South Korea’s construction giant Booyoung Group said Monday it will donate 500 million won ($403,000) to victims of the recent wildfires that ravaged the east coast, as well as 300 flats to shelter those who lost homes to the fire. The donation fund will be delivered through the Korea Disaster Relief Association, a non-profit organization that serves victims of domestic natural disasters. As for the flats, Booyoung plans to secure 300 housing units from its own apartment complexes in th

Industry March 14, 2022

As Russia’s invasion of Ukraine threatens key supplies of energy and food, salmon has proven to be no exception. A ban from flying over Russian airspace is forcing Norway-farmed salmon to take a major detour to reach Asia, driving up freight costs, and ultimately retail prices. In one supermarket, 100-gram salmon filet prices increased by 15.5 percent, from 3,880 won to 4,480 won. The same day another supermarket lifted prices of its Norway-farmed fresh salmon by 26.4 percent. A 100-gram

Industry March 13, 2022

Daewoo Engineering & Construction said Tuesday that it has earned its first revenue from sales of emissions credits through its hydropower plant project in Pakistan. The Patrind Hydropower Plant, located near the village of Patrind in Kashmir, Pakistan, was completed in 2017 in a joint venture project between Daewoo E&C and the state-run Korea Water Resource Corp. The power plant now generates 630 gigawatt-hours of electricity a year. The plant, registered to the UN as a Clean Develo

Industry March 8, 2022

The Korea Digital Asset Industry Committee highlighted the need to create a government organization committed to fostering blockchain businesses. On Thursday, stakeholders in the blockchain industry and academia gathered to debate on how to better capitalize on the emerging opportunities of digital assets. The panel stressed the importance of fostering digital economy -- as in, cashing in on digital technologies -- in order for Korea to grow into the fifth-largest economy. “In the era o

Industry March 4, 2022

Pokemon Bread, an iconic pastry series with kids of the 1990s, has been flying off the shelves since its return last week. Manufacturer SPC Samlip said Thursday, it had sold 1.5 million of the rolls over the previous week, six times more than the first week sales of the company’s average for a new product. The key to success lies in tapping into millennials’ nostalgic tendencies. Released in 1999, Pokemon Bread took the youth of the time by storm. The roll wasn’t the main

Industry March 3, 2022

The Korean beer maker Oriental Brewery said Wednesday it would lift prices of its beer products by an average annual rate of 7.7 percent starting from March 8.　 The price hike comes as the company seeks to offset higher raw material and packaging costs fueled by COVID-induced supply disruptions. The beer manufacturer said it has seen the global price of barley, the primary ingredient of beer, climb by 33 percent since pre-pandemic levels. The price of aluminum, the core material for packagi

Industry March 2, 2022

The Korea Herald on Wednesday signed a memorandum of understanding with two local organizations to support a project to build the capacity of young ethnic Koreans residing overseas. The K-Diaspora Project envisages shaping Korean youth in 190 countries – roughly 2 million in total - into global leaders that share an identity anchored in Korean roots. Godowon Foundation, a non-profit organization dedicated to youth mentoring, and the Blue Tree Foundation, an NGO against school violence, h

Industry March 2, 2022

The securities company Korea Investment and Securities said Monday it will participate as a joint lead arranger to back PAI Partners’ acquisition of the orange juice brand Tropicana. The Paris-based private-equity firm PAI Partners agreed to buy a majority interest in a portfolio of juice brands, including Tropicana, from PepsiCo last August. Investment banks like Credit Suisse and Bank of America are involved in helping PAI Partners obtain $4.4 billion (5.27 trillion won) in loans neede

Industry Feb. 28, 2022

Hana Bank said Monday it will sponsor the Korea Paralympic Committee to support the South Korean delegation to the upcoming 2022 Beijing Winter Paralympics. The delegation consists of 32 athletes competing in six sports. 　 The bank‘s partnership with the committee dates back to 2018, when Hana Bank first started sponsoring the Pyeongchang Winter Olympics and Paralympics. Hana remains the only banking group backing the Korea Paralympic Committee. 　 This recent commitment aligns with the g

Industry Feb. 28, 2022

Booyoung Group’s Woojung Education and Culture Foundation provided scholarships totaling 350 million won ($292,000) to 89 international students studying in Korea for the first semester of the 2022 academic year. The recipients are from 34 countries including Vietnam, Bangladesh, Uzbekistan, and Cambodia. Since 2010, the foundation has granted financial support to Asian, African and Latin American students on a semester basis. Scholarships worth 83 billion won have been gi

Industry Feb. 27, 2022

Hyundai Engineering & Construction opened a virtual model home for its new Hillstate Lake apartment complex that will be constructed in Songdo, Incheon, the company said Sunday. 　 The virtual tour delivers an immersive experience that allows customers to view a detailed profile of the floorplan. The service is available on the Hillstate Lake official website. 　 The new build marks the fourth apartment complex of the Hillstate village in Songdo Landmark City, where the first three complexes

Industry Feb. 27, 2022

Anheuser-Busch InBev, the Belgian brewing giant and the parent company of South Korea’s largest beer manufacturer Oriental Brewery, said Wednesday that it has won the creative marketer of the year award at the Cannes Lions 2022. Cannes Lions is the world’s largest advertising awards festival. Since 1992, the top honor has been awarded to companies as prominent as Apple, Coca Cola, Google, Samsung Electronics and Microsoft, for demonstrating creative excellence. This year, the honor

Industry Feb. 24, 2022

ATKO planning, a Korea-based sustainable leather manufacturer, said Wednesday it has supplied recycled leather to Hyundai Transys’ future mobility seat concept, which was unveiled at the Lineapelle International Leather Fair held in Milan this month. The Lineapelle leather show is the largest of the kind and lays out the future vision of the automotive industry. This year, the trade show was held under the theme “Shift to Regenerative Mobility”, latching onto the global trend

Industry Feb. 23, 2022

South Korean project management company HanmiGlobal said Wednesday it has acquired Tarr Whitman Group, a Seattle-based construction support consulting firm, to further expand its business to the US market. TWG will operate as a business unit within Otak, another US subsidiary of HanmiGlobal, and continue to focus on project control services for Otak and TWG clients. Following an integration of the two firms’ human resources, IT, and finance systems, HanmiGlobal hopes to serve a larger cl

Industry Feb. 23, 2022

SK ecoplant said Tuesday it has acquired TES, a Singapore-based electronic waste recycling company, for $1 billion as part of efforts to expand its presence in the burgeoning waste management market. The construction arm of SK Group said it signed a deal to buy a 100 percent stake in TES from Navis Capital Partners, a private equity firm, in Singapore on Monday. TES supplies waste management solutions for electronic devices and components to major IT equipment manufacturers. Its services inc

Industry Feb. 22, 2022