Articles by Lee Yoon-seo
Lee Yoon-seo
yoonseo.3348@heraldcorp.com-
Hikes in prices of raw materials likely to fuel consumer inflation
Concerns are growing that soaring raw material costs could have a knock-on effect on the prices of daily necessities, following price hikes initiated by some of the largest liquor and dairy firms in South Korea. Korean brewery giant Oriental Brewery announced that starting Wednesday, it will raise the factory price of its beer products such as Cass and Hanmac, by an average of 6.9 percent. "The price adjustments came as the costs of raw materials for (alcoholic beverages), which rely largel
Industry Oct. 5, 2023
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S. Korea mandates flexible pricing in supply deals to protect SMEs
Incorporation of the price adjustment clause, or PAC, in consignment production contracts made between suppliers and subcontractors were mandated starting Wednesday for the first time in South Korea. The PAC, which requires suppliers to adjust the price of materials they provide to subcontractors in accordance with variations in raw material costs, aims to alleviate subcontractors' losses under the current fixed-price contract system. Under the current system, small and medium-sized consign
Industry Oct. 4, 2023
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Korean Air to submit new merger plan to ease antitrust concerns
The high-profile merger between South Korea’s top two air carriers is likely to meet a watershed moment later this month as Korean Air is reportedly scheduled to submit an aggressively revised version of its acquisition proposal for Asiana Airlines to the European Commission to effectively ease the regulator’s antitrust concerns. According to local reports Tuesday, Korean Air’s revised proposal will include the company's sale of the entirety of Asiana Airlines' cargo
Industry Oct. 3, 2023
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[KH Explains] Lotte goes all-out to secure cash amid lackluster earnings
South Korean retail giant and the nation's fifth-largest conglomerate Lotte Group is reportedly resorting to liquidating billions of won in assets as it grapples with flagging performance posted across its major subsidiaries. According to the Financial Supervisory Service's electronic disclosure board, Lotte Holdings reported 211.7 billion won ($157 million) in operating profits in the January-June period this year, down 19 percent from the same period last year (261.2 billion won). Lo
Industry Sept. 26, 2023
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Milk prices to go up in Oct.
Starting in October, major South Korean milk companies will raise their product prices, following the Korea Dairy Committee's decision to increase the cost of raw milk by the highest rate in 10 years. Namyang Dairy Products said it will raise the price of its 900 milliliter-carton of milk by 4.6 percent starting in October. As a result, the products' price at discount stores is estimated to rise to 2,900 won ($2.15), from its current 2,800 won. The company added it will also raise th
Industry Sept. 26, 2023
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Outpaced by Coupang, Shinsegae carries out major leadership reshuffle
South Korean retail giant Shinsegae Group conducted a large-scale, earlier-than-usual personnel shakeup following its flagging business showings and losing race against fast-growing retail powerhouses such as Coupang. Via an executive appointment conducted a month ahead of its usual timing, 9 out of 25 of Shinsegae Group's chief executive officers, or some 40 percent, were replaced. The reshuffle was made in accordance with Shinsegae Group's new system personnel management system dubbe
Industry Sept. 22, 2023
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Lotte opens major shopping complex in Vietnam
Lotte Shopping, the retail arm of South Korean retail giant Lotte Group, said it held the grand opening ceremony for its shopping complex Lotte Mall West Lake Hanoi on Friday, following the company's efforts to expand its presence in the Vietnamese market. Standing on a 354,000-square-meter site, and considered one of the largest shopping complexes in Vietnam, the commercial complex is comprised of a wide selection of facilities -- ranging from a shopping mall, supermarket, hotel, aquarium
Industry Sept. 22, 2023
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Asiana Airlines tops customer satisfaction index
Asiana Airlines, South Korea’s second-biggest carrier, said Thursday it received the top marks from a high-rated customer satisfaction index, for ninth consecutive year. According to Asiana, it was ranked No. 1 in the aviation sector of 2023 Korean Customer Satisfaction Index Awards held at Jung-gu, Seoul. This is the 25th time Asiana Airlines has won the category since the customer survey for the aviation sector was first initiated in 1995. Organized by Korea Management Association Consul
Industry Sept. 21, 2023
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No more hurdles for Korea's nuclear reactor exports?
A recent favorable ruling in the US may have lifted some pressure on South Korea regarding its export of nuclear reactors, but challenges remain as its US partner shows no sign of agreement in their ongoing legal disputes. The District Court for the District of Columbia on Tuesday dismissed Westinghouse Electric Company’s lawsuit against Korea Hydro & Nuclear Power, ruling that the US energy firm -- which lacks the authority to enforce US nuclear technology export control requirements -- d
Industry Sept. 20, 2023
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STX Green Logis unveils vision for ‘Korean DHL’
STX Green Logis, the South Korean shipping and logistics company that made its stock debut on Friday, renewed its vision on Monday to become the Korean version of German logistics giant DHL. In August, the company spun off from Korean trading company STX to maximize its specialty in the logistics sector and increase operational efficiency overall. On its first day of trading, shares closed at 32,600 won ($24), a 29.8 percent surge from the initial public offering price. For its plans going forwa
Industry Sept. 18, 2023
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Experts call for more incentives for high-tech companies to reshore
Experts gathered at the National Assembly to call for fortifying reshoring policies, or policies that will support high-tech Korean companies to bring outsourced overseas operations back to Korea, as a part of the national agenda, amid increased demand to ramp up domestic economic security. "The United States-China conflict and the consequent supply chain collapse experienced during the COVID-19 pandemic have raised awareness of the notion that reshoring for Korean high-tech industries shou
Industry Sept. 17, 2023
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KITA invites envoys to support Busan Expo bid
The Korea International Trade Association hosted a reception event for ambassadors from Central Asia, Europe and Latin America to ask for their support in promoting Busan’s bid to host the 2030 World Expo, it said Sunday. Participants of the reception included 70 ambassadors and diplomats from 41 regions in Central Asia, Europe and Latin America, along with 30 executives from KITA. The reception came as Korea's second-largest city Busan is in competition against Saudi Arabia's Ri
Industry Sept. 17, 2023
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CJ to expand UK presence with Korean seaweed
Bibigo's Seaweed Snack will hit supermarket shelves in the United Kingdom, Korean food giant CJ CheilJedang said Thursday. The product will be sold at popular UK grocery market chains Asda and Ocado, as well as online. “Previously, the product was available in local ethnic sales channels (in the UK), but (by distributing it on major retail channels), more consumers will be able to buy and enjoy Bibigo’s Seaweed Snack,” said an official from CJ CheilJedang, which owns the B
Industry Sept. 14, 2023
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Incheon Airport plans W1.2tr massive renovation
Incheon Airport's Terminal 1 will undergo a 1.2 trillion won ($903 million) refurbishment starting from next year, the airport's operator said Wednesday. Separately, it added that it would seek to attract Chinese travelers, whose travel demand is expected to surge amid China’s recent lifting of a group travel ban to South Korea. “After conducting an open survey of Terminal 1’s facilities’ operational status, Incheon Airport will conduct a comprehensive repair of
Mobility Sept. 13, 2023
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[From the scene] Why Adidas shop owners in Korea are protesting
The South Korean unit of the global sports brand Adidas has been hit with backlash from its franchisees who claim that they have been subjected to years of repeated abuse of power from their parent corporation -- only to have their business contracts terminated via the head office’s unilateral announcement. The Adidas Franchisee Association -- comprising 76 Adidas Korea franchisees out of some 100 across the country -- said Tuesday it reported Adidas Korea to the Federal Trade Commission f
Industry Sept. 12, 2023
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