Articles by Byun Hye-jin
Byun Hye-jin
hyejin2@heraldcorp.com-
Kurly’s IPO plan to be decided next week
The long-awaited market debut of Kurly, operator of South Korean e-commerce platform Market Kurly, is expected to be decided soon as the nation’s bourse operator is scheduled to hold a final review session next week, according to industry sources on Tuesday. If the company gets a green light from the Korea Exchange during the session, it is ready to go public. Following a book building process, its share price will be decided. The issue is investor sentiment amid a lukewarm initial publ
Consumer Aug. 16, 2022
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On presidential pardon, Lotte chief vows investment in biotech, hydrogen
Lotte Group Chairman Shin Dong-bin reiterated his plan for investment in biotech and hydrogen energy after his pardon was announced by South Korean President Yoon Suk-yeol on Friday. “We sincerely thank the government’s and people’s decision to grant a pardon. Chairman Shin Dong-bin and Lotte workers will contribute to overcoming the global crisis by boosting domestic industries and economy,” Lotte Group said. “The company will accelerate biotech, hydrogen energy
Consumer Aug. 12, 2022
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For Seoul‘s first Formula E, DHL Korea delivers 415 tons of cargo
For Seoul’s first electric mobility extravaganza this weekend, global logistics giant DHL has delivered racing cars and other equipment, which weigh over 415 tons from all over the world, officials said Friday. The Korean branch of DHL is an official sponsor of Formula E that kicks off on Saturday for a two-day run. Its sponsorship is part of a corporate strategy to become a socially responsible business that voluntarily reduces carbon emissions. E Formula‘s goal of promoting green
Mobility Aug. 12, 2022
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S. Korean Goobne Chicken opens 1st US branch
Goobne Chicken, one of the leading South Korean chicken franchises, said Friday that it has opened its first US branch in LA. The store, located at Korean supermarket Hannam Chain Del Amo in Torrance, LA, will bring various Korean-style chicken flavors to cater to the growing interest in K-food in the US, it added. According to Goobne Chicken CEO Chung Tae-yong, the company also plans a second branch in the US later this year. In 2014, Goobne Chicken opened its first international branch in
Consumer Aug. 12, 2022
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Starbucks Korea to recall 1.8m giveaway bags containing toxic chemicals
Starbucks Korea said Thursday it will voluntarily recall some 1.8 million giveaway “summer carry bags” after drawing public ire for handing out items containing cancer-causing chemicals. After consulting with the state-run Korean Agency for Technology and Standards, the company decided to recall over 1 million bags that were given away and 16,200 bags sold online starting from Aug. 11 to Oct. 11. Customers who received the bags as giveaway items after purchasing 17 Starbucks drink
Consumer Aug. 11, 2022
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70m Pokemon bread sales provide record Q2 revenue for SPC Samlip
South Korean confectionery company SPC Samlip said Wednesday that it has posted an all-time high sales record of over 800 billion won ($611.4 million) in the second quarter, driven by the popularity of its Pokemon Bread, of which the company sold 70 million packs for the last six months. The company’s second quarter sales surged on-year by 14 percent to 814.9 billion won in sales, while its net profit skyrocketed by 61.5 percent to 23.5 billion won in the cited period. Key growth drivers
Consumer Aug. 10, 2022
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9 dead, 6 missing as heavy rain pummels Seoul capital region
A total of nine people have died and six others remain missing as the Seoul capital region is battered by its heaviest rainfall seen in 115 years, government officials announced Tuesday evening. According to the Central Disaster and Safety Countermeasures Headquarters, five people in Seoul, three people in Gyeonggi Province and one person in Gangwon Province have died due to the heavy rain, while four people in Seoul and two others in Gyeonggi Province have been declared missing, as of 6 p.m.
Social Affairs Aug. 9, 2022
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Floods ravage Seoul area shopping malls, hospitals
The heaviest rainstorms in 115 years have flooded hospitals, shopping malls, convenience stores and office buildings in Seoul, leaving the capital city in chaos overnight. Gangnam Severance Hospital in Gangnam-gu, one of the largest hospitals in Seoul, was submerged last night, with water cascading down the underground levels where restaurants, cafes, pharmacies and MRI rooms are located. Hospital staff scooped up water all night in front of MRI rooms to protect the medical devices inside
Industry Aug. 9, 2022
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Crypto payment is going mainstream: ethereum co-founder
With the fast-growing blockchain industry, cryptocurrency payment will become mainstream after ethereum becomes cheaper and more accessible for a broader user base, according to ethereum co-founder Vitalik Buterin. “The upgrade of ethereum (which is scheduled in September) will dramatically cut the current cost of transaction fees that are around $1 to $20, by making improvements to efficiency and accessibility of the crypto,” said Buterin during a session at Korea Blockchain Week
Market Aug. 8, 2022
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SoCar IPO faces lukewarm response from investors
Amid dampened appetite for initial public offerings, South Korean car-sharing company SoCar is facing lukewarm response from institutional investors, with a growing possibility that it may join this year’s long list of market debut flops. According to industry sources, during the two-day book building period on Thursday and Friday, institutional investors had written their preferred share price below 34,000 won ($26), lower than the price band of 34,000 won-45,000 won suggested by the co
Mobility Aug. 7, 2022
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3 new zones selected to boost mobility business
The Ministry of SMEs and Startups said Thursday it has designated three new regions -- South Jeolla, North Gyeongsang and South Gyeongsang Provinces -- as regional vanguards to boost South Korea’s eco-friendly mobility business. According to the ministry, the three selected zones will be exempt from a number of regulations that might hinder the growth-engine sector for four years from September this year to August 2026. They will also be given the opportunity to attract investment and cr
Industry Aug. 4, 2022
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Car-sharing platform SoCar to go public this month
South Korean car-sharing company SoCar said Wednesday it planned to debut in the nation‘s benchmark Kospi to expand its footing in the mobility industry worth 350 trillion won (267.6 billion) and growing. The company will decide soon whether to float 4.55 million shares or not on Aug. 22 after testing the water with the two-day preliminary proceedings scheduled on Thursday and Friday. The preferred share price is set between 34,000 won and 45,000 won. The main underwriter is Mirae A
Mobility Aug. 3, 2022
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Krafton’s popular battle-royale game banned in India
South Korean gaming giant Krafton’s popular battle-royale format game Battleground Mobile India, the Indian version of its global smash hit PlayerUnknown’s Battlegrounds, has been slapped with a download ban in India, its Seoul headquarters confirmed Friday. Both Google and Apple removed the gaming app from their respective app stores on Thursday, citing the Indian government’s ban order. “We are still checking on the situation with the local authorities,” a Kr
Technology July 29, 2022
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Shinsegae Food launches plant-based canned ham
Shinsegae Food said Thursday that it plans to enter the global alternative meat market with its newly launched plant-based canned ham. “Hormel Foods’ Spam has dominated the global canned ham market since 1926. But in almost 100 years, we have become the first to make a vegan canned ham that has almost the same taste and texture,” said Song Hyun-suk, Shinsegae Food CEO, during a press conference. Song added that compared to other competitors who promote Korean foods unfamilia
Consumer July 28, 2022
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Retailers end early-morning deliveries, citing high costs
Despite the pandemic-triggered e-commerce boom, some South Korean retailers have begun shutting down early-morning deliveries, saying that the cutthroat competition for early bird customers has led to increased operating costs. GS Fresh Mall, an online shopping mall under GS Retail Group, said Wednesday it plans to suspend its early-morning delivery service starting July 31. The company said it has decided to stop the service because of the large cost of additional payrolls for couriers, and
Consumer July 27, 2022
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