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KT, Upstage join hands in paperless digital transformation biz

Senior Vice President of KT Park Jeong-jun, left, poses with Upstage CEO Kim Sung-hoon after signing a memorandum of understanding to cooperate in the promotion of digital transformation in the paperless field, at the KT Building in Songpa District, Seoul, Wednesday. Courtesy of KTBy Kim Jae-heunKT signed a memorandum of understanding (MOU) with Upstage, a local artificial intelligence (AI) startup, to promote paperless digital transformation (DX) jointly in the B2B sector, the company said Wednesday.The telecommunications company plans to combine its various paperless services with Upstage's Document AI Pack, an optical character recognition (OCR)-based document processor, to promote DX projects as well as to target related markets. Using OCR technology, the service converts documents in image or PDF format to text and then extracts and summarizes the content of the required documents using natural language processing technology.“We will adopt digital transformation throughout the company's whole electronic document managing system in cooperation with Upstage, which is a globa

Jun 28, 2023By Kim Jae-heun
KT, Upstage join hands in paperless digital transformation biz
Companies

Doubts grow over Five Guys' potential in Korea

Kim Dong-sun, head of strategic management at Hanwha Galleria, speaks during the opening ceremony for Five Guys' first restaurant in southern Seoul, Monday. NewsisBy Kim Jae-heunDoubts have been raised over the success of Five Guys in Korea as the U.S. burger brand is facing severe competition with other premium franchises amid soaring wages and higher costs of ingredients, according to some food and beverage industry officials, Monday.The U.S. fast food chain opened its first restaurant near southern Seoul's Gangnam Station, Monday, under a master franchise contract that was signed with FG Korea, a subsidiary of Hanwha Galleria. The area has become the most popular business destination for international fast food franchises to open their first stores. Another U.S. fast food restaurant chain, Shake Shack, had a successful start in the district in 2016. Shake Shack, operated by local food firm SPC, has now expanded its business, opening 25 restaurants in the country.However, not all American fast food chains have achieved the same success as Shake Shack. Good Stuff Eatery, which made

Jun 27, 2023By Kim Jae-heun
Doubts grow over Five Guys' potential in Korea
Companies

P&G Korea promotes use of eco-friendly products

P&G Korea ESG Leader Daisy Ye introduces the Life Cycle Assessment and the company's effort to protect the environment in “Panda talks” held with World Wide Fund for Nature in Seoul, May 2022. Courtesy of P&G KoreaBy Kim Jae-heun Household goods maker P&G Korea is developing sustainable products to help consumers protect the environment, while improving awareness of climate change, the company said Monday. It recently conducted a global survey to understand local consumers' perceptions and practices of environmental sustainability. The results showed Koreans have a higher willingness (81 percent) to protect the environment in their daily lives than the global average (78 percent), which includes American and French consumers.Furthermore, 72 percent of Korean consumers said they are willing to pay more for eco-friendly products, showing high interest in environmental sustainability. However, only 65 percent were actually taking part in eco-friendly practices, which is slightly below the global average of 66.6 percent. P&G Korea suggests using its Downey Dee

Jun 26, 2023By Kim Jae-heun
P&G Korea promotes use of eco-friendly products
Companies

Hyosung to build 'fiber value chain' in Vietnam

Hyosung's spandex plant in Dong Nai Province / Courtesy of HyosungBy Kim Jae-heunIndustrial giant Hyosung is planning to build a “fiber value chain” in Vietnam by establishing a comprehensive production system for spandex, tire cords and raw materials, as well as finished products such as airbags, the business group said Friday.It operates the largest production plants for spandex and tire cord in Vietnam, which produce about 32 percent and 50 percent of the nation's entire output, respectively.Hyosung is also pushing to expand production facilities for nylon fiber as well as increase sales of differentiated products that can lead global trends such as eco-friendly fibers. “We are also planning to strengthen our production capacity in the industrial material sector by continuously expanding our tire cord and steel cord businesses. We are reviewing investments in high-tech materials industries such as carbon fiber, aramid and biodiesels,” a Hyosung official said. Vietnam serves as an important hub for Hyosung as it targets the global market. Hyosung Group Chair

Jun 23, 2023By Kim Jae-heun
Hyosung to build 'fiber value chain' in Vietnam
Companies

AmorePacific's Etude House rebounds amid sales diversification

Etude House store in Seoul / Courtesy of AmorePacificBy Kim Jae-heunEtude House, a high street shop brand of AmorePacific, has made a successful rebound, posting its highest operating profit growth in the first quarter of this year. This success has been achieved due to the diversification of its retail channels and the efficient management of offline stores, according to company officials Thursday.The cosmetic brand achieved an operating profit of 5 billion won ($3.86 million) last year, but it improved further, marking 5.3 billion won in just the first quarter of this year. Its business expansion in CJ Olive Young, the country's largest health and beauty store, as well as Naver Smart Store online was effective.“Etude House focused mainly on expanding its offline business until 2016. However, after its business in China was hit by geopolitical issues and the COVID-19 pandemic broke out, the brand decided to cut down the number of stores and strengthen its online business,” an AmorePacific official said. “We always had confidence in our products, so it was just a ma

Jun 23, 2023By Kim Jae-heun
AmorePacific's Etude House rebounds amid sales diversification
Companies

