South Korean tire maker Kumho Tire said Wednesday its electric vehicle tire product, Ecsta HS52, has been recognized for its high-quality technology by the European automotive magazines ADAC and Auto Bild. ADAC and Auto Bild are two of the most influential automotive magazines in Europe and globally, known for their content on cars and related products, as well as their extensive performance testing. Kumho Tire’s Ecsta HS52 received a "good" rating from ADAC in their summer tire

Companies June 26, 2024

GYWANGYANG, South Jeolla Province -- South Korean steel giant Posco announced Tuesday that it has successfully established a full value chain for secondary battery materials and components. “We anticipate that as the (electric vehicle) market grows, the value of raw materials within the battery supply chain will increase, and thus we plan to accelerate investments focused on high-profit raw materials,” said Baung Jin-chul, vice president of Posco Holdings, during a press conference h

Companies June 26, 2024

POHANG, South Gyeongsang Province -- A significant experiment is underway at Posco's massive steel-making complex in Pohang, the industrial heart of South Korea, ushering eco-friendliness into the steel industry. A four-story structure, with its safety fences painted in vivid yellow, houses electrode rods and storage for raw ironmaking materials. On Monday, the electric smelting furnace (ESF), which is usually housed within this structure, was temporarily laid out for overhaul separately as

Companies June 26, 2024

South Korean discount chain Homeplus has renovated its Ulsan branch into the Homeplus Mega Food Market, a new concept store designed to offer an enhanced on-site shopping experience focused on fresh food products. “Along with the Homeplus Mega Food Market, the new core drive of Homeplus’ growth, we will continue to increase our interactions with customers while strengthening the competitiveness of our offline stores,” said Jo Do-yeon, head of Homeplus’ marketing departmen

Companies June 23, 2024

South Korean national flag carrier Korean Air will reopen some routes to China that had been suspended since the COVID-19 pandemic, in response to a recent rise in travel demand between the two countries. Starting in July, Korean Air will resume flights between Busan and Shanghai, as well as between Jeju Island and Beijing, with each route operating seven times a week, according to the air carrier on Thursday. Later this year, flights will also resume between Incheon and Hefei, Busan and Beijing

Companies June 20, 2024

South Korean convenience store operators facing a saturated market at home are now eyeing expansion overseas, especially in Southeast and Central Asia where rapid economic growth and the popularity of Korean content are leading to a growing demand for Korean-style comprehensive convenience stores. Currently, the nation’s top two chains, BGF Retail and GS25, operate a combined 1,168 convenience stores overseas. While GS25 operates 573 namesake stores in Vietnam and Mongolia, BGF Retail ha

Industry June 16, 2024

US-based eco-friendly startup Torus said Friday it has offered its food waste handling service to 38 households in West Windsor, New Jersey, to connect waste producers and composting companies through an artificial intelligence-based matching system. This project, supported by Green Matters, a civic organization dedicated to environmental justice including climate issues, officially ran through Sunday, but Torus plans to continue the project afterward. Founded in December 2023 by Zikang Jiang, a

Companies June 14, 2024

Nongshim, the top ramyeon manufacturer in South Korea, said Friday it plans to invest 229 billion won ($166 million) to build a new logistics center in Ulsan, South Gyeongsang Province, largely driven by increasing overseas sales in recent years. The new Ulsan logistics facility will enhance the company’s distribution network, facilitating connections between ingredient suppliers and its ramyeon production plants in Gumi and Busan. Nongshim said that the company is considering constructing

Companies June 14, 2024

Korea Ginseng Corp., the leading ginseng product manufacturer in the country, announced on Thursday its plans to introduce its flagship health functional food products to Guardian and Watsons, the top health and beauty stores in Malaysia, as part of efforts to expand its presence in Southeast Asia. This initiative follows a recent increase in health awareness in Malaysia, a significant economic player in the region, which has led to growth in the health-functional food market from 1.5 trillion w

Companies June 14, 2024

South Korean e-commerce giant Coupang is in trouble, as the nation’s antitrust watchdog has flagged the company for allegedly promoting its own private label products -- particularly those eligible for its signature Rocket Delivery service -- on its platform’s algorithm-driven ranking system. On Thursday, the Korea Fair Trade Commission issued a fine of 140 billion won ($102 million) along with prosecution against Coupang, arguing that the company engaged in "consumer deception&

Companies June 13, 2024

The Danish government has recalled three types of spicy ramyeon Buldak products made by the Korean manufacturer Samyang Roundsquare simply because they are too spicy. On Tuesday, the Danish Veterinary and Food Administration, under the Ministry of Food, Agriculture and Fisheries, ordered a recall of three types of Buldak Spicy Noodles, citing a risk of acute poisoning due to high levels of capsaicin in the products. The food safety agency stated, “The total levels of capsaicin in a single

Companies June 12, 2024

Hyosung Heavy Industries announced Wednesday its plans to expand its ultra-high voltage transformer factories in the US and Korea to meet increasing global demand for electricity infrastructure. The company will add a test line and expand the existing testing and production facilities at its ultra-high voltage transformer plant in Memphis, Tennessee. This expansion is expected to double the production capacity of the plant. Simultaneously, the Changwon plant in South Gyeongsang Province, which i

Companies June 12, 2024

South Korean energy and environmental solutions provider SK Ecoplant said Tuesday that it is ramping up efforts to seek a bigger footing in Vietnam’s solar panel market with a recent solar panel installation within an industrial complex. The company held a ceremony on Monday to celebrate the completion of a solar panel rooftop for a plant owned by Samil Vina, a Vietnam-based textile exporter located in Dong Nai province. All energy generated from the 1-megawatt solar power plant will be us

Companies June 11, 2024

Hyundai Mobis, the parts and service arm of Hyundai Motor Group, said Tuesday it has showcased M.VICS 5.0, the new addition to the company’s in-vehicle digital cockpit series, as part of its efforts to lead the global competition in electrified vehicle parts technology development. First launched in 2021, the M.VICS series is an infotainment system installed in front of the driver and passenger seats, providing various driving information and media content while enabling external communica

Companies June 11, 2024

Warehouse stores in Korea have seen a rise in sales, drawn by bulk sizes of fresh ingredients at lower prices as people opt for cooking at home rather than eating out, amid increasing prices. From January through April, sales of Traders Wholesale Club, the warehouse-type discount store owned by E-mart, increased by 8.6 percent, according to the company on Sunday. In contrast, both E-mart’s discount stores and its no-frills No Brand stores experienced a decline in sales, with decreases of

Industry June 9, 2024