Posco International said Monday its Vice Chairman Jeong Tak has been named as the company’s new CEO during a shareholders’ meeting held at its headquarters in Incheon, west of Seoul -- the first meeting since the merger with its sister unit Posco Energy on Jan. 1. "Under the leadership of the new CEO, we will continue to maximize shareholder values by aggressively aiming for future growth, with ...

Lotte Duty Free, the country's largest duty-free operator in terms of sales, has lost the bidding race for the operational rights of duty-free shops at Incheon Airport. Instead, Lotte's smaller rivals, Hotel Shilla, Shinsegae DF and Hyundai Department Store Duty Free, were shortlisted for the duty-free licensing bid. On Friday, Incheon International Airport Corp. announced the results in the fir...

Starbucks Korea said Sunday it opened its 13th eco-friendly outlet in the country, as part of its continuous attempts to recycle waste and create jobs for socially disadvantaged people. Called "Zero waste: eco-star cafe," according to Starbucks, the pilot store recently opened in Incheon, and is jointly operated by the Korea Environment Corp. and Starbucks to ramp up the coffee franchise's envir...

This is the third installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Characteristically zesty, zingy and spicy -- and with very little in the way of similar flavors abroad -- kimchi is arguably Korea's most symbolic dish. Strategies to creatively market kimchi so that it may become common-pl...

Korea Ginseng Corp., the country’s leading ginseng manufacturer, said Wednesday it set up a research and development center in California in a bid to continue its development of Korean ginseng customized for the US market and ramp up its sales overseas. KGC said with the new R&D center it plans to research ways to improve the functions of its flagship red ginseng products sold in the US -- inclu...

South Koreans drink an average of two to three cups of coffee per day, with the overwhelming majority of coffee consumers in their 40s and 50s, a survey showed Tuesday. Experts explain that Korea's work culture, along with a slew of other factors, contributed to the nation's obsession with coffee. According to a survey conducted by the Korea Agro-Fisheries and Food Trade Corporation from March 2...

Korean beauty products have strong competitiveness in the overseas market with their affordable prices, quality and the ability to quickly reflect trends in the dynamically changing global cosmetics industry, says the CEO of Able C&C, a firm that manages a range of Korean budget cosmetics brands including Missha. "South Korea has a unique cosmetics ecosystem, as opposed to France and the United ...

South Korean e-commerce giant Coupang is expected to withdraw from the Japanese delivery service market later this month and to focus more on expanding its business in Korea and Taiwan, according to news reports Sunday. Japan's Nihon Keizai Shimbun, or more commonly known as the Nikkei, reported Saturday that Coupang Japan has decided to end its pilot food and household goods delivery service it...

This is the second installment of a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. About 7 out of 10 tofu products sold in the US are made by South Korean food giant Pulmuone. Cho Kil-su, head of Pulmuone USA, said its unrivaled market position is an outcome of years of efforts to creatively localize on...

South Korean beauty giant Amorepacific's luxury skin care subsidiary Sulwhasoo said Thursday it signed a partnership with the Metropolitan Museum of Art in a bid to conduct various collaborative works with the New York-based art museum, including the preservation of Korean cultural artifacts. Sulwhasoo, which has been promoting traditional Korean art and craftsmen through its exhibition series, ...

Only 1 out of 4 employees working at major Korean companies were women, with their average yearly income some 30 percent less than that of the men at the companies, according to a report from market tracker Korea CXO Institute. Korea CXO Institute analyzed the 15 South Korean companies with the highest sales across 10 different sectors, in a bid to gain insight into the gender ratio in the Korea...

Wholesale prices of hanwoo, or Korean beef, a highly coveted luxury food item among South Korean consumers, are estimated to drop further this year due to increased supply but sagging demand amid widespread inflation fears. According to the Korea Rural Economic Institute Monday, the wholesale prices of Korean beef for the first half of 2023 are expected to range from 16,500 ($12.73) to 17,500 wo...

The number of Chinese consumers who bought Korean products plummeted last year amid China's falling perception of Korea-made commodities, according to a survey conducted by the Korea International Trade Association. KITA conducted a survey on 1,000 consumers living in 10 major Chinese cities to gain insight into changes in their perceptions toward Korea-made goods since the COVID-19 pandemic. T...

Moreover, with the latest edition, Amorepacific is launching advertisements that appeal to more global tastes by having models from different races promote their product for the first time. "We are aiming to place more emphasis on expanding our business in countries other than China, mainly in North America and Europe, where we experienced significant growth," an official from Amorepacific told ...

South Korean construction giant Booyoung Group said Wednesday it has donated a total of 200 buses to the Cambodian capital of Phnom Penh as part of its ongoing social contribution activities in the Southeast Asian country. Booyoung Group founder and Chairman Lee Joong-keun and Phnom Penh Municipal Gov. Khuong Sreng attended the delivery ceremony held Tuesday (local time), with dozens of city and...