Pulmuone partners with eco-friendly food tech company for commercialization of cultivated meat products

SEOUL -- South Korean food product maker Pulmuone has partnered with a domestic green food tech company Simple Planet in a bid to commercialize cultivated meat products targeting vegans and other consumers who do not eat meat because of ethical reasons. According to Euromonitor, a global market research firm, South Korea's alternative meat market stood at about 20 billion won ($15.6 million) in 2022, up 28 percent from 2021's 16.5 billion won. The market is projected to rea

February 13, 2023

South Korea to invest $391 million in future car technology

SEOUL -- The Ministry of Trade, Industry and Energy plans to invest 499.4 billion won ($391 million) in developing future car technology this year as part of efforts to find a new growth engine for the Korean economy. The ministry said February 9 that the investments will be injected into 311 projects ranging from research and development to infrastructure building and manpower training. About 229.3 billion won will be set aside for technology development for eco-friendly cars

February 13, 2023

​S. Korea can benefit from China's reopening to boost exports, economic growth: report

SEOUL -- South Korea is predicted to benefit from China's reopening from COVID-19 restrictions which can boost exports and economic growth of Asia's fourth largest economy, according to a report released by the Korea International Trade Association (KITA) February 12. The report said that China's reopening is likely to increase Korea's exports by an additional 0.55 percentage point and its economic growth by 0.16 percentage point in 2023. "China's econo

February 13, 2023

CJ Olive Young captures young Middle Eastern consumers with color cosmetics brand Wakemake

SEOUL -- CJ Olive Young, the drug and beauty store franchise of South Korea's CJ Group, has expanded its sales channels for a color cosmetics brand called "Wakemake" to the United Arab Emirates targeting young female Middle Eastern consumers. The South Korean company said Wakemake's eyeliner products are gaining explosive popularity, especially among Emirati female consumers who cover their faces with head coverings and only expose their eyes. According to data r

February 13, 2023

[Weekly Stock Market] Markets to focus on macroeconomic data, China's reopening

SEOUL -- The KOSPI, South Korea’s benchmark stock price index, experienced another volatile week closing slightly lower at 2,469.73 (-0.4 percent). As investors remained focused on overall inflationary trends, the much bette

February 12, 2023

SK Telecom to provide virtual effects-related educational program for film production experts

SEOUL -- South Korea's top mobile carrier SK Telecom (SKT) have teamed up with the Korean Film Council and a domestic virtual production company called XON Studio to provide virtual film production-related educational programs. Film producers can learn how to create films through virtual effects technology. Virtual effects (VFX), which incorporates computer graphics (CG) elements, is often used by filmmakers to produce imagery that is difficult to be filmed or doesn't exist

February 10, 2023

[OPINION] Beijing's balloon and practical Asia realities

KENOSHA, Wisconsin -- The large balloon launched by China, which drifted at a leisurely pace over North America until shot down by a U.S. F-22 fighter, is definite

February 10, 2023

South Korea to resume issuing short-term visas for travelers from China

SEOUL -- The South Korean government said February 10 that it has decided to resume issuing short-term visas in its diplomatic missions in China for those wanting to travel to Korea starting February 11. In a positive response to Seoul's decision, China said that it will actively consider lifting its visa restrictions against South Koreans. Chinese foreign ministry spokesperson Mao Ning told reporters that South Korea's lifting of visa restrictions on China is a step in the

February 10, 2023

BTS agency Hybe to emerge as largest shareholder in SM Entertainment

SEOUL -- Hybe, the agency of BTS, is expected to become the largest shareholder in entertainment powerhouse SM Entertainment, by purchasing a 14.8 percent stake. The decision was made while SM's founder Lee Soo-man embarked on a legal battle with SM's executive boards for issuing new shares to sell them to Kakao Corp., the domestic internet giant. Through SM, Lee has played a crucial role in popularizing K-pop through talented artists such as Girls' Generation, Super Ju

February 10, 2023

4 German automakers engage in collusion on emission reduction device: regulator

SEOUL -- The Korea Fair Trade Commission (KFTC) has decided to issue an order on four German automakers to correct its collusive scheme that caused their diesel cars to emit more nitrogen oxide (NOx). It has also decided to impose a combined fine of 42.3 billion won ($33.5 million) on three of the carmakers operating here. On February 9, the KFTC said it has found that the German brands -- BMW, Mercedes-Benz, Audi and Volkswagen -- were engaged in the collusive scheme in which they

February 10, 2023