South Korean food manufacturer Samyang Foods is set to build its first overseas plant in China in a strategic move to bolster its global presence with its spicy Buldak ramyeon. In a regulatory filing Wednesday, the company unveiled plans for a 201.4 billion won ($139 million) manufacturing facility in Jiaxing, Zhejiang province. The six-line production plant is slated for completion in January 2027. The food company will invest 64.7 billion won to establish a subsidiary in Singapore by late 20

Industry Dec. 19, 2024

KT&G, South Korea's largest tobacco company, is a leading export powerhouse, capturing a growing market share in East and Central Asia, with its conventional cigarette portfolio leading the charge. The firm’s overseas sales achieved an all-time high of 419 billion won ($291 million) in the third quarter this year, marking a 30.5 percent on-year increase. Now almost half of its cigarette sales come from overseas markets. Appealing to local preferences KT&G's internatio

Industry Dec. 19, 2024

Kim Bo-hyun, the new CEO of Daewoo Engineering & Construction, pledged to steer the company's growth through uncertain economic conditions during his inauguration ceremony, the company said Wednesday. "We should come together to build a robust company amid the challenges faced by the construction industry," Kim said in his inaugural speech at the ceremony, held at the company's Seoul headquarters Tuesday. The new leader's strategy centers on creating a stable work

Industry Dec. 18, 2024

Ikea Korea has scrapped its project to establish a multipurpose logistics center in Pyeongtaek, Gyeonggi Province, four years after its initial announcement of housing Asia's largest logistics hub in South Korea. In its latest audit report, covering September 2023 to August 2024, the Swedish home furnishing retailer announced its withdrawal from the Pyeongtaek logistics project, reclassifying the 102,000-square-meter site for the planned logistics center, valued at 55.5 billion won ($38.6 m

Industry Dec. 17, 2024

Every year-end, the capital's popular tourist districts attract holiday crowds, with both locals and tourists drawn to the seasonal Christmas lights and year-end shopping. This year, however, underlying spending patterns may tell a different story, in particular in the week following President Yoon Suk Yeol's short-lived declaration of martial law on Dec. 3 -- an unexpected event that has rattled both the nation's political realm and economic outlook. "Usually at this hour,

Economy Dec. 15, 2024

When a speaker holding the microphone said, "This is invalid! President Yoon Suk Yeol, stay strong. We will surely protect you, Mr. President!" the crowd of some 40,000 Yoon supporters gathered at Gwanghwamun erupted in cheers. They shouted that they would gather next week as well. This came moments after the impeachment motion against Yoon passed with a vote of 204 in favor, 85 against, 3 abstentions and 8 invalid votes. The country’s Constitutional Court will now deliberate on

Social Affairs Dec. 14, 2024

SPC Group Chairman Hur Young-in has been cleared of tax evasion charges in a second trial involving controversial stock trading among group affiliates. The Supreme Court ruled on Thursday, declaring Chair Hur not guilty. Former SPC Group President Cho Sang-ho and current SPC CEO Hwang Jae-bok, who were co-defendants in the case, were also acquitted. Hur faced allegations of selling Mildawon stocks, another SPC company producing flour, at lower prices to SPC Samlip in December 2012. The stocks

Industry Dec. 12, 2024

Before the Americano became a staple of Korean coffee culture, instant coffee defined the daily caffeine ritual in South Korea. Known here as "coffee mix," these single-serve sachets containing a blend of coffee granules, creamer and sugar, offer an affordable caffeine fix at home and in the workplace. After a decade of decline, these budget-friendly coffee products are seeing a surge in popularity among locals and foreign visitors. Dongsuh Foods, a Korean food and beverage manufacture

Industry Dec. 12, 2024

Kim Yea-ji, South Korea’s first visually impaired lawmaker and a member of the ruling People Power Party, is in the spotlight as one of the only three from her party to participate in the parliamentary vote to impeach President Yoon Suk Yeol on Saturday. The National Assembly’s motion failed due to a failure to meet the quorum after lawmakers from the ruling People Power Party boycotted the vote. It resurfaced Sunday that Kim sought to enter the parliament building immediately afte

Politics Dec. 8, 2024

The United States called for "full and proper" functioning of democratic processes in South Korea, after the country’s parliament on Saturday failed to vote on the impeachment of President Yoon Suk Yeol over his recent declaration of martial law. Officials from the White House, as cited by Yonhap News Agency, said Washington had closely monitored the Korean National Assembly's opposition-led motion to impeach Yoon, as well as the developments following its failure to get two

Foreign Affairs Dec. 8, 2024

Is the Myers-Briggs personality test still the go-to for dating compatibility? If you ask young Koreans, some say, "Not anymore." The trend is shifting, and they’ve found a better playbook. The playbook, in the language of attachment theory, reads: Avoidant types often ghost, anxious types tend to cling. Secure types strike a balance. As a fresh approach to understanding emotional patterns in relationships, the theory has gained popularity in contemporary dating, especially in

Hashtag Korea Dec. 7, 2024

The declaration of martial law late Tuesday placed all military forces on emergency stand-by, with some special units mobilized to enforce the decree. Korean parents with sons serving on active military duty endured a sleepless night too, overwhelmed with worry about what their children might be experiencing amid the chaos. In an online community of Korean soldiers' parents on Naver, which has around 150,000 members, parents voiced their worries throughout the night, uncertain about what

Social Affairs Dec. 4, 2024

South Korea’s 24-hour convenience stores saw an uptick in sales of essential items during the initial hours of shock following the martial law declaration Tuesday night, local reports said. According to Yonhap News Agency, citing local industry sources, during the one-hour period from 11:00 p.m. Tuesday, when martial law took effect, sales of daily necessities skyrocketed compared to regular days. One convenience store chain, whose name was not disclosed, reported the highest uptick in c

Social Affairs Dec. 4, 2024

In the tense first hours of martial law in South Korea, social media emerged as a lifeline for defiance, with politicians, journalists and ordinary citizens using it to document and disseminate real-time developments. On YouTube, X and Instagram, short clips and videos flowed from the scene as the unexpected event unfolded in the middle of the night. Main opposition leader Lee Jae-myung, who had rallied his party’s lawmakers to the Assembly, began livestreaming on his YouTube channel at

Politics Dec. 4, 2024

South Korean President Yoon Suk Yeol declared emergency martial law Tuesday night, sending shock waves through the nation. Made near at 10:25 p.m., the announcement has left citizens and experts alike scrambling to understand its implications. According to South Korea’s Constitution and the Martial Law Act, emergency martial law can be declared during wartime, in cases of a major national emergency akin to war, or when public order is severely disrupted, rendering administrative and judici

Politics Dec. 3, 2024