A large-scale construction project is underway for the establishment of an evacuation shelter in Seoul's Gangnam district amid growing interest for such facilities following the warning alarm sent out earlier in the week, according to industry sources Tuesday. According to Hyundai Engineering & Construction, a South Korean builder in charge of reconstructing Banpo Jugong apartment complex 1 in Seocho-gu, southern Seoul, an extensive underground evacuation shelter is planned to be constr

Industry June 6, 2023

Lotte Group, the nation’s fifth-largest conglomerate, said Monday it has recently set up a future growth task force at its Korean and Japanese headquarters in an apparent move to accelerate the retail giant’s “One Lotte” strategy. The team, consisting of four members, aims to shape Lotte’s long-term strategy and nurture future growth drivers as well as seek business synergies with Lotte Japan. The team is also expected to function as a communication channel between

Industry June 5, 2023

The Korea Herald, South Korea’s largest English daily, on Thursday held a charity golf tournament to celebrate its 70th anniversary and renew its commitment to boosting the global potential of Hangeul, the Korean alphabet. About 250 participants, consisting of CEOs across industries, celebrities and sports stars, joined the event held at Serenity Golf Club in Cheongju, North Chungcheong Province. “Based on your support and affection today, The Korea Herald will ramp up efforts for Ha

Industry June 4, 2023

South Korean handbag maker JS Corp. said Friday it recently lent 100 billion won ($76 million) to its affiliate JS 747, in its effort to gain a controlling stake in Grand Hyatt Seoul, a historic five-star hotel located in central Seoul. In a regulatory filing, JS Corp. reported it decided to lend a total of 100 billion won, which amounts to 39.14 percent of the firm's total equity, to its subsidiary JS 747. JS 747 is a special purpose company, jointly established by JS Corp. and a local ass

Industry June 2, 2023

Under the searing sunlight, hundreds of customers lined up outside an In-N-Out pop-up store that exclusively opened up for just four hours in Gangnam-gu, southern Seoul, Wednesday. "People have been lining up since 1 a.m.," said a part-time worker at the In-N-Out pop-up store. "We sold out even before we opened -- all the 500 wristbands that are needed for an entry into the restaurant have been given out to the people standing in lines, before 11 a.m.," he added. In-N-Out, of

Consumer May 31, 2023

On the heels of the ever-booming K-wave, Hangeul, the Korean alphabet, is being increasingly employed by both domestic and overseas companies as a unique marketing strategy to promote corporate values and raise brand awareness. Korean food companies seeking to foray into overseas markets are making full use of Hangeul to give themselves credibility and capitalize on the special currency the Korean alphabet holds in the global market. CJ CheilJedang, a Korean food giant whose global food sales ac

Industry May 29, 2023

Asiana Airlines, South Korea's second-largest airline, said Monday it has halted the sales of seats next to emergency exits following a recent incident in which a passenger opened an emergency exit door before landing. Currently, the air carrier operates two types of A320-200 aircraft, the same model that took flight during the door-opening incident, with 174 and 195 passenger seats, respectively. Sales of the two seats 26A and 30A in each aircraft will be discontinued indefinitely. An Asia

Mobility May 29, 2023

Hundreds of Korean travelers who traveled to Northern Mariana Islands including Guam and Saipan are left stranded on the islands as of Thursday, with Super Typhoon Mawar lashing the territory with strongest downpour of wind and rain the region has seen in decades. According to Hana Tour, a Korean travel agency, approximately 230 travelers failed to take the return flight home on Tuesday due to the storm. "We heard from the local sources in Guam that Guam's airports will be closed until

Mobility May 25, 2023

Korean food makers have won in legal fights against Chinese counterfeiters in a series of lawsuits filed in China, according to the Korea Food Industry Association on Thursday. Of the total seven cases raised, the Chinese court recently ruled in favor of Korean firms in five cases at the first trial stage. Following the rulings, the Chinese companies in question are now required to pay compensation worth 250,000 yuan ($35,353) to CJ CheilJedang, 350,000 yuan to Samyang Food, and 200,000 yuan to

Industry May 25, 2023

The Ministry of Food and Drug Safety said Wednesday the European Union has decided to ease import regulations for Korean ramen products, 18 months after a mishap with a carcinogen in ramen imports sent to Europe. According to the ministry, the EU will be easing the inspection of ethylene oxide in imported Korean ramen products starting in July. EO, which is majorly used as a fumigant and sterilizing agent, is classified by the World Health Organization as a potential carcinogen. The EU strengt

Industry May 24, 2023

South Korean food giant CJ CheilJedang said Monday that it recently completed the construction of the world's largest pizza production plant in the US state of Kansas, in a bid to ramp up its competitiveness in the all-important market. According to CJ CheilJedang, the company recently added 40,000 square meters to its frozen pizza production facility in Salina, Kansas. With the expansion, the plant now stands on 90,000 square meters of land, marking it the largest frozen pizza production p

Industry May 22, 2023

Regarding the news that the US government might officially interfere with South Korean national carrier Korean Air's merger with its smaller domestic rival, Korean Air said that the US authorities have not told them of any official decisions, Friday. According to the US news website Politico, the US Justice Department is considering a lawsuit against the Korean Air on the basis that the company's business integration with Asiana Airlines could result in a monopolization that could prev

Mobility May 19, 2023

Riding on a wave of momentum for the soaring popularity of South Korean food among global consumers, "K-food" institutional food service businesses are gaining traction at overseas cafeterias. Ourhome, a Korean food catering giant, says it has been steadily increasing the proportion of its global sales since starting its first overseas business on 2010 -- with its on-site food catering service performances in cafeterias abroad largely buoyed by its decision to organize nearly half of

Industry May 18, 2023

SK Ecoplant, a construction and energy arm of SK Group, on Wednesday signed an agreement to participate in a $4.5 billion green hydrogen commercialization project headed by Canada, amid the Canadian prime minister's three-day state visit to Korea celebrating the 60th anniversary of diplomatic relations between South Korea and Canada. SK Ecoplant struck up a partnership with Canadian renewable energy company World Energy GH2 to participate in the first phase of the Nujio’qonik project

Industry May 17, 2023

South Korean food giant Nongshim saw its profits nearly double in the first quarter, primarily led by its booming business in the US, the company's earnings report said Tuesday. According to Nongshim's regulatory filing, the company's sales and operating profits during the January to March period were tallied at 860.4 billion won ($643 million) and 63.8 billion won, respectively, on a consolidated basis. Compared to the same period last year, Nongshim's sales have increased b

Industry May 16, 2023