Imports of alcoholic drinks increase by 54% in 4 yrs while exports increase by 2%: data

SEOUL -- Backed by the skyrocketing popularity of foreign alcoholic drinks among young consumers in their 20s and 30s, imports of liquors and alcoholic beverages have increased by 54 percent since 2018. Meanwhile, exports of South Korean products only increased by two percent in the same period. The consumption of whisky and other foreign-made alcoholic drinks has gained popularity among young consumers since the beginning of the COVID-19 pandemic in early 2019. The culture of "so

October 10, 2023

​CJ Freshway to showcase smart restaurant with robot chef at food solution fair

SEOUL -- At a food solution fair in Seoul, the food material distribution wing of South Korea's conglomerate CJ Group will showcase a smart restaurant where visitors can enjoy fried chicken cooked by a robot chef. After the robot completes cooking, its human coworker will arrange and decorate the dish. A serving robot will deliver the completed dish to customers. The adoption of robot chefs is gradually gaining momentum in South Korea. In August 2021, domestic chicken franchis

October 10, 2023

Hyundai and Kia to adopt Tesla's EV-charging standard in US starting 4Q 2024

SEOUL -- Starting in the fourth quarter of 2024, all Hyundai and Kia electric vehicles released in the United States will be equipped with charger ports that match the North American Charging Standard, also known as the Tesla Charging standard. EVs made by Hyundai Motor Group companies -- Hyundai Motor and Kia -- use Combined Charger System (CCS) charger ports and they are not compatible with Superchargers, EV chargers operated by American EV maker Tesla. Tesla is America's favor

October 6, 2023

S. Korea's inflation rate reaches 3.7% in September 2023

SEOUL -- South Korea's inflation rate increased to the upper three percent range to reach the highest level in five months. The increased rate was affected by bad weather conditions such as heavy rainfall and extreme heat, which caused agricultural prices to rise. The impact of rising international oil prices also slowed the decline in petroleum product prices. Along with increased consumer prices, the level of the core price index (CPI), which excludes fuel and agricultural prices

October 6, 2023

POSCO partners with oil refiner GS Caltex to demonstrate bio fuel-based bulk carrier

SEOUL -- South Korea's leading steel group POSCO will work with GS Caltex, a major domestic oil refiner, to demonstrate a biofuel-based bulk carrier. In early October, the steelmaker's products will be transported using a ship made by H-Line Shipping, a South Korean marine carrier company. Biofuel is produced using plant-based or animal-based oil such as cooking oil from fast food restaurants or palm oil. Biodiesel, one of the most widely recognized biofuels, is normally ma

October 6, 2023

Pulmuone upgrades partnership with US cellular aquaculture startup BlueNalu to commercialize cell-based seafood

SEOUL -- To take the lead starting position in the South Korean cell-based seafood market, Seoul-based food company Pulmuone will strengthen a partnership with BlueNalu, a San Diego-based food company specializing in cultivated seafood such as tuna-like fish meat. The two groups agreed in 2020 to commercialize healthy cell-based seafood products without genetic modifications and free of environmental contaminants. BlueNalu has developed technology to produce various seafood including b

October 5, 2023

Lotte Wellfood collaborates with BTS to release limited-edition chocolate product 'Crunky'

SEOUL -- Lotte Wellfood, the confectionary wing of South Korea's conglomerate Lotte, has released a limited-edition chocolate product "Crunky" with special paper covers bearing images of BTS members. A total of eight types with images of individual members and one with a group photo, are available. Crunky is a crunchy chocolate snack filled with rice puffs. The popular crispy chocolate, released in 1974 at the Japanese office of Lotte, started its production in South Kore

October 5, 2023

Korean Air to expand passenger capacity for routes to Japan, China, and US

SEOUL -- To meet growing demands for international travel after the COVID-19 pandemic, Korean Air, South Korea's main flag carrier, will expand passenger capacity for routes to Japan, China, and the United States. The airliner will also open new routes to Viet Nam as well as revive airways that were suspended due to the pandemic. The winter season designated by the International Air Transport Association (IATA) starts on the last Sunday of October and ends on the last Saturday in

October 5, 2023

Tuna maker Dongwon F&B to showcase plant-based tuna at German food fair

SEOUL -- South Korea's largest canned tuna maker Dongwon F&B will showcase plant-based tuna at ANUGA, a global food fair to be held on October 7 in Germany's western city of Cologne. During the five-day event, visitors can enjoy alternative tuna products. Dongwon F&B is known for "Dongwon Tuna," South Korea's favorite tuna brand. The canned tuna brand is often consumed along with rice and spicy instant noodles known as Ramyeon. According to Dongwon F

October 4, 2023

S. Korean individual proprietors struggle to manage principal and interest payments

SEOUL -- Many South Korean self-employed individuals, who withstood the impacts of the COVID-19 pandemic and economic downturns through loans and government subsidies, are finding themselves in a position where they can no longer manage the principal and interest payments. The COVID-19 pandemic which hit South Korea in early 2019 was like the death sentence for individual business operators, especially those who operate small stores, restaurants, bars, and coffee shops, after the c

October 4, 2023