Jeep offers discounts over 18% until end of June

Jeep's SUV offerings/ Courtesy of Stellantis KoreaBy Kim Jae-heunJeep is providing a maximum 18.2 percent discount to customers who purchase its vehicles this month prior to the special consumption tax increase in July, the company said Thursday.As the government ends the longest-ever special vehicle consumption tax cut that had been introduced to boost domestic consumption, local consumers will soon have to pay 1.43 million won ($1,106.9) more when buying a new car as of next month. The carmaker has decided to provide a special discount in addition to the price reduction of all its vehicles, which was implemented in May. It will also support the quick delivery of its vehicles to customers once purchased.The company's flagship SUV, the Grand Cherokee L Summit Reserve 3.6, will be sold for 89.9 million won after an additional 8.9 million won discount is applied. Jeep will also give a maximum 7 million won discount when selling its new Grand Cherokee Limited 3.6, resulting in a final price of 69.9 million won, and the carmaker will offer a 4.8 million won discount on its Grand Cherokee

Jun 22, 2023By Kim Jae-heun
Jeep offers discounts over 18% until end of June
Companies

Coway promotes new water purifier as summer starts

Coway's Icon ice maker and water purifier products / Courtesy of CowayBy Kim Jae-heunHome appliance maker Coway is holding various promotional events to promote its ice makers and water purifiers at the start of the summer season, the company said Wednesday.Coway recently began marketing three ice maker and water purifier products: its Icon Ice Water Purifier, AIS Water Purifier 3.0 and AIS Water Purifier 3.0 Sparkling. Customers who purchase one of the three products are eligible to participate in a raffle on Coway's official website. Winning prizes include three months of free rent for Coway's home appliance products, Samsung The Freestyle Beam Projector and Bokuk Zero Pan Circulators. Coway's Icon Ice Water Purifier is the smallest among the company's products introduced in the Korean market. Measuring 24 centimeters in length and 47.3 centimeters in width, it is about 40 percent smaller than other similar Coway appliances. “The Icon Ice Water Purifier is designed to be compact in size to increase the utilization of kitchen space,” a Coway official said.The product tak

Jun 22, 2023By Kim Jae-heun
Coway promotes new water purifier as summer starts
Companies

Lexus launches first fully electric vehicles in Korea

From left, Lexus International A-Class Engineer Kasai Yoichiro, President of Lexus Korea Konyama Manabu, President of Lexus International Watanabe Takashi, second from right, and Lexus International Chief Engineer Ohno Takaaki, pose with the new vehicles at the launch of the RZ450e and RX Series at Lotte World Mall in Songpa District, southern Seoul, Wednesday. Courtesy of Lexus KoreaBy Kim Jae-heunLexus, the luxury vehicle division of Toyota, launched its first fully electric vehicle (EV) the all-electric RZ and new generation RX series with three electric powertrains in the local market, the company's Korean branch said Wednesday.The all-electric RZ is the first Lexus car to adopt an EV-only platform, the e-TNGA, which the company introduces as the starting point of the Lexus change in car design and driving performance. It is equipped with a large-capacity lithium-ion battery (71.4 kilowatts per hour) and has a driving range of up to 377 kilometers on a single charge with a silicon carbide inverter, which the company adopted for the first time. The total output of the vehicle's sy

Jun 21, 2023By Kim Jae-heun
Lexus launches first fully electric vehicles in Korea
Companies

Harim in dilemma over premium instant noodles amid growing pressure to lower prices

Harim Group Chairman Kim Hong-guk introduces his premium brand The Misik's instant noodles products at Harim Tower in Gangnam District, Seoul, in this 2021 file photo. Courtesy of HarimBy Kim Jae-heunHarim is facing a dilemma over its premium instant noodles, launched under the brand The Misik, as the government intensifies pressure on instant noodle makers to lower their prices in line with falling international wheat prices, according to industry officials, Tuesday. Harim and other food firms have been in the hot seat after Economy and Finance Minister Choo Kyung-ho suggested local instant noodle makers lower the prices of their products, Sunday, as wheat prices have decreased recently by around 50 percent compared to six months ago. The companies have been criticized for hiking instant noodles prices, citing higher costs of wheat and other raw materials, but they are reluctant to lower prices when they pay less for raw materials. Harim is reportedly still struggling to make profits with The Misik products, which have largely failed to attract consumers' attention since launching i

Jun 21, 2023By Kim Jae-heun
Harim in dilemma over premium instant noodles amid growing pressure to lower prices
Companies

Starbucks awards tumbler drawing contest winners

From left, Starbucks Korea CEO Sohn Jeong-hyun, poses with two grand prize winners Park Ye-seul and Ha Young-yoon, and Director of Employment Promotion at the Korea Employment Agency for Persons with Disabilities Cha Jung-hoon, during an award ceremony for the company's annual tumbler drawing contest at Starbucks Korea Support Center in central Seoul, Friday. Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Korea selected the winners of its tumbler drawing contest, called “Harmony,” aimed at raising public awareness on the issues faced by disabled people, the country's largest coffee chain said Tuesday.A total of 406 young artists with disabilities submitted works from April 17 to May 12 and in cooperation with the Korea Employment Agency for Persons with Disabilities and Heart to Heart Foundation, Starbucks Korea reviewed the creations.The award ceremony, held at the Starbucks Korea Support Center in central Seoul, June 16, chose two grand prize winners and delivered 3 million won ($2,340) to each. The grand prize went to Park Ye-seul, whose work titled “Colorfu

Jun 20, 2023By Kim Jae-heun
Starbucks awards tumbler drawing contest winners
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