over the Terminal High Altitude Area Defense system in the mid-2010s and the COVID-19 pandem 2023-04-